Investing @OKX_Ventures. Curiosity is the North Star. Technology diffusion is as vital as innovation. Prev @IOSGVC Opinions are my own.
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🧵 1/ Beyond the Checkout Page: Who Will Build the Economy for Agentic Commerce?
A deep dive into the battle between human-centric design and machine-native protocols. As AI agents evolve from assistants to autonomous entities, they're reshaping commerce.
Here is the full link of the research: okx.com/en-sg/learn/beyond-t…
The future of commerce is here: Agentic Commerce is redefining how we shop, pay, and trust in a machine-driven economy! From AI agents handling purchases to crypto-powered, machine-native payments, we're on the cusp of a revolution. 💸
Read more: okx.com/en-sg/learn/beyond-t…
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I’m thrilled to share that I’ve started a new role as Investment Director with the @OKX_Ventures @okx team. I’m very excited about the opportunity to support entrepreneurs in building transformative businesses in the crypto space and greatly appreciate the entire team’s support during my onboarding.
The crypto industry has entered a new phase. For years, we’ve championed technology innovation as the priority, but in this stage I think technology diffusion is equally critical. People are recognizing that digital money will profoundly reshape human society. In the near term, it could influence monetary policy or even become part of it. Over the long term, it will revolutionize the commercial landscape through the first globally borderless, low-cost, easily traceable, and programmable financial system in the human history. This isn’t just about reshaping production relations, it’s a revolution in productivity itself.
This potential for transformation inspires us to look beyond the obvious. Curiosity has always been our North Star, guiding us to explore these intersections and uncover new possibilities. In this new cycle, opportunities abound, but seizing them demands more patience and the resolve to cut through the noise.
Finally, a heartfelt thank you to @jocyiosg, @xinshudong , @momir_amidzic, @ergokhaner,@Judy_IOSG, and the whole IOSG team for the past incredible 6 years' journey.
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Over the past 12 months' deep bear market, working closely with @wallet_guard has been a remarkable experience. They're a standout team in the IOSG portfolio, and we're thrilled to continue our support in their new funding round.
I would love to share our thesis on the project and the market in the threads 👇
(WG's gentlemen in our Security Day Event😼)
Scammers are fucked.
Wallet Guard is a free open-source security tool designed to proactively detect threats, prevent phishing & help you transact confidently.
Join 100k+ wallets already protected. ⬇️
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@IOSGVC recently completed the lead investment in @gelatonetwork 's extended round at the end of 2023. As one of Gelato's earliest supporters (co-lead the seed round with @galaxyhq in 2020), we have had the privilege to witness the rapid growth of @hilmarxo , @gitpusha and rest of their team. I would like to share our journey with Gelato here👇
ALT Gelato's founder Hilmar presented their latest product Gelato RaaS in Token2049 SG in 2023.
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Good job @wallet_guard keep building!
There are 7 wallet protection and monitoring products on my Chrome browser. Today, I was super closed to connect my wallet at a phishing link sent by a hacker who compromised our portfolio team member's TG. Out of all the products I had installed, only @wallet_guard sent me an alert.
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The power of community-driven security is surpassing our expectations. We’re intrigued by the role of community vs conventional security analysis. We recently conducted a research on competitive audit and bug bounties👇👇
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Thanks for @wallet_guard founders Ohm and Martin’s nice speech about the product that could help users detect different risk. Crypto users feel really interested in it😎
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In this year's EthDenver, it's my pleasure to moderate “The Economics of ZKPs” panel at Scale Summit (hosted by @nil_foundation and @class_lambda)
Featuring:
@pumatheuma of @SuccinctLabs
@avizurlo of @nil_foundation
@thisisrj of @yetanotherco
@tracecrypto1
Here is the panel highlights recap notes👇
(full video: piped.video/watch?v=HFSc6OXC…)
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@audit_wizard is an interesting web3 security product @IOSGVC invested recently. The web3 security tooling landscape is diverse. Manual tools, often complex and user-unfriendly, clash with automatic tools that are easier but less thorough. Audit Wizard bridges this gap, offering a seamless blend of user-friendly interfaces and comprehensive security analysis. I would like to share our thesis in the following threads👇
From quitting Apple to starting @audit_wizard, 2023 was an insane year for me. I’m grateful to everyone who’s helped us on our journey. Here are some of my thoughts on the last year and looking forward to what's ahead 👇
auditwizard.io/blog/letter-f…
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#1 We all know how sketchy the crypto world can be with all those scams and #security vulnerabilities, but @wallet_guard got our backs. Their real-time monitoring and transaction simulation tools will be crucial puzzles of #web3 security infrastructure.
🚀 We’re excited to announce Wallet Guard's pre-seed fundraise!
Our pre-seed round was led by @etherealvc, with participation from @ConsenSys, @IOSGVC!
Wallet Guard is on a mission to make Web3 security accessible for all 🔐
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.As one of @gelatonetwork 's earliest investors and a cornerstone investor in this round, I’d like to share IOSG's perspective on Gelato’s ambitious business strategy↓
We raised $11M from @hack_vc, @IOSGVC, @animocabrands to build Web3's most advanced RaaS Platform.
Our funding will be used to power the growing wave of rollups on Gelato, such as the newly unveiled @inkonchain from Kraken.
This brings our total funds raised to $23 million ↓
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4) Finally about the team. WG is the team that full of energy, very serious about what they are doing meanwhile always open-minded to find the practical way to provide more user-friendly solutions with the end goal is to kick out scammers and protect users. Even in the deep bear market with very limited runway, the founders are still passionately doing every detailed small stuff, consistently educating people about security each week/biweek (I didn’t see many team can do this consistently). Maybe each of piece of the puzzle is small but at the end of the day they will be constructed in a very powerful product and brand.
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5) Honestly, creating a truly useful, scalable, and sustainable product in the web3 space presents a formidable challenge for entrepreneurs. The user base in web3 is still evolving, and investors tend to apply more stringent standards when evaluating projects. This is especially true compared to infrastructure projects, which often gain popularity by tapping into the latest trends. In this context, what Wallet Guard is doing is not just brave, it's profoundly significant. While we may not be entirely certain that their current product version or business model represents the final iteration, the team's openness to feedback and dialogue is commendable.
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#2 In the landscape of community driven security platforms, some notable service providers:
- Bounty: @immunefi , @HatsFinance (Hats also has audit contest)
- Audit contest: @code4rena , @sherlockdefi , @CodeHawks
And some new players are coming: @cantinaxyz launched by @SpearbitDAO , @xyz_remedy launched by @hexens
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MCP和A2A是互补共生还是标准之争？
Anthropic推出的MCP协议因其开源特性以及增强大语言模型与外部信息交互的能力迅速受到关注，其支持智能体协作的设计也进一步提升了其潜力。这其实刺激了行业竞相开发标准化协议，Google近期推出的A2A（Agent-to-Agent）协议以标准化AI智能体通信为目标，试图构建AI世界的“通用语言”。两者当前看似互补，但未来也可能在标准制定上展开竞争。
MCP与A2A的功能定位
MCP主要增强大语言模型与外部信息源的交互，聚焦智能体在复杂任务中获取和处理数据的协调性。相比之下，A2A专注于智能体间的通信标准化，强调任务状态同步、工具共享和记忆传递，旨在实现无缝协作。
互补性与潜在竞争
目前看下来MCP更像一个“数据接入与协作框架”，而A2A是一个“通信协议层”。MCP可借助A2A的标准化通信优化智能体交互，A2A也可依托MCP的开源生态扩展应用场景。然而，MCP的灵活性设计其实可能会涵盖智能体间的协作机制（如任务分配、数据共享），这也是作者在合理猜测MCP其实是有更大的野心去做AI通信标准，只不过A2A的出现抢占了这个风头。
无论如何AI智能体协作协议的标准化将是未来生态的核心战场，类似互联网早期的HTTP协议之争。谁能制定更广泛接受的标准，谁就可能主导AI生态的规则与市场话语权。
Crypto链上经济该怎么运用MCP、A2A这类协议？
MCP、A2A协议出现的最大意义在于试图解决智能体协作中协议碎片化、通信不兼容和数据交互效率低下的问题。
分享一下目前能想到的场景：
• 链上数据提供商构建MCP服务器，或开发能让AI智能体轻松理解API功能和数据库内容的标准化接口，将推动去中心化数据市场的发展。数据提供商通过代币或稳定币收费，智能体通过链上小额交易支付费用，智能体成为链上数据的核心用户。链上服务商可利用MCP协议将各种API、链上数据库和工具打包成一套AI易于理解的接口，极大简化智能体的对于外部工具、信息的调用。
• Web3原生的金融场景：我首先能想到一个场景就是更高效的跨链经济与流动性整合能力，比如一个MCP服务器A聚合各链不同流动池动态数据，一个套利智能体B发现价格差异并和另一个流动性智能体C通过A2A通信协议高效协作分配资金
• Web2-Web3混合经济体：MCP服务器生态通过标准化的接口让web3智能体能够高效获取Web2的数据和各类工具以及能力, 这能脑暴解锁的场景就更加多了包括金融、娱乐、社交
不过这些都还只是简单的想法，我同意@sunny_unifAI 所说的，无论MCP还是A2A都还是开源协议，如何用协议做成产品级可用的东西还有很大的距离，对于crypto创业者来说最好是紧紧拥抱这个ai生产力极速变革的时代，专注好一个专长的垂直领域做出好产品
𝗠𝗖𝗣 and 𝗔𝟮𝗔: Friends or Foes? In my latest Newsletter episode I talk about both protocols. Could A2A eat up MCP in the long term?
I have been asked multiple times why I think the two protocols could become competitive in the future. I tried to outline my thoughts in this Newsletter episode.
After reading through you will get answers to the following questions:
➡️ What is A2A?
➡️ What is MCP?
➡️ How is A2A complimentary to MCP and vice versa?
➡️ Could A2A eat up MCP long term?
You can find the episode here: lnkd.in/drzD92Qw
Happy reading! Let me know your thoughts in the comments. 👇
hashtag#LLM hashtag#AI hashtag#MachineLearning
I have been asked multiple times why I think the two protocols could become competitive in the future. I tried to outline my thoughts in this Newsletter episode.
After reading through you will get answers to the following questions:
➡️ What is A2A?
➡️ What is MCP?
➡️ How is A2A complimentary to MCP and vice versa?
➡️ Could A2A eat up MCP long term?
You can find the episode here: newsletter.swirlai.com/p/mcp…
Happy reading! Let me know your thoughts in the comments. 👇
#LLM #AI #MachineLearning
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无功不受禄
1). 协议护城河 ≠ 代币价值捕获：协议护城河并不能直接转化为代币价值。DeFi代币的价值差异核心在于代币是否承担系统风险
比如：
• Uniswap 有流动性护城河，但是代币无承担风险的职能（只是用于治理调参或者手续费分配），不涉及风险兜底或者管理，因此代币无法合理捕获费用
• 而 MKR、AAVE代币需在系统危机时承担亏损兜底（如抵押品清算、坏账吸收），其费用本质是对风险承担者的补偿。这种设计使代币价值与协议安全深度绑定。
关键区别：
A：承担风险管理职能的代币 → 费用是风险补偿，价值与协议安全深度绑定。
B：不承担风险管理的代币 → 费用缺乏合理性，长期易被竞对分叉挑战。
2) 有强风险管理职能的DeFi代币会出现强者更强的规模效应：如果一个有风险管理职能的DeFi代币拥有高市值和良好的流动性，它就能为协议提供更高的安全性，吸引更多用户加入，从而形成正向循环（飞轮效应）。这种代币的规模越大，其抗风险能力和用户信任度就越强，替代难度也随之增加。反过来，那些不参与风险管理的代币则无法享受这种优势——用户并不关心其规模大小，因为这些代币不负责兜底，系统出问题时与它们无关。因此，若有人分叉一个新协议，用户可能迅速流失，忠诚度极低。
3）缺乏系统风险承担职能的DeFi代币所开启的收费模式不可持续：对于不承担风险管理的DeFi代币而言，其收取的费用本质上是多余的，长期来看很容易被分叉者淘汰。目前，用户可能对这些费用不太敏感，但随着市场竞争加剧和用户变得更加精明，这种“没有正当理由的收费”将成为分叉的诱因。尤其是钱包和前段作为离用户最近的入口可能率先发起挑战，通过提供低成本替代品削弱原有协议的价值。正如贝佐斯所言：“你的利润是我的机会。”收费越高，别人越有动力推出更便宜的替代方案，将你挤出市场。
因此那些“无风险管理职能”的DeFi代币需要思考战略，在新增业务中设计更多与风险承担和价值绑定相关的机制。只有这样，它们才能增强代币的实际效用，避免在未来的竞争中被边缘化。
The correct way to understand Pump vs Raydium
Written in Sept 2021!
TLDR - spot back ends do not accrue value
multicoin.capital/2021/09/16…
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一个劲爆的web2 ✖️ web 3 合作的大新闻，娱乐产业巨头福克斯 (Fox) 和 Gelato @gelatonetwork 完成了实际的业务合作, 共同推出了一条zk rollup -- Verify (这条rollup的名称)
- Gelato这次使用了Polygon cdk帮助团队完成了开发。
- 代码开源 (github.com/verify-media)
- Fox主推这个事情是为了应对日益严重的数字内容造假泛滥和虚假信息传播问题。随着AI生成的文本和图像在网上越来越普遍，Fox通过在区块链上加密签名每条内容，使消费者能够验证内容的来源。这不仅帮助消费者确认内容的真实性，还使媒体发布商能够更好地控制内容与AI平台的关系，从而保护知识产权并提高内容的可信度。
- 内容出版商可以证明其内容的来源，每条内容都会在区块链上进行加密签名，内容消费者可以低成本且无需信任的识别内容的来源。
- Fox宣布了第一个商业合作伙伴为Times
BREAKING NEWS 🚨
FOX Corp. launches the 1st enterprise L2 ⛓️ chain
On 🟠 Gelato, powered by @0xPolygon CDK
Fox Corp., a top US media company, launches Verify L2 to help media firms like @TIME track online content use
See how Verify modernizes brand trust & content licensing ↓
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今年我们会迎来旷日持久的 #Web3 空投盛宴：L2发币，Restaking协议和中间件项目的代币补贴，憋了2年的web2.5和全链游戏，更强金融属性的社交协议...
但同时这也是web3诈骗犯们的狂欢派对，请您别偷懒动动手在您的chrome浏览器安装 Web3防欺诈软件 @wallet_guard ，给自己创造一个干净舒心的web3冲浪环境🏄
Imagine you had to show your wallet health score to your parents. Would they be proud? 🤔
Let's easily improve your wallet health in our Security Dashboard!
✅ see assets at risk
✅ revoke open approvals
✅ check for honeypots
Run a free scan now ⬇️
dashboard.walletguard.app
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#4 Please read the full article here: medium.com/@ray_xiao/the-wis…
Special thanks to:
@sockdrawermoney @aramas95 from @code4rena
@0xAngler from @HatsFinance
@im_kosta from @hexens
@bog_dan from @rv_inc
Dominic Bruetsch from @chain_security
@ergokhaner from @IOSGVC
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Really enjoyed the good old days we were working together Ohm, Martin and rest of the WG team.
We still have a lot of things can build to provide web3 end users with a more secured and cleaner environment. Looking forward more exciting things you will bring in the future
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"Trying to scale security offerings to meet ambitious venture returns often means compromising on security. Good security is the result of really caring about outcomes you can't see." I completely agree with it.
@sockdrawermoney is a founder I deeply admire. I remember a few years ago, many of us were skeptical about whether a competitive model could deliver high quality security services. However, he and the entire @code4rena team have proven it possible and it actually works super well.
Congrats and look forward to seeing you again in the arena!
I'm happy to share that @code4rena is joining @zellic_io.
So: What's the backstory? Story time! 🧵
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Thanks for inviting @iotex_io! Really glad we can share and hear how ppl think about the use cases of #RWA with crypto and blockchain!
At #R3alWorld, hear a panel of industry leaders from @chainlink, @BitGo, @centrifuge, and @IOSGVC discuss the exciting realm of RWAs, moderated by @iotex_io's head of Biz Dev.
Register at bit.ly/3Z2aH7c.
@NikiAriyasinghe @RayXiao11 @FinTech_Khan @larrypang #ETHDenver
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一个非常有意思的专注pre-IPO和pre-token项目交易的去中心化交易平台/预测市场 @prepo_io
🧠🧠🎫🎫
-为大众解锁SpaceX和OpenSea等一级市场项目的投资机会
-可以对pre-IPO或pre-Token项目做多或做空
-投资者还可以利用该平台对冲其投资组合中的风险，或者用于后续市场的定价参考
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#MachineFi 是一个基于@IoTeX 区块链构建的一个将现实世界IoT、智能终端设备和Web3链上经济体结合的生态。从2017年到现在这个赛道一直饱受质疑，然而在 @helium 生态的逐步繁荣、@STEPN 应用的出圈下，链上经济体基本面远远好于4-5年前。
mirror.xyz/dashboard/edit/wN…
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MCP + AI agent真的很有可能会重塑 SaaS 和技术开发类公司的商业格局：
1）客户从人类用户(比如开发者、设计师、项目经理）变成AI agent。人类用户在选择工具时，除了关注性能和价格，可能还会受到品牌知名度、习惯偏好等因素的影响。而当客户变成 AI 智能体时，决策逻辑会变得更理性和功利。品牌忠诚度这种东西是不是也会被撼动了，AI只关心谁能最好地完成任务而且还会动态的选择最优解
2）在这种情况下为了让 AI agent选择自己的产品，公司需要确保产品足够突出足够有细分的功能差异，而且marketing的逻辑也会变，得想办法让agent找到自家公司的产品并快速理解产品用途
3） 由于客户由人变成了智能体，传统的很多基于“网络效应”的商业壁垒可能会被刺破，市场变得更加开放。更强的市场驱动力带来商业定价模型的变化，更动态、灵活的定价模型会出现。智能体会需要清晰的成本收益信息来做决策，初期这也可能给所有提供技术产品类公司的定价带来新的挑战
[New post] 🔥A Deep Dive Into MCP and the Future of AI Tooling
APIs were the internet’s first great unifier but AI models lack an equivalent. What are the use cases of MCPs today? Where are the challenges?
Here's a technical deep dive & map of the current ecosystem 👇
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AI✖️ Formal Verification
Curious about how far we are from realizing mass adoption of AI and security measures in code verification and bug finding? @VitalikButerin @audit_wizard @rv_inc
Interested in securing your contracts with formal verification?
In our latest blog with @rv_inc, we break down the principles of FV and introduce tools that enable you to harness its power 🥳 👇
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2) Comparing traditional web2 antivirus companies to web3-native ones like Wallet Guard isn't entirely accurate. The risks for web3 users are fundamentally different: primarily, the risk of irreversible fund loss. In Web2 when we use our credit cards on random websites, we don't really have to worry about scams because cards provide all kinds of protections. However, with crypto, at least at the moment, there is no real resort if we get duped by a scam. So the sooner we can alert a user about a scam, the better.
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3) Wallet Guard excels in its user-friendly approach. As a free, open-source security tool, it brings vital protection to retail users. Its initial offering, a Chrome extension, proactively detects scams and safeguards users' wallets and assets by alerting them to phishing links
I, too, was almost a victim of theft. nitter.app/_RayXiao/status/… In the fast-paced and information-heavy world of crypto, it's very easy to overlook security threats.
Good job @wallet_guard keep building!
There are 7 wallet protection and monitoring products on my Chrome browser. Today, I was super closed to connect my wallet at a phishing link sent by a hacker who compromised our portfolio team member's TG. Out of all the products I had installed, only @wallet_guard sent me an alert.
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1) When discussing web3 security, the focus often falls on smart contract auditing and code analysis, seemingly distant from everyday crypto users' concerns. However, the reality is different. Annually, the fund losses from scams and tricks dwarf those from smart contract vulnerabilities by over 7x.
We think the reason 'hacks' grab more headlines might be due to their sudden, large-scale nature, attracting significant media attention and exposing systemic vulnerabilities. However, the reality is that losses from scams occur daily, affecting numerous individuals. These victims, often regular users, suffer quietly, as their losses, though collectively substantial, rarely make a splash in the media.
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With the popularity of LLMs, we've heard a lot of people discussing whether AI can also replace human’s security audits.
Currently, in the security space, AI is viewed as a valuable assistant but not a direct replacement for human expertise. While AI may be able to detect some low-hanging fruit, more complex analyses like Formal Verification still require a lot of human intelligence. The most difficult part is to write the specification that represents general ideas about a program’s execution, i.e., what the program should do. These tasks are difficult to be directly finished by AI at this stage (in other words, fully automated). However, AI as a good assistant to improve security researchers' working efficiency and quality will always be a very interesting topic to explore.
One application of AI that I am excited about is AI-assisted formal verification of code and bug finding.
Right now ethereum's biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.
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Well deserved, my dear bro Momir!
I’ll always treasure the incredible memories I’ve shared with @momir_amidzic and @ergokhaner over the past five years—those truly were the great old days for us.
Honestly, I’m a bit scared that I might not be that fortunate enough to experience such enriching talks, meaningful discussions, memorable travels, and even those football games again. From day one, I’ve learned so much from you as we grew together and shared countless unforgettable moments. We also witnessed your courage and brilliance in tackling the challenges we faced together.
In an industry as noisy and ever-changing as ours, crossing paths with a top-class people like you is a rare privilege for me. It’s been an honor to meet and work alongside you. While this marks the end of one chapter for the last five years, it’s also the beginning of an exciting new journey.
Wishing you all the best in your next adventure🫡
海内存知己，天涯若比邻
Thank you to IOSG for the trust and confidence. The fund has fostered an environment that encourages open debate and truth-seeking—a culture that has been instrumental in helping us make contrarian decisions during tough times. I’m also deeply grateful to IOSG for opening the door to the crypto industry for me—it’s been an incredible journey so far.
In the coming days, I’ll share a retrospective on the past 5 years (there are many people I owe gratitude to). As for what’s ahead, I can just say that I’m as hungry and motivated as ever.
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Many of us started with nothing in this industry.
We show confidence, hide fragility.
Some friends faced struggles even in the real lives, but those challenges made us better.
Now, handling difficulties is just like a walk in the park, as my friend says.
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10/ Startups in this field:
- Skyfire @trySkyfire: Focuses on agent-to-agent auth via JWT/JWKS creds, decentralized verification. Targets B2B (e.g., AI buying data).
- Payman @PaymanAI : Tackles human-to-agent intent gap. payman.ask() abstracts NL to secure actions (e.g., AI payroll, reimbursements). Dev-friendly simplicity for embedding finance in AI apps.
- Catena Labs @catena_labs : Decentralized trust layer with DIDs/VCs. Open-source ACK for ID + payments. Crypto-native, supports custodial/self-custodial.
Besides these three projects, there are others like @nekuda_ai, @Nevermined_io, @crossmint also building machine native financial infrastructure for agentic commerce use cases.
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Whenever a funny event occurs with them, it reminds me of the time in 2022 I questioned a partner at a world-famous, large investment firm about their decision to invest in a company with brand concerns. Surprisingly, his response was to boast about their investment in the deal, arguing that with the large volume of audit business they handle, it's normal for occasional issues to arise...
🚨 CERTIK X PAGE COMPROMISED
The official page for CertiK has been compromised & is posting fake masked Revoke Cash links to a wallet drainer.
DO NOT INTERACT - SHARE & STAY SAFE!
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Back then many of us think Stanford's Smallville paper to be an incredibly inspiring experiment. It's amazing to see this idea evolving!
Imagine a The Sims-like game populated by agentic intelligences, each with their own memories and emotions, all arising organically from random interactions within a virtual world.
What’s even more fascinating is that we can visualize and observe this world in real time? It’s like watching a living, dynamic society evolve entirely on its own. So interesting @marvin_tong @sporedotfun @MorphDreamAI
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#3 In high level, security life cycle includes: programme pre-deployment testing & auditing >> post-deployment auditing & monitoring. @wallet_guard and other players are doing real-time monitoring to detect abnormal states in smart contracts, addresses, domains, tokens etc.
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6) Finally about our vision for Gelato: we believe it will become the largest decentralized development tech stack in Web3. While some people said $GEL token currently lacks practical utilties, yet we know that it is due to the team's heavy focus on development and product over the past 3-4 years. In short future, we can imagine vast potential for $GEL's value capture capbilties: enhancing decentralized clouding, permissionless execution network and decentralized sequencer network...
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#2 In 2022, there were $3.8B loss due to smart contract exploits and $5.9B loss due to scam. The demand of securing crypto users’ assets is inevitably strong but the current security infra in crypto is underdeveloped. We believe that more automated tools are needed.
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从产品出发我觉得@XavierEkkel的idea有意思的原因
- 预测市场大家shill了很久但是现在的项目还是难用
- 创始人在保护LP利益和User experience (收益upside）之间我觉得做到了一个比较好的平衡，用户能赚到不错的收益，LP的体验也不会特别差
- 可以对这些还没上市或者还没发token的项目下注太cool了！
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So glad that we can co-host a #security event with Runtime Verification @rv_inc first time and provide hundreds of audience with high quality speeches and panels. Also, have to say the founder @RosuGrigore 's speech about universal truth framework - K + Snarks is really exciting!
📸 Another pic of @RosuGrigore This time speaking at @IOSGVC Old Friends Reunion #OFRDenver - Security Day!
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It’s an interesting read about DeSci.
According to the Crossing the Chasm theory, the earliest innovators, adopters, and the general public in the technology adoption lifecycle each face a deep, often impassable chasm. This chasm can become a major barrier for new technologies in gaining market adoption.
I agree that we may be entering an era where culture is more important than the product itself. Yet even in this context, the chasm theory still holds. Customer segments often vary widely in geography, culture, education, and economic background etc, resulting in distinct personas that require unique approaches.
what @mattigags points out - that "tokens are a means of extending markets into new places, with the productization of memes as a primitive example of this" - could offer a stronger appeal for frontier areas that remain deeply experimental. By tapping into that original spirit of exploration and experimentation, this approach might bridge the adoption gap more effectively.
DeSci can make great impact, reasserting crypto as a force for rapid innovation.
Why manifesto? Maybe because my conviction on this was forged in the depths of the bear market and finally first positive outcomes start to manifest.
zeeprime.capital/de-sci-mani…
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我们很看好@Swellnetworkio的原因：
1. 团队在staking上非常有经验，同时设计出一些非常有意思的token models可能会带来更好的收益率（这点对于散户很棒🥳）
2. 足够去中心化（每笔交易透明），同时用户使用门槛很低！
3. 对ETH2.0和整个PoS的去中心化Staking市场规模的潜在增长空间有非常好的预期😼
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3) In 2021, the team identified a significant commercial opportunity in meta-transaction applications and built "Gelato Relay". It enables the submission of meta transactions where users sign a message off-chain, which is then passed to the executors to execute the tasks, saving gas costs. In 2022-2023, nearly half of the business volume came from Relay, with clients like @ourZORA , @safe, @ConnextNetwork and many more. The revenue from the Relay network became a key source for team to sustain through the bear market.
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5) At the end of 2023, Gelato Rollup as a Service came. We think Gelato is the strongest player in the RaaS domain. Their four-year expertise in offering a comprehensive development tech stack infra gives them a very unique advantage vs the other RaaS players. This proficiency is exemplified by their rapid onboarding of notable clients like @AstarNetwork , which is Japan's most prominent blockchain platform.
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Awesome panel talking about security, thanks for @rv_inc CTO Everett’s moderating!
Great turnout and convo at the Security Life Cycle panel organized by @IOSGVC during the #ETHDenver Security Day.
Moderated by Everett Hildenbrandt - @rv_inc with:
@FormallyJon - @Veridise
@theyisun - @axiom_xyz
@LewellenMichael - @OpenZeppelin
@makestakegreat - @blockswap_team
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1) Back in 2019, we met founder @hilmarxo at @Meta_Cartel. He was there to share his visionary plan: an Ethereum bot designed for DeFi applications, forming a decentralized network that could facilitate automated trading 24/7. This idea became even more pertinent in 2020, especially on March 21st, when MakerDAO faced substantial liquidation pressures.
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我们在Polkadot生态最重要的portfolio项目之一 @PhalaNetwork 最近有了三个令人兴奋的进展：
1. 赢得@Polkadot平行链卡槽, 意味着Phala生态项目可以正式跑起来
2. 新的token模型让矿工的挖矿激励从1%提高至70%
3. @PhalaWorld 作为第一个NFT的生态项目，已经有了很多有意思的世界观和画面渲染设计
1/7 We are excited to announce that Phala Network became one of the @Polkadot parachains! With 610,759 DOT and 1,685 contributors, Phala won the 13th parachain auction. Thanks to everyone who makes it into reality🔥🔥
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Certik其实是上一轮周期牛市融资市场的经典案例，传统基金在web2已经没什么题材可投（尤其是中国美元基金，消费互联网赛道增长见顶）看到web3出现了NFT像Opensea、DeFi像Uniswap出圈开始跑步进场寻找可投标的，但是他们的IC上依然尝试延用p/s p/e各种metrics和市场增长假设去建设投资逻辑，于是Certik这样在牛市疯狂接单盖章创收的安全赛道标的成为他们在web3不可多得的投资选择。
为什么这种投资逻辑有问题，下面是我的一点总结：
- 安全审计领域玩的是impact game，依赖的是客户对于你的信任，企业的声誉作为无形资产要>收入，只有你能创造正向的impact，你才能获得更优质的长期客户，这些客户才是支撑一家公司活过5年甚至更久的基石。注重量而忽略质最终会被反噬。
- 安全审计在没有完全解决自动化逐步替代初级劳动力之前，很难用什么预测模型去估计他们的收入有什么爆发式增长，因为市场上高级的审计师可能就那么小几百号人，重人力资源的业务模式下margin cost是有天花板存在的。这是传统美元web2基金想以高估值赌这个deal能IPO我觉得实在牵强，并且熊市一来就没有那么多的低质量项目付高价钱给你流水线盖章了好看的收入数字也难以维系。
- 一谈到安全赛道还是有很多人只能想到审计（code analysis), 大家也可以更多目光放在C端用户的安全。因为广大散户因为各种诈骗、钓鱼损失的金额要远远大于代码漏洞被黑客攻击的损失金额（这个数字要大7倍到10倍），而且一个散户被钓鱼转走钱能找谁说理去，只能忍气吞声自认倒霉没有任何追偿的办法。。。
Whenever a funny event occurs with them, it reminds me of the time in 2022 I questioned a partner at a world-famous, large investment firm about their decision to invest in a company with brand concerns. Surprisingly, his response was to boast about their investment in the deal, arguing that with the large volume of audit business they handle, it's normal for occasional issues to arise...
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#1 A smart contract security life cycle : conventional security analysis & auditing >> competitive auditing/audit competition >> bug bounties >> real-time monitoring >> smart contract upgrade auditing & security analysis (conventional + community audit)
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2) In less than two years, Gelato has emerged as Ethereum's largest automation execution network, taking over 80% market share. I remember back in the days our technical partner @xinshudong highlighted several times to the team about the importance of user accessibility during our catchup call, suggesting products should be low-code or even no-code for the users. True to this vision from Day1, @hilmarxo has focused intensely on user experience, allowing even non-programmers to deploy business tasks like automated withdrawals and trades with "Gelato Automate" which can be thought of as the infrastructure enabling "If this, then that" automated execution for smart contracts. Although @chainlink entered this market later in 2021, Gelato still remains its dominant position in this area.
ALT Old version of Gelato Automate interface in early 2020
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@0xProject 主要的三大业务线：0x API, 0x RFQ , Matcha @matchaxyz 已经在业务量数据上证明了他们是最重要的DeFi基础设施。（dune.com/projects/0x）
#DeFi 作为金融设施是 crypto 游戏、娱乐等上层建筑的基础，0x Labs和Coinbase的合也是他们向NFT交易业务拓展的重要一步。😼😼
We’re proud to partner with @Coinbase_NFT to power their new social marketplace for NFTs! ⚡️
By using 0x Protocol, Coinbase provides better ways to discover, buy, sell, and connect around NFTs at the lowest transaction costs for users ⛽️
blog.0x.org/coinbase-partner…
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As a research of fixed interest rate lending & borrowing products, I would say @QodaFinance team has a ambitous vision and super clear plan to resolve the existing problems in crypto credit lending market. Looking forward to more exciting progression in this year🤩🤩
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另一个感受是
- 投资者做决策：定义明确、确定性（determistic)、并行多决策基本互不依赖
- 创业者做决策：定义模糊、非确定性（non-determistic)、多部门的决策相互依赖性强
投资人的决策要求研究和分析团队背景、市场机会、技术/产品DD、风险评估以及公司/治理结构，最终做出一个单一的决定（投资or不投资）。投资决策通常基于结果的概率分布，这种决策过程可以相对较容易地根据资金分配和投资组合构建一些framework，并且大多数投资决策可以并行运行互不依赖。
创业者的目标是为客户创造价值，听起来很简单但是其实是一项巨大的任务，因为它是许多运营部门协同工作的结果——产品、R&D、市场营销、工程、财务等。除了各部门的运营目标外，每个部门的决策还必须考虑：相互之间有依赖性、资源分配、速度。比如产品工程速度影响产品发布，产品发布节奏影响营销策略，营销策略影响财务预算，财务预算影响招聘时间表，招聘时间表又影响工程速度……而且决策需要尽可能快地做出，如果验证无效还得及时调整，在这种情况下清晰定义问题变得相对困难。
感觉这两者没有孰优孰劣，肯定是非常不一样的技能树，投资者做的每个决策的风险/回报规模远远大于大多数创业公司所做的任何单一决策，但是如果真的把很多投资人丢去面对创业者每天要面临绵密复杂决策池大部分人也会撑不下去。
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Could Lido Dominate Liquid #Staking Long-Term? Please read @momir_amidzic 's article
As the dust settles on the Shanghai upgrade, comes a question: could @LidoFinance become the dominant player in liquid staking over the long term?
@IOSGVC discusses the current state of the #Ethereum staking market.
👇
thedefiant.io/could-lido-dom…
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3) For community wise, Audit Wizard is also an friendly onboarding arena for auditing contests, bug bounty platforms such as @code4rena , @immunefi , @HatsFinance.. Meanwhile, we have some interesting ideas that in future to build a permissionless marketplace for open source analysis tool rules, AI model training contribution etc which will leverage the power from the community security.
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非常同意Mike老板的观点
无论是云服务还是crypto再到Gen AI都在遵循USV总结的经典模式：“First, apps inspire infrastructure. Then that infrastructure enables new apps. ”
usv.com/writing/2018/10/the-…
比如我们看云服务行业的发展，基础设施和应用生态的最终状态就是一个倒漏斗形状，应用层有最大的价值捕获能力（根据@apoorv03的文章，云计算的支出创造约2000亿美元的云收入，并推动了进一步的4000亿美元应用生态系统收入）。但这种状态也不是一蹴而就，基础设施的投资一开始是负利润率，随着市场整合为三大主要供应商，逐步发展到60-70%的毛利率，最终基础设施的成熟支持了应用的爆发式增长。
Web3行业离不开vc币，也离不开以太坊。
memecoin再牛b，戳破天，行业也不是只有memcoin，蜂拥memecoin只会加速戳破泡沫，到最后仍然要回答一个问题，到底有什么价值？有多少价值？就像人要回答死亡的终极问题一样。我们现在经历的，无非是围绕这个问题上下震荡罢了。
不同的投资人，投资的动机不同，vc手上钱的属性不同，短期投资，快进快出，也不会一直都能保持高收益，vc在未来仍然是行业发展的有效组成，只是需要调整，淘汰，找到更好的生态位置罢了。
至于那些攻击以太坊的观点，包括我自己认为以太坊缺乏应用发动机的观点，也许都是对的，但不能否认以太坊提供了大量基础设施，提供了有效的竞争，以太坊选择往基建走，这个过程就是艰难的，不可能一蹴而就，这个周期内，在基础设施这一层，事实就是一年干四年的事，日后应用侧蓬勃发展的时候，也请别忘了这个周期内，很多苦逼开发者，干了很多吃力不讨好的事，他们也许没让你现在就挣到钱，但你以后挣到的每分钱，都跟他们现在的工作有关。
综上所述，一个行业的发展，不是每一行代码都跟挣钱相关，但行业发展需要这些代码，需要那些代码背后，从心底里相信去中心化改变世界的人！
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两年前我在IOSG内部IC力推链上监测类安全产品，核心thesis在于：Web3 链上用户担惊受怕的主要风险是资金丢失，而这种损失往往几乎无法追回，这与 Web2 用户的风险截然不同。
在 Web2 中，用户主要承担的是信息泄露的风险，即便发生问题，也通常有多种途径可以追索。而在 Web3链上用户直接面临的是链上资产的丢失风险，且几乎无处可寻。这种资金体量的损失远远超过智能合约被黑客攻击掏池子造成的损失（记得在 2-3 年前，这两者损失金额的差距就已高达 10 倍）。这其实也意味给一家要走发币路线的web3链上安全产品估值也难找benchmark - 直接拿传统防火墙公司的metrics显然不合理 ;)
尽管当时IOSG最后遗憾未能参与 @GoPlusSecurity 最后的融资（因为我们疏忽跟团队聊的太晚了错失了早期机会），但后来IOSG也和GoPlus一起投资了Wallet Guard（已被 MetaMask 收购）。I have to say与创始人 Eskil和Mike长期交流让我深刻体会到这两位安全创始人对商业化和金融市场的认知真的是impressive... 市面上大多数安全公司以项目方为主要客户，而 GoPlus 则将大部分精力投入到终端用户的安全产品上。这条赛道虽然当时并不被多数投资人看好，但正因如此，其潜在回报也更具吸引力 ($GPS上线现在已经破了10亿美金市值，也算是这些年在二级最有意思的一个安全项目案例了）。
PS: 非GoPlus和$GPS利益相关者，只是单纯喜欢他们做的事情
今年我们会迎来旷日持久的 #Web3 空投盛宴：L2发币，Restaking协议和中间件项目的代币补贴，憋了2年的web2.5和全链游戏，更强金融属性的社交协议...
但同时这也是web3诈骗犯们的狂欢派对，请您别偷懒动动手在您的chrome浏览器安装 Web3防欺诈软件 @wallet_guard ，给自己创造一个干净舒心的web3冲浪环境🏄
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Interesting data analysis about Polymarket
Everybody looks at @Polymarket data wrong:
Volume is not a great metric. Open Interest aka the positions traders are in is what really matters. Open Interest dictates liquidity conditions and ultimately makes the network effects within polymarket work.
So let's actually look at those open positions, and really - tell the story of polymarket in a few graphs.
First up the global view:
all open positions on polymarket are currently worth about $300m, of those $158m are open interest in the presidential election 2024.
The other top markets are:
- will biden finish his term ($66m)
- Popular Vote ($60m)
- Swing states(PA, MI; $100m combined)
Let's zoom in on the presidential election market next:
There is a staggering $96m of open Interest for the TRUMPWIN outcome, resolving to $146m should that actually be the outcome.
Currently there is only $37.7m open interest for a HARRISWIN, but that open interest resolves to $110m if it comes to that, the current position price is simply skewed against HARRIS.
The other noteable open interest is for TRUMPLOSS($15m) and HARRISLOSS($7m).
All taken together, the nominal shares on each side of the market (TRUMPWIN, HARRISLOSS - HARRISWIN, TRUMPLOSS) are balanced and would resolve to about $150m when either candidate wins.
Polymarket converts positions regularly in the background from either of these pairs to each other to keep the market in balance, it really is a beautiful system.
Now for the final piece of understanding Polymarket:
Since we have all positions, we can actually dig down deep into the data and look if the market is rigged, centralized or if it's just Donors pumping up the market like so many are putting out claims for. We have the data for all positions over all time, so let's check who holds either TRUMPWIN or HARRISLOSS and what those positions are valued at.
70% of open interest is owned by the top 25 addresses.
0x12f = Fredi999 alone has an open position worth $14m.
The concentration of the market is even going up with new whales entering the picture or existing ones increasing their positions.
The market really is driven by traders with a position size of upwards of $100k. Splitting up the open position value by bucket sizes paints a clear picture.
Amazingly, this is not due to a lack of traders either, there actually is 128k open position with a value of <100$, the whales are simply far too large and the traders too little in numbers to balance this out. (of course we are in crypto and those 128k are probably not all real people, but rather mixed with airdrop farmers)
That concludes this part of insights on polymarket for me.
This data is freely available on Dune, I will share the dashboard below in a comment. We also have trades, user registration and generally all market data in great detail and prepared available.
I would love for other wizards to start working with this data to figure out what's really happening on polymarket, feel free to dm me if you need help with this dataset.
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👥 Top DAOs by Number of Voters - Mar 27th, 2022
8,325 - Sushi
8,157 - Olympus DAO
6,664 - BadgerDAO
6,662 - Balancer
6,577 - Aavegotchi
6,385 - OpenDAO
4,412 - Yearn
4,408 - Klima DAO
3,435 - Uniswap
2,829 - ENS
Source: boardroom.io/ via @boardroom_info
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Really appreciated Veridise CTO @FormallyJon’s presentation of their zk auditing tools! Great speech👍👍
Our CTO @FormallyJon speaking about three of our tools (Picus, zkVanguard, and zkOrca) for proving and finding bugs in ZK circuits. Thanks to @IOSGVC for a wonderful and informative event :)
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The excitement about this Run2Earn reminds me that IoT-related using scenarios may come closer and sooner than we imagined before. Beforetime, IoT+Blockchain sounds far away from retail users, but move2earn even ride2earn prove that nothing is impossible in crypto.🧐🧐
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4) In early 2023, Gelato introduced their third major product - Web3 Functions. It mirrors the functionalities of platforms like AWS Lambda or Google Cloud, yet it's uniquely tailored for the web3 ecosystem. While Gelato's initial focus was primarily on enhancing on-chain side, right now they are comprehensively finishing the whole picture (onchain and off-chain), they are providing another abstract layer that easily allow developers to call off-chain data and run computation.
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So glad to support @DappBackHQ in the seed round with @greenfield_cap !!
We are excited to co-lead @DappBackHQ’s $2.5M seed round together with @IOSGVC. Congrats to @JJ_DappBack and Jonathan!
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• Timing matters a lot
• Integrity, passion, depth of knowledge & intelligence, and resilience are the key traits allocators would prioritize when selecting fund managers to invest in. This mirrors how venture capitalists evaluate founders to back.
• Don’t get stuck behind your screen for too long. Step outside, have some fun and enjoy the beauty of the world;)
A $6B investment firm that has backed top-tier crypto funds, including:
🔹 1kx
🔹 a16z
🔹 ParaFi
🔹 CoinFund
🔹 1confirmation
🔹 Standard Crypto
and more
I spoke with @AccoladePrtnrs partner @marcmynome to break down the entire crypto fund ecosystem
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Great summary
People always ask me about my transition from investing to operating and I think I found the perfect summation:
Investing is a well-defined, deterministic problem space.
Operating is a poorly-defined, nondeterministic problem space.
Here's my reasoning...
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As an investor your job is to generate returns. Some investors choose to be hands on to help startups create value while others are more laissez faire. Either way it all boils down to ROI.
The decision making process demands an investor to research and analyze team backgrounds, market opportunity, technical/product diligence, risks, and corp/gov structure to come to a single, boolean decision - to invest or not to invest.
Investment decisions are typically grounded in probabilistic distributions of outcomes, often referred to as expected value (EV). For a professional investor, this decision making process can be trivially systematized to account for sizing and portfolio construction (ex. Kelly Criterion). This means most investment decisions can be run in parallel without dependencies given a proper investment strategy.
In theory the same inputs to your decision making process should always result in the same output.
*This is also a reason why I think AI run VCs are going to do very very well.
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As an operator your job is to create and maintain value for your customers. There is literally no other way to build a successful business. And while "create and maintain value" sounds pretty straightforward, it is an enormous and non-trivial task.
Value creation is a function of many operating units working harmoniously - product, research, marketing, engineering, finance etc. Beyond the unit's operating goals, decision making for each unit has to consider a) inter-dependencies, b) scarcity of shared resources, and c) speed.
Inter-dependencies
All operating units are recursive inputs into one another.
Engineering speed influences product releases influences marketing strategy influences finance budgeting influences hiring timeline influences engineering speed...
And this flywheel will manifest in many different ways with varying degrees of impact factors (ie how much a change in one operating unit impacts another).
Scarcity of shared resources
You have a very finite number of working hours you can get out of your team each week. If you spend resources on one operating unit, you often shrink resources available for another. The transferability of skill is abstracted away at the balance sheet level, which brings to the final consideration...
Speed
Decisions need to be made as fast as possible, validated/invalidated, and rolled back when necessary, all in the presence of a shrinking balance sheet. This means you're typically operating with incomplete information. Indecision is the kiss of death.
Altogether, this creates a fascinating problem space of complexity to explore but it often makes it difficult to clearly define the problem space.
This complexity is compounded and exacerbated by the necessity to balance social dynamics within the company. And here lies the nondeterminism.
The variables I listed above are simply structured inputs into a decision making framework. The human element of operating is impossible to encapsulate into a decision making framework without the power of averages. For all practical purposes your framework is non-deterministic. This is why when building a new company, culture, like-mindedness and a shared vision are so critical. It is the only way to tame the nondeterminism of social complexity until you reach sufficient scale.
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While it may seem as though I am suggesting operators have more difficult jobs based strictly on the decision making process, there's a critical variable that's missing: magnitude.
The risk/reward profile of each decision an investor makes is far larger in magnitude than any single decision most operators makes. This requires an entirely different skillset and framework that a lot of operators struggle to grapple and this (imo) is what make great investors, great.
Conversely, many great investors wouldn't last a week operating through the complexity of day-to-day decision making.
Everyone has their strengths and weaknesses.
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All-in-all I feel incredibly fortunate to have spent my time as an investor. It's already been a valuable perspective to bring to my operating role at
@nil_foundation.
And who knows maybe one day I end up back on the other side of the table... but for now I have too much energy and passion for what we're building.
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Finally, if you're an investor looking to make a move to the operating side and want to learn more, please reach out! I'm happy to share more about my experience in DMs :)
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Huge congrats to both @ergokhaner @tkstanczak on the big launch. Can’t wait to see what’s ahead🔥
1/ I am excited to announce Lantern Capital @lanterncap_ , in partnership with @nethermind, with @tkstanczak joining as General Partner on behalf of Nethermind. Lantern Capital is an early stage venture capital firm, investing in founders accelerating machine-to-ledger communication in the near-AGI era.
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Best wishes for your new journey Gokhan. You are truly one of the best I’ve had the privilege to work with
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2) Q2: In the proof life cycle you guys have different focus in different areas like building the proof framework, prover marketplace, proof aggregation and verification. Where do you think value will accrue most?
Uma (Succinct Labs): Maybe this isn't a part that will necessarily capture the most value, although I do think it'll create a lot of value and so hopefully it can capture some of it. But I think aggregation is really exciting where it can make a lot more ZK applications feasible. In the future, hopefully the cost of verifying a proof on chain will basically go to zero once you amortize it across all the aggregated proofs. And so I think the aggregator here is providing a lot of value and so they can hopefully charge for some of that value as well.
Avi (=nil; Foundation): it's difficult to say where value lies in the stack. And ultimately it's up to ZK application developers to decide on what kind of trade offs they want to make. For instance for ZK application developers there's this balance that you have to strike, which is what is your latency for hard finality on Ethereum, where verification is very expensive? And what is your price sensitivity for that verification? Over the coming years I think we'll see some of these things start to solidify and application developers express their opinions.
RJ (Yet Another Company): Aggregation is really interesting when you want to aggregate the same type of proofs. The main problem is we don't know exactly which proving system people are going to use in the next five years. We believe instead of using aggregation, by using kind of this optimistic verification oracle that we're creating, you gain in the short term like way more benefits by lowering the cost of verification and also allowing proving systems that are new.
Nick: The proof supply chain has a very similar structure to the transaction supply chain. And in the transaction supply chain, the sort of value capture there is MEV. And so I think who sort of captures value in the proof supply chain is going to be quite analogous to who captures value in the transaction supply chain. I think whatever entity in the proof supply chain has the direct relationship with the application or user that's submitting the request to generate the proof, I think they have the most leverage.
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是篇很全面的解读了。
补充一些视角感想：
一级市场资本供大于求，市场上的存量项目难以健康消化：本轮大量基金是在2020-2022年完成的募资，那个时候传统美元基金和LP纷纷涌入web3领域（记得当时国内的美元基金几乎无项目可投，TMT消费市场增长明显见顶），但他们很快便因失败而退场。显然，在过去三年里，crypto在消费用户方面并没有显著增长，仍然是一个小市场，除了金融交易外，其他领域很难产生自然消费行为并创造收入（B端客户相对好一点，有web3圈内项目方相互消化，C端用户若没有强烈的赚钱预期，不会买单）。目前，大部分传统美元基金尚未回归，因为他们已看清当前市场尚未达到规模（每年可以产出有强基本面的大项目，让他们能够大手笔投资并取得如小鹏、蔚来上市那样的成功）。
LP向GP再到项目方的压力传导加剧了这一轮大量新代币上币的节奏：LP会直接以BTC、ETH的价格作为基准，很少有VC能跑赢这个基准。市场上充斥着新老项目声称要发币（在2021-2022年完成融资的项目，许多在本轮有发币压力），一方面是因为创始人看到了比去年明显改善的市场环境，另一方面也是因为投资人施加的退出压力（施加压力大小和基金周期、LP背景高度相关）。
还有一些其他角度可以考虑估值，比如看传统IPO市场，投资人解锁期大约为6-12个月全解锁。而在crypto领域，很多项目在上市前的估值已经达到几亿甚至十亿美金，但锁定期为3-5年，这意味着最后一轮投资人的估值其实远不止几亿美金。然而，今年上半年仍有大量VC在追逐那些高估值的“天王项目”，可见当前一级市场的健康状况真的堪忧。
根据币安研究，2024年山寨币的MC/FDV只有12.3%，为近三年来最低；
推测的原因如下：
1. 市场流动性变差，二级FDV上限降低：从去年下半年行情启动到今年上半年，已经很少见FDV能到FDV 10B以上的新项目，除了WLD和TAO等少数北美顶级机构抱团的AI和Infra项目以外，1B基本上是本轮行情一道难以越过的门槛；而2020—2022，赛道头部项目的FDV基本能达到10B以上，MC也常常超过1B
2. 私募轮抱团抬升估值现象普遍，这使得上所估值抬升，VC- CEX利益出现一定程度的对立：由于上轮和本轮行情有大量美元基金打法的机构和个人入场，风险投资机构在早期投资中的check size明显变大；即使在行业流动性泛滥的2021年，加密原生风投的投法还是“拼多多”，单家机构的投资最低限额大约5万美元，一家项目方的seed round可能有20家以上的VC参与，而且B轮以上的项目主要来自北美地区，FDV 50m左右就已经可以上Tier 1大所（如STEPN、Axie Infinity）；而今年，资金集中在了少数募资能力强的头部机构手中，它们几乎不考虑单笔1m以下的项目；受此影响，甚至有部分头部的加密原生风投的check size也抬高到了0.5-1m，这倒逼了项目方估值抬升；不少项目seed round的FDV就高于50m，到了上所阶段的估值多在200m以上；私募轮估值过高，影响了上币定价，机构退出对二级用户利益的伤害增加；同时连带着二级高赔率的项目减少，胜率降低，散户很难接到价格公平的筹码；最终降低了crypto资产的吸引力
3. MC较低的原因还有高FDV项目方对流动性预期的问题，为了防止私募轮估值在短期内雪崩，项目方倾向于12+36模式，甚至在社区空投也采用了线性解锁模式，但这却造成了代币长期抛压，连绵不断的解禁压力降低了二级市场参与的预期
4. 风险投资机构对能够持续产生现金流的实用型消费者应用的重视不足：项目缺乏自造血能力，无法和做市商形成正向合力，形成长期有效的市值管理，对冲抛压的负面影响
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Honestly, podcasts are way more engaging than panels for me. They give more time for deeper discussions and even debates, with participants reacting in real-time. It's great to hear the genuine responses from people actually building things, even when there's no clear right or wrong.
Plus, many podcast hosts really put in the prep work, which makes the content richer and more meaningful. And this isn't just about crypto—I’ve seen high quality podcasts outside of the space too, like the one by retired NBA player @Matt_Barnes22 ."
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Here is the background story how we met @hilmarxo and @gitpusha 5 years ago
nitter.app/_RayXiao/status/174286…
Bullish on $GEL !
@IOSGVC recently completed the lead investment in @gelatonetwork 's extended round at the end of 2023. As one of Gelato's earliest supporters (co-lead the seed round with @galaxyhq in 2020), we have had the privilege to witness the rapid growth of @hilmarxo , @gitpusha and rest of their team. I would like to share our journey with Gelato here👇
ALT Gelato's founder Hilmar presented their latest product Gelato RaaS in Token2049 SG in 2023.
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一年前在算稳大热后的一地鸡毛的时候做了点小研究，开始写的时候 #LUNA 也是将近5刀，然后就见证着各种一路狂奔的市场奇迹以及如今大震荡后的再一次狼藉🥸🥸
mirror.xyz/0x5Eba828AB499982…
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Feel very excited to see many chinese developers who are passionate about the smart contract and crypto😉😉
Look back on the open day of #Layer2Hackathon😍Thanks for the welcome speech by Jocy @JinzhouLin from @IOSGVC and Philip @Chainlink_INFO from @chainlink
Amazing workshops from @auroraisnear, @NEARProtocol, @arbitrum, @MonteCarloDEX, @CelerNetwork
We got your voice and passions🙌
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While CT is having great discussions on the tradeoffs of new branded chains especially the trade offs around centralization, permissionlessness etc etc
Yet I feel many discussions subtly overlook a critical perspective - regulatory arbitrage, greatly framed by @EleniThinks. For any fintech want to offer "banking-like" services without spending years jumping through hoops for a charter or relying on a bank for its underlying accounts will seriously consider building its own blockchain.
It’s not just about innovation. It’s about achieving the functionality of a bank without the crushing burden of its regulations.
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Agree. It would be fun to see a debate about these trade offs
I hold the exact opposite view here. The more physical the better.
DeVINs (virtual instead of physical) risk margin compression from endless new entrants. Supply side on a DeVIN can very easily switch to a new network to earn new tokens. DePIN supply side can't easily switch.
DeVINs can grow faster but that cuts both ways, it means a new DeVIN can quickly grow to unseat the incumbent.
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5) In general, we believe that security in the web3 space shouldn't be the sole responsibility for third-party auditing agencies. Instead, it's a critical skill that every builder and user should continuously develop and understand. Audit Wizard's comprehensive toolset not only aids auditors but also serves as an educational platform, equipping developers with the necessary knowledge and tools to integrate security into their development process.
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How much fee are you willing to pay for a web3 native firewall if it can protect you from scams, attacks to your crypto assets in the wallet? 👀
(assumption: the product can help you be totally away from those scam tricks)
29%
$5 ~ $10/monthly
14%
$10 ~ $20/monthly
29%
$20+/monthly
29%
No I am not ready now
7 votes • Final results
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4）目前去中心化信贷市场的头部项目@maplefinance已经在业务上站稳脚跟，资金池管理者超过7亿美金的存款，总共发放过15亿美金的贷款。该协议最大的场景就在为机构级客户解决DeFi领域超额抵押资金效率低的问题，提供undercollateralized的贷款服务同时保证链上透明。
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We had a lot of great insights about #Restaking in this liquid restaking panel covering topics especially about the financial & technological risk management and the value accrue by LRT protocols.
An unforgettable discussion with the top protocols' founders with $6b+ TVL🤯in #ETHDenver2024.
@swellnetworkio @renzoai @EtherFi @puffer_finance @KelpDAO
Here are some keynotes I took from the discussion👇
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Next in line, we have our very first Panel of the day: <Liquid Restaking > brought by big names and the participants are:
@_RayXiao MC, Senior Director of @IOSGVC;
@LucasKozinski, Co-founder of @renzoai;
@MikeSilagadze, Founder & CEO of @EtherFi;
@daniel_swell_, Founder of @swellnetworkio;
@GAmitej, Founding Contributor of @KelpDAO;
@AmirOnchain, Core Contributor of @puffer_finance
📷 Link to watch the full video piped.video/Tkkv2fz1szo
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Imagine if your Dapphero project launched today instead of 4-5 years ago..damn timing matters a lot
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IoT+Blockchain的项目曾经在18-19年大量出现但是大多已经沉寂或者失败，许多人一直怀疑这个赛道的故事，但我们觉得更多的原因是时间。相比于5年前荒芜的链上世界，现在是让更多用例变得更有意义的好时机——将现实世界的各种物联网设备、智能设备通过 #MachineFi 网关将他们的数据/资产/价值连接到Web3。
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4) Q4: When the proof aggregations become more and more mature, do you think you would make fundamental change to your technical architecture? Do you need to a lot of technical upgrades?
Uma (Succinct Labs): I think the end game of proof aggregation just really depends on how proof systems play out in the next few years. Maybe there will be some settling towards a few canonical proof systems. Just from a security perspective, I think it's a lot easier to deal with that audit surface, and especially if zkvms take off and everyone's using zkvms, maybe it ends up being like one or a few zkvms that everyone uses that are fully open source and kind of like a Linux community project in that world.
Avi (=nil; Foundation): Rollups already do sort of an internalized vertical proof aggregation and batching many proofs together in order to amorturize costs across transaction batches. I'm quite sure that worldcoin is also doing something similar, so that's going to persist and I see no reason why we would go backwards. And here there's incredible economies of scale to take a proof of one proof system from one ZK application and combine it with another.
RJ (Yet Another Company): I think zkvms are awesome and we should use them more. But I'm not exactly sure if they will have only one of them or we'll have many of them. And because the future is uncertain, our philosophy is: if we don't know exactly how zk will look like in the next five years, how can we build something that can help accelerate zk being used today? I think we will still have many proof systems, therefore we will not be able to aggregate them altogether and it will be up to the user,
Nick: People are starting to build these sort of like out of protocol proof aggregators that then just submit the one proof on chain. And so I think it'll be interesting to consider whether or if at some point proof aggregators or a proof aggregator gets enshrined into the protocol at some point. That'll be something interesting to explore in the future.
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2）在Second Layer DeFi积木中，固定利率的借贷及衍生品其实一直有项目出现，在借贷协议赛道中最知名的目前是Maple Finance和Notional Finance，而更为复杂的固定利率衍生品（如信贷违约掉期、利率市场）也有如Swivel Finance, Element Finance这样的玩家。
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