Written by: Crypto Weituo Source: All private offices. The following is a summary of my participation
1. Winter is coming for first-level institutions
Basically, all the first-level institutions I talked to gave negative feedback, and even made a comment that "first-level institutions are dead." Basically, every household has a large amount of SAFT with no TGE or TGE unlocked (the price is already very ugly). Several OTC institutions have mentioned that there are many deals where no buyer can be found
As for the new fund raising that must be carried out in each cycle, it is also In a state of significant shrinkage, 1/10 of the 100 million announced to the outside world will actually be received, and the rest are committed. In the last round, we casually raised 501 billion. In this case, we can only increase the amount of investment in each project, which also has to push up the valuation, creating one "death" project after another, but this time There is no more SBF for the round. Then we can only invite a few "head funds" to die
In addition, basically every first-level institution has mentioned that it wants to enter the incubation competition However, to put it bluntly, the staffing and GP capabilities of these institutions have nothing to do with incubation, and they have no experience of even taking a project from zero to closed - so how should incubation be done?
2. Everyone pretends to care about the "real scene"
Everyone caught me on the spot Institutions will ask me what track I am looking at recently (although everyone is actually pretending to look at deals), and then I will ask this question back, and many of them will answer: projects with real income, real users, and real scenarios, and then there is a RWA, AI, Depin, etc. are all used as if these words really mean something. It is tacitly understood by everyone - there is really nothing that can be used as a thesis to prove that one is "researching"
In fact, everyone knows that to find the real Web2 The idea that scenes fill the narrative vacuum of "Web3" was falsified as early as the 2022 round. Today, I went to look at the last round of coin listings on Binance and today, the most dismal performance is the application projects with "scenarios". It’s not that Crypto doesn’t need this kind of innovation, but it’s that they have nothing to do with the real “positive externalities” of the currency circle - asset liquidity
Apple will not fall. Too far from the tree
3. New users are entering the market in large numbers using gestures that practitioners cannot understand
Many organizations and project parties at the event used this opening line: "There are no new users or new funds coming in this round. In order to let them come in, how should we XXXX"
On the other side, @IGGYAZALEA dropped the most outrageous but awesome party in the history of Crypto. It was outrageous but truly Crypto native and attracted attention from outside the circle (rather than Zuckerberg’s sister We Gonna Make It’s top signal);
Everyone knows that this @Solana Breakpoint is the best public chain ecological conference in recent years, and it can be called a firebrand in the currency circle Festival. But why is BP so awesome?
I think what everyone has not noticed is that in addition to @SolJakey @solanasteve_ @chooserich and Solana, there are also KOLs such as @redactedcoin and that one who continue to produce video content for Breakpoint. @doginhood_io, who "smuggled 20,000 condoms", and Professor Crypto, who won the "Best KOL Award". They are covering everything that is happening in the currency circle in a way that has never appeared before
This is something that has never happened before and belongs to the Gen Alpha generation of the Tiktok era. The whole way of working. Many Solana project developers or Cabal are less than 20 years old - and these are things that old Leek practitioners cannot understand or understand
Newcomers are doing things like never before Enter the market in a way and speed that you can see, but many people simply turn a blind eye. Soon the narrative logic, operation methods, and communication logic of the entire currency circle project will undergo fundamental changes
Summary
The biggest lesson of human history is that people will not learn any lessons from history. No offense is intended, but judging from the summaries of many people after the 2049 Peace Conference, this point is still applicable in the currency circle
Every time When the industry encounters difficulties, we will resort to empty "real income, real users, real scenarios" and "let traditional funds enter the market". However, the lesson of history is that these remnants of the industrial era are just tourists in the Crypto world. They can only come in to do Carry Trade and will not change anything. Without starting from the origin of the currency circle, the so-called "real scene" is just a curious use of coins to do things that have been done in the currency circle decades ago
The currency circle The biggest constraint is not the product, but the people. People's way of thinking and learning ability are limited and fixed. Therefore, the way the audience recognizes and understands Crypto within a period of time determines how they will come in to act as exit liquidity for the currency circle, and is also the only factor that determines what the currency circle needs to become
In people's words, the older generation is too stupid to use new things, and they must wait for them to die and the new generation to take over
You can't find the New World by following old maps (unless you are really dumb like Columbus)
What went wrong for many of the best in our industry Can’t you learn from history now and realize that the future is already here?
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