Financing Trends
In 2024, crypto venture capital grew by 28% year-on-year, reaching $13.7 billion, but it has not yet returned to historical highs.
In 2025, top venture capital firms generally hold a cautiously optimistic view of the market, believing that strong product-market fit and an actual user base will be key to attracting capital.
Core Investment Areas
Stablecoins: Generally viewed positively, seen as an important technological and financial innovation, especially with significant potential in the payment sector.
Crypto AI and DePINs: Emerging fields that are gaining attention but are still in the experimental stage.
Solana Ecosystem: With strong on-chain performance, it has become a key focus area.
Application Layer Innovations: Such as on-chain social, gaming, creator tools, etc., which may achieve internet-scale applications as infrastructure matures.
Highlights of Institutional Perspectives
Dragonfly: Optimistic about DeFi, CeFi, and stablecoins, while reducing focus on traditional sectors.
Pantera: Focused on crypto AI, new Layer 1, and DePINs, expecting further growth in financing in 2025.
Multicoin: Believes Solana will stand out, while betting on the long-term development potential of stablecoins.
Coinbase Ventures: Focused on the on-chain economy, especially in consumer applications and financial payments.
Binance Labs: Emphasizes a 'fundamentals' investment strategy, valuing projects with practical application scenarios.
Galaxy Ventures: Stablecoins and tokenization are core to their investments, but they remain cautious about the metaverse.
Hashed: Focused on data infrastructure and institutional-level DeFi, planning to expand global investment layout.
Hack VC: Betting on scalability protocols and stablecoin payments, believing that current opportunities in the DeFi space are rare.
Future Challenges
Regulatory Uncertainty: The biggest concern for investors, but a positive policy environment may emerge in 2025.
Macroeconomic Pressures: Including geopolitical tensions, which may affect overall market sentiment.
Summary
Overall, the outlook of top crypto venture capital firms for 2025 reflects a strong focus on areas such as stablecoins, crypto AI, and DeFi, while being confident in the long-term development of the on-chain economy. These trends not only provide clear direction for the industry but also present potential opportunities and challenges for investors.