Cryptocurrency venture funding grew 28% to $13.7 billion in 2024, and despite failing to return to its peak, they remain cautiously optimistic about 2025. This article will explore the financing prospects and areas of focus of ten venture capital firms. From an article written by Yogita Khatri, compiled and compiled by Vernacular Blockchain. (Previous summary: TBW direct attack) VC reveals the hidden changes in the encryption market. Is the super bull market a thing of the past? ) (Background supplement: Arthur Hayes warns: Retail investors are the "takers" of VC tokens, and this bull market should wake up) According to (The BlockPro)'s fund dashboard data, crypto venture capital financing increased by 28% year-on-year in 2024 , reaching approximately US$13.7 billion. Despite significant progress compared to 2023, this wave of growth has not yet returned to previous peaks, although market sentiment this year is very bullish. Looking ahead to 2025, top crypto VCs remain cautiously optimistic. While most believe funding levels are unlikely to return to the highs of 2021-2022, there is clear consensus that startups with strong product-market fit and visible user adoption will be most successful in the year ahead. May attract capital. Here are the 2025 funding outlooks shared with (The Block) by leaders from Dragonfly, Pantera, Mult1C0in, Coinbase Ventures, BN Labs, Galaxy Ventures and more. 1. Dragonfly: Betting on DeFi, CeFi, stablecoins and other fields. Rob Hadick, general partner of Dragonfly, said in an interview with (The Block) that crypto venture capital financing is expected to see significant growth in 2025, driven by factors including changes in the U.S. regulatory environment. Relaxation, possible continued token price increases, and increased institutional capital. However, Hadick doesn't think funding levels will return to the highs of 2021-2022 "for a long time," reflecting VCs' caution about repeating past mistakes. Dragonfly will continue to focus on supporting founders who excel in areas with proven product-market fit, including decentralized finance (DeFi), scaling suite platforms, centralized finance (CeFi), and stablecoins/payments. Although emerging areas such as encrypted artificial intelligence and decentralized physical infrastructure networks (DePIN) are also on the radar, Hadick believes that these are still in the "experimental" stage. Instead, Hadick said investments in categories like security, tokenization and interoperability are likely to decline as focus shifts to emerging industries. He also predicts that decentralized social media will face challenges due to its lack of scalability and product-market fit. 2. Pantera: Optimistic about encryption – AI, DePIN and new Layer 1 blockchain Lauren Stephanian, general partner of Pantera Capital, said in an interview with (The Block) that because investors are more willing to invest capital in the U.S. government that supports encryption, it is expected that Crypto venture capital funding will grow in 2025. However, Stephanian mentioned that "the bull market will not last forever," so it remains to be seen "when investment deployment will start to slow down in the next year." Pantera continues to invest broadly in crypto and blockchain, but is particularly bullish on crypto-AI, Decentralized Physical Infrastructure Networks (DePIN), and new layer 1 blockchains that support more application layer capabilities. 3. Mult1C0in: Continues to be optimistic about the Solana ecosystem. Mult1C0in Capital’s current focus is to expand its investment in decentralized finance (DeFi) applications, especially in the Solana ecosystem. This year, Solana has outperformed Ethereum and its Layer 2 ecosystem on key on-chain metrics. "We expect this trend to continue, with applications and protocols on Solana becoming big winners in the next cycle as more users, capital, issuance and activity migrate to Solana's ecosystem," Mult1C0in Capital's Co-founder and managing partner Kyle Samani told (The Block). Samani believes that Ethereum will continue to struggle and may even enter a long-term recession because it faces fierce competition from Solana and other faster and cheaper blockchains. “Unless Ethereum can catch up, developers, users and capital will migrate to other chains that better meet their needs,” he added. Additionally, Mult1C0in is also optimistic about stablecoins. Samani described stablecoins as “one of the greatest technological and financial innovations in our lifetimes.” “Stablecoins have the opportunity to become a force that cannot be ignored in 2025,” Samani said."The whole world wants U.S. dollars, and stablecoins are the most efficient way to obtain U.S. dollars. Its design space is extremely broad, and we are still relatively early in the adoption curve." 4. Coinbase Ventures: Focus on the on-chain economy Coinbase Ventures Head Hoolie Tejwani said in an interview with (The Block) that the agency is expected to be "very active" in 2025 and beyond and will be able to seize market opportunities. The company is optimistic about regulatory progress in the United States, especially due to the pro-cryptocurrency Donald Trump administration and a pro-crypto Congress set to take office in January 2025. Tejwani said Coinbase Ventures will continue to invest broadly around the on-chain economy, guided by “where the best and most talented builders invest the most time and energy.” The company is optimistic about the application layer, believing that as the infrastructure matures, Internet-scale applications will finally become possible. Areas of focus include stablecoin payments and finance, the intersection of crypto and artificial intelligence, on-chain consumer applications such as social, gaming and creator applications, and DeFi innovation. At the same time, Coinbase Ventures is not completely abandoning infrastructure layer investments as there are still unsolved challenges and new opportunities in the tools space, Tejwani added. 5. BN Labs: Prioritize fundamentals and user adoption. As BN’s $10 billion venture capital and incubation arm, BN Labs is an “evergreen” investor. The company will continue to support Web3, artificial intelligence and biotech startups regardless of market cycles, its investment director Alex Odagiu told The Block. BN Labs expects crypto venture capital funding to remain strong in 2025 but will remain “focused on fundamentals” rather than price fluctuations or market hype. Odag...