jakiro
Author: Zixi.ETH, Investment Manager of Jingwei Venture Capital; Source: Twitter@Zixi41620514
summary
1. The team background of most projects is good. There is no grassroots team.Either a doctor, a university teacher or a continuous entrepreneur.And western teams occupy most of them.【Excellent Team】
2. In the current or future head projects, what they have to do at the beginning is probably unique.It may not be possible to accept it and understand it.[Proper prediction of the market]
3. Getting the financing of the headerThe road that must be.It may not be possible to get it, but it does not get it. The probability of the ceiling is not high.[Reliable institution endors]
4. For the project of LNFRA, the core competitiveness of the cycle of cycle is whether it can take out one or two ace projects in the public chain.In the early days, the public chain did not rely on ecology, but in the wave, only the truly ecological chain could cross the cycle.Infra project party must pay attention to ecological construction.The ace project is the competitiveness that truly allows the public chain to cross the cycle.For the project as a product, once the product is bigger, it can expand down and make itself a public chain.[Ecology is the core medium and late competitiveness]
5. Whether it is a product or a public chain, we must solve a pain point in the market, and its own solution is unique, which is definitely not CopyCat.【Innovation】
1.avalanche: The team background is good+technical means are unique, so the financing ability is strong, creating a good ecology
2021 is an undeniable cottage season, especially in the second half of the year.Because Ethereum reached 4000+, the main network GAS cost was too high, and there was no L2 at that time, so users and funds began to overflow Ethereum to other L1.At that time, the most fierce thing was Solana. Because it was a bull market, the market was still looking for other targets. Therefore, the market’s eyes gradually fell on Avax, and it would be because of:
1. Theavalanche team is good.CEO Emin Gin Sirer: Computer scientist and associate professor of Cornell University.Sirer has developed the Avalanche Consensus Agreement on the bottom of the Avalanche blockchain platform, which is currently the CEO and co -founder of Ava Labs.He was an associate professor of computer science at Cornell University and a former co -director of cryptocurrency and smart contract initiative (IC3).He is known for its contribution of point -to -point systems, operating systems and computer networks.
2. Technical means unique.It can be said that it is the earliest “modular” ideaUsing the XCP triple chain, the X chain is used to create and trading assets, the C chain is used to create smart contracts, the P chain is used to coordinate the verifications and subnets, and use Gossip avalanches to confirm consensus.At that time, the brain circuit was very large, very good IDEA.
3. Because of 1+2, the financing ability is very strongEssenceIn 20 years, the 12M private placement and 46M public offerings were completed. In September 21, the Foundation merged 230 million US dollars, and the ecological accelerator merged 18.5m in November.The financing capabilities are strongly cooperated with the MM pull disk, let retail investors see, understand, and believe in the endorsement of the team, so retail investors have a strong buying.
4. At the time, Avalanche, there was a trump project DefikingDoms in the ecologyAt that time, this was a very creative Defi+Gamefi project. The exquisite picture of the game (pretty) showed the meaning of Defi. Then DFK changed from ecological projects to Avalanche’s AppChain.noise.Secondly, there are good projects such as GMX, TraderJoe, etc.
2.fantom: The soul character leads the public chain to the peak, and also goes to the bottom of the valley
Fantom’s soul character is AC, AC is the old OG, and the founder of Yearn Finance, Phantom, etc.YFI created a thousand times myth in the bull market, so the community’s expectations for AC were very high, so that the community called him the father of Defi.
1. The team does not need to say that AC is the facade of Fantom.
2. Fantom melted 40 million in 118.In the 21 -year bull market, for three consecutive rounds of continuous financing, Alameda invested 35m, Blocktower invested 20m, and Hyperchain invested 15m.After the big return of May.
The reason why FTM sings all the way is::
1.AC has been shouting, everyone believes in AC.
2. A lot of money, so Fantom has a confidence to take out 370 million token (about 200 million US dollars) to motivate ecological development and the DEFI development on the chain.
Why did FTM began to plummet at 22:
1.FTM is starting because AC is a Cofounder, and it will return to zero because AC leaves.The lack of soul characters has led to the loss of confidence in the community;
2. The ecology is very ordinary, without any innovation, basically all DEFI, all of which are CopyCat.In the big projects in the currency circle, they are unique.It’s just the uniqueness of ugly or uniqueness, but none of them are CopyCat.
3.solana: Development of ups and downs, hackers to create a project miracle, this bear market has gone back, and the ecology is unique
During the development of Solana, there is a key difference in the strategic choice of the founders of Multicoin and Solana.As an early investor, Multicoir insisted that Solana needs to go up as soon as possible to establish a brand community consensus.At the same time, the founder of Solana hopes to go online a stable and reliable main network.This decision finally proves that it is correct because it laid the foundation for the cooperation of SBF, which is later searching for the high -performance public chain.
Several key reasons for subsequent 0-1:
1.SBF participation played a decisive role in the rise of Solana.SBF not only invested in Solana, but also led his team to develop the SELANA -based Serum project, which greatly improved the visibility and orthodoxity of Solana.In the later period, even Solana’s 70%of TVLs were supported by SBF team.
2.solana’s hacking pine project has created a lot of miracles.Through the hacking marathon and various incentive measures, Solana has cultivated an active developer community, which provides motivation for the development of its ecosystem.Subsequently appeared TOP projects such as Magic Eden, Stepn, Jito.
3.solana In SBF, to create a miracle with pull -ups, the wealth effect is the best marketing method.
4. Despite the subsequent FTX down and the large fluctuation of prices, Solana still maintains the developer ecology and community activities. Through continuous incentives and hackers, Solana continues to improve infrastructure and stimulates the development of more innovative applications, further promotingThe prosperity of the ecosystem shows its toughness and is also the key to it that can survive this bear market.And we have seen that its ecological development is gradually different from the Ethereum community on Solana, especially DEPIN collectively migrated to Solana.
A good endorsement+the wealth effect of pulling the disk+the existence of SBF has attracted many developers and ecological projects.And because Solana’s high performance has attracted many unique ecological projects.
4.terra: Because of the ecological double -generation currency spiral structure+high interest take -off, it is also due to the death of the ecological spiral structure to zero
1. In terms of team, do Kwon Stanford graduated, and the team background is still good.And individuals are active in Twitter and can do things very much.
2. South Korea’s national chain is extremely FOMO in South Korea.South Korea VC, 3AC, etc. Because Terra took off and Terra was zero.The financing is also quite good, and the two rounds have merged $ 77 million.
3. In terms of ecology, LUNA+UST relies on arbitrage mechanisms and supply and demand relationships to adjust and stabilize prices, while Luna is used as a US stabilizer, becoming the most dazzling dual currency algorithm stable currency system in the market at that time.Positive spiral.Terra has also launched an important Defi project Anchor, which provides 19%-20%ultra-high-life yields. It was touted as “the gold standard of Crypto’s passive income”.The thunderbolt was buried.Every day, everyone can pay 20%of interest in Terra’s money every day.During the bull market, the left foot stepped on the right foot, and the UST became the third largest stablecoin, with a market value of US $ 18 billion, and the market value of LUNA was up to $ 41 billion.Its ecological payment project CHAI is also good, and Chai once received an investment of $ 45 million SoftBank.
Once the market is flipped, the front to the spiral will become a death spiral:
3. In 2022, the overall decline of the cryptocurrency market led investors to transfer funds from other cryptocurrencies to USS to obtain high interest, which made ANCHOR’s deposit scale much higher than the scale of borrowing, generating a huge difference in payments.In the early morning of May 8, 2022, LFG was removed from the US-3CRV pool of $ 150 million in USS to prepare for the establishment of a 4CRV pool. The address suddenly sold 84 million USST, which seriously affected the 3CRV pool balance.Multiple giant whale accounts began to sell UST in Binance, causing the UST to have a short anchor.
With the gradual depletion of the reserve, the market’s confidence in the market has begun to shake, and a large number of UST is sold, resulting in further anchor at the US price.In order to stabilize the USS price, a large number of LUNAs were issued, resulting in a plunge in LUNA prices, forming the so -called death spiral.In order to prevent LUNA and USSTECO, LFG needs to sell BTC and other Token of the Treasury, resulting in a plunge.Luna and USST collapsed the entire market.
Good Tokenomics (actually the bull market Ponzi)+unique ecology, creating Terra.But tokenomics also created Terra’s collapse. If the ecology can keep up, will Terra not collapse?
5.Arbiturm: The earliest team of OPL2+bull market has received huge amounts of financing, creating an excellent ecology
1. The team Office OFFCHAINLABS began to do L2 in 2018. The angel wheel was merged in 19 years. It was the earliest L2 team.The team’s first -mover advantage is extremely obvious.In April of 21st, two consecutive cumulative financing was completed in August 21st.The team’s technical background has obvious advantages.
2. The earliest batch of online OP L2 main networkIn September 21, it was in a bull market. It is relatively easy to accumulate users and ecology, and it is easy to accumulate ecological first -mover advantages.
3. Because of a lot of money, we have money to do the ecology and attract developers.
4. The empty development is very good. In March 2022, Xiongchu created a lot of wealth effects.Different from Starkware, DAU fell by 90%after the airdrop issued, and the DAU did not lose much after Arbitrum was issued.
5. There is a trump item in ecology, GMX.How much GMX is not repeated. During the bear market, it rose 100%against the trend and used Spot DEX to make Perp Dex’s innovative IDEA.GMX contributed a large number of users and transactions to Arbitrum in the early days.
The team’s background is good+the leader of the story- — “is easy to financing-》》 At the” suitable time “launching the main network-“, because a lot of money is melted, so it can sprinkle money for developers- “until there is a trump card project that canStand up and support the chain.
6.celestia: clear positioning, but weak ecology
1. Celestia story well. As the first project to propose a modular blockchain network, Celestia uses a modular design to separate consensus from implementation and provide DA services.At the beginning of its establishment, there were very few modular blockchains and solutions focusing on DA, so Celestia had almost no direct competitors.This provides a unique market positioning for Celestia.
2. The establishment of Celestia coincides with the period when the market clearly moves to higher scalability and efficiency.It provides a solution that focuses on data availability to meet the market’s demand for higher performance Layer2 solutions.Celestia is very suitable as the availability layer of Rollups.It allows Rollups to push the status out of the chain and rely on Celestia to achieve consensus and data availability, thereby improving the overall scalability.
3. The team is good. Mustafa is UCL’s Bo Shi, Cofounder of Chainspace, and was later acquired by Facebook.
4. Celestia’s ecological construction is weak.But chose to join COSMOSECOSYSTEM,Subsequent Stakingtia’s airdrop rewards are very rich.Therefore, TIA has a certain value support.
7. Berachain: LUNA2.0, can the three -generation currency model reshape the LUNA bull market growth miracle?
1. Although the team is an anonymous team, it has been in the currency circle in 15 years.In 21 years, I sent a smoke -bears NFT. After experiencing DEFISUMMER, I deeply realized the importance of liquidity to the public chain, and therefore launched Berachain.
2. It is also because the team’s background should be good, so during the deep bear in April 2023, we can get Polychain and Hackvc’s 42M financing.
3. Although the story of the entire chain still serves DEFI (the official of the former dynasty’s sword), the design of the Token is very exquisite.Design.LUNA/USST’s interest design is very false, relying on Anchor’s borrowing interest difference.Learn from the failure of LUNA/USST, BERACHAIN’s three -generation currency model may effectively alleviate the death spiral of the binocular currency.With reference to LUNA’s enthusiasm in the bull market, the market is of course high expectations for BERAChain.
8.Axie: Special products in the epidemic era, tools that Southeast Asian users live in survival
1. The impact of the epidemic at the time caused the daily income of users in Southeast Asian.The P2E mode created by Axie has changed the player’s expectations for the game, and transforms it from a recreational activity to a possible source of income. The focus is that the income is not low.Thanks to the background of the bull market, more and more players join the game, the price of the currency rises, and the weekly income can reach 300-400 US dollars.The model provides a new income opportunity.The game not only provides entertainment, but also allows players to participate in economic activities and give them control of production tools. This is particularly attractive to players in developing countries.
2. As the leader of the blockchain game at that time, in 2021, under the strong blessing of various community associations and investment institutions, the number of daily income and active users of Axie Infinity reached its peak, and the market share occupied the closure of the blockchain game.2/3.At this stage, game revenue and tokens have reached historical highs.AXS’s market value peak is $ 10 billion.
Zero is also very simple. Ponzi games are not positive, and the results are zero.
9.eigenlayer: It is in line with the general direction of user funds plus leverage, and DA is well combined with RESTAKING
1. This story is full of halal,At the beginning of 2022, when the entire ETHSTAKING RATIO was less than 5%, he dared to talk about a subdivide track of the track.
2. Kannan, as a PR CEO, can attract VC’s attention.
3. ETH Staking Ratio is gradually growing at the naked eye, from 0 to the current 30%Eth Staking from 0 to now.
4. The star ecological project ofeigenlayer is EIGENDA. The story of RESTAKING can be combined with DA later. The DA of the modular blockchain has become one of the best use cases of RestAKing.
5. Because 1+2+3+4, VC is willing to pay.And this also meets the needs of Ethholder, constantly adding leverage to improve capital liquidity.
10.Merlin: Core characters+wealth effects have created community unity, and the subsequent TVL volume is also clever.
1. The background of the founder is very nice,In many offline communication, I can realize that I have thought about entrepreneurial thinking once and once in the past 10 years. I have had a lot of money in the past. I have a high understanding of myself, and my understanding of the community is very deep.EssenceIn addition, the founder is also very charming. In March 2023, he dived to the Ordinals ecology and was very optimistic about it very early.
2. Community unity.The community of BRC420/Merlin is indeed very united and faith, but it does make money because of the blue box.The factors of community solidarity have consensus because of the miracles of the blue box.The follow -up blue crystal and the wealth effect of the music box are very good.The wealth effect was quickly launched and the user group was established.
3. Ecological support.With a building in Singapore as the core, a few subway stations are used as the radius, and a circle of ecological project parties are gathered. Everyone is supporting each other.Therefore, the ecological volume is fast.
4. The method of choosing TVL volume is very clever.Except for BTCSTAKING, head inscriptions+420NFT can pledge TVL, so TVL Book Value is very large.
5. Because of 1+2+3, financing is rapid.And the founders understand MKT and Branding, so it was launched at the right time, creating the largest BTC L2 in the market.
11.Blur: The core of the NFT market is MM and giant whales, and through constant tokenINCENTIVE incentives
So what Blur does:
1. Use Maker (Maker) and BIDDING (MAKER) to attract different Maker and give them token rewards.And only the blue -chip NFT can be used with tokenIntive.This is also well understood.Most of the NFT transaction volume is the blue -chip NFT, and the final destination of the non -blue chip NF7 is zero.A large number of blue -chip NFT is still in the hands of giant whales and MM. There is actually not much goods in the hands of retail investors.Therefore, the core of the core is that the MM and giant whales that serve the blue chip NFT are not important at all.
2.Token Incentive mode is different from X2Y2 and looksrare.The direct vampire airdrop of X2Y2 looksrare is disposable, and the meaning is really not much.It is one of the core factor that Blur’s winning of giant whales and MMs to attract giant whales and MMs.
3. Others are small things, products, such as being able to trade in batches, to do polymers, but this is not the key.
12. Bayc: The earliest NFT member club, establish consensus through celebrity effects
1. People with Bayc NFT automatically become members of an exclusive club. This community provides a new social way, creating a strong sense of belonging;The strong BD of the project party attracted a large number of investors and collectors, including many celebrities, which further increased the exposure and attractiveness of the project; in the background of the NFT bull market, Bayc launched a unique business model to the NFT owner to the NFT ownerThe IP rights are decentralized, so that the holder can use his ape to create and sell products, and further promote Byac;Bayc won the status of cultural signs in the NFT market in a short time in the NFT market at that time with its unique artistic style and powerful community utility.
2. Bayc was launched during the peak of the NFT boom, and also used the market’s high interest in emerging digital collections at that time.Through social media and celebrity effects, Bayc quickly established a strong brand awareness and community.Yugalabs continues to expand the Bayc universe, including new NFT projects and games. For example, Mutantape Yacht Club and Bored Ape KennelClub further increased income and continued to increase membership value and community participation; cooperated with Adidas to launch Adidasxbayc NFT EssenceHowever, some people think that Bayc’s model needs to be continuously added and the inflow of funds to maintain its value, which makes some people call it a ape universe scam, but this was also the dilemma of the currency circle market that gradually entered the bear market and NFT was difficult to crack.one.
Bayc is gradually lonely in this cycle as:
1. It is still not solved what is the problem of NFT.And during the bear market, Yugalabs did not provide too many airdrop benefits for the community.
13. Little Penguin: Marketing combinations on the chain under the chain+pull the dish, let the little penguin get back to life
1. The project has been returned to zero once in 2022, but because the picture is really cute, Lukaz decides to acquire it
2. At that time, the NFT story was mainly onboarding Web2 User Toweb3, hoping to re -engraving Bayc.Investors believe that the method of retailing with toys under the little penguin chain+the method of NFT marketing airdrops on the chain can obtain a certain amount of outside circle users.
3. Because Lukaz acquired a small penguin, there are a lot of bargaining chips.Unioned the city merchants and easily established a consensus.
4. Users outside the circle learned Crypto and the little penguin through the toys outside the class. The users in the circle re -recognized the little penguin because of the pull/airdrop.
14.Friend.tech: Use Token to quantify the social value of the individual, the amazing IDEA of the brain circuit
1. Do what everyone can’t do before -QUANTIFY PERSONASOCIAL VALUE.The world of web2 is limited by payment channels and compliance issues (illegal opening of casino) at all.But in the world of Crypto, the best profit is to issue new assets.Therefore, FT solves the above -mentioned end very well. Everyone can distribute their own key and use E -based+quantitative curve to quantify a person’s social value.Branding.The brain circuit of the product is amazing.
2. Although the product experience is not good, the website is often CRUSH. Creating accounts require GAS, which are mutually cut in the circle, but it is undeniable that this is a phenomenal product.
Judging from the interaction in the figure below, FT is basically fog, because the reason is:
1. The mode is not long -lasting, and it is exactly mutual cut in the circle. The money of everyone’s game must be paid to the FT project party, and the pump is too high.Stepn can tell the story that can tell the external nature, FT can’t even tell the positive story.
2. There are no new features in the follow -up, and it is over after making money. If the team can add some new gameplay in the future, such as being put in web2, advertising, and taking some positive measures, there may be different outbreaks.
3. The introduction of the token mechanism is too late, without token incentives, and it is difficult to persist in each other.
If you refer to Blur’s constant tokennecentive, can FT sustain?
