According to The DeFi Edge, in 2025, 85% of token issuance prices will be below their issuance price, with venture capital-supported projects seeing a decline in returns, and some projects suffering significant losses. In Q2 2022, crypto venture capital raised nearly $17 billion in a single quarter, with over 80 new funds established. Since 2022, venture capital investment returns have continued to decline, with the number of new funds dropping to a five-year low, and last quarter's fundraising being only 12% of Q2 2022. Although last quarter's venture capital investment reached $8.5 billion, a quarter-on-quarter increase of 84%, it was mainly due to investments made in 2022 and not new capital. The report indicates that the traditional 'venture capital entry - token issuance - retail sell-off' model is in decline. As venture capital influence weakens, the key to future project success will depend on real users and actual revenue, which is expected to bring about fairer issuances and reduce internal sell-off situations.
