VCs with a normal rhythm in the last cycle have made money
These VCs have expanded the fund size by 3-10 times in this cycle and raised funds again, resulting in too much money on hand
But there are not enough good projects, but they must be spent, so projects with a little bit of appeal will increase rounds of financing to raise valuations and get money they don’t need
Old projects that were dead three years ago can also come out and get a new round of VC financing
This has also greatly increased the VC cost of good projects and the psychological expectations of coin holders
VCs are not stupid, and project owners are not stupid either. In essence, it has become a game of cutting LPs - other projects cannot issue coins after investment
It’s not easy to have a good project issue coins, so hurry up and focus on PR. After 6 or 12 months, you can only unlock and sell the coins. If you haven’t unlocked them before, you have to find a way to sell the coins/hedge first
VCs don’t make money, LPs are the worst