What to vote for in 2021?

Original title: "What to vote for in 2021?" "

Original source: Beep News

In the seventh roundtable event of the "2030 Blockchain Innovators Cloud Summit" hosted by Beep News - 2021 New Directions for Crypto Investment, Fenbushi Capital partner Rin, NSG ventures founding partner Ni Kaihao, Multicoin Mable, the executive director of Capital, Leah, the co-founder of First Class, Xu Yinglong, the CEO of Keyin China, and Xiaogui, the founder of Beep News, shared their opinions. The content is organized as follows:

Guest introduction

Rin, partner of Fenbushi Capital

I am Rin, a partner of Fenbushi Capital. Founded in 2015, Fenbushi Capital is the first investment institution focusing on the blockchain industry. The company now has more than 100 portfolios, 70% of which are overseas projects. This year we basically invested in more than 20 projects.

Multicoin Capital Executive Director Mable

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Hi everyone, this is Mable. Multicoin is a company headquartered in Austin, Texas. We manage two funds, one is a hedge fund, which is responsible for liquid assets, and the other is a fund that mainly invests in private equity. In addition to Austin, we have offices in New York and Hangzhou. The three major themes of our investment are mainly Web3.0, open finance and currency without borders.

Leah, co-founder of First Class Warehouse

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First Class Warehouse was established in 2018, and our main base is in Xiamen. First-class warehouse itself is positioned as a blockchain investment research institution. Our main business is to investigate domestic and foreign blockchain projects from the perspective of investment. At present, we have seen more than 2,000 blockchain projects on CoinMarketCap. At the same time, we also provide research reports to help investment institutions find high-quality projects and help them make better investment decisions. Our founder also established Liuyi Capital, which mainly relies on the research report of the first-class warehouse for its investment. From last year to this year, we have also achieved good results in spot investment in the secondary market.

Ni Kaihao, Founding Partner of NSG Ventures

I was a partner at Babbitt and DFG before, and I was doing encryption fund management. Now we have jointly founded a capital called NSG Ventures. I am a partner in NSG and currently manage about 30 million US dollars in assets, mainly for mining, primary market investment, community incubation and some OTC businesses.

Xu Yinglong, CEO of Keyin China

Hi everyone, I am Xu Yinglong, and I am from Collin Capital. Collin Capital was established in 2015 and started from Australia. We have been committed to investing in the underlying public chain before, and we have recently changed our direction to investing in chip design, the underlying blockchain, and large-scale applications. We have invested in Binance, Klaytn, and recently invested in the famous chip design company Xchuangyou. We are also one of the few investment institutions that have experienced two rounds of turmoil. We hope to make some contributions to the bottom layer of the blockchain with our friends.

Highlights

Rin, partner of Fenbushi Capital: The investment logic of DeFi is simply to deconstruct and reconstruct the functions of traditional finance. DeFi covers financial deposits, loans, transactions, etc., and the core is to realize the flow of capital flow. And Web3.0 is the data function, and its core is to realize credit investigation and risk control in the financial system. The combination of various modular protocols in DeFi and Web3.0 can form new financial products or financial services.

Ni Kaihao, Founding Partner of NSG Ventures: From 2021 onwards Generally speaking, there are a few things that we have great confidence in, and then we will make judgments about the layout. The first one is the continuation of institutional bulls, so my positions in Bitcoin and Ethereum will continue to be kept. The second point we think is the year when the public chain broke out. So DeFi and Polkadot ecology are our continuous attention. The third is the IPFS ecology. We believe that the entire IPFS ecology will have great potential from 2021 to 2022.

Mable, Executive Director of Multicoin Capital: The project also needs more smart money Participate, so that it can have some positive effects on the growth of the project itself, rather than purely providing funds. Therefore, more and more institutions, such as some established institutions, may have to communicate with the project side more than before to improve their brands, and constantly tell the market why the project itself is in the process. It is reasonable and meaningful.

Leah, co-founder of First Class Warehouse: DeFi will be a relatively large variable next year It is the implementation of the second-tier network, and the improvement of the infrastructure will give a boost to the entire DeFi ecosystem. On the other hand, the decentralization of traditional finance has become more thorough. I think more traditional financial businesses will be moved to the chain one after another. At present, insurance and derivatives indexes are moving to the chain. In the future, I believe it will More traditional financial products are gradually becoming blockchainized.

Xu Yinglong, CEO of Keyin China: Blockchain investment institutions in the future will definitely be It will become more and more specialized, institutionalized and scaled, and it will also infinitely approach traditional financial institutions.

Q1: Compared with the stage of 2018 when blockchain investment institutions grew wildly and their levels were uneven, the current stage Blockchain investment institutions are also constantly optimizing and upgrading, such as more focus on the choice of investment track, better overseas business capabilities, deeper investment research capabilities, stronger compliance, etc.

What changes do you think investment institutions have undergone in the past two years? What is the development trend of blockchain investment institutions in the future? What is the core competitiveness of your investment institutions? How to attract the attention of outstanding entrepreneurs?

Rin, Partner of Distributed Capital

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I think there are three main changes in investment institutions in the past two years. The first point is that investment institutions have become more professional. In 2017 and 2018, a group of investment funds came in. From 2018 to early 2019, many of these investment institutions were disbanded.

I found that another batch came out from the second half of 2019 to 2020 new fund. These funds are more distinctive, and their managers basically have more professional investment capabilities. And after chatting with these investors and partners, I found that they will pay more attention to the value investment of the project, not purely performance-oriented.

Second point, I feel that the entire investment fund is more focused. What used to be professionalism is now focus. This is especially evident in 2020. Many funds that have come out now are focused on the DeFi market, and they are not limited to financial investment, but more like a capital institution with entrepreneurial incubation and industry integration.

For example, they will not only participate in DeFi investment, but also participate in mining , and the design of various incentive mechanisms. Fenbushi Capital itself is also trying to expand in this direction.

The third is that we found that the scale effect of the current fund will be more powerful. It turns out that the size of the funds is actually not very large, and many of them may be as small as tens of millions of dollars. Now the size of many funds has basically reached more than 50 million dollars, and many funds are not only the first phase, but some have entered the second and third phases. Phase three.

The scale of funds also shows that more funds have entered the capital market Entering this industry can bring more financial benefits to this industry and contribute to the development of the industry.

In terms of the future trend of investment institutions, we think there will still be More traditional institutions have entered the market. We have found that some well-known traditional institutions have entered the market, both at home and abroad, including some of the projects we have recently invested in, and we have also cooperated with these traditional institutions. This is quite important.

Some real investment elites have also begun to enter the market, which is important to us It is also a challenge for older funds. We must have a process of self-upgrade.

Second, we believe that special funds will still increase further. You will find that the development of the blockchain actually revolves around the development of the ecology itself, such as the Filecoin ecology, the Polkadot ecology, and the Ethereum ecology. A lot of funds may be laid out around these public chain ecology, and then there may also be DeFi. A relatively large fund in a vertical field, the entire industry began to specialize and subdivide slowly, and special funds began to appear.

Third, we think that the entire investment organization will become more and more diversified . As mentioned just now, it is not only a financial investment, but also a deeper ecological participation. This is also a feature of the blockchain industry, and the strength of traditional VC may not be so great. For example, we will participate in staking certification nodes, as well as DeFi liquidity mining. Going further, investors may carry out ecological-level mergers and acquisitions for many ecological projects, which may be regional integration or model integration.

There is one more thing to mention here, although we are all in the blockchain industry Fund, but we do not have the genes of the blockchain, which means that we ourselves have not been decentralized. In fact, some DAOs have also tried it before, and of course there have been many problems, but Distributed Capital still hopes, In the future, the VC industry group can be further decentralized, and some mature modular and combinable investment organizations will emerge, similar to DAO.

As for the competitive advantage of distributed itself, I personally think that our core There may be three main points of competitiveness. First, we have been established for a relatively long time. We were established in 2015, and it has been 5 years now. We have rich experience in bull and bear markets, but this is not the most important thing. The most important thing is that this will make the investment mentality of investment institutions more stable and thinking will be more rational Peace and stability, so our investment rhythm will be relatively stable, which is also our characteristic.

Secondly, we will pay attention to how to use the incentive mechanism or technology To realize the decentralization of projects or ecology, we have also invested in some technical projects this year. The third point may be related to the company structure. Our company has about 30 people, complete first-level and second-level teams, and middle and back-office teams, including legal and financial departments. The overall situation is relatively stable. And for us internally, our overall communication is still very flat. We strongly encourage everyone to cross-learn and encourage each investment manager to involve in multiple fields instead of just focusing on one field.

I personally think these are our three major competitiveness. For an investment institution, only when it has its own basic principles and cultural foundation can it develop better and last longer. Then we have more successful investment cases, and we have been in the industry for a long time, so the overall resources are relatively rich. Third, we have always put entrepreneurs first. We insist on "participating, but not leading". Entrepreneurs need our help, and we will provide help, but we will not go back and interfere with entrepreneurs. This is the overall situation of Fenbushi Capital.

Mable, Executive Director of Multicoin Capital

I think starting from 2018 and 2019, especially this year, two kinds of institutions are gradually emerging. One is an institution that has more regulatory resources, or can bring some traditional money in. They will have considerable influence in the traditional financial industry, and then attract Get everyone to throw their money at him.

The other is encryption-native institutions, they will deviate from the way of KoL. Through continuous output on social platforms, including writing articles, etc., to gain everyone's recognition of him, so as to get some money for investment.

This year is particularly obvious that on Twitter KoL, which expresses more opinions, used to use their own money to do it, but now it has gradually become its own organization, and it has become a partnership of several people. I think the distinction between future institutions and large KoLs will be somewhat blurred, because as Rin said just now, future institutions will need to participate in the ecology more deeply, instead of passive financial investment, he needs to keep learning , constantly iterative cognition, and produced some research reports.

The project will also need more smart money to participate, so that Bring some more positive effects to the growth of the project itself, rather than purely providing funds. Therefore, more and more institutions, such as some established institutions, may have to communicate with the project side more than they used to do some brand promotion, and then continue to tell the market why this project is in the process. It is reasonable and meaningful in itself.

Our more important core competitiveness is also here. From the establishment until today, our investment team actually only has 6 people, and the same group of people are doing the fundraising, investment management and exit. Because everyone is relatively clear about the projects they invest in, and they are deeply involved, so they can bring some in-depth analysis to the market.

For a certain project, we have before For research, some research reports will be published regularly, and then shared with everyone for discussion. Therefore, when many project parties read our articles, some may not agree with them, and some may agree with them, and there will be some collisions, and they will come to us in private. Many of our seed round investments were attracted through these articles.

Another point is that our style is to prefer heavy warehouse projects, and Not to sprinkle water, because we are deeply involved in each project, and many project parties are willing to contact such investors.

Ni Kaihao, Founding Partner of NSG Ventures

It takes 2-2.5 years for crypto funds to complete the traditional VC4-year path. I will divide funds into three types, government guidance funds, dollar funds and private funds. Some private funds may be eliminated, and some may become special funds in subdivided fields, such as medicine or consumption.

The encryption field is actually similar. The first one is that Mable just said that there are some systems, or money from some governments or large institutions is slowly entering. The second is some old big institutions, such as Distributed and NGC, which may become bigger and bigger. The third type is the small capital I just mentioned. The scale is mainly below 50 million US dollars, and they specialize in some fields. For example, Polkadot ecology, storage, and DeFi, master more information in these fields and gain more advantages.

Due to the scale of funds, what we are doing is the third , My characteristic is that I will do more domestic communities, and I will also find some overseas star projects to invest in earlier. Then in terms of layout, we are mainly laying out the Polkadot ecology and IPFS ecology. In terms of trends, we think that small foundations may become more sophisticated and maintain a certain scale, but large foundations are very similar to VCs, they will grow bigger and bigger, and the strong will always be strong.

Leah, co-founder of First Class Warehouse

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I think that the current investment institutions are very professional in investment research and have more resources. This industry will definitely develop in a professional direction in the future of.

First-class warehouse is not an investment institution, we are positioned as an investment helper for investment institutions , We surveyed about 2,300 domestic and foreign projects, and after filtering out some not-so-good projects, we selected about 200-300 good projects before entering into in-depth research.

Our core competitiveness lies in the depth and breadth of project research, I believe this is something that many small institutions lack at present.

Xu Yinglong, CEO of Keyin China

I think the core change in the past two years is from token fund disorder to specialization and VC. There are 10-20 families, and they have their own unique abilities.

Future Blockchain investment institutions will definitely become more and more specialized, institutionalized and scaled, and will also infinitely approach traditional financial institutions. I think that in another 10 years, we will be able to stand together with traditional equity investment institutions.

But the idea of distribution is different from everyone’s. We are thinking about using blockchain thinking to change the industry and investment. This is indeed something we did not expect. At this point, we should learn from distributed investment.

Before preparing today’s content, we carefully reviewed our The investment situation, this year is actually one of our investment freezing points. We only invested 37 times this year, with a total investment of less than 15 million US dollars, including the exchanges we were most familiar with before, and then we also invested in compliant crowdfunding platforms, as well as early Polkadot. We also invested heavily in chips design.

We think that Bitcoin has experienced a long-term of 2-3 years After the bear market, there will be an upswing period, whether it is national policy or traditional capital deposits. We focus more on how to support national policies and how to attract large corporate funds to this industry. Mining and chip design are channels that we believe can attract a large amount of capital in China in a compliant and legal manner, so we are currently focusing on this, but at the same time we have not stopped exploring the Polkadot ecosystem or exchanges.

We Keyin had a research institute before, in 18 and 19 years After the freezing point, we canceled the research institute, which reduced our investment and research capabilities to a certain extent, so we restored the research institute structure this year. We also attach great importance to the help of our investment research to entrepreneurs or to the industry.

If we have to talk about how we attract outstanding entrepreneurs, I have been We have been talking about the beauty of adults. In addition to being an investor, we also hope to accompany entrepreneurs. We have at least 5 years of experience in this industry, and we have gone through many pitfalls in the middle, all of which were made with money. We hope to rely on our experience. , Let entrepreneurs step on less pitfalls, let them fly higher, while achieving entrepreneurs' careers, we also earn reasonable income.

Q2: The bull market in 2020 is institutional bulls. Grayscale and other institutions continue to buy a large number of bitcoins, the improvement of bitcoin legal compliance, bitcoin halving and other factors, pushing bitcoin to a new high.

What do you think of the impact and changes of institutional entry on Bitcoin and the encrypted world? Can it push Bitcoin to a new climax? How do you predict Bitcoin's performance in 2021? How does the institution where the guests belong to allocate Bitcoin?

Xu Yinglong, CEO of Keyin China

Bitcoin is "out of the circle" this year. Friends in the traditional world, classmates, overseas friends, seven aunts and eight aunts all came to ask me what Bitcoin is. Compared with the last two rounds of bull markets, this round is particularly different. The flooding of the United States, the global epidemic, and the continued purchase of overseas institutions have easily pushed Bitcoin into a bull market.

After Bitcoin "out of the circle", including CCTV reports, Bitcoin The probability that the currency is infinitely close to or surpassing gold is increasing. The high-quality entrepreneurs around me have already started to allocate 1%-2% of their assets to Bitcoin, which is a truly free asset for them.

I think that when institutions enter the game and excellent entrepreneurs around them understand and spread Bitcoin, Bitcoin will become more and more standard and more The more standardized it becomes, the less demonized it becomes, turning it into a standard asset allocation and anti-inflation asset.

The trend of the bull market is certain. Let’s calculate based on the market value of Bitcoin reaching 1 trillion. I think Bitcoin may experience several short-term corrections before it reaches 50,000 US dollars. 50,000 US dollars is Bitcoin’s goal in 2021.

We have close to 30% of our positions in various cryptoassets. The number of bitcoins has dropped from the peak to less than 700, and our position ratio will basically not move. Because as you toss, your coins are getting less and less. We will continue to buy in the future. At this stage, this is our bottom line. We will at least maintain a reserve of several hundred coins.

Leah, co-founder of First Class Warehouse

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Bitcoin is becoming more and more recognized by the mainstream, and the degree of recognition is getting higher and higher, and the buying and selling logic of institutions will also be direct. Bitcoin will rise more steadily, the rising cycle will be prolonged, and the falling cycle will slow down. I personally think that Bitcoin may rise like this in the next two years, and I also think it may be the last of Bitcoin. It's a big bull market.

We It is believed that there will be many unicorns of hundreds of billions or even trillions in the blockchain industry in the future, and Bitcoin may be just one of them. What we have to do is to identify unicorns and exchange time for value growth space.

Ni Kaihao, Founding Partner of NSG Ventures

First of all, Bitcoin has been confirmed to reach a new climax, and will continue to push to new highs.

We have come into contact with a lot of retail investors, but this time retail investors may It’s a bit different. Many large households in Europe, America, and Southeast Asia continue to increase their holdings of Bitcoin. We also see that there are many middle-aged aunts and uncles in China who enter the market with a lot of money, but they enter the market through mining.

Due to the distribution of overseas wealth, institutional admission funds are the largest , Buy coins through mining and Coinbase, which is visible to the naked eye.

It doesn’t make sense how much Bitcoin rises. We expect to reach $50,000 very soon, which is achievable in 2021. We will have a bottom position of ETC in configuration, and we are very optimistic about the public chain, so there may be more ETH and DOT. In addition, we are very optimistic about the storage field, and there are many storage innovation sectors.

Multicoin Capital Executive Director Mable

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We have two types of configurations, private placement and liquidity. Private equity funds specifically emphasize to investors that they do not hold bitcoins. The reason is that most of the people who invest in our private equity have a relatively in-depth understanding, so they will have bitcoins.

Our hedge funds have regulations in different markets, that is, the percentage of Bitcoin holdings will never be lower than 60%. Why? Because for us, Bitcoin is cash.

So if you want to let relatively large funds outperform Bit currency, the premise is that it is possible to hold more than 50% of the ratio.

In addition to simply using bitcoin spot, there will be arbitrage in the United States This type of opportunity does not refer to the arbitrage of quantitative funds, but means that you are a fund registered with the SEC, and you can buy trusts. There are certain arbitrage opportunities between trust and spot, but in essence you still use Bitcoin and Ethereum to participate. So I think that from the past 6-12 months to the next 6-12 months, great opportunities are in mainstream assets.

We believe that Bitcoin must be our anchor asset, not just Like us, many hedge funds will have similar considerations.

Fenbushi Capital Partner Rin

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First of all, we believe that the incremental market next year will have a great impact on the industry, and traditional funds will be included in the incremental market.

Second, as we have said internally before, we think the whole The channel has actually been opened. So we all agree that at this stage, it is good to hold it in your hand.

For our company’s internal Token fund, ETH is our benchmark, which is We're not taking me out either. BTC and ETH are our most important assets.

Q3: What changes do you think will take place in the DeFi field in 2021? Which projects are you optimistic about the development of, and why? What is the investment logic of the guests in the DeFi field?

Fenbushi Capital Partner Rin

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First of all, we think that there will definitely be more DeFi innovations in 2021. Sexual mining has a large number of projects, but the core innovative modules are still very few. Previously, they mainly focused on lending, DEX, and some insurance and derivatives, but now the number of insurance and derivatives is further increasing.

We hope to have more modules in the DeFi field, various innovative modules , incentive mechanism or functional modules at various financial levels.

The second is The asset side of DeFi is more abundant than before. It used to be mainly tokens in the Ethereum system, such as ERC20, but with the current public chain projects, including FIL, there is already rFIL, and there will be new DeFi assets will appear. The rFIL just mentioned is a native asset, but in fact we have also seen some projects doing traditional assets.

Another one is Cross-ecology, because the previous DeFi is mainly on the single chain, and all combinations are realized on the single chain. I think if DeFi can develop further, it is very important that it can realize cross-ecology, which is inseparable from the development of cross-chain.

Next year, Polkadot parachain card slots will be auctioned, There have also been many cross-chain projects, and the tests of parallel chains have also come out. It is likely that the development of cross-chain ecology next year and the development of cross-chain technology will further promote the development of DeFi.

We are still very optimistic about DeFi. Let me talk about a few data. First of all, from the market, the value of DeFi now accounts for less than 3% of the total market value of cryptocurrencies. Moreover, the number of active users and users of DeFi per capita is less than 10,000, but the number of darknet users has reached more than 1 million.

The number of DeFi developers has grown very fast in the past year. The number of participants is nearly 1,000, with a growth rate of more than 60% this year. Everyone understands that the better the development community in this industry is, the better the strength and foundation of the ecology will be, and the process of quantitative change to qualitative change will be achieved. This is why we have always been bullish on DeFi.

The investment logic of DeFi is simply to deconstruct and reconstruct the functions of traditional finance. DeFi covers financial deposits, loans, transactions, etc., and the core is to realize the flow of capital flow. And Web3.0 is the data function, and its core is to realize credit investigation and risk control in the financial system.

The multiple combinations of various modular protocols in DeFi and Web3.0 can form new Financial products or financial services. If we talk about the one-way investment logic, as I said just now, our core is to see how the project is realized.

Multicoin Capital Executive Director Mable

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I think that finance should be divided into three layers, and assets should be at the bottom, so we see that the earliest DeFi came out like Maker.

In 2018, Compound also came out, and at that time it just raised money , only equity. Later Uniswap. This actually includes three categories, assets, loans, and transactions.

In 2020, we have seen these types of basic Great recognition, at least those who are willing to enter DeFi to play have tried it.

I think there are several directions that are more concerned about in 2021, one It is a perpetual agreement, or a transaction such as a perpetual contract. In general terms, it is a derivative. I think perpetual futures are actually derivatives with the highest capital utilization rate.

In fact, everyone has seen that whether it is the Injective Protocol or the order Book Serum, next year, more people may start to use some second-tier solutions, and more people may feel that the experience is not bad, and they are willing to use it.

Secondly, there are some agreements on hedging. Why don't I talk about insurance, because I still have doubts about the existing insurance, because I think smart contracts are a matter of 0 and 1, not that most traditional insurance can be calculated according to probability, or that smart contracts are good-bye Either way.

So I think risk hedging tools are needed, including using some option combinations way to hedge. We did not invest in these, but other funds did. Another thing is to help everyone unlock liquidity. The simplest example is an agreement such as a fixed interest rate swap. Why do you need to use this?

Because many people have a certain interest rate in the case of a large amount of money If he wants to lock in this interest rate, he will leave early during this period, and he doesn't need to keep the money in this place all the time.

But other people want to use relatively small funds to make more interest rates , It may still be bullish in 30 days and 60 days, and there is a relationship, that is, we can trade with each other. In addition, DeFi is modular, and everyone can tokenize their own assets to trade each other's debts.

I would like to give a specific example of cross-chain is THORChain. In fact, THORChain is already very popular this year. But I think there are still many people who don't realize, why?

It is different from other cross-chains, like Ren belongs to asset cross-chain, but THORChain can do cross-chain With the Uniswap chain, you don’t need to wrap your assets on different chains into ERC20 BTC or renBTC, you can directly trade Ethereum’s ERC20 assets with the assets on Near without wrapping. I think this type of protocol that can directly achieve cross-chain value is also worthy of attention.

Briefly talk about our DeFi investment logic, things like applications It is still necessary to invest in products that match the market, that is, Product Market Fit.

When your market is mature, you should plan it a little bit before that. For example, if it was two years ago to deploy insurance, it must be too early. But in the second half of this year, if we plan to lay out the types of agreements I just mentioned next year, I think it is a more appropriate time, so we must invest in layers according to the stack.

In addition, in China, it may be very difficult if some foreign agreements are not Sinicized Difficult to get in. But if you have some wallets here or some local operating resources, you can fully explain your agreement to local users, and if everyone knows how to participate, then the local team may have an advantage over the outside. .

Ni Kaihao, Founding Partner of NSG Ventures

From the perspective of the year, the amount of funds will be significantly increased.

When we look at the track, we only look at it by quarter , Then we are currently most optimistic about the segmented track products in this quarter and the next quarter, one is algorithmic stable currency, and the other is risk hedging. These are the two short-term and medium-term tracks that we are more optimistic about.

Based on this investment logic, we basically hold no move. In the primary market, the main thing is to find innovation and tipping points, because most investors are still following suit, so if you can solve a certain market pain point, you can get a very big cake. There will be various projects based on these things to follow suit and fork.

Leah, co-founder of First Class Warehouse

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I think DeFi's biggest variable next year will be the implementation of the second-tier network, and the improvement of infrastructure will boost the entire DeFi ecosystem. Let's imagine that the transaction on Uniswap can be completed in an instant, and then the Gas fee is close to 0, to promote the adoption of DeFi and the development of the DeFi ecosystem.

On the other hand, the decentralization of traditional finance has become more thorough, I think that more traditional financial services will be moved to the chain one after another. At present, we have seen that insurance and derivatives indexes are all moved to the chain. In the future, I believe that more traditional financial products will gradually become blockchain-based.

Our investment logic is consistent. Judging the fundamentals of the project, we will not guess that the DeFi investment track may become popular, or which project will happen next year.

First of all, we will find the leader of each track and buy at the right time enter. We mainly conduct project review based on the projects that have been researched by First Class, find out the leading projects of each track, make comprehensive judgments based on the actual situation of the projects, and make investment decisions and investment amounts. This is our investment logic.

Q4: I don’t know how expensive bitcoin is when I was young, but when I grow old, I cry when I see the currency empty”, the vast majority of the current market None of the digital currencies outperformed Bitcoin. But we still need to find new growth points in the encryption market. May I ask which areas of growth opportunities you are more optimistic about, and why? In 2021, what are the new trends worthy of attention in the blockchain industry?

Xu Yinglong, CEO of Keyin China

According to our previous analysis and research on the market, as well as our judgment for the next 2-3 years. In 2021, Keyin will focus on the layout in three directions.

No. One is continuous investment in the research and development of mining machine chips, the second is the Polkadot ecosystem, and the third is DeFi. Of course, small adjustments will be made with the speed of market changes next year.

Why invest in mining chips? According to the current news, the demand for the entire mining machine next year is 2 to 3 million units, but the current exact production capacity is only 800,000 units. Then how to improve its computing efficiency and power consumption ratio of 800,000 is what every major manufacturer needs to work hard on. Behind this effort must be the distribution of funds. In terms of the premium of the market, the mining machine may have a difference of nearly 4 times to 5 times.

The second Polkadot ecology, referring to the past, Whether it is the experience of Ethereum or EOS. We think that the Polkadot ecosystem has the opportunity to stand out and take a route independent of Ethereum. We have also set up a special fund to pay attention to it.

DeFi is the deconstruction and reconstruction of traditional finance, which now occupies The ratio is very small. We will continue to work hard on this.

Leah, co-founder of First Class Warehouse

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It is true that many projects have not outperformed Bitcoin. However, many of the projects invested by our company have been run before, such as Aave, ANT, Ocean Protocol, etc., which have achieved good results so far last year, with investment returns of more than 10 times. Even on Aave, we have a growth rate of nearly 200 times. We have invested in a lot of such projects, at least about 40, and I will not go into details.

We also have some review reports on investment projects, in the first-class positions If you are interested, you can check it out. What I want to say is that for projects with application value and excellent fundamentals, the investment opportunities are actually no worse than Bitcoin.

What are the trends worthy of attention in the blockchain industry next year. I think that thanks to the technical iteration of the public chain infrastructure, we have observed different levels of growth in many application tracks, including the growth of users and the continuous iteration of the project itself in response to market demand, or we rely on first-class warehouse investment research capacity, we will focus on a wider range of tracks. The track of concern includes DAO, derivatives, as well as game NFT, insurance, and privacy storage. There are too many tracks, there is no way to list them all.

Multicoin Capital Executive Director Mable

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Some of the projects we like to invest in, in fact, since 2018-19, many funds, especially those in the United States, have been paying attention to DeFi. We like In addition to DeFi, there are also Web3-type projects, especially middleware and application projects, which should perform better next year.

GRT was an investment at the end of 2018, but in fact Uniswap was No, no one used it, but later because of DeFi use, it became more and more. I think there will be many such tools for developers in the future, because as the entire cryptocurrency industry grows, more and more developers will definitely come in, so there will be many such middleware services.

Then there are applications, I don’t mean DeFi. For example, for example, there is a project called Audius, which is actually a decentralized music software. Its core is to use blockchain to remove intermediate processes and additional costs.

What is more interesting is that there are many people who are engaged in art and also like Get in touch with something new. So it allowed some Grammy winners to post music on it very early on. All musicians post their music on it without charging any copyright fees, and then it will also receive this AUDIO token. In fact, I think it may include live broadcasts, and other arts and entertainment related, including the recent ones like Chiliz, which will make considerable progress.

Ni Kaihao, Founding Partner of NSG Ventures

First of all, this topic is very good, it is this old man who cried at Bikong. The bottom position of mainstream currencies is actually very important. I think that for most coin speculators, the bottom position cannot be lost.

From the perspective of certainty in 2021, there are a few things It is because we are very sure, and then we will judge the layout.

section One is still the continuation of institutional bulls, so my positions in Bitcoin and Ethereum will continue to be kept. The second point we think is the year when the public chain broke out. So DeFi and Polkadot ecology are our continuous attention. The third is the IPFS ecology. We believe that the entire IPFS ecology will have great potential from 2021 to 2022. But I think Filecoin’s solution is not perfect yet, so in the storage field, there are still a lot of opportunities in the primary market, which is also the main direction of the storage field or the primary market that we have been looking at .

In terms of odds, we think that privacy and storage are still It's not very expensive. If it breaks out at a certain point next year, it's still very cheap to make a layout now.

Fenbushi Capital Partner Rin

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We are also paying attention to some decentralized modules such as DeFi and Web3. Ecology and Polkadot are also paying attention. Because Polkadot is likely to have relatively mature parachains and cross-chains next year.

Because we have also done the Filecoin Ecological Fund before, the Ecological Fund of Filecoin It is relatively understandable. Filecoin will pay great attention to the development of ecological projects next year. There are two main types of project development, one is technical, including smart contracts and virtual machines. Then there are various distributed storage-related products, such as DeFi+NFT distributed storage on the chain, or some traditional distributed storage products, such as decentralized Baidu Cloud, decentralized Xunlei, etc. wait.

In fact, the number of projects is very large, and you may not know that the number of projects should be It can reach four or five hundred. Most are overseas projects.

Another thing we will pay more attention to next year is the incremental market. One is capital growth, which is to look at various compliant channels, not only payment channels or purchase channels, but also asset management channels and so on. There will be more overseas.

There is also an asset increment fund, including the increment of native ecology and traditional business. There will be more in this country.

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