Partnered With:

What does LUNA event reveal about cryptographic VC?

Read this article in 10 Minutes

原文作者：Arthur，Defiance Capital 创始人

原文编译：0x9F，律动 BlockBeats

As an early participant and advocate of DeFi, I have always believed thatA decentralized currency and network needs to be supported by a decentralized financial stack。否则，我们就只能在中心化的托管机构之间转移加密资产。

Many of the basic DeFi agreements established during the bear market of '18 and' 19 became known and thrived during this cycle, becoming the core financial foundation for other agreements. They continue to prioritize security and risk management, and as a result become less interesting, less easy to speculate on and use.As the bull market progressed, more participants pursued riskier opportunities, and many were very degen proud of themselves.其中一些获得了惊人的收益，致使 DeFi 2.0 取代 1.0 的叙事变得广为流行。

As DeFi focused investors, we have been ridiculed for missing "DeFi 2.0". In general, markets generally reward the opportunity to take such risks.There has been a lot of discussion, research and debate internally about what is real and sustainable and what is not sustainable "narrative".但市场无疑要我们对一个项目如何可以通过不同的方式被成功构建和引导，持一个更加开放的态度。终究在许多团队和项目上，我们被多次证明怀疑错了。

While we continue to support DeFi projects on Ethereum, we recognize that there is demand for DeFi projects built on other public chains.We don't take an EV (expectation value) based investment approach, but only invest in on-chain projects where we think the ecosystem will thrive in the long term.DeFiance 曾有机会投资许多备受争夺的 L1 资产 OTC 交易，但即便在 alt L1 叙事非常流行的时候，我们也放弃了它们中的大多数。相反，我们继续专注 DeFi，并有选择地提供支持。

I've been skeptical of algorithms Stablecoin and Terra since 2018. However,Terra's success in 2021 has challenged my view. We see a large number of legitimate and respected people supporting Terra -- Jump, Delphi, Hashed.Terra 生态系统拥有最好的 UI/UX 和开发者，还是使用 Cosmos SDK 构建的领先协议。

随着 LFG 的成立，我们认为 Terra 模式可以凭借以下这些良好的机会蓬勃发展：

1. Partial mortgage mode (BTC support)

2. Adjustment of Anchor yield

3. Increase or decrease UST supply at a smoother rate;

4. UST has a wide range of non-reflexive and mainstream applications, such as payment

5. Large communities (especially in Asia)

In the end,This is not just the success of UST, but the success of a crypto native Stablecoin supported by a sovereign blockchain network. However, the vulnerability of this design in the weak market environment, again exposed. We grossly underestimate how powerless the smartest and most capable people can be in harsh circumstances when natural physics and fundamentals are working against you.

In the face of legitimate doubt and criticism,Deference to "the smartest person in the room", arrogance of leaders and communities are important causes of Terra's downfall。没有人能凌驾于市场之上，狂妄自大必遭致覆灭的教训再次上演。

In the process, many of us lost our way, and I belittled people I once held in high regard. Rigorous debate, based on reams of research and analysis, is frowned upon, whereas lazy personal attacks are used to silence sceptics."Your opinions and opinions are worthless and unreasonable because I have been proven right in the past and I am more successful and richer than you."这种言论成为我们行业里许多人常用的论证方式，他们忘记了几年前他们也是无名小卒。虽然我一般不会有这样的行为，但我没有做任何事情来呼吁和建议我的一些朋友和行业伙伴不要以这样的态度行事。一段时间后，我也对这种行为有些动摇和习以为常了。

It rings even more sobering today:If you remain neutral in the face of injustice, you take the side of the oppressor.

As the industry grows exponentially, crypto VC's role as a public signal light is increasingly important due to the lack of a common standard by which the public can evaluate the legitimacy of Web3 projects.我们都需要以更高的标准要求自己。这一角色在非 Web3 的 VC 中得到过充分诠释，纵然其中有一些在老虎和软银这种异类投资者的竞争下选择屈从于市场压力。这导致了一些重大的失败，例如 WeWork，使 VC 在公众中的声誉大打折扣。我强烈推荐《The Power Law: Venture Capital and the Making of the New Future》这本书，可以从中了解 VC 的历史发展和在塑造科技行业方面发挥的作用。

LUNA 事件无疑将使行业发生倒退，并引来官方和监管机构更多合理的审查。我们需要做得比现在更好，以证明这个行业值得支持和倡导。加密是世界上最自由的市场，总会有行为不良的人出现，这就要求我们自己做更多批评和审查，杜绝此类事件再次发生。我们需要更加专业。

I think we shouldadvocateA more comprehensive DeFi disclosure framework. Before encouraging the public to use and access DeFi, we should do as much as possible to educate and raise public awareness of DeFi as opposed to forcing KYC/AML like in the traditional financial sector.A reputable, independent and well-managed DeFi directory, along with a comprehensive disclosure framework, is important and can do much to bridge the knowledge gap，例如 Messari 披露的注册表就更详细，或许可以作为加密公共事业的副产品。

LUNA was a matter of great humiliation and hardship for me. We were generally right about the bear market and therefore more cautious, but many of our assumptions have been challenged and overturned. We could have done more to prevent this from happening.With our portfolio teams, industry partners and key leaders, we were too open in the past and accepted a lot of unacceptable behavior. In the future, we will only give moral support to the teams and projects we invest in.

I am more aware of our influence in shaping the industry and public perception. These words will be remembered:With great power comes great responsibility.我还想赞扬那些理性的怀疑论者，他们愿意挺身而出、承受暴徒的怒火来揭露整个事件：Galois Capital 甘愿冒着行业声誉倒塌的风险，还有其他所有一直对风险提出警告的主要影响者，你们做得很好。