IOBC Capital has been officially established for four years. During these four years, we have invested in over ten crypto VCs, with Chinese funds investing even deeper. Today, I saw a news report from DeepCurrents. While the development difficulties faced by crypto VCs are no longer news, the fact that they are evolving is. Recent developments from some funds have convinced me that the crypto VC ecosystem is entering a new phase. 1) A well-known investor has launched a new crypto fund, raising $100 million and having already closed $30 million in its first round; 2) A leading fund is raising a $600 million fund, with its first round already reaching $300 million; 3) A leading fund is raising a new fund, having already closed $60 million in its first round. "The second generation of Asian crypto VCs is exiting, ushering in an era of US dollar-based funds for crypto investment." The funds I mentioned above have very long lifespans, often lasting 10 years. This is typical of US dollar-based fund investments, and they tend to be equity-oriented.