A take on VCs, from a VC:

Most crypto VCs will not survive the next 3 years. And honestly, good riddance.
This industry has matured more in the last 12 months than in the previous decade. Real regulation. Real institutional adoption. Real revenue-generating products. Real founders building real businesses.
And yet most VCs in this space still operate like it's 2021. Only invest when they get ridiculous discounts, slap a logo on an announcement tweet, ghost the founder, wait for TGE and unlocks, dump on retail, repeat.
Zero conviction and zero value add. Many such cases.
Good thing is that this playbook is dying as we speak. And the age of AI is about to bury it even faster.
When any founder with a laptop and a Claude subscription can ship in weeks what used to take a team of 20 and $5M in funding, what exactly are you offering as a VC?
Just passive capital?
Founders need less of it than ever, and less and less will they care about your brand name or access to your network.
The VCs that will survive have three things in common:
1) They rip themselves apart for their portfolio companies. Not metaphorically, but actually in the trenches, investing their time to co-build and strategize with founders to accelerate their growth. They pick up the phone at 2am when shit hits the fan. And most importantly, they treat a portfolio company like it's their own.
2) They were here before the hype and stayed through every bear market. They have conviction that goes beyond a TGE because they actually think in years, not in weeks.
3) Perhaps most importantly in an age where AI makes it trivially easy to build, they help you get seen. When every founder can ship a great product in weeks, attention and distribution become the scarcest and most valuable assets of all. The VCs who can't help you compete for it become increasingly worthless.
All VCs that can't offer this will die, and we're already seeing it happen in real time. What used to be a landscape of hundreds of funds will consolidate until there are only 20-30 left that are actually serious about this industry and the longevity of it.
Sounds bullish to me.