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The world has passed one year, and the currency circle has fallen into a difficult situation.
“One day in the currency circle, one year in the world”, this used to describe the cryptocurrency market when the money-making effect is far more than other industries. At this time, the human world has passed one year, and the currency circle is in a dilemma.
As one of the most sensible and vital parts of the industry, investment institutions have unwittingly reduced capital investment.
Coin, COO, Xiong Yue, describes the scene of the meeting of investment institutions: Everyone meets and laughs, and they have not shot for two months. He Qiong, founder of Kyushu Capital, said that good hunters would not choose to hunt in the winter.
The enthusiasm of capital has declined, and the downstream project side is naturally not good. Many project teams sold off the ETH that was originally raised to survive, and a large number of projects disappeared this winter.
The bubble is broken, the speculation is retired, and the investment institutions and project parties have ushered in the real version of the Jedi to survive, cringing over the winter or facing difficulties.
The primary market is reduced to the secondary market
"Capital winter" is a hot word repeatedly mentioned in 2018. In the currency circle, the cold winter is also magnified ten times.
According to the latest data from the Firecoin Blockchain Research Institute, in November 2018, a total of 29 blockchain projects in the world were disclosed to obtain capital investment. The number of projects increased by 4 compared with the previous month, and the average financing amount decreased by 59.65%. This means that investment institutions still have actions in the bear market, but their attitudes are cautious.
Speculative agencies reduce grain output
The secondary market is also not optimistic. In the month, a total of 184 projects in the world completed crowdfunding, the number of projects decreased by 9.8%, and the average crowdfunding amount decreased by 61.48%. During this period, 39 projects went online, compared with 157 in the previous month, a significant drop of 75.16% from the previous month. And the project breaking rate of the disclosed cost price is as high as 100%.
The investment in the primary market has dropped sharply, and the secondary market has broken through, drawing the true outline of the cold bear market. The investment institutions of the year have reduced the output of grain and grass.
Xiong Yue recalled the scene of the bull market, quite awkward. "At that time, everyone shot hundreds of thousands of ETHs and later dropped to 100 ETH. Now, many organizations have reduced or simply not invested."
The reason for the investment institution “hibernation” is simple: the rate of return is lower, the exit period is longer; the mainstream exchanges are reducing the currency, and the project is getting harder and harder; even if it is on the currency, it does not see the madness of dozens of times. End with a break.
Looking back on 2017, according to incomplete statistics, there are as many as 46 newly established blockchain investment institutions. In addition, traditional VCs represented by Zhenge Fund and Danhua Capital entered the market, and countless Token Funds were born.
The bubble was created at this time. Chuangshi Capital CEO Feng Chi recalls: Blockchain project can be rushed from angel to “IPO” in half a year, and the fund withdrawal is ten times faster than investment in traditional projects. “Everyone said that the blockchain does not sleep, you are in a few From the angels to the IPO in the month, how can I have time to sleep?"
The myth of making rich has made investors feel red-eyed, and they have fallen into the "ice hole". "There are newcomers to the market, bought Ethereum in the high position, and then cast a bunch of broken projects, it is considered to pay tuition fees." Xiong Yue told the Honeycomb Finance.
In June 2017, the founder of Finbit, who started the investment in the currency circle, announced that the entire investment circle was cold. “In the bull market, almost every blockchain project will have a Token Fund, but many Token Funds do not have risk control. The ability and abundant financial reserves have killed a large number of people when the bear market comes."
"This year is in a state of lack of money, especially cold." Xuanlu believes that it is equivalent to making money in a bear market without losing money. It is most important to live first.
Project party funds, user double shortage
The rapid coldness of the capital market has made the project side feel what it means to be "two days of ice and fire."
Some project teams that raised tens of millions of dollars in ETHs during the bull market were caught in a financial dilemma in the face of a sharp decline in the global cryptocurrency market value.
Pinmo's chief strategy officer, Li Wei, said that many projects around him have been squandered because they have no money, and they still have a lot of caution when they have “waste” and slow down the pace of expansion.
A month ago, ETCDEV, a development team of ETC, announced that it had stopped operating due to the market downturn and tight funding. Before making this worst decision, they raised funds from the community, but 59% of the 692 community members declined to provide financial support.
The well-known public chain project “Yuanjie” has also recently fallen into the “unpaid salary”. This project, which once had a market capitalization of more than 400 million US dollars, has struggled in the bear market.
The currency project is struggling in a bear market
For the blockchain project, the shortage in the bear market is not just money, but also users.
Luo Kai, co-founder of the map public chain project Hyprion, told Honeycomb Finance that the biggest problem for the project side is that the user has changed from a very small state to a complete scarcity. The users in the market can hardly be shaken again. It shows that the entire market is still in stock games, not an incremental game.
"Because of the bear market, many currency groups, KOL, and various blockchains have died from the media, resulting in a reduction in the channels for operation and distribution, and the amount of energy generated is extremely weak."
Luo Kai believes that the bear market poses challenges to the operation of the project side and faces many thresholds when acquiring new users. For example, users give up admission due to the cumbersome process of opening a wallet account and going to the exchange; many products are not needed for the scene and are not attractive to the user; even if the user uses the product, how to convert it into a token to purchase the user is also a problem.
Lack of funds and users, the blockchain project team has been very difficult. At this time, the major trading platforms not only slowed down the pace of the currency, but also cut off a lot of currencies.
According to incomplete statistics, the OKEx trading platform has closed or hidden currency transactions for nearly one hundred; the fire coins and coins have followed closely, and they have successively announced the removal of some risky currencies.
The trading platform has tightened the entry of the project party into the secondary market, and the project side has “one less” access to users and funds.
Institution "change direction" does not invest in Token equity
Without new funds entering the market, the currency market is difficult to revitalize, and various investment institutions have begun to re-examine the market, hoping to find a direction to break through.
A clear change in the market is that Token's investment is gradually decreasing, and investment institutions are beginning to “change direction”, returning to traditional VC's routines and turning to equity investment.
Xiong Yue said that Token's market is too bad, and now the equity investment has increased significantly. "Compared to the bullishness of the bull market, our current strategy is conservative, only investing in very optimistic projects, the direction and the team are very reliable. Basically, they are all equity investments, which is a strategic layout."
The founder of the Bit Times, Huang Tianwei, is also more inclined to provide longer-term support for the project in the bear market. “Investors investing in token-type projects may be based on cash-out, and cashing over the project will not matter to the investors. The follow-up will not provide more for the project. More support. But the way equity investment is combined with the investment of Token, for investors, will be willing to provide various resources to support the long-term operation of the project."
In the bear market, the “turning the head” has realized the “value investment” that has been shouting in the past, and it has become a direct manifestation of the market to bubble.
Currency investment institutions lean toward equity investment
Xuanlu told the Honeycomb Finance, the bull market may make some fast-forward and quick-out investment according to the market, but in the bear market, the three elements of the project product, market environment and project team will be strictly considered, prudent investment and long-term incubation.
The “change” of investment institutions and the reduction of shots are preparing for the arrival of “spring”.
He Qiong said that good hunters will not hunt in the winter, prefer to be conservative, hold the French currency and BTC to spend the winter, it is okay to miss one or two opportunities. When the spring comes again, the return will be much richer.
He believes that blockchain games are likely to become an important factor in the industry's future icebreaking. "Game can bring traffic quickly and bring in more funds. At present, the blockchain industry still needs to do things calmly and build the infrastructure."
Zhang Wei, Managing Director of JRR Crypto, also agrees to discover new opportunities in the segmentation area. “For example, wallets, exchanges and other common tools and media communities, one is the capital entrance, and the other is the traffic portal. After the public chain develops to a certain extent, the related applications combined with assets or other technologies may have better development prospects. ”
For investment institutions, survival in a bear market requires not only a sharp eye but also patience. "Now, 80% of us are investing in the secondary market, such as through the secondary market contract transactions, etc., to carry out asset preservation and arbitrage. After the market improves, we will increase investment in the primary market." He Qiong said.
The project party gave up the "on the exchange" obsession
If the bear market is like a demon mirror, the speculators will appear in the original form and leave the scene; the water will come out and reveal some projects and teams that still exist.
An industry source told Honeycomb Finance, in the bear market, the project side no longer regards the online trading platform as the top priority.
"On the one hand, it is very difficult for the exchange to bring in a lot of traffic. Everyone has no money and will not pay too much attention to new projects. On the other hand, the project party needs a lot of money to log on to the exchange, so many teams do not Then be so persistent on the mainstream mainstream exchanges."
In the case of shortage of food and speculation, the necessary skill of a bear market in the project side is to resist loneliness and work hard.
Yan Chunqiang, the head of the Chinese community of the BCN project, which had been removed from the currency, told the Honeycomb Finance. "At present, in order to protect everyone's interests, we only develop technology and do not do too much publicity." He believes that the impact on the operation of the project itself is not big. "It is the most important thing to do business in a bear market."
In response to the shortage of bear market funds and users, Luo Kai chose to strengthen the "tight and fierce" style of play.
He said that although he had already made a fortune, all the expenses would be very tight, and he would hardly spend money on the exchange and on the media to promote or go to the world to open a forum. “At present, 200% of the energy is placed on product development, and we also try to land some entry-level products to attract new users.”
In addition, Luo Kai believes that the development of DApp will be a focus of future market turning. "Most DApps are still in the stock market game, and they have not brought new users, but I believe that a new type of DApp will soon appear, which can meet the rigid scene and drive off-site users to enter the market."
It can be clearly seen that the wave field has recently regarded the development of DApp as a top priority. According to the recent weekly report of the wave field, in the first week of the new year, 20 new DApps were added to the wave field, and the current total number of DApps reached 114. Although most DApp daily activities are only single digits or even 0, the wave field is clear, that is, to grasp the potential market of DApp, as early as possible.
From the overall situation of the market, most of the projects have reduced external marketing and turned to hard work. Of course, contraction and hemostasis are still an effective means, and many projects use layoffs to ease financial pressure.
Well-known angel investor Xue Manzi hopes that in the bear market, entrepreneurs should act according to the law, strive to be the next blockchain unicorn, use blockchain technology and incentive system to make a killer application, which is reliable.
Xiong Yue clearly felt that the circle was less a lot of impetuous, and the projects that worked hard had become more and more, and the industry had completed an upgrade in the dark. "The people and companies that have survived this bear market will raise a coffee table in the next bull market."
Bit-finance network：www.btcmoney.cc
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