In the past few days, a co-founder of a well-known venture capital firm in the crypto ecosystem publicly announced online that he is no longer interested in the crypto ecosystem and will turn to other ecosystems.

Many articles online have expressed their melancholy feelings about this matter, conveying considerable regret.

Seeing the departure of this co-founder and the sorrow expressed in these articles reminded me of a piece I wrote in the past.

I recall that it was probably the year before last.

For a period of time, several well-known venture capital firms in the crypto ecosystem sequentially expressed their views on the development of the ecosystem at that time. Coincidentally, during that period, I also extensively read their articles, so I wrote an article expressing my views on their thoughts.

In that article, I openly expressed my agreement with many of A16Z's views at that time (of course, I do not agree with all their viewpoints), particularly agreeing with A16Z’s understanding and recognition of certain values underlying the crypto ecosystem. At the same time, I mentioned that I did not quite agree with the viewpoints and values of certain so-called well-known venture capital firms.

The venture capital co-founder who has left the crypto ecosystem and his associated firm is the well-known venture capital firm I mentioned in that article which I do not quite agree with.

I once spent some time carefully studying the projects this firm has invested in, particularly the infrastructure and foundational projects in the crypto ecosystem.

I found that the core value and value anchor they focus on when investing in those projects ultimately boil down to one point: efficiency.

This approach, when applied to other tech ecosystems, I strongly agree with.

In the crypto ecosystem, I also agree with it when referring to application-layer projects.

However, for foundational infrastructure and infrastructure projects in the crypto ecosystem, I find it hard to agree.

Because in my view, infrastructure and foundational projects are the base of the entire crypto ecosystem, as well as the cornerstone upon which the whole system relies. The primary element pursued by the base and cornerstone of the crypto ecosystem is not efficiency, but decentralization and the most valuable things for humanity guaranteed by decentralization — as pointed out by Vitalik in his recent remarks:

It is freedom.

This pursuit, especially in the current context where extreme efficiency driven by AI is challenged, and where the freedom of human society is being wildly eroded, appears exceptionally precious and important.

After I recognized this venture capital firm’s style, there was a time when I reevaluated all the past and newly invested projects by this firm, and I found that their pursuit of efficiency could even overshadow others, sacrificing other aspects for the sake of efficiency.

I think this is perhaps the influence of values working subtly, guiding unconsciously?

With such values, when they find no more “efficient” large projects (especially infrastructure) in the current ecosystem, it is quite natural for them to leave this ecosystem and gradually lose interest in it.

There is no banquet that does not come to an end.

Ultimately, how far people can go together is determined by values. Once there is a divergence in values, separation and going their own ways become inevitable.

So I am not surprised at all by such people leaving the crypto ecosystem.

Based on their values and essence, they are destined to be just passersby in the crypto ecosystem, making it difficult to be sustained builders and deep divers.

Therefore, I feel there is nothing to regret or lament about the departure of such individuals from the crypto ecosystem.

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