[VC Executive: Early-Stage Crypto Funding Tightens, VC Firms Dominate Project Selection] Deep Tide TechFlow reports, on April 13, Varys Capital's venture capital executive Tom Dunleavy revealed that the funding environment for cryptocurrency startups has undergone significant changes over the past six months. Venture capital (VC) firms now only need to have capital to access project resources, as high-quality projects actively seek investment, with funding demand at a historic high. Most firms have exhausted their funds, shifted to later-stage rounds, or failed to raise capital, resulting in fewer than 20 viable investment firms in the early stages (Pre-Seed/Seed). Project funding cycles have extended from 2-3 weeks to 2-3 months, and companies lacking innovation or merely replicating market trends struggle to secure lead or follow-on investments. VC firms now have more time for thorough due diligence when selecting projects. Dunleavy believes that 2025 and 2026 will serve as a historic window of opportunity for firms that persist.