[Yilihua: The past wave of crypto VC and project failures stemmed from misaligned comparisons to Web2; AI + Finance is the new opportunity] Liquid Capital founder Jack Yi (易理华) posted on the X platform: 'The past wave of failures among crypto VCs and projects had a core reason: funding was largely consumed on maintaining teams to develop useless Web3 products. The biggest misconception was benchmarking against Web2 products. Fundamentally, Web3 is a financial industry and does not need to replicate Web2 products. Historically, the most successful companies in the crypto industry have all been financial products, from stablecoins to exchanges and payment platforms. Now, with the advent of the AI era, firstly, large-scale fundraising to build big teams is no longer necessary. Secondly, AI + Finance presents a new opportunity. We believe that outstanding founders, with just a few elite team members, can create top-tier companies. This is currently the biggest opportunity in early-stage investment.'