LongHash Ventures partner emmacui.eth posted his thoughts on Token2049 and Solana Breakpoint at X. The main points are as follows: 1. Funds and direct investment funds are drying up. Western general partners (GPs) are flocking to Asia to raise capital. Those unable to raise their next fund are looking to change their investment mandates to recoup capital. Funds are lowering their fundraising targets. Returns on allocated capital (DPIs) for 2021 and beyond are poor, while investment multiples (MOICs) are difficult to compare. 2. Infrared fatigue is real. More than 700 side events, most of them infrastructure projects. Everyone is trying to figure out a fine grain of narrative to distinguish it from other infrastructure projects in the same category. 3. Solana Breakpoint is refreshing. This event is full of developers instead of BD people. 4. The overall market is bullish in Q4 24 and Quarter 1 next year. The main catalysts are interest rate cuts and the US Presidential Election. We are already seeing price action after Token2049. 5. Reputation matters. As a cryptocurrency matures, its surface area becomes larger and larger. There are more ways in which investors/projects can DD to a particular founder/project/investor. Start to see people generally putting more effort into DD before investing/hiring/joining a project. This is a sign of maturity.