On December 31st, Dragonfly partner Rob Hadick said that crypto venture capital will grow significantly in 2025, driven by the relaxation of regulatory environments in the United States, the continued rise in token prices, and the inflow of institutional funds. However, he believes that the level of financing will not return to the peak of 2021-2022 in the short term, reflecting the cautious attitude of VCs to avoid repeating the same mistakes. Dragonfly will continue to support areas of proven market demand such as DeFi, CeFi, stablecoins/payments, while focusing on scaling platforms. Hadick said that while emerging areas such as crypto AI and decentralized physical infrastructure networks (DePINs) have received attention, they are still in the "experimental phase". He predicts that investment in areas such as security, tokenization and interoperability may decrease, and the market focus will shift to emerging tracks. In addition, decentralized social media may face development challenges due to a lack of scalability and market fit.