Exclusive interview with OKX Ventures Investment Director Estrella: Primary market investment is gradually becoming more refined

In this round of bull market, the influence of the OKX platform has gradually expanded, which is obvious to all. This includes a series of correct decisions made by OKX Ventures in strategic investment. Its investment in this round of bull market involves all emerging fields including re-staking, AI, and DePIN. During the 2024 Hong Kong Carnival, BlockBeats had the honor to meet with Estrella, investment director of OKX Ventures, to talk about OKX Ventures' investment actions in this round and her personal views on the market.

The following is the full content of this interview:

BlockBeats: Bitcoin has set a record high, and new projects are raising funds. What do you think is the difference between the current primary market investment in the encryption field and the previous two years?

Estrella: First of all, the track has definitely changed, and the direction is richer than before. From the perspective of investment, there is a refined division of labor in the field. For example, the development of Layer 2 technology has divided into many fields. At the same time, from the perspective of entrepreneurs, the mentality of entrepreneurs has become more mature, their understanding of Web 3 has become deeper, and these projects are becoming more professional and diversified.

BlockBeats: So what is the standard for evaluating the quality of a Bitcoin Layer 2 project?

Estrella: First of all, we need to look at the fundamentals such as the track, team, and business model. The time rhythm of the entire project design and whether it matches the current market environment are also important. We also value whether we can generate synergy with OKX and whether it is possible to have in-depth cooperation.

BlockBeats: Now we see that OKX Ventures has invested in many projects in the re-staking track, such as Puffer and Ether.fi. After the airdrop enthusiasm of these projects subsides, what characteristics do you think a project needs to survive or stand out?

Estrella: The long-term survival and success of a project requires the team to have a long-term spirit. Risk control is also very important. How to protect the user's funds is the key. In addition, whether there is continuous innovation ability is also very important, because there are many homogeneous projects. Only by constantly innovating with the changes in the market can we stand out from many projects.

BlockBeats: After the outbreak of Bitcoin, it is now a meme-ridden stage. Do you think Meme is a better form of mass adoption?

Estrella: Meme culture actually represents a sense of cultural belonging and consensus, but it also brings a lot of risks. For investors, investment awareness and understanding of risk tolerance are very important. Although Meme can stimulate the enthusiasm of the community and act as a catalyst in a certain period, we must also fully recognize the risks of such projects.

BlockBeats: Among some of the current hot narratives such as AI, DePin, and re-staking, what do you think is the most undervalued track this year?

Estrella: At present, I think all tracks are being paid attention to. If I have to say one, I think some projects with liquidity on the chain are less concerned. Because the application in the financial field will be a very core link, of course, it will also be accompanied by the improvement and guidance of supervision. I think they are very important in the construction of future infrastructure.

BlockBeats: The market is not optimistic about Ethereum, and it has been caught in a regulatory vortex recently. How do you view the future development of Ethereum?

Estrella: Ethereum has very strong technical capabilities and a community consensus of continuous updates and iterations. Its developer activity has always been very high, which is very important for the technology industry. Ethereum's underlying participants and community support, as well as the relatively mature entire ecosystem, all determine that it can develop in the long term and continuously update itself. Despite the challenges, I remain optimistic about the future of Ethereum.

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