Author: Catrina , Partner at Portal Ventures

Compiled by: Jia Huan, ChainCatcher

Crypto venture capital is at a watershed moment. Token exits have been a major driver of excess returns for the past three cycles, but are now undergoing a significant reset. The definition of token value is being rewritten in real time, yet an industry-standard valuation framework has yet to emerge.

What exactly happened?

This time, the structure of the crypto market was simultaneously impacted and completely overturned by multiple unprecedented forces:

1. The emergence of HYPE awakened the token market, proving that token prices can be backed by real revenue, with over 97% of its nine- to ten-figure revenue generated on-chain.

This has completely…