Crypto venture capitalists are dialing back their risk appetite, avoiding the hot flavor of the month and applying a more critical lens to investments, according to Bullish Capital Management director Sylvia To.
“VCs are a lot more careful now. It’s not just a narrative play. Before you could throw a check and say, Oh, there’s another L1 but it’s going to be an Ethereum killer,” To told Cointelegraph during a sit-down interview at Token2049 in Singapore.
“Then subsequently, you saw all these new chains forming,” she said, explaining that the market became fragmented and a lot of funds were being deployed to new layer 1s and new infrastructure, which isn’t viable anymore.
