ABCDE has stopped fundraising, and crypto capital urgently needs a "version update."

MERLIN CHAIN, ABCDE, and Shuidi Capital discuss entrepreneurial opportunities in the third wave of the Bitcoin ecosystem.

UTXO STACK completes seed round financing, led by ABCDE and SNZ CAPITAL.

BITLAYER LABS has completed a seed round of financing of 5 million US dollars, led by FRAMEWORK VENTURES and ABCDE CAPITAL.

Binance $SOON Token Points Giveaway: Are You Eligible? Solana-Powered, $22.00 Million Investment Binance has announced that the SOON token is now listed on the Binance Alpha platform. Eligible Binance users (requiring at least 190 Alpha points) can visit the Alpha activity page to claim an airdrop of 180 SOON tokens. Project Background Extension: $SOON is a modular Layer 2 solution based on the Solana Virtual Machine, adopting a "super adoption stack" architecture that combines SVM, Optimistic Rollup, and a configurable Data Availability (DA) layer. $SOON secured over $22.00 million in funding in 2025, led by Hack VC, with participation from ABCDE, Hypersphere, and SNZ Capital. The investment institutions involve core team members from top blockchain projects such as Solana and Celestia.

Solana Optimistic Network (SOON) Announces Community Airdrop and $22 Million NFT Funding

💥 ChainCatcher Crypto VC Roast Space (Selected Opinions Edition) — Recommended Reading Last night, ChainCatcher was honored to invite Vernal & Huobi founder @DujunX, Hash Global founder @longwinsk, Generative Ventures partner @willwangtf, Waterdrip Capital CEO @shanshan521, and NGC Ventures Investment Director @0x_henry. Focusing on the pause at ABCDE, the guests delved into the current challenges in the primary market, the structural dilemmas faced by crypto VCs, and how investment logic and survival strategies are evolving at this new cycle node. In an environment where liquidity dividends are fading and narratives are weakening, how can crypto VCs redefine value? Can primary investments still continue? Through this Space, we aim to find answers by calmly examining the reality. 

Crypto funds established at the peak of the bubble are paying the price for a "bad year." As liquidity tightens and investment sentiment cools, crypto funds established during the period of massive pandemic stimulus are collectively entering a dark moment. Recently, the Web3 fund ABCDE announced a pause in new investments, becoming a microcosm of the industry. Even with globally leading internal rates of return, fundraising difficulties, exit obstacles, and significant valuation declines are plaguing a large number of crypto VCs of the same vintage. The causes of this winter are clearly visible: the capital frenzy around 2021 was fueled by ultra-low interest rates and abundant liquidity, with funds chasing narratives while ignoring fundamentals. Since 2022, the Federal Reserve's interest rate hikes and sharp market corrections have led to a rapid bursting of the valuation bubble, and token lock-up mechanisms have backfired on early investors. VCs are forced to find hedges and self-help in a downward cycle. At the same time, the Memecoin trading craze and the absorption of traditional funds by Bitcoin spot ETFs have exacerbated the pressure on early-stage Web3 project financing and exits. Data shows that the number of new crypto VC funds in 2024 has fallen to a near four-year low, and the industry as a whole is still in a trough. As one investor put it, "Sometimes it's not that you're wrong, you just lost to the year." For crypto VCs, this round of cleansing may not be over, and the real opportunities may have to wait until the revival of the next innovation cycle.

Du Jun responds to ABCDE's halt on new investments and Phase II fundraising: Post-investment management will continue to allocate resources and efforts.

Over the weekend, ABCDE co-founder Dovey Wan officially announced in an article that "ABCDE Capital has stopped investing in new projects and has suspended its fundraising plan for its second fund." As soon as the news came out, the market was shaken. Some believe that this event marks the harshness of the primary investment environment in the crypto market, while others believe that this move may be a necessary choice to cut losses in time. @OdailyChina will provide a follow-up analysis of the event in this article. https://t.co/LxVjMx0jjT

🛰️FN Observation Express丨Why are crypto VCs generally not making money in this cycle? The last cycle can truly be called the golden age of crypto VCs. a16z and Paradigm sat atop the pyramid, commanding influence, while Multicoin Capital rose to fame with Solana and other projects. During the peak period from 2021 to 2022, it is no exaggeration to say that every few days, projects in the DeFi/NFT/gaming space received VC funding, and the cry of the Web3 revolution filled social networks. However, in this cycle, the return performance of crypto VCs has plummeted, which is disappointing. Many projects are overvalued, token prices have crashed in the secondary market, VCs have been pushed to the stage of criticism by the community and retail investors, and VC exit channels have been blocked. Bitcoin has risen from a cycle low of $15,000.00 to a high of nearly $110,000.00, an increase of nearly 734%, with an annualized return of approximately 94.28% from 2022 to 2025. How many funds in the market have outperformed BTC? Recently, Du Jun stated that ABCDE has stopped investing in new projects and raising funds for the second phase, and is rethinking how to participate in the development of the industry. So, what are the reasons that have led VCs into their current predicament and even losses? Go to: https://t.co/7uKZmmqyqz

ABCDE @ABCDELabs Halts Fundraising, Crypto Capital Urgently Needs a "Version Update" Primary market investment is struggling, while the secondary market welcomes professional players. Last weekend, ABCDE @ABCDELabs co-founder Dujun @DujunX officially announced in an article at https://t.co/58ZvPX9XDX that "ABCDE Capital has stopped investing in new projects and has suspended its Phase 2 fund-raising plan." The news sent shockwaves through the market. Some believe that this event marks the harshness of the primary market investment environment in crypto, to the point where investment institutions are struggling to survive on their own. Others believe that this move may be a necessary choice to cut losses in time. Still others believe that the subsequent emergence of incubators means that the focus of crypto capital has shifted to direct token issuance. Odaily Planet Daily will follow up on this event in this article and briefly discuss the possible direction of crypto capital.

【🚀Perspective | How Does a Market Crash Impact VCs? Crypto Venture Capital Shifts from Private Equity to Liquidity Funds, Strategic Flexibility Becomes Key】 @ABCDELabs #Crypto #Buidl As one of the few VCs in the industry that adheres to "long-termism," ABCDE's quiet exit is not only regrettable but also triggers deep reflection within the community on the future direction and viable strategies of the crypto market. 📍See the report: https://t.co/eGH0PRSors

【🚀Trading Market | Prominent Venture Capital Firm ABCDE Capital Announces Halt to New Investments, Founder Du Jun: Unable to Endorse Current Speculative Atmosphere in Primary Market】 @ABCDELabs @DujunX ABCDE Capital has announced a halt to investments in new projects and will subsequently focus on post-investment management and exit arrangements for already invested projects. Fundraising plans for the second fund have also been suspended. 📍See report: https://t.co/l2ZNFRf8rs

SoSo Daily Apr 19 | Canary Capital Seeks SEC Approval for Staked TRX ETF

Du Jun: ABCDE Has Stopped Investing in New Projects and Suspended Fundraising for its Second Fund ABCDE co-founder Du Jun responded to inquiries about ABCDE on Twitter, stating, "ABCDE has officially stopped investing in new projects and suspended fundraising for its second fund. The original team will continue to be responsible for post-investment support and exit arrangements for existing projects, ensuring that commitments to entrepreneurs and LPs are diligently fulfilled. My personal focus will also gradually shift from primary market financial investments to a strategy-led, deep incubation approach, focusing more on industry synergy and long-term value creation." In addition, Du Jun added, "The new incubator brand, Vernal, will announce its incubator shareholders and incubation rules, as well as the first batch of incubated projects, in May. The first purchase list will also be released in May, detailing how much was purchased and why." "Over the past three years, ABCDE's first fund has invested nearly $40.000.000, supporting over 30 projects, leading more than half of them. In the current market environment, the IRR return remains globally leading. In addition to capital support, ABCDE has also continuously contributed to the open-source ecosystem, accumulating hundreds of stars on GitHub, bringing substantial contributions to the community."

Regarding the recent surge in popularity of the new dog-themed tool #Axiom on the Solana chain, ABCDE Capital and Huobi co-founder Du Jun stated: "Whether it's 'gmgn' or Axiom, the essence is that they are brokerages, and their moat isn't deep. Using the valuation model of exchanges to invest in brokerages will lead to disappointment in the future." He further added that his consistent advice for these types of tool projects is: "They are suitable for donation or acquisition; further research is needed before considering them as investment targets." @AxiomExchange

SoSo Daily Jan 23 | CME is expected to launch XRP and SOL futures on February 10.

SOON has completed a $22 million funding round through NFT sales, led by Hack VC.

[Forj Research: Solana Heats Up as Solayer TGE Approaches 🔍] Solana eco has seen fundamentally shifts with TRUMP's launch. It was a mass awareness campaign that drove mass Web3 and Solana adoption. From $0 to $80B FDV at ATH overnight, a good question for us: with @solayer_labs TGE on January 21st, how it will shape the ecosystem?What is Solayer?Backed by Binance Labs, Solana Co-founder, ABCDE, Polychain Capital, Solayer is a hardware-accelerated SVM blockchain, built natively on the Solana.What are their Onchain Numbers?• Solayer's TVL stands at $537M• Substantial increase from $330M of early Jan• Abour 1.78 million SOL tokens have been staked • 190k unique depositors(Souce: defillama)Community Sales Performance • Solayer's recent Emerald Debit Card sale was a significant hit • 230k+ Solayer users were eligible to participate• $57.24M interests for the $10.5M allocation • Oversub of 5.45x from the target • FDV at $350M Anchor Projects: Sonic SVMWhat will be the potential FDV for Solayer? • Accroding to Unich, pre-market pricing at $0.15• Sonic SVM recently got listed on T1 CEX like Upbit, OKX, Binance is at $1.6B FDV, with its opening at $2B+• Differentiators: Binance Labs support, sBNSOL campaign, established $550m+ in volume, post trump hype position • Pre-market trading suggests that it will perform anywhere from $1.5B - $3B FDV range at the opening The Road Ahead for Solana1/ Institution adoption. Market and institution projected Sol will hit $500 until March's big unlock. Increased funds coming in to Solana ecosystem. 2/ The start of Meme Supercycle. From memes, AI meme, AI agent to now back to celebrity meme, anticipate more memes would launch onchain to tokenize attention and news event. 3/ The Trump Template. Many new projects would be launching on Solana following Trump's lead. I.e. Trump's wife, Melania. From celebrities to new IPs, Trump's template would be built on top. Would one of the destination is to build on SVM chain like Solayer? We shall find out more.As always, DYOR, this is NFA.

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