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Author: IOSG Ventures, Bing Ventures, Waterdrip Capital, HashKey Capital Organizer: Scof, ChainCatcher As the new year begins, the global investment environment continues to change, with various emerging technologies and market trends constantly emerging. In this context, how investors formulate long-term strategies and evaluate and select investment projects has become a widely discussed topic both within and outside the Crypto industry. In response, RootData, in collaboration with ChainCatcher, hosted this interview. In the previous issue, we invited investment institutions including OKX Ventures and Bixin Ventures to provide constructive feedback. This issue features several representative investment institutions, including IOSG Ventures, Bing Ventures, and Waterdrip Capital, who engaged in in-depth discussions about investment trends and recommendations for 2025. Crypto x AI is one of the most innovative and dynamic fields in the industry recently. It has attracted significant market attention and offers a wide range of imaginative possibilities. Sovereign AI (AI systems driven by decentralized crypto infrastructure) represents a revolutionary opportunity (but granting such power to AI also carries many risks). These systems can achieve true autonomy, interacting on-chain with non-custodial wallets and other agents and humans. In the future, we may even see AI agents purchasing human services for off-chain tasks. DePIN is a highly innovative and diverse field. It combines crypto economic models with off-chain hardware to address many challenges in traditional industries. While DePIN is a very promising area, not all DePIN projects are equally viable; their success highly depends on the projects themselves. We are particularly excited about DePIN projects that can provide clear and measurable value (such as reducing costs, improving efficiency, or entering untapped markets). The success of DePIN often stems from the new business models it implements, which centralized systems cannot replicate. This advantage allows projects to achieve better market penetration, distribution, and accessibility. DePIN can also drive cost efficiency and better unit economics by lowering operational costs or improving resource utilization, making its decentralized model more competitive and sustainable. Additionally, capital expenditure optimization is a significant advantage of DePIN projects, as they share infrastructure costs with the community through token incentives, enabling faster scaling and broader participation. On the other hand, we should avoid DePIN projects that misuse tokenization. Their failed token economics often lead to unsustainable ecosystems. Some projects' tokens do not bring actual efficiency improvements or enhancements over traditional methods but rely solely on token incentives to mask potential inefficiencies and subsidize usage costs in the short term. Relying solely on tokenization does not justify decentralization, and sometimes the outcomes are worse than existing centralized models. Stablecoins have become the mainstream payment medium in the crypto industry. Due to their programmability, cross-border usability, and increasingly clear regulatory framework, stablecoins are expected to become the standard settlement currency for global payments. While stablecoins have clear advantages over fiat currencies in terms of programmability and cross-border liquidity, broader adoption is still constrained by regulatory challenges and inefficient on/off-chain mechanisms. However, a pro-crypto U.S. government may provide regulatory clarity, creating a healthier environment for efficient, liquid, and low-cost crypto-to-fiat transactions. The consumer applications sector is highly exploratory but also more difficult to define, often overlapping with other areas such as AI, DePIN, and payments. This field encompasses a wide range of applications, including but not limited to AI-driven consumer solutions, consumer-facing DeIN projects, and payment solutions designed for consumers. In addition to practical application scenarios, consumer applications in the crypto space also involve speculation and gamification. A particularly important category here is blockchain gaming. These games incorporate speculative economic elements and memes and remain one of the most successful consumer interaction experiments in the industry. These speculative applications often blur the lines between entertainment, finance, and utility, creating unique opportunities for innovation. Looking ahead, new experiments that combine crypto with consumer applications will bring more opportunities. Game mechanics integrated with economic incentives show tremendous potential, offering new ways to attract users and drive adoption. The design space in this area is vast, and we expect it to yield groundbreaking innovations by 2025. Investment Strategy: In 2025, our investment strategy focuses on discovering the value of early-stage projects and promoting the mainstream application of blockchain technology. The logic behind this is simple: the rapid iteration of the blockchain industry means that the earlier you participate and position yourself, the more likely you are to capture exponential growth opportunities. Specifically, we are more focused on the following directions: In the coming years, the core competitiveness in the blockchain field lies in technological innovation and practical implementation capabilities, which are often found in early-stage projects. For us, supporting promising startups is not just an investment but also an important way to drive the entire industry forward. The mainstreaming of blockchain technology hinges on its ability to truly "break out" and integrate into daily life and traditional markets. We are optimistic about projects that can find intersections between Web3 technology and Web2 user needs, such as applications that optimize user experience and lower barriers to entry. Many experienced teams in the industry often have deep resources and market insights when they choose to start their own ventures. These projects typically have a higher starting point and, therefore, a higher success rate. Key Sectors: In 2025, we are particularly optimistic about the following areas, which demonstrate the comprehensive evolution of blockchain technology from underlying architecture to practical applications: We believe that parallel virtual machine architecture is key to improving blockchain performance. The transaction processing speed of traditional blockchain systems is often a bottleneck, while ParallelVM offers solutions to enhance throughput through parallel execution of transactions and contracts. This has enormous application potential, especially in transaction-intensive scenarios like DeFi and blockchain gaming. Of course, the challenges in this sector include concurrency management and security issues that still need time to resolve. Blockchain developers have a clear demand for more efficient and flexible virtual machines. Alternative VM breaks the limitations of the Ethereum Virtual Machine (EVM) and supports more programming languages, such as Rust and Wasm, which are crucial for attracting developers and creating more complex applications. Although building the ecosystem for new architectures takes time, its potential cannot be ignored. As global regulations on cryptocurrencies become increasingly stringent, compliance is becoming a necessity. Projects that can simplify processes such as KYC, AML, and tax compliance while ensuring transparency will be highly sought after, especially given the trend of mainstream financial markets wanting to embrace crypto. We firmly believe that improving infrastructure is key to expanding the user base of DeFi. Reliable cross-chain bridges, decentralized insurance, and more secure oracle systems can enhance user trust in DeFi. The combination of AI and blockchain is an emerging direction. We see that AI can optimize blockchain network performance, while blockchain can provide data privacy protection for AI. This technological intersection may lead to unexpected innovations, such as smarter smart contracts or decentralized AI services. Bitcoin remains the backbone of the crypto industry, but its potential has not been fully realized. We are focused on the development of Bitcoin Layer 2 scaling and smart contract capabilities, which can allow Bitcoin to excel in payments and DeFi. However, the Bitcoin community's acceptance of change is relatively low, and the pace of innovation may be slow. The selection of these sectors is not coincidental; they reflect the dual drivers of technology and market demand, which are also at the core of our investment strategy. 2025 will be a year for Crypto to embrace large-scale adoption and regulation. For the primary market, our investment logic will be based on the following core trends: Compliance and Mainstreaming: The gradual clarity of the global regulatory environment and the launch of cryptocurrency ETFs signify that cryptocurrencies are moving from the margins to the mainstream financial system. Technological Innovation and Integration: The combination of AI and blockchain will give rise to new application scenarios and business models, further expanding market size. Cost Efficiency and Market Demand: The stablecoin and RWA sectors can significantly reduce transaction costs and improve asset liquidity, meeting the actual needs of enterprises and investors. Therefore, we will focus on sectors such as RWA, AI + Crypto Infra, and paradigm innovations around stablecoins like Pay Fi and DeFi. Integration of Traditional Finance and Blockchain (RWA Sector) The global regulatory environment is gradually clarifying, accelerating the compliance process in the crypto industry. In the future, blockchain technology will gradually integrate deeply with traditional financial systems. The tokenization of government bonds, real estate, and other financial assets will enhance the liquidity and transparency of these traditional assets while providing new collateral for the DeFi ecosystem. Recently, countries like the UK and the US have begun exploring the issuance of digital bonds, which undoubtedly serves as a positive signal regarding policies towards RWA. Moreover, the continuous rise in BTC prices has not only driven the impressive performance of asset-driven crypto concept stocks like MicroStrategy in the secondary market but has also triggered a "copycat effect"—more and more listed companies are beginning to emulate this model by incorporating Bitcoin or other crypto assets into their balance sheets to enhance their valuations and market appeal. AI and Crypto AI + Crypto will be the next multi-billion market opportunity. We are particularly focused on the application of AI agents in blockchain payment infrastructure and AI-driven decentralized financial tools. Stablecoins may become the preferred payment tool for AI agents, and high-throughput blockchains (such as Solana, Lightning Network, BASE) will significantly benefit from the proliferation of AI. Additionally, utilizing DID technology for AI identity verification and fraud protection solutions is also one of the future directions. Stablecoins and Payment Innovations Stablecoins have proven their value as global payment tools over the past year, especially in reducing transaction costs and improving efficiency. We expect that 2025 will see large-scale adoption of stablecoins in corporate payments, particularly among small and medium-sized enterprises (such as restaurants and retail) that will be the first to transition from credit card payments to stablecoin payments. Furthermore, as more companies recognize the cost advantages of stablecoins, there will be new growth opportunities in stablecoin issuance and payment integration businesses. In terms of investment strategy, we prefer to position ourselves in early-stage projects with the potential for large-scale adoption in the future. We are very optimistic about the AI + Crypto direction, which includes both infrastructure projects like TEE (Trusted Execution Environment) and Data Labeling, as well as AI agent applications specific to certain vertical business scenarios. Waterdrip Capital has already begun systematically positioning itself in this field from 2023 to 2024, such as SWAN Chain as an AI computing chain, BAS for verification services based on Green Field, and Alsa for AI + payment integration; we can say we have covered the entire industrial chain from AI training, computing, storage to application. However, we will still keep an eye on other sectors and look forward to seeing more groundbreaking technologies and business models emerge in 2025. For the secondary market, we tend to purchase targets that have real landing scenarios and self-sustaining capabilities; including public chains, service providers, and protocol projects, which is very similar to how companies with good cash flow performance in the traditional stock market regularly repurchase their own stocks; secondly, we can pay attention to crypto concepts in the stock market; last year we released a research report on crypto concept stocks, as mentioned above, in addition to asset-driven MSTR, we also analyzed mining concepts like MARA and infrastructure concepts, as well as exchange concepts, payment concepts, etc. Therefore, in the secondary market, we will focus on participating in the allocation of related concept stocks. 2025 Investment Outlook: We will focus on application areas, especially various breakout sectors and community-driven scenarios. Starting in the second half of 2025, we will gradually summarize the pain points in applications and explore a new round of infrastructure/tool layers. We will continue to adopt a primary-secondary linkage strategy, focusing on discovering early-stage projects with reasonable or undervalued valuations in the primary market, and in the secondary market, based on information channels from the primary market, adopt more flexible methods to expand the range of investment targets, using lending, derivatives, and other methods to control risks. Key Sectors: In 2025, the fundraising environment for entrepreneurial teams will be more complex but also full of opportunities. Here are our suggestions: Suggestion 1: Deep Community Involvement Currently, community users have become an important driving force for project success. Teams need to design fair and transparent token distribution mechanisms that not only incentivize investors but also attract core users to join. Users are no longer just investors in the project; they are part of the ecosystem and directly influence the project's future development. Suggestion 2: Keep Up with Dex Trends The mainstreaming trend of decentralized exchanges cannot be ignored. Dex provides better liquidity and transparency, and many popular projects will prioritize listing on Dex, creating market heat that forces centralized exchanges to follow suit. This trend brings greater autonomy to projects while also broadening fundraising channels. Suggestion 3: Clearly Articulate Your Story In a highly competitive sector, clear storytelling is crucial. Teams need to accurately convey the core value of the project, especially the intersection of technological innovation and market demand. A good story can help the team stand out among investors and community users. Suggestion 4: Focus on Long-term Community Value Fundraising is not just about addressing short-term funding needs; it is also an opportunity to build long-term community trust. Through transparent governance and fair mechanism design, teams can attract users to continuously support the project ecosystem, laying a foundation for future development. Summary: From an investment perspective, we hold an optimistic view of the overall trends for 2025. Especially in areas such as the integration of blockchain and AI, the improvement of DeFi infrastructure, and the gradual entry of Web3 technology into the mainstream market, we see many opportunities. Additionally, for projects planning to raise funds, we suggest teams pay more attention to community building, keep up with the trend of decentralized trading, and win market trust through clear project narratives. Future competition will not only be a contest of technology but also a manifestation of trust and value. The current crypto market may be in a bull market cycle, but project teams need to prepare for a potentially flat market in the next 2-3 years. Good cash flow management and self-sustaining capabilities will be key to a project's survival and development. If the goal is to create a project with real landing business, then consider the efficiency of fund usage during fundraising and develop a long-term financial plan. As blockchain technology deeply integrates with other industries, project teams should actively seek cooperation or financing opportunities with traditional industries. Financing from traditional industry VCs can provide more support for projects. As the global regulatory environment gradually clarifies, project teams should actively communicate with regulatory agencies to ensure project compliance. Compliance is not only the foundation for the long-term development of projects but also key to attracting traditional capital and institutional investors. Successful projects in 2024 are basically community-driven; focusing on and capturing the needs of the community and users is the key.

Story Protocol is setting a new standard in how intellectual property (IP) is managed by leveraging blockchain technology. Here’s a deep dive into its core components and market insights: --- 1. Governance & Decentralization Decentralized Governance Model Story Protocol is designed with a decentralized governance framework where $IP token holders steer the project’s future. Key elements include: DAO Structure: A Decentralized Autonomous Organization enables token holders to vote on proposals and drive protocol evolution. Proposal & Voting System: Users can submit proposals—from modifying royalty structures to enhancing licensing mechanisms—with decisions made via a token-weighted voting system, ensuring that greater $IP holdings translate into more influence. Decision-Making Areas Token holders are empowered to make critical decisions on: Protocol Upgrades: Implementing smart contract improvements and security updates. Incentive Structures: Adjusting staking rewards, creator incentives, and revenue-sharing models. Ecosystem Funding: Allocating resources for developers, creators, and community-driven projects. --- 2. Partnerships & Ecosystem Development Strategic Collaborations Story Protocol aims to integrate across various sectors to boost adoption and functionality: Web3 Marketplaces: Potential collaborations with platforms like OpenSea, Blur, Magic Eden, and Rarible for NFT-based IP licensing. Entertainment & Media: Partnerships with film studios, game developers, and publishers to tokenize and trade IP rights. Metaverse & AI Integration: Aligning with virtual world projects and AI-generated content platforms to streamline digital ownership. Investor Confidence Attention from venture capital firms and industry leaders bolsters the ecosystem, promising accelerated development and wider market acceptance. --- 3. Technical Architecture & Smart Contracts Robust Infrastructure Built on Ethereum (or a Layer 2 solution), Story Protocol utilizes smart contracts to ensure trustless and transparent IP registration and licensing: On-Chain Registration: Creators can securely register their work, establishing an immutable record of ownership. Licensing Automation: Smart contracts facilitate direct licensing, ensuring automated royalty payments. Fractional Ownership: Tokenization enables multiple stakeholders to own portions of an IP asset. Interoperability The protocol is compatible with major NFT standards (ERC-721, ERC-1155) and can integrate with AI content platforms to effectively track and distribute royalties. --- 4. Monetization & Revenue Model Diverse Revenue Streams Story Protocol offers multiple avenues for monetizing IP: Direct Licensing: Eliminating intermediaries through smart contracts. Automated Royalty Payments: Ensuring creators receive fair compensation every time their work is used. IP Staking & NFT Sales: Opportunities for staking IP-backed tokens and trading digital assets on various marketplaces. Incentives for Creators To attract creative talent, the protocol may offer grants, funding, and community rewards for active participation in governance and content curation. --- 5. Risks & Challenges Legal & Regulatory Considerations IP Tokenization Laws: Navigating a complex global legal landscape where digital ownership rights vary by jurisdiction. Copyright Enforcement: Bridging blockchain registration with real-world legal enforcement remains a challenge. Adoption Barriers Traditional Creators’ Hesitancy: Many artists and writers are still getting acquainted with blockchain technology. Scalability Issues: High gas fees and network congestion could impact user experience and transaction costs. --- 6. Market Insights & Technical Analysis Crypto Market Dynamics Despite recent trading volume declines and bearish 1H candle patterns, $IP remains a compelling asset in both crypto and traditional markets. Utility & Participation: Holders can stake $IP to secure the network, use it as a gas token, and actively participate in governance. Traditional Market Perspective Parallel developments in the traditional market—illustrated by International Paper (IP) trading at $56.12 and strategic moves like the DS Smith acquisition—highlight how traditional finance intersects with innovative blockchain projects. Recent trends show significant price movements, though opinions on long-term growth remain mixed. Forecast & Technical Overview While specific forecasts for $IP are still emerging, analogous data (e.g., Internet Computer’s performance) suggests: Short-Term Price Targets: Projections indicate potential movement in the near term, though caution is advised given bearish technical signals. Long-Term Outlook: Forecasts range broadly, hinting at high ROI potential if adoption scales and regulatory clarity is achieved. --- Conclusion Story Protocol’s $IP token could fundamentally reshape the intellectual property landscape by introducing decentralized, automated, and transparent ownership models. However, the journey forward will depend on overcoming regulatory hurdles, fostering strong partnerships, and ensuring a seamless user experience. While technical indicators warrant caution—evidenced by declining trading volume and bearish short-term signals—the project's innovative approach keeps it at the forefront of both crypto and traditional investment discussions. $IP

1. Governance & Decentralization One of the main selling points of Story Protocol is its decentralized governance model, which allows token holders to have a say in key decisions. a. Governance Structure • DAO Model: Story Protocol may implement a Decentralized Autonomous Organization (DAO) where $IP token holders vote on proposals. • Proposal System: Users can propose changes to the protocol, such as modifying royalty structures, improving licensing mechanisms, or funding new creator incentives. • Voting Mechanism: Governance decisions could be based on a token-weighted voting system, where more $IP tokens give a user greater voting power. b. Decision-Making Areas $IP token holders might govern: • Protocol Upgrades – Smart contract changes, security updates, and feature enhancements. • Incentive Structures – Adjustments to staking rewards, creator incentives, and revenue-sharing models. • Ecosystem Grants & Funding – Allocating funds to developers, creators, and projects building on Story Protocol. 2. Partnerships & Ecosystem Development Story Protocol aims to integrate with major content platforms, NFT marketplaces, and entertainment companies to drive adoption. a. Potential Partnerships • Web3 Marketplaces: OpenSea, Blur, Magic Eden, or Rarible for NFT-based IP licensing. • Entertainment Industry: Collaboration with film studios, game developers, and publishing platforms to tokenize and trade IP rights. • Metaverse & AI Integration: Partnerships with virtual world projects and AI-generated content platforms to streamline digital ownership. b. Strategic Investors & Backing Story Protocol has attracted attention from venture capital firms and notable industry players. Understanding who backs the project is crucial, as strong investors can accelerate adoption. 3. Technical Architecture & Smart Contracts Story Protocol is likely built on Ethereum (or a Layer 2 solution) with smart contracts governing IP registration and licensing. a. How It Works Technically • On-Chain Registration: Creators can register their work on Story Protocol, creating an immutable record of ownership. • Licensing Smart Contracts: Automated contracts enable trustless licensing, ensuring creators get paid when their work is used. • Fractional Ownership: IP rights can be split into tokenized shares, allowing multiple investors to own a piece of an IP asset. b. Interoperability • Compatible with NFT standards (ERC-721, ERC-1155) for tokenized IP assets. • Can integrate with AI-generated content platforms to track and distribute royalties. 4. Monetization & Revenue Model Story Protocol offers multiple ways for creators and investors to monetize intellectual property. a. Revenue Streams • Direct Licensing: Creators can license their works through smart contracts, eliminating middlemen. • Royalty Payments: Automated royalties ensure fair compensation every time an IP is used. • IP Staking: Users might stake IP-backed tokens in exchange for a share of the revenue. • NFT & Digital Asset Sales: Tokenized IP assets can be sold or traded on marketplaces. b. Creator Incentives To attract creators, Story Protocol may offer: • Grants & Funding: Early adopters and innovative projects might receive funding. • Community Rewards: Incentives for participating in governance and content curation. 5. Risks & Challenges While promising, Story Protocol faces several challenges: a. Legal & Regulatory Issues • IP Tokenization Laws: Countries have different laws regarding digital ownership and licensing. • Copyright Enforcement: Ensuring blockchain-registered IP is enforceable in real-world courts. b. Adoption Barriers • Traditional Creators’ Hesitancy: Many artists and writers are unfamiliar with blockchain. • Scalability Issues: High gas fees and network congestion could affect usability. Conclusion Story Protocol’s $IP token could redefine the intellectual property industry by introducing decentralized, automated, and transparent ownership models. However, mass adoption depends on regulatory clarity, strong partnerships, and user-friendly implementation.$IP

Before the big bull market comes, the representative coins of each major sector must be clear. If you don’t know what to buy, then look at the leading coins in the sector. 1. MEME board DOGE, SHIB, PEPE, FLOKI, BONK 2. AI board AGIX, WLD, FET, AI, NMR 3. Public chain board ETH, SOL, MATIC, FTM, ADA, AVAX, DOT, ATOM 4. LAYER2 board OP, ARB, METIS, IMX, MANTA, EGLD, MNT 5. 2024 halving board BCH, BSV, ZEC, ZEN, BTG, BHC, LTC 6. GAMEFI board SAND, MANA, GALA, ENJ, RON, PIXEL, ACE, ILV, MAGIC, YGG 7. Oracle sector TRB, LINK, API3, TRB, BAND 8. Payment concept sector MOB, ACH, XLM, CELO 9. Inscription sector ORDI, SATS, RATS 10. Storage sector AR, FIL, STORJ, BLZ 11. DEFI sector AAVE, COMP, RDNT, CRV, MKR, AVAX, DYDX 12. NFT sector BLUR, DYDX, LOOKS, DEGO 13. Modular sector TIA, MANTA, DYM, ALT, 14. Sports sector CHZ, SANTOS, POR, CITY, OG Hold on after you have chosen. As long as you hold on, there will definitely be a return in one cycle, and no one can cut you off. Remember not to be indecisive.

Before the big bull market comes, the representative coins of each major sector must be clear. If you don’t know what to buy, then look at the leading coins in the sector. 1. MEME board DOGE, SHIB, PEPE, FLOKI, BONK 2. AI board AGIX, WLD, FET, AI, NMR 3. Public chain board ETH, SOL, MATIC, FTM, ADA, AVAX, DOT, ATOM 4. LAYER2 board OP, ARB, METIS, IMX, MANTA, EGLD, MNT 5. 2024 halving board BCH, BSV, ZEC, ZEN, BTG, BHC, LTC 6. GAMEFI board SAND, MANA, GALA, ENJ, RON, PIXEL, ACE, ILV, MAGIC, YGG 7. Oracle sector TRB, LINK, API3, TRB, BAND 8. Payment concept sector MOB, ACH, XLM, CELO 9. Inscription sector ORDI, SATS, RATS 10. Storage sector AR, FIL, STORJ, BLZ 11. DEFI sector AAVE, COMP, RDNT, CRV, MKR, AVAX, DYDX 12. NFT sector BLUR, DYDX, LOOKS, DEGO 13. Modular sector TIA, MANTA, DYM, ALT, 14. Sports sector CHZ, SANTOS, POR, CITY, OG Hold on after you have chosen. As long as you hold on, there will definitely be a return in one cycle, and no one can cut you off. Remember not to be indecisive.