<p>加密货币在金融领域的未来是否已经牢牢确立，还是非金融应用的潜力才刚刚开始显现？</p>
<p>a16z Crypto 的管理合伙人 Chris Dixon 否定了这一说法，表示，</p>
<blockquote>
<p>“现在宣称加密货币的非金融用例已经死去是时髦的。”</p>
</blockquote>
<p>他解释说，区块链引入了一种协调原语，金融首先出现是因为基础设施必须在其他行业之前发展。</p>
<p>Dragonfly 的管理合伙人 Haseeb Qureshi 直接回应，质疑将责任归咎于监管的观点。他问道，为什么金融在面临更严格审查的情况下仍然蓬勃发展。</p>
<p>在他看来，消费者加密货币的失败是由于需求疲软，而不是政策障碍，他认为产品本身质量差，最终未能通过市场测试。</p>
<p>Dixon 指出了互联网时代的顺序和支持政策的变化，而 Qureshi 则引用了采用历史，得出金融仍然是加密货币唯一经过验证的产品市场契合。</p>
<h2><strong>资本流动揭示了加密货币的真实产品市场契合</strong></h2>
<p>风险投资在 2025 年急剧上升，超过 200 亿美元，达到自 2022 年以来的最高水平，是 2023 年总额的两倍多。增长在第四季度加速，425 笔交易中流入 85 亿美元，环比增长 84%。</p>
<p>资本集中在后期融资、基础设施和去中心化金融（DeFi）上，表明机构的信心而非零售的炒作。这一扩张与 DeFi 的稳定阶段相一致。</p>
<p>锁定的总价值恢复到约 990.7 亿美元，从 500 亿美元的熊市底部反弹，而稳定币供应超过 3070 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/54d048fc-706e-4599-a36f-6a17105af0d8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/54d048fc-706e-4599-a36f-6a17105af0d8.png"/></p>
<p>DeFiLlama</p>
<p>像 Morpho 这样的借贷平台保持了深厚的流动性，强化了金融作为加密货币的产品市场契合层。同时，稳定币结算每年达到数万亿，调整后的交易量与传统支付系统的吞吐量相媲美。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/download-3-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/download-3-scaled.png"/></p>
<p>来源：TokenTerminal</p>
<p>资金流入和支付增长共同支持了以金融为主导的采用，验证了 Haseeb 的需求观点，同时仍反映了 Dixon 的顺序逻辑。</p>
<h2><strong>收入密度仍然受到限制</strong></h2>
<p>顶级协议的收益集中强化了价值积累的差距。</p>
<p>金融平台在全年中引领盈利，PancakeSwap [CAKE] 在 30 天内产生约 1580 万美元的收益，而 Aave [AAVE] 则为 1040 万美元，表明基于费用的可持续性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/download-4-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/download-4-scaled.png"/></p>
<p>来源：TokenTerminal</p>
<p>随着排放量的下降，通过销毁和质押保留的价值增强，支持了净盈利。相比之下，非金融领域在推动使用方面严重依赖代币奖励。游戏和社交活动在空投和玩赚阶段激增；然而，一旦补贴消失，用户留存便减弱。</p>
<p>收入密度仍然较薄，顶级区块链游戏每天产生约 420 万美元，ARPU 通常低于 10–30 美元。因此，效用吸引了用户，但在将参与转化为持久现金流方面却面临困难。</p>
<p>综合来看，从收入和风险投资回报的角度，Haseeb 的需求论点似乎更强，而 Dixon 的观点则在结构上保持长期。</p>
<hr/>
<h2>最终思考</h2>
<ul>
<li><em>金融仍然是加密货币主导的价值积累层，资本、收入和支付流集中在 DeFi 和稳定币轨道上。</em></li>
<li><em>效用领域推动了参与，但未能将使用转化为持久现金流，尽管长期扩展潜力仍然存在，强化了风险投资的怀疑。</em></li>
</ul>

<p>加密货币在金融领域的未来在风险投资者中引发了争论。来自 a16z Crypto 的 Chris Dixon 认为非金融用途并未消亡，而来自 Dragonfly 的 Haseeb Qureshi 则将消费者加密货币的失败归因于需求疲软，而非监管。2025 年风险投资激增，显示出机构的信心，金融领域仍然是加密货币的成熟产品市场契合点。金融平台展现了盈利能力，而非金融领域则在维持现金流方面面临困难。总体而言，金融被视为加密货币中主导的价值层，同时对公用事业领域的长期可行性仍存在持续的怀疑</p>

<p>Has the future of cryptocurrency in finance been firmly established, or is the potential for non-financial applications only beginning to unfold?</p>
<div class="lb-trans"><p>加密货币在金融领域的未来是否已经牢牢确立，还是非金融应用的潜力才刚刚开始显现？</p>
</div><p>Chris Dixon, Managing Partner at a16z Crypto, rejected the narrative, stating,</p>
<div class="lb-trans"><p>a16z Crypto 的管理合伙人 Chris Dixon 否定了这一说法，表示，</p>
</div><blockquote>
<p>“It’s fashionable right now to declare that non-financial use cases of crypto are dead.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“现在宣称加密货币的非金融用例已经死去是时髦的。”</p>
</blockquote>
</div><p>He explained that blockchains introduced a coordination primitive, with finance emerging first because infrastructure had to develop before other sectors.</p>
<div class="lb-trans"><p>他解释说，区块链引入了一种协调原语，金融首先出现是因为基础设施必须在其他行业之前发展。</p>
</div><p>Haseeb Qureshi, Managing Partner at Dragonfly, responded directly by challenging the idea that regulation was to blame. He asked why finance thrived despite facing even stricter scrutiny.</p>
<div class="lb-trans"><p>Dragonfly 的管理合伙人 Haseeb Qureshi 直接回应，质疑将责任归咎于监管的观点。他问道，为什么金融在面临更严格审查的情况下仍然蓬勃发展。</p>
</div><p>In his view, consumer crypto failed because of weak demand rather than policy barriers, arguing that the products themselves were poor and ultimately failed the market test.</p>
<div class="lb-trans"><p>在他看来，消费者加密货币的失败是由于需求疲软，而不是政策障碍，他认为产品本身质量差，最终未能通过市场测试。</p>
</div><p>Dixon pointed to internet-era sequencing and supportive policy shifts, while Qureshi cites adoption history, concluding finance remains crypto’s only proven product-market fit.</p>
<div class="lb-trans"><p>Dixon 指出了互联网时代的顺序和支持政策的变化，而 Qureshi 则引用了采用历史，得出金融仍然是加密货币唯一经过验证的产品市场契合。</p>
</div><h2><strong>Capital flows reveal crypto’s true product-market fit</strong></h2>
<div class="lb-trans"><h2><strong>资本流动揭示了加密货币的真实产品市场契合</strong></h2>
</div><p>Venture funding rose sharply in 2025, surpassing $20 billion, the highest level since 2022 and more than double 2023 totals. Growth accelerated into Q4, where $8.5 billion flowed across 425 deals, up 84% quarter over quarter.</p>
<div class="lb-trans"><p>风险投资在 2025 年急剧上升，超过 200 亿美元，达到自 2022 年以来的最高水平，是 2023 年总额的两倍多。增长在第四季度加速，425 笔交易中流入 85 亿美元，环比增长 84%。</p>
</div><p>Capital focused on later-stage rounds, infrastructure, and DeFi, signaling institutional conviction rather than retail hype. This expansion aligned with DeFi’s stabilization phase.</p>
<div class="lb-trans"><p>资本集中在后期融资、基础设施和去中心化金融（DeFi）上，表明机构的信心而非零售的炒作。这一扩张与 DeFi 的稳定阶段相一致。</p>
</div><p>Total value locked recovered to about $99.07 billion, rebounding from the $50 billion bear-market floor, while stablecoin supply exceeded $307 billion.</p>
<div class="lb-trans"><p>锁定的总价值恢复到约 990.7 亿美元，从 500 亿美元的熊市底部反弹，而稳定币供应超过 3070 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/54d048fc-706e-4599-a36f-6a17105af0d8.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/54d048fc-706e-4599-a36f-6a17105af0d8.png"/></p>
<p>DeFiLlama</p>
<div class="lb-trans"><p>DeFiLlama</p>
</div><p>Lending platforms such as Morpho maintained deep liquidity, reinforcing finance as crypto’s product-market fit layer. Meanwhile, stablecoin settlement reached trillions annually, with adjusted volumes rivaling traditional rails in throughput.</p>
<div class="lb-trans"><p>像 Morpho 这样的借贷平台保持了深厚的流动性，强化了金融作为加密货币的产品市场契合层。同时，稳定币结算每年达到数万亿，调整后的交易量与传统支付系统的吞吐量相媲美。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/download-3-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/download-3-scaled.png"/></p>
<p>Source: TokenTerminal</p>
<div class="lb-trans"><p>来源：TokenTerminal</p>
</div><p>Together, funding inflows and payment growth supported finance-led adoption, validating Haseeb’s demand view while still reflecting Dixon’s sequencing logic.</p>
<div class="lb-trans"><p>资金流入和支付增长共同支持了以金融为主导的采用，验证了 Haseeb 的需求观点，同时仍反映了 Dixon 的顺序逻辑。</p>
</div><h2><strong>Revenue density is still anchored</strong></h2>
<div class="lb-trans"><h2><strong>收入密度仍然受到限制</strong></h2>
</div><p>Earnings concentration across top protocols reinforces the value-accrual divide.</p>
<div class="lb-trans"><p>顶级协议的收益集中强化了价值积累的差距。</p>
</div><p>Financial platforms led profitability through the year, with PancakeSwap [CAKE] generating about $15.8 million in 30-day earnings and Aave [AAVE] $10.4 million, signaling fee-driven sustainability.</p>
<div class="lb-trans"><p>金融平台在全年中引领盈利，PancakeSwap [CAKE] 在 30 天内产生约 1580 万美元的收益，而 Aave [AAVE] 则为 1040 万美元，表明基于费用的可持续性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/download-4-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/download-4-scaled.png"/></p>
<p>Source: TokenTerminal</p>
<div class="lb-trans"><p>来源：TokenTerminal</p>
</div><p>As emissions declined, retained value strengthened through burns and staking, which supported net profitability. In contrast, non-financial sectors relied heavily on token rewards to drive usage. Gaming and social activity spiked during airdrops and play-to-earn phases; however, retention weakened once subsidies faded.</p>
<div class="lb-trans"><p>随着排放量的下降，通过销毁和质押保留的价值增强，支持了净盈利。相比之下，非金融领域在推动使用方面严重依赖代币奖励。游戏和社交活动在空投和玩赚阶段激增；然而，一旦补贴消失，用户留存便减弱。</p>
</div><p>Revenue density remained thin, with top blockchain games producing roughly $4.2 million daily and ARPU often below $10–$30. Thus, the utility attracted users but struggled to convert engagement into a durable cash flow.</p>
<div class="lb-trans"><p>收入密度仍然较薄，顶级区块链游戏每天产生约 420 万美元，ARPU 通常低于 10–30 美元。因此，效用吸引了用户，但在将参与转化为持久现金流方面却面临困难。</p>
</div><p>All this together, from a revenue and venture‑returns perspective, Haseeb’s demand argument appears stronger, while Dixon’s view remains structurally long‑term.</p>
<div class="lb-trans"><p>综合来看，从收入和风险投资回报的角度，Haseeb 的需求论点似乎更强，而 Dixon 的观点则在结构上保持长期。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最终思考</h2>
</div><ul>
<li><em>Finance remains crypto’s dominant value-accrual layer, with capital, revenue, and payment flows consolidating around DeFi and stablecoin rails.</em></li>
<li><em>Utility sectors drive engagement but fail to convert usage into durable cash flow, reinforcing venture skepticism despite long-term expansion potential.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>金融仍然是加密货币主导的价值积累层，资本、收入和支付流集中在 DeFi 和稳定币轨道上。</em></li>
<li><em>效用领域推动了参与，但未能将使用转化为持久现金流，尽管长期扩展潜力仍然存在，强化了风险投资的怀疑。</em></li>
</ul>
</div>

Is finance crypto’s first chapter or its final form? VCs weigh in…

- 加密货币的未来在金融领域依然主导，资本流向和收入集中在 DeFi 及稳定币上。  
- 投资和支付增长支持了对此领域的需求，形成稳固的市场契合。  
- 非金融应用吸引用户但未能实现持久现金流，增添对未来的怀疑。

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