<p>加密貨幣在金融領域的未來是否已經牢牢確立，還是非金融應用的潛力才剛剛開始顯現？</p>
<p>a16z Crypto 的管理合夥人 Chris Dixon 否定了這一説法，表示，</p>
<blockquote>
<p>“現在宣稱加密貨幣的非金融用例已經死去是時髦的。”</p>
</blockquote>
<p>他解釋説，區塊鏈引入了一種協調原語，金融首先出現是因為基礎設施必須在其他行業之前發展。</p>
<p>Dragonfly 的管理合夥人 Haseeb Qureshi 直接回應，質疑將責任歸咎於監管的觀點。他問道，為什麼金融在面臨更嚴格審查的情況下仍然蓬勃發展。</p>
<p>在他看來，消費者加密貨幣的失敗是由於需求疲軟，而不是政策障礙，他認為產品本身質量差，最終未能通過市場測試。</p>
<p>Dixon 指出了互聯網時代的順序和支持政策的變化，而 Qureshi 則引用了採用歷史，得出金融仍然是加密貨幣唯一經過驗證的產品市場契合。</p>
<h2><strong>資本流動揭示了加密貨幣的真實產品市場契合</strong></h2>
<p>風險投資在 2025 年急劇上升，超過 200 億美元，達到自 2022 年以來的最高水平，是 2023 年總額的兩倍多。增長在第四季度加速，425 筆交易中流入 85 億美元，環比增長 84%。</p>
<p>資本集中在後期融資、基礎設施和去中心化金融（DeFi）上，表明機構的信心而非零售的炒作。這一擴張與 DeFi 的穩定階段相一致。</p>
<p>鎖定的總價值恢復到約 990.7 億美元，從 500 億美元的熊市底部反彈，而穩定幣供應超過 3070 億美元。</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 這樣的借貸平台保持了深厚的流動性，強化了金融作為加密貨幣的產品市場契合層。同時，穩定幣結算每年達到數萬億，調整後的交易量與傳統支付系統的吞吐量相媲美。</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>來源：TokenTerminal</p>
<p>資金流入和支付增長共同支持了以金融為主導的採用，驗證了 Haseeb 的需求觀點，同時仍反映了 Dixon 的順序邏輯。</p>
<h2><strong>收入密度仍然受到限制</strong></h2>
<p>頂級協議的收益集中強化了價值積累的差距。</p>
<p>金融平台在全年中引領盈利，PancakeSwap [CAKE] 在 30 天內產生約 1580 萬美元的收益，而 Aave [AAVE] 則為 1040 萬美元，表明基於費用的可持續性。</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>來源：TokenTerminal</p>
<p>隨着排放量的下降，通過銷燬和質押保留的價值增強，支持了淨盈利。相比之下，非金融領域在推動使用方面嚴重依賴代幣獎勵。遊戲和社交活動在空投和玩賺階段激增；然而，一旦補貼消失，用户留存便減弱。</p>
<p>收入密度仍然較薄，頂級區塊鏈遊戲每天產生約 420 萬美元，ARPU 通常低於 10–30 美元。因此，效用吸引了用户，但在將參與轉化為持久現金流方面卻面臨困難。</p>
<p>綜合來看，從收入和風險投資回報的角度，Haseeb 的需求論點似乎更強，而 Dixon 的觀點則在結構上保持長期。</p>
<hr/>
<h2>最終思考</h2>
<ul>
<li><em>金融仍然是加密貨幣主導的價值積累層，資本、收入和支付流集中在 DeFi 和穩定幣軌道上。</em></li>
<li><em>效用領域推動了參與，但未能將使用轉化為持久現金流，儘管長期擴展潛力仍然存在，強化了風險投資的懷疑。</em></li>
</ul>

<p>加密貨幣在金融領域的未來在風險投資者中引發了爭論。來自 a16z Crypto 的 Chris Dixon 認為非金融用途並未消亡，而來自 Dragonfly 的 Haseeb Qureshi 則將消費者加密貨幣的失敗歸因於需求疲軟，而非監管。2025 年風險投資激增，顯示出機構的信心，金融領域仍然是加密貨幣的成熟產品市場契合點。金融平台展現了盈利能力，而非金融領域則在維持現金流方面面臨困難。總體而言，金融被視為加密貨幣中主導的價值層，同時對公用事業領域的長期可行性仍存在持續的懷疑</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>加密貨幣在金融領域的未來是否已經牢牢確立，還是非金融應用的潛力才剛剛開始顯現？</p>
</div><p>Chris Dixon, Managing Partner at a16z Crypto, rejected the narrative, stating,</p>
<div class="lb-trans"><p>a16z Crypto 的管理合夥人 Chris Dixon 否定了這一説法，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>“現在宣稱加密貨幣的非金融用例已經死去是時髦的。”</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>他解釋説，區塊鏈引入了一種協調原語，金融首先出現是因為基礎設施必須在其他行業之前發展。</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 的管理合夥人 Haseeb Qureshi 直接回應，質疑將責任歸咎於監管的觀點。他問道，為什麼金融在面臨更嚴格審查的情況下仍然蓬勃發展。</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>在他看來，消費者加密貨幣的失敗是由於需求疲軟，而不是政策障礙，他認為產品本身質量差，最終未能通過市場測試。</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 指出了互聯網時代的順序和支持政策的變化，而 Qureshi 則引用了採用歷史，得出金融仍然是加密貨幣唯一經過驗證的產品市場契合。</p>
</div><h2><strong>Capital flows reveal crypto’s true product-market fit</strong></h2>
<div class="lb-trans"><h2><strong>資本流動揭示了加密貨幣的真實產品市場契合</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>風險投資在 2025 年急劇上升，超過 200 億美元，達到自 2022 年以來的最高水平，是 2023 年總額的兩倍多。增長在第四季度加速，425 筆交易中流入 85 億美元，環比增長 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>資本集中在後期融資、基礎設施和去中心化金融（DeFi）上，表明機構的信心而非零售的炒作。這一擴張與 DeFi 的穩定階段相一致。</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>鎖定的總價值恢復到約 990.7 億美元，從 500 億美元的熊市底部反彈，而穩定幣供應超過 3070 億美元。</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 這樣的借貸平台保持了深厚的流動性，強化了金融作為加密貨幣的產品市場契合層。同時，穩定幣結算每年達到數萬億，調整後的交易量與傳統支付系統的吞吐量相媲美。</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>來源：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>資金流入和支付增長共同支持了以金融為主導的採用，驗證了 Haseeb 的需求觀點，同時仍反映了 Dixon 的順序邏輯。</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>頂級協議的收益集中強化了價值積累的差距。</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領盈利，PancakeSwap [CAKE] 在 30 天內產生約 1580 萬美元的收益，而 Aave [AAVE] 則為 1040 萬美元，表明基於費用的可持續性。</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>來源：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>隨着排放量的下降，通過銷燬和質押保留的價值增強，支持了淨盈利。相比之下，非金融領域在推動使用方面嚴重依賴代幣獎勵。遊戲和社交活動在空投和玩賺階段激增；然而，一旦補貼消失，用户留存便減弱。</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>收入密度仍然較薄，頂級區塊鏈遊戲每天產生約 420 萬美元，ARPU 通常低於 10–30 美元。因此，效用吸引了用户，但在將參與轉化為持久現金流方面卻面臨困難。</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>綜合來看，從收入和風險投資回報的角度，Haseeb 的需求論點似乎更強，而 Dixon 的觀點則在結構上保持長期。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最終思考</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>金融仍然是加密貨幣主導的價值積累層，資本、收入和支付流集中在 DeFi 和穩定幣軌道上。</em></li>
<li><em>效用領域推動了參與，但未能將使用轉化為持久現金流，儘管長期擴展潛力仍然存在，強化了風險投資的懷疑。</em></li>
</ul>
</div>

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

- 加密貨幣的未來在金融領域依然主導，資本流向和收入集中在 DeFi 及穩定幣上。  
- 投資和支付增長支持了對此領域的需求，形成穩固的市場契合。  
- 非金融應用吸引用户但未能實現持久現金流，增添對未來的懷疑。

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金融是加密貨幣的開端還是其最終形態？風險投資公司發表了看法……