<aside> 💡 只有资本和智力要素的充分流动，才有创新生态的充分繁荣 When capital and intellectual elements are fully flowing, can innovation ecology be fully prosperous
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Web2中互联网创业项目的成功来源于资本与用户的双重助推，资本帮助项目启动，产品受欢迎的程度，也就是种子用户和更多的用户数量代表着项目到达的一个个里程碑。在几年前火热的移动互联网创业中，10万、100万、1000万用户量及对应的其他指标成为了发展的重要关节，也成为了不同轮次融资的数据依据。
The success of Internet entrepreneurship projects in Web2 comes from the double boost of capital and users. Capital helps the project to start, and the popularity of the product, that is, seed users and more users, represents each milestone the project has reached. In the hot mobile Internet entrepreneurship a few years ago, the number of 100,000, 1 million, 10 million users and other corresponding indicators became an important joint of development, and also became the data basis of different rounds of financing.
在互联网的浪潮中，只有风险投资机构、天使投资人及少数创业者获得了大部分的收益，行业红利将大多数人挡在门外。头部资本通过对核心赛道和优秀创业团队的早期投资，获得了高倍的增长回报。而大多数人，只能成为产品的使用者和消费者，以及社交网络上的评价者与推广者。
In the dotcom boom, only venture capital firms, angel investors and a few entrepreneurs reaped the lion's share of the gains, leaving most people out of business dividends. Head Capital achieved high growth returns through early investment in core track and excellent entrepreneurial team. Most people, on the other hand, can only become users and consumers of products, as well as evaluators and promoters on social networks.
随着股权投资领域的深入，信息开始在封闭的环境中流动，而大部分的有效信息是不对外公开的，包括项目的早期设想，创始团队的个人背景等等。
As the field of equity investment deepens, information begins to flow in a closed environment, and most of the effective information is not publicly available, including the early ideas of the project, the personal background of the founding team, and so on.
在一个成功的项目中，早期资本而不是价值发现者和用户占有着项目的大部分收益，这让所有人习惯性忽视用户对项目所做的贡献。并且，中心化的团队决定着投资决策，对于是否投资一个项目，LP并无感知，更遑论用户。
In a successful project, early stage capital, rather than value finders and users, accounts for most of the revenue, which makes it a habit for everyone to ignore the user's contribution to the project. Moreover, centralized teams make investment decisions, and LP has no sense of whether to invest in a project, let alone the users.
创业项目的早期用户、支持者为项目成长做出了价值发现、数据贡献、经济贡献，但基本很难获得收益上的回报。不但无法进行投资，还只能成为一个消费者。由于创业者没有将自己的利益和社区利益建立关联，也降低了议价权，结果导致没有实现整个网络收益的最大化。
The early users and supporters of entrepreneurial projects have made value discovery, data contribution and economic contribution to the growth of the project, but it is difficult to get returns in terms of income. Not only can they not invest, they can only become a consumer. As entrepreneurs do not connect their own interests with the interests of the community, they also reduce their bargaining power, resulting in the failure to maximize the benefits of the entire network.
加密世界几年前就曾经用ICO对标IPO发起过革新，在那一轮运动中，有不少团队坚持建设到现在，直到成为如雷贯耳的那些名字，他们是公链、存储、预言机等。而现在，创投迎来更好的时代，公链生态的繁荣、DeFi网络的健壮、DAO理念的深入人心，让基础层和应用层的项目即将迎来百花齐放的局面。
The crypto world revolutionized ipos with ICOs a few years ago, and in that round of movement, there were a number of teams that kept building until now, until they became well-known names: public chain, storage, prognosticators, etc. But now, venture capital usher in a better era, the prosperity of public chain ecology, robust DeFi network, DAO concept deeply rooted in the hearts of the people, so that the basic layer and the application layer of the project is about to usher in a hundred flowers bloom.