Original Author: James Wo, Founder & CEO, DFG
DFG is honored to sponsor and participate in ETHDenver 2025, which attracted approximately 25,000 attendees, a decrease from previous years. Despite market challenges, the event showcased a resilient Web3 ecosystem, with builders focusing on sustainable, real-world applications in the fields of AI, interoperability, and next-generation dApps. Investors remain active, but they prioritize fundamentals, realistic valuations, and utility-driven projects in AI, RWA, DeFi, and institutional infrastructure. ETHDenver 2025 emphasized that the industry is shifting towards long-term vision, innovation, and sustainability rather than speculation.
Overall Market Sentiment
Despite ongoing macroeconomic concerns, such as trade tensions between the U.S., China, Canada, and Mexico, attendees at ETHDenver 2025 were largely undeterred and maintained an optimistic outlook on long-term prospects. Many pointed out that anticipated regulatory clarity and increasing institutional adoption are key catalysts for sustainable growth in the sector. Meanwhile, the speculative memecoin frenzy has noticeably cooled, with many in the community openly criticizing its impact. Memecoins have drained liquidity from more meaningful projects, diverted attention from innovation, and operated in an inherently extractive manner, ultimately hindering broader ecosystem development.
In terms of Altcoins, market sentiment appears to be at a low point not seen in recent years, with valuations severely depressed. This environment has led startups to further delay token issuance, as teams wait for more favorable market conditions before taking action. However, many developers are not focusing on short-term token issuance but are instead turning their attention to developing next-generation Web3 applications that can drive real adoption. This aligns with a broader industry recognition that long-term success will depend on the practicality and usability of decentralized applications rather than speculative trading.
One of the most exciting aspects of the event was the intersection of blockchain and AI. Many attendees expressed optimism about the synergies between these two technologies, believing that AI-driven smart contracts, decentralized AI models, and blockchain-based data verification are promising use cases poised to drive the next wave of innovation. This sustained enthusiasm indicates that, while speculative narratives may come and go, the focus on tangible progress and real-world applications remains strong.
Builders' Perspective
Despite the lackluster market performance, ETHDenver 2025 still exhibited a strong builder spirit, with many teams continuing to develop products focused on profitability and long-term sustainability. This mindset aligns well with the theme of a "Year of Regeneration," emphasizing the creation of renewable, self-sustaining ecosystems rather than chasing speculative hype. Projects are no longer prioritizing short-term gains but are instead focusing more on revenue generation and business viability, ensuring that their innovations can thrive regardless of market cycles.
A significant shift in builders' strategies is the recognition that multi-chain deployment is now a necessity rather than an afterthought. Interoperability, once seen as a major technical hurdle, is no longer viewed as a constraint but rather as a necessary feature for long-term success. Some teams are adopting cross-chain solutions to maximize their reach, liquidity, and availability across different blockchain ecosystems.
AI and agent-based applications remain major themes, but the focus has shifted from speculative excitement to tangible utility. Builders are now working on developing infrastructure and real-world products that leverage the advantages of blockchain (such as verifiability, privacy, interoperability, and scalability) to enhance AI-driven applications. This shift indicates that the intersection of AI and blockchain is moving from theoretical possibilities to practical implementations.
Another notable trend is the increasing involvement of Web2 participants in these events. More traditional venture capitalists, legal professionals, AI developers, and academics are engaging in the Web3 space, bringing valuable expertise and new perspectives. Their participation signifies a growing recognition of blockchain's potential beyond its native industries, fostering collaboration between traditional technology, regulatory frameworks, and decentralized innovation.
VC Perspective
At ETHDenver 2025, VCs expressed strong interest in key areas poised for long-term growth, including AI, RWA, DeFi, stablecoins, and institutional infrastructure. These areas became focal points for discussion as investors seek projects with tangible use cases and sustainable business models. Unlike previous cycles driven by speculation, investors have clearly shifted to prioritizing strong fundamentals and genuine token utility. Investors are now more discerning, looking for projects that provide real value rather than speculative returns.
While many venture capital firms are still actively deploying capital, they are doing so with greater caution given the uncertain macroeconomic environment and the pessimistic sentiment in the Altcoin market. This caution is reflected in stricter due diligence processes and a preference for teams with clear roadmaps, revenue models, and regulatory compliance strategies. With Altcoin valuations at low levels, investors also expect more realistic investment terms, favoring deals that reflect current market conditions rather than the inflated valuations seen in previous cycles. This recalibration indicates that the market is maturing, with rigorous capital allocation and long-term vision taking precedence over short-term speculation.
DFG's Activities
As a Meta sponsor of ETHDenver 2025, DFG seized the opportunity to engage with builders, investors, and industry leaders—both at our booth and through carefully curated side events. This year, we took it a step further by hosting two exclusive gatherings: the Founders & VC’s Brunch and Proof of Brew: Tasting the Crypto beer event, reconnecting with portfolio companies and building new relationships across the ecosystem.
On February 26, the Founders & VC’s Brunch, co-hosted with NEAR and Jsquare, was a tremendous success, attracting over 350 high-quality guests, exceeding capacity. The atmosphere was lively as projects and investors engaged in deep discussions about emerging trends such as AI, RWA, and DePIN. Our investment team held one-on-one meetings with carefully selected projects to assess high-potential investment opportunities and reinforced our commitment to supporting visionary founders who can shape the future of Web3.
DFG also co-hosted the Proof of Brew: Tasting the Crypto beer event on February 28 with ZetaChain, CoinList, and Jsquare. From craft beer to engaging Web3 discussions, we built meaningful connections and shared exciting insights.
I was thrilled to participate in the investment roundtable on March 1 titled “The Next Billion Dollar Ideas Are Already Here”, discussing the evolution of DeFi and highlighting key innovations and areas for improvement. I was also excited to share three key investment principles in cryptocurrency with investors!
During the four-day main event of ETHDenver, DFG's investment and marketing teams engaged with hundreds of visitors at our booth, sharing our background, investment philosophy, and long-term vision for the Web3 ecosystem.
At the DeFi World 2025 conference on February 26, DFG's CMO Angela Tong and other roundtable members discussed the future of blockchain infrastructure and scaling solutions, covering innovations in L2, modular chains, and interoperability.
See you next year, ETHDenver!
ETHDenver 2025 brought together builders, investors, and industry leaders to explore the next phase of blockchain innovation. While the market continues to evolve, the event reinforced a key shift—prioritizing long-term sustainability over short-term speculation. From infrastructure and AI to real-world assets and institutional adoption, the focus has shifted from hype to meaningful progress that shapes the future of Web3.
At DFG, we are committed to supporting the Ethereum ecosystem and investing in the protocols, infrastructure, and innovations that shape the future of Web3. As the industry matures, we believe that fundamental value creation and utility will drive the next wave of growth. ETHDenver 2025 has made it clear: builders will continue to thrive, and the future of blockchain will be built on a strong and sustainable foundation.
About DFG
Digital Finance Group (DFG) is a global leading Web3 investment and venture capital firm founded in 2015. DFG manages over $1 billion in assets, with investments spanning various sectors within the blockchain ecosystem. Our portfolio includes over 100 pioneering projects such as Circle, Ledger, Coinlist, Near, Solana, Render Network, and ZetaChain.
At DFG, we are dedicated to creating value for our portfolio companies through market research, strategic consulting, and sharing our extensive resources globally. We are actively collaborating with the most transformative and promising blockchain and Web 3.0 projects that are poised to revolutionize the industry.
DFG Website: https://dfg.group
DFG Twitter: @DFG__Official
DFG LinkedIn: DFG
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