Binance and Polychain's joint investment: 7 times Binance and HackVC joint investment: 7 times 1/Power law distribution of encrypted venture capital Venture capital follows an extreme power law, for example, companies invested in by A16z have a ⅓ probability of receiving subsequent rounds within two years Subsequent rounds are important indicators for measuring fund performance 2/Joint investment model Large funds such as A16z and Polychain tend to invest in their own portfolio companies Funds are gradually forming a habit of joint investment, such as Polychain and Nomad Capital, Binance and HackVC, which have had multiple joint investments 3/Network integration trend The cryptocurrency venture capital market is moving towards a trend of few funds placing large bets and a decrease in co investors 4/Enterprise Capital and Future Prospects Corporate capital (such as Coinbase Ventures) tends to focus on growth stage projects and form their own investment clusters The impact of network relationships on fund performance is complex, and the personal relationships of general partners are more important than the connections between funds