Original title: "FV III: The End of The Beginning》

Original title: "

Author: Vance Spencer, Michael Anderson

Compilation of the original text: Gu Yu, Chain Catcher

Today, Framework Ventures announced the completion of a $400 million fund "FVIII" to invest in early-stage blockchain games, Web3 and DeFi startups and networks. Currently, Framework Ventures manages approximately $1.4 billion in assets and is one of the most successful venture capital institutions in the encryption industry.

At the same time, Framework Ventures also wrote an article to imagine the Crypto market in 2030, and believes that the industry will have 1-3 billion daily active users by then, and the total TVL will exceed 10 trillion US dollars. The following is a partial compilation of the original text by Chain Catcher:

The belief guiding FVIII is that we stand on the brink of hyper-growth in consumer blockchain applications. We firmly believe that the products being built today will open the floodgates to billions of new users over the next decade and become the next software leader. Nearly 10 years of technological maturity, iterations, and failures have made blockchain ready for consumers, but we believe it's here now. Developer tools have reduced build times from years to months, blockchains have scaled across multiple chains with transaction fees below 20 cents, and wallets have improved to the point where they can onboard 1 billion+ users. Blockchain technology is finally catching up to meet needs that until recently were only hypothetical.

Increased demand for block space comes from users in large end markets such as gaming, content, and commerce. The industry has grown as developers' focus has shifted from overcoming infrastructure hurdles to building apps that people actually want to use. Today, the MAU (note: daily active users) of the blockchain is about 30 million, an increase of about 54 times compared to 2020, and it is experimenting with original social networks, games and financial technology. To illustrate the size of the industry, OpenSea now indexes more NFTs than Google owns the web, the total value locked in DeFi has surpassed $200 billion, and Ethereum has burned 2.1 million ETH in fees over the past nine months. Suddenly, Crypto has grown from a niche industry of enthusiasts to an emerging industry with a real user base and a vibrant ecosystem.

Through this growth, we have collectively discovered that blockchain is a compelling business model for most, if not all, digital markets, while the strongest Web2 incumbents are just dull markets. Entrepreneurs are drawn to Crypto because it gives them a legitimate advantage over these incumbents through composability, tokens, and wallets. The founders of New Era understand that the native monetization of open-source technology is a major breakthrough that allows for new types of economic relationships between developers and users of blockchains. There's also a feeling that it's fun to build in a space where all the decisions haven't been made and walled gardens are built.

With all this momentum, it begs the question, where will we be in 2030?

A major shift in technology or investing begins when a new type of computer is adopted or a new type of asset class is institutionalized. Crypto is powerful because it is both a new kind of distributed computer for developers (referred to as blockchains) and a conduit for creating entirely new asset classes (referred to as tokens). When a new computer is invented, we see new technological paradigms such as cloud computing, social, and mobile that enable new uses for the technology. When a new type of asset is institutionalized, we see new types of investors and markets. We’ve never seen these two happening at the same time before, and the acceleration of the Crypto usage scenario speaks for itself.

During the bull market of 2017, the blockchain was only used to transfer assets between centralized exchanges, and Tether was still on Bitcoin. During the DeFi summer of 2020, amidst a Cambrian explosion of new financial primitives built on top of Ethereum, people were using smart contracts in groups for the first time. In 2021, we see millions of people playing Axie Infinity every day to earn a living wage, creating a self-sufficient new global economy in their own local currency. We are accelerating toward a future where the blockchain is as ubiquitous as the internet and as disruptive as the invention of the joint-stock corporation.

• As part of our FVIII strategy, we have developed several operating assumptions for the world of 2030:

• Blockchain has 1-3 billion MAU

• DeFi Has $10 Trillion TVL

• 1 million developers building blockchains worldwide

• Blockchain scales below 10 cents at 1-3 billion MAU

• P2E gaming becomes the world's largest human employer

• 5-10 P2E games with over 100 million MAU

• Many people are known by their alt (note: pseudonyms) rather than their real name/identity

• 10 DAOs Managing Over $100 Billion Each

• Smart Contracts Worth Over $10 Billion Hacked

• DeFi remains the vertical with the largest revenue and profit share

• DeFi derivatives and spot markets trade more than CeFi

• Most centralized exchanges route liquidity to KYC-Fi

• Most existing digital marketplaces move on-chain

• Most social media networking and interactions exist on-chain

• Crypto will financialize most existing Web2 use cases, replacing ad-based monetization with tokenized attention loops

• Positive changes in the global Crypto policy are reflected in "Crypto's Al Gore (Note: Former US President Al Gore once proposed the famous concepts of "Information Superhighway" and "Digital Earth")"

• The most valuable assets on-chain will be tokenized, large-scale machine learning models

• Blockchain becomes the de facto venue for issuing sovereign debt

• A mid-sized country forks Worldcoin and cuts founders

• The government issues on-chain UBI to those who complete blockchain tasks (Note: Universal Basic Income)

• The world's top group of MEV searchers with over $1 billion in annual profits

• The world's most popular sports team is an on-chain gaming association

• Most SaaS businesses have their own L2 on Ethereum, replacing their public facing API

The most valuable personal artwork is on-chain