Венчурные инвестиции смещаются к инфраструктуре блокчейна, забывая о DeFi Translation: Venture Investments Shift to Blockchain Infrastructure, Overlooking DeFi

Major investors tend to channel their resources into fundamental blockchain infrastructure rather than into DeFi applications. This preference stems from concerns regarding liquidity and the reliability of the system itself, as outlined by a survey conducted by CfC St. Moritz.

The survey included 242 participants, comprising institutional players, founders and executives from prominent crypto projects, regulators, and family office managers.

A significant 85% of respondents identified the advancement of infrastructure as their primary investment focus, overshadowing not only DeFi but also critical areas such as compliance, cybersecurity, and enhancing the user experience.

While there remains a general optimism about revenue growth and the emergence of innovations, the participants highlighted liquidity shortages as the most pressing risk facing the entire sector.

In light of liquidity concerns, the respondents pinpointed two primary obstacles to institutional capital inflow:

They believe these «bottlenecks» are obstructing the involvement of major players.

Approximately 84% of participants viewed macroeconomic conditions as favorable for the development of the crypto industry. However, they emphasized that the current market infrastructure is not yet equipped to scale adequately for significant capital volumes.

The survey also revealed a shift in sentiment. A majority anticipates an acceleration in technological advancement by 2026, but significantly fewer respondents predicted explosive growth compared to the previous year.

According to CfC St. Moritz, this suggests a maturation of the industry, with the focus shifting from speculative expectations towards a methodical and pragmatic implementation of existing technologies.

This trend aligns perfectly with the observed transformations in the sector. Rather than chasing consumer applications, investments and developments are concentrating on foundational layers: creating reliable custodial solutions, efficient clearing systems, resilient infrastructure for stablecoins, and legal frameworks for widespread asset tokenization.

The survey also indicated an improved perception of the U.S. regulatory landscape. The country ranked second in terms of the most favorable jurisdictions for digital assets, trailing only behind the UAE.

Experts believe this progress is directly linked to the passage of the stablecoin legislation (Genius Act) and the establishment of clearer regulations for banks and regulated financial institutions dealing with digital assets (Clarity Act).

Concurrently, there has been a notable decline in optimism regarding the IPOs of crypto firms. The previous year was marked by a series of public offerings, with companies such as Circle, BitGo, Bullish, and Gemini making their market debuts.

While most participants still anticipate new listings, fewer express confidence in a continued surge. They cited reasons for their caution as a global reassessment of asset values and persistent structural liquidity constraints in the market.

It’s worth noting that, according to a JPMorgan report, the world’s largest family offices have shifted their focus towards artificial intelligence, leaving cryptocurrencies overlooked.