Source: 98KDAO

Introduction

In 2021, the growth momentum of DeFi continued, with the locked value reaching new highs and continuous micro-innovations emerging; GameFi, the metaverse, and NFTs were constantly booming, with numerous brands, companies, and investment institutions entering the market; new public chains represented by Solana, Fantom, and Avalanche performed well in 2021, greatly changing the landscape of public chains.

After experiencing a downturn in 2020, the blockchain industry’s investment and financing market finally rebounded in 2021, with the number of investments in just the first half of the year exceeding the total for all of 2020. To analyze the performance of projects invested by leading venture capital institutions in 2021 in detail, 98KDAO conducted a comparative analysis of 14 investment institutions from different dimensions such as project growth, track distribution, and multiple distributions.

The price units involved in the data are all in USDT.

Overview

From the overall data, the top three institutions with the most investment projects (that have been launched) are a16z, Three Arrows Capital, and Binance Labs, while Animoca Brands has the fewest projects. The best ROI is from the leading GameFi project AXS, with five top institutions investing in AXS and achieving a growth of 20240%, followed by SOL and MATIC.

Overview of Investment Performance by Institutions

Andreessen Horowitz (a16z)

Institution Introduction: a16z is one of the most dazzling stars in the entire internet investment world, having invested in well-known projects such as Facebook and Twitter. It has now invested in multiple blockchain star projects, becoming a barometer for cryptocurrency investment. After Coinbase went public, a16z became its second-largest shareholder with a 14.8% stake, becoming the largest external winner.

Additionally, a16z has invested in Uniswap, MakerDAO, Compound, Dapper Labs, Arweave, Optimism, Solana, etc., most of which have become leading blockchain projects. Today, a16z's crypto fund has a scale exceeding $3 billion, serving as a capital lighthouse in the crypto world, with high attention and strong influence.

The following data shows the price performance of the projects invested by a16z that have issued tokens in 2021:

From the statistical data, a16z has invested in 63 tokens that have been launched, leading other institutions by a wide margin. Meanwhile, the positive growth rate of its investment portfolio this year exceeds 75%, with the highest growth being 20240% for AXS, and there are three tokens with a hundredfold increase (AXS, MATIC, SOL).

In terms of project classification, there are 36 DeFi projects, accounting for 57.1%; 14 public chain projects, accounting for 22.2%; and 7 Web3 projects, accounting for 11.1%. This shows that a16z's investments are focused on the DeFi and public chain fields, with relatively few investments in NFT and GameFi projects.

The following statistics show the projects that a16z has invested in but have not issued tokens:

The total number of unissued projects is 37, with infrastructure (17) accounting for 46%, followed by GameFi and Web3, each with 8.

DCG (Digital Currency Group)

Institution Introduction: A blockchain startup incubator, the parent company of Coindesk and Grayscale, is an investment company focused on the cryptocurrency and blockchain industry, with a portfolio of over 100 companies.

The following data shows the price performance of the projects invested by DCG that have issued tokens in 2021:

From the data perspective, DCG, as a leading crypto investment institution, also performed exceptionally well this year, with a positive growth rate exceeding 90%. The number of listed tokens in its portfolio is nearly 30, second only to a16z. The highest growth is 12966% for SOL, with over 85% of the projects having a growth rate within 10 times, mostly concentrated in the 1-10 times range, accounting for 55%.

In terms of project classification, there are 14 DeFi projects, accounting for 56%; 7 public chain projects, accounting for 28%, with DeFi and public chains together accounting for 84%. This is basically the same as a16z's investment preference, with a greater focus on DeFi and public chains, and less investment in NFT, GameFi, and Web3 tracks.

The following statistics show the projects that DCG has invested in but have not issued tokens:

The total number of unissued projects is 55, with infrastructure having 34, accounting for 61.8%, followed by Web3 and DeFi.

Paradigm

Institution Introduction: Paradigm was co-founded by the co-founder of Coinbase, a former partner at Sequoia, and a former employee of Pantera Capital. Reports indicate that this fund has received investments from Sequoia Capital and Yale University. The backgrounds of the two founders are noteworthy: Fred Ehrsam was one of the co-founders of Coinbase.

Matt Huang graduated from MIT and started a company in Silicon Valley, which was acquired by Twitter. Since 2011, he has made several early investments, boasting a very luxurious investment history, with the most successful being Toutiao.

The following data shows the price performance of the projects invested by Paradigm that have issued tokens in 2021:

Paradigm has invested in over 30 projects, with data accounting for 10 projects that have been launched this year, and its investment portfolio performed quite well, with a positive growth rate reaching 90%. The highest growth is 635% for FTT, with 60% of the growth concentrated in the 1-10 times range, and the negative growth tokens have the smallest decline among all institutions, at -20%.

In terms of project classification, there are 7 DeFi projects, accounting for 63.6%, with infrastructure, public chains, and Web3 also involved.

The following statistics show the projects that Paradigm has invested in but have not issued tokens:

The total number of unissued projects is 27, with 20 being infrastructure projects, accounting for 74%.

Multicoin Capital

Institution Introduction: A fund focused on cryptocurrency investments, which has received investment from Binance and support from several well-known venture capital firms in Silicon Valley.

The following data shows the price performance of the projects invested by Multicoin Capital that have issued tokens in 2021:

Multicoin Capital has invested in 24 projects that have been launched, with a positive growth rate of 75%, and 54% of the projects have a growth rate within 10 times. The highest growth is 12966% for SOL, while the largest decline is 89% for ICP.

In terms of project classification, there are 12 DeFi projects, accounting for 48%; Web3 and public chains each have 5, accounting for 20% each. Multicoin Capital's investment style is very similar to a16z, focusing on DeFi and public chain projects.

The following statistics show the projects that Multicoin Capital has invested in but have not issued tokens:

The total number of unissued projects is 24, with 8 being DeFi projects, accounting for 33.3%, followed by Web3 and infrastructure, each with 6.

NGC Ventures

Institution Introduction: Established at the end of 2017, it is a blockchain technology venture capital fund composed of members from technology startups, traditional capital markets, and management consulting. It has two funds: NGC Fund I focuses on blockchain technology investments, while the NEO Eco Fund is dedicated to the ecological layout of the NEO blockchain, with a total scale of about $500 million.

The following data shows the price performance of the projects invested by NGC Ventures that have issued tokens in 2021:

NGC Ventures has invested in 19 projects that have been launched, with a positive growth rate of 73%, and 68% of the projects have a growth rate within 50 times. The highest growth is 12966% for SOL, while the largest decline is 99% for WSOTE, nearing zero.

In terms of project classification, there are 8 public chain projects, accounting for 42%; 4 DeFi projects, accounting for 21%; and the rest are GameFi, Web3, and infrastructure.

The following statistics show the projects that NGC Ventures has invested in but have not issued tokens:

The total number of unissued projects is 6, including 5 infrastructure projects and 1 GameFi project.

Three Arrows Capital

Institution Introduction: A hedge fund registered in Singapore, focused on providing excellent risk-adjusted returns, with one of its founders, Su Zhu, being very active on Twitter and having a certain influence.

The following data shows the price performance of the projects invested by Three Arrows Capital that have issued tokens in 2021:

The number of projects in Three Arrows Capital's portfolio is second only to a16z, but its positive growth rate is far lower than DCG's 93%, at only 69%. The proportion of hundredfold tokens in its portfolio is double that of DCG, and the number of projects in the 10-50 times range is also three times that of DCG.

Although the overall performance data of Three Arrows Capital is not particularly outstanding, some individual projects have performed remarkably well. The highest growth project is AXS at 20240%, while the largest decline is ROOK, which fell by 76%.

In terms of project classification, DeFi projects account for 82%, with a total of 24, indicating Three Arrows Capital's strong emphasis on the DeFi track.

The following statistics show the projects that Three Arrows Capital has invested in but have not issued tokens:

The total number of unissued projects is 8, with infrastructure and DeFi each accounting for half.

Polychain Capital

Institution Introduction: Established in 2016, with investments from a16z, Danhua Capital, and others, focusing on blockchain assets, it is one of the earliest native crypto hedge funds and has invested in multiple blockchain star projects.

The following data shows the price performance of the projects invested by Polychain Capital that have issued tokens in 2021:

Polychain Capital's investment portfolio has a positive growth rate close to 85%, with nearly 80% of the tokens having a growth rate below ten times, similarly concentrated in the 1-10 times range, accounting for 47%, with no hundredfold tokens. The highest growth is 3217% for AVAX, while the largest decline is -89% for ICP.

In terms of project classification, there are 8 DeFi projects, accounting for 42.1%; 7 public chain projects, accounting for 36.8%, with DeFi and public chains together accounting for 78.9%.

The following statistics show the projects that Polychain Capital has invested in but have not issued tokens:

The total number of unissued projects is 45, with 23 being infrastructure projects, accounting for 51%; and 15 being DeFi projects, accounting for 33%.

Alameda Research

Institution Introduction: Alameda Research was founded by Sam Bankman-Fried, the founder and CEO of FTX, and has invested in multiple blockchain star projects, outperforming traditional markets and long-term crypto funds.

The following data shows the price performance of the projects invested by Polychain Capital that have issued tokens in 2021:

Alameda Research has the lowest positive growth rate among all institutions at only 48%, and the highest growth token is also the lowest among all institutions at only 398%. The growth of the portfolio is concentrated in the 1-3 times range, accounting for 40% of the total, while those below 1 time account for 8%.

In terms of project classification, there are 22 DeFi projects, accounting for 88%, with the remaining 12% being Web3 and infrastructure.

The following statistics show the projects that Alameda Research has invested in but have not issued tokens:

The total number of unissued projects is 19, with 8 being infrastructure projects, accounting for 42%, followed by DeFi and GameFi projects.

Coinbase Ventures

Institution Introduction: A venture capital fund under Coinbase, headquartered in San Francisco, mainly investing in early-stage cryptocurrency and blockchain startups, with an open investment inclination towards financial solutions.

The following data shows the price performance of the projects invested by Polychain Capital that have issued tokens in 2021:

Coinbase Ventures has a positive growth rate of only 61%, with two hundredfold tokens (LUNA 124 times, MATIC 164 times), one tenfold token (AUDIO), and 28% of the tokens in the 1-10 times range, while 17% are below 1 time. The highest growth is 16429% for MATIC, while the largest decline is -91% for BTRST.

In terms of project classification, there are 11 DeFi projects, accounting for 61.1%; 4 Web3 projects; and 3 public chain projects, with DeFi still having the highest proportion.

The following statistics show the projects that Coinbase Ventures has invested in but have not issued tokens:

The total number of unissued projects is 60, with 43 being infrastructure projects, accounting for 71%, followed by DeFi and Web3, with NFT projects having the least proportion.

Blockchain Capital

Institution Introduction: The first venture capital fund dedicated to Bitcoin and the blockchain ecosystem. It has invested in fintech companies such as Coinbase and Ripple and is one of the top investment institutions in the blockchain industry.

The following data shows the price performance of the projects invested by Blockchain Capital that have issued tokens in 2021:

Blockchain Capital's investment portfolio has a positive growth rate of 100%, with no hundredfold tokens, 78% in the 1-10 times range, and 33% below 1 time. The highest growth is 776% for ROSE, while the lowest growth is 42% for YFI.

In terms of project classification, the number of DeFi, public chain, and Web3 projects is basically the same, distributed relatively evenly, but there are no GameFi, DAO, or NFT projects.

The following statistics show the projects that Blockchain Capital has invested in but have not issued tokens:

The total number of unissued projects is 20, with 12 being infrastructure projects, accounting for 60%, followed by DeFi, which accounts for 30%.

#HASHED

Institution Introduction: The largest digital currency and blockchain investment fund in South Korea, and one of the largest investors in several well-known blockchain projects. It mainly covers South Korea and Asia, with influence extending to Silicon Valley.

The following data shows the price performance of the projects invested by #HASHED that have issued tokens in 2021:

HASHED's investment portfolio has a positive growth rate of 100%, with two hundredfold tokens SAND (158 times) and AXS (202 times), 11% in the 10-50 times range, and over 60% below 10 times. The highest growth is 20240% for AXS, while the lowest growth is 3% for KRT.

In terms of project classification, there are 4 DeFi projects, accounting for 44.4%; 2 GameFi projects; and one each for Web3, public chain, and infrastructure.

The following statistics show the projects that #HASHED has invested in but have not issued tokens:

The total number of unissued projects is 20, with the highest proportion being infrastructure, accounting for 30%.

Sequoia Capital

Institution Introduction: A top venture capital investor in the global internet, which has elevated the Chinese internet industry to a new level. It has invested in multiple blockchain star projects, and it is said that Sequoia China is preparing to go all-in on crypto.

The following data shows the price performance of the projects invested by Sequoia Capital that have issued tokens in 2021:

Sequoia Capital's investment portfolio also has a positive growth rate of 100%, with only one hundredfold token MATIC (164 times), 25% in the 10-50 times range, 25% in the 1-10 times range, and 38% below 1 time. The highest growth is 16429% for MATIC, while the lowest growth is 46% for CFX.

In terms of project classification, there are 3 DeFi projects and 3 public chain projects, with one each for Web3 and infrastructure.

The following statistics show the projects that Sequoia Capital has invested in but have not issued tokens:

The total number of unissued projects is 9, with 5 being infrastructure projects, accounting for 55.5%.

Animoca Brands

Institution Introduction: A mobile game development company based in Hong Kong, a tech unicorn listed on the Australian Securities Exchange, focusing on the metaverse and GameFi projects, and has invested in several star blockchain games.

The following data shows the price performance of the projects invested by Animoca Brands that have issued tokens in 2021:

Animoca Brands has the fewest number of tokens in its investment portfolio among all institutions, and its positive growth rate is only 57%, slightly higher than Alameda Research's 48%. Its investment preference is more focused on gaming, with a win rate exceeding 80%, and it has two hundredfold tokens, while the rest have yields below 1 time. The highest growth is 20240% for AXS, while the largest decline is -59% for MASK.

In terms of project classification, there are 5 GameFi projects, accounting for 71.4%; one public chain and one Web3 project, while there are no DeFi projects.

The following statistics show the projects that Animoca Brands has invested in but have not issued tokens:

The total number of unissued projects is 5, with Web3 projects accounting for 80%.

Binance Labs

Institution Introduction: The social impact fund under Binance, the world's largest cryptocurrency exchange, aims to incubate and invest in blockchain and cryptocurrency entrepreneurs, projects, and communities.

The following data shows the price performance of the projects invested by Binance Labs that have issued tokens in 2021:

Binance Labs' investment portfolio has a positive growth rate close to 90%, with 4 hundredfold tokens among the 28 tokens that have been launched (ALICE, LUNA, MATIC, AXS), the most among all institutions; there are also 4 tokens with around tenfold growth, and over 50% of the tokens fall within the 1-10 times range, with only two tokens below one time, the least among all institutions.

In terms of project classification, Binance Labs' investment style is quite diversified, with the number of infrastructure, public chain, DeFi, and GameFi projects being very close, without excessive focus on any single track.

The following statistics show the projects that Binance Labs has invested in but have not issued tokens:

The total number of unissued projects is 8, with 4 being infrastructure projects, accounting for 50%, and the rest being NFT, Web3, and GameFi.

Comprehensive Comparison

From the overall data, the investment portfolios of various institutions performed well this year, with three institutions having a positive growth rate of 100%, and ten institutions exceeding a positive growth rate of 70, while only one institution had a positive growth rate below 50%, with nearly 80% of the tokens showing positive growth.

We categorize the growth into ranges of 1x, 10x, and 100x, with 25% of the tokens having growth below 1x, and 40% of the tokens concentrated in the 1-10x range, while only 10% fall within the 10-100x range, and over 70% of institutions have 1-3 hundredfold tokens.

In the ranking of the highest growth tokens, AXS ranks first with a growth of 202 times, and it is also the project with the most investment institutions involved, followed by MATIC (164 times) and SOL (129 times). There are a total of 6 hundredfold tokens: AXS 202 times, MATIC 164 times, SOL 129 times, LUNA 124 times, SAND 158 times, and ALICE 123 times, with a16z investing in 3 hundredfold tokens, the highest number.

From the comparison of investment project classifications, most institutions still favor the DeFi track, followed by public chains and Web3. The institution with the highest proportion of DeFi is Three Arrows Capital, at 83%. In the GameFi track, the most bets are placed by Animoca Brands, which leads other institutions with a proportion of 71%, while the second place, #HASHED, has only 22%.

It must be noted that in 2021, GameFi and the metaverse were very popular, and investment institutions invested in many GameFi projects, but due to the long development cycle of game projects, many projects have not yet reached the token issuance stage, resulting in a generally small proportion of GameFi.