Union Square Ventures partner: 2022 book asset value halved

ChainCatcher news, Union Square Ventures (USV) partner Fred Wilson wrote in his personal blog post "What Happened in 2022," pointing out that the most impactful area in the market last year was Web3. The value of Crypto/Web3 assets themselves collapsed, with Web3 asset values dropping by 70-90%. Many large centralized entities, such as lenders, exchanges, and crypto funds, faced bankruptcy. This disaster was immense, reminiscent of what happened in the internet industry in 2000/2001, and it made people realize that not everyone in the Web3 market is diligently working; there are still issues of fraud, mismanagement, and irresponsible speculation.

In 2022, the book value of assets managed by USV decreased by half, but the venture capital operations were doing well. Last year was not all bad; for example, decentralized protocols surged, and the smart contracts running these protocols executed the required code and remained "intact" during market fluctuations. This proves that decentralized protocols are more resilient than centralized entities, which is a key lesson that the Web3 industry should learn. (Source link)