Cryptocurrency-backed convertible bonds provide multiple incentives for investors. As a debt instrument, they offer downside protection through regular interest payments, thereby reducing exposure to the inherent volatility of cryptocurrencies.

BTC-Fi (Bitcoin Staking Finance) is redefining the role of Bitcoin, giving this traditional "store of value" asset new uses. By providing yield generation and decentralized finance (DeFi) features, BTC-Fi aims to expand the application of Bitcoin, although it still faces challenges in technology and user adoption.

The "human mine" in the VC market is actually the VCs themselves. Since the last market cycle, VCs have maintained cash flow by covering losses through other channels, but in this cycle, those who truly profit are the participants who leverage VC involvement alongside project teams.