Lee Lin is back
Author:Zhou, ChainCatcher
The news of a massive retreat of encryptionists has become common。
OnceAll in Web3The man who changed his resume toAl BuilderI don't know. The people who had experienced the brutal growth of the industry were voting off with their feet。
However, Li Lin is coming back when most people leave. According to the news, he's been here latelyAvenirThe intention to return to entrepreneurship was revealed at the annual meeting。
First, encryption has changed
Understanding the real situation of the industry at this time will make it clear what Lee Lin's return means。
At the regulatory levelThe entire industry obtained a long overdue legal identity card。
United StatesGENIUSThe bill landed and established a federal regulatory framework for the stabilization of the currencyCLARITYIt's overSECandCTC(a) A five-year jurisdictional disputeSAB 121It was abolished and banks were finally able to legally host encrypted assets。
At the institutional levelEncryption companies have direct access to the central banking system and power structures are quietly reorganized。
Kraken(a) Access to the accounts of the Federal Reserve and for the first time the encrypted original institution was granted a clearing status equal to that of Chase MorganCircleI don't knowBitgoListed at the New Haven; full access to Beled, Morgan Chase, introducing monetized assets and compliance derivatives; and New Haven parent companyICEInvestmentsOKXXu's star officially entered Wall Street camp。
asset levelThe one-day burst of the chain crude oil contract once exceeded bitcoin — price fluctuations for traditional bulk commodities began to have a direct impact on the ecosystem of the chain, and the risks of the two worlds were interconnected。
RWA.xyzAccording to the data, in addition to the stable currency, the value of monetization of real world assets has exceeded the value of the chain250That's more than a year ago64The US$ billion grew almost fourfold; the market value of the stable currency was reversed against the backdrop of a decline in the overall market value of encryption2050Billion dollars climbing to3100Billion dollars。
On the supply side, bitcoin's story has changed from production logic to stock games. So far 20 million bitcoins have been dug up, only about100Tens of thousands remain to be dug and the mining economy is nearing its end. Pricing rights are transferred quietly from miners to agency holders represented by Belet。
At the talent levelAlmost all levels of remuneration and token incentives are going down and even the most steadfast believers are shaking。
Multicoin CapitalCo-founderKyle SamaniAnnounced withdrawal from day-to-day management and shift toAIWith the life sciences; the tweet he took from him, it says that encrypted money is essentially less interesting than many would have expected, and that the block chain is mainly asset books。
AevoOriginal co-founderKen ChanIn fact, eight years of life have been wasted on encryptiona16z CriptoPartnerArianna SimpsonAfter separation, the scope of investment in the new fund is no longer limitedWeb3I don't know。
By looking at these dimensions together, a structural tear is felt。
The outside environment of the industry has never been so matureI don't knowCompliance, institutional entry and asset chaining are traditional financial languages and another set of rules is taking over the industry。
At the same time, the people most familiar with the industry are accelerating their departure。
This new set of rules has deprived some of their familiar battlefields; led others to find that the end of the industry was not what they believed it to be; and left more people simply looking at itAIThis bigger blue sea。
Against this background, Lee Lin ' s return is not an ordinary declaration of entrepreneurship, but a signal。
Can Li Lin not come back
Li Lin founded it after selling itAvenir GroupBased onRootDataInformationThis is an institutional family office and an investment management consortium operating through four brands, covering, respectively, encrypted asset management and trading strategies, global multi-asset investments, artificial intelligence and future technology, and family charity。
As at 2025End of yearI don't knowAvenir GroupheldBlack Rock IBITNumber18, 287, 323Unit, maintains the largest bitcoin in Asia for seven consecutive quartersETFStatus of institutional holders。
But its bitcoinETFThe market value of the warehouse is highest11.89US$ billionNow we're countingCurrentIBITPrice approximate39.71It's falling40%Arrangements7.26Billion dollars。
2025This post is part of our special coverage Syria Protests 2011Avenir GroupTogetherFourEvery second, the options platform was invested separatelySignalPlusI don't knowWeb3Business institutionsUWEB• Financial management companies that encrypt moneyMetalphaAnd encryptionSaaSTrading technology providersCoinRoutesI don't know。
In terms of investment targetsAvenirWhile the main focus is on institutional trading infrastructure and compliance services, the volume and frequency of the four investments reflect the natural limitations of one home: It can be configured, it can hatch, but it's hard to end iti'm sorryI don't know。
AvenirI've tried to break the border. Last yearPhoto by PumperLi Lin joined with Shen Bo, Xiao Feng, and Cai Wen-sung early in Asia to build an Ether House of supporters10The US$ billion Digital Assets Trust Fund, which plans to acquire a NASDAQ listing company as a structural vehicle, is approximately fundedSevenUnited States dollars, of whichAvenirFundingTwoBillion dollars. Asian agencies like Redwood and China follow up. Approximately5Billion dollars. It's the largest investor in AsiaDATPlan。
However1011After the incident, there was a sharp turn of eventsDATThe company ' s stock prices fell sharply, and the scheme ended up stalling and all the funds raised were returned, with no news of a restart。
This contours demonstrate that capital-driven alone is not enough to complete the real creation of the industry。The data shows that:The number of family offices in Hong Kong has increased to 3384individualThe competition is acceleratingAvenirThe pre-emptive advantage in asset allocation is being diluted。
It's probably at this point that Lee Lin decided to go back。
What's the difference this time
It is sometimes not necessary to look at macro-data to judge the true state of affairs in an industry。
Like the Chinese Internet industry during the epidemic, the most signal-value indicator is often one — targeting people. See if Ma Zhang can't come back。
When people who have left or fallen choose to bet again, the vote they cast in action is more honest than any study。
Because real entrepreneurs do not bet their lives in a business with no future。
The encryption industry is the same。
Original burning coinCFO Chris LeeThe paper mentioned that Li Lin had been a life and an opportunity to create wealth; he was now doing business for the ideals, paying his own money to try to solve the difficulties for the industry, rather than copying an old coin model。
The motive changes, the decision function changes。
The new code of encryption is different from that of the year, and the old rules may be based on poor information and regulatory arbitrage, under which more emphasis is placed on compliance, institutional interface and real product power。
Chris LeeReference"Compliance Exchange"It's just stuck on the switch node of this rule。KrakenIt's connected to the Fed account, NASDAQ parentICEInvestmentsOKXThe whole industry is waiting for a real access point for compliance and institutions。
Li Lin's coin of fire during his time in office, product experience is recognized as a good job in the same period–UIThe depth of the transaction and the user services are at the forefront of the industry。
In a sense, his resources and human connections do match"Compliance Exchange"This wayI don't knowI know how to regulate games, speak Asian institutional languages, understand traditional finance and the logic of encryption。
But now the pattern of competition is not201XYear。CoinbaseThere's a compliance riverBinanceThere are traffic monopoliesOSLI don't knowHashkeyIt has already been done in Hong Kong. In order to enter, the latter need to find a truly differentiated location。
In addition, the executive team is a key variable. Lee Lin used to play more of the role of capital decision maker, and the day-to-day operation was left mainly to a team of career managers, which might not be strong enough。Of course, he has also been singled out for a heavy and emotional nature, which leads to doubts in the eyes of the human being and to problems in implementation。
Unlike investment, entrepreneurship ultimately requires the will of its founders。
This time, Li Lin chose to stand on the front line, and the return of the spirit of the founders was perhaps one of the most critical variables in the end。
Concluding remarks
The encryption industry has never lacked a story of wealth, and what is missing is people who really open borders。
It's history. That chapter doesn't need to be continued。
In fact, we don't need a bigger exchange, more sophisticated financial products, and we want more Lee Lins in the industry to push for innovation that really opens up the boundaries of the industryI don't knowIt's not just writing another business legend for yourself。
I've been waiting for people like this for a long time。
