Industry Observations and Entrepreneurial Directions for VC Tokens:

With the recovery of ETH and the rise of E-Watchmen, the roaring call of altcoin festivals has rekindled everyone's expectations. The deeply trapped VCs need to exit through the liquidity of the altcoin festivals, and the director sees an opportunity in this.

As project teams pursue listing on Bn, leading to a general increase in the industry's one-year cliff vesting, there has emerged a widespread market demand. VCs need to exit but are struggling with locked positions without spot assets, typically involving 1 (cliff) + 2-3 (linear unlocking). However, perpetual shorting and SAFT OTC are not the best choices; shorting can lead to explosive fees and significant capital occupation, while SAFT OTC has a high matching difficulty and low transaction volume. In contrast, VCs hope to lend out tokens through exchanges or financial apps to sell and gradually repay the tokens once vesting begins.

Combining the recent trend of Cedefi's industry development, the director believes there is strong demand for Token Pool lending initiated on-chain for new TGE projects.

1) Requirements for setup include a. time lock b. local currency interest or USD-denominated interest c. collateral backed by mainstream tokens or RWA contract pledges through KYC-approved VC SAFTs (including interest discounts)

2) Supply side of the Token Pool includes permissionless sources such as a. market makers with token loans b. large users of altcoin financial products issued on centralized exchanges/financial apps c. retail investors with diamond hands d. project treasury used for financial management (essentially a profit-sharing behavior from the secondary market) f. nodes with staking interest-earning agreements can engage in arbitrage e. interest swap traders integrated with Pendle-like protocols.

3) Demand side of the Token Pool (borrowers) includes a. VCs with locked SAFTs (require KYC and provide partial collateral/SAFT pledge) b. short sellers/market makers/specialized traders needing excessive collateral in mainstream tokens (BTC/BNB/stablecoins)