In the last cycle, top VC DPI could reach tens to dozens of times, but in this cycle, achieving 1 is very difficult (i.e., if LP invests 1 yuan, the return is 1 yuan).

This cycle has seen roles replaced by headliners and KOLs, with the wealth effect of VC coins replaced by memecoins.

The headliners in this cycle, like VCs in the last cycle, buy at low valuations, hype up, and sell off.

The only difference is that the cycle has shortened rapidly; VCs may need to wait several months, 1 year, or even several years, while headliners might only need a few hours or days.