Pantera Capital's partner emphasizes a return to professionalism and rationality in the crypto venture capital space. Reflecting on 2021 and 2022, the partner notes that investors lacked clear criteria for successful metaverse projects, leading to funding for many unworthy ventures. The partner asserts that Decentralized Autonomous Trusts (DATs) will remain valuable, suggesting that project foundations could transform into DATs to manage assets with advanced market tools. Highlighting the harsh reality of venture capital, the partner states that 98% of projects will ultimately fail, primarily due to inherent lack of value rather than poor lock-up period designs.