Mask Network Founder: The Industry Doesn't Need VCs to Invest More in Copy-Pasting

According to Wu, Suji Yan, the founder of Mask Network, stated that cryptocurrency funds with large asset management scales should pursue Management Buyouts (MBO) / Leveraged Buyouts (LBO) and consolidation, similar to SoftBank (before the Vision Fund) and Tencent, rather than reinventing the wheel like Paradigm does today. The problem is that most general partners, including Chris Dixon and Matt Huang, are not very successful founders themselves. They cannot single-handedly create something worth over 1 billion dollars. MBOs and consolidations are too difficult for these general partners—they need to attend board meetings and firmly reorganize equity holdings in front of everyone, and unfortunately, they also have to lay off employees who have done nothing wrong. The industry now doesn't need VCs to invest more in copy-pasting; instead, they should simultaneously take on the roles of three or four project leaders and engage in consolidation and restructuring.