Crypto funding has undergone a major shift in recent months. Insiders at top VC firms like Varys Capital are witnessing this change firsthand.

Previously, VCs had to be active—networking, writing content, appearing on podcasts, debating in Spaces. Endless calls every week, pitching every project, repeatedly explaining their investment thesis. It was a game where you had to "find" yourself.

Now? Just having money is enough. Projects are coming to your doorstep on their own. It has completely flipped.

But the interesting part starts here. Most VCs are facing one of three problems—either they have run out of funds, or they have shifted towards later stages (Series A and beyond), or they are themselves wandering in search of funding. And success? That’s a different story.

The funding cycle has also changed. Deals that used to close in 2-3 weeks now take 2-3 months. VCs now have the luxury of being selective. Projects with cracks in their business models, or those just echoing trending storytelling, are now hard to fund. Honestly, the number of VC organizations actively investing in pre-seed and seed stages is probably fewer than 20.

This isn’t a bad thing. In fact, it’s an opportunity. The golden era could come for those VCs in 2025 and 2026 who can properly fund their preferred projects with due diligence. The market needs quality, and those who understand this will move ahead.