I just noticed a particularly interesting phenomenon: the crypto fundraising and investment sector is undergoing a transition from chaos to regulation, and the key to this shift lies in the application of on-chain tools.

Traditional private equity financing itself is quite complex, involving multiple stages such as fundraising, investment, management, and exit, requiring the participation of lawyers, financial advisors, and other professionals, which makes the barrier to entry high and costly. The emergence of online tools like AngelList has changed all that—modularizing complex processes so that people worldwide can participate in fundraising with a simple click.

But in the crypto space, the situation becomes even more chaotic. Most institutions still operate with multi-signature wallets and paper contracts, which introduces three serious issues: the risk of funds being misappropriated, lack of enforceable guarantees, and a large number of organizations claiming to be VCs but actually just crypto trading gangs. Traditional legal methods are basically ineffective in cross-border crypto transactions, leaving investors and entrepreneurs in a state of high uncertainty.

Interestingly, the technical features of crypto itself can solve these problems. The immutability of smart contracts ensures automatic execution of transactions, programmable money allows fund management through code, and blockchain transparency enables you to trace the investment history and true behavior of any organization. Imagine being able to check a VC’s on-chain account at any time to see whether they are truly holding long-term or just dumping tokens immediately after receiving them—something impossible in traditional finance.

This is the logic behind "On-Chain AngelList." By combining different smart contract modules—fundraising contracts, voting contracts, liquidity pools, vesting contracts, qualification review contracts, and more—we can build a fully decentralized, trustless set of fundraising and investment tools. Once both parties confirm the transaction parameters on-chain, the entire process executes automatically, unstoppable, tamper-proof, and without requiring anyone’s permission.

Many teams are already exploring this direction, from Moloch to DAOSquare, from DAOhaus to Syndicate—everyone is building these tools in different ways. I am particularly optimistic about this trend because capital is always the core driving force behind industry development. As crypto fundraising gradually moves toward regulation, this kind of on-chain infrastructure will become the next explosion point.

Rather than calling it a technological upgrade, it’s more of a paradigm shift—from relying on judicial and trust mechanisms to depending on code and transparency. This has profound implications for the maturity of the entire crypto ecosystem.