We see more and more projects that can help advance the ecosystem to the next level in terms of technology, infrastructure maturity and also adoption. Examples are games, content platforms, liquidity solutions, payment systems. But also projects that explore previously underexplored areas such as settlement for energy payments or micropayments between automated systems.

This year had a lot of distracting factors that affect deal flow and dynamics, such as end of bull run, other crypto crashes. So it is probably not the most indicative year to assess.

What holds true this year and before, is that we mostly see reasonable valuations and very committed thoughtful founder teams, as compared to maybe average VC dealflow. Recently we also see inflow of business-focused founders with prior experience from other industries, as well as non-bitcoin VCs showing interest in lightning deal.