I don't know if I can even be mad at VCs at this point. Watching some of these ROIs over the past cycle has been downright depressing. I'm more concerned that the lack of performance will drive capital out of the markets. - @ethena ( $ENA) lead Dragonfly, best roi of this list, 23x - @ondo ( $ONDO) lead Pantera Capital, 7x - @SuiNetwork ( $SUI) lead A16z, 4x - @SeiNetwork ( $SEI) lead multicoin, 3x - @AethirCloud ( $ATH) lead Hashkey, 2.9x - @arbitrum ( $ARB) lead Lightspeed, 1.7x - @arkham ( $ARKM) leads Coinbase, 1.3x - @eigencloud ( $EIGEN) lead Blockchain Capital, 0.7x Benchmark return for VCs this cycle? 1X Returns for VCs past cycle at ATHs? 563X - $AVAX was a 366x for Dragonfly - $SOL a 1000x for Multicoin - $AXS a 2000x for Animoca - $EGLD a 1000 for Binance Labs A healthy market needs to be able to speculate on future valuations; speculation appears to be minimal this cycle compared with previous ones.