币界网报道：Crypto industry leaders gathered at Permissionless IV to debate the current state of Web3 valuations and risks, with divergent views emerging about market conditions. While some investors like Framework Ventures' Vance Spencer noted valuations remain high compared to traditional tech, others including Electric Capital's Avichal Garg argued crypto startups now face more realistic pricing. Panelists highlighted key risks including regulatory uncertainty, particularly around stablecoins and token classification, as well as technical challenges in scaling blockchain infrastructure. Several speakers pointed to emerging opportunities in decentralized AI and real-world asset tokenization, though cautioned these sectors require careful navigation of legal frameworks. The discussion revealed cautious optimism about the next bull cycle, with many emphasizing the need for improved user experience and clearer compliance standards to drive mainstream adoption.