币界网报道：Any time Dragonfly’s Haseeb Qureshi and 6MV’s Mike Dudas appear on the same stage, you know you’re in for a good (and insightful) time. And last week, they did not disappoint when they shared the stage with Selini Capital’s Jordi Alexander and Blockworks Research’s Boccaccio. Qureshi noted that the crypto markets are in a weird place right now. “I’ve never seen a situation where the crypto markets are kind of dull and rational and reasonable and kind of [sitting] on the sidelines. And the public markets are like a bullion, they’re crazy,” he said. “Nobody understands what’s going on. Nobody can explain anything. So it’s a weird time, and I can’t imagine this situation lasting that long, but that’s where we are right now.” All the energy is in the public markets, not in the crypto markets,” he said. And that makes sense. Look at the demand for Circle, for example. Or any crypto treasury firm. However, that doesn’t mean crypto VCs are going to suffer across the board. “One thing that people often forget about crypto VCs is that we do both… Roughly on a cost basis, when we invest in startups, about half of the investment is in equity and about half is in tokens. So it’s weird that tokens haven’t done very well and equity has done surprisingly well. But it’s like, okay, cool.” We have exposure to both,” he explained. For Dudas, though, that means he’s seeing more projects leaning toward valuing tokens. “We’re at a really transformative moment, and I think that’s a good thing, because people are realizing that equity can have value… but you should see some solid token appreciation in value,” he told the crowd at the Permissionless conference last week. So those two things combined have put crypto in a bit of an awkward spot right now. But it doesn’t look like this will last forever. Maybe something like the Token Transparency Framework proposed by my Blockworks colleagues can help move us in the right direction, which could break the preference for equity. Get news in your inbox. Explore Blockworks newsletters: The Breakdown: Decoding crypto and the markets. Daily. Empire: Crypto news and analysis to kickstart your day. Forward Guidance: The intersection of crypto, macro, and policy. 0xResearch: Get Alpha straight to your inbox. Lightspeed: All about Solana. The Drop: Apps, games, memes, and more. Supply Shock: Bitcoin, bitcoin, bitcoin. [Empire newsletter]