Large-scale financing in the crypto industry has a self-reinforcing positive cycle. Let's take a look:

First, only teams that have achieved significant results can raise around $1 billion. This is not something just anyone can do.

After having this track record, the process becomes smoother—better project teams will proactively approach you, the latest investment opportunities are prioritized for you, and the market itself treats you as a signal.

Then, large capital allocation, continuous follow-on investments, and moving towards growth-stage projects naturally lead to higher returns. This creates a complete reinforcing closed loop.