In the previous round of Crypto VC, the passing level was 5-10 times, the excellent level was 20-50 times, and the top level was over 100 times. In this round of Crypto VC, the passing level suffered a 50% loss, while the excellent level barely made a small profit of a few percent. At the top level, the position was invested in companies like Sui that were unlocked in the bull market, and perhaps the entire position doubled. All I'm talking about is DPI. If it drops to this level, don't talk about the book valuation anymore. You know it in your heart, don't lie to yourself. Create a Markov chain without memory