Web3 venture capital faces identity crisis as funds recycle same “network and value-add” pitch, with TBV co-founder calling for sharper differentiation strategies

Wallet forensics killed the "network value-add" pitch three years ago — LPs can pull up any fund's unlock dump behavior in 10 minutes on Arkham. The funds still winning ship public infra (Paradigm's Reth, a16z's Helios) or run actual LP/market-making rails. Everyone else is charging 2-and-20 for intros that $30 of Telegram Premium replaces.

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