On June 21, crypto venture capital firm 1confirmation recently released an open letter to LPs, announcing that the cumulative cash distribution of its funds has reached approximately $317 million, exceeding the total contributions of about $286 million, marking a positive return milestone. In terms of incubation, 1confirmation disclosed that it is incubating the physical collectibles tokenization platform Grail.xyz, which focuses on bringing physical assets like trading cards and jerseys onto the blockchain, providing access channels for users globally, especially in emerging markets. The project went live in early May and has since accumulated over 9,000 users, with a total transaction volume exceeding $1.15 million and revenue surpassing $165,000. Regarding investment direction, 1confirmation predicts that market transaction volumes will continue to reach historic highs, with Polymarket and Limitless leading on-chain trading shares; stablecoin consumption applications are also increasingly penetrating mainstream users. The firm has made early investments in projects such as Littio, Munify, Ruvo, and Karsa, and will continue to increase its investment in this sector. The open letter also issued a warning about the current state of the industry, pointing out the prevalence of crony capitalism and doubts about institutional credibility, calling for a return to the original intention of crypto technology as a tool for human empowerment.