by 0xC&D, Pepper Investment Fund，AvatarDAO

Zero-knowledge proof technique has already positioned itself as one of important frontrunners for scaling blockchains. One recent hot topic is the blockchain layer 2 scaling solution and rollups, especially on the Ethereum blockchain. Over the past couple of years, we have seen many zero-knowledge-proof protocols coming up as scaling solutions. In this post, we hope to introduce how the ZK Rollup solution works and its current status of investment in this track.

What is Layer 2 (L2)?

We mentioned that zero-knowledge proof technique can be used in layer 2 scaling solutions, but what is layer 2? Layer 2 is the connected network in charge of off-chain transactions. It is used for solutions created to help scale an application by processing transactions off of the Ethereum Mainnet (layer 1) while still maintaining the same security measurements and decentralization as the Ethereum mainnet. That is, it doesn’t have to compete for precious block space on layer 1. Layer 2 solutions increase throughput (i.e., transaction speed) and reduce gas fees.

Layer 2 solutions are important because they allow for scalability and increased throughput while still holding the integrity of the Ethereum blockchain, allowing for complete decentralization, transparency, and security while also reducing the carbon footprint (less gas means less energy used, which equates to less carbon.)

What are Layer 2 Rollups?

A rollup is a layer 2 scaling solution that operates off-chain from the main layer 1, but still posts the transaction data onto layer 1 after executing those transactions. Considering the transaction data is on layer 1, rollups are secured by the same layer 1 security measurements. In fact, this is the defining feature that rollups offer to users.

There are three properties of a layer 2 rollup:

• Gas Fee Reduction: Transactions are executed outside of layer 1 so no extra gas fee is needed.
• Security Maintenance: transaction data and proof reside on layer 1 so blockchain security is maintained.
• Transaction Delegation: A rollup smart contract which is found on layer 1, can enforce proper transaction execution on layer 2, by using the transaction data that is stored on layer 1.

Rollups require users to stake a bond in the rollup smart contract, which encourages users to verify and execute transactions correctly. Rollups are useful because they reduce fees, increase transaction throughput, and expand participation.

Zero-knowledge (ZK) Rollups:

ZK rollups are a solution that uses validity proofs to scale computation. It runs computation off-chain and submits a validity proof to the main-chain. ZK rollups bundle thousands of transactions off the Ethereum mainnet and create cryptographic proof which is known simply as SNARK (that is, succinct non-interactive argument of knowledge) and the proof is verified by an Ethereum smart contract. Thus every single transaction is fully verified by all Ethereum full nodes before a block is finalized.

The smart contract for a ZK rollup keeps the data of all transfers on layer 2 and the data can only be edited with a validity proof. This means ZK rollups only need validity proofs, opposed to all the transaction data. This function decreases the cost to transact due to less data being included. When it comes to ZK rollups, there is minimal hesitation when moving assets from layer 2 to layer 1, considering the validity proof has already been approved by the ZK rollup and has already authorized the transaction.

Some notable advantages of ZK rollups include:

• Asset transfers are nearly instant.
• Providing strong privacy and security because zero-knowledge proofs are used.
• Still secure and decentralized while security is preserved.

What is a zkEVM?

zkEVM is a virtual machine that executes EVM smart contracts in a way that is compatible with ZK proof computation. There are various types of zkEVMs, so we must distinguish between these types of solutions.

• EVM-compatibility = Solidity/Vyper-level compatibility
• EVM-equivalence = EVM bytecode-level compatibility + Ethereum execution client (Geth etc)
• Full-scale zkEVM = EVM specification-level compatibility

A common fact they all have is that they add in-circuit support of EVM in their own way with various tradeoffs. Note that smart contract code written in high-level languages, for example, Solidity/Vyper, needs to be compiled into EVM bytecode to get deployed to the Ethereum blockchain.

The way these solutions work is relatively simple:

• For EVM-compatibility, you trans-compile Solidity/Vyper code into the VM’s bytecode and then prove the validity of the execution trace in-circuit.
• For EVM-equivalence, you trans-compile or interpret the EVM bytecode into your VM’s bytecode and then prove the validity of the execution trace in-circuit.
• For a full-scale zkEVM, you prove the validity of the EVM execution trace in-circuit.

With most existing zkEVMs, such as Polygon Hermez and zkSync (we briefly introduce these projects in the next section), they run different bytecodes through an interpreter/compiler that mirrors all the functions of EVM bytecode but is not complete EVM equivalent bytecode. Thus, EVM-compatible ZK rollups compile Solidity/Vyper into a bytecode targeting a custom VM rather than EVM.

EVM tooling compatibility is important on a security trade-off level since adding extra layers of complexity adds new vulnerabilities.

Projects

There are numerous applications of ZK rollups that you can integrate into your own dapps. We briefly introduce some of them and their recent status as follows in this post. Note that we introduce their most recent version since some of them are still under development progress and under test phase.

Aztec

Aztec is a private L2 rollup solution focusing on privacy. It enables efficient private interactions with L1 smart contracts and liquidity via a process called DeFi Aggregation. It used Plonk as the underlying zk-SNARK scheme to add privacy and significant gas savings to any L1 protocol via their Aztec Connect bridges.

An Aztec Connect bridge is a L1 solidity contract deployed on mainnet that conforms a DeFi protocol to the interface the Aztec rollup expects. This allows the Aztec rollup contract to interact with the DeFi protocol via the bridge. A bridge contract models any L1 DeFi protocol as an asynchronous asset swap. You can specify up to two input assets and two output assets per bridge.

How does the Aztec rollup work? Aztec users who have shielded assets on Aztec can construct a zero-knowledge proof instructing the Aztec rollup contract to make an external L1 contract call. It provides batch multiple L2 transaction intents on the Aztec Network together in a rollup. The rollup contract then makes aggregate transactions against L1 DeFi contracts and returns the funds to the users on L2. The source of funds for any Aztec Connect transaction is an Aztec shielded asset. When a user interacts with an Aztec Connect Bridge contract, their identity is kept hidden, but balances sent to the bridge are public. Aztec uses the Virtual Assets concept to represent a share of assets held by a Bridge contract. This is far more gas efficient than mining ERC20 tokens. These are used when the bridge holds an asset that Aztec doesn’t support.

After the Aztec 2.0 launch in June 2021, its highest TVL has ever reached $14M and now is stable around $4M. Compared with other projects like Tornado Cash, Aztec doesn’t have so many users, probably because of its higher threshold. Also, because of the Tornado Cash incident, those products interacting with Ethereum mainnet and focusing on privacy were affected and concerned about its security.

zkSync

zkSync is a scaling and privacy engine for Ethereum. Its current functionality scope includes low gas transfers of ETH and ERC20 tokens in the Ethereum network, atomic swaps & limit orders as well as native L2 NFT support. The architecture design of zkSync combined the following 2 technological breakthroughs: 1). zk EVM: the engine powering the EVM-compatible zkRollup, the only solution with L1 security and solidity smart contract support. 2). zkPorter: An off-chain data availability system with 2 orders of magnitude more scalability than rollups. Since zkEVM and zkPorter are interoperable and composable, zkSync is able to significantly outperform all other scaling solutions. The current consensus used by zkSync is Eth2 data sharding and it provides an exponentially larger data availability layer without sacrificing decentralization hitting 100,000+ TPS. zkSync uses PLONK as the underlying zk-SNARKs in their rollup strategy. During the zkSync 1.0 phase, it produced the Zinc programming language and the corresponding SyncVM, a zk virtual machine. Now in the zkSync 2.0 phase, the team switched to support a new zkEVM which is programmed using Solidity/Vyper. As of February 2022, zkSync 2.0 test-net has been live featuring smart contracts in Solidity or reusing existing Solidity code.

Since the moment when zkSync announced its EVM bytecode compatibility, it has attracted a lot of dApp projects’ attention and support, for example, from 1inch, Yearn Finance, Aave, Chainlink and The Graph, .etc. Regarding the zkSync ecosystem, it contains a lot of different types of products, such as wallets, Defi, infrastructure and bridges, .etc. From the block explorer of zkSync testnet, more than 100,000 blocks have been committed and verified and more than 11 million transactions have been posted on-chain. We believe that once zkSync mainnet is online after the testing, it will attract more users using L2 solutions to develop new products.

Polygon Hermez

Hermez is an open-source ZK roll-up solution optimized for low-cost token transfers on the Ethereum blockchain. Recently, Hermez merged with Polygon, becoming Polygon Hermez and expanding Polygon’s suite for scaling solutions for Ethereum. The most recent version is Polygon Hermez 2.0, which is a decentralized Ethereum layer 2 scalability solution utilizing cryptographic zero-knowledge technology to provide validation and fast finality of off-chain transaction computations. Hermez 1.0, which has been live since March 2021, is decentralized, permissionless, and scales up to 2000 TPS. It has therefore successfully accomplished the purpose it was designed for, which was scaling payments and transfers of ERC-20 tokens. The team has been working on the development of Hermez 2.0 using their own zkEVM, a virtual machine that executes Ethereum transactions in a transparent way, including smart contracts with zero-knowledge proof validations. Although taking on this revolutionary design approach was a hard decision to make, the objective is to minimize the users and dApps friction when using the solution. Hermez 1.0 used a decentralized Proof of Donation consensus mechanism and Hermez 2.0 is currently using the Proof of Efficiency consensus mechanism. The core of Hermez zkEVM is its zkProver, which contains the main state machine executor, secondary state machines (STARK recursion component), STARK builder and SNARK builder (a zk-SNARK prover). The main state machine executor is transforming the EVM bytecode into polynomial constraints via the zero-knowledge assembly language, and it uses polynomial identity language to encode the corresponding polynomial constraints. The secondary state machine splits state transitions corresponding to zkEVM transactions and then uses multiple state machines to compute and verify the correctness of these transactions. STARK proof builder is used to generate the STARK proof efficiently and SNARK proof builder is used to compute a SNARK proof (which is very small). The SNARK protocol can be PLONK or Groth16.

To conclude, Hermez is a L2 scaling solution that combines the Plonkup lookup protocol and the STARK protocol of Starkware and uses Proof of Efficiency consensus. They are almost launching the test net in Q3 2022 and the mainnet in Q4 2022.

Current Status of ZK Rollups Investments

We briefly introduced the Aztec, zkSync, and Polygon Hermez projects above from technical perspectives because they are representatives in the ZK roll-up investment track and they are all in good status. We also notice that there are also a lot of other outstanding ZK rollup projects. We make up a table to give their current investment status of them (based on revealed data and note that some data were not disclosed).

Besides the projects above, there are many projects under construction to improve the L2 ZK Rollup solution. Some of them are building on top of the above projects to explore more applications, such as dYdX, Sorare, Immutable X, .etc.

Also, we can notice that, compared with other projects, Starkware has the highest valuation so far in the ZK rollup track because of their advantages in their STARK protocol, circuit language, and zkVM development. It has been taken as the foundation of many StarkNet-based apps.

From the perspective of the secondary market, there is no ZK rollup project having a token/cryptocurrency listed yet so far, but we notice that there is an Optimistic Rollup project having a token listed and its FDV is between $20B to $95B.

Even though zero-knowledge technologies have a high bar and threshold for software developers (because software developers should have both cryptography and blockchain backgrounds), there are a lot of breakthroughs made by both academia and industry in recent years. Thus, investors are keen on this track and very confident in its future. Furthermore, besides the ZK rollup track, zero-knowledge technology, especially zk-SNARKs, also has many applications in other scenarios such as lightweight blockchain like Mina protocol, decentralized identity in Web3 applications, and privacy-preserving blockchain. Therefore, this track contains great potential in the future and we are having an optimistic attitude toward the future of ZK rollup projects.

About Pepper Investment

Pepper investment is a Web3.0 investment and acceleration firm, backed by Wall Street veterans and Crypto OGs. We take on our own unique and scientific approach to enhance builders’ strong arms to succeed and aim to stand as an elite Web3.0 VC. Along with the investment we provide both technical (e.g., smart contract security review, cryptography review, engineering, and business design) and growth (e.g., post-investment management, compliance, and listing) consultations.

We are backed by giant miners and multinational communities. Our team members have strong backgrounds in frontier investment and technology firms such as UBS, Capital Group, Pwc, Coinbase, Chainlink Labs, etc.

Contact: Chase.wang@Hercules.global & Daniel.zhou@Hercules.global

Chinese Translation 全文中文翻译如下：

ZK Rollup 解决方案介绍及其投资机会
作者：0xC&D，@Pepperinvestmentfund
零知识证明技术已经将自己定位为扩展区块链的重要领跑者之一。最近的一个热门话题是区块链第 2 层扩展解决方案和 Rollup，尤其是在以太坊区块链上。在过去的几年里，我们看到许多零知识证明协议作为扩展解决方案出现。在这篇文章中，我们希望介绍 ZK Rollup 解决方案是如何工作的，以及它在这个赛道上的投资现状。

什么是第 2 层 (L2)？

我们提到零知识证明技术可以用于第 2 层扩展解决方案，但是第 2 层是什么？第 2 层是负责链下交易的连接网络。它用于通过处理以太坊主网（第 1 层）的交易来帮助扩展应用程序的解决方案，同时仍保持与以太坊主网相同的安全测量和去中心化。也就是说，它不必在第 1 层争夺宝贵的区块空间。第 2 层解决方案提高了吞吐量（即交易速度）并降低了 gas 费用。

第 2 层解决方案很重要，因为它们允许可扩展性和增加吞吐量，同时仍然保持以太坊区块链的完整性，允许完全去中心化、透明度和安全性，同时还减少碳足迹（更少的气体意味着更少的能源使用，这相当于更少碳排放。）

什么是 L2 Rollup？

Rollup是第 2 层扩展解决方案，它从 L 1 脱链运行，但在执行这些交易后仍将交易数据发布到第 1 层。考虑到交易数据位于第 1 层，Rollup 由相同的第 1 层安全措施保护。事实上，这是 Rollup 为用户提供的定义功能。

第 2 层 Rollup 具有三个属性：

• gas 费减少：交易在第 1 层之外执行，因此不需要额外的 Gas fee。

• 安全维护：交易数据和证明驻留在第 1 层，因此可以维护区块链安全。

• 交易委托：位于第 1 层的 Rollup 智能合约可以通过使用存储在第 1 层的交易数据在第 2 层强制执行正确的交易。

Rollups 要求用户在 rollup 智能合约中质押保证金，这鼓励用户正确验证和执行交易。Rollup 很有用，因为它们可以降低费用、增加交易吞吐量并扩大参与度。

零知识 (ZK) Rollup：

ZK rollups 是一种使用有效性证明来扩展计算的解决方案。它在链下运行计算并向主链提交有效性证明。 ZK rollups 捆绑了以太坊主网上的数千笔交易，并创建了称为 SNARK（即简洁的非交互式知识论证）的加密证明，并且该证明由以太坊智能合约验证。因此，在区块最终确定之前，所有以太坊全节点都会对每笔交易进行全面验证。

ZK rollup 的智能合约将所有传输的数据保存在第 2 层，并且只能使用有效性证明来编辑数据。这意味着 ZK Rollup 只需要有效性证明，而不是所有交易数据。由于包含的数据较少，此功能降低了交易成本。对于 ZK rollup，将资产从第 2 层转移到第 1 层时几乎没有犹豫，因为有效性证明已经被 ZK rollup 批准并已经授权交易。

ZK rollups 的一些显着优势包括：

• 资产转移几乎是即时的。

• 提供强大的隐私和安全性，因为使用了零知识证明。

• 在保持安全性的同时仍然安全且分散。

什么是 zkEVM？

zkEVM 是一个虚拟机，它以与 ZK Proof 计算兼容的方式执行 EVM 智能合约。 zkEVM 有多种类型，因此我们必须区分这些类型的解决方案。

• EVM 兼容性 = Solidity/Vyper 级兼容性

• EVM 等效性 = EVM 字节码级兼容性 + 以太坊执行客户端（Geth 等）

• 全尺寸 zkEVM = EVM 规范级兼容性

他们都有一个共同点，他们以自己的方式添加了对 EVM 的“电路”内支持，并进行了各种权衡。请注意，使用高级语言（例如 Solidity/Vyper）编写的智能合约代码需要编译为 EVM 字节码才能部署到以太坊区块链。

这些解决方案的工作方式相对简单：

• 对于 EVM 兼容性，您将 Solidity/Vyper 代码转编译为 VM 的字节码，然后在电路中证明执行跟踪的有效性。

• 对于 EVM 等效性，您将 EVM 字节码反编译或解释为 VM 的字节码，然后在线证明执行跟踪的有效性。

• 对于一个完整的 zkEVM，你证明了 EVM 执行跟踪的在线有效性。

对于大多数现有的 zkEVM，例如 Polygon Hermez 和 zkSync（我们将在下一节中简要介绍这些项目），它们通过一个解释器 / 编译器运行不同的字节码，该解释器 / 编译器反映了 EVM 字节码的所有功能，但不是完整的 EVM 等效字节码。因此，与 EVM 兼容的 ZK Rollup 将 Solidity/Vyper 编译为针对自定义 VM 而不是 EVM 的字节码。

EVM 工具兼容性在安全权衡级别上很重要，因为增加额外的复杂层会增加新的漏洞。

部分 ZK 赛道项目简介

ZK rollups 有许多应用程序，您可以将它们集成到您自己的 dapp 中。我们在这篇文章中简要介绍了其中一些及其最近的状态。请注意，我们介绍了它们的最新版本，因为其中一些仍处于开发进度和测试阶段。

Aztec

Aztec 是一个专注于隐私的私有 L2 Rollup 解决方案。它通过称为 DeFi 聚合的过程实现与 L1 智能合约和流动性的有效私人交互。它使用 Plonk 作为底层 的 zk-SNARK 方案，通过其 Aztec Connect 桥接器为任何 L1 协议增加隐私和显著节省 gas。

Aztec Connect 桥是部署在主网上的 L1 可靠性合约，它使 DeFi 协议符合 Aztec rollup 的接口。这使得 Aztec Rollup 合约通过桥与 DeFi 协议进行交互。桥接合约将任何 L1 DeFi 协议建模为异步资产交换。您可以为每个桥指定最多两个输入资产和两个输出资产。

Aztec Rollup 如何工作？

在 Aztec 上拥有屏蔽资产的 Aztec 用户可以构建一个零知识证明，指示 Aztec rollup 合约进行外部 L1 合约调用。它以 Rollup 的形式在 Aztec 网络上提供批量的多个 L2 事务意图。然后，Rollup 合约针对 L1 DeFi 合约进行聚合交易，并将资金返还给 L2 上的用户。

任何 Aztec Connect 交易的资金来源都是 Aztec 保护资产。当用户与 Aztec Connect Bridge 合约交互时，他们的身份是隐藏的，但发送到桥的余额是公开的。 Aztec 使用虚拟资产概念来表示 Bridge 合约持有的资产份额。这比挖掘 ERC20 代币要高效得多。当桥梁拥有 Aztec 不支持的资产时，会使用这些。

在 2021 年 6 月推出 Aztec 2.0 后，其最高 TVL 达到了 1400 万美元，现在稳定在 400 万美元左右。与 Tornado Cash 等其他项目相比，Aztec 的用户并不多，可能是因为它的门槛较高。此外，由于 Tornado Cash 事件，那些与以太坊主网交互并专注于隐私的产品受到影响并担心其安全性。

zkSync

zkSync 是以太坊的扩展和隐私引擎。它目前的功能范围包括以太坊网络中 ETH 和 ERC20 代币的低 gas 传输、原子交换和限价订单以及原生 L2 NFT 支持。

zkSync 的架构设计结合了以下 2 项技术突破：

1） zk EVM：驱动与 EVM 兼容的 zkRollup 的引擎，这是唯一支持 L1 安全性和可靠智能合约的解决方案。

2）zkPorter：一个链下数据可用性系统，可扩展性比 rollups 高 2 个数量级。

由于 zkEVM 和 zkPorter 是可互操作和可组合的，zkSync 能够显着优于所有其他扩展解决方案。

zkSync 目前使用的共识是 Eth2 数据分片，它提供了指数级更大的数据可用性层，而不会牺牲达到 100,000+ TPS 的吞吐量以及去中心化程度。 zkSync 在其 Rollup 策略中使用 PLONK 作为底层 zk-SNARK。

在 zkSync 1.0 阶段，它产生了 Zinc 编程语言和相应的 SyncVM，一个 zk 虚拟机。现在在 zkSync 2.0 阶段，团队转而支持使用 Solidity/Vyper 编程的新 zkEVM。

截至 2022 年 2 月，zkSync 2.0 测试网已经上线（主网也将在 Q4 上线），其中包含 Solidity 中的智能合约或重用现有的 Solidity 代码。

自 zkSync 宣布其 EVM 字节码兼容性的那一刻起，就吸引了众多 dApp 项目的关注和支持，例如来自 1inch、Yearn Finance、Aave、Chainlink 和 The Graph 等。

关于 zkSync 生态系统，它包含了很多不同类型的产品，例如钱包、Defi、基础设施和桥梁等。来自 zkSync 测试网的区块浏览器，已经提交和验证了超过 100,000 个区块，超过 1100 万笔交易已经发布在链上。我们相信，一旦 zkSync 主网测试上线，将会吸引更多用户使用 L2 解决方案开发新产品。

Polygon Hermez

Hermez 是一种开源 ZK Rollup 解决方案，针对以太坊区块链上的低成本代币转移进行了优化。最近，Hermez 与 Polygon 合并，成为 Polygon Hermez 并扩展了 Polygon 的以太坊扩展解决方案套件。最新版本是 Polygon Hermez 2.0，它是一种分散的以太坊第 2 层可扩展性解决方案，利用加密零知识技术提供链下交易计算的验证和快速确定性。

Hermez 1.0 于 2021 年 3 月上线，去中心化、无需许可，可扩展至 2000 TPS。因此，它成功地实现了它的设计目的，即扩展 ERC-20 代币的支付和转移。该团队一直致力于使用他们自己的 zkEVM 开发 Hermez 2.0，zkEVM 是一种以透明方式执行以太坊交易的虚拟机，包括具有零知识证明验证的智能合约。尽管采用这种革命性的设计方法是一个艰难的决定，但目标是在使用该解决方案时最大限度地减少用户和 dApp 的摩擦。

Hermez 1.0 使用了去中心化的 Proof of Donation 共识机制，而 Hermez 2.0 目前正在使用 Proof of Efficiency 共识机制。 Hermez zkEVM 的核心是它的 zkProver，它包含主状态机执行器、辅助状态机（STARK 递归组件）、STARK 构建器和 SNARK 构建器（一个 zk-SNARK 证明器）。主状态机执行器通过零知识汇编语言将 EVM 字节码转换为多项式约束，并使用多项式标识语言对相应的多项式约束进行编码。二级状态机将 zkEVM 事务​​对应的状态转换进行拆分，然后使用多个状态机计算并验证这些事务的正确性。 STARK 证明生成器用于有效地生成 STARK 证明，而 SNARK 证明生成器用于计算 SNARK 证明（非常小）。 SNARK 协议可以是 PLONK 或 Groth16。

综上所述，Hermez 是一个 L2 扩容解决方案，结合了 Plonkup 查找协议和 Starkware 的 STARK 协议，并使用了 Proof of Efficiency 共识。他们几乎将在 2022 年第三季度推出测试网，并在 2022 年第四季度推出主网。

ZK Rollups 投资现状

我们从技术角度简单介绍了上面的 Aztec、zkSync 和 Polygon Hermez 项目，因为它们是 ZK Rollup 投资赛道的代表，并且都处于良好的状态。 我们还注意到，还有很多其他优秀的 ZK rollup 项目。 我们制作了一个表格来给出他们目前的投资状况（基于披露的数据，并注意一些数据没有披露）。

除了上述项目外，还有许多项目正在建设中以改进 L2 ZK Rollup 解决方案。其中一些正在上述项目之上构建以探索更多应用程序，例如 dYdX、Sorare、Immutable X 等。

此外，我们可以注意到，与其他项目相比，Starkware 在 ZK rollup 轨道上的估值最高，因为它们在 STARK 协议、电路语言和 zkVM 开发方面具有优势。它已被视为许多基于 StarkNet 的应用程序的基础。

从二级市场的角度来看，目前还没有上架代币 / 加密货币的 ZK rollup 项目，但我们注意到有一个上架代币的 Optimistic Rollup 项目，其 FDV 在 $20B 到 $95B 之间。

尽管零知识技术对软件开发者的门槛和门槛很高（因为软件开发者应该同时具备密码学和区块链背景），但近年来学术界和工业界都取得了很多突破。因此，投资者对这条赛道充满热情，对其未来充满信心。此外，零知识技术，尤其是 zk-SNARKs，除了 ZK rollup track 之外，在 Mina 协议等轻量级区块链、Web3 应用中的去中心化身份、隐私保护区块链等其他场景也有很多应用。因此，这条赛道未来潜力巨大，我们对 ZK rollup 项目的未来持乐观态度。

关于 AvatarDAO

首个无 GP 的创投共同体，100％由 DAO 社区拥有、治理和驱动，致力于打造无边界、更多人受益的 Web3 去中心化风投基金。
AvatarDAO 由加密 VC、投资人、创业者、OG 发起，成员包括 consensuslab、BTXCapital、MintVenture、K24Ventures、Dahuzi.eth、bitlodar、OKX 前海外 CEO-Cryptojames 等，并有 50+ 成员机构和 7000+ 社区成员。我们通过活跃的独立研究员和投资经理来发现更多早期项目机会，多样且广泛的资源网络来支持初创公司发展，自动化的合约来进行基金投资管理。

关于 Pepper Investment

Pepper Investment 是一家 Web3.0 投资和加速公司，由华尔街资深人士和 Crypto OG 组建。我们采用自己独特的科学方法来增强建设者的强大武器以取得成功，并致力于成为 Web3.0 VC 中的佼佼者。除了投资，我们还提供技术（例如，智能合约安全审查、密码学审查、工程、Tokenomics 与业务设计）和增长（例如，投后管理、合规和上市）咨询与服务。

我们得到了大型矿工和跨国社区的支持。我们的团队成员来自 UBS、Capital Group、PwC、Coinbase、Chainlink Labs 等前沿投资、科技公司。

联系方式：Chase.wang@Hercules.global & Daniel.zhou@Hercules.global