Exclusive Interview with OKX Ventures' Investment Director: VCs and KOLs Each Bring Unique Value; Web3 Remains a Blue Ocean
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Exclusive Interview with OKX Ventures' Investment Director: VCs and KOLs Each Bring Unique Value; Web3 Remains a Blue Ocean
OKX Ventures' investment methodology: fundamentals are a key basis, with a focus on community, operations, and technological innovation.
Navigating Web3 tides with focused insightsBy TechFlow
Recently, OKX Ventures has completed multiple strategic investments and lead rounds across various sectors including gaming, social, and Layer2. Coinciding with the Hong Kong Web3 Festival, we invited Estrella, Investment Director at OKX Ventures, for an exclusive interview.
Coming from an internet background, Estrella shared insights on OKX Ventures’ investment methodology, key focus areas, and industry outlook. Below is the full transcript.
OKX Ventures’ Investment Methodology: Fundamentals as Key Criteria, with Emphasis on Community, Operations, and Technological Innovation
TechFlow: We understand that you previously worked at internet companies such as Baidu and Ctrip. As Strategic Investment Director at OKX Ventures, what inspired your transition into the crypto industry?
Estrella:
I entered the industry back in 2017 while exploring growth opportunities beyond mobile internet. Fintech stood out at the time with its diverse interpretations, which led me to Blockchain. After analysis, I concluded that the Blockchain industry holds substantial growth potential and explosive prospects.
TechFlow: In traditional internet industries, companies are evaluated using financial valuations or business metrics. However, crypto investing appears more "diverse"—some focus on teams, affiliations, or even appearances... In a narrative-driven market, based on your experience, what are the main dimensions investors use to evaluate projects?
Estrella:
We still place significant emphasis on fundamentals—such as the sector, team, project's financial health, and operational plans. These remain core criteria in our evaluation process.
Additionally, the crypto industry places greater emphasis on community culture, operational capabilities, and technological innovation. Therefore, we also assess aspects like community engagement, consensus-building, and user adoption.
TechFlow: Within the Web3 space, which directions or sectors do you find most promising? Why?
Estrella:
OKX Ventures regularly publishes monthly reports, and recently released our quarterly report detailing our investment focus. This includes infrastructure, Layer2, Bitcoin ecosystem, and application areas such as GameFi, AI, and DePIN—we maintain a broad and comprehensive approach.
At the core, we aim to identify strategic partners that can create synergies with our company. Given our established ecosystem, we strive to make long-term value-oriented investments beneficial both to our organization and the broader industry.
TechFlow: Many investors have expressed frustration about the fast pace of the crypto industry—projects invested in during FOMO periods at high valuations quickly get abandoned, only for new narratives to take over. Sometimes the hottest trends, like ORDI\MEME coins, bypass VCs entirely. Are VCs themselves victims of FOMO in this market? Do you feel such anxiety, and how do you address it?
Estrella:
Not really. These phenomena are driven by certain forces—for example, cultural identity and shared beliefs among younger or niche user groups. They also lower barriers to entry for new participants.
However, as institutional investors, I believe each institution has its own mature valuation framework. When evaluating projects, we don’t rely solely on one factor—we anchor decisions in fundamental value. Moreover, investor education remains crucial so people can distinguish between short-term speculation and long-term investment, and develop appropriate risk tolerance.
I believe over time, quality projects will endure, and continuous experimentation will drive positive evolution through competition.
Solana Has Unique Advantages, While Ethereum Remains Promising
TechFlow: OKX Ventures has been a strong supporter of the Ethereum ecosystem, having invested heavily in Ethereum-based infrastructure. Yet this year, Ethereum seems to face renewed challenges from Solana and growing skepticism. What’s your view on Ethereum’s future development?
Estrella:
I think Ethereum still possesses distinct strengths and long-term potential. Its technology continues evolving through upgrades. As a large ship, every small innovation requires far more effort than newer projects.
Moreover, we’ve observed that Ethereum’s developer count and activity levels have never declined, and it has built a robust ecosystem moat.
TechFlow: We've noticed OKX beginning to invest in Solana ecosystem projects like Eclipse and io.net. In your opinion, what advantages does Solana offer?
Estrella:
Solana certainly has unique strengths—such as achieving high TPS and low transaction fees—which enhance user experience.
In addition, Solana’s community shows sustained development. Whether investors or users, there’s a large base of loyal supporters actively contributing. Despite going through market cycles, many continue building within the ecosystem.
TechFlow: Notably, OKX Ventures has invested in Ethereum L2s such as Scroll, Taiko, and zkSync. But this year, many Ethereum L2s have been criticized as masters of PUA (excessive hype). With the rise of Rollup-as-a-Service (RaaS), launching an L2 has become trivial. How do you see the future competitive landscape of L2s? Do we really need so many L2s?
Estrella:
I believe the L2 competition is still in relatively early stages. The current “hundred schools contending” scenario is healthy—it promotes survival of the fittest, allowing top-tier L2s to emerge.
For specific applications, specialized “Layer2s” may arise. As you mentioned, one-click chain deployment reflects tooling advancements—showing how the ecosystem continuously seeks efficient solutions.
With increased diversity, issues like interoperability will gain attention, driving growth in cross-chain projects. Ultimately, we look forward to a truly interconnected ecosystem.
Infrastructure Still Has Room to Grow—Web3 Remains a Blue Ocean
TechFlow: Observing recent trends, more application-focused projects are shifting toward infrastructure, launching their own Layer1s. Some joke that there are now more chains than apps. How do you view this trend?
Estrella:
This trend fosters healthy competition among Layer1s. We believe infrastructure still has significant room for improvement and is far from saturated. Everyone competes fairly, seeking micro-innovations to solve specific problems.
TechFlow: This resembles the concept of Layer3—a dedicated appchain. Since you say Layer1 isn't saturated yet, will future growth come mainly from numerous customized chains like Layer3?
Estrella:
That’s just one aspect. Broadly speaking, the industry is still in its infancy. Web3 remains a blue ocean with vast untapped potential. It’s difficult to quantify market penetration when the space is still so underdeveloped.
TechFlow: MEME coins have been a major phenomenon this year, but also caused widespread disillusionment. Teams working hard on tech and products for years often see less market impact than a three-day MEME coin. The founder of 0xScope even tweeted that DAU, technical progress, and product updates barely correlate with price—only insider allocations and narratives matter. We’ve even seen projects deliberately removing features to rebrand as MEMEs. What’s your take? Will this become the norm?
Estrella:
This ties back to earlier points. MEMEs serve a particular audience or need, but that doesn’t mean every entrepreneur should follow suit. Founders must uphold their own values and clear vision—understanding what kind of impact they want to make and what value they aim to create.
TechFlow: Regarding narrative trends, Eastern and Western crypto markets seem fragmented. Chinese-speaking communities are flooded with Bitcoin ecosystem projects, while Western markets remain indifferent, focusing instead on AI+DePIN. From your perspective, how do regional differences shape entrepreneurs' preferences?
Estrella:
These differences stem from regional factors such as technological development, cultural traits, economic conditions, and policy environments.
For instance, the U.S. tends to be technology-driven, hence higher enthusiasm for AI; in Asia, we see more operation- and application-focused projects; Europe leans toward traditional finance-related initiatives; and in Latin America/Africa, projects are closer to local needs—such as Earn, culture, sports, inflation resistance, and payment use cases. Entrepreneurial interests align closely with local market demands.
TechFlow: KOL Rounds have surged this year, sparking much debate. Is this trend healthy? Is setting up KOL Rounds reasonable?
Estrella:
Personally, I think this model makes sense. The value contributed by KOLs differs from that of VCs—KOLs help with operational tasks such as community promotion. Such incentive mechanisms encourage better execution. Meanwhile, KOLs also act as filters, helping identify stronger projects through reverse selection. This two-way process helps high-quality projects stand out.
VCs provide one form of support; KOLs provide another.
TechFlow: An increasing number of Chinese entrepreneurs are moving to Hong Kong to launch projects. From an investor’s perspective, could you offer any advice to Chinese founders?
Estrella:
Rather than advice, let me share some personal thoughts. First, those entering Web3 should fully understand the industry and grasp its native mechanisms—such as consensus models, incentive structures, and community participation. Recognize that project lifecycle management differs from traditional internet operations.
Second, given Web3’s inherently global nature, teams must adopt an international mindset and strengthen global presence—such as establishing localized teams across regions, which raises the bar for founders.
Lastly, Web3 emphasizes both technology and operations, and is currently navigating critical regulatory compliance phases. Founders must deeply understand the cyclical characteristics of the industry and stay alert to emerging opportunities.
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