Did I enter the market too late? Dragonfly Partner: Crypto Assets are just getting started, the key is execution.

When we stand at this point in time, many people wonder, "Did I come too late?" In response to this common anxiety, Dragonfly partner Haseeb shared his experience, on the one hand, he encourages newcomers to seize the huge opportunities in the crypto industry that have not yet been explored, and on the other hand, he also redefines the concept of "moat" that entrepreneurs often talk about. "It's never timing, it's execution," he reminded.

Haseeb: It's not too late to join now; the encryption revolution has just begun.

Haseeb admitted that when he first joined the encryption venture capital industry in 2018, legendary institutions like Polychain, a16z, and DCG were already present in the market, and it seemed there was no room for another encryption VC. He worried that he had missed the golden opportunity, feeling the same anxiety as Marc Andreessen did when he arrived in Silicon Valley in early 1994 and saw the rise of AOL and Cisco, believing that the internet/blockchain industry was gradually entering a sunset phase.

To the class of '24/'25:

There’s a famous line from @pmarca when he moved to Silicon Valley in 1994. The Internet boom was already under way. He came from a small town in Iowa, and seeing these growing giants like AOL and Cisco, he was worried that he was already too late. That…

— Haseeb ＞|＜ (@hosseeb) June 10, 2025

But years have passed, and the two people still share the same consciousness in different times and spaces: "The entire industry has only just begun."

( Written after ABCDE Capital exited: When VCs are leaving one after another, is there still a future worth building in encryption? )

He emphasized that it is not too late to enter now; compared to the scale of the next 20 years, the entire encryption industry is still insignificant.

The market value of Bitcoin still accounts for only one-tenth of gold, and on-chain users make up far less than 1% of the global population. The United States has yet to pass any legislation related to encryption, and no large central bank in the world holds encryption assets.

And to add, "Welcome to the world of encryption, from here on, there will be countless changes waiting for you to participate in and to write history."

The moat is just a war of words; one should ask oneself "how to resist" competitive products?

In another article discussing the competitiveness of encryption startups, Haseeb made a pointed observation:

Most products simply lack a moat (moat) like this. With the few exceptions of traditional companies like Google or Salesforce, for most encryption entrepreneurs, instead of pursuing an illusory "barrier," it's better to ask themselves: "How does this product defend against competition?"

He pointed out that what truly allows a product to continuously occupy the market is often:

Continuous innovation and rapid feature rollout

More flexible pricing strategy

Stronger execution efficiency

More precise aesthetic and decision-making judgment

Haseeb stated that these, even if they do not constitute traditional moats, are still effective mechanisms for maintaining competitiveness.

(Long Text Guide: Strategic Advice from Sequoia Capital for Entrepreneurs: How AI Can Become the Next Trillion Dollar Economy?)

From Google to Salesforce: Having "defensibility" does not mean irreplaceability.

So do the giants in the market really have a moat? In response to this, Haseeb had an exciting conversation with MegaETH co-founder Bread, which also allowed Haseeb to clarify that the two traditional companies he mentioned are not infallible, but rather possess relatively strong "defensive capabilities":

Google's moat lies in its vast data and cross-product ecosystem ( such as Gmail, Maps, GSuite ), which deeply binds users.

Salesforce relies on customized enterprise processes and proprietary language (APEX) to create a high switching cost lock-in effect.

But he also emphasized that these so-called "moats" will essentially be replaced, as AI has the potential to completely reshape these platforms. However, what he wants to convey is:

The true concept of a moat is that the quality of the product has deteriorated (, such as Google search and Salesforce user experience ), yet they continue to dominate the market.

Haseeb clarified, "A true moat should be able to protect your market position even when you do nothing."

( Deconstructing the exchange's "super app" one-stop strategy: What other entry points are there for encryption payment startups? )

Instead of waiting for the right moment, it's better to take action immediately.

Whether you are a student who just graduated in 2024 or 2025, or someone considering entering the startup or encryption industry, Haseeb's words provide a key guideline:

Opportunities do not wait for you to be ready, nor do they completely disappear just because you were a step late. Moreover, the key to success lies not in building a moat, but in continuously doing better than others.

This is a race that is still at the starting line, and it is a long march belonging to innovators and experimenters. The world is not yet shaped, and there is still time for everything.

Am I too late to enter the market with this article? Dragonfly partner: Cryptocurrency is just getting started, the key is execution. First appeared in Chain News ABMedia.