On-chain Private Placement Market Platform Ventuals Announces Official Shutdown
The on-chain private placement market platform Ventuals has officially announced its shutdown, with its team merging into another team within the Hyperliquid ecosystem. The "all-weather on-chain private placement market" experiment has concluded, and the platform will no longer provide risk exposure trading for private tech companies before IPO.
According to the platform's disclosures and third-party statistics, Ventuals recorded approximately $124,700 in revenue since its launch about seven months ago, while direct costs such as ticker registration and auctions reached as high as $383,200, resulting in a net loss of approximately $258,600. When accounting for hidden costs such as team salaries, market making, and front-end operations, the actual loss scale further expands.
Operationally, Ventuals facilitated over 500,000 HYPE financing and approximately $650 million in transaction volume during its operation. The final settlement prices for OpenAI and Anthropic in the market were $1,341.80 and $1,618.90, respectively. Trading in commodity and index markets will cease in batches starting June 18; vHYPE holders can redeem HYPE and on-chain staking rewards at a 1:1 ratio, with withdrawals processed in batches starting June 19. All users must complete fund withdrawals and wallet exports by September 15, and the points and referral programs will be terminated without token issuance.
Source: Public Information
ABAB AI Insight
从历史行为看，Ventuals试图在“全天候链上私募市场”上复制FTX时期Pre-IPO合约与灰度信托折价交易的叙事，把OpenAI、Anthropic等未上市科技独角兽的预期估值，通过链上合成资产与HYPE生态打包给高风险偏好的加密用户；然而与传统场外Pre-IPO基金不同的是，它没有锁定期和配售优势，更多是在“估值想象力”上做文章，最终难以形成稳定的机构资金来源和持续做市深度。
在资本路径上，Ventuals的收入主要来自ticker注册与交易费用，但核心数据非常直接：平台按DeFiLlama口径仅实现约12.5万美元收入，却在ticker注册与拍卖上投入约38.3万美元成本，收入只覆盖了约三分之一的直接支出，尚未包含团队、人力与前端运营成本；这说明其商业模式更接近“通过高成本流量与激励堆叠短期成交量”，而未能把流量转化为可持续的费率收入与有机流动性，属于典型的“高GMV、低Unit Economics”实验。
值得强调的是，Ventuals通过vHYPE众筹获得的50万枚HYPE本金及其涨价收益并未计入平台利润，因为持有人可按1:1取回HYPE并获得链上质押收益，这意味着平台在会计上不能把这部分视为可支配盈余，而更像是托管型资金与负债；换言之，Ventuals无法像部分“伪DeFi”项目那样把代币涨幅当成经营成果填补亏损，只能正视其现金流与费用结构上的不可持续性。
从结构角度看，Ventuals的失败暴露了“链上二级合成私募市场”的内生矛盾：
一端是私营科技公司股权高度封闭、信息不对称且法律结构复杂，合成标的很难获得真正的“可交割预期”；
另一端是链上投机资金追求高杠杆与流动性，但对长期锁定、真实交割并无太大兴趣。
在缺乏真实配售、无锁定期套利与明确交割路径的前提下，这类“链上Pre-IPO”更像是情绪与故事驱动的价格博彩，缺少可持续的套利与风险管理参与者，最终只能依赖新资金短期进入维持市场热度。
与之类比，早期FTX的Pre-IPO合约（如Airbnb、Coinbase上市前）至少有明确的上市时间表和交割逻辑，而灰度信托折价交易背后有合格投资者配售与解锁周期的制度性套利空间；Ventuals试图在一个更模糊的“未来上市或被收购”预期上构建24/7市场，既没有监管护栏也没有制度化套利机制，导致市场结构高度单边：做多情绪推动时成交放大，一旦叙事疲劳就迅速降至无效率状态。
在更宏观的行业结构上，这一案例反映出“链上资产创新”正在经历从“无限想象空间”向“现金流与清算逻辑可验证”的收缩：Ventuals关停并入Hyperliquid生态其他团队，意味着资本和开发资源将更集中到已有清算机制、强叙事和高流动性支撑的衍生品与现货合约上，而非高成本、低收入的实验性市场；未来的链上资本市场更可能围绕稳定币、实物支持的代币化资产（如前述实物股票、RWA）和标准化期货期权展开，而像“全天候链上私募市场”这种缺乏可兑现基础资产的赛道，则会被资本视为边缘实验，难以长期获得资源倾斜。
ABAB News · 认知定律
没有真实交割的Pre-IPO，只是讲好听一点的赌场筹码
GMV 可以造出来，覆盖不了的是真实成本和现实现金流
代币涨价救得了情绪，救不了一个没有Unit Economics的生意.