According to ChainCatcher, a16z co-founder Chris Dixon said in an interview that a16z's latest $4.5 billion crypto fund Crypto Fund 4 has deployed less than 50%, and most of the funds are still undeployed. The fund was launched in May this year, with $1.5 billion for seed investment and $3 billion for venture capital. Dixon also said that a16z's crypto fund still holds 95% of the investment, saying that all data shows that the vast majority of returns are obtained in the later stages of the fund. In venture capital, the worst thing is to sell high-quality assets too early. (The Block)