Encryption venture capital firm 1confirmation recently issued a public letter to LPs, announcing that the cumulative cash distributions of its funds have reached approximately $317 million, exceeding the combined total capital contributions of its funds by about $286 million, achieving a positive-return milestone. In terms of incubation, 1confirmation revealed that it is incubating the physical collectibles tokenization platform Grail.xyz, which focuses on putting physical assets such as sports trading cards and jerseys on-chain, and provides access channels for users worldwide, especially in emerging markets. The project went live in early May, and has already accumulated over 9,000 users; platform total trading volume exceeds $1.15 million, with revenue of over $165,000. Regarding investment focus, 1confirmation said that trading volume on prediction markets continues to set record highs, with Polymarket and Limitless leading on-chain trading share. Meanwhile, stablecoin consumption applications continue to penetrate mainstream users. The firm also laid early groundwork for projects including Littio, Munify, Ruvo, and Karsa, and plans to further increase investment in this sector. In the public letter, the firm also issued a warning about the state of the industry, pointing to the prevalence of crony capitalism and doubts over institutional credibility, and called for returning to the original intent of using cryptographic technology as a tool to empower humanity.