1Confirmation VC Fund Exceeds Capital Contributions with $317M in Distributions

According to Huoxing Finance, on June 21, the crypto venture capital firm 1confirmation released an open letter to its limited partners, announcing that the cumulative cash distributions from its funds have reached approximately $317 million, surpassing the total capital committed across all funds—approximately $286 million—marking a milestone of positive returns. On the incubation front, 1confirmation disclosed that it is currently incubating Grail.xyz, a platform tokenizing physical collectibles, focused on bringing assets such as sports cards and jerseys on-chain and providing global access, particularly to users in emerging markets. The project launched in early May and has since accumulated over 9,000 users, with total platform trading volume exceeding $1.15 million and revenue surpassing $165,000. Regarding investment focus, 1confirmation noted that prediction market trading volumes continue to hit new all-time highs, with Polymarket and Limitless dominating on-chain market share; stablecoin consumer applications are also steadily penetrating mainstream users. The firm has made early investments in projects such as Littio, Munify, Ruvo, and Karsa, and plans to further increase its commitment to this sector. The open letter also issued a warning about the current state of the industry, highlighting the prevalence of crony capitalism and questionable institutional credibility, and called for a return to crypto’s original mission as a tool for human empowerment.