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Multicoin Capital

We are a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies.

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Writing

Trade-offs in the Decentralized BitMEX Space

By Tushar Jain

September 08, 2020 | 20 minute read

One of the greatest innovations of modern financial markets is that traders can gain financial exposure to an asset without having to physically settle that asset—aka synthetic exposure. This dramatically expands the universe of traders who can trade in a given market, especially for harder to deliver assets. This is desirable because increasing traders and capital in a given market can help reduce volatility and increase liquidity.

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Subscribe for updates

Writing

Trade-offs in the Decentralized BitMEX Space

By Tushar Jain

September 8, 2020 | 20 minute read

One of the greatest innovations of modern financial markets is that traders can gain financial exposure to an asset without having to physically settle that asset—aka synthetic exposure. This dramatically expands the universe of traders who can trade in a given market, especially for harder to deliver assets. This is desirable because increasing traders and capital in a given market can help reduce volatility and increase liquidity.

Writing

Exploring The Design Space of Liquidity Mining

By Tushar Jain

August 13, 2020 | 14 minute read

Decentralized Finance (DeFi) has recently seen an explosion of activity and public interest. The primary driving factor has been the discovery of “liquidity mining” as a mechanism to bootstrap liquidity. Broadly defined, liquidity mining occurs when users of a DeFi protocol are compensated in that protocol’s native token for interacting with the protocol.

Writing

Open Audio

By Kyle Samani

July 30, 2020 | 4 minute read

The first Internet-enabled application I can remember enjoying was Napster. It was 1999, and I was downloading songs at a blazing fast 2.96 KB / second. On good days, it would tick up to 3.13 KB / second. Music has been—by far—the most censored content on the Western internet over the last 20 years. The waves of censorship have played out time and time again across venues.

FeaturedWriting

Huobi Token ($HT) Analysis and Valuation

By Mable Jiang

July 16, 2020 | 35 minute read

Exchange tokens are currently the most interesting sector in crypto because they sit at the intersection of where there is demand today and where there will be opportunities tomorrow. We have previously expressed a [thesis](https://multicoin.capital/2019/10/29/exchanges-are-open-finance/ "Exchanges are Open Finance") that exchange tokens are the best way to get exposure to open finance and that there is tremendous growth potential.

Writing

DeFi's Invisible Asymptotes

By Kyle Samani

June 4, 2020 | 9 minute read

With the growth of the decentralized finance (DeFi) ecosystem over the last 24 months, I’ve been thinking about protocol-level defensibility and market size. I wrote about the former recently. This essay focuses on the latter. My biggest concern for Ethereum’s current DeFi economy is that it is subject to one or possibly a few invisible asymptotes, as I’ll explain below.

Videos

Ben Sparango and Tony Sheng talk The Trust Spectrum on the Chain Reaction Podcast

By Multicoin Capital

May 13, 2020 | 39 minute watch

In this episode, Tom Shaughnessy talks with Ben Sparango and Tony Sheng of Multicoin capital to discuss their latest report on The Trust Spectrum. We will keep this short, as the episode covers everything - enjoy and share!

Videos

Ethereal Virtual Summit 2020: Fireside Chat with SKALE Labs

By Multicoin Capital

May 12, 2020 | 27 minute watch

The two-day Ethereal Virtual Summit agenda features 100+ ecosystem leaders and can't-miss talks on the most exciting trends in the blockchain space, from decentralized finance to Ethereum 2.0. This interview features Jack O'Holleran (SKALE Labs) and Stan Kladko (SKALE Labs) Interviewed by Tushar Jain (Multicoin Capital).

Writing

Lightning 2020: A Toolkit for Heretical Web3 Developers

By Ryan Gentry

May 5, 2020 | 11 minute read

Many developers and investors interested in building Web3 gave up on building on top of Bitcoin years ago, assuming that its limited throughput, high latency, and conservative programmability made such development impossible. Indeed, this is precisely what led to the birth of Ethereum, and a plethora of Web3 platforms (e.g. Arweave, Cosmos, Polkadot, Solana, Near) that developers are leveraging today.

Videos

The Stacks Podcast with Kyle Samani & Muneeb Ali (Blockstack PBC)

By Multicoin Capital

May 4, 2020 | 49 minute watch

Kyle Samani, the Managing Partner of Multicoin, and Muneeb Ali, the Co-Founder of Blockstack, join the The Stacks Podcast to discuss research, investment theses, and debate the biggest trends in the industry.

Writing

On Forking DeFi Protocols

By Kyle Samani

April 16, 2020 | 14 minute read

As a suite of new layer 1 blockchains are launching, I’ve been thinking about Ethereum’s network effects, and the defensibility of the DeFi protocols built on top of Ethereum. A couple of years ago, I wrote about the network effects of non-sovereign layer 1 monies like Bitcoin and Ethereum.