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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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DeFi's Invisible Asymptotes

By Kyle Samani

June 04, 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.

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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

Fear, Uncertainty & Doubt in 2020 with Galaxy Digital on Heard Around the Block

By Multicoin Capital

May 18, 2020 | 4 minute watch

The past two months have been unprecedented ones for all of us. Given the significant moves in digital assets' price and volume levels, many have openly wondered if Bitcoin in particular has lived up to its purpose.

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).

Videos

Is Crypto the Next Cleantech? Tushar Jain talks with Galaxy Digital Trading on Heard Around the BLOCK

By Multicoin Capital

May 12, 2020 | 4 minute watch

As with many new fields, crypto and blockchain technologies have doubters, and certainly some with reasoned points of views. One line of criticism is that no matter how big crypto gets, it may end up like cleantech-- full of innovation, but perhaps not able to generate a predictable return for investors.

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.

Writing

Our Investment in dForce: The DeFi Super-Network

By Mable Jiang

April 14, 2020 | 5 minute read

Today I’m excited to announce that Multicoin Capital led a $1.5M round in dForce, the world’s first unified network for open finance protocols. Coinvestors include our friends at China Merchant Bank International (CMBI) and Huobi Capital.

Podcasts

Unchained Podcast Audio Essay: The Most Forkable DeFi Protocols on Ethereum

By Kyle Samani

April 7, 2020 | 45 minute listen

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.