• Blog
  • Featured
  • Podcasts
  • Videos

Subscribe for updates

Search

Trust Spectrum

Most people talk about financial services in crypto—trading, saving, lending, etc.—as either “decentralized” or “centralized.” Crypto advocates tend to characterize the former as less risky because users don’t have to trust a counterparty to custody their assets, removing the risks of losing their funds through a hack, impropriety, seizure from governments, and other forms of human error or malice.

March 12: The Day Crypto Market Structure Broke (Part 2)

Note: A few days ago I published a postmortem detailing how the crypto market structure broke on March 12. This post, Part 2, will explore the potential solutions to some of the systemic problems outlined in Part 1. To recap, one of the core structural problems is that current blockchains—both Bitcoin and Ethereum—simply do not support enough transaction throughput to facilitate global trading across many venues in volatile environments.

March 12: The Day Crypto Market Structure Broke (Part 1)

There were two large downward moves in the crypto markets on March 12th, about 13 hours apart. The first was early in the morning, and the second in the evening (in the US). The first move down—a ~25% move—was fast and relatively orderly given the size of the move; however, during the second leg down, the market structure broke.

Infinite Scale

Today, the vast majority of economic activity is conducted via corporations. Corporations were invented in the 1400s, with the first versions manifesting as joint-stock companies. Capital structures, limited liability, and other parameters have evolved since then, but the fundamental premise of the corporation as the conduit to facilitate economic activity remains largely unchanged.

Fall 2019 Multicoin Summit Recap (VIDEOS)

Our summits are deliberately thematic. Our most recent summit centered around three major discussions: the institutional mindset with regard to crypto, the implications of exchange and neo-bank innovation, and tangible evidence of growth during the doldrum. You can see videos from the November 2019 Summit here, and videos from our prior summits on our Youtube page.

The Web3 Stack, 2019 Edition

A year ago, I illustrated [the Web3 stack as I understood it at the time. I have learned more, and the ecosystem has evolved since then, so I decided to update the Web3 stack. Whereas the 2018 Edition was just a flat visualization of a single instance of the Web3 stack, the 2019 Edition aims to show the Web3 stack as a set of interoperable networks. In order to do this, I organized the 2019 Edition into 4 images (plus a bonus), starting from a narrow view, and zooming out from there.

Welcoming Mable Jiang To Multicoin Capital

Since launching Multicoin Capital more than two years ago, we’ve sought to build a crypto-native, global-scale asset management firm. Over the last 12 months, we’ve been thinking hard about how exactly we should grow the firm in order to build towards that vision. We determined that the most important initiative we could undertake was to develop a meaningful presence in Asia.

Lightning 2020: A Toolkit for Heretical Web3 Developers

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.

On Forking DeFi Protocols

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.

Our Investment in dForce: The DeFi Super-Network

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.

Trust Spectrum

Most people talk about financial services in crypto—trading, saving, lending, etc.—as either “decentralized” or “centralized.” Crypto advocates tend to characterize the former as less risky because users don’t have to trust a counterparty to custody their assets, removing the risks of losing their funds through a hack, impropriety, seizure from governments, and other forms of human error or malice.

March 12: The Day Crypto Market Structure Broke (Part 2)

Note: A few days ago I published a postmortem detailing how the crypto market structure broke on March 12. This post, Part 2, will explore the potential solutions to some of the systemic problems outlined in Part 1. To recap, one of the core structural problems is that current blockchains—both Bitcoin and Ethereum—simply do not support enough transaction throughput to facilitate global trading across many venues in volatile environments.

March 12: The Day Crypto Market Structure Broke (Part 1)

There were two large downward moves in the crypto markets on March 12th, about 13 hours apart. The first was early in the morning, and the second in the evening (in the US). The first move down—a ~25% move—was fast and relatively orderly given the size of the move; however, during the second leg down, the market structure broke.

Infinite Scale

Today, the vast majority of economic activity is conducted via corporations. Corporations were invented in the 1400s, with the first versions manifesting as joint-stock companies. Capital structures, limited liability, and other parameters have evolved since then, but the fundamental premise of the corporation as the conduit to facilitate economic activity remains largely unchanged.

Fall 2019 Multicoin Summit Recap (VIDEOS)

Our summits are deliberately thematic. Our most recent summit centered around three major discussions: the institutional mindset with regard to crypto, the implications of exchange and neo-bank innovation, and tangible evidence of growth during the doldrum. You can see videos from the November 2019 Summit here, and videos from our prior summits on our Youtube page.

The Web3 Stack, 2019 Edition

A year ago, I illustrated [the Web3 stack as I understood it at the time. I have learned more, and the ecosystem has evolved since then, so I decided to update the Web3 stack. Whereas the 2018 Edition was just a flat visualization of a single instance of the Web3 stack, the 2019 Edition aims to show the Web3 stack as a set of interoperable networks. In order to do this, I organized the 2019 Edition into 4 images (plus a bonus), starting from a narrow view, and zooming out from there.

Welcoming Mable Jiang To Multicoin Capital

Since launching Multicoin Capital more than two years ago, we’ve sought to build a crypto-native, global-scale asset management firm. Over the last 12 months, we’ve been thinking hard about how exactly we should grow the firm in order to build towards that vision. We determined that the most important initiative we could undertake was to develop a meaningful presence in Asia.