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Multicoin Capital

We’re thesis driven investors that make long-term, high-conviction investments in category defining crypto companies and protocols across public and private markets.

The Foundational DeFi Primitive of Filecoin

Kyle Samani
February 6, 2024 | 3 minute read

The Filecoin Virtual Machine (FVM) launched on March 14, 2023 (pi day). There is nothing else in crypto quite like the FVM. It allows developers to bind payments and DeFi to real world primitives on the Filecoin network, starting with storage. Over time, we expect the FVM to also allow for direct programmability of bandwidth and compute resources as well.

What Multicoin Is Excited About For 2024

Multicoin Capital
By Multicoin Capital
January 16, 2024 | 12 minute read

At the end of every year we come together and discuss some of the biggest changes we’re expecting in the year ahead. For the first time, we’re publishing these ideas. Please feel free to reach out to any of us to discuss these ideas further.

Oracles and the New Frontier for Application-Owned Orderflow Auctions

Shayon Sengupta
December 14, 2023 | 7 minute read

Today, we are excited to announce our investment in Pyth Network, the leading first-party oracle in crypto. The implicit premise behind legacy oracles in crypto has been that all data—including financial data—is freely available and accessible to on-chain contracts. Accordingly, oracles simply need to incentivize supply-side network contributors to scrape and aggregate this data, come to consensus on it, and bring it on-chain.

Build With Squads

Vishal Kankani
October 16, 2023 | 6 minute read

Today, we are proud to announce our investment in Squads Labs, a core contributor to the Squads Protocol, the leading multisig solution on Solana. Their latest $5.7M round brings Squad’s total funding to date to $12.5M. We first invested in Squads in late 2021, and since then they have grown to become a powerhouse in the Solana ecosystem and, we believe, a best-in-class multisig solution on Solana for institutional traders, crypto-prosumers, and builders.

Discussions from the 2023 Multicoin Summit

John Robert Reed
October 6, 2023 | 7 minute read

On September 27-28, we held our annual summit in Austin, Texas, which brings together some of the brightest and most influential minds in crypto to explore the latest trends and issues shaping the industry. This event is primarily for our Limited Partners, so thank you, again, to all of you who came down to see us this year. We appreciate your continued support.

The Dawn of On-Chain FHE

Kyle Samani
September 26, 2023 | 7 minute read

The two most challenging technical problems in crypto have been clear for a decade: scaling and confidentiality. Most of the discourse in the industry is around scaling; meanwhile, a handful of teams continue to quietly build a variety of advanced cryptographic techniques to enable confidentiality. Today, I’m excited to announce that Multicoin has led a $7.5M investment into Fhenix, which is pioneering a fundamentally new approach to on-chain confidentiality.

Exploring The Design Space Of DePIN Networks

Shayon Sengupta
Tushar Jain
September 21, 2023 | 17 minute read

In April 2022, we published our thesis on Proof of Physical Work (PoPW) networks (now, more colloquially referred to as “Decentralized Physical Infrastructure Networks,” or “DePIN” for short). In that essay, we wrote: “[PoPW networks] incentivize people to do verifiable work that builds real-world infrastructure. Relative to traditional forms of capital formation for building physical infrastructure, these permissionless and credibly-neutral protocols:"

Exploring Long-Term Staking in PoS Networks

Vishal Kankani
Tushar Jain
August 24, 2023 | 9 minute read

Today, nearly every proof-of-stake (PoS) network offers rewards through protocol staking and inflation; however, none have yet to offer a killer feature: long-term staking. Term structures[1] allow investors to strategically lock up capital for distinct periods of time in exchange for generally greater returns on investment. In finance, term rates make up a yield curve, which is an essential ingredient into well-functioning financial markets.

The Hidden Costs of Modular Systems

Kyle Samani
August 15, 2023 | 15 minute read

Over the past two years, the scaling debate has narrowed and fixated on the central question of modularity vs integration. (Note that discourse in crypto often conflates “monolithic” and “integrated” systems. There is a rich history of debate in technology over the last 40 years about integrated vs. modular systems at every layer of the stack. The crypto incarnation of this dialogue should be framed through the same lens; this is far from a new debate).

The Convergence of Crypto and AI: Four Key Intersections

Kyle Samani
June 2, 2023 | 9 minute read

The worlds of cryptocurrency and artificial intelligence (AI) have been evolving in parallel, with each domain pushing the boundaries of technology and innovation. As we continue to make strides in both fields, it is becoming increasingly clear that their futures are inextricably linked. In this post, we will explore four important intersections at the crossroads of crypto and AI.

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