Multicoin Capital
/ Introduction
我们是以理论驱动的投资者，在公共和私人市场上对加密公司和协议展开长期、高 确信的投资。
/Our Funds
01/ Master Fund
Founded in 2017, our master fund is a thematic, long-oriented hedge fund that delivers strong absolute returns over a long time horizon through asset selection across market cycles. This multi-billion dollar fund invests predominantly in tokens and is active in public markets, direct investments, and strategic sales.
02/ Venture Fund
We partner with crypto entrepreneurs to reshape trillion-dollar markets. We’re currently deploying out of our third venture fund, a $422 million vehicle raised in January 2022. This fund backs early-stage companies and founders with investments ranging from $1M-$50M.
/ Insights
Compute is the fastest growing asset class in the world. Over the last few years, there has been an extraordinary amount written about the datacenter buildout, the capital expenditure required to finance token factories of all sizes, and the increasingly creative offtake agreements that AI labs and hyperscalers are signing to secure capacity.
Multicoin 团队正在壮大。 今天，我很高兴地宣布，Mason Nystrom 已加入 Multicoin Capital ，担任投资合伙人。 Mason 花了近十年时间，涉足加密领域对风险投资者至关重要的每一个领域：运营商、分析师和分配者。
今天，我们宣布我们的对冲基金和风险基金对机器智能阅读层 Grass的投资。 Andrej Radonjic 最近发布了他关于草坪网络生成丰富情报的计划。 我们相信 Grass 赢得了追求这一雄心壮志的权利，并且是 DePIN 在商业规模上运作的最明显例子之一。
区块链上最早的资产是 BTC、ETH、SOL 等原生加密资产，现在是 HYPE。 因此，通常情况下，所有早期的 DeFi 基元都是为这些资产构建的。
/超流动性 (HYPE) 分析和估值
今天，我们发布了对 Hyperliquid（HYPE）的完整分析和估值。 我们自 Hyperliquid 成立以来，就一直在跟踪该团队的成功和增长率，并对该团队的成功和增长率印象深刻。 我们在今年早些时候启动了一个大头寸，并自那以后一直在积累。 HYPE 如今是我们流动性基金中最大的头寸之一。 我们长期以来一直相信开放式金融，即分布式账本上的每个价值单位都应该具有可互操作、可编程和可组合。
Three years ago, we announced that Spencer Applebaum and Shayon Sengupta had been promoted to Investment Partner. At the time, we noted that both had already become core members of our investment team through their work sourcing and winning competitive deals, identifying new opportunities across the crypto ecosystem, and supporting our founders. 
For most of DeFi’s history, activity remained mostly self-referential and endogenous to the crypto ecosystem. People traded crypto for crypto, borrowed crypto using other crypto as collateral, and built derivatives based on crypto prices. Even the biggest onchain markets, like spot DEXs, lending platforms, and perpetuals, all focused on a small group of native tokens. This wasn’t a deliberate design, but rather a limitation because early DeFi could only use assets that were already onchain.
There are only two ways to onboard to crypto: you buy in or you earn in. A buyer explicitly swaps fiat/traditional assets into crypto assets or onto crypto rails. An earner gets paid for work, receiving cryptoassets. Over the past decade, people largely followed the first route. In the next decade, we believe that the majority will be through the second.
链上流动性主要是通过一次专注于一件事而发展起来的。 早期，主要目标只是为接受方提供一个交易对手，而无需（a）在以太坊的中央限价单 (CLOB) 中发布出价（这不可行）；以及（b）依赖于链下匹配引擎（例如 0x）。 Uniswap 在 2018 年的重大突破是通过自动做市商 (AMM) 流动性池向所有人开放链上流动性。
当 Anatoly 首次向我们推介 Solana（原名为 Loom）时，他的套件名为“纳斯达克速度的区块链”。 自那以来，公共区块链已经取得了很大进展，但从根本上讲，它们仍然是全球金融资产的账本。 在传统金融中，交易是分散的，因为资产存储在不同的系统中。 股票、期权、期货、外汇、商品、支付和信贷都有自己的账本以及清算、持有和结算方式。