/ Featured
/Hyperliquid (HYPE) Analysis & Valuation
Today, we publish our full analysis and valuation of Hyperliquid (HYPE). We’ve been tracking Hyperliquid since inception and have continued to be impressed by the team’s success and rate of growth. We initiated a large position early this year and have been accumulating since. HYPE today represents one of the largest positions in our liquid fund. We’ve long believed in Open Finance, the thesis that every unit of value should be interoperable, programmable, and composable on distributed ledgers.
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. 
/Multicoin Capital’s Investment Thesis
Multicoin Capital launched on October 1, 2017. We started the firm with the view that crypto would eventually reshape global markets. Our logo, a phoenix, represents a new financial system rising from the ashes of the old one. When we began, permissionless finance was hardly a known concept. Eight years later, it’s becoming a reality.
Over the past three years, Multicoin Capital has acquired a significant position in JTO, the native token of the Jito Network, across our hedge fund and venture funds. An executive summary of our 45 page asset report is presented below. You may download the complete report and analysis, including our valuation model and price target, by clicking the "Read Full Report" button.
Multicoin Capital has been investing in Solana’s native asset, SOL, and the broader Solana ecosystem since Solana’s seed round in May 2018. We have previously published four theses about Solana in that time. The first two were published about nine months before mainnet produced its first block in March 2020. As the Solana network has evolved, so has our frame of reference on how to think about the Solana network, and SOL the asset.
/Drift ($DRIFT) Analysis and Valuation
Multicoin has accumulated a large position across our funds—both liquid and venture—in DRIFT, the native token of Drift, a derivatives decentralized exchange (derivatives DEX) on Solana. We built the position over the last few years via private and public markets. An executive summary of our 25 page report is presented below.
/What Multicoin Is Excited About For 2024
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
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.
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).
/New Investment Partners at Multicoin
Today I’d like to announce that two of our longest standing members of our investment team, Spencer Applebaum (LinkedIn, Twitter) and Shayon Sengupta (LinkedIn, Twitter), have been promoted to Investment Partner. Both of them have done great work in finding lucrative trades in public markets, and in sourcing and winning competitive deals in private markets. But most importantly, both have also worked closely with many of our founders over the past several years to help them succeed.