/ Writing
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.
/Adverse Selection Rules Everything Around Me
Onchain liquidity has mostly evolved by focusing on one thing at a time. Early on, the main goal was simply to have a counterparty for takers without (a) having to post bids in a central limit order book (CLOB) on Ethereum (where that's not feasible), and (b) relying on an offchain matching engine (e.g., 0x). Uniswap’s big breakthrough in 2018 was making onchain liquidity open to everyone via automated market maker (AMM) liquidity pools.
/ACE Is The Place With The Helpful Value Capture
When Anatoly first pitched us Solana (originally called Loom), his deck was called “Blockchain at NASDAQ Speed.” Public blockchains have evolved a lot since then, but at their core, they’re still ledgers for the world’s financial assets. In traditional finance, trading is fragmented because assets are kept on separate systems. Stocks, options, futures, FX, commodities, payments, and credit each have their own ledgers and ways of clearing, holding, and settling.
/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.
/Recapitulación del año más trascendente para las criptomonedas
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Si miramos hacia atrás en un futuro no muy lejano, creo que 2025 será recordado como uno de los años más trascendentes en la historia de las criptomonedas. El gran número y la magnitud de eventos de reducción de riesgo este año no tienen precedentes. Desde la aprobación de la histórica Ley GENIUS (probablemente la ley financiera más importante desde la ley Dodd-Frank) hasta el final definitivo de Chokepoint 2.0, este año ha marcado un punto de inflexión decisivo.
Over the last two decades, fintech has changed how people access financial products, but not how money actually moves. Innovation focused on cleaner interfaces, smoother onboarding, and better distribution, while the core financial infrastructure remained largely unchanged. For most of this period, the stack was being resold, but not rebuilt.
/Ethena: los dólares sintéticos desafían el duopolio de las stablecoins
Hoy nos complace anunciar que nuestro fondo líquido invirtió en ENA, el token nativo del protocolo Ethena, emisor de USDe, el dólar sintético líder. En nuestra entrada de blog El fin último de las stablecoins, explicábamos cómo las stablecoins son los mayores mercados abordables en el mercado cripto y cómo el rendimiento es la última frontera. Si bien teníamos razón en cuanto a las stablecoins con rendimiento, subestimamos el tamaño del mercado de los dólares sintéticos.
/La economía de la atención
A riesgo de ser excesivamente breves, hay dos tipos de activos: 1) activos de flujo de caja, principalmente acciones y bonos. Estos activos generan flujos de caja a los que los inversores asignan valor. 2) Activos de oferta y demanda: se aplican principalmente a las materias primas y al mercado de divisas. Los precios fluctúan en función de la oferta y la demanda.