/ Writing
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.
El equipo de Multicoin está creciendo. Hoy me complace anunciar que Mason Nystrom se ha unido a Multicoin Capital como socio de inversión. Mason ha pasado casi una década trabajando en todos los asientos de criptomonedas que son importantes para un inversor de riesgo: operador, analista y asignador.
/La capa de lectura para la inteligencia de máquinas
Hoy anunciamos una inversión en Grass, la capa de lectura para la inteligencia de las máquinas, de nuestro fondo de cobertura y nuestro fondo de riesgo. Andrej Radonjic publicó recientemente su plan para que la red Grass genere inteligencia abundante. Creemos que Grass se ha ganado el derecho a perseguir esa ambición y que es uno de los ejemplos más claros de un DePIN que funciona a escala comercial.
Los primeros activos en las cadenas de bloques fueron criptoactivos nativos como BTC, ETH, SOL y ahora HYPE. Y por lo tanto, en general, todas las primeras primitivas DeFi fueron construidas para estos activos.
/Análisis y valoración de Hyperliquid (HYPE)
Hoy publicamos nuestro análisis y valoración completos de Hyperliquid (HYPE). Hemos estado siguiendo a Hyperliquid desde su creación y hemos seguido impresionados por el éxito del equipo y la tasa de crecimiento. Iniciamos una posición grande a principios de este año y hemos estado acumulando desde entonces. HYPE hoy en día representa una de las posiciones más grandes en nuestro fondo líquido.
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.