Recent Writing
P2P Pipes
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The first large scale P2P application on the Internet was Napster (email/SMTP was designed to be P2P and self-hosted, but in practice ended up federated). The spiritual successor to Napster was the BitTorrent protocol, which at peak, represented ~25-35% of all internet traffic in the mid-2000s. Both were permissionless: anyone could host any file.
The Great Energy Coordination Problem
Today, we are proud to announce a $12M round in Fuse. Fuse is a core contributor to Project Zero, a renewable energy DePIN designed to solve the great energy coordination problem. Fuse is a full-stack renewable energy company built by Alan Chang and Charles Orr, who were both early employees at Revolut. Alan and Charles were pivotal to the early growth of Revolut, and set their sights on solving the energy crisis in 2022.
Drift ($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.
All Markets Are Not Created Equal: 7 Factors To Consider When Evaluating Blockchain-Enabled Collectibles Marketplaces (BECMs)
Collecting is big business. Today, over one-third of Americans self-identify as collectors, and, as of 2024, the market size for collectibles is now nearly $500 billion dollars. Collectibles are a booming industry—and blockchains are coming for them. A growing subset of the world’s collectors are actually traders whose sole intent is to buy and sell billions of dollars worth of collectibles—from rare whiskeys to luxury watches to handbags—with the goal of flipping them and making a profit.
The Endgame for Stablecoins
Today, we’re proud to announce our investment in Mountain Protocol, the issuer of USDM, a permissionless, yield-bearing stablecoin backed entirely by US Treasuries. We led the Series A round, which also included Castle Island Ventures, Coinbase Ventures and others. Stablecoins are among the largest addressable markets in crypto.
The Dawn of Bitcoin Programmability
Today, we are proud to announce our investment in Arch, a Bitcoin-native application platform that unlocks bridgeless decentralized finance (DeFi) on the world's most valuable blockchain. We led the investment with participation from OKX Ventures, Big Brain Holdings, Portal Ventures, CMS Holdings, Tangent and others.
Unbundling Sotheby’s
DeFi’s arch of innovation, historically speaking, has been focused on introducing new financial primitives, like AMMs and perpetuals, that give users new ways to trade cryptoassets. As of today, the land grab for obvious primitives has mostly ended, leaving only smaller exotic primitives to explore. The next wave of innovation will focus on using DeFi rails to fix broken markets.
Wormholeの中へ
暗号通貨はマルチチェーン化が進んでおり、業界を接続するためには安全で柔軟な相互運用性プラットフォームを必要としています。Wormholeは、フルスタックの相互運用性プラットフォームを備えた市場における主要なソリューションの1つです。 本日、当社がWormholeに2億2500万ドルのラウンドを共同で主導したことを発表いたします。このラウンドは昨年末に終了しましたが、当社は今日稼働するWトークンのリリースに合わせて、投資について本日正式に発表しています。
パブリッシャー取引所：消費者向けアプリケーションと価値の注目理論
暗号通貨業界では、素早い相場の動きに追従してネットワーク中でエンゲージメントと認識が高まる動きがあり、そこから「価格はニュースである」とよく言われています。ですが私としてはその逆、すなわち「ニュースは価格である」というほうがより正確であると明白に思います。 私は先日のMulticoinが2024年に期待していることへの寄稿で、「価値の注目理論」と名付けた市場価格資産の著しい変化について説明しました。
暗号化の聖杯
考え方によっては、過去30年間にわたり、すべてのサーバーサイドのセキュリティ脆弱性またはエクスプロイトは、同じ根本原因を共有していると言えます。それは、機密性の高いデータの一部が暗号化されていない（あるいは攻撃者が復号化キーへのアクセルを得た）ままになっていることです。 この枠組みで考えると、解決策は明白です。データを復号化しないこと、そして復号化キーをサーバーに保存しないことを確保すればいいのです。
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