Recent Writing
Highlights From The 2024 Multicoin Summit
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Last month, we hosted the Multicoin Summit in New York City. This annual gathering allows us to spotlight the most important trends of the year and share our insights on what to expect in the years ahead. To help unpack these ideas, we assembled an outstanding lineup of speakers, including founders and CEOs from Drift, Hivemapper, Baxus, Jito, Pyth, dFlow, Solana, Visa, and Double Zero.
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.
스테이블 코인의 최종장
오늘 저희는 기쁜 마음으로 마운틴 프로토콜에 대한 투자를 발표합니다. 마운틴 프로토콜은 미국 국채를 통해 전적으로 지원 받는 비허가형 일드베어링 스테이블 코인 USDM의 발행자입니다. 저희는 캐슬 아일랜드 벤처스, 코인베이스 벤처 등을 비롯한 시리즈A 라운드를 이끌었습니다. 스테이블 코인은 암호화폐 시장에서 규모가 가장 큰 잠재 시장 중 하나입니다.
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.
웜홀 입력
암호화폐는 멀티 체인으로 발전하고 있으며 업계를 연결하기 위해 안전하고 유연한 상호 운용성 플랫폼이 필요합니다. 웜홀은 전체 스택 상호 운용성 플랫폼을 갖춘 업계 최고의 솔루션 중 하나입니다. 오늘 저는 우리가 웜홀에서 2억 2,500만 달러 규모의 라운드를 공동 이끌었다고 발표하게 되어 기쁩니다. 이 라운드는 작년 말에 마감되었습니다. 우리는 오늘 실제 실행되는 W 토큰의 출시에 맞추어 투자를 공식적으로 발표합니다.
Publisher-Exchanges: 소비자 응용 및 가치주의 이론
“가격이 곧 뉴스다”는 빠른 가격 움직임에 따라 네트워크 주변의 참여와 인식이 높아질 때마다 암호화폐 서클에서 자주 사용되는 격언입니다. 저에게는 아마도 이 진술의 반대가 더 심오한 사실이라는 것이 분명해졌습니다 : "뉴스가 곧 가격이다." 2024년에 Multicoin이 기대하는 바를 보여준 저의 기고문에서 저는 "가치주의 이론"이라고 이름 붙인 시장 가격 상승에 대한 뚜렷한 변화를 설명했습니다.
뉴스 레터 가입
뉴스레터 가입받은 편지함으로 직접 전달되는 최고의 암호화폐 인사이트를 얻으려면 구독하십시오.