/ Writing
/Building The Attention Economy
At the risk of being overly succinct, there are broadly two types of assets: 1) Cash Flow Assets — primarily equities and bonds. These assets generate cash flows that investors assign value to. 2) Supply & Demand Assets — mostly applies to commodities and forex. Prices fluctuate based on supply and demand. Recently, crypto has instigated a new type of asset—one valued on attention. Today, “Attention Assets” are primarily user-generated assets (UGAs), like NFTs, creator coins, and memecoins.
Today, DoubleZero (DZ) launched onto mainnet-beta. Multicoin Capital co-led a $28M investment round in DoubleZero earlier this year. Blockchains are globally distributed systems. The core L1 teams have collectively invested $1B+ over the last decade optimizing networking protocols, consensus, execution, and storage.
/Creating The World’s Leading Solana Treasury Company
Today I’m excited to announce that Multicoin Capital, Jump Crypto (the largest trading firm in crypto), and Galaxy (the largest financial conglomerate in crypto) have successfully led a $1.65B PIPE into Forward Industries, Inc. (NASDAQ: FORD), which will use the net proceeds to initiate a Solana treasury company strategy. Each sponsor committed over $100M in USD.
今天，我们很高兴欢迎 Brian Strugats 加入 Multicoin Capital 担任我们的新任首席交易员。 Brian 将负责基金的最佳运行，管理与合约另一方的关系，为投资团队提供有用的市场背景信息，并改进我们的交易能力。
普通人在传统金融体系中几乎无法创建新的可交易资产。加密货币显著简化了这一过程。如今，任何人都能在数秒内于 Solana 上以近乎零成本创建新资产。 因此，用户生成资产（UGA）呈现爆发式增长。
过去三年，Multicoin Capital 通过旗下的对冲基金和风险基金，在 Jito Network 原生代币 JTO 上获得了相当大的持仓。 以下是我们 45 页资产报告的执行摘要。您可以点击“阅读完整报告”按钮，下载完整的报告和分析，包括我们的估值模型和价格目标。
Today, we are excited to announce that Multicoin led an $8M strategic acquisition of GEOD, the native token of the Geodnet Network, from the Geodnet Foundation. Geodnet is a precise positioning network that leverages DePIN economics to power mission-critical localization services for drones, autonomous vehicles, and the tens of millions of robots that will likely proliferate the Earth over coming years.
1997 年，IBM 的 Deep Blue 在国际象棋比赛中击败了当时的世界冠军 Garry Kasparov，这表明计算机国际象棋引擎很快就会超越人类。有趣的是，一个准备充分的人在与一部计算机（通常称为“centaur”的计算机系统）合作时，就可以胜过那个时代最强大的引擎。
自 2018 年 5 月 Solana 种子轮融资以来，Multicoin Capital 持续投资于 Solana 的原生代币 SOL 及更广泛的 Solana 生态系统。在此期间，我们发布了四篇 Solana 投资论点。 前两篇发表于 2020 年 3 月主网生成首个区块前的九个月。随着 Solana 网络的发展，我们对 Solana 网络及作为资产的 SOL 的思考框架也在不断演进。
/Some Things Never Change, Even In 2025
One of the best quotes from Jeff Bezos is: “What's going to change in the next 10 years?' And that is a very interesting question; it's a very common one. I almost never get the question: 'What's not going to change in the next 10 years?' Earlier this week, we published a stereotypical VC post about new areas that our investment team is looking forward to seeing in 2025.