Recent Writing
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.
Frontier Ideas For 2025
2025 is poised to be a pivotal year for the industry. The emergence of the first pro-crypto regulatory framework, combined with the technical maturity of Layer 1 blockchains, DeFi protocols, DePIN networks, and stablecoins, is creating fertile ground for the next wave of frontier innovations. Staying true to our tradition, we’re sharing the ideas and opportunities that excite us most for the year ahead.
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.
稳定币的未来
今天，我们很荣幸地宣布我们对 Mountain Protocol 的投资，Mountain Protocol 是 USDM 的发行商，USDM 是一款无需许可、具有美国国债完全支持的收益型稳定币。我们在 A 轮融资中领投（CastleIsland Ventures、Coinbase Ventures 等其他公司参投）。 稳定币是加密货币领域中最大的潜在市场之一。
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.
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