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.
进入虫洞
加密货币正在走向多链，并且需要一个安全但灵活的互操作平台来连接整个行业。 Wormhole 是市场上领先的解决方案之一，具有全栈互操作平台。 今天，我很高兴地宣布，我们共同领导了一轮 2.25 亿美元的融资，用于虫洞开发。 本轮融资去年年底结束；我们今天正式宣布我们的投资，以配合今天上线的 W 代币的推出。
发布者交易所：消费者应用与价值注意力理论
“价格就是新闻”是加密货币圈经常使用的格言，每当网络上出现了快速价格波动，引起了更多的参与和关注时，这句话就会被引用。我发现这句话的反面表述或许更加深刻：“新闻就是价格”。 在我为《Multicoin 2024的期待》做出的贡献中，我描述了资产定价方式的明显变化，我将其命名为“价值注意力理论”。
密码学的圣杯
从某种意义上说，在过去30年里，每个服务器端安全漏洞或漏洞利用都有同一根源：某些敏感数据未加密（或攻击者获得了解密密钥）。 当在这个框架中呈现时，解决方案一目了然：不对数据进行解密，并确保不在任何服务器上存储解密密钥。
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