Today, we are thrilled to welcome Brian Strugats to Multicoin Capital as our new Head Trader. Brian will be responsible for providing best execution for the fund, and managing our counterparty relationships.| Multicoin Capital
It is effectively impossible for a regular person to create a new tradeable asset on traditional financial rails. Crypto trivializes this. Today, anyone in the world can create new assets on Solana in a few seconds for ~$0 cost.| Multicoin Capital
Over the past three years, Multicoin Capital has acquired a significant position in JTO, the native token of the Jito Network, across our hedge fund and venture funds. An executive summary of our 45 page asset report is presented below.| Multicoin Capital
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.| Multicoin Capital
In 1997, IBM’s Deep Blue defeated then-World Champion Garry Kasparov in a chess match, and it became clear that computer chess engines would soon surpass humans.| Multicoin Capital
Multicoin Capital has been investing in Solana’s native asset, SOL, and the broader Solana ecosystem since Solana’s seed round in May 2018. We have previously published four theses about Solana in that time.| Multicoin Capital
One of the best quotes from Jeff Bezos is: “What's going to change in the next 10 years?'| Multicoin Capital
2025 is poised to be a pivotal year for the industry. The path to the first pro-crypto regulatory framework, combined with the technical maturity of Layer 1 blockchains, DeFi protocols, DePIN networks, and stablecoins| Multicoin Capital
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. T| Multicoin Capital
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).| Multicoin Capital
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.| Multicoin Capital
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.| Multicoin Capital
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.| Multicoin Capital
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.| Multicoin Capital
Crypto is going multichain and needs a secure but flexible interoperability platform to connect the industry. Wormhole is one of the leading solutions in the market with a full-stack interoperability platform.| Multicoin Capital
“The price is the news” is an often used adage in crypto circles any time there is heightened engagement and awareness around a network following fast price action.| Multicoin Capital
Today, I’m excited to announce that Multicoin Capital has co-led a $73M investment in Zama, alongside Protocol Labs| Multicoin Capital
The Filecoin Virtual Machine (FVM) launched on March 14, 2023 (pi day). There is nothing else in crypto quite like the FVM. It allows developers to bind payments and DeFi to real world primitives on the Filecoin network, starting with storage.| Multicoin Capital
Today, we are excited to announce our investment in Pyth Network, the leading first-party oracle in crypto.| Multicoin Capital
Today, we are proud to announce our investment in Squads Labs, a core contributor to the Squads Protocol, the leading multisig solution on Solana. Their latest $5.7M round brings Squad’s total funding to date to $12.5M.| Multicoin Capital
On September 27-28, we held our annual summit in Austin, Texas, which brings together some of the brightest and most influential minds in crypto to explore the latest trends and issues shaping the industry.| Multicoin Capital
The two most challenging technical problems in crypto have been clear for a decade: scaling and confidentiality. Most of the discourse in the industry is around scaling; meanwhile, a handful of teams continue to quietly build.| Multicoin Capital
Today, nearly every proof-of-stake (PoS) network offers rewards through protocol staking and inflation; however, none have yet to offer a killer feature: long-term staking.| Multicoin Capital
Over the past two years, the scaling debate has narrowed and fixated on the central question of modularity vs integration.| Multicoin Capital
The worlds of cryptocurrency and artificial intelligence (AI) have been evolving in parallel, with each domain pushing the boundaries of technology and innovation.| Multicoin Capital
In the first wave of crypto innovation after Bitcoin, many developers forked the Bitcoin codebase to try to build other decentralized infrastructure and applications beyond digital gold.| Multicoin Capital
Today, we are proud to announce our investment in Lore, the first co-ownership platform for web3 collectives.| Multicoin Capital
Today I’d like to announce that two of our longest standing members of our investment team, Spencer Applebaum (LinkedIn, Twitter) and Shayon Sengupta (LinkedIn, Twitter), have been promoted to Investment Partner.| Multicoin Capital
Today, we’re announcing we co-led TipLink’s $6M seed round with Sequoia. Our colleagues from Circle Ventures, Solana Ventures, Paxos, Asymmetric, Big Brain Ventures, Karatage and Monke Ventures also participated in the round.| Multicoin Capital
Today I’m excited to share that Multicoin Capital led a $10M round in sec3, joined by Sanctor Capital, Essence VC, as well as several notable angels, including Santiago R. Santos and Anatoly Yakovenko, a Solana cofounder.| Multicoin Capital
This year we celebrated our fifth anniversary as a firm. Over that time, we’ve watched carefully as the industry has evolved and built step-function improvements to scaling, indexing, data modeling, wallets, and more.| Multicoin Capital
Miner Extractable Value (MEV) is fundamental to permissionless distributed systems and cannot be eliminated.| Multicoin Capital
Today I’m excited to announce that Multicoin Capital has led a $7.5M seed investment in Mercury.| Multicoin Capital
Today we are excited to announce our latest venture fund, Venture Fund III, a $430M fund that invests $500K-$25M in early-stage opportunities all the way up to $100M+ for later-stage projects when combined with our evergreen liquid fund.| Multicoin Capital
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Over the last 6 months, as the term “metaverse” has become more popular in mainstream lexicon...| Multicoin Capital
Today I’m excited to announce that Multicoin Capital has co-led a $35M investment in Fractal with Paradigm, with participation from a16z crypto, Solana Ventures, Animoca, Coinbase, Play Ventures, Position Ventures, TerraForm CEO Do Kwon, and Tim Ferriss.| Multicoin Capital
Multicoin Capital: Building Bridges| Multicoin Capital
Broadly speaking, there are two ways to think about scaling blockchains: break them into smaller pieces and try to connect them, or optimize and scale a single shard.| Multicoin Capital
Today I’m excited to announce that we are co-leading a $4.1M seed investment into Dialect with our friends at Jump Crypto, with participation from Solana Ventures, Tiger Global, Joe McCann and several other prominent angels.| Multicoin Capital
Until the advent of Napster, the record label bundle consisted of three things.| Multicoin Capital
Today we are excited to announce our latest investment in the compute category: Fluence, in which we recently led a $9 million round alongside Alameda Ventures.| Multicoin Capital
Today I’m excited to announce that we are co-leading a $10M strategic round in Project Galaxy with Dragonfly Capital.| Multicoin Capital
Today we’re excited to announce that Multicoin Capital has co-led a $43M strategic investment in Metaplex alongside our friends at Jump Crypto.| Multicoin Capital
Today, I am excited to announce that Multicoin Capital has co-led a $4M seed round with Electric Capital in Solscan alongside our friends at Jump Capital, Sequoia Capital, Alameda Research, Solana Ventures,, Signum Capital, and CoinGecko.| Multicoin Capital
The 2021 Multicoin Summit was our biggest yet. For those who attended, it was fantastic to see all of you in real life again after two years of quarantine. For those who couldn’t make it, we prepared the following videos below.| Multicoin Capital
Interest rates are a critical input in the construction and valuation of any financial asset. Every equation in finance has interest rates in it, either explicitly or implicitly.| Multicoin Capital
We are excited to announce that Greg Xethalis (Twitter, LinkedIn) has joined the firm as General Counsel and Chief Compliance Officer (GC and CCO).| Multicoin Capital
Today I’m excited to announce that Multicoin Capital has led a $3M seed round in UXD Protocol.| Multicoin Capital
Today, we’re excited to announce that Multicoin Capital invested in Dune Analytics’ $8M Series A led by our friends at Union Square Ventures. Redpoint Ventures and Dragonfly Capital also participated.| Multicoin Capital
A blockchain is a database with unique trust-minimization properties. Like all databases, there are two kinds of operations: reads and writes.| Multicoin Capital
DeFi is the most useful application of blockchains. We spend a meaningful percentage of our time thinking about DeFi, and learning from the best DeFi entrepreneurs who are building the future of finance.| Multicoin Capital
Building on the success of our first venture fund, we’re proud to announce that Multicoin Capital has raised a new $100M venture fund to back entrepreneurs building companies (equity), and protocols (tokens) in and around the crypto space.| Multicoin Capital
Today, I’m excited to announce our investment in REALY, a platform that trades the legitimacy of streetwear and other real world collectibles.| Multicoin Capital
Multicoin Capital has accumulated a large position in RUNE, the native token of THORChain, a decentralized cross-chain automated market maker (AMM). RUNE represents one of our largest public positions.| Multicoin Capital
There’s a long running joke that all financial innovation can be boiled down to two things: figuring out ways to take on more leverage, and (un)bundling risk to more efficiently price assets for investors.| Multicoin Capital
Today I’m excited to announce that Multicoin Capital has led a $1.15 million seed round in Swivel Finance, a new decentralized protocol that enables fixed-rate lending and interest-rate derivatives.| Multicoin Capital
I’m excited to announce Multicoin Capital’s investment in OXIO. We led OXIO’s $3.5M seed round last year, and now the company is emerging from stealth following a $12M Series A financing.| Multicoin Capital
With another successful summit in the books, I’m delighted to share three of our most popular fireside chats from our fall summit.| Multicoin Capital
Listen to Howard Lindzon, a prolific blogger, investor, and entrepreneur, chat with Kyle Samani on his new show, Panic with Friends.| Multicoin Capital
Epicenter originally had Multicoin on the show in February of 2018 when we were still reasonably new and we were in the height of the ICO bubble. Kyle Samani, Co-founder and Managing Partner, joins them back on the show.| Multicoin Capital
Kyle Samani, cofounder and managing partner at Multicoin, joins the Nic Carter and the team at Castle Island to talk his current views on Bitcoin, Ethereum, and to give an update on web3 and how Multicoin is approaching the opportunity.| Multicoin Capital
One of the greatest innovations of modern financial markets is that traders can gain financial exposure to an asset without having to physically settle that asset—aka synthetic exposure.| Multicoin Capital
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Today I’m excited to share that Multicoin Capital led a $3.1M strategic round in Audius alongside our friends at Blockchange Ventures, with participation from Pantera Capital, Collab+Currency, and Coinbase Ventures.| Multicoin Capital
Exchange tokens are currently the most interesting sector in crypto because they sit at the intersection of where there is demand today and where there will be opportunities tomorrow.| Multicoin Capital
With the growth of the decentralized finance (DeFi) ecosystem over the last 24 months, I’ve been thinking about protocol-level defensibility and market size. I wrote about the former recently. This essay focuses on the latter.| Multicoin Capital
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In the second part of my conversation with Tushar Jain, Managing Partner of Multicoin Capital, he shares with us his view of the similarities and differences between these two sectors.| Multicoin Capital
This interview features Jack O'Holleran (SKALE Labs) and Stan Kladko (SKALE Labs) Interviewed by Tushar Jain (Multicoin Capital).| Multicoin Capital
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Many developers and investors interested in building Web3 gave up on building on top of Bitcoin years ago, assuming that its limited throughput, high latency, and conservative programmability made such development impossible.| Multicoin Capital
Kyle Samani, the Managing Partner of Multicoin, and Muneeb Ali, the Co-Founder of Blockstack, join the The Stacks Podcast to discuss research, investment theses, and debate the biggest trends in the industry.| Multicoin Capital
Today I’m excited to announce that Multicoin Capital led a $1.5M round in dForce, the world’s first unified network for open finance protocols. Coinvestors include our friends at China Merchant Bank International (CMBI) and Huobi Capital.| Multicoin Capital
As a suite of new layer 1 blockchains are launching, I’ve been thinking about Ethereum’s network effects, and the defensibility of the DeFi protocols built on top of Ethereum.| Multicoin Capital
Believers in the crypto space often parallel it to the early days of the internet. Both started within small technology circles and moved on to a more mainstream audience with their first “killer app”..| Multicoin Capital
In this episode, Kyle and Anatoly talk about the effects of COVID-19 on the cryptocurrency market, Black Thursday, and how they each see the next few months playing out in both the crypto and traditional markets.| Multicoin Capital
Laura Shin and Kyle Samani dissects Black Thursday, March 12, the day the crypto markets plunged twice amid the wider sell-off in the markets due to the coronavirus on the Unchained Podcast.| multicoin.capital
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets.| multicoin.capital
Many smart contract platforms are pursuing scaling strategies. However, most don't address one of the biggest problems: the clock problem.| multicoin.capital
Among the crypto development and investor communities, the most popular term is “protocol,” and for good reason. Everyone is building a protocol (and presumably these protocols offer investors and employees some way to generate returns).| multicoin.capital
The purpose of this essay is to define and articulate the three mega investment theses for crypto. We define mega investment theses as those in which the addressable market is measured in the trillions of 2019 USD.| multicoin.capital
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.| multicoin.capital
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.| multicoin.capital
We are excited to announce our investment in io.net, the leading distributed compute marketplace for AI workloads. We led the seed and participated in the Series A Round. In total, io.net has raised $30M from Multicoin and others.| multicoin.capital
At the end of every year we come together and discuss some of the biggest changes we’re expecting in the year ahead. For the first time, we’re publishing these ideas. Please feel free to reach out to any of us to discuss these ideas further.| multicoin.capital
In April 2022, we published our thesis on Proof of Physical Work (PoPW) networks (now, more colloquially referred to as “Decentralized Physical Infrastructure Networks,” or “DePIN” for short).| multicoin.capital
Many have argued how co-creation will ultimately lead to the democratization of the creator class, re-imagine fandom, and turn fans into creators.| multicoin.capital
Today, we are proud to announce our investment in Seed Club Ventures (SCV), a $25M venture DAO that invests in internet-native organizations, alongside Delphi Digital, Dragonfly Capital, Collab+Currency, SV Angel, Distributed Global, and others.| multicoin.capital
Since the advent of Bitcoin, people have been talking about the inevitability of crypto-based payments. And yet, 13 years since the launch of Bitcoin, payments over crypto rails have not yet entered mainstream consciousness.| multicoin.capital
Why is the UX of OpenSea and Magic Eden generally the same (discovery on homepage, basic set of linear filters on the left side of collection pages, same search presentation, etc.)?| multicoin.capital
One of the most powerful features of crypto-economic protocols is their ability to create incentive structures that allow anyone in the world to permissionlessly contribute to a set of shared objectives.| multicoin.capital
A few months ago at the 2021 Multicoin Summit, I gave a keynote presentation highlighting composability as the most important development in crypto in 2022.| multicoin.capital
Over the last year, Fortnite has pushed the boundaries for large scale synchronous online virtual worlds via concerts (Travis Scott and Ariana Grande on Fortnite).| multicoin.capital
This essay is a spiritual successor to On Value Capture at Layers 1 and 2. It also builds on some ideas from On Forking DeFi Protocols.| multicoin.capital
Today, I am excited to announce that Multicoin Capital has led a $17.4M round in Eden Network, alongside participation from Jump Capital, Alameda Research, Wintermute, GSR, Defiance Capital, and Andre Cronje, the founder of Yearn.Finance.| multicoin.capital
This essay assumes familiarity with Nick Szabo’s essay on Social Scalability, Vitalik Buterin’s essay on Weak Subjectivity, and Haseeb Qureshi’s essay on Why Decentralization Isn’t As Important As You Think.| multicoin.capital
Helium is a new crypto economic protocol that underpins a new business model deploying and managing wireless networks at about 100x lower cost than traditional top-down telecom business models.| multicoin.capital
We have segmented the DeFi Stack into six distinct layers in an effort to better understand these risks and dependencies.| multicoin.capital