Hyperliquid (HYPE) Analysis & Valuation
Today, we publish our full analysis and valuation of Hyperliquid (HYPE).
Multicoin Capital
Multicoin Capital is a thesis-driven cryptofund that invests in tokens and companies reshaping entire sectors of the global economy
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Investing for the Long Haul
Three years ago, we announced that Spencer Applebaum and Shayon Sengupta had been promoted to Investment Partner.
RWAs Are Just Built Different
For most of DeFi’s history, activity remained mostly self-referential and endogenous to the crypto ecosystem. People traded crypto for crypto, borrowed crypto using other crypto as collateral, and built derivatives based on crypto prices.
Internet Labor Markets
There are only two ways to onboard to crypto: you buy in or you earn in. A buyer explicitly swaps fiat/traditional assets into crypto assets or onto crypto rails. An earner gets paid for work, receiving cryptoassets.
Adverse Selection Rules Everything Around Me
Onchain liquidity has mostly evolved by focusing on one thing at a time. Early on, the main goal was simply to have a counterparty for takers without (a) having to post bids in a central limit order book (CLOB) on Ethereum (where that's not feasible)...
ACE is the place with the helpful value capture
When Anatoly first pitched us Solana (originally called Loom), his deck was called “Blockchain at NASDAQ Speed.” Public blockchains have evolved a lot since then, but at their core, they’re still ledgers for the world’s financial assets.
Multicoin Capital’s Investment Thesis
Multicoin Capital launched on October 1, 2017. We started the firm with the view that crypto would eventually reshape global markets. Our logo, a phoenix, represents a new financial system rising from the ashes of the old one.
Recapping Crypto’s Most Consequential Year
When we look back in a not-so-distant future, I believe we’ll remember 2025 as one of the most consequential years in the history of crypto.
Specialized Stablecoin Fintechs
Over the last two decades, fintech has changed how people access financial products, but not how money actually moves. Innovation focused on cleaner interfaces, smoother onboarding, while the core financial infrastructure remained largely unchanged.
Ethena: Synthetic Dollars Challenge Stablecoin Duopoly
Today, we’re proud to announce that our liquid fund invested in ENA, the native token for Ethena Protocol, the issuer of USDe, the leading synthetic dollar.
Building The Attention Economy
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.
IBRL
Today, DoubleZero (DZ) launched onto mainnet-beta. Multicoin Capital co-led a $28M investment round in DoubleZero earlier this year.
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Welcoming Brian Strugats To Multicoin Capital
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.
New Modalities for Issuance and Trading
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.
Jito (JTO) Asset Report
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.
Where Are All The Robots?
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.
Inverting The Human-Agent Relationship
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.
The Solana Thesis: Internet Capital Markets
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.
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?'
Frontier Ideas For 2025
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
Highlights From The 2024 Multicoin Summit
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.
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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 Great Energy Coordination Problem
Today, we are proud to announce a $12M round in Fuse. Fuse is a core contributor to Project Zero, a renewable energy DePIN designed to solve the great energy coordination problem.
Drift ($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.
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.
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.
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.
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.
Enter The Wormhole
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.
Publisher-Exchanges: Consumer Applications and the Attention Theory of Value
“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.
The Holy Grail of Cryptography
Today, I’m excited to announce that Multicoin Capital has co-led a $73M investment in Zama, alongside Protocol Labs
Building The Internet of GPUs
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.
The Foundational DeFi Primitive of Filecoin
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.
What Multicoin is Excited about for 2024
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.
Oracles and the New Frontier for Application-Owned Orderflow Auctions
Today, we are excited to announce our investment in Pyth Network, the leading first-party oracle in crypto.
Multicoin Capital: Build With Squads
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.
Discussions from the 2023 Multicoin Summit
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.
The Dawn of On-Chain FHE
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.
Exploring The Design Space Of DePIN Networks
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).
Exploring Long-Term Staking in PoS Networks
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.
The Hidden Costs of Modular Systems
Over the past two years, the scaling debate has narrowed and fixated on the central question of modularity vs integration.
The Convergence of Crypto and AI: Four Key Intersections
The worlds of cryptocurrency and artificial intelligence (AI) have been evolving in parallel, with each domain pushing the boundaries of technology and innovation.
From UGC to UGP: Consumer Brands & Co-Creation
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: Web3-Native SQL
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.
Multiplayer Mode
Today, we are proud to announce our investment in Lore, the first co-ownership platform for web3 collectives.
Multicoin Capital: Our Investment in Seed Club Ventures, a Venture DAO
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.
New Investment Partners at Multicoin
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.
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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.
Full Stack, Decentralized Security
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.