NFT Applications, Metadata, and Utility Thesis This document explores the viability of a new class of NFTs as SaaS applications   Background   There has been a lot of buzz in the community about NFT metadata. How do we leverage it? What properties do we need our metadata to have?   Middleware and infrastructure protocols...Read More

Privacy preserving technologies will come to the forefront of the collective consciousness this decade.Read More

An investment memo articulates the value proposition of the 3DOS network.Read More

This thesis argues that real world networks and infrastructure can be built using crypto economic incentives.Read More

This article discusses that scalability is now a prerequisite to adoption, and why composability is the next obstacle.Read More

Liquidity mining, known as yield farming, is a crucial component to enable innovation in the DeFi ecosystem. This is how emerging protocols have bootstrapped their user base, incentivizing early investors with unsustainably high APY earnings and token emissions. These early investors and their capital are inherently mercenary; they have no loyalty to any project. They...Read More

One component of our general fund thesis is that innovation will move up and down the Web3 technology stack. The smart contract space is generally crowded, and operating systems tend to form into oligopolies due to the economies of scale involved in developer libraries, documentation, etc. That being said, the L1 token valuation framework is...Read More

This Prospectus gives an overview of the Investment Program.Read More

This letter intends to convey our “base case” in regards to monetary policy enacted by the Federal Reserve, and how that relates to the crypto markets in the short and medium term. As many of you are aware, the crypto markets have recently shown a high correlation to the broader macro markets. Markets go down,...Read More

Investors, Given the state of the market, we would like to provide you some insight into one of our positions. As you know, we hold larger allocations of “large caps” like ETH and a basket of other foundational Web3 infrastructure coins, but the real alpha will come from our mid cap positions (DAG) and a “sample”...Read More