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As we begin 2026, the focus across our portfolio is simple: execution. The market noise has faded, priorities have sharpened, and builders are back to doing what matters most: shipping, iterating, and compounding real progress.
The companies featured in this issue reflect that momentum. From product milestones to early traction and ecosystem engagement, January sets the tone for a year centered on fundamentals and long-term value creation.
As always, Proof of Portco is intended to offer a transparent view into how our portfolio companies are evolving, where they’re finding leverage, and where the broader Web3 ecosystem is quietly moving forward.
We appreciate your continued interest and support, and we look forward to building alongside you throughout the years ahead.
Quai Network
Quai Network is a scalable Layer-1 blockchain that merges Proof-of-Work security with sharding for 50,000+ TPS, blending Bitcoin's decentralization, Ethereum's programmability, and Solana-like speed into a multi-threaded powerhouse for everyday crypto use.
Since launch, its SOAP protocol, a Subsidized Open-market Acquisition Protocol, has crushed it: generating $1.38M+ in revenue while burning 19.57M+ QUAI tokens, all from mining nearly 19k blocks and securing $50B+ in transactional value over 45 flawless days.
The next era of AI won't be defined by better models, but by how agents coordinate. Ensue is solving the "plumbing" problem of the AI revolution by automating vector embeddings, indexing, and access control for developers.
Led by Austin Baggio (ex-Google/Xero), Ensue allows agents to maintain persistent context and coordinate at scale. Unlike immutable storage solutions, Ensue utilizes polynomial commitment cryptography to enable low-cost, mutable state updates, essential for dynamic agent workflows.
By integrating natively with the Model Context Protocol (MCP), Ensue is positioning itself as the "sticky" infrastructure layer of the AI stack, ensuring that while models may be commoditized, the context that powers them remains portable and secure.
RareBet Sports flips the script on traditional sportsbooks like DraftKings, ditching geo-locked fiat rails and shady intermediaries for a global, on-chain fantasy sports playground on Monad and EVM chains.
Bet crypto (USDC, tokens) on daily fantasy over/unders with up to 100x payouts, instant stablecoin settlements, yield-earning liquidity pools, and NFT-gated perks, powered by their RBS Oracle delivering 10,000+ real-time data points for trustless, composable action.
Keira sat down with John Paller, founder and Chief Steward of ETHDenver, to record an episode of the DealFlow podcast, during which they talked about bringing real-world capital markets onchain. Below is a short Q&A snippet from that conversation.
Who are you, and what’s the story behind your project?
I’m a blockchain entrepreneur, futurist, and the Executive Steward of ETHDenver, and the founder of Opolis. My roots aren’t in coding, I spent over 15 years building companies in the staffing and HR technology sector.
ETHDenver’s story began in 2018 with a small community meetup in an old sports castle, bringing together about 3,000 builders who simply wanted a place to create. Since then, it has grown into the world’s largest Web3 and Ethereum-focused hackathon and festival.
What problem in crypto frustrates you the most, and how are you fixing it?
Crypto's top product-market fit so far has been gambling, from ICOs to meme coins, acting like a casino while selling unfulfilled narratives. Traditional C-Corps exacerbate this via the "tragedy of the boardroom," legally extracting user value for shareholders and eroding experience. We're fixing it with a cooperative framework through SporkDAO, using a patronage token model where contributors earn ownership via labor, coding, volunteering, and attending rather than capital buys. This ensures value creators capture the rewards, not passive investors.
If I only hold BTC or ETH, why should I even care about what you’re building?
I’m working on the not-so-sexy-but-crucial layer: ownership structures, governance, and incentives that make crypto useful for real people, not just traders.
With SporkDAO and Opolis, we’re proving that users can own the platforms they build and use, and even receive profit distributions based on their actual participation. That’s a completely different narrative than “number go up,” and it matters for BTC and ETH holders because the more real-world, regenerative, community-owned systems we build on these rails, the more durable and credible the entire ecosystem becomes.
What makes your approach different from all the noise in crypto right now?
While most of the industry is focused on speculation and hype, we are focused on regenerative economics and tangible utility. We aren't just theorizing about community ownership, we are executing it. SporkDAO recently distributed $52,800 in community-generated profits back to our members, marking the first time a DAO has issued a profit distribution for patronage.
Our approach is different because it is structurally designed to be benevolent. By using the Colorado Limited Cooperative Association (LCA) legal framework, we ensure that we aren't just another project launching a token for a quick exit, but rather building a durable "digital metropolis" that rewards long-term contribution over short-term extraction.
DealFlow Podcast dives into the stories behind the builders shaping the future of Web3. Each episode uncovers how founders are turning bold ideas into real products and culture-defining tech. No hype, no jargon, just raw insights from the people building tomorrow’s technology.
"It's a GIANT experiment" - John Paller, Founder of ETHDenver
Fluent: Cryptos best kept secret is this
Wallchain: This is why micro-creators will dominate 2026
Rarebeat Sports: Sports gambling is broken, RareBet Sports is fixing it
DreamSpace: Build an app with NO coding and earn crypto
Follow on Spotify: https://open.spotify.com/show/6RKf6kRL2q0XEgQeYp9r0d?si=1d28a7c1056a4ceb
Subscribe on YouTube: https://www.youtube.com/@DealFlowPodcast
MH Ventures is an early-stage venture firm investing in frontier Web3 technologies, digital assets, and the builders shaping the decentralized economy. Through Fund I, we’ve partnered with founders redefining infrastructure, DeFi, and digital coordination. As we prepare to launch Fund II, our focus remains the same, back conviction, utility, and long-term value creation.
For partnership or investor inquiries, contact invest@mhventures.io.
As we begin 2026, the focus across our portfolio is simple: execution. The market noise has faded, priorities have sharpened, and builders are back to doing what matters most: shipping, iterating, and compounding real progress.
The companies featured in this issue reflect that momentum. From product milestones to early traction and ecosystem engagement, January sets the tone for a year centered on fundamentals and long-term value creation.
As always, Proof of Portco is intended to offer a transparent view into how our portfolio companies are evolving, where they’re finding leverage, and where the broader Web3 ecosystem is quietly moving forward.
We appreciate your continued interest and support, and we look forward to building alongside you throughout the years ahead.
Quai Network
Quai Network is a scalable Layer-1 blockchain that merges Proof-of-Work security with sharding for 50,000+ TPS, blending Bitcoin's decentralization, Ethereum's programmability, and Solana-like speed into a multi-threaded powerhouse for everyday crypto use.
Since launch, its SOAP protocol, a Subsidized Open-market Acquisition Protocol, has crushed it: generating $1.38M+ in revenue while burning 19.57M+ QUAI tokens, all from mining nearly 19k blocks and securing $50B+ in transactional value over 45 flawless days.
The next era of AI won't be defined by better models, but by how agents coordinate. Ensue is solving the "plumbing" problem of the AI revolution by automating vector embeddings, indexing, and access control for developers.
Led by Austin Baggio (ex-Google/Xero), Ensue allows agents to maintain persistent context and coordinate at scale. Unlike immutable storage solutions, Ensue utilizes polynomial commitment cryptography to enable low-cost, mutable state updates, essential for dynamic agent workflows.
By integrating natively with the Model Context Protocol (MCP), Ensue is positioning itself as the "sticky" infrastructure layer of the AI stack, ensuring that while models may be commoditized, the context that powers them remains portable and secure.
RareBet Sports flips the script on traditional sportsbooks like DraftKings, ditching geo-locked fiat rails and shady intermediaries for a global, on-chain fantasy sports playground on Monad and EVM chains.
Bet crypto (USDC, tokens) on daily fantasy over/unders with up to 100x payouts, instant stablecoin settlements, yield-earning liquidity pools, and NFT-gated perks, powered by their RBS Oracle delivering 10,000+ real-time data points for trustless, composable action.
Keira sat down with John Paller, founder and Chief Steward of ETHDenver, to record an episode of the DealFlow podcast, during which they talked about bringing real-world capital markets onchain. Below is a short Q&A snippet from that conversation.
Who are you, and what’s the story behind your project?
I’m a blockchain entrepreneur, futurist, and the Executive Steward of ETHDenver, and the founder of Opolis. My roots aren’t in coding, I spent over 15 years building companies in the staffing and HR technology sector.
ETHDenver’s story began in 2018 with a small community meetup in an old sports castle, bringing together about 3,000 builders who simply wanted a place to create. Since then, it has grown into the world’s largest Web3 and Ethereum-focused hackathon and festival.
What problem in crypto frustrates you the most, and how are you fixing it?
Crypto's top product-market fit so far has been gambling, from ICOs to meme coins, acting like a casino while selling unfulfilled narratives. Traditional C-Corps exacerbate this via the "tragedy of the boardroom," legally extracting user value for shareholders and eroding experience. We're fixing it with a cooperative framework through SporkDAO, using a patronage token model where contributors earn ownership via labor, coding, volunteering, and attending rather than capital buys. This ensures value creators capture the rewards, not passive investors.
If I only hold BTC or ETH, why should I even care about what you’re building?
I’m working on the not-so-sexy-but-crucial layer: ownership structures, governance, and incentives that make crypto useful for real people, not just traders.
With SporkDAO and Opolis, we’re proving that users can own the platforms they build and use, and even receive profit distributions based on their actual participation. That’s a completely different narrative than “number go up,” and it matters for BTC and ETH holders because the more real-world, regenerative, community-owned systems we build on these rails, the more durable and credible the entire ecosystem becomes.
What makes your approach different from all the noise in crypto right now?
While most of the industry is focused on speculation and hype, we are focused on regenerative economics and tangible utility. We aren't just theorizing about community ownership, we are executing it. SporkDAO recently distributed $52,800 in community-generated profits back to our members, marking the first time a DAO has issued a profit distribution for patronage.
Our approach is different because it is structurally designed to be benevolent. By using the Colorado Limited Cooperative Association (LCA) legal framework, we ensure that we aren't just another project launching a token for a quick exit, but rather building a durable "digital metropolis" that rewards long-term contribution over short-term extraction.
DealFlow Podcast dives into the stories behind the builders shaping the future of Web3. Each episode uncovers how founders are turning bold ideas into real products and culture-defining tech. No hype, no jargon, just raw insights from the people building tomorrow’s technology.
"It's a GIANT experiment" - John Paller, Founder of ETHDenver
Fluent: Cryptos best kept secret is this
Wallchain: This is why micro-creators will dominate 2026
Rarebeat Sports: Sports gambling is broken, RareBet Sports is fixing it
DreamSpace: Build an app with NO coding and earn crypto
Follow on Spotify: https://open.spotify.com/show/6RKf6kRL2q0XEgQeYp9r0d?si=1d28a7c1056a4ceb
Subscribe on YouTube: https://www.youtube.com/@DealFlowPodcast
MH Ventures is an early-stage venture firm investing in frontier Web3 technologies, digital assets, and the builders shaping the decentralized economy. Through Fund I, we’ve partnered with founders redefining infrastructure, DeFi, and digital coordination. As we prepare to launch Fund II, our focus remains the same, back conviction, utility, and long-term value creation.
For partnership or investor inquiries, contact invest@mhventures.io.
Watch for the rise of AI agents in our ecosystem. With the implementation of EIP-8004, we will see Trustless AI agents accelerate governance and coordination, potentially helping on-chain users address issues such as voter apathy.
Keep an eye on the continued evolution of patronage distributions. We have started a cycle of rewarding active participation with real value, creating a regenerative loop that retains and attracts builders.
Finally, we are already paving the way for ETHDenver 2026. On the 17th of February, we will experience the "New #BUIDL City" in Denver, the last bastion of decentralization, where innovators unite to forge the next era of open finance.
Watch for the rise of AI agents in our ecosystem. With the implementation of EIP-8004, we will see Trustless AI agents accelerate governance and coordination, potentially helping on-chain users address issues such as voter apathy.
Keep an eye on the continued evolution of patronage distributions. We have started a cycle of rewarding active participation with real value, creating a regenerative loop that retains and attracts builders.
Finally, we are already paving the way for ETHDenver 2026. On the 17th of February, we will experience the "New #BUIDL City" in Denver, the last bastion of decentralization, where innovators unite to forge the next era of open finance.
Keira Nesdale
Keira Nesdale
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