Since our February edition, the market has continued to transition from narrative-driven momentum to a more measured, capital-disciplined environment. Volatility has remained, but price action is increasingly being shaped by flows, positioning, and macro conditions rather than short-term speculation alone. ETF activity continues to play a meaningful role in liquidity and sentiment, while institutional participation has become more consistent and less opportunistic.
Regulatory progress has also moved forward in a more constructive direction. Key jurisdictions are shifting from ambiguity toward clearer frameworks, allowing capital allocators and operators to engage with greater confidence. This is not a single defining moment, but rather a steady progression toward a more investable and structured asset class.
At the same time, large funding rounds across infrastructure, AI-crypto convergence, and real-world asset platforms signal where conviction remains. Capital is concentrating around teams building core rails, scalable applications, and systems that extend beyond purely token-driven models. The dispersion between high-quality projects and the rest of the market continues to widen.
Sentiment today feels more grounded. Less reactive, more selective. Builders are operating with tighter feedback loops, and capital is being deployed with greater scrutiny. This is a market that is maturing in real time.
For us at MH Ventures, the takeaway remains consistent. Periods like this reward execution, clarity of vision, and long-term alignment. The companies highlighted in this issue reflect that shift, continuing to build, ship, and expand utility while the broader market finds its next phase of growth.
As always, Proof of Portco provides a transparent view into that progress.
IO.net is the world's largest decentralised GPU network, aggregating idle compute from data centres, crypto miners, and independent hardware providers across the globe into a single marketplace, available to anyone, at a fraction of the cost of traditional cloud providers.
This week, IO.net launched Agent Compute, a first-of-its-kind platform that fundamentally changes the relationship between AI agents and computing infrastructure. AI agents can now independently spin up GPU clusters, run workloads, and scale resources up or down.
The implications are significant. Agents interact directly with IO.net's marketplace of over 10,000 GPUs across 138 regions in 130+ countries, accessing compute at up to 70% lower cost than traditional cloud providers, provisioning resources on demand, and releasing them when done. The system uses the Model Context Protocol, giving agents clear visibility into available compute resources so they can make informed, rather than costly, decisions.
"This is a step towards truly autonomous agents," said Gaurav Sharma, CEO of IO.net. "Right now, agents still depend on humans for infrastructure. As they become more capable, that dependency becomes the bottleneck. If agents are going to operate independently, making decisions, executing tasks, and scaling resources in real time, they need the ability to provision their own compute. That's the future we're building toward."
Most people assume their data is private. It is not. When you send a message, use an app, or interact with an AI, your data is encrypted while it travels and while it sits in storage, but the moment it gets processed, it is fully exposed. That gap has existed since the internet was built. Mind Network is closing it.
They are doing this using a technique called Fully Homomorphic Encryption (FHE), which cryptographers have called the holy grail of the field for decades. In plain terms, FHE allows computations to be performed directly on encrypted data without ever decrypting it. Your data stays locked the entire time, even while something is being done with it. Mind Network is the first project to bring this technology to real-world AI and blockchain applications.
The reason this matters right now is agents. Billions of AI agents are coming, and they will be handling your wallet, your emails, your trading strategy, and your personal data. Every transaction they make reveals your intent. Every call they make leaks your strategy. Mind Network launched its x402z testnet this year, enabling private on-chain payments between AI agents using the ERC-7984 token standard, so agents can transact without revealing amounts or intent. Encrypted agent memory is next. If agents can act on memory that is never exposed in plaintext, the entire agentic economy becomes something you can actually trust.
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GenLayer is building what they call the trust infrastructure for the AI age. The simplest way to think about it: today's smart contracts are rigid. They can only process what they already know, they can't read the internet, they can't handle ambiguity, and they certainly can't think. GenLayer changes that by giving contracts a brain, allowing them to reason, interpret plain language, and draw on real-world information to make autonomous decisions.
The way it works is through something called Intelligent Contracts, which run on GenLayer's own execution environment and a consensus mechanism called Optimistic Democracy. Instead of a single ruleset determining outcomes, validators, each connected to a different AI model, work together to reach agreement, even on subjective or non-deterministic questions. It's a fundamentally different way of thinking about what a blockchain can do, and it's why the team describes GenLayer as a programmable legal layer for the internet, not just another chain.
This month, the GenLayer Portal went live as the central hub for the ecosystem, where users can explore apps, earn Points, and complete missions. But the bigger story is what this technology actually unlocks. Imagine insurance that pays out the moment your flight lands late, or a contract that automatically enforces itself the moment a real-world condition is verified on the open internet, no middleman, no delay. That future is what GenLayer is building toward, and the builders shaping it are starting to show up now.
Keira sat down with Parth, co-founder of Tria, to record an episode of the DealFlow Podcast, during which they talked about the importance of a privacy-first blockchain. Below is a short Q&A snippet from that conversation.
Who are you, and what’s the story behind your project?
I've been building in crypto since 2014, mining ETH before most people knew what it was, and I exited my first company at 16. Tria came from a simple realization, the infrastructure in Web3 is ready, but actually using it is still a massive pain. We built Tria to fix that. We’ve built a self-custodial neobank where you can trade, earn, and spend your crypto as easily as you would with Revolut, but with nobody holding your funds but you. We have now grown to over 425,000 users, crossed $100 million in transaction volume, and are just getting started.
What problem in crypto frustrates you the most, and how are you fixing it?
The biggest frustration is that all this incredible infrastructure exists, but regular people still can't use it. To earn decent yields or spend your crypto in real life, you're hopping through 50 different channels just to do something simple. Tria abstracts all of that away, you get 0% fees, a Visa card that works in 150 countries, and yields up to 15% on your idle assets, all from one app that you don't need a technical background to use.
If I only hold BTC or ETH, why should I even care about what you’re building?
Because right now your assets are just sitting there. With Tria, you can put them to work, earning yield, spending them daily, or trading across chains without ever touching a bridge or paying gas. And it is not just built for humans anymore. BestPath is already powering AI agent transactions through partners like Talus, Sentient, and Netmind MEXC, which means the same infrastructure moving your money today is becoming the financial rails for the entire agentic economy tomorrow.
What makes your approach different from all the noise in crypto right now?
Most crypto cards are custodial, if the company goes down, your funds go with it. Tria is fully self-custodial, so your money is always yours. On top of that, our core infrastructure BestPath has been running for two years and is already being used by Polygon, Injective, and 20 other protocols, we just built a neobank on top of something that was already proven.
What’s next… what should I be watching for in the next 6 months?
The roadmap for the first half of 2026 includes institutional product rollouts, travel bookings, prediction markets, delta-neutral yield strategies, private on-chain banking, AI agent integration, and virtual bank accounts, with a target to process $1 billion in transactions and reach $100 million in annual recurring revenue.
Season 2 of our points program is also coming, with updated token utility baked deep into the product. The access code is coming off, too, so very soon, anyone can just download and go.
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.
"Privacy is going to be the fight of the millennial generation. We are the last generation to grow up analog, and nobody has really talked about what that means yet." - Christian, Co-founder of Mind Network.
More Episodes here:
- 4.3 Billion Testnet Transactions and 1 Million Discord Members: Inside Pharos
- From Roblox to the Next Generation: How Avalon is Using AI to Let Anyone Build Their Dream Game
- This Crypto Bank Lets Your Spend, Save and Earn
- The Future of AI Should Not Belong Only to Big Tech
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.