Nearly two years ago, we were struck by Jake’s compelling vision for Mitosis from the very first time we met him. He wanted to build something truly groundbreaking in DeFi. Since 2019, Jake has been focused on pushing the frontier of liquidity infrastructure, first pioneering liquid staking on Cosmos, and now with Mitosis - reimagining how capital moves across chains. At its core, DeFi has always promised to democratize access to financial opportunities. Yet as the industry has grown, structu...

Nearly two years ago, we were struck by Jake’s compelling vision for Mitosis from the very first time we met him. He wanted to build something truly groundbreaking in DeFi. Since 2019, Jake has been focused on pushing the frontier of liquidity infrastructure, first pioneering liquid staking on Cosmos, and now with Mitosis - reimagining how capital moves across chains. At its core, DeFi has always promised to democratize access to financial opportunities. Yet as the industry has grown, structu...

Pendle Finance has established itself as foundational DeFi infrastructure. Pendle is one of the largest beneficiaries of a powerful secular tailwind - stablecoins. Its competitive moat is complemented with deep ecosystem integrations, and a powerful tokenomics flywheel. The path to future growth is clear, targeting the largest pools of untapped capital in the digital asset space: institutional fixed-income, native Bitcoin yield, and funding rate derivatives. We think that $PENDLE represents one

Pendle Finance has established itself as foundational DeFi infrastructure. Pendle is one of the largest beneficiaries of a powerful secular tailwind - stablecoins. Its competitive moat is complemented with deep ecosystem integrations, and a powerful tokenomics flywheel. The path to future growth is clear, targeting the largest pools of untapped capital in the digital asset space: institutional fixed-income, native Bitcoin yield, and funding rate derivatives. We think that $PENDLE represents one

Enough ink has been spilled about Hyperliquid - It is by far the breakout application of this cycle. Hyperliquid has a lot going for it. It is dominating perp-DEX volumes and capturing significant market share even from centralized exchanges. In addition, it is fostering a burgeoning HyperEVM ecosystem with tight integration between its EVM and core exchange product. However, here we want to focus on the expanding distribution that Hyperliquid has via Builder Codes.

Enough ink has been spilled about Hyperliquid - It is by far the breakout application of this cycle. Hyperliquid has a lot going for it. It is dominating perp-DEX volumes and capturing significant market share even from centralized exchanges. In addition, it is fostering a burgeoning HyperEVM ecosystem with tight integration between its EVM and core exchange product. However, here we want to focus on the expanding distribution that Hyperliquid has via Builder Codes.

Why We Invested in Concrete and Glow At a glance, Concrete might seem like another DeFi protocol offering higher yields and cross-chain capabilities. But dig a little deeper, and you’ll realize it’s aiming to rewrite the playbook on how users interact with on-chain credit. Concrete is building what we believe will be the new standard for credit in DeFi, a system where users don’t have to piece together complex strategies across fragmented platforms. Instead, they get automated yield generatio...

Why We Invested in Concrete and Glow At a glance, Concrete might seem like another DeFi protocol offering higher yields and cross-chain capabilities. But dig a little deeper, and you’ll realize it’s aiming to rewrite the playbook on how users interact with on-chain credit. Concrete is building what we believe will be the new standard for credit in DeFi, a system where users don’t have to piece together complex strategies across fragmented platforms. Instead, they get automated yield generatio...

Euler has resurged from the lows of its hack in 2023 to create Defi’s most composable, modular liquidity layer. There are many designs for money markets in Defi, however they can largely be grouped into monolithic (e.g. Aave) and Isolated (e.g. Morpho). Euler introduces Modular money markets - flexible vaults infrastructure enabling fully composable markets and strategies.The Need for ModularityMonolithic money markets are extremely capital efficient, pooling collateral from all users togethe...

Euler has resurged from the lows of its hack in 2023 to create Defi’s most composable, modular liquidity layer. There are many designs for money markets in Defi, however they can largely be grouped into monolithic (e.g. Aave) and Isolated (e.g. Morpho). Euler introduces Modular money markets - flexible vaults infrastructure enabling fully composable markets and strategies.The Need for ModularityMonolithic money markets are extremely capital efficient, pooling collateral from all users togethe...

The Future of Trading is Private We are thrilled to announce our investment in Vanish, a pioneering privacy infrastructure layer for traders on Solana.

The Future of Trading is Private We are thrilled to announce our investment in Vanish, a pioneering privacy infrastructure layer for traders on Solana.

For years, livestreamers have had little choice but to build their audiences on platforms like Twitch, YouTube, Rumble, or Kick. While these incumbents offered reach, their monetization models (ads, subscriptions, and donations) often left creators grinding for scraps. Only a handful of superstar streamers (think Ninja on Twitch or xQC on Kick) are able to truly monetize at scale, thanks to multimillion-dollar endorsement contracts and exclusive platform streaming deals. For the vast majority...

For years, livestreamers have had little choice but to build their audiences on platforms like Twitch, YouTube, Rumble, or Kick. While these incumbents offered reach, their monetization models (ads, subscriptions, and donations) often left creators grinding for scraps. Only a handful of superstar streamers (think Ninja on Twitch or xQC on Kick) are able to truly monetize at scale, thanks to multimillion-dollar endorsement contracts and exclusive platform streaming deals. For the vast majority...

Digital (NASDAQ: GLXY) represents an undervalued opportunity at the confluence of two of the most powerful secular trends: crypto and AI. The market is mispricing Galaxy, valuing it as a volatile crypto company while overlooking the immense value of its "crown jewel" asset: the Helios data center. Helios is a world-class AI infrastructure platform poised to generate stable, high-margin, long-term cash flows.

Digital (NASDAQ: GLXY) represents an undervalued opportunity at the confluence of two of the most powerful secular trends: crypto and AI. The market is mispricing Galaxy, valuing it as a volatile crypto company while overlooking the immense value of its "crown jewel" asset: the Helios data center. Helios is a world-class AI infrastructure platform poised to generate stable, high-margin, long-term cash flows.

Crypto rails have radically lowered the barrier to creating and owning assets, ushering in a new era of permissionless digital user generated assets and ownership. This transformation began with NFTs and has since accelerated with memecoins. While NFTs offer richer forms of expression and digital identity, their lack of liquidity and difficulty in pricing make them less optimal for active trading. In contrast, memecoins offer a radically different experience, each token represents a share in ...

Crypto rails have radically lowered the barrier to creating and owning assets, ushering in a new era of permissionless digital user generated assets and ownership. This transformation began with NFTs and has since accelerated with memecoins. While NFTs offer richer forms of expression and digital identity, their lack of liquidity and difficulty in pricing make them less optimal for active trading. In contrast, memecoins offer a radically different experience, each token represents a share in ...

Although the PUMP token has been trading below its ICO price for a variety of reasons, Pump.fun’s performance since TGE has only reinforced our confidence in their long-term trajectory. We’ve taken this opportunity to double down, adding more $PUMP to our core holdings. This piece builds on our earlier thesis and outlines why we remain strongly bullish on Pump.fun’s future. Pump is back - What exactly is Pump’s moat In the weeks following Pump’s TGE, BONK’s dominance in terms of trading volum...

Although the PUMP token has been trading below its ICO price for a variety of reasons, Pump.fun’s performance since TGE has only reinforced our confidence in their long-term trajectory. We’ve taken this opportunity to double down, adding more $PUMP to our core holdings. This piece builds on our earlier thesis and outlines why we remain strongly bullish on Pump.fun’s future. Pump is back - What exactly is Pump’s moat In the weeks following Pump’s TGE, BONK’s dominance in terms of trading volum...