Взгляд на инвестиционный портфель Multicoin Capital: публичный блокчейн, DeFi и другая инфраструктура
Первоначальный автор: 1912212.eth, Foresight News
Multicoin Capital first gained huge attention with a number of crypto investment articles, and then became famous for successfully betting on well-known projects such as the high-performance chain Solana in the last bull market cycle, and became one of the top VCs. However, after the FTX incident, the negative aftermath has not disappeared. Multicion, which was made by Solana, also failed because of Solana. In December 2022, it admitted that it had suffered heavy losses, and the asset size plummeted by 90% that year, which shocked the public.
For a time, there was a constant stream of criticism from the public, and discussions about Multicions incompetence or innocence were rampant. Now, as the controversy fades away and the bull market is here, Multicoin has regained its momentum amid the rising price of crypto assets.
In its annual letter to investors in March 2024, Multicoin Capitals cryptocurrency-focused hedge fund has generated a 9,281% return for its first investors since 2017. This return rate is enough to make up for Multicoin Capitals 91.4% loss in 2022. Multicoin executives Tushar Jain, Kyle Samani and Matt Shapiro said in the letter: In 2023, cryptocurrency did what it does best and defeated death again. The market rebounded in spectacular fashion, and our hedge fund was able to capture the markets reaction and significantly outperformed the market.
Looking at Multicoins investment portfolio, it is more fond of infrastructure such as public chains and DeFi. At the same time, it is also a VC that dares to lead in various types of investment and financing. Foresight News takes stock of its ecological map for you one by one.
L1
Algorand was founded by cryptography pioneer, Turing Award winner, and MIT professor Silvio Micali. Algorand is the first blockchain to provide instant transaction finality. Its transaction throughput is also comparable to large payment and financial networks.
Aptos is a Layer 1 public chain built by members of the original development team of Meta (formerly Facebook), using Diems programming language Move and Diem-BFT consensus technology.
Arweave, which began construction in 2017, is a distributed storage network that allows users to store data permanently for a one-time upfront fee.
Ceramic is a decentralized data network designed to bring unlimited data composability to Web3 applications.
Dfinity is a project that aims to build a decentralized Internet Computer, which allows developers to build and run various applications on a distributed network platform without relying on traditional cloud services, databases or payment interfaces.
Flow was developed by Dapper Labs, the team behind NBA Top Shot, and aims to support projects such as NFT collectibles and blockchain games on a large scale.
Fluence is a decentralized computing network for building, hosting, and running peer-to-peer applications and protocols.
Mina uses advanced cryptography and recursive zk-SNARKs to design the entire blockchain, which is about 22 kb in size, equivalent to the size of a few tweets. It enables efficient execution of zero-knowledge smart contracts (zkApps) and simple programming. With its privacy features and the ability to connect to any website, Mina is building a private gateway between the real world and the crypto world.
Co-founded by Alex Skidanov and Illia Polosukhin in 2020, Near achieves global scale by using a sharding approach and a consensus mechanism called Nightshade. NEAR is committed to providing predictable costs for applications and providing tools for developers at the protocol level.
Nervos solves the scalability trilemma by separating state generation and state verification/storage in a layered architecture.
Sei was announced in May 2022 and was founded by Jayendra Jog and Jeff Feng. The two founders worked as software engineers at Robinhood and venture capitalists at Coatue Management. Sei Labs aims to be the fastest network for exchanging digital assets. Seis built-in technologies such as Twin-Turbo consensus and transaction parallelization can reduce transaction latency and increase transaction throughput. As the network continues to mature, Sei Labs plans to upgrade Sei V2 and later technical upgrades to the parallel stack, which will further enable Sei to stand out and achieve growth.
Solana is a blockchain built for mass adoption. It is a high-performance network that can be used for a variety of use cases, including finance, NFTs, payments, and gaming. It operates as a single global state machine and is open, interoperable, and decentralized.
The Tari platform is designed to enable anyone to write complex rules for digital assets and be confident that those rules will be enforced. Tari makes it possible to manage, use, and transfer nearly any type of digital asset, from tickets to loyalty points to virtual goods.
XION is a public chain built for mainstream adoption through generalized abstraction. XION almost exclusively uses Cosmos development toolkit, including CometBFT consensus mechanism, Cosmos SDK, IBC and CosmWasm. On top of existing tools, XION features integration with USDC at the infrastructure level, abstracting technical complexity for user convenience, etc.
L2
StarkWare was founded in 2018. Its two main products are StarkEx, a scaling engine built on the Ethereum mainnet, and StarkNet, a decentralized ZK-Rollup. Among them, StarkEx features include fast withdrawals, ERC-721 and ERC-20 support, L2 NFT minting, DeFi Pooling, dAMM (distributed AMM), real-time oracle price streams, etc. The new version v4.5 supports the hybrid on-chain and off-chain data solution Volition; StarkNet was deployed to the mainnet in November 2021 and supports independent deployment of smart contracts. Any developer can write and deploy smart contracts without permission.
SKALE aims to enable developers to run high-speed, low-cost smart contracts on the second layer. SKALEs elastic sidechains are designed to provide all the advantages of standard full-capacity sidechains, while having the security of a truly decentralized network. Elastic sidechains are high-performance and configurable.
Worldcoin was co-founded by OpenAI founder Sam Altman, and the team designed a biometric identity verification system called World ID, which uses an eye scanner Orb to verify identity by scanning the users iris. Worldcoin will launch the Ethereum Layer 2 network World Chain this summer, which will be built on the OP Stack. Priority block space and Gas allowances for temporary transactions will be provided to users who scan their irises to obtain a World ID digital passport. With the new network, Worldcoin will directly integrate robot review into its DNA, enabling other wallet applications outside of the World App to integrate World ID. Both WLD and ETH will be used to pay for World Chains Gas.
Formerly known as CyberConnect, it transformed into a social re-staking modular L2 in May this year. Cyber is built on the OP Stack, launched in partnership with Altlayer, and integrates a secure custom infrastructure provided by Eigenlayer Active Verification Service (AVS). It is now available on the developer mainnet.
Fhenix is an L2 based on fully homomorphic encryption, designed to bring computation on encrypted data into Ethereum virtual machine smart contracts.
инфраструктура
Cross-chain
LayerZero is a full-chain interoperability protocol designed to enable lightweight cross-chain messaging. LayerZero is committed to providing authentic and guaranteed messaging with configurable trustlessness.
Born out of a hackathon, Wormhole was launched by blockchain infrastructure company Certus One in October 2020, initially in the form of a direct token bridge between the Ethereum and Solana ecosystems. Developers within Jump Crypto launched the second version of the protocol in August 2021, leveraging a network of Proof of Authority (PoA) guardians as oracles and a permissionless network of relayers to transmit messages across chains.
Оракул
Pyth currently provides more than 350 price data sources, covering cryptocurrencies, foreign exchange, metals, ETFs, US stocks, etc. Because the price data sources are updated in almost real time and cover a wide range of assets and blockchains, DeFi applications can now provide financial products that were previously not possible through other oracle solutions, such as perpetual contracts.
МЭВ
Eden is a priority transaction network designed to protect transactors from front-running, align incentives for block producers, and redistribute extractable value to miners.
Jito Labs is a MEV infrastructure company that is building high-performance systems to scale Solana and maximize validator rewards. Its total TVL has exceeded 2 million SOL.
FastLane is the Polygon ecosystem MEV solution.
Wallet and Payment
MathWallet supports over 50 blockchains, hundreds of tokens, and decentralized applications through a complete set of integrated mobile, web, and hardware wallets.
Lore is a multi-chain wallet group that pools funds through group chats. Buy and sell meme coins, increase airdrops, buy blue chip stocks, and share private placements.
Superfluid is an asset streaming protocol that enables real-time crypto transfers for use by global DAOs, web3 enterprises, and DeFi games.
TipLink is a lightweight wallet designed to make the transfer of digital assets as easy as sending a link. Anyone who owns cryptocurrency can create a TipLink and send that link to anyone, via any platform (SMS, Discord, email, etc.).
Экосистема биткойнов
Arch Network is a parallelized PoS network that uses ZK proofs to enhance Bitcoins native programmability. The network consists of a Rust-based zkVM (called ArchVM) and a decentralized validator network. It has three characteristics: programmability, parallel execution speed, and trustless interoperability and composability.
Mezo was launched by startup studio Thesis, which has many years of experience in BTC ecosystem developers, including tBTC. Mezo aims to deepen the functionality of Bitcoin infrastructure by facilitating cheaper and faster transactions without deviating from the network’s fundamental principles.
ИИ
Alethea AI is an artificial intelligence company that uses iNFTs (intelligent NFTs, intelligent non-fungible tokens embedded with AI personality) to improve the way AI and humans interact.
io.net is a decentralized cloud computing network that allows machine learning engineers to access distributed cloud clusters at a much lower cost than centralized services.
Render is a provider of decentralized GPU rendering solutions. Render allows anyone with a GPU to contribute their rendering power in exchange for RNDR, greatly increasing the scale and availability of GPU computing for artists, designers, and researchers.
ДАО
Альфа Венчур ДАО
A Builder DAO. Explore and innovate at the edge of Web3 and bring significant value to Web3 users, ultimately returning Alpha to the Alpha community.
CabinDAO is an online and real-life community that leverages blockchain technology to help creators make a living online.
Salad is a family of builders committed to unlocking future economic opportunities using blockchain. Through its platforms Arcaden and Apollo Academy, it provides not only games and education, but also a gateway to new possibilities.
Seed Club is a DAO that focuses on building and investing in communities. They are committed to creating an Internet where the value created by the community will be captured by users rather than platforms.
DeFi
Borrowing
Timeswap provides flexibility, enabling borrowers and lenders to determine their risk profile through flexible interest rates and collateral factors.
Hubble is a DeFi protocol built on Solana. Hubble allows users to borrow USDH, a stablecoin pegged to the US dollar, against a variety of collateral. Borrowing USDH allows users to gain liquidity (cash) against their long-held tokens.
Swivel offers borrowers the ability to lock in a fixed return or otherwise increase their returns.
DEX
THORChain is a decentralized cross-chain protocol that aims to decentralize cryptocurrency liquidity through a series of public THORNodes and ecosystem products. Its native and cross-chain liquidity is open to any individual, product or institution.
Saber is a cross-chain stablecoin and wrapped asset trading platform on Solana. Saber is designed to achieve low slippage transactions, maintain high capital efficiency even in large transactions, and provide efficient capital utilization for liquidity providers.
Marginfi is a decentralized portfolio margin protocol built on Solana for trading. The protocol provides traders with a unified account for accessing margin, combining portfolios, and improving capital efficiency in the underlying trading protocol.
dForce is committed to building an integrated and interoperable matrix of open finance and currency protocols, including asset protocols (USDx, GOLDx, dToken), liquidity protocols (dForce Trade), and lending protocols (dForce Lending).
Coin 98 is an integrated DeFi platform that offers a full suite of products, including Coin 98 Wallet, Coin 98 Exchange, and Space Gate (cross-chain bridge). Coin 98 aims to meet unmet needs in the industry and become the preferred entry point for connecting traditional financial users with any DeFi service or blockchain.
Производные
Drift is a decentralized perpetual contract trading protocol on the Solana ecosystem.
Perpetual is a decentralized perpetual contract protocol for all assets.
Strips Finance (now RabbitX )
Strips is an interest rate derivatives trading protocol on Arbitrum. A perpetual interest rate swap (IRS) is a derivative instrument that continuously pays the difference between a floating rate and a fixed rate. Using IRS, traders can create a portfolio of trading strategies that exploit interest rate movements, or capture the swap carry.
fluidity
DFlow is a protocol that supports a decentralized order flow market. It solves the problem of harmless order flow fragmentation through a token economic incentive mechanism.
Geode Finance is a liquid staking solution that can be governed and secured by the DAO’s governance token.
Lido allows users to stake their assets to receive daily staking rewards. Users can stake any amount of tokens with no minimum limit.
Saffron is an asset collateral and custom risk protocol for DeFi.
Sommelier is a cross-chain DeFi gateway built on the Cosmos SDK to maximize interoperability with other blockchains. It aims to automate vaults to earn best-in-class returns while reducing risks.
Glif is a liquidity leasing protocol on Filecoin. Glif allows FIL holders to deposit FIL into a liquidity pool and receive iFIL in return. Glif was launched in March 2023, and Filecoin launched its own virtual machine (FVM) shortly afterwards, enabling it to support smart contracts and open up to the world of decentralized applications. Prior to launching the protocol, Glif team leaders Jon Schwartz and Peter Andersen have been building basic products in the Filecoin ecosystem since 2019.
Стейблкоины
UXD is a fully collateralized decentralized stablecoin supported by an asset-liability management module on Solana. However, the official Twitter account stopped updating last year.
конфиденциальность
Keep is a privacy layer that enables the use of private data on public blockchains without compromising security or confidentiality. Keep is the network behind tBTC, a secure and decentralized tokenized Bitcoin on Ethereum.
MobileCoin is a privacy payment protocol that focuses on providing secure and private cryptocurrency wallet services for mobile applications.
NFT and Creators
Galxe is a collaborative credential infrastructure that empowers brands to build communities and products in Web3 using NFTs and credential data.
Fractal is a Solana-based NFT рынок co-founded by serial entrepreneur Justin Kan, who previously founded Twitch. Fractal hosts Web3 games and provides developers with tools to build new games.
Genies develops the avatar ecosystem including avatars, fashion and collectibles, spaces and places, and social experiences. Genies develops tools to surface ideas and experiences as an avatar ecosystem.
Heroic Story is building a collaborative, community-owned game powered by smart contracts and non-fungible tokens (NFTs).
Hawku is a marketplace for utility and gaming NFTs.
Juke is an NFT marketplace for movie and TV collectibles. Juke helps thousands of movie and TV fans around the world collect over 10 million of their favorite clips.
Mercury was founded in 2021 to create unique digital experiences for top collegiate brands, bringing fans closer to their favorite athletes and teams. The company works with leading collegiate brands across all sports to build hyperlocal platforms that elevate the modern fan experience. Its communities include dynamic conversations with athletes and teams, professional team content, and digital collectibles and passes that unlock special access for fans.
Owned and operated by a vibrant global open source community of artists, fans, and developers, Audius empowers artists to share their music like never before and earn direct revenue from streaming.
FanTiger is a music NFT marketplace dedicated to creating a decentralized community for artists and their fans.
Metaplex is a more economical NFT ecosystem suitable for markets, games, artworks and collectibles. The number of collections currently exceeds 250,000.
Social and identity
REALY Metaverse is committed to becoming a hyper-realistic integrated AAA metaverse gaming product with deep social, e-commerce, gaming and trading capabilities.
Spring is creating a foundational credit system that aims to provide consumers with more transparent and secure services. The Spring network will allow users to view all evidence of their credit and identity for free, and provide open alerts and notifications. Springs goal is to achieve a paradigm shift in data security and cost-effectiveness for the benefit of financial institutions.
Web3 Auth helps users log into decentralized applications (dApps) using their OAuth accounts, such as Google Login and Facebook Connect. Torus uses Distributed Key Generation (DKG) for key management, designed to work across all browsers and devices and enable seamless account recovery without introducing any new trust assumptions.
Farcaster is an open protocol, similar to email, that can support multiple clients. Users can always freely move their social identities between applications, and developers can always build applications with new features on the network.
Satellite.im is a multi-platform chat application built using modern decentralized technologies, with a peer-to-peer workflow. Satellite.im is designed to provide end-to-end encryption without losing quality.
Development and Tools
The Graph is a decentralized data protocol for indexing and querying data from blockchains, originally started with Ethereum.
Textile is best known for creating Textile Photos, an early photo-sharing app based on IPFS. Textile also offers a suite of tools including a decentralized database, real-time application data, communication tools, remote backup and recovery, identity tools, and encryption tools provided through an API and cross-platform SDK.
Clockwork allows developers to schedule transactions and automate smart contracts without the need for centralized infrastructure.
Solscan is a live-updating explorer for the Solana ecosystem.
Dialect is a protocol for smart messaging — providing dynamic, composable decentralized application notifications and wallet-to-wallet chat capabilities.
Dune is a database where you can query human-readable Ethereum smart contract data using SQL queries, then visualize the results and share them instantly. You can also browse, share, and copy community-created analyses.
Enso is an investment app that allows friends to invest in each other and develop investment strategies for each other. You can watch your friends trades, review past performance, and grow with the investment community.
Grape Network provides tools to help DAOs manage their communities more efficiently.
Streaming Fast is a blockchain API company dedicated to streaming state updates in real time, performing high-speed searches, and providing irreversible transaction guarantees.
Zama is an open source crypto company building state-of-the-art fully homomorphic encryption (FHE) solutions for blockchain and AI. Zama is a leader in the field of fully homomorphic encryption (FHE). The characteristic of FHE is that it allows arbitrary computation on encrypted data. The Zama team (composed of more than 30 PhDs and cryptography experts) has made dozens of breakthroughs around FHE in the past four years, and Zamas TFHE-rs and Concrete open source libraries are production-ready for certain types of computational work (first of all in the blockchain field).
Squads is a multi-signature management tool for the Solana ecosystem. It currently protects more than $500 million in value and has been upgraded to version V4.
Tableland is an open source, permissionless cloud database built on SQLite that can read and write tamper-proof data from applications, data pipelines, or Ethereum Virtual Machine (EVM) smart contracts.
ДеПИН
Helium is creating a new global network for connecting billions of Internet of Things (IoT) devices. This network is powered by Helium Hotspots, which provide wireless coverage and generate Helium tokens. Anyone can set up a hotspot in minutes and use Heliums new open wireless protocol LongFi to provide connectivity for low-power IoT devices.
Dabba is a public WiFi network operator in India. Founded in 2017, Dabba has deployed thousands of hotspots in retail, residential and commercial locations in India to provide users with fast and affordable Internet services.
Hivemapper is a decentralized map built by in-car cameras using encryption. According to the official website, the total mileage now exceeds 217 million kilometers.
игра
Community Gaming is an esports infrastructure designed to provide a seamless user experience and highly scalable payment technology. The platform provides players, organizers, and game developers with the tools they need to easily create, promote, and participate in esports tournaments.
Portals is an immersive social space where you can explore, build your own worlds, and gather with others to explore the game.
Unlonely is a cryptocurrency-based live streaming platform with fun, gamified features that allows you to launch your own channel gaming tokens, and more.
Corporate Services
Coral is a Solana ecosystem developer who is developing Anchor (a development framework), Backpack, and the xNFT protocol on Solana.
Babel Finance provides professional crypto asset financial services to high net worth individual investors and institutional investors, including crypto asset deposits and loans, asset management, brokerage transactions and derivative strategies, mining pools, mining farms, and mining financial services.
Bakkt is building an open, seamless global network that enables you to buy, sell, store, and use digital assets simply, securely, and efficiently. Bakkts global platform aims to connect investors, merchants, and consumers, making it easier, faster, and more cost-effective to access, trade, and use digital assets.
Blackbird is developing and building new products, focused on creating software to build and enhance connections between restaurants and their customers. They combine innovations from Web2 and Web3 to redefine consumer loyalty and the hospitality industry.
Braintrust is a decentralized talent network and AI recruiting platform.
dClimate allows participants to purchase and share data and contribute to an open ecosystem for data-driven climate adaptation applications.
Delphia is a mobile investment platform with algorithms and cryptographic capabilities designed to reward users for sharing their data. Its “share and earn” datatoken model will reward users for contributing information, which is then used to pick stocks.
Filebase is an object storage platform driven by a decentralized storage network. Their platform unifies multiple networks through an S3-compatible API, making decentralized storage more accessible and usable for everyone.
General Mining Research (GMR) invests in and trades crypto network computing power and its derivatives.
Kadena was spun out of JPMorgan Chase and offers a hybrid blockchain platform, including the only sharded and scalable layer-1 PoW public network.
OXIO is an operator-as-a-service platform that empowers brands and enterprises to create personalized mobile experiences.
Paxos is a regulated blockchain infrastructure company dedicated to building transparent and transformative financial solutions. Paxos launched the worlds first fully regulated asset-backed tokens (USDP and PAXG) and is setting new efficiency standards for settlement.
Sec 3 is a security and research company that provides custom audit and security software for Web3 projects. Combining leading academic expertise, industrial-grade Web2 network security experience, and CTF (Capture The Flag) competition-winning skills, Sec 3 gives protocols the ability to scale securely.
Streaming Fast is a blockchain API company that aims to deliver real-time state updates, high-speed searches, and irreversible transaction guarantees. It has been acquired by The Graph.
Tagomi is committed to combining institutional-grade services with superior trade execution technology for trading digital assets and cryptocurrencies. Tagomis goal is to enable institutional investors to easily navigate the worlds highly fragmented digital asset markets through advanced tools and liquidity aggregation capabilities, and to trade at scale across markets at the right time. Tagomi was acquired by Coinbase in May 2020.
Catalog is committed to providing a secure, decentralized platform that makes it easy to buy, sell, and store cryptocurrency.
Exotic Markets brings wealth management and structured products from banks to the world of decentralized finance. Exotic helps traders grow their cryptocurrencies using structured products and options trading.
другой
Baxus is a marketplace where anyone can buy, trade and preserve rare and valuable wines and spirits. It offers a personal dashboard for managing collections, up-to-date pricing information and a global marketplace for enthusiasts.
The Giving Block aims to simplify the process of fundraising with Bitcoin and other cryptocurrencies for nonprofits. It empowers mission-driven organizations, charities, universities, and religious organizations of all sizes to leverage crypto to achieve their missions.
This article is sourced from the internet: A look at Multicoin Capital’s investment portfolio: Public blockchain, DeFi and other infrastructure
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