Our Approach

Our Investing
Principles

What we look for, how we partner, and the discipline that connects every check we write.

We invest at the inflection points where blockchain reshapes the broader economy. Every check is underwritten with the following framework in mind: a daring founder, enablement and the potential for economic optimization.

These are the key ingredients that decide whether a tech network or business is built to last.

Underwrite with technical depth
We were founded by serial tech entrepreneurs with deep technical backgrounds. Our diligence reflects it: partner-led, and able to evaluate cryptographic architecture, not just market sizing.
Discipline at every stage
A repeatable investment framework. Every check goes through the same steps: research-driven sourcing, eight-dimension scoring, Investment Committee governance, and a disciplined exit process.
Conviction outlasts the cycle
Eight years across multiple crypto cycles. The record shows conviction, not just duration: capital deployed in 2018, distributions to investors through the 2022 cycle, and writing first checks through every drawdown since.
Thesis driven, founder first
Our research is not marketing. The Onchain Revenue Report, our thesis work, and the dashboards we maintain are the same instruments we use to underwrite. We make them public so founders can see where real demand sits, which revenue models are working, or where the next durable network is likely to emerge. We would rather be useful to builders than be the loudest voice in the room.

Cost of Trust 2.0

Roughly 35% of the US labor market is trust-enabling work: auditors, escrow agents, intermediaries, paperwork. Blockchain reduces the cost of establishing that trust toward zero.

Cost of Trust 2.0 is the framework we use to invest where that reduction is durable.

Read the thesis

Trade Finance

The Rewiring of Trade Finance

Stablecoin payments to emerging-market trade corridors are the most important blockchain product category of 2026, and trade finance is its largest underbuilt segment.

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Agentic AI

Security and Trust: The Bottleneck of Deploying Agentic AI

Capability has outpaced the security and trust infrastructure needed to deploy agents safely. The bottleneck for adoption has shifted from capability to security.

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Real-World Assets

Real World Assets On-Chain

Treasuries, private credit, and funds are moving onchain because settlement, custody, and distribution all get cheaper and faster there. The assets are already trusted; what changes is the infrastructure beneath capital markets.

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Research

Onchain Revenue Report

The Onchain Revenue Report is the public-facing artifact of how we underwrite. It tracks user-paid fees across the protocols we evaluate and turns that data into a view of where real economic activity is compounding. The report ships annually. The dashboard updates continuously.

RESEARCHOctober 2025

2025 Onchain Revenue Report:

From Mania to Maturity

Read the 2025 report

LIVE DATAUpdated continuously

Onchain Revenue Dashboard

Real-time view of where economic activity is compounding

Explore the dashboard

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