Writing
Thesis
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.
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.
Read the thesisSecurity 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.
Read the thesisReal 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.
Read the thesisResearch
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.
Onchain Revenue Dashboard
Real-time view of where economic activity is compounding
Explore the dashboardPress
1kx in the News
Where 1kx, our partners, and our portfolio companies show up across the media landscape.