IBRL

October 1, 2025

Creating The World’s Leading Solana Treasury Company

September 10, 2025

New Modalities for Issuance and Trading

June 25, 2025

The Solana Thesis: Internet Capital Markets

January 21, 2025

P2P Pipes

September 15, 2024

Enter The Wormhole

April 2, 2024

The Holy Grail of Cryptography

March 6, 2024

The Foundational DeFi Primitive of Filecoin

February 5, 2024

The Dawn of On-Chain FHE

September 25, 2023

The Hidden Costs of Modular Systems

August 14, 2023

The Convergence of Crypto and AI: Four Key Intersections

June 1, 2023

Web3-Native SQL

April 19, 2023

Full Stack, Decentralized Security

January 30, 2023

Unlocking Payments Over Crypto Rails

December 7, 2022

Beyond Verticalization of NFT Marketplaces

June 21, 2022

Building Bridges

March 29, 2022

Move Move Move

March 14, 2022

Rebundling The Audio Value Chain

February 24, 2022

Composable Web3 Compute

February 15, 2022

The Composable Web3 Data Network

February 15, 2022

Rendering the Metaverse

December 20, 2021

DeFi Protocols Don’t Capture Value, DeFi DAOs Manage Risk

September 15, 2021

Scaling Reads and Writes

July 29, 2021

Networked Cash Flows

July 12, 2021

Technical Scalability Creates Social Scalability

May 24, 2021

Open Audio

July 29, 2020

DeFi's Invisible Asymptotes

June 3, 2020

On Forking DeFi Protocols

April 15, 2020

March 12: The Day Crypto Market Structure Broke (Part 2)

March 19, 2020

March 12: The Day Crypto Market Structure Broke (Part 1)

March 16, 2020

Infinite Scale

February 5, 2020

The Web3 Stack, 2019 Edition

December 12, 2019

Investing In the Permaweb

November 4, 2019

Exchanges Are Open Finance

October 28, 2019

The World Computer Should Be Logically Centralized

July 29, 2019

Unbundling Vectors of Centralization in Web3

July 24, 2019

Our Investment in Torus

July 8, 2019

Our Investment in dfuse

June 25, 2019

The Unbundling Of Ethereum

May 23, 2019

On Value Capture at Layers 1 and 2

March 13, 2019

Binance Coin ($BNB) Analysis and Valuation

February 18, 2019

Our Investment in The Graph

January 27, 2019

What P2P Markets are Better Decentralized?

January 7, 2019

Questions From the Crypto Idea Maze

December 19, 2018

A New Model for Token Distribution

November 8, 2018

Our Investment in Starkware

October 29, 2018

$100 Trillion

October 8, 2018

Our Investment in Skale

October 3, 2018

Aggregation Theory, Thin Protocols, and Recentralization: Augur Edition

August 7, 2018

The Web3 Stack

July 9, 2018

On the Network Effects of Stores of Value

May 8, 2018

Good Artists Copy. Great Artists Steal.

April 24, 2018

EOS ($EOS) Analysis and Valuation

April 23, 2018

Opportunities for Blockchain Based Social Apps

April 8, 2018

Paths to $100T

March 14, 2018

Delegated Proof of Stake: Features and Tradeoffs

March 1, 2018

Models for Scaling Trustless Computation

February 22, 2018

New Models for Utility Tokens

February 12, 2018

The Opportunity for Interoperable Chains of Chains

January 26, 2018

Iota ($MIOTA) Analysis

January 22, 2018

The Bear Case for XRP: Bitcoin Futures Edition

December 19, 2017

0x ($ZRX) Analysis and Valuation

December 13, 2017

Understanding Token Velocity

December 7, 2017

Crypto Franchising: Out with the New, In with the Old

October 23, 2017

Crypto Acquisitions: All Theory, No Practice

October 15, 2017

The State of Decentralized Storage

September 26, 2017

Bitcoin is Better than Digital Gold

September 20, 2017

Factom ($FCT) Analysis and Valuation

September 6, 2017

Understanding Crypto Regulation

September 4, 2017

Ripple ($XRP) Analysis

August 30, 2017

The Smart Contract Network Effect Fallacy

August 27, 2017

Augur ($REP) Analysis and Valuation

August 23, 2017

Venture Capital Economics with Public Market Liquidity

August 14, 2017

Announcing Multicoin Capital

August 8, 2017