Our notes on token design...

This week was packed with insight, from the decisions behind embedded wallets, to Hyperliquid’s ascendance...

At SGV, we’ve seen a handful of upstart prediction market players introducing novel mechanisms and add ons to the already bleeding...

Watching Founders in Motion...

Living in an emerging economy where traditional banking still feels stuck in the past...

Here's the latest updates on our internal thinking: Zora is moving. We’re up from our avg entry of $0.009. Our thesis was published here. Catalyzed by the base app...

When we first published this memo internally, $ZORA had just launched. The token was dropping fast. The narrative wasn’t clear. But...

AI code generation (codeGen) is quietly becoming one of the most important unlocks in crypto...

Most pitches are around crypto as a casino, but everyone once in a while there’s one of crypto as deep disruption to an industry. Those are moments to stop and think...

This is a redacted and adapted version of our Q2 internal investor's update. 25Q2 was the quarter revenue came back into focus, and not just for us. From Hyperliquid to Maker, from Stripe’s acquisitions to Coinbase’s onchain consumer narrative. Crypto is shifting from narrative-first to numbers-first. For us, the Revenue Meta is the only true meta (which will evolve into the margins meta soon). From Coatue’s annual keynote, great view public and private markets, and one specific slide out the...