Frictionless Capital
@_Frictionless_
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255
Frictionless Capital is a thesis-driven fund investing from first principles backing world-changing entrepreneurs GPs: @SolanaLegend & @LoganJastremski
Joined February 2022
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Congratulations to portfolio company
@xNFT_Backpack
on crossing 100 $SOL floor price for their
@MadLadsNFT
collection
@armaniferrante
and
@yver__
’s product focus and ecosystem presence have created a die-hard community for their multichain wallet
@xNFT_Backpack
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We are delighted to support
@armaniferrante
and team in building a truly next-generation exchange that reimagines the crucial exchange product as part of our commitment to back category defining products
X is going to be just an exchange like the iPhone is just a phone
Backpack launching cryptocurrency exchange with Dubai license
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The next generation crypto investor is on the ground floor of the ecosystem
and has a view on everything
From the tech, to the culture
VCs that are 4-5 levels removed won’t be able to compete
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Portfolio company
@xNFT_Backpack
has executed a flawless go to market via their NFT collection
@MadLadsNFT
This native community will be invaluable for testing and iterating on their stellar cross-chain wallet experience
Congratulations
@armaniferrante
,
@yver__
and team!
BREAKING:
@MadLadsNFT
24H NFT SALES VOLUME IS LARGER THAN THOSE OF THE NEXT 9 COLLECTIONS COMBINED - $8,167,746 VS. $7,781,155
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👀
any fund who was even remotely bullish solana from the lows its gotta be extremely easy to raise capital rn
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Many Blockchains will not be able to cross the chasm
The preferences of the Early Adopters are not the same as the Majority
High-Throughput/Next-Gen Chains allow Censorship Resistance at SCALE
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Congrats to the Backpack Team!
Frictionless Capital has been a proud and early investor in the team since the beginning
Onward and upward 🚀
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We are in the early innings of a profound technological and cultural shift which will change the way we spend our time, attention, and money
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The vast majority of VCs in the space are focused on Ethereum and EVM
This is a historic misallocation of resources and most people are not technical enough to understand the differences between blockchains and don’t have views of their own
You need to be smart on the tech…
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These IRL brands getting into NFTs are very interesting
Just picked the Kevin Chain
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Crypto VCs should be highly technical and have a clear research view on the space
Today this is not the case, but being smart on the tech is going to be a major differentiator in the next few years
Being early is not enough...
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Frictionless Managing Partner
@LoganJastremski
is hosting a
@SolanaConf
fireside chat with
@aeyakovenko
on what Solana’s endstate looks like and what needs to get built to achieve it
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Many people are so focused on playing the game they don’t stop to think if they are playing the right game
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Over the next year some of the most strongly held beliefs and assumptions of what a blockchain should look like will be drawn into question
This is how the paragons of the old world crumble silently
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You take the blue pill, the story ends, you wake up in your bed and believe sequential blockchains with side chains are the future. You take the red pill, you realize all modern hardware is multi core, and you see how deep this parallel VM blockchain rabbit hole goes
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Some blockchains can push the limits of physics
Others will never test those limits
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There will be a Pokémon Go moment for a Web3 App or protocol
And it will be built on a highly performant blockchain that can support tens or hundreds of millions
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Narratives change... Slowly at first, then all at once
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It’s hard to be internet money and the future of how people spend their time on the internet on 2kb/s
We are going to need more data propagation… 😅 $BTC sorry not sorry
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People love to hold hands and dream of a multi-chain future where all of their bags make it
The reality is some blockchains are built to scale for mass-adoption but most are not
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Everyone is engagement farming off Solana twitter
For many VC funds this means nothing because they are 3-5 levels removed from the ground floor of the ecosystem
This is a leading indicator for those in tune with what it means
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When analyzing an industry where only ~15M people sign transactions on chain, a first principles approach is warranted
Network effects remain very limited
Source:
@ElectricCapital
,
@github
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Frictionless is always looking for Amazing Talent!
s/o to
@NFTomics
for the great thread
{best VCs who are looking for talent}
1.
@variantfund
-
@jessewldn
2.
@dragonfly_xyz
-
@hosseeb
3.
@hack_vc
-
@alpackaP
4.
@_Frictionless_
-
@LoganJastremski
5.
@paradigm
-
@matthuang
6.
@placeholdervc
-
@cburniske
7.
@PanteraCapital
-
@_will_reid
8.
@sequoia
-
@KostaBuhler
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Narratives people thought were indestructible are silently crumbling
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A good application built on the wrong chain is dead on arrival
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You are telling me that new generation blockchains are propagating 1500x as much data as ETH currently?
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We are not slowing down
We are accelerating
Announcements coming soon
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Did someone say… Frictionless 👀🚀
Blockchains should be accessible, fast, and frictionless.
Hear from the co-founders of
@orca_so
,
@rawfalafel
&
@oritheorca
, about how Solana’s low latency and high throughput enables them to focus on building their product 🐋
#OnlyPossibleOnSolana
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Build products that do for crypto what email and e-commerce did for the internet
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Layer 1s can be pushed much much harder before L2s become a requirement
Chains that rely on an L2 solution so early in their existence are simply not built to scale
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If your goal is mass adoption with hundreds of millions of concurrent users even the best L2 and sharding solution is NOT enough to compensate for a non-performant L1
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ETH has admitted defeat on its PoW Bitcoin hard money dreams
But a huge portion of its community still believes in solving for decentralization at the expense of performance
This should be interesting!
Software and marketing are easy to change
Culture and beliefs are hard
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Right chain right app
Right chain wrong app
———————————
Wrong chain right app
Wrong chain wrong app
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Building on the right chain(s) is a non-trivial decision that is on par with what to build
Some chains have the features required to scale to hundreds of millions of users but most do not
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The data doesn’t lie, it tells a story
It’s always been there for those willing to listen
Those who choose to ignore it will bend the knee
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Next generation blockchains will dominate the next cycle in terms of adoption, usage, and developer activity
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Thanks for 1,000 followers
We will publish a research paper every Tuesday, podcasts with leading blockchain minds, and spicy takes daily
Tuesday’s article is on L2s
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When you look at the space removing ideology and baseless narratives it becomes clear
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Cool to see our research cited in
@TheTieIO
's quarterly report.
Block size matters... Next generation chains make block space a commodity and we believe this is a fundamental requirement for mass-adoption
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The public's perception vs. reality of Solana has never been wider
Now more than ever the Solana community needs to come together to tell their story
I'll make sure to step up and do my part over the coming months, but for now, I'll leave you with this🫡
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Many assumptions of the old world will change in the next years
Even the limits of the trilemma
Get ready
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Frictionless Capital Retweeted
🎤 Doing a LIVE podcast (my first ever) with
@LoganJastremski
on Thursday at 10 AM PT to discuss all things
#Avalanche
. You can sign up for a reminder/watch on YouTube here:
If there is anything specific you want me to touch on, leave a comment below 👇
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