Craig //
@CraigBurel
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General Partner @Recvcx , investing in all things crypto | Prev: @FiscalNote , @MorganStanley Opinions are my own; not investment advice
Manhattan, NY
Joined January 2013
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Pinned Tweet
Gm chat.
Feels good that the market caught up with our bullishness at
@recvcx
Last year, I posted about how crypto is changing the world. Now that we’ve slayed the bear, I want to revisit some of the top ideas we’re looking to back at R//
DePIN
I believe we’ve proven that
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Solana Mobile Stack (SMS) coming to new Saga android phone 🤯
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Absolutely STOKED to finally have my fav NFTs proudly displayed in my office now 🖼
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@tedcruz
Thank you Senator Cruz for your support on this issue. You’re right on 🎯and appreciate you. 🙏🏻
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1/24 I’m excited to announce Reciprocal’s participation in The Graph’s $50m treasury sale led by Tiger Global!
We initially supported
@graphprotocol
in ‘18 and believe now more than ever that it's mission-critical
#web3
infrastructure.
Here’s why we’re so bullish on $GRT 🧵⏳
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Just spent an hour playing around with some ETH bridges, L2s, and DeFi projects.
Never been more bullish on
@solana
, my god.
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Crypto sentiment may be low right now, but Webster Hall is currently packed with builders for the
@solana
NYC Hacker House. 🫡
🛠️ Builders remain undeterred 🛠️
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We've funded three applications on
@solana
in the last 6-months at
@recvcx
If you're building something cool hit us up!
Actively looking into:
>DePIN
>Social/SocialFi
>RWAs
>DeFi
>Loyalty/Commerce
>Gaming
>AI x Crypto
Ethereum VCs have EBOLA.
[Ethereum Bags Over Logic Affliction]
I'll explain how this highly contagious disease started and how you can vaccinate against it.
Mega Thread 🧵
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Gm chat, quick professional update!
In 2017, I was fresh off the craziest three years of my career working for a rocket ship AI startup. I wanted to pursue a career in venture capital to work at the intersection of my three passions: financial markets, emerging technologies,
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Absolutely PUMPED to be judging
@Solana
's Grizzlython!
Join and get started building for a chance to win $5 million in prizes and seed funding 💰
Sign up here 👇
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1/ I’m proud to share that we’ve closed Reciprocal Ventures II, our second early-stage fund to continue backing the future of web3!
Here are a few theses w/ select examples that we’re actively investing in right now
@ReciprocalVC
👇🧵
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We often get asked if we’re a “Solana Ecosystem Fund”… NOPE … We just believe it’s the best tech & community in the space.
Q4 2022, Q1 2023, and most of Q2, I was told some VCs were advising companies against using
@solana
and there were even some that said “we don’t invest in solana projects”.
Anybody have an opinion on whether this is still the case? If so, bonus points if you point them out.
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We believe
@graphprotocol
is mission critical infra for the buildout of
#web3
If you’re building on The Graph, or are working on tooling to support the ecosystem, my DMs are open 📥
The
@graphprotocol
's new $205M ecosystem fund, backed by
@multicoincap
@ReciprocalVC
@DCGco
and others, aims to accelerate development of key projects in the data-indexing network's ecosystem.
@0x_bae
reports.
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This sounds so legit. Gonna be best Breakpoint yet 🌊🏄🏻♂️
Bet you’re sick of crypto conferences.
We’ve been working hard to make sure Breakpoint 2024 is different. Here’s the TLDR:
1. New Format. No panels. Expect four formats: 5-min, 5-slide product keynotes, debates with formal motions, fireside chats between industry
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Made it to the first
@solanaspaces
last night at Hudson Yards and it was pretty epic:
-Wallet onboarding stations (saw multiple ppl use w/o issue),
-NFTs + displays,
-Ltd edition swag,
-
@solana
pay checkout
WAGMI
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Bear markets are where the real work is done.
Tourists are gone, builders are building. But the question remains...can crypto change the world?
Yes, and here's how:
Tokens = Business Model for OSS
Fungible tokens are an incentive mechanism tied to the success of an
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👷♀️👷 Calling all web3 builders 👩🔧🧑🔧
@graphprotocol
is now accepting applications for their grants program!
Apply here for a shot at working with one of the best teams in crypto:
h/t:
@theklineventure
@yanivgraph
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All the teams supporting
@graphprotocol
exemplify building during the bera 🐻
After years of R&D, decentralized subgraphs can now be built on a chain as performant as
@solana
🤯
Insane accomplishment 🔥
@edgeandnode
@streamingfastio
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Hey
@solana
fam,
It's time to say goodbye to chewing glass! 👋
We're entering a new age of developer experience on Solana, powered by a new generation of infra & tooling.
Enter
@heliuslabs
☀️
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If you're in NYC and building on
@solana
, come hang with
@marygooneratne
@TruittLuke
@graphprotocol
and me on Thursday!
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This is a huge UX improvement. The Graph’s core teams just keep on shipping 🚢🛳️⛴️
The Graph's Sunray phase is complete 🌅
Now devs can harness subgraphs to supercharge their dapp's data on The Graph's decentralized network more easily than ever with newly unlocked benefits including:
📊 A free query plan
⚡A seamless upgrade interface
💳 Easy credit card
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Brilliant minds are leaving legacy industries for crypto, and they’re choosing to work in the Solana ecosystem.
The projects they’re tackling are among the most ambitious I’ve seen in my 8 years in this industry, with the possibility of improving the functionality and
here's the craziest thing
during firedancer demo day, they announced something that's probably even bigger than firedancer (!)
in fact it might be the most exciting (and ambitious) project i have ever seen in crypto
a fundamentally new internet fiber layer
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Each year,
@graphprotocol
becomes more mission critical to crypto. 👨🚀
Don’t sleep on it, anon.
Datapalooza is next Monday!
📣 New speaker update:
@VitalikButerin
Co-founder of
@Ethereum
!
The Graph’s inaugural Datapalooza will be a day of expert-led talks & workshops on R&D and tooling for web3 data!
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Ngl, it was pretty freaking cool to open up the
@photofinishgame
native mobile app on my phone today and register for races 🏇📲
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Huge congrats to
@0xMert_
,
@nick_pennie
,
@liamvovk
, and the entire
@heliuslabs
team on raising their Series A!
It was an easy decision to double down on this team and their mission to optimize the developer experience on
@solana
.
When I first met Mert in June '22, he was the
we've raised a Series A to accelerate crypto development at
@heliuslabs
!
in mid-2022, my co-founders (
@liamvovk
and
@nick_pennie
) and I left Coinbase & AWS to make a dent on a big problem facing crypto:
a shortage of quality products
it was (and still is) too hard to build
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Imagine there’s no market
It’s easy if you try
No rugs or scammers
Above us, all-time-highs
Imagine all the manlets
Livin’ for one-k
Ah
You may say I’m a degen
But I’m not the only one
I hope someday you’ll join us
And our bags will be as one
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1/19 I'm excited to announce Reciprocal’s participation in
@3boxlabs
$30m Series A led by
@multicoincap
&
@usv
!
We believe
@ceramicnetwork
's decentralized data network will enable web3 apps to reach feature parity with web2 and is essential infra for
#web3
mass adoption.
🧵⏳
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Jet-lagged reflections on Breakpoint v4
This version of
@SolanaConf
was the best yet. It struck the right balance of scale and duration. It was professional and well-produced while maintaining an authentic feel that was genuine to
@solana
's builder and product-centric culture.
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And just like that…a manlet is born 🫡
We’re opening Xmas gifts and my brother-in-law says “today I want to use Solana” 🎅🎄🌅
Thanks to
@solflare_wallet
and
@JupiterExchange
the process took 5 minutes and the onboarding UX was smooth as 🧈
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Did y’all know there’s a prediction market live on
@solana
? 🦔📈📉
You bought the dip right?
…RIGHT?! 👀
If you missed it and think we go to ATHs on March 29th you can snag a 9x return with
@HedgehogMarket
Prediction Markets💰
🦔
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BREAKING: Solana Co-Founder
@aeyakovenko
is a Silly Dragon and ❤️’s composability
#Breakpoint2023
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Love seeing top
#defi
protocols leveraging
@graphprotocol
and committing to their decentralized network. 🚀🚀
Great write up
@ianlapham
thx for sharing!! 🦄🦄
For those unfamiliar with subgraphs or how Uniswap makes use of them - put together a quick piece
@graphprotocol
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💯
If there’s a relaunch of
@ProjectSerum
, scrap $SRM and the low float Sam-trick, focus on incentivizing true community ownership.
Will be a good precedent for
@solana
DeFi, at an important time.
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Inventor of the Madden NFL hit stick...
Is building a crypto video game...
On Solana...
👀
Do you remember trying to stop Michael Vick in NFL Madden 2005? Impossible.
We just had on
@iancummingsnft
who helped design Madden, created the hit stick and is the founder of
@photofinishgame
! Links to the episode ↓
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This week has been a fantastic case study of what's possible on Solana.
70% of Ethereum's DEX volume with only ~3% of the TVL!
Holy smokes. Solana did 70% of Ethereum's DEX volume over the past 24 hours.
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Demand for decentralized data is hitting an inflection point 🚀
State of
@graphprotocol
Key Update:
Demand for data on The Graph Network reached an all-time high in Q1'24.
QoQ Metrics 📊
- Queries ⬆️ 66% 🚀
- Demand-side revenue ⬆️ 42%
- Subgraphs ⬆️ 29%
Read the full report by
@tech_metrics
🔗
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gm chat, new pod just dropped on
@Lightspeedpodhq
We cover:
- backing great founders
- go to market strategies
- investing in protocols vs. apps
- crypto needs more product
- the rise of O.P.O.S use cases
- crypto gaming & so much more!
Link below 👇
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God, why do you constantly remind me how many devs are on solana?
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Props to
@Figment_io
for opting to delegate part of their grant from
@graphprotocol
to other indexers in the network, improving decentralization.
Congrats to all the OG indexers receiving some $GRT!!!
@StakeMachine
@MindHeartSoul4
@SemioticAI
@MapleNodes
@_cryptovestor
We have received the 1st 5M $GRT from our
@graphprotocol
grant!
We'll be delegating this GRT to some of the best Indexers, community builders and protocol contributors within The Graph Indexer community.
1M GRT to will be evenly delegated to the 5 Indexers listed below 🤝👩🚀👇
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Eventually, we’ll see an entire distributed economy of web services providers form around the subgraphs of
@graphprotocol
. It’s still so early, but starting to see certain power dynamics play out amongst indexers 👇🏻👇🏻
On layer one,
@graphprotocol
Indexer allocation decisions are heavily influenced by the cost of doing business - Ethereum gas costs. The number of Indexer allocation decisions made scales linearly with transaction costs. So the more revenue an Indexer makes, the more..
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Excited to chat with a few legends today about raising from VCs!
11:00AM @ Solana Founders Summit
See you there!
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A few things I did on-chain today:
-entered 4 races on
@photofinishgame
🏇
-checked my portfolio on
@KaminoFinance
🏦
-downloaded the
@getgrass_io
extension & signed up 🦕
-checked
@clubdvin
to see if there are any new wine drops coming up 🍷
Ask your VC when was the last time s/he played on chain
Oh they’re critical about ecosystem X, then ask them if they’ve tried any of the apps there.
Ask them if they’ve talked and tried using at least 5 projects in that ecosystem.
Ask them if they’ve looked at on chain data
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1/ I'm incredibly proud to announce that
@ReciprocalVC
led
@Gateway_xyz
$4.2m seed round!
Gateway is one of the key building blocks required to achieve secure, digitally native reputation & identity—one of the biggest opps we’ve seen in web3, w hundreds of potential use-cases
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Going to
@MessariCrypto
#Mainnet2021
?
Come hang with
@Saber_HQ
,
@BlockdaemonHQ
,
@SolanaMBS
, and
@ReciprocalVC
!
I heard there's a monke or two up for grabs 🐒🐵
h/t
@michellelsun
🙌
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Solana’s Token Extensions fundamentally change the game for what’s possible on public blockchains.
OK, but how?
Token extensions were designed specifically with large enterprises and institutions in mind.
Now, businesses can execute payments and tokenize assets on a public
1/ The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.
Token extensions empower developers to rapidly build customized token experiences & designed to meet business compliance needs.🧵
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Y dog coins u ask?
It was right in front of us the whole time…
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You love to see it.
Solana is going to be the de facto choice for on-chain payments.
Parallel processing + local fee markets ftw
Coinbase plans to integrate with
@solana
👀
The company wants transactions on its platform “under one second and one cent.”
To do that,
@coinbase
will integrate Lightning on Bitcoin and “other layer-1s that are very fast, like Solana,” CEO
@brian_armstrong
told Decrypt.
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SOLANA is the future.
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Just bought a tshirt at
@EmpireDao
using
@solana
pay
UX smooth as 🧈
☀️ THE FUTURE IS BRIGHT ☀️
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Last week marked the start of my eighth year investing in crypto at
@recvcx
.
In this next phase for RV, we are doubling down on crypto again.
Even eight years later, it feels like just the beginning.
In thinking about our investment strategies over the last eight years, we tried to identify a consistent theme or driving force behind what we do.
We were able to boil it down to one word: diffusion.
// Check out our newest blog post by Reciprocal Ventures partner,
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Big things coming from the Kamino team; buckle up
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Hey NYC crypto frens!
@ReciprocalVC
is co-hosting a belated
@solana
Frensgiving this Thursday 11/30! 🦃
RSVP at the link below 👇
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2/24
@graphprotocol
improves the UX of web3.
The Graph solves what’s commonly referred to as the blockchain “read” problem, where the block-based data structure makes it difficult for dapps to query on-chain data in a fast and cost-effective manner…
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For anyone participating in Sandstorm, the whole team
@ReciprocalVC
is here to help!
Reach out to
@analyticalali
@Jkuzon
@elle_leemay
and myself at any time
If you built something for Sandstorm and want to explore turning it into a startup - the kind folks at
@SolanaVentures
are offering help & coaching!
Be sure to shoot them a message
@JustinBarlow
@j_finer
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GAH, so excited Graph Day is back!!! 👨🚀
Graph Day returns this year on June 2, 2022 at the Palace of Fine Arts in San Francisco 🌉🧑🚀
The web3 community will be showing up in force to shape the future of the internet & of society.
Tickets are limited. Be part of the change.
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Oh, you think UX is your ally.
But you’re merely adopting product focus;
@solana
was born in it, molded by it.
@aeyakovenko
has been use-case focused since “Blockchain at NASDAQ speed”, since then it’s been nothing but SHIPPING!
I'm tired of Ethereum Losing to Solana. I want us to start winning again. But that means we need to start playing our game, not theirs. Apple doesn't compete on price with 100$ Chinese androids. They compete on quality. They simply build better products that people want to use.
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It's a BIG day for decentralized data
The Graph’s Sunrise of Decentralized Data is here 🌅
The hosted service has officially upgraded to The Graph Network, now the exclusive home of The Graph’s data services. Experience web3 data with ultra-fast syncing, reliable uptime, global redundancy and much more – all secured
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Putting my shoes back on at Newark Airport and someone has already asked if I’m heading to
@SolanaConf
Stoke is rising 🌊🏄🏻♂️
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If anyones working on these my DMs are open
What needs to be built in
#web3
for decentralized social media to flourish:
1. Decentralized moderation protocol (opt in to your ideal mod)
2. Algorithm protocol (bring your own algo)
3. Ad protocol (opt in)
4. Decentralized App Store (no dapp canceling)
Who's going to build it?
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🚨 Ltd edition MtnDAO swag drop 🚨
Here’s how to get one👇🏻
1️⃣ Say hi to
@analyticalali
and
@eden_
at MtnDAO
2️⃣ Inform
@therealchaseeb
that fajitas > tacos
3️⃣ Shake
@aeyakovenko
’s and thank him for his service
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Is anyone out there working on a decentralized front-end hosting service?
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Today is the day we get one step closer to a people-first Metaverse. Thrilled to support the vision of
@Metaplex
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10/24
@graphprotocol
is decentralizing on all fronts.
While critics are scrutinizing the decentralization of
#web3
, The Graph is practicing what they preach with 5 unique core dev teams building the network:
@edgeandnode
@Figment_io
@streamingfastio
@TheGuildDev
@semioticai
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.
@ReciprocalVC
is actively deploying into all areas of crypto. If you’re building through the bear, DMs are open 📥
Thanks for all the thoughtful questions
@jacqmelinek
!
Some venture investors are doubling down on crypto despite an unknown recovery timeline by
@jacqmelinek
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The race to plug into the Solana ecosystem has officially begun!
For all crypto teams ramping up their Solana strategy, the team at
@heliuslabs
is the best in the business
hello crypto teams who are now behind in their solana strategy and development
(you know who you are)
you likely need to get up to speed fast and start reaching users asap —
@heliuslabs
specializes exclusively in Solana and will help you out
DMs are open
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Hey
@C_Conover
, if Paige won’t let you buy the horse, it’s time to check out
@photofinishgame
Official game of the
@KentuckyDerby
🌹👑🐎
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There’s so much being built in the
@solana
ecosystem rn by talented devs & operators.
The spotlight needs to be turned onto them.
This work doesn’t generate viral short term narratives, but it does build the long term ground swell that leads to broader tech adoption.
FYI Not trying to FUD my bags. Still very bullish $SOL, so don't get it twisted 😉
Just sharing my honest observations as I see them.
$SOL is having a slight narrative problem at the moment, but from a tech/adoption perspective it is one of the top L1s, no question about it.
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Co: Hear me out. Cutco knives, but the knives are tokens on a new L2.
VC: Can the tokens cut pennies in half?
Co: We can do this w ZKP by 2025.
VC: You had me at L2.
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We are SO back
NEW EPISODE 🚨
VCs Are 'Aggressively' Returning to Crypto
@Recvcx
Partner
@CraigBurel
joins
@fintechfrank
on The Scoop to discuss how venture capitalists are flocking back to the crypto industry in the wake of the market's recent rally 🤝
OUTLINE
00:00 Introduction
07:38
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Learning about the crypto space can be overwhelming...
We aggregated our favorite must-read posts to make it easy!
Behold, the RV Crypto Anthology:
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@twobitidiot
@mdudas
@SenShelby
@KatieBoydBritt
And of course, unsurprisingly, the reality of DC is actually much worse than it appears.
Lobbying spend and self interest win the day disguised as support for our troops.
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So pumped to partner up with the team at
@fluxprotocol
. Their open data infrastructure is going to be a total game-changer for Web3 builders. Big things coming 🧑🔧🛠️🚀
We are thrilled to announce our $10.3m seed round led by
@DistributedG
+
@coinbase
,
@coinfund_io
, Uncorrelated Ventures
@salil
,
@ReciprocalVC
,
@Greenfield1One
,
@Maven11Capital
,
@IOSGVC
,
@Figment_io
,
@hal2001
,
@ilblackdragon
, and more! 🚀🥳
(continued)
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