Regan Bozman
@reganbozman
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Mostly crypto things Now @lattice_fund @gocryptopeaks Past lives @dovemetrics @CoinList @AngelList
San Francisco, CA
Joined January 2011
Really enjoyed sitting down with @FranklinBi and @darylX24 from @PanteraCapital and @npclabs_org on the @tokenwarrant . We chatted about the history of crypto gaming, Base's role in it, and Pantera's view on the space.
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Why is this cycle cooked? Why is everyone miserable?. We can distill all of our problems down to the fact that retail can no longer make real money in the current market structure. 1/ Some jumbled thoughts on returning to our roots and unfucking the current cycle.
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Spent a few days this week skiing with some crypto VC's and folks who allocate to crypto venture. There are some common themes on everyone's mind. 1/ This is what crypto vc's are chatting about over $11 coors lights.
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It is widely accepted that the way to make money in VC is to be contrarian and right. This is absolutely false in crypto venture - all that matters is your ability to front run the narrative. 1/ Some jumbled thoughts on the bizarre memetic economy we call home.
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The crypto vc market is currently thawing after a 4 month freeze, but with major dislocations. π»'Bear market chasm' = gap between 2021 and 2022 vals. πBar is *much* higher for Series A's. πVery few 2021 seed companies will survive. 1/ Some jumbled thoughts.
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Crypto is back. Crypto vc funds are hiring again. Have gotten pinged last few weeks asking for advice on getting these roles. Can't give succinct advice but I can write 30 tweet threads. 1/ Here's rough story of Lattice and the mistakes and lessons along the way.
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can we all just collectively agree that anyone who tweets about BTC never going under $10K again is an idiot?.
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I spent the week talking to founders, VC's, and family offices in Hong Kong. It was my first time in Asia in a crypto context and utterly fascinating. 1/ Here's what I learned over many dim sum meals.
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The biggest winners of this cycle will be apps that vertically integrate and build on-chain biz models. As web3 infra becomes increasingly commoditized, distribution is THE thing that matters. 1/ Here is how consumer apps are quietly eating infrastructure.
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Where are we in the market cycle?. Why are crypto VCβs embracing meme coins?. Will any of this stuff ever do anything?. 1/ Some jumbled thoughts about the middle of the curve.
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1/ I'm excited to finally announce .@lattice_fund, a $20M venture fund that helps crypto founders build defensible moats. We've been investing since the summer but today. π° Shared a bit w/ @WSJ. π¬ Published our thesis on Web3 growth strategies.
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More and more convinced that crypto VC LP's are in for a rude awakening. Trifecta of headwinds:. -Entry prices up 5-20x from last cycle.-Funds have grown 2-5x in size.-Liquid markets sliding down. 1/ Some jumbled thoughts:.
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The current structure of token launches is feeding a 'down only' paradigm where prices will get rekt. Tokens launch at a high FDV, slowly bleed out as airdrop recipients sell, and then collapse as VC's unlock. 1/ Some jumbled thoughts on how to unfuck the current paradigm.
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how do we end the absurdly stupid conference culture in crypto? . it's a waste of money, bad for the environment, and is a massive waste of everyone's time. we're planning to actively encourage our portco's to cut their conference plans but we are a small part of the pie.
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One of the easiest ways to get rekt in crypto is making the right directional bet but placing the wrong wager. You can get rekt by introducing embedded risks. You can get rekt by trying to minimize downside. 1/ Some jumbled thoughts on how to properly express market views.
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ETH Denver is in the rearview mirror. All the VC's got in a weekend of skiing right after. We can now focus on where the markets go from here. 1/ Some jumbled thoughts on public mania and how to play its spillover into the private markets.
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Spent an action packed 4 days in Singapore chatting with VC's, exchanges, and family offices. 1/ A few Tigers deep at the Singapore airport before a vv long journey home, some jumbled thoughts on my trip here.
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We just had top ETF launch ever, BTC emissions halved, Trump's gone full degen, and you're bearish??. Investors are projecting their own misery, not doing objective analysis. 1/ Let's crack a cold beer on this sunny Friday, relish how far we've come, and how far we have to go.
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Thoughts on VC optionality in a seemingly impending bear market. Traditionally if you missed a company early, it was generally gone forever. Private startups are not liquid - you canβt just buy shares whenever. But crypto is different. 1/.
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Man this cycle is wild - we're not even six months in and $ARB is nearly back to bear market lows. $OP and $TIA have given up almost 100% of their 2024 gains. Inflows into alts seem way more selective and def not enough to offset big unlocks
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Spent the last few days talking to family offices/endowments/allocators interested in crypto. No surprise but the mood is good! BTC nearing $100K after us being called idiots for 2 years. 1/ Some jumbled thoughts on how I'm seeing private markets slowly opening up.
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Today we're publishing our 2nd annual State of Seed report. We analyzed 1000+ companies that raised seeds rounds in 2022 and evaluated if they were finding PMF, raising follow on funding, and launching tokens. 1/ Let's look and see where all those VC dollars went.
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hi @coinbase you have locked me out of my account with no clear way back in. can a minor league kol please get some help :).
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Get in losers, we're starting an accelerator!. a16z, Variant, Delphi, Paradigm have all launched accelerators/fellowships this year. What gives?. -Higher aum-->more expensive alpha.-YC reputation decline.-Hunt for lower cost basis. 1/ Some jumbled thoughts on this trend.
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Leaving cold, rainy Brussels for sunnier shores. Vibe check from ETH CC was decently positive - there are plenty of pockets of optimism (s/o @megaeth_labs). But there is definitely still plenty of uncertainty (and maybe boredom). 1/ Some takeaways over waffles/lambics/fries.
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Stoked to officially launch @tokenwarrant. Each episode will be us chatting about a new funding round w/ lead investor and founder. -How the round happened.-Investors' thesis on the market/team.-How founder works w/ investor. 1/ So why did we think we needed another crypto pod?.
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Most startups begin with a narrow focus. -Uber wanted to solve shitty SF taxis.-Slack wanted to improve its internal communication. It's much easier to find product/market fit in a narrow market, and then scale. I've met very few crypto companies taking this approach π§.
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We're looking for an analyst to join the investing team @lattice_fund . Work across sourcing deals, diligence, research and everything else we do. π°$10K for referrals if you know someone good. 1/ Some jumbled thoughts about why you should work with us.
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of course vc's with $SOL bags think solana is undervalued. show me the builders - every founder i've talked to in the ecosystem is actively de-risking their sol exposure. would love to be proven wrong! but so far have not seen much evidence of engaged/growing ecosystem.
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Let's talk about deal structuring in early stage crypto, specifically . -rise of equity + token warrant structure.-mass delusion amongst early stage vc's. 1/ some jumbled thoughts.
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Today @layer3xyz is announcing their $15M Series A co-led by @paraficapital @Greenfield1One. We invested in Layer3's seed round in Fall 2021 and have invested in every subsequent round since. 1/ Let's run through what Layer3 does, their journey, and why we are so fucking excited.
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Will applications finally have their day?. Will cash flows every matter in crypto?. How many times can we run back the infra play?. 1/ Some jumbled thoughts on where opportunities lie in this cycle. .
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1/ I am pretty freaking excited about what is happening in crypto right now. After being an on-again off-again cynic, I think big things are finally starting to happen including DeFi, ownership tokens, vertically-focused 'niche' products, capital efficiency.
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i'm done talking about the fucked current token launch paradigm. i'm now focused on trying to fix it. if you're launching a token soon, i'd love to chat and hear how you're thinking about it, and get feedback on what we're cooking. dm's open.
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ICO's roaring back is wildly health for the space and sets this cycle up for a much stronger base of token holders. Let's dig into how we got here, where we go, and why it matters. 1/ Some jumbled thoughts on the future of capital formation in crypto.
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20/ We can point fingers and argue about meme coins, but that absolutely misses the point. Meme coins are not the problem - our current market structure is. Here's to unfucking our current market and going back to our democratic rootsπ₯.
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We must be at peak crypto conference no? . Same people.Same sponsors.Same talks.Same parties.Same format. *Different city*. Rinse and repeat.
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there is a ton to be excited about in crypto rn but the funding environment is bad and going to worse, esp for anything beyond seed. we sent this letter to our portfolio companies last week - strongly believe founders should tread carefully in this market
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our team led by @MikeZajko analyzed the nearly 800 teams that raised a seed round in 2021 and built a database analyzing . π§ teams that found pmf.π²who raised follow on money.πͺtoken launched. 1/.
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1/ I'm excited to launch Dove Mountain Data Dove Mountain Data is the most comprehensive database of crypto investors and their investments - and it's totally free. My goal is to make fundraising in the space more transparent.
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starting to believe that DAO's will hit the trough of disillusionment sooner rather than later. DAO's will be incredibly influential BUT the hype is way ahead of where they are now. investors underestimate just how inefficient/annoying/complicated it is to truly scale a DAO.
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4/ Crypto had been reversing this and democratizing access to asymmetric upside. But not any more!. L1's and L2's raising WAY more money from VC's.No public token sales.VC's make money.Retail gets shafted. Maybe retail's disillusionment with this cycle isn't so surprising.
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π only in crypto could an anon account with <1k followers have half the vc's in the industry arguing about who is better at their job. New 2025 goal appear on the list.New 2026 goal upper right hand quadrant.
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Spent the week in Austin chatting to founders, VC's, and allocators. The industry has notched some wins over the last few weeks and the vibe were deservedly positive. 1/ Some takeaways over much lone stars/tacos/bbq.
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1/ Some jumbled thoughts on private market valuations:. Private valuations in crypto are fucking insane rn. Pre-launch tokens were going for $10-$25M 6-12 months ago. That is now $50-$100M. I'm (sometimes) willing to pay this for A+ team, traction, and huge market.
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The @indexcoop just allocated $100K to pursue exchange listings for $DPI. New money into crypto will go to BED (BTC, ETH, DPI). If you're a reputable exchange and want to build onramps to DPI, let's talk. Huge opportunity to provide onramps to the best DeFi Index.
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the high fdv, low float, 'big' airdrop paradigm is utterly fucking stupid. what do you think the first thing people sell on the way down is?. their $1-10K airdrop bag that has a $0 cost basis that they never *bought more of* bc it was so expensive out of the gate.
It appears that the window for launching a token and seeing it do an instant 2-3x is closed for now. Most recent token launches are down bad:. $OMNI.$W.$PARCL. Market unable to absorb all the additional liquidity + people getting airdrops seemingly want to cash them in instead
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sf is back.crypto is back. getting folks together for hh on thursday june 7 . msg me if ya want to get involved.
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We're hiring for an associate at @lattice_fund . We've built one of the most active early stage crypto vc's over the last 18 months and we are just getting started. Primary focus:. -Source/diligence/lead deals.-Support portfolio. 1/ Some details on the role and how to apply.
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$HYPE vs $MOVE is v interesting, polar opposites launching at same time. $HYPE - 0 CEX's, clear PMF pre-token, $4B FDV, no VC's. $MOVE - top listings, token pre-mainnet, $6B FDV, all the VC's. Both strong communities. Will be curious to see where are trading 9-12 months from now.
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Today @daylightenergy_ is announcing their $9M Series A led by a16z. Even more excitingly they are finally sharing more about the next gen distributed energy platform they've been building for the last two years. 1/ Some more on our thesis and why we're so excited.
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sequoia downsized their crypto fund, they are stupid tourists selling at the bottom. blah blah this is dumb and ignore two fundamental truths. a/ crypto vc's don't know everything.b/ crypto is wildly overfunded. 1/ only 1 coffee deep so these thoughts are more jumbled than usual.
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8/ ETH was 30 cents at the ICO in 2014 and is $3000 today. That is a 10,000X return in 10 years and would hands down beat any VC investment over that timeframe. Anyone on earth could participate and that is fucking awesome.
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1/ Today I'm excited to share some more details on @_freecompany. Since last summer 10 of the most experienced builders in crypto have quietly built one of the industry's most active early-stage funds.
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Who are the smartest people I know working on DAO's?. πNeed feedback on something new . πSuggestions welcome.
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This cycle's focus on points has helped fuel the current lame pvp vibe - π€πΌ Blast TGE is the end of it. There are so many exciting $1B+ opportunities in expanding crypto's TAM - let's work on these!. 1/ Here's why we should move on - and where the exciting opportunities are.
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3/ We are literally recreating what has happened in VC/IPO markets where companies have been staying private longer, which means more upside stays 'private' (eg to VC funds) and is inaccessible to retail
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The current popular narrative pushed by crypto thought leaders/vc's is that builders are continuing unabated. Bears are for building; teams donβt care about token prices; etc etc. This is utter bullshit and we'd all be better off if we were more honest. 1/ Some jumbled thoughts.
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Random thoughts on YC + crypto:. 1/ Man they have dropped the ball. YC at this point is at best a neutral signal when we look at companies. 2/ They will outperform 99% of crypto funds. They bought 7% of OpenSea + Coinbase for <$500K, nothing else really matters.
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These gen z crypto kids are wild, bought BTC at age 16, living in big houses together working, hustling in DAO's, definitely don't care about these boomer funds. future is bright (and likely weird).
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underrated moat in crypto is *not* having a token. nimble teams can easily outcompete large, decentralized competitors. it's close to impossible for these teams to execute quickly + wrangle stakeholders to adapt to fast moving markets.
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12/ We have moved from an uncapped upside market to a capped one - that is a HUGE deal. $1K in SOL ICO is now $636K.$1K in Eigen is like $1030. even if it 10x's, that's only $1300. Last cycle you controlled your own destiny. This cycle you're waiting for Daddy Eigen's handout.
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Love everyone waking up to consumer crypto - welcome to the party. @Galxe has had 1M+ monthly active wallets for the last year. Yes their users do not eat $24 erewhon salad for lunch and so crypto twitter has slept on it. But they are becoming *the* platform for mass adoption
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50+ dope crypto folks hanging on a Thursday . pls tell me more about how sf crypto scene is dead π€‘
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Excited to announce Lattice II. Over the last year we've quietly built Lattice into one of the most active early stage crypto VC funds. This allows us to continue our mission of backing exceptional founders at the earliest stages. Thank you to all who have helped along the wayππ».
1/ Today, we are proud to announce Lattice II, a $60M fund to continue our mission of backing the most promising early-stage web3 startups. π§΅.
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the classic pomp cycle. emerge out of irrelevance when btc is on the upswing. post a bunch of idiotic stuff that makes the rest of us look bad. go back to shilling referral codes for dtc mattresses when btc is on the downswing. repeat.
Berkshire Hathaway is the boomer meme coin. It was started by the OG financial influencer. Buffett used to buy a stock and then go shill them in national newspapers/magazines. Nothing wrong with Buffett/Berkshire, but important to understand "meme coins" are not new.
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We are hiring for a Chief of Staff at @lattice_fund. You'll work across the whole biz - marketing, fund operations, and portfolio support. 1/ Join our team of 4 and help us build the best early stage fund in the industry.
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One of the most successful VC-backed companies of the last decade is buying stablecoin infrastructure in it's largest acquisition ever. While most VC's continue to scorn crypto as useless. It really makes you wonder who is wrong π€.
Stripe acquires stablecoin platform Bridge for $1.1 billion in crypto's largest acquisition: TechCrunch
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Douche scale at SF equinox:. 1: overly specific tech t-shirt (Uber special projects). 2: old ivy-league varsity jersey (princeton squash). 3: t-shirt from well-funded startup's off-site in exotic location (me rn).
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7/ Crypto was supposed to fix this!. ICO's set out to democratize capital formation, and by extension access to venture returns. They absolutely succeeded in doing this**. **unless you are blessed with a US passport.
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1/ I'm excited to introduce @dove__mountain. We're a crypto native growth agency focused on helping crypto projects launch tokens and grow networks.
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Congrats to the @subsquid team on the $SQD launch today. These guys have quietly built the best blockchain data product (indexing + analytics for now) in the industry and are really just starting to cook.
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100%. very hard to hire for junior investing roles bc a lot of the top candidates are making mid six figs in the trenches.
I'm not sure that CT understands you can make way more money as a degen investing and trading liquid during a bull market than the average vc in crypto. Early stage venture investing is the 'get rich slow' path and you really need to be in it for the love of the game.
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10/ This cycle we have moved away from this market structure. There are now close to zero opportunities for retail to buy tokens pre-launch or buy them at low prices on public markets.
13/ OK so what is this current paradigm I talk about?. 1/ Launch token at high FDV.2/ <20% token supply circulating.3/ No public token sale.4/ Large airdrop.
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need help designing a simple logo. will compensate with magic internet money. dm if u can help.
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will be in denver next weekποΈ. don't have a real job. nothing to ship. dm's open if ya want to hang.
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Caught up with @MikeZajko yesterday, seems like the champagne is still flowing in Singapore + mood is still positive. IMO it's *laughable* to think that we are at the bottom . 1/ Some jumbled thoughts on where we are in the market cycle.
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i think we are decent at this crypto vc thing but we are bad at telling the @lattice_fund story . working on fixing this. if you have a crypto podcast, newsletter, run a degen support group at ur local dive - dm me and i will come on and ramble 4 as long as you'll have me.
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We're excited to announce that we led a $1.5M round into @useaccrue. Accrue is focused on streamlining cross-border payments in Africa leveraging stablecoins. 1/ Since launch Accrue has helped 100K's of people transfers $10M's between Nigeria, Ghana, Tanzania, and Uganda.
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Founders are often confused by the same qβs:. -Why do certain companies fetch high prices/raise so much?. -Why do investors love alt L1 ecosystems?. The answer is simple - itβs all about incentives. 1/ Some jumbled thoughts on how incentives explain everything wrong in crypto.
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no idea who the fuck this guy is but we are def a top decile venture fund when it comes to early stage depin and i've never heard a single one of our founders talk about deploying to PEAQ.
I keep seeing people say that $PEAQ is the $SOL of this cycle. Last cycle $SOL hit an all-time high market cap of $77B. That would be a 172X from here for @peaq this cycle. That would put each $PEAQ token at $120 π.
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Crypto VC market is π₯Ά and will be for awhile. Prices are lower so good time to invest? Not so fast. Much deeper things at play:. - Deep hangovers for investors after 12-18 mo party.- Investors questioning fundamental assumptions. 1/ Jumbled thoughts on current market.
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Every crypto dude with 10K followers and 0 finance background: . "based on my technical analysis of inverted yield curves I'm expecting a deflationary recession in 2-3 quarters and that institutional investors seeking uncorrelated assets will flock to BTC. ".
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2/ The answer to why retail isn't here this cycle is so utterly simple. It's because there are no more 500x's in 'trad' crypto markets like infra tokens. And there is now a more fun casino, with better memes, right around the corner.
The current structure of token launches is feeding a 'down only' paradigm where prices will get rekt. Tokens launch at a high FDV, slowly bleed out as airdrop recipients sell, and then collapse as VC's unlock. 1/ Some jumbled thoughts on how to unfuck the current paradigm.
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2/ The industry meta ATM is to what extent 'useful projects' are currently being built. And whether it matters at all. No one has captured this better than Travis:.
π¨π¨ Today I'm publishing part 2 of my thesis. Get comfy. This is prob a 15 minute read. It's called-. Financial Nihilism: The Zeitgeist of Young America
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genuinely find the sol vs eth debate uninteresting. if you're long crypto you should obviously own both. discussions of their architectural, gtm, philosophical differences are useful and i think they can both learn from each other. beyond that, just not that useful imo.
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4/ Meme coins are also clearly 'useful' for VC funds trying to generate returns. 1confirmation 100x'ed a $1M investment in DEGEN in <3 months. Absolutely insane performance and would probably break most IRR calculations.
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We just published the @dovemetrics H1 Fundraising Report. π»Data from 1000+ rounds.π Fundraising trends.π Raises across sectors.π§ Insights from leading investors. This is the best report so far on the topic - π to @PChuzeville for leading this.
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5/ A big reason companies have been staying private longer is that VC's have 5x more money than they did a decade ago. Companies can now raise $1B+ in private markets and not deal with the overhead of public markets
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πquibi raising $1.7B pre-launch . π @Friday_Beers innovating left and right on short-form video. absolutely unreal execution.
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11/ Airdrops are absolutely an improvement from the existing venture paradigm where early users get zero financial upside. But they are a worse financial deal than token sales - you can definitionally only make so much money on airdrops.
39/ Most airdrops are also based on the notional value of assets that you deposit/pledge, and so are *definitionally not a big % of your portfolio*. eg if you deposit 1 eth in eigen, you may get 0.05-0.01 eth worth of points. So just not that meaningful for most airdrop farmers.
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san francisco.friday beers.tomorrow looking 70 and sunny π.lattice x chorus one. dm for details.
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9/ Now the industry clearly grew and so entry prices naturally crept up but those opportunities did not go away. The $SOL launch in 2020 was at $0.22 and at a $140 price that is a 636x return in 4 years. That also probably beats nearly every VC return over the last five years.
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24/ Finally. can we nix these fucking panels?. No one likes listening to them and they are the laziest form of content. Either focus on actually teaching people something, or create an environment for people to hang!. Everything in the middle is a waste of time.
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21/ This brings us to the second major distinction between crypto and venture. What do crypto markets value?. I'll give you a hint - it ain't cash flows. Crypto markets value attention.
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there will be bangers.
Are VCs & Retail at War? βοΈ. We brought on crypto writer and certified VC @reganbozman to debate just that. Early Access (for Citizens only π)π.
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Most DeFi products are iterations of existing financial instruments:. Consumer loans-->MakerDAO.NYSE-->0x.Bloomberg-->ChainLink. @PoolTogether_ is fascinating in that it can potentially can enable new behavior. Excited to see more products with that ambition.
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What if I told you that you could live in a major us city. With the best airport in the country . And temperate weather year round . And this was your commute. All at a 30% discount to NYC
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13/ Financial nihilism means acknowledging that these markets have always been about money. Yes that money funds tech but it's the money that drives the whole thing. Kneecap the money part, and the wheels come off.
π¨π¨ Today I'm publishing part 2 of my thesis. Get comfy. This is prob a 15 minute read. It's called-. Financial Nihilism: The Zeitgeist of Young America
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Ever since @felix2feng dragged me into the @indexcoop a few months ago, i've spent my nights and weekends digging into on-chain asset management. IMO decentralized index funds are going to be the first DeFi product to cross the chasm and pull in a mainstream audience.
Index funds have spent the past decade eating the asset management industry. Now DeFi will eat the index funds. @reganbozman dropping π₯ on @BanklessHQ today. Read. The Bull Case for Decentralized Index Funds.
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