Author: 1912212.eth, Foresight News
Multicoin Capital first gained tremendous attention with multiple articles on cryptocurrency investments, and then rose to the top ranks of VC due to successful bets on high-performance projects such as Solana during the last bull market cycle. However, after the FTX incident, the negative aftermath lingers. Multicoin, known for betting on Solana, suffered heavy losses in December 2022, with its assets plummeting by 90%, shocking the public.
For a time, there were continuous accusations and discussions about whether Multicoin was incompetent or innocent. Now, as the controversy fades and the bull market roars in, Multicoin is once again making significant moves in the rising tide of cryptocurrency asset prices.
In a letter to annual investors in March 2024, Multicoin Capital revealed that its cryptocurrency hedge fund, which has been focused on cryptocurrencies since 2017, has brought a return of 9281% to its initial investors. This return is enough to compensate for Multicoin Capital's previous 91.4% loss in 2022. Tushar Jain, Kyle Samani, and Matt Shapiro, executives at Multicoin, stated in the letter: "In 2023, cryptocurrencies did what they do best, once again defeating death. The market rebounded in an astonishing manner, and our hedge fund was able to capture the market's response, significantly outperforming the market."
Looking at Multicoin's investment portfolio, it is more inclined towards public chains, DeFi, and other infrastructure. At the same time, it is also a bold lead investor in various types of financing. Foresight News presents a comprehensive overview of its ecosystem.
L1
Algorand was founded by cryptography pioneer, Turing Award winner, and MIT professor Silvio Micali. Algorand is the first blockchain to provide immediate transaction finality. Its transaction throughput is also comparable to large-scale payment and financial networks.
Aptos is a Layer1 public chain built by the original development team of Meta (formerly Facebook), using the Move programming language and Diem-BFT consensus technology.
Arweave has been under construction since 2017 and is a distributed storage network where users pay a one-time upfront fee to permanently store data.
Ceramic is a decentralized data network designed to bring unlimited data composability to Web3 applications.
Dfinity is a project aimed at creating a decentralized internet computer, allowing developers to build and run various applications on a distributed network platform without relying on traditional cloud services, databases, or payment interfaces.
Flow, developed by the team behind NBA Top Shot, Dapper Labs, aims to support large-scale NFT collections and blockchain games.
Fluence is a decentralized computing network for building, hosting, and running peer-to-peer applications and protocols.
Mina has designed the entire blockchain using advanced cryptography and recursive zk-SNARKs, with a size of about 22kb, equivalent to a few tweets. It achieves efficient execution of zero-knowledge smart contracts (zkApps) and simple programming. With its privacy features and the ability to connect to any website, Mina is building a private gateway between the real world and the crypto world.
NEAR, co-founded by Alex Skidanov and Illia Polosukhin in 2020, achieves global-scale expansion using sharding and a consensus mechanism called Nightshade. NEAR aims to provide predictable costs for applications and provide tools for developers at the protocol level.
Nervos solves the scalability trilemma by separating state generation and state verification/storage in a layered architecture.
Sei was announced in May 2022 and was founded by Jayendra Jog and Jeff Feng, who previously worked as software engineers at Robinhood and as venture capitalists at Coatue Management. Sei Labs aims to become the fastest network for exchanging digital assets. Sei's built-in technologies such as Twin-Turbo consensus and transaction parallelization can reduce transaction latency and increase transaction throughput. As the network matures, Sei Labs plans to upgrade to Sei V2 and subsequent technical upgrades in the parallel stack, further distinguishing Sei and achieving growth.
Solana is a blockchain designed for large-scale applications. It is a high-performance network that can be used for various use cases, including finance, NFTs, payments, and gaming. It operates in the form of a single global state machine, with characteristics of openness, interoperability, and decentralization.
The Tari platform aims to enable anyone to write complex rules for digital assets and ensure that these rules will be enforced. Tari makes it possible to manage, use, and transfer almost any type of digital asset (from tickets to loyalty points to virtual goods, etc.).
XION is a public chain built for mainstream adoption through generalized abstraction. XION largely adopts Cosmos's development toolkit, including the CometBFT consensus mechanism, Cosmos SDK, IBC, and CosmWasm. In addition to existing tools, XION's features include integration with USDC at the infrastructure level, abstracting technological complexity for user convenience, and more.
L2
StarkWare was founded in 2018, with two main products: the scalability engine StarkEx built on the Ethereum mainnet, and the decentralized ZK-Rollup StarkNet. StarkEx features fast withdrawals, ERC-721 and ERC-20 support, L2 NFT minting, DeFi pooling, dAMM (decentralized AMM), real-time oracle price feeds, and the new version v4.5 supports the Volition hybrid on-chain and off-chain data solution. StarkNet was deployed on the mainnet in November 2021, supporting independent deployment of smart contracts, allowing any developer to write and deploy smart contracts without permission.
SKALE aims to enable developers to run high-speed, low-cost smart contracts on layer 2. The elastic sidechains of SKALE aim to provide all the advantages of standard full-capacity sidechains while maintaining the security of a truly decentralized network. Elastic sidechains have high performance and configurability.
Worldcoin, co-founded by OpenAI's Sam Altman, has designed a biometric identity verification system called World ID, which uses the Orb iris scanner to verify identity. Worldcoin will launch the Ethereum Layer2 network World Chain this summer, based on the OP Stack. Users who scan their irises to obtain a "World ID" digital passport will receive priority block space and temporary transaction gas subsidies. With the new network, Worldcoin will integrate machine-readable reviews into its DNA, allowing other wallet applications outside of the World App to integrate World ID. Both WLD and ETH will be usable for paying gas on World Chain.
Formerly known as CyberConnect, Cyber transitioned to a social re-staking modular L2 in May of this year. Cyber is built on the OP Stack, launched in collaboration with Altlayer, and has integrated secure custom infrastructure provided by Eigenlayer's Active Verification Service (AVS). It is currently live on the developer mainnet.
Fhenix is an L2 based on fully homomorphic encryption, aiming to introduce computation on encrypted data into Ethereum Virtual Machine smart contracts.
Infrastructure
Cross-chain
LayerZero is a full-chain interoperability protocol designed to achieve lightweight cross-chain messaging. LayerZero aims to provide real and secure messaging with configurable trustlessness.
Wormhole was born out of a hackathon and was launched by blockchain infrastructure company Certus One in October 2020, initially in the form of a direct token bridge between the Ethereum and Solana ecosystems. The second version of the protocol was launched by developers within Jump Crypto in August 2021, using a proof-of-authority (PoA) guardian network as an oracle and a permissionless relay network for cross-chain message transmission.
Oracle
Pyth currently provides over 350 price data sources covering cryptocurrencies, forex, metals, ETFs, and US stocks. Because price data sources are almost real-time and cover a wide range of assets and blockchains, DeFi applications can now offer financial products that were previously impossible to achieve with other oracle solutions, such as perpetual contracts.
MEV
Eden is a priority transaction network designed to protect traders from the impact of frontrunning transactions, adjust the incentive mechanism for block producers, and redistribute miner-extractable value.
Jito Labs is an MEV infrastructure company, building high-performance systems to scale Solana and maximize validator rewards. Its total TVL has exceeded 2 million SOL.
FastLane is a Polygon ecosystem MEV solution.
Wallets and Payments
MathWallet supports over 50 blockchains, hundreds of tokens, and decentralized applications through an integrated set of mobile, web, and hardware wallets.
Lore is a multi-chain wallet group that pools funds through group chats. It allows buying and selling meme coins, participating in airdrops, purchasing blue-chip stocks, and sharing private placements.
Superfluid is an asset streaming protocol that enables real-time crypto transfers for global DAOs, web3 enterprises, and DeFi games.
TipLink is a lightweight wallet designed to make transferring digital assets as simple as sending a link. Owners of cryptocurrencies can create a TipLink and send it to anyone, regardless of the platform (SMS, Discord, email, etc.).
Bitcoin Ecosystem
Arch Network is a parallel PoS network that uses ZK proofs to enhance Bitcoin's native programmability. The network consists of a Rust-based zkVM (called ArchVM) and a decentralized validator network. It features programmability, parallel execution speed, and trustless interoperability and composability.
Mezo, launched by the startup studio Thesis, which has years of experience in BTC ecosystem development, aims to deepen the functionality of Bitcoin infrastructure by assisting in achieving cheaper and faster transactions without deviating from the network's basic principles.
AI
Alethea AI is an AI company that uses iNFTs (intelligent NFTs, embedding AI personalities into non-fungible tokens) to enhance the interaction between AI and humans.
io.net is a decentralized cloud computing network that allows machine learning engineers to access distributed cloud clusters at a much lower cost than centralized services.
Render is a provider of decentralized GPU rendering solutions. Render allows anyone with a GPU to contribute their rendering power in exchange for RNDR, significantly increasing the GPU computing scale and availability for artists, designers, and researchers.
DAO
Alpha Venture DAO
A builder DAO exploring and innovating at the edge of Web3, bringing significant value to Web3 users, and ultimately returning Alpha to the Alpha community.
CabinDAO is an online and real-life community utilizing blockchain technology to help creators make a living online.
Salad is a builder family dedicated to unlocking future economic opportunities using blockchain. Through the platform Arcaden and Apollo Academy, Salad not only provides gaming and education but also serves as a gateway to new possibilities.
Seed Club is a DAO focused on building and investing in communities. They aim to capture value created by the community on the internet for users rather than platforms.
DeFi
Lending
Timeswap provides flexibility, allowing borrowers and lenders to determine their risk allocation through flexible interest rates and collateral factors.
Hubble is a DeFi protocol built on Solana. It allows users to borrow USDH using various assets as collateral. USDH is a stablecoin pegged to the US dollar, enabling users to leverage their long-held tokens for liquidity.
Swivel provides borrowers with the ability to lock in fixed income or otherwise increase their earnings.
DEX
THORChain is a decentralized cross-chain protocol aiming to decentralize cryptocurrency liquidity through a series of public THORNodes and ecosystem products.
Saber is a cross-chain stablecoin and wrapped asset trading platform on Solana, aiming to achieve low-slippage trades and high capital efficiency for liquidity providers.
Marginfi is a decentralized collateralized margin protocol built on Solana for trading. The protocol provides traders with a unified account for accessing margin, portfolio investment, and improving capital efficiency in underlying trading protocols.
dForce is dedicated to building an integrated and interoperable open finance and monetary protocol matrix, including asset protocols (USDx, GOLDx, dToken), liquidity protocols (dForce Trade), and lending protocols (dForce Lending).
Coin98 is an integrated DeFi platform offering a full suite of products, including the Coin98 Wallet, Coin98 Exchange, and Space Gate (cross-chain bridge). Coin98 aims to meet the unmet needs in the industry and become the preferred gateway connecting traditional finance users with any DeFi service or blockchain.
Derivatives
Drift is a decentralized perpetual contract trading protocol on the Solana ecosystem.
Perpetual is a decentralized perpetual contract protocol for all assets.
Strips Finance (now renamed RabbitX)
Strips is an interest rate derivative trading protocol on Arbitrum. Interest rate swaps (IRS) are a derivative instrument that continuously pays the difference between floating and fixed interest rates. With IRS, traders can create trading strategy combinations using interest rate fluctuations or capture "swap rate differentials."
Liquidity
DFlow is a protocol supporting decentralized order flow markets, solving the problem of harmful order flow segmentation through token economic incentives.
Geode Finance is a liquidity staking solution governed and secured by DAO governance tokens.
Lido allows users to stake their assets to receive daily staking rewards. Users can stake any amount of tokens with no minimum limit.
Saffron is an asset collateralization and customized risk protocol for DeFi.
Sommelier is a cross-chain DeFi gateway built on the Cosmos SDK to maximize interoperability with other blockchains. It aims to automate treasury management to achieve top-tier returns while reducing risk.
Glif is a liquidity leasing protocol on Filecoin, allowing FIL holders to deposit FIL into liquidity pools and receive iFIL rewards. Glif was launched in March 2023, shortly after Filecoin launched its own virtual machine (FVM), enabling support for smart contracts and opening up to the world of decentralized applications. Before launching the protocol, Glif's leaders Jon Schwartz and Peter Andersen have been building foundational products in the Filecoin ecosystem since 2019.
Stablecoins
UXD is a fully collateralized decentralized stablecoin supported by an asset-liability management module on Solana. However, the official Twitter account has stopped updating since last year.
Privacy
Keep is a privacy layer that allows private data to be used on public chains without compromising security or confidentiality. Keep is the network behind tBTC, a secure and decentralized tokenized Bitcoin on Ethereum.
MobileCoin is a privacy-focused cryptocurrency designed for fast, private transactions.
MobileCoin is a privacy payment protocol focused on providing secure and private cryptocurrency wallet services for mobile applications.
NFT and Creators
Galxe is a collaborative credential infrastructure that empowers brands to build communities and products in Web3 using NFT and credential data.
Fractal is a Solana-based NFT marketplace co-founded by serial entrepreneur Justin Kan, who previously founded Twitch. Fractal hosts Web3 games and provides tools for developers to build new games.
Genies develops an avatar ecosystem including avatars, fashion and collectibles, spaces and places, and social experiences. Genies develops tools to showcase creativity and experiences as an avatar ecosystem.
Heroic Story is building a collaborative, community-owned game powered by smart contracts and non-fungible tokens (NFTs).
Hawku is a marketplace platform for practical and gamified NFTs.
Juke is an NFT marketplace for movie and TV collectibles. Juke helps thousands of movie and TV fans worldwide collect over 10 million of their favorite clips.
Mercury, founded in 2021, aims to create unique digital experiences for top university brands, bringing fans closer to their favorite athletes and teams. The company partners with leading university brands across various sports to build a hyper-localized platform to enhance the modern fan experience. Its community covers dynamic conversations with athletes and sports teams, professional team content, and digital collectibles and passes for unlocking special fan access.
Audius is owned and operated by a global, vibrant open-source community of artists, fans, and developers. Audius empowers artists to share unprecedented music and directly earn streaming revenue.
FanTiger is a music NFT marketplace dedicated to creating a decentralized community for artists and their fans.
Metaplex is a more economical NFT ecosystem for markets, games, art, and collectibles. The current collection exceeds 250,000 items.
Social and Identity
REALY Metaverse aims to be an integrated AAA-grade metaverse gaming product with deep social, e-commerce, gaming, and trading functionalities.
Spring is creating a foundational credit system aimed at providing consumers with more transparent and secure services. The Spring network will allow users to view all proofs about their credit and identity for free, and provide open alerts and notifications. Spring's goal is to achieve a paradigm shift in data security and cost-effectiveness, benefiting financial institutions.
Web3Auth helps users log in to decentralized applications (dApps) using their OAuth accounts such as Google login and Facebook Connect. Torus uses distributed key generation (DKG) for key management, designed to work across all browsers and devices and enable seamless account recovery without introducing any new trust assumptions.
Farcaster is an open protocol, similar to email, that can support multiple clients. Users can freely move their social identities between applications, and developers can always build applications with new features on the network.
Satellite.im is a multi-platform chat application built using modern decentralized technology with a peer-to-peer workflow. Satellite.im aims to provide end-to-end encryption without compromising quality.
Development and Tools
The Graph is a decentralized data protocol for indexing and querying data from blockchains, initially starting with Ethereum.
Textile is known for creating the early IPFS-based photo sharing app Textile Photos. Textile also provides a suite of tools, including decentralized databases, real-time app data, communication tools, remote backup and recovery, identity tools, and encryption tools provided through APIs and cross-platform SDKs.
Clockwork allows developers to schedule transactions and automate smart contracts without centralized infrastructure.
Solscan is a real-time updated browser for the Solana ecosystem.
Dialect is a protocol for intelligent messaging, providing dynamic, composable decentralized application notifications and wallet-to-wallet chat functionality.
Dune is a database where you can query human-readable Ethereum smart contract data using SQL queries, visualize the results, and instantly share them. You can also browse, share, and replicate analyses created by the community.
Enso is an investment app that allows friends to invest in each other and create investment strategies for each other. You can observe friends' trades, review past performance, and grow together with the investment community.
Grape Network provides tools to help DAOs manage their communities more efficiently.
Streaming Fast is a blockchain API company dedicated to real-time streaming of state updates, high-speed searching, and providing irreversible transaction guarantees.
Zama is an open-source encryption company building state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain and AI. Zama is a leader in the Fully Homomorphic Encryption (FHE) race, which allows arbitrary computation on encrypted data. The Zama team, consisting of over 30 PhDs and cryptography experts, has made dozens of breakthroughs in the past four years around FHE. Zama's TFHE-rs and Concrete open-source libraries are ready for production for certain types of computations, particularly in the blockchain field.
Squads is a multi-signature management tool in the Solana ecosystem. It currently protects over $500 million in value and has been upgraded to version 4.
Tableland is an open-source, license-free cloud database built on SQLite. It allows reading and writing tamper-proof data from applications, data pipelines, or Ethereum Virtual Machine (EVM) smart contracts.
DePIN
Helium is creating a new global network for connecting billions of Internet of Things (IoT) devices. This network is powered by Helium hotspots, providing wireless coverage and generating Helium tokens. Anyone can set up a hotspot in minutes and use Helium's new open wireless protocol, LongFi, to connect low-power IoT devices.
Dabba is a public WiFi network operator in India. Founded in 2017, Dabba has deployed thousands of hotspots in retail, residential, and commercial locations in India, aiming to provide fast and affordable internet services to users.
Hivemapper is a decentralized map built using encrypted car-mounted cameras. According to official data, the total mileage now exceeds 217 million kilometers.
Gaming
Community Gaming is an esports infrastructure aimed at providing a seamless user experience and highly scalable payment technology. The platform provides the necessary tools for players, organizers, and game developers to easily create, promote, and participate in esports competitions.
Portals is an immersive social space where you can explore, build your own world, and gather with others to explore games.
Unlonely is a cryptocurrency-based live streaming platform with fun, gamified features that allow you to launch your own channel game tokens, and more.
Enterprise Services
Coral is a developer in the Solana ecosystem, developing Anchor (a development framework), Backpack, and the xNFT protocol on Solana.
Babel Finance provides professional crypto asset financial services to high-net-worth individual investors and institutional investors, including crypto asset deposits and loans, asset management, brokerage trading and derivative strategies, mining pools, mining farms, and mining financial services.
Bakkt is building an open, seamless global network that allows you to buy, sell, store, and use digital assets simply, securely, and efficiently. Bakkt's global platform aims to connect investors, merchants, and consumers, making access, trading, and use of digital assets easier, faster, and more cost-effective.
Blackbird is developing and building new products focused on creating software to establish and enhance connections between restaurants and customers. They combine innovations from Web2 and Web3, redefining consumer loyalty and the hospitality industry.
Braintrust is a decentralized talent network and AI recruitment platform.
dClimate allows participants to buy and share data and contribute to an open ecosystem for data-driven climate adaptation applications.
Delphia is a mobile investment platform with algorithms and encryption capabilities designed to reward users for sharing their data. Its "earn-sharing" data token model rewards users for contributing information, which is then used to select stocks.
Filebase is an object storage platform powered by decentralized storage networks. Their platform unifies multiple networks through an S3-compatible API, making decentralized storage more accessible and usable for everyone.
General Mining Research (GMR) invests in and trades the hash power of crypto networks and their derivatives.
Kadena, spun out of J.P. Morgan, offers a hybrid blockchain platform, including a unique sharded and scalable layer-1 PoW public network.
OXIO is an operator-as-a-service platform that empowers brands and enterprises to create personalized mobile experiences.
Paxos is a regulated blockchain infrastructure company dedicated to building transparent and transformative financial solutions. Paxos launched the world's first fully regulated asset-backed tokens (USDP and PAXG) and sets new efficiency standards for settlement.
Sec3 is a security and research company providing custom audits and security software for Web3 projects. Combining leading academic expertise, industrial-grade Web2 network security experience, and skills from winning CTF (Capture The Flag) competitions, Sec3 empowers protocol security extensions.
Streaming Fast is a blockchain API company dedicated to real-time streaming of state updates, high-speed searching, and providing irreversible transaction guarantees. Acquired by The Graph.
Tagomi is committed to combining institutional-grade services with superior trade execution technology for trading digital assets and cryptocurrencies. Tagomi aims to enable institutional investors to navigate the globally highly dispersed digital asset markets and execute scalable trades across markets at the right time through advanced tools and liquidity aggregation capabilities. Tagomi was acquired by Coinbase in May 2020.
Catalog is dedicated to providing a secure, decentralized platform to make buying, selling, and storing cryptocurrencies simple.
Exotic Markets brings wealth management and structured products from banks into the decentralized financial world. Exotic helps traders grow their cryptocurrency using structured products and options trading.
Others
Baxus is a marketplace where anyone can buy, trade, and store rare and valuable wines and spirits. It provides a personal dashboard for managing collections, offers the latest price information, and aggregates a global market of enthusiasts.
The Giving Block aims to simplify the fundraising process for non-profit organizations using Bitcoin and other cryptocurrencies. It empowers mission-driven organizations, charities, universities, and religious organizations of various sizes to leverage crypto technology to fulfill their missions.
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