Token Incentives

Paradigm

Check: Paradigm backs companies from first check through public markets, but neither the firm nor Ricardo publishes his personal check range or decision authority. Portfolio round totals and a historical firm-wide range are not treated as personal allocation evidence.

Ricardo uses large-scale onchain data to distinguish real crypto adoption from activity manufactured by incentives or sybils. He focuses on new ecosystems, user acquisition and retention, token distribution, applied zero knowledge, and the infrastructure required to analyze petabyte-scale blockchain data. His core investment question is not simply whether usage grew, but who the real users are, what caused their behavior, and whether engagement persists after rewards decline.