Investment Thesis
Thesis-driven investing. Crypto as coordination layer for the internet. Fat protocol thesis. Early Solana bull. DePIN evangelist.
What Excites Them
Contrarian theses backed by data, Solana ecosystem projects, DePIN networks, scalable L1 applications
What They Pass On
Ethereum maximalism, modular rollup complexity, projects without clear thesis alignment
How to Pitch
Come with a thesis, not just a product. Kyle values founders who articulate why their approach is right and the market is wrong.
Key Frameworks
DePIN Flywheel
Crypto incentives bootstrap physical infrastructure → usage generates revenue → revenue sustains the network.
Crypto Price-Innovation Cycle
Price increases attract talent → talent builds infrastructure → infrastructure enables next cycle.
Thesis-Driven Investing
Develop a macro thesis first, then find the best teams executing on it
Scalability Trilemma Solved
Monolithic chains with hardware improvements will outperform modular approaches
Notable Writing
How crypto market structure has evolved and where it is going
Updated thesis on Solana as the winning L1
Why DePIN represents a massive opportunity
Decentralized Physical Infrastructure Networks will coordinate hardware deployment at global scale.
Technical scalability creates social scalability — fast chains enable applications impossible on slow ones.
How crypto unbundles trust from institutions
Crypto price cycles drive innovation: new highs attract talent, which builds infrastructure for the next cycle.
Comprehensive breakdown of the crypto technology stack
Crypto incentives can bootstrap physical infrastructure networks that no company could build alone.
L1 scaling solutions must choose between on-chain computation, off-chain computation, or sidechains.
Podcast Appearances
Key Quotes
“Technical scalability creates social scalability.”
— Multicoin Capital
“DePIN is the largest crypto investable opportunity outside of money itself.”
— Bankless
“We are thesis-driven, not deal-driven. We develop a view of the world and then find the best teams executing on that vision.”
— Blog
“Solana is the only blockchain that can scale to billions of users without compromising on decentralization.”
— Bankless
Background
Co-founder and Managing Partner of Multicoin Capital. Previously co-founded Pristine (enterprise AR). Known for contrarian thesis-driven investing.