Investment Thesis
Crypto protocols are the native business model of the internet. Protocol-level investments, governance tokens, cross-chain infrastructure.
What Excites Them
Protocol-level value capture, novel governance models, cross-chain infrastructure, decentralized coordination
What They Pass On
Application-layer without protocol moat, centralized services with a token, governance tokens without utility
How to Pitch
Show how your token captures value at the protocol layer. Less interested in applications, more in fundamental infrastructure.
Key Frameworks
Staking Economy Model
PoS networks create productive digital assets where holding equals participating in network security.
Protocol Value Capture
Most valuable crypto investments are at the protocol layer where value accrues through usage
Notable Writing
Proof-of-stake transforms token holders into active network participants earning yield.
The future is multi-chain, and Cosmos is the best bet for blockchain interoperability.
Crypto protocols are the internet native business model
In crypto, value accrues at the protocol layer rather than the application layer (originally by Joel Monegro, but Olaf popularized the counter-thesis).
Podcast Appearances
Key Quotes
“Proof-of-stake transforms passive holders into active network participants.”
— Polychain
“Protocols are to the internet what corporations are to the physical economy, except protocols are open, permissionless, and composable.”
— Unchained
Background
Founder and CEO of Polychain Capital. First Coinbase employee (#1). Built Polychain to $6B+. Vassar sociology degree.