Crypto protocols are the native business model of the internet. Protocol-level investments, governance tokens, cross-chain infrastructure.
Protocol-level value capture, novel governance models, cross-chain infrastructure, decentralized coordination
Application-layer without protocol moat, centralized services with a token, governance tokens without utility
Show how your token captures value at the protocol layer. Less interested in applications, more in fundamental infrastructure.
Most valuable crypto investments are at the protocol layer where value accrues through usage
PoS networks create productive digital assets where holding equals participating in network security.
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).
“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
Founder and CEO of Polychain Capital. First Coinbase employee (#1). Built Polychain to $6B+. Vassar sociology degree.