Multicoin's Investment Thesis has been updated. Eight investment themes have been announced. 1. Fintech 4.0 • Specialized stablecoin fintech with better unit economics at lower costs • Covering most of the fintech stack (e.g., Altitude) • Companies providing stablecoin accessibility to global users/enterprises (e.g., p2p.me, El Dorade) 2. DeFi • Consumer-facing front-end (e.g., Phantom, Fuse Wallet, Robinhood) • DeFi-based company equity (e.g., Coinbase, Morpho) • DeFi middleware (e.g., Li.Fi, Fun.xyz, Yield.xyz) • DeFi protocols (e.g., Kamino, Drift, Aave, Ethena) 3. Financial globalization • Liquid market tokenization (e.g., Paxos) • Global accessibility of synthetic derivatives (e.g., Drift, Hyperliquid, Lighter) • Black market privatization and efficiency (e.g., BAXUS, Triumph) • New markets (e.g., Kalshi, Sway) • On-chain microstructures (e.g., DFlow, Jito, FastLane) 4. More efficient borrowing/lending • Kamino, Aave 5. Entertainment economy • Cheddr, Novig