Multicoin's Investment Thesis Update. This is their thesis for their investment portfolio, so you can take a quick look and see what they're thinking. Full Text: assets.ctfassets.net/qtbqvna1l... 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 decentralization 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 6. Programmable ownership • DePIN (e.g., Hivemapper, Render, io.net, Geodnet, Pipe, Gradient) • Internet labor markets (e.g., CrunchDAO, Fuse) • Virtual markets controlled by DAOs (e.g., Jito, Drift, Kamino) • Exploring the Equity 2.0 market 7. Trusted, neutral blockchains • Blockchains with corporate interests will struggle to attract third-party builders and liquidity • Currently, Aptos, Solana invested in Say. 8. Cryptographic Primitives • Zama, Fheniz, zkMe