We replicate venture capital returns using liquid small-cap public equities and find the underlying innovation premium also exists at large innovative firms. We also show that crypto tokens can provide a liquid complement to blockchain venture equity.

I suspect we’ll see more games move to bring as much of their liquidity as possible into their own treasury so they can capitalize on this. We’re already in the process of doing this as Crypto Raiders, both by exploring Olympus Pro style bonding of our outstanding liquidity and issuing more tokens for in-game assets.