Devin Baker

Back in 2013, there was a point where 48.3% of the coins hadn’t moved in over a year, even though the network was still relatively young. The resulting bull market unlocked a lot of those coins, and the ratio fell to 35.7% in 2014. This was a 12.6% reduction in the ratio.

In early 2016 after a long bitcoin bear market, 61.5% of coins had not moved... See more

But there’s a perception now that all the smartest people are over buying smart contract chains. Smart people know the jig is up. If not now, then soon. The only people buying here are suckers—Uber drivers, Tom Lee, and KOLs who say stuff like “trillions.” And maybe the US Treasury. But not the smart money.

This is bullshit.I don’t believe it, and... See more

Subnets are composed of three stakeholders:

1. Subnet Owners: Subnet owners are responsible for creating and maintaining the subnets, as well as defining the incentive mechanisms for miners and validators.


2. Miners : Miners compete to provide solutions to complex problems within each subnet. They strive to provide outputs that will score well against

... See more

By 2027 crypto has reached over 2 billion users and surpassed $30 trillion in total market value. While I’d prefer to continue postulating on new use-cases and emerging behaviors this technology enables, the goal of this exercise has always been to project the most likely outcome given the priors. The excitement and novelty of new developments... See more

The hype cycle is now in full swing. Gensler is a lame duck sitting SEC Chair and it’s clear he won’t be back when his term ends in 2026. While the CFTC hasn’t officially been deemed the regulator of choice for crypto, it’s evident that’s now just a formality; the United States averts what was previously viewed as an existential threat.

All of the... See more

When people make unconventional decisions, it often feels like they are measured to another standard than those who follow the default script. If you do the normal thing and it fails you, then it isn’t your fault; it’s the system. But if you do an unconventional thing, even small, normal setbacks are read as proof of your foolishness. When a normal... See more

Most importantly, Multicoin Capital can invest in competing protocols rather than having to pick a single winner in a competitive space. This significantly lowers risk for investors. It is generally easier to spot trends than it is to pick specific winners. For example, there are many smart contract platforms today: Ethereum, NEO, Stratis, Lisk,... See more

Light things shape culture, but rarely shape us.

Creation isn’t just about output. It’s a process of becoming. The best work shapes the maker as much as the audience. A founder builds a startup to prove they can. A writer wrestles an idea into clarity. You don’t just create heavy things. You become someone who can.

In parallel, key performance indicators (KPIs) will shift. The crypto industry’s focus will transition from speculative token trading and Total Value Locked (TVL) to more adoption-driven metrics such as daily active users (DAUs), transaction volumes, and user retention. Projects that align their growth strategies with user-centric KPIs will gain a... See more