Devin Baker

• Peer-to-peer internet platforms that enable users to transact and enforce contractual relationships without government or corporate intermediaries


• Digital dollars that can be stored and transferred anywhere on earth where there's internet, providing billions of people with cheap and reliable money


• Permissionless exchanges that enable anyone,

... See more

Resilience is sovereignty. Not sovereignty in the sense of lobbying to become a UN member state and shaking hands at Davos in two weeks, but sovereignty in the sense that people talk about "digital sovereignty" or "food sovereignty" - aggressively reducing your vulnerabilities to external dependencies that can be taken away from you on a whim. This... See more

Only once you are outside of this box, the appreciation for true optionality increases dramatically, where one can consider 60/40 approach in characteristics such as below:

Don’t work for a company you would not invest money in, because when you are working you are investing the most valuable thing you have: your time.

But the most interesting teams in our view are those that either deeply understand where the demand-side is and how they can solve their problems in practice, or those who are building on a longer-term thesis toward something not widely appreciated today.

The Fat Protocol Thesis is being eroded in real time. Not by a faster L1, but by a growing recognition that value capture lives where demand is native and immediate, not abstract and structural.

When Frodo breaks away from the Company, it seems Aragorn is pushed out of the central quest altogether. He comes to terms with the fact that he cannot control Frodo’s fate, yet this only sharpens his focus on what he can control. Saving Merry and Pippin may not play a part in the arc of history, but it is in service of the good, and so worthy of... See more

In this framework, it becomes clear that the traditional 60/40 portfolio of stocks and bonds is no longer relevant. In that scenario, you’ve already failed, as you're holding 100% centrally planned assets whose custody and value is manipulated by cross-border flows that influence global liquidity, disconnected from real economic productivity.

Today, crypto tokens are the latest protocol innovation to expose a disruptive new model. Just as BitTorrent allowed us to exchange packets of information instantly and without an intermediary, crypto tokens let us distribute value in the same way.