Sector Thesis · Philosophy
DeFi.
Novel primitives, not yield-aggregators. Capital-efficiency innovation and the RWA-DeFi seam where most of the next decade’s flow will move.
Allocation · ~10%
01 / What we fund
01Novel primitives that introduce new financial behavior.
02RWA-adjacent lending and credit with verifiable collateral.
03Capital-efficiency innovations — perp DEXes with better LP economics, undercollateralized credit.
02 / What we pass on
01Yield-farm wrappers and fork-and-fee protocols.
02Protocols whose entire pitch is “cheaper fees.”
03 / In our portfolio
Other sectors