Sector Thesis · Philosophy
DePIN.
Decentralized physical infrastructure with measurable supply-side economics — hardware-token alignment that survives unit-economics scrutiny.
Allocation · ~15%
01 / What we fund
01Networks with measurable supply-side unit economics.
02Hardware-token alignment that pencils in stress scenarios.
03Real, paying off-chain demand — not supplier inflation cosplaying as demand.
02 / What we pass on
01Supply-only farming with no real demand to absorb the tokens.
02Tokens that exist purely to subsidize hardware with no end-customer use.
03 / In our portfolio
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