Matt Huang

that they're tremendous leverage points. On the open source side, the work that Georgios is doing, that code can be used across all of crypto.

that they're tremendous leverage points. On the open source side, the work that Georgios is doing, that code can be used across all of crypto.

On the mechanism side, the work that Dan Robinson, Dave White, many others on the team, those mechanisms are at the heart of protocols, for example, Uniswap, that serve thousands of people, millions, hundreds of millions, billions, trillions, actually, of trading volume. all from a single mathematical formula. There's tremendous leverage in crypto in getting the mechanism right.

On the mechanism side, the work that Dan Robinson, Dave White, many others on the team, those mechanisms are at the heart of protocols, for example, Uniswap, that serve thousands of people, millions, hundreds of millions, billions, trillions, actually, of trading volume. all from a single mathematical formula. There's tremendous leverage in crypto in getting the mechanism right.

And we think that will not just apply to what we've already seen, but there'll be a frontier of new ones to invent. And so a lot of the team is focused on that, where those mechanisms ultimately manifest eventually in products.

And we think that will not just apply to what we've already seen, but there'll be a frontier of new ones to invent. And so a lot of the team is focused on that, where those mechanisms ultimately manifest eventually in products.

I think the, honestly, the assets I find a lot easier because it's just a number. And I think vol is just a lot less concerning when you have clarity about the long term. If you look at the underlying vol of our belief in, say, Bitcoin or crypto broadly, there are definitely ups and downs, but it's much less amplitude than the price. I think that's comparatively easy.

I think the, honestly, the assets I find a lot easier because it's just a number. And I think vol is just a lot less concerning when you have clarity about the long term. If you look at the underlying vol of our belief in, say, Bitcoin or crypto broadly, there are definitely ups and downs, but it's much less amplitude than the price. I think that's comparatively easy.

The organizational effects and the people effects are much harder. You get this actually throughout all of crypto when the easiest time to hire people in all roles at companies and at Paradigm is when crypto is hot and it's in the news.

The organizational effects and the people effects are much harder. You get this actually throughout all of crypto when the easiest time to hire people in all roles at companies and at Paradigm is when crypto is hot and it's in the news.

And if you think about the selection function there, it's also the people who may not be in it for the right reasons or may not truly believe in crypto on a 10-year horizon, but It's the hot thing today. And so that's created a lot of thrash in times of fall.

And if you think about the selection function there, it's also the people who may not be in it for the right reasons or may not truly believe in crypto on a 10-year horizon, but It's the hot thing today. And so that's created a lot of thrash in times of fall.

And so more and more, we were always a bit oriented this way, but much more today, we're very focused on zeroing in on people who truly get it and are in it for the long term.

And so more and more, we were always a bit oriented this way, but much more today, we're very focused on zeroing in on people who truly get it and are in it for the long term.

When it was, was definitely in the aftermath of 22, 23.

When it was, was definitely in the aftermath of 22, 23.

On the public assets side, our mindset is point to point. So we're less focused on the interim ball. So a lot of our focus was on this is clearly going to impact the entire private portfolio in runway for those companies' ability to fundraise, employee morale. revenue, et cetera. So a lot of our focus is triaging to make sure that the rest of these companies in crypto would survive.

On the public assets side, our mindset is point to point. So we're less focused on the interim ball. So a lot of our focus was on this is clearly going to impact the entire private portfolio in runway for those companies' ability to fundraise, employee morale. revenue, et cetera. So a lot of our focus is triaging to make sure that the rest of these companies in crypto would survive.

And then we had a healthy amount of reflection about the 21 era because broadly throughout crypto and also tech, it was kind of a very abnormal time. And so the waking up basically in 22, 23, a lot of the decisions we made in 21 were ill fit for what we thought the next five, 10 years would look like.

And then we had a healthy amount of reflection about the 21 era because broadly throughout crypto and also tech, it was kind of a very abnormal time. And so the waking up basically in 22, 23, a lot of the decisions we made in 21 were ill fit for what we thought the next five, 10 years would look like.