Multicoin Capital outlines its investment philosophy in crypto, emphasizing the transformative potential of blockchains and permissionless finance. The article details eight core investment themes and trends that the firm believes will shape the future of the industry.

This article discusses the current challenges facing DeFi, highlighting its decline in popularity following the initial surge during the 2020-2021 bull market. It notes that the crypto community has shifted its focus to new trends like social tokens, the metaverse, and NFTs. The author reflects on the lessons learned from this period.