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.

Blockchain networks can be effectively compared through aggregated metrics, including developer, network, usage, and financial metrics. This approach simplifies tracking changes in smart contract networks by using combined measures such as Total Value Locked (TVL) and Fees, while acknowledging the limitations of these abstractions. The article emphasizes the need for careful interpretation of these scores to understand market dynamics and network performance over time.

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