Value Capture and Defensibility in DeFi
In this presentation Spencer Applebaum, an Investment Partner at Multicoin Capital, discusses the firm’s theses around value capture and defensibility in DeFi. This presentation explores new ideas, such as risk-bearing tokens, and talks about why the firm evolved their thinking away from “unforkable state” value capture toward “protocols don’t capture value, DAOs manage risk” instead. This presentation dovetails with a post previously published on the Multicoin Capital blog - read it here: multicoin.capi....
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