Lex Sokolin | Generative Ventures
@LexSokolin
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Partner @Genventurecap investing in machine economy of Web3+AI+Fintech. Ex Chief Economist & CMO @Consensys , Founder with 4 exits @finblueprint , @AdvisorEngine
https://lex.substack.com/
Joined May 2013
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I'm excited to share the next step in my career and the evolution in thinking about our industry.
After 4 years at
@Consensys
, where I worked on tokenized digital assets, crypto wallets and DeFi, macro investing, and token economics, and over a decade in fintech, I remain
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6 Updates on
#Crypto
Startups I'm Advising -- an example of operating progress in the blockchain world
@SelfKey
@_trustedhealth
@hut34project
@DebitumNetwork
@xtradeio
@GimmerBot
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1/ I had a great time recently talking with Carson Cook - the founder of
@TokenReactor
and Fractal.
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New investment framework + old investment framework
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I turned 39 with the new year.
Here’s 39 lessons learned the hard way
🧵🎉
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I recently had the pleasure of sharing my thoughts on why Ethereum's price is built on stronger ground than Bitcoin with
@CoinDesk
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I was at Lehman Brothers when the 2008 financial crisis hit.
At 23, I watched thousands of talented people lose their dream jobs and go broke.
But over the last decade, I founded 3 startups and exited to several big companies.
Here are 5 lessons for every entrepreneur (🧵)
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These 2 guys became Estonia’s first-ever billionaires.
Kristo & Taavet founded WISE to make international fund transfers cheap and easy.
In 12 years, WISE has/is:
- 10M+ users with $1.1B revenue
- London's biggest tech IPO
The Breakdown of how they did it 🧵
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These 2 college kids made a $50B company from their dorm room.
Stripe is Silicon Valley’s most valuable Fintech with quarterly sales of ~$1B.
They started it all with just 7 lines of code.
Here are the top 8 takeaways for every entrepreneur 👇
1. Keep Product Simple 📱
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Here's what I've been working on good people! Check out the article "Why ConsenSys Codefi is the bridge to blockchain-based manufacturing for commerce and finance"
@consensyscodefi
@ConsenSys
#blockchain
#fintech
#art
via
@LinkedIn
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1/ We closed an exciting $200MM round at ConsenSys
I’m an early fintech founder (2010), and it was a brutal desert for a while to be in the industry
So having this experience is sort of … fantastic and strange
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We put together this handy guide to naming your
#crypto
hedge-fund, one among 55. Check it out -
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1/ I recently had the great pleasure of talking with
@sandeepnailwal
Co-Founder & COO at
@0xPolygon
about their mission to reach a global audience.
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Huge day for
@Consensys
!
Thrilled to announce that we acquired the Ethereum-based Quorum, and received an investment from JP Morgan to continue to grow the codebase, our products, and the ecosystem.
This is the long game.
#WelcomeQuorum
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Thrilled to join
@ConsenSys
to focus on FinTech and DeFi. Best space to be in.
Thanks
@mdudas
@i_woodford
@TheBlock__
for covering! And to
@fintechfrank
by shout out
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@patrick_oshag
@ethereum
Programmable blockchain as global computing paradigm
Economic and legal property rights secured by free software
Open source financial infrastructure better than much of Fintech in the long run
Puts people’s choice first
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Thrilled to share the 78 page
@AutonoFinTech
primer we wrote on $1B+ of
#ICO
and
#Cryptoeconomy
.
Grab it here:
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The most expensive mistake one can make
is failing to prioritize the things that matter for the future
over the things that used to be important but won't be anymore
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If you’re always cranked up 110% into work or money as a goal, you’re trying to squeeze dopamine from a rock.
It’s physically impossible for your body to reward you any more, even if great things happen.
Switch to another happiness curve. It feels better & you find gratitude
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1/ I recently had the pleasure of sitting down with
@chainyoda
, Head of Institutional Business at
@AaveAave
and former colleague of mine
@Consensys
, and what a conversation it was!
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In the last decade, I have built 3 fintech businesses & had exits to big financial firms.
A sustainable business model is a must for any startup.
But many are getting this wrong.
Use my fintech model playbook (🧵)
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1/ What if you could have a horizontal layer for all DeFi emissions and yield, balanced out in some fashion by a decentralized investment committee that was financially motivated to get it right? Enter,
@TokenReactor
.
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DeFi lending protocol Aave details its decentralization bid, outlines swap process for new token
🕸⛓🏆
#blockchain
#smartcontracts
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Fintech multiples getting a tiny bit better
Consumer and crypto still crushed
2-3x
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Ok
#fintech
and
#defi
friends
for long take next week, should I do
@OlympusDAO
@TokenReactor
analysis, defining DeFi 2.0, or
Bitcoin ETFs and USDT paying off fines to the CFTC as signs of institutional adoption
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1/ Had a great time talking with Gene Hoffman, Chief Operations Officer and President at Chia Network. Formerly CEO & co-founder Vindicia, eMusic, PGP, PrivNet.
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Crypto splits into (1) the casino and (2) the computer says
@cdixon
Same point also well made by
@BillHughesDC
who calls it (1) money crypto and (2) tech crypto
If you can’t tell them apart, you’ll stay hopelessly confused
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Just gonna leave this as a reminder
If your market timing strategy works, you are the exception
Take care of yourselves
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The feeling of being productive
and actually producing things of value
is not the same
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Glitch art is a subversive response to the overwhelming dominance of technology.
It's a window into understanding where digital disruption can break down
In this thread, we explore the art of the glitch 🧵
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1/ Why is the $ETH price going up? You don't need the meta narratives about whales or institutions or whatever. Just look at the fundamentals.
130 million addresses
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$20 Billion in
#ICO
funding leading to institutionalization of the
#crypto
ecosystem. But how and by whom?
Our
@AutonoFinTech
124 page analysis answers all and available for free. And
@lathamwatkins
put in a great regulatory overview!
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Being good at something doesn't mean you should do it.
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A small team pulling in one direction
A large team pulling in different directions
Your pick
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What drove
@rleshner
to create
@compoundfinance
, a multi-billion dollar DeFi lending protocol?
In my latest podcast conversion, we about talked innovation under constraint, his original fascination with Ethereum smart contracts, and much more.
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DAOs are a case study in the economic incentive problems with public goods
Free riding, tragedy of the commons, externalities
Exciting to see how we get it fixed up through incentives
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1/ How did MetaMask become the entry point for many getting into crypto?
In our latest podcast conversation, I talked with Daniel Finlay – a former Apple software developer, co-founder and co-lead developer on MetaMask.
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1/ For those of you looking for evidence of a DeFi bubble,
@BasedProtocol
, provides good fodder.
I think much deeper social, cultural, economic forces are at play extending from embedded finance to the very nature of the Internet.
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Now that the dust has settled, what really happened when Robinhood suspended GameStop trading? Great recap by
@CoinDesk
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Institutions vs retail on Coinbase
Blue is institutional
Name your takeaway
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The emerging problems in banking-as-a-service, with Lex Sokolin and Will Beeson
A 🧵
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JPMorgan Sees Significant Capital From Existing Crypto Products Pouring Into New Spot Bitcoin ETFs
The newly created ETFs could attract inflows of up to $36 billion from other crypto products like Grayscale Bitcoin Trust (GBTC), a report said. h/t
@CoinDesk
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1/ Let's explore an overarching framework for the M&A activity in the
#fintech
, big tech, and crypto ecosystems.
In the article, we discuss acquihiring, horizontal and vertical consolidation, as well as the differences between growth and value oriented acquisition rationales.
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BlackRock's Bitcoin ETF Hits $1B AUM in One Week
IBIT’s holdings consist of 99% bitcoin, and nearly $60,000 in fiat, data shows. via
@CoinDesk
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@elonmusk
@AutismCapital
Why did X turn off NFT profiles
Why do I have to pay a subscription
Why is engagement farming the core strategy here
Why can’t I plug in my wallet and transact in app?
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Investing is dangerous.
It doesn't become safe just because you don't understand how markets work.
It becomes less dangerous when you start to figure out how to assess risk, manage your emotions, and identify your goals before pulling the trigger.
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Exciting but deadly.
Google is indexing
#finance
B2C
What is left for
#fintech
?
For now,
#defi
, but for how long ?
@efipm
@UrsBolt
@SpirosMargaris
@psb_dc
@RyanSAdams
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Burn the boats, anon
There is no way back
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1/ Big week for enterprise
#wealthtech
.
I pause to reflect on the sales of (1)
@AdvisorEngine
to Franklin Templeton and (2) the technology of
@MotifInvesting
to Schwab.
@UrsBolt
@efipm
@SpirosMargaris
@psb_dc
@richardturrin
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This is one of the most important takeaway charts for anyone working in financial services, fintech and and crypto.
It comes from the excellent
@FPrimeCapital
report.
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1/ The opportunities in the Web3/DAO CFO tech stack, compared to its Fintech counterparts
In this week's Long Take we look at the analogy between the CFO technology stack and the potential tooling needed to run DAOs.
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1/ Facebook is building towards a Metaverse version of the Internet, in both its hardware and software efforts. What are the implications?
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1/ Software contracts and composability unlocking economic growth, with
@agoric
CEO
@DeanTribble
#podcast
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What are the overlaps between generative AI and Web3?
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Who are the experts at managing DAO or crypto fintech treasuries that you know?
Want to start getting a crypto native investments group going for major participants
Get better at understanding risk together
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There will be more value creation in building a global digital-native economy than in trying to reformat the past. Until the two are indistinguishable. That’s what I was trying to say to
@TheEconomist
“It’s very much not obvious to me that one thing in the real world is more important than another thing in the digital world.”
@LexSokolin
of
@ConsenSys
on the future of finance, in our “Money Talks” podcast
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1/ Looks like
@GoldmanSachs
is on a shopping spree, trying to build a
#fintech
powerhouse. So let's put on the CEO hat and go shopping for companies.
Check out what I would do in this week's newsletter, and keep reading for more
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Amazing time at
@FintechMeetup
@anildaggarwal
What a vibrant and open community
The weather changes but the human spirit stands strong
Great to see
@mikulaja
@AlexH_Johnson
@sytaylor
@peterrenton
among many other friends
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I'm gonna say it.
My Twitter content experience has improved since Musk took over. The algorithm feels ... less algorithmic and more organic.
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Interesting chart from
@Citi
on state of crypto regulation across some of the key geographies
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Working in crypto is a never ending roller-coaster, with highs and lows on a daily basis
Don't make the mistake of relying on outside validation to fill the void in your mental health
It's up to you to invest in your own well-being
What are things you do to stay grounded?
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We’ve put together an awesome analysis of the key factors around the
#Eth
#merge
at
@ConsenSys
One of my favorite graphs shows the scale of the network relative to
@Visa
— bigger this year
Check out the full article here
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$1 Trillion of Financial Services threatened by
#ArtificialIntelligence
. Thrilled to share the 84 page
@AutonoFinTech
analysis on how this is happening across front, middle and back of industry.
Grab it here:
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Thrilled to share some of the deep work we’ve been doing at
@ConsenSys
on cryptoeconomics and investment analysis
Check out our hub here
Excited to bring more of this type of work out into the public and collaborate
#crypto
#defi
#nft
#economics
Very pleased to announce our brand new Cryptoeconomic Research Library🎉🎉🎉
Bravo to
@LexSokolin
and his team!
Get insights on DeFi, DAOs, markets, and more
🧵👇
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Axie Infinity Becomes Ethereum's First NFT Game to Hit $1 Billion in Sales
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1/ Where does the $90 million of Robinhood revenues come from?
For someone who thinks a lot about packaging and purchasing, looking into how the sausage is made in the factory can be a bit yucky.
But...
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1/ Onramp Invest, Ritholtz Wealth Management, Gemini, and WisdomTree have teamed up to launch the RWM WisdomTree Crypto Index and structure it as a separately managed account for Registered Investment Advisors.
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1/ Every day of the week, the Fintech Blueprint helps 35,000 venture capitalists, entrepreneurs, and executives build and find the next unicorn in the DeFi & Fintech sector.
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Interested in
#fintech
? Subscribe to my weekly newsletter below. It tracks
#roboadvisor
,
#blockchain
,
#AI
, & more.
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Bitcoin’s Wall Street Debut Ends in Tears for Futures Traders, Leads to $83M Liquidations
Bitcoin ETFs clocked up some $4.6 billion in volumes on their first day, but market volatility hit futures speculators as prices whipsawed. h/t
@CoinDesk
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1/ Creating the neobank and embedded finance industry, with Sila CEO and Simple Co-Founder Shamir Karkal
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@iamDCinvestor
@spencernoon
Users paying high gas demonstrates willingness to pay for high value.
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Financial advisors missed crypto assets. That needs to change asap. The traditional fund wrappers are not enough! 🤖🚨
I’m really excited about
@Onrampinvest
and the fantastic team of
@TR401
and
@eervin1
making digital a reality for RIAs.
We are excited to announce
@LexSokolin
as a member of our advisory board and investor in Onramp Invest. Welcome to the family, Lex!
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I just made an awesome NFT piece of collectible art.
Robot visual
#poetry
about Adjudication and Loss
Grab it for 0.25 ETH, and it's your forever.
#Rarible
#cryptoart
#ERC721
#Collectible
#NFT
via
@rariblecom
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I learned about
@PlannerDAO
today and like it
Community of 700 financial planners trying to figure out how to bridge into DeFi
Welcome welcome
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1/ As
@coinbase
goes public at $100 billion++ and the crypto asset markets hit over $2 trillion in market capitalization, we have to pause and ask again -- "what's the fundamental value of crypto assets"?
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Fintech as a core innovation trend is dying
It’s the tech that drives disruption, not the fin
If you’re a founder sketching out an idea in 2024 that has finance in it, but not crypto or AI rails, or targeting some other platform shift, then you’re building a PE multiples asset
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2023 is a year of cockroach building
That's why I've been writing about how to build a fintech / DeFi project. Last one was about Marketing and building the B2C funnel.
@BanklessHQ
just pushed fantastic piece by
@NathanSnell
about the issue with token airdrops as marketing 🧵
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Long Take: Why is FIS spinning out Worldpay after 4 years and a $17B writedown?
A 🧵
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Medium and Substack seeing Web3 competition with
@t2wrld
built over
@LensProtocol
The publishing home for
@LensProtocol
is now available to everyone with a Lens handle.
We’re bringing a social layer to reading and writing, with a seamless mobile experience via
@orbapp_
.
👉
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7
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Raging Bitcoin Bull Market Ahead, According to Key Indicator
The crypto's weekly RSI has crossed above 70, indicating a strengthening of upward momentum. via
@CoinDesk
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7
19
Crypto Safekeeping Specialist Fireblocks Introduces Non-Custodial Wallet Service
The move will free up big fintechs from acting as custodians and makes it easier for their end users to access DeFi and other Web3 applications, Fireblocks said.
Via
@CoinDesk
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7
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WhatsApp launches in-chat payments service for businesses in India
The world��s most popular messaging application, WhatsApp, owned by one of the world’s most powerful tech companies, Meta, is bringing in-chat payments to the world’s most populous country, India.
The feature
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China’s digital currency has already been used in pilot transactions worth $162 million
🕸⛓🏆
#blockchain
#smartcontracts
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I don't really believe we are living in a world where I log into a DOGE logo website to talk to infinite strangers about generative AI and crypto money
Prove me wrong
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Non-fungible tokens or NFTs, have certainly been the talk of the town in crypto recently. But what does the future of NFTs look like beyond the initial hype?
In my latest Long Take, I explore 5 key trends to keep an eye on...
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Exciting news!
MetaMask parent company ConsenSys raises Series D at $7B valuation
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Consider Finance disrupted. All done!
We’re thrilled to announce that Wealthfront has agreed to be acquired by UBS in a transaction valued at $1.4 billion. The strategic combination will help us deliver on our vision to make building wealth delightfully easy
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