Variant
@variantfund
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Investing in an internet that turns users into owners
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Joined October 2019
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This month: Alana’s Crypto Trends Report for 2025, why M&A might be the fastest path forward for crypto compliance, how to market your token launch, and where to find a sustainable market for onchain...
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On go to market: @ninasuthers shares a checklist for marketing a token launch Tokens are easy to launch but hard to launch well. Think in IPO terms: clean messaging, aligned comms, and controlled channels. A practical guide for founders.
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On options: @danielbarabander and @PossibltyResult outline a path for onchain options to finally find product market fit. Early markets couldn’t protect LPs or attract good flow. Infra has caught up. Now the opportunity is to target hedgers and retail where demand actually
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On policy: @jchervinsky and @SalahGhazzal explain why M&A is becoming a compliance strategy. Reg clarity means acquisitions are no longer just about engineering or liquidity. They’re a way to get compliant faster. Founders need to update their playbook.
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First up: @AlanaDLevin’s 2025 Crypto Trends Report: a deep dive across macro, stablecoins, centralized exchanges, and onchain activity. The deck is packed with insights founders can use right now. Full report inside.
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Founders want signal, not noise. This month’s Variant newsletter highlights the data, the policy shifts, and the GTM playbooks that will matter most in 2025. Let’s dive in.
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Is trading the new form of social media - new WORK IN PROGRESS episode is out
WORK IN PROGRESS Ep 6 is on social trading. The question: is trading really a new form of entertainment and social status or do the incentives break when you can dump on your followers? Discussed with @alanadlevin @dbarabander and @firstc0in
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.@AlanaDLevin on some of the most interesting data from her Crypto Trends Report for 2025
FULL Interview with Alana Levin, Investment Partner at Variant. – Breaking down the state of crypto – Current opportunities for onchain innovation – Why DEXs are gaining market share over CEXs – Why Alana’s bullish on new onchain asset use cases
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"For those who once ruled out affirmative compliance because building from scratch felt impossible, policy-driven M&A now offers a new way to unlock those markets — one that turns compliance itself into a strategic asset rather than a barrier to entry." New piece by
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Really enjoyed moderating a convo with @PaulFrambot and @Snapcrackle on the Future of Vaults at @Vault__Summit Top 3 takeaways: 1. The modular approach is beating the monolithic on institutional integrations. 2. More institutions are putting their backend onchain. 3. Vaults
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So many little gems in @AlanaDLevin’s Data Trends Report for 2025.
Some of the startup opportunities we're looking for, peppered throughout the deck
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Built onchain, distributed everywhere. @AlanaDLevin’s Crypto Trends Report highlights Morpho’s 500%+ YoY growth and its emergence as core infrastructure for exchanges, asset curators, and institutions.
Excited to publish my Crypto Trends Report for 2025! It frames crypto’s growth as a story of 3 compounding s-curves: asset creation, asset accumulation, and asset utilization The report applies this lens across five key thematic areas – macro, stablecoins, centralized
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Many areas of crypto are hitting an inflection on their adoption S-curve. And yet there are still many (less-obvious) startup opportunities throughout the stack. .@AlanaDLevin has been quietly working on the crypto equivalent of the Mary Meeker internet trends report, which
Excited to publish my Crypto Trends Report for 2025! It frames crypto’s growth as a story of 3 compounding s-curves: asset creation, asset accumulation, and asset utilization The report applies this lens across five key thematic areas – macro, stablecoins, centralized
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Alana highlights that the rise of issuance protocols has led to an unprecedented growth in fungible tokens, yet CEX listings mark the top. This leads to CEX user migration to DEXs. The open question is which trench technology platform will absorb these users and retain them…
Excited to publish my Crypto Trends Report for 2025! It frames crypto’s growth as a story of 3 compounding s-curves: asset creation, asset accumulation, and asset utilization The report applies this lens across five key thematic areas – macro, stablecoins, centralized
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👀 @AlanaDLevin Crypto Trends Report, 2025 Edition, is live! 150+ slides packed with data. Enjoy!
Excited to publish my Crypto Trends Report for 2025! It frames crypto’s growth as a story of 3 compounding s-curves: asset creation, asset accumulation, and asset utilization The report applies this lens across five key thematic areas – macro, stablecoins, centralized
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"By building infrastructure that helps liquidity providers avoid bad orderflow and by anchoring around two price-insensitive user bases — hedgers seeking precision and retail seeking new trading experiences — onchain options protocols can finally build sustainable markets. With
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🔥 Fireside: EF x Morpho @james_gaps, @ethereumfndn and @PaulFrambot, @MorphoLabs will sit down with @dbarabander, @variantfund for a one-on-one conversation on the future of vaults. Don't miss that! 📅 Nov 18 📍 Buenos Aires, Ciudad Cultural Konex
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