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Periods of expansion follow the introduction of a new open platform that reduces the production costs of technology as it becomes a shared standard.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:00.663+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c7d3d28-8331-41d9-ad6b-787730b86271", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "paragraph", "text": "The price drop attracts new users, increasing the overall size of the market and creating new opportunities for mass consumer applications. Entrepreneurial talent moves to serve the new markets where costs are low, competition is scarce, and the upside is high.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "description", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:00.663+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96576c7a-6130-4ab9-a186-0f7b38191e96", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "title", "text": "1. Thesis: Open Standards, Market Cycles and Investment Returns", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:00.663+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89ef3d2e-656a-4449-ae9a-af28f0c275f4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.18 }, "kind": "title", "text": "Open Standards and Investment Returns", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:00.663+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e48b6139-9e22-4d35-bd27-b72278596177", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "73d9bb3e-f998-4f7d-af5c-05feb994f093", "evidence": "Visual representation of technology eras over time", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 19:09:00.663+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 2, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 2, "name": "Problem", "beatId": "d7a0410a-76eb-4d62-a2ff-7663bb302598", "matchId": "fa7eea89-bc9b-42fd-81ee-84ed6207e68f", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The thesis headline 'Open Standards and Investment Returns' suggests a problem statement", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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New firms came to market leveraging the microprocessor to compete with IBM in a movement that brought us the minicomputer, the PC, laptops, mobile phones and all the new “things” on the internet.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:55:07.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87c98bdc-1920-4a45-96b7-005743a4c5b5", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "Demand then builds for a low cost, open source alternative to the incumbent platforms, and the cycle repeats itself: the new open standard emerges and gets adopted, the market decentralizes as new firms leverage the cost savings to compete with the old on price, value creation shifts upwards (once more), and so on.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:55:07.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef536a97-91f1-46e9-9e6a-1aed9b6cd0d3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.12 }, "kind": "paragraph", "text": "Those who succeed the most and establish successful platforms “on top” of the open standard later tend to consolidate the industry by leveraging their scale (in assets and distribution) to integrate vertically and expand horizontally at the expense of smaller companies. Competing in this new environment suddenly becomes expensive and startups struggle to create value in the shadow of incumbents, compressing venture returns.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:55:07.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5484772-6e60-474b-9621-b5b437b423c8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "941f1b92-0ca2-4545-a83b-9fb79b3c2390", "evidence": "Describes the recurring cycle of platform consolidation and decentralization.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 19:55:07.149+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "causal-chain" } ], "arcBeats": [], "loops": [ { "to": 19, "from": 2, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:21:22.77832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "appendix", "title": "This slide is a text-heavy narrative page, likely part of a larger essay or presentation on market dynamics.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 6, "textChars": 1992, "nDataPoints": 2, "notes": "This slide is a text-heavy narrative page, likely part of a larger essay or presentation on market dynamics.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:09:15.056+00", "seconds": 16.469, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/4", "deck": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad", "deckAnchor": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-4", "deckJson": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json" }, "components": [ { "bbox": { "h": 0.118, "w": 0.764, "x": 0.118, "y": 0.697 }, "kind": "paragraph", "text": "Even larger, more established companies like Snapchat and Spotify are feeling the pain. As an example, it took 7 years for Snapchat to build a 150 million user base for disappearing photos and stories; it took Facebook less than a year to surpass that with Instagram stories, limiting Snap's ability to build a large advertising business. And Snap is an established, public company with a large balance sheet – smaller players are not as equipped to navigate the threat.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:15.056+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a5d1818-2fe3-4dbb-acbf-69909e9e909f", "parentComponentId": null }, { "bbox": { "h": 0.101, "w": 0.764, "x": 0.118, "y": 0.367 }, "kind": "paragraph", "text": "Out of the dot-com boom, bust, and phenomenal growth that followed Linux and HTTP, came some of today's most important companies: Google, Amazon, Facebook, eBay, Twitter, PayPal, Netflix, to select a few. With little leverage left in proprietary software, it was bargained away in exchange for user networks from which a company might extract uniquely valuable data to monetize in some other fashion, significantly expanding the potential universe of services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:15.056+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6540f3ea-7951-4c31-a32b-89e85bfbfd38", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "and competing directly with some of its most successful applications. By the late 90's, we'd gone from hundreds of PC software companies to essentially one.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:15.056+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3224195-0d13-472f-ab92-e680ea0158dc", "parentComponentId": null }, { "bbox": { "h": 0.118, "w": 0.764, "x": 0.118, "y": 0.175 }, "kind": "paragraph", "text": "What undid that consolidation was the combination of Linux and the Web (HTTP), both of which surfaced around 1991. Microsoft's business depended on proprietary software and expensive retail distribution. 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It also attracts an army of users, developers and entrepreneurs who are motivated to grow the network by promoting it to their friends, contributing code, and starting companies “on top” which make use of the underlying protocol: they all share an interest in the network, and collaborate directly and indirectly to make it a success. It’s a high-leverage business model which provides the potential to reach unprecedented levels of scale at near-zero capex for the innovators.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:09.515+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c1b9429-6c24-4deb-8eae-c07334d21629", "parentComponentId": null }, { "bbox": { "h": 0.171, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "The first thing to note is that the entire technology stack is open source: the hardware, the software, the network and, now, the data. In order for independent, anonymous nodes to collaborate effectively on providing a consistent service, they must necessarily share the data among themselves. And in order to create a large scale decentralized service, the protocol must allow anyone who downloads the software to become a node and get a copy of the database. It becomes impossible for any single party to monopolize the data, breaking data monopolies as a result.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:09.515+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ac3ff45-b665-493e-a754-9ae0ece91c8d", "parentComponentId": null }, { "bbox": { "h": 0.152, "w": 0.764, "x": 0.118, "y": 0.697 }, "kind": "paragraph", "text": "We’ve also realized how inefficient the joint-stock equity industry model is at accounting for and distributing the real value created by online networks. The value of a share of stock is necessarily a function of profits; the price of Twitter’s stock only reflects Twitter Inc’s ability to monetize the data – and not the actual worth of the service. Tokens solve this inefficiency by deriving financial value directly from user demand as opposed to “taxing” by extracting profits.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:09.515+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c95a36c0-5d19-4596-a5ef-161bdbdc349b", "parentComponentId": null }, { "bbox": { "h": 0.108, "w": 0.764, "x": 0.118, "y": 0.312 }, "kind": "paragraph", "text": "This innovation is like transistors, microprocessors, linux and the web in that it collapses the production costs of technology by using open source alternatives. In this case, crypto collapses the cost of building and scaling information networks by replacing centralized coordination with universal financial incentives.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:09.515+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa2b89cc-4d02-4f02-94bb-7f9a6c95c41c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 19, "from": 2, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:21:22.77832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "setup", "title": "This slide outlines the core investment philosophy of the firm, focusing on the transition from centralized coordination to decentralized, token-incentivized ne", "function": "establish_context", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 6, "textChars": 2014, "nDataPoints": 0, "notes": "This slide outlines the core investment philosophy of the firm, focusing on the transition from centralized coordination to decentralized, token-incentivized networks.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:10:52.099+00", "seconds": 113.267, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/7", "deck": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad", "deckAnchor": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-7", "deckJson": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.25, "x": 0.117, "y": 0.88 }, "kind": "other", "text": "2 http://steem.io\n3 http://usv.com/blog/fat-protocols", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:52.099+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "282a7e11-e4e2-4186-9bbf-2973e912e837", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.117, "y": 0.483 }, "kind": "paragraph", "text": "We fund the development of decentralized information networks coordinated by a scarce cryptoasset – or token – native to the protocol. Our thesis is that decentralization and standardization at the data layer of the internet is collapsing the production costs of information networks, eliminating data monopolies and creating a new wave of innovation. Cryptonetworks accomplish this by replacing expensive, centralized coordination (e.g. PayPal) with universal financial incentives (e.g. Bitcoin). These networks introduce a new, natively digital asset class which shifts value away from equity in companies to tokens in decentralized networks³.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:52.099+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ce0b32a-7f06-460a-83c0-857c649daca5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.117, "y": 0.702 }, "kind": "paragraph", "text": "Bitcoin and Ethereum are attracting an influx of new capital and talent, but the market is still immature and the opportunity remains fresh. Despite the liquidity of cryptoassets, underlying products and teams more closely resemble the profile of a risky and volatile seed stage startup than a publicly traded company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:10:52.099+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cf87c8f-4e4c-404d-b344-11581e0f5699", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.76, "x": 0.117, "y": 0.284 }, "kind": "paragraph", "text": "Crypto provides a new mechanism for organizing human activity on a global basis using programmable financial incentives. It’s an opportunity to design information networks which can achieve unprecedented levels of scale by decentralizing the infrastructure, open sourcing the data, and distributing value more broadly. 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Our collective experience as a partnership, combined with the scale of our personal networks more broadly, is particularly useful in key areas like governance, cryptoeconomic protocol design, community management, strategy, and organizational development.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:07.065+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d3f8a62-49e6-4916-8bf2-8b605638277f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.57 }, "kind": "paragraph", "text": "We prize collaborative relationships with our LPs, entrepreneurs, and fellow investors. Like ARK and USV, we believe open sourcing our knowledge and sharing our ideas attracts the best entrepreneurs and builds a strong community around the firm. 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In turn, these relationships help inform how we build, value and scale the portfolio over the Fund’s life.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:07.065+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a82715a-c987-4f89-9cc0-439ed3357763", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.8, "x": 0.1, "y": 0.19 }, "kind": "paragraph", "text": "We invest early and build positions over time. A committed capital structure allows us to make long-term commitments and injects both use-case and time diversity into the portfolio. 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The range of potential applications is infinite: everything that is an information network could be implemented as a decentralized application.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:02.234+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10724d5c-1e8f-491f-9192-b657f93104cd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.51 }, "kind": "paragraph", "text": "End users interact with these networks through a variety of independent user interfaces. Sometimes interfaces provide additional functionality, but typically do not have their own token.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:02.234+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48d13498-0ef3-47bd-bfbd-e4f1d5d17385", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Infrastructure protocols offer a discrete service most directly useful to developers. 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Most of the growth we’re experiencing today is driven by the supply side of the market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:10.305+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17b4c15a-d322-4fac-9258-7873e52cb304", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.764, "x": 0.118, "y": 0.37 }, "kind": "paragraph", "text": "Overall demand for this new kind of online service is coming from a variety of sources. Very broadly, all-time-high levels of distrust in institutions (government, financials, corporate multinationals) together with brewing socio-economic anxiety, driven in part by pervasive wealth inequality with no solution in sight. This lack of trust in the establishment is now extending to GAFA. We trust the networks, but not the operators: their business models are simply incompatible with the long-term needs of users. Cryptonetworks alleviate both of these problems by decentralizing power structures and distributing most of the value to the users in a way that better aligns incentives.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:10.305+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38a8e2fb-4c1a-432f-828d-a85308fbeac0", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.764, "x": 0.118, "y": 0.615 }, "kind": "paragraph", "text": "Using the work of Carlota Perez in Technological Revolutions and Financial Capital (2002) as a framework, we believe crypto is transitioning from irruption to frenzy. Through the frenzy, asset prices balloon as financial capital (speculative value) rushes into the market faster than production capital (utility value), bubbling up to an inevitable “crash”. But the associated technologies establish themselves as the new default and many of the application platforms that come to define the industry emerge during this period. 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Rampant speculation allowed companies in the dot-com era to raise capital at unsustainable valuations and build organizations with large cost structures supported by investment capital and not revenues; they went bankrupt when the bottom fell out and it became impossible to raise additional capital.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.96+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a0d3e29-d27c-44ad-93a1-d54252b74b67", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.23 }, "kind": "paragraph", "text": "We expect a bumpy ride to the top with several corrections on the way. We favor spreading price and risk by building up and averaging out of positions over time rather than speculating on speculation. A committed capital structure with significant capital reserves for staged follow-ons gives us the flexibility to build up our investments independent of market sentiment. We are shielded from having to dump assets on the market to honor redemption requests, avoiding the dreaded “death spiral” which can plague more liquid fund structures.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.96+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53ae53c2-9019-4eb4-8c2f-df830aad4fb5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "storage, content delivery, compute power, GPU flops, and so on (cryptocommodities, if you will) are particularly important but remain under-developed. There are also early opportunities in user-side infrastructure, in areas like identity, governance, communications and financial services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.96+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef6fd569-cc9c-4464-845d-5a8e4df76867", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "Cryptonetworks don’t suffer from the same problem. A significant correction can take out large chunks of the supply side of a network (as happened to a lot of Bitcoin miners following the coin’s 85% drop in 2013 and 2014), but as long as one node continues to spin, the protocol lives on. This insight shows the importance of selecting properly decentralized systems with the right cryptoeconomic models when investing with a long time horizon. These are the ones that will thrive during the frenzy, persist through the crash, and scale throughout the deployment phase of crypto.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.96+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f06e9d86-b0e6-42e2-b8d5-09aee48f0ec7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.83 }, "kind": "paragraph", "text": "And it goes to show how everything about this space is new, fascinating and unusual.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.96+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f28cf947-b78b-4465-8508-8b0c5b169ffb", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "7 https://www.forbes.com/sites/greatspeculations/2010/12/13/the-biggest-ipo-flops/#2740e0c16391", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Since these are open source systems, it is important that the team building and curating extends beyond the core developers and into a broader community of contributors. It is, however, not the primary driver of value and defensibility in these networks. Because all the software is open source, there is no long-term defensibility in the code (or data). We’ve seen teams with strong technology come to market, only to have a clone steal it from under them. Usually, this happens as a result of bad governance on the part of the core developers, which the market finds a way to punish.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:05.11+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16ae831c-6a96-4054-af9c-ced1da8f6bd4", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.766, "x": 0.117, "y": 0.154 }, "kind": "paragraph", "text": "Our sourcing and selection process begins with our investment thesis. We focus on (1) decentralized information networks (2) coordinated by a scarce token (3) which appreciates in value as user demand for the service grows.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:05.11+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c587002-cc7f-4ee5-aab6-c867874aa280", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.766, "x": 0.117, "y": 0.225 }, "kind": "paragraph", "text": "We believe these kinds of networks are going to generate the highest returns; we avoid equity businesses with traditional revenue-based business models, centralized services that use a token purely as a fundraising mechanism or payment method, private blockchains, and other implementations that would not be described as “open.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:05.11+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ce70afd-23e6-4419-9a60-995c073d42ce", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.766, "x": 0.117, "y": 0.345 }, "kind": "paragraph", "text": "The relationships we build with teams is our greatest asset, so we select investments where we can be a partner to the core development team and work to become prominent members of their community. This founder-focused approach to investing has three advantages: (1) it evolves our investment thesis as the market develops through real-time inputs from the entrepreneurs (2) builds our reputation in the space as value-add investors, exposing us to more proprietary deal flow and (3) informs how we build up (or scale down) individual positions over time. Our long term edge comes from the direct support we provide to entrepreneurs and their communities on protocol design, cryptoeconomics, strategy, and governance.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:05.11+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d4283eb-aa28-4777-acb6-f682a2b1bfd1", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.315, "x": 0.117, "y": 0.118 }, "kind": "title", "text": "6. Sourcing and selection criteria", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:05.11+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b984d4a-98c0-427f-86e8-7035873a2dea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 19, "from": 2, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:21:22.77832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 14, "type": "setup", "title": "The slide is entirely text-based, focusing on qualitative analysis of crypto-project evaluation criteria.", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 4, "textChars": 2347, "nDataPoints": 0, "notes": "The slide is entirely text-based, focusing on qualitative analysis of crypto-project evaluation criteria.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:46:04.775+00", "seconds": 5.871, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/14", "deck": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad", "deckAnchor": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-14", "deckJson": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Users defect from badly governed platforms, putting pressure on the developer team to follow the interests of the community. Given how the open source nature of cryptonetworks extends to the data layer, it is possible to fork (i.e., copy) an entire service, including its data, and start a competitor. If the promoters of a fork are able to recruit parts of the community and grow their network independently, the original implementation may begin to lose market share. Hence, it is critical to select founders with strong leadership and community management skills.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "443ed5b4-7422-48bb-85d5-f06432bd38f1", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "The next thing to evaluate is a network's cryptoeconomics, which refers to the rules and policies that govern the behavior of its token, most importantly how it is created, distributed and earned. For example, Bitcoin's cryptoeconomic model dictates that (1) there will be a maximum of 21 million bitcoin, (2) they will be minted over time, at a defined rate, and awarded to miners as coinbase rewards, and (3) free market competition determines transaction fees. The ultimate effect is demand-driven scale in mining, initially subsidized by inflation (e.g. coinbase rewards), which has facilitated the rapid build-out of Bitcoin's legendary infrastructure security.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5743554d-ce7a-4a4a-ba83-9c688638845e", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "The ideal team looks different from that of a traditional business: open, transparent, inclusive and collaborative management styles succeed over traditional hierarchical management. Involving the community in protocol development and decision-making, and empowering them through proper implementation of community governance mechanisms is key to building loyal and engaged communities that will support a token over the long-term.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:46:04.775+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c41cf4c-6d36-4023-9380-420b1900d1b7", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "Domain expertise and the ability to execute continue to be important, but so is selecting teams led by founders whose commitment to the promise of decentralization is far greater than their desire to make money. The current market is fraught with opportunists looking to make a quick buck. But founders who are motivated primarily by profit are more likely to focus on short term appreciation (substantiated or otherwise), rather than creating long-term value for the network. We learn a lot about a team by exploring their theses, their track record within the space, and their knowledge of crypto history. 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It can also be thought of as its “monetary policy.” The long-term success of a token relies heavily on the quality of the design and implementation of its cryptoeconomic model.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:03.833+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "007a1a4b-2eba-47e3-999b-ffe6fc417bb6", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.807 }, "kind": "paragraph", "text": "These analogies are useful for understanding where to look for value in a token. From a diligence perspective, we can better appreciate what makes a good cryptonetwork by porting over some of", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:03.833+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "329a6692-5dc1-4d77-a792-fa42961811c7", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.764, "x": 0.118, "y": 0.559 }, "kind": "paragraph", "text": "Cryptonetworks are less like companies and more like small emerging economies. A useful analogy is to think of a network as a country which produces a single exportable good:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:03.833+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4007ed41-f2e2-4bc8-8f57-54944e90a842", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.764, "x": 0.118, "y": 0.366 }, "kind": "paragraph", "text": "When evaluating cryptoeconomic models, we focus on a number of variables like transaction volumes, currency velocity, token supply schedule, savings rate, and other related factors. Modeling how these variables interact with each other as the network scales reveals the fundamental drivers of value in a network, along with possible flaws in the economics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:03.833+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e1a7496-ed08-490a-9db6-f17961cbd3d5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "72fdf38f-05e1-41dd-a833-80b3d1bf11cc", "evidence": "Uses the analogy of a country to explain cryptonetwork components.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 19:09:03.833+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "metaphor-analogy" } ], "arcBeats": [], "loops": [ { "to": 19, "from": 2, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:21:22.77832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 16, "type": "appendix", "title": "The slide references a specific external analysis by Chris Burniske regarding the 'Crypto J-curve'.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 5, "textChars": 1175, "nDataPoints": 0, "notes": "The slide references a specific external analysis by Chris Burniske regarding the 'Crypto J-curve'.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:09:04.413+00", "seconds": 3.294, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/16", "deck": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad", "deckAnchor": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-16", "deckJson": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json" }, "components": [ { "bbox": { "h": 0.015, "w": 0.498, "x": 0.117, "y": 0.895 }, "kind": "other", "text": "8 https://medium.com/@cburniske/the-crypto-j-curve-be5fdddafa26", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:04.413+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d3b79e0-d70c-4d43-b55a-52488a79536e", "parentComponentId": null }, { "bbox": { "h": 0.155, "w": 0.766, "x": 0.117, "y": 0.175 }, "kind": "paragraph", "text": "Since we make a limited number of investments in a given year, our selection process involves everyone in the investment committee and new opportunities are subject to a lengthy due diligence process. We aim to develop a deep understanding of the monetary policy, valuation drivers, and key performance indicators as the network evolves. We also forge working relationships with core developers as we get involved in the design process. 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The whitepaper stage is where the team works to define and implement a “minimum viable protocol,” which validates the network’s functionality. The release stage is when a cryptonetwork’s token is first made available to the public, and the public stage when the token begins trading on exchanges.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:04.413+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "833181b1-e197-4094-9140-3b2c13dfda38", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.766, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "the criteria for evaluating a national economy: good governance, sound monetary policy, low corruption, low inequality, productivity trends and so on.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:04.413+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c227e124-2a6c-4a45-84fe-c6c6bc0ca6af", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.356, "x": 0.117, "y": 0.396 }, "kind": "title", "text": "7. 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6-18 month dev time", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:09.582+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5eac7e1c-e37e-419a-9ccb-f0986f95e561", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.35, "x": 0.57, "y": 0.435 }, "kind": "callout", "text": "Build up winning positions in stages proportional to utility value metrics", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:09.582+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d970ac89-2aa1-4075-849f-89f5f7bbe59d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "chart", "text": "J-curve line showing token value over time across four stages: Whitepaper, Release, Development, Deployment.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:09.582+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "693c030a-fdd8-49b5-82da-aa201f7f9d68", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.565 }, "kind": "paragraph", "text": "During the whitepaper stage, developer teams often (but not always) raise private capital to fund initial development by “pre-selling” tokens, potentially at a discount to their eventual release price. These funds allow the team to build the protocol.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:09.582+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26562b43-1fbd-4463-adda-fe150f42dc3f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.675 }, "kind": "paragraph", "text": "The token can then be released to the public in a variety of ways: progressively through mining, via an ICO, an “air drop”, and other combinations. But it takes a long time for utility value to pick up and begin supporting the token’s price, during which time the protocol continues to be in active development. On its way to maturity, a network may fork several times as the protocol evolves, communities diverge, and so on, causing price volatility. 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The first step in making sense of the numbers is to remind ourselves that cryptonetworks are not companies, and that few of the tools and principles we’ve developed over generations of equity investors apply to this market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:54:34.261+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23e6c4a1-992b-4462-b9e5-5269efea5fe7", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "We continue to work closely with core developers following the release and actively involve ourselves in the community. This work helps us understand the people behind the token - in particular, we pay attention to the ratio of users vs. speculators, and how that ratio evolves over time. We also become a “node” on the network when it goes live, which gives us a direct view into its performance outside of the market for its token. This helps us understand the rate at which the network’s utility value is growing independent of the price of its token, which in turn informs how we build up (or scale down) positions over time.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:54:34.261+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25251968-3a70-43bd-a15d-205b39f92430", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.764, "x": 0.118, "y": 0.506 }, "kind": "paragraph", "text": "Also new is the possibility of voluntary early exits, which could affect how we build the portfolio in interesting ways. In venture capital, it’s difficult to get out of a bad investment. In crypto, the range of options extends from simply selling the position in the open market, to promoting and funding a fork of the network if we continue to believe in the protocol and its community but lose faith in the core developer team.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:54:34.261+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "648a3aaa-f429-4b48-a2fa-c32f427de9d9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.764, "x": 0.118, "y": 0.312 }, "kind": "paragraph", "text": "Unlike a traditional venture fund, the decision to sell falls on us. Of course, it is impossible to define a perfect point where it is a good time to exit any position. Internally, we use a simple heuristic for deciding when to exit: we look for the moment when the thesis is fully played out and the protocol’s vision becomes reality. For a cryptonetwork like Steem, for example, that might be when the service grows to surpass Reddit; for Filecoin it might be when millions of machines support the network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:54:34.261+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b6e7edc-9547-40ae-8cde-5efb84169b8a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.21, "x": 0.118, "y": 0.67 }, "kind": "title", "text": "8. Value and valuations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:54:34.261+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a64b4b31-66d0-49f4-9a89-9defa93f43e3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 19, "from": 2, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:21:22.77832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "appendix", "title": "Includes a footnote link to a Medium article by Chris Burniske.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 4, "textChars": 1182, "nDataPoints": 0, "notes": "Includes a footnote link to a Medium article by Chris Burniske.", "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "at": "2026-07-16 19:09:05.694+00", "seconds": 2.935, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/19", "deck": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad", "deckAnchor": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-19", "deckJson": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.43, "x": 0.118, "y": 0.895 }, "kind": "other", "text": "9 https://medium.com/@cburniske/cryptoasset-valuations-ac83479ffca7", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": null, "framework": null }, "subkind": "source-note", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:05.694+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c93334e9-f0ff-45dc-93f0-5af204c6cd44", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "A share of stock represents a proportional right to a permanent stream of cash flows generated by a business, meaning it derives all of its value from profits and margins. Tokens are more like national currencies in that their value tracks the overall activity within a network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:05.694+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "201388af-9049-470c-bb56-59a4576ad298", "parentComponentId": null }, { "bbox": { "h": 0.131, "w": 0.764, "x": 0.118, "y": 0.341 }, "kind": "paragraph", "text": "We’ve been working on this problem since 2015 (or about 20 crypto-years). Chris’ recent post on the topic goes a bit into the history, and much deeper into how we apply these insights to build network models that help us identify the right metrics to track. These are all experiments, bound to change as our understanding of the industry evolves, networks scale more, and new use cases emerge. Eventually we’ll understand crypto as well as we understand equities; between now and then, we will continue driving the conversation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:05.694+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c819e89-b118-41aa-9b86-9713d536d8d0", "parentComponentId": null }, { "bbox": { "h": 0.098, "w": 0.764, "x": 0.118, "y": 0.203 }, "kind": "paragraph", "text": "Classic macroeconomic models turn out to be quite useful in this context. For instance, we can apply the equation of exchange (MV=PQ) to a network model to reveal how elements like velocity (how often a unit of currency turns over in a given time period) may affect the price of a token as the network scales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:09:05.694+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a82698e-914e-4e86-bd0b-4caae38705e8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a7b2493f-ab15-4be1-8bad-708bea0ad925", "evidence": "MV=PQ", "framework": null, "confidence": 1, "extraction": { "at": "2026-07-16 19:09:05.694+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "equation-of-exchange" } ], "arcBeats": [], "loops": [ { "to": 19, "from": 2, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9", "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression", "position": 0, "objective": "Why open standards and open source data drive investment returns", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:21:22.77832+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 2, "to": 2, "label": "Problem", "description": "The thesis headline 'Open Standards and Investment Returns' suggests a problem statement" }, { "from": 5, "to": 5, "label": "Solution", "description": "The thesis headline '2. 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