2020 Year in Review Blockchain Capital
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1
2020 Year in Review
Blockchain Capital
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2
Table of Contents
Macro Environment 3
Bitcoin 9
Ethereum & DeFi 16
Stablecoins 28
Prime Brokerage 35
Regulation 40
Adoption 49
Looking Ahead 56
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3
1
Macro
Environment
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4
2020 brought unprecedent levels of money
printing
$8
Trillions
$7
$6
$5
$4
$3
$2
$1
$-
D-02 D-03 D-04 D-05 D-06 D-07 D-08 D-09 D-10 D-11 D-12 D-13 D-14 D-15 D-16 D-17 D-18 D-19
Fed. ECB BoJ
“We’re not out of ammunition by a long shot….there’s really no limit to what we
can do with these lending programs that we have.”
— Fed Chairman Jerome Powell 5.17.20
Source: FRED as of 11/16/20
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5
Globally, GDP and interest rates plummeted
in the wake of COVID-19’s impact
Real GDP % change from preceding year Central bank interest rates
5.00%
6%
4% United
4.00% States
2% United
0% 3.00% Kingdom
European
-2%
Union
-4% 2.00% Japan
-6%
China
-8% 1.00%
-10% Switzerland
0.00%
nd
an
on
s
m
a
te
in
do
p
la
ni
a
Ch
Ja
St
er
U
ng
-1.00%
itz
an
d
Ki
ite
Sw
pe
d
Un
ite
ro
9
9
9
0
0
0
01
01
01
02
02
02
Eu
Un
/2
/2
/2
/2
/2
/2
31
31
30
31
31
30
2019 2020
1/
5/
9/
1/
5/
9/
§ Economic growth in 2020 has hit a multi-year low in § COVID-19 accelerated the breakdown of monetary
China and the United States policy, which prompted a more serious consideration of
using negative rates to bolster the economy
§ Compared to 2019, where the global economy as a
whole rose by just 2.4%, 2020 levels are at its § The use of negative interest rates is becoming
lowest since the 2009 financial crash increasingly less taboo – China just issued their first debt
with negative rates
Source: IMF as of 11/16/20
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6
U.S. saw historic unemployment rates as the
economy came to a halt
Consumer Price Index and Unemployment Rate
300 16.0%
CPI 14.0%
250
12.0%
200
10.0%
150 8.0%
6.0%
100
4.0%
50
2.0%
Unemployment
0 0.0%
1970 1980 1990 2000 2010 2020
§ Unemployment rate reached historic levels as the economy came to a halt for an extended period of
time
§ While growth is expected in 2021, coronavirus arrived amid the longest expansion in modern American
history—as the economy had grown for more than 11 years and added jobs for 113 straight months
Source: FRED as of 11/16/20, IMF as of 10/20/20
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7
Trust in the federal reserve continued to drop
50%
Over 65 years old
A great deal,
fair amount of
trust
40%
50 to 64 years
High school
$50k plus
or less
Bachelor’s
Some Degree
College
18 to 29 years old
30%
Under $50k
30 to 49 years old
20%
50% 60% 70% 80%
Knowledge of the Fed and its role
On average, only ~34% of Americans have a
fair amount of trust in the federal reserve
Source: Axios as of 10/20/20
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8
Since de-leveraging, bitcoin outperformed
and decoupled from equities and risk assets
1.4
157% YTD
1.2
1
0.8
0.6
0.4 Bitcoin
US Treasuries
0.2
Gold
0 Investment Grade Bonds
US Equities
-0.2
Emerging Markets
-0.4 High Yield Bonds
Commodities
-0.6
-0.8
20
20
20
20
20
20
20
20
20
0
0
02
02
20
20
20
20
20
20
20
20
20
/2
/2
1/
1/
1/
1/
1/
1/
1/
1/
1/
/1
/1
1/
2/
3/
4/
5/
6/
7/
8/
9/
10
11
Source: Yahoo Finance as of 11/12/20.
Note: Price data is composed of the following: Invesco 1-30 Year Laddered Treasury ETF (PLW), SPDR Gold Shares (GLD), Markit iBoxx
USD Liquid Investment Grade Bond ETF (LQD), Bloomberg Barclays High Yield Corporate Bond ETF (JNK), iShares Russell 3000 Index
ETF (IWV), iShares Core MSCI Emerging Markets ETF (IEMG), iShares S&P GSCI Commodity-Indexed Trust (GSG).
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9
2
Bitcoin
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10
Bitcoin’s thesis matures, accelerating amid
COVID-19 backdrop
§ COVID-19 initiated unprecedented macro policy and currency
printing, increasing the risks of future inflation
Macro § Geopolitical tensions escalated, increasing the importance of
censorship resistant platforms
§ PayPal, Square and fintech companies provide bitcoin onramps
for millions of new users
On-Ramps § Global exchange infrastructure continues to develop, with
stablecoins playing a key role in on / off ramps
§ Public companies, like Square, buy bitcoin as a part of treasury
Diversified strategy, treating bitcoin as a reserve asset
Investors § Institutional investors, like Paul Tudor Jones, publicly announce
their bitcoin positions
Institutional § Bitcoin options and CME bitcoin futures hit all time highs
Growth § Growth of crypto-native credit exploded, tightening spreads
and expanding liquidity
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Bitcoin remains king, reaching new market cap
all time highs
100000 Libertarians / Early Retail Institutions+
Crypto Adopters Investors
Enthusiasts
10000 Digital gold
Peer-to-peer
payments
1000
Proof of
concept for
e-money Censorship-
100 Safe haven
resistant store of
asset
value
10
1
7/18/10 7/18/11 7/18/12 7/18/13 7/18/14 7/18/15 7/18/16 7/18/17 7/18/18 7/18/19 7/18/20
0.1
0.01
Source: CoinMetrics as of 12/7/20
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The evolution of bitcoin’s infrastructure is
shifting quickly to institutional grade
Early Retail
Project Institutional & Fintech
Project
2009-2017 2018 - Present
Exchanges & Retail Wallets Prime Brokerage Stack
Self Custody Solutions Crypto-native Credit
Payment Applications Derivatives & Options
Trading & Analytics Investment Products
Crossover Fintech products
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Public companies purchase bitcoin as a part of
their reserve strategy
Public Company Bitcoin Purchases (Selection)
1400
Millions
1200
1000
800
600
400
200
0
Microstrategy Galaxy Digital Square Hut 8 Mining Corp Voyager Digital Riot Blockchain
Holdings LTD
bitcoin purchase present value
We believe that bitcoin has the potential to be a more ubiquitous currency in the
future. As it grows in adoption, we intend to learn and participate in a disciplined
way. For a company that is building products based on a more inclusive future, this
investment is a step on that journey.
- Square
Source: Bitcointreasuries.org as of 12/7/20. Microstrategy includes recent raise of $400M to buy more bitcoin
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Increase in sophisticated investor tools like
futures points to maturing markets
§ The growth of bitcoin futures markets points to an increase in ability to hedge exposure, particularly for
traders and miners who are very sensitive to price volatility. The more sophisticated tools in the bitcoin
market, the greater capital inflows the markets can accommodate
§ CME, a highly-regulated exchange, saw all time highs for bitcoin futures open interest. The prominence of
these onshore exchanges and growing liquidity supports the potential for a bitcoin ETF, as markets are
heavily surveilled and considered to be reliable
Source: Skew Analytics
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Growth of crypto-native credit reaches all time
highs
Active Loans of Genesis Global Trading
§ With an increase in
crypto-native credit,
market makers, funds
and traders can seek
out greater leverage
with capital efficiencies
§ Providers like Genesis
are quickly growing
their active loans,
leading to tighter
spreads, greater
convenience and
capital efficiencies
§ Although crypto-credit
markets are early, the
growth supports the
institutional
acceleration of bitcoin
Source: The Block
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3
ETH & DeFi
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An update on ETH 2.0
Ethereum Price & Fees, 2020
20 600
Millions
500
15
400
10 300
200
5
100
0 0
1/1/20 2/1/20 3/1/20 4/1/20 5/1/20 6/1/20 7/1/20 8/1/20 9/1/20 10/1/20 11/1/20
Total Fees Price
§ ETH 2.0 is in the transition phase to Proof of Stake, with the beacon chain launched, followed by the
shard chains in 2021
§ With ETH 2.0 underway, the scaling conversation shifted to developments with rollups and other
scaling solutions
§ Projects like Optimism, Matter Labs and other L2 scaling solutions gained momentum as the
community looked for immediate scaling in the face of rising gas prices
Source: CoinMetrics
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Ethereum’s investment case and ecosystem
matured since 2017
2017 2020
ICO Era DeFi Tokens Era
§ Characterized by utility tokens § Characterized by well-defined
with obscure means of value tokens with traditional value capture
creation mechanisms
§ ICOs raised billions of dollars § DeFi validated bootstrapping on
without any product in attempt to Ethereum, with token distributions
bootstrap and fund networks creating user owned networks
§ Market struggled to prove out the § Stablecoins and major financial
NASDAQ 2.0 model at scale platforms are predominantly
secured by the Ethereum blockchain
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Ethereum & bitcoin daily settlement values
crossed briefly, as transactions grew
Transaction Transfer Value (30-D Rolling Average)
Bitcoin
Ethereum
*Ethereum Settlement Value includes ETH and major ERC-20 Tokens
Source: Digital Asset Data
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DeFi found early product market fit across
many categories, with TVL crossing $13B
§ Lending and
decentralized
exchanges were the
breakout DeFi
categories of 2020
§ Six protocols have over
$1B in total value locked
§ The ability to apply
composability in new
categories expanded as
the “building blocks” of
DeFi were established
§ Rapid experimentation
led to the rise of
projects like Yearn.
Finance, Curve and
more
Source: Digital Asset Data
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DeFi Protocols vs Traditional Fintech
§ Assets move through open, secure § Assets move through
settlement networks that run 24/7 membership-based messaging
networks that rely on extensive
§ Infrastructure is open source + intermediation (limited hours,
open liquidity high latency + manual error)
§ Protocols are global and agnostic § Infrastructure is closed and
to jurisdictional regulations à proprietary
compliance is handled at the
application layer § High compliance burden
§ Startup costs are low § New entrants require licenses
and/or partnerships with banks
§ Users own the services + capture
value § Corporations own the services +
extract value from users
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The open source fintech stack
App Layer
Protocol Layer
Exchange Lending Derivatives Insurance
Asset Layer ERC20 ERC721
Fungible Asset Standard Non-Fungible Asset Standard
Settlement Layer
Native Protocol Asset
(ETH)
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What’s changed in 2020?
Ownership § Ownership is distributed to users using mechanisms
like yield farming and liquidity mining to distribute
Distribution tokens
User § User experience improvements lead to greater
adoption, from base protocol to aggregator layers
Improvements § Early protocols have been “battle-tested”
§ Protocol tokens launched with existing communities,
Tokenomics providing cash flows and governance rights
§ Distributed ownership tested on a larger scale
§ Composability realized as many “building blocks” were defined
Innovative across lending, exchange, stablecoins and more
Landscape § The community experimented rapidly with liquidity mining,
forked protocols and token distribution methods
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Liquidity mining launched a new era of
community-based liquidity
Protocol
Project Users
Users
Token issuer or exchange Users provide liquidity with
provides rewards idle crypto assets
Bootstrap liquidity Earn Yield
Onboard new users Participate in governance
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AMMs find product market fit, with Uniswap
surpassing Coinbase daily exchange volumes
2017-18 2020
Average Daily Exchange Volume
Uniswap Coinbase
$680
$485 $473
$379
$321 $333
$294 $297
$201 $223 $211
$54
$1 $16
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20
Source: Dune, Digital Asset Data
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The DeFi token lifecycle evolved from ideation
to token maturity
1 2 3
Ideation & Innovation Issuance Maturity
Liquidity mining Tokens are listed on
incentivizes growth and centralized and
Composability allows for
user participation decentralized exchanges
quicker product
innovation
AMMs provide a venue to Protocols transition to
bootstrap networks with partial or full community
Ability to fork and use
limited liquidity governance models
open source standards
Liquidity providers play Long term sustainability &
important role community development
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Risks compound across protocols and users,
new solutions are working to address
Risks
The risk that there’s a bug that produces unintended consequences and potentially
Technical Risk losses for users
Cascading Failures The effects of the failure in one protocol would reverberate through other protocols
Governance rights could, in theory, also be used against the protocol (or, at least,
Governance Risk not in its best interests)
The value accrual method for these governance tokens is unproven and it is
Governance Token unknown to what extent these protocols/applications will be able to subsequently
Risk implement additional fees that accrue to governance holders
It’s not known if liquidity providers are being over- or under-compensated for
Compensation Risk bootstrapping liquidity – primarily because it’s not yet known to what extent this
subsidized activity will/can translate to strictly organic activity
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4
Stablecoins &
CBDCs
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Stablecoins surged 500%, reaching a supply
issuance of $23B
Stablecoin Supply Issuance Stablecoin Rolling 30-day Average Settlement
$25
Billions
$20
$15
$10
$5
$0
1/1/20 4/1/20 7/1/20 10/1/20
§ There are currently $23 billion of stablecoins in circulation—compared to $31 billion PayPal dollars in
existence. Stablecoins are quickly growing to become one of the most used payment networks in the
world
§ Stablecoin’s daily settlement value increased over 300% as DeFi and derivative markets experienced
substantial growth
Source: Digital Asset Data
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Tether continues to dominate the market with
~80% market share
Tether
Source: Digital Asset Data
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What changed in 2020?
Derivatives § Accelerated usage of stablecoins as collateral in
Growth a rapidly growing derivatives market
§ Liquidity mining and defi growth caused stablecoins like
USDC and Dai to balloon in issuance
DeFi § Users of defi continue to trade, collateralize and pay using
stablecoins
§ Macro conditions and COVID-19 increased demand
USD Demand for the US dollar, particularly in the spring; stablecoins
provided an avenue for exposure
Exchange § Abundant global infrastructure and wallets make it
possible to handle surge in stablecoin issuance and
Infrastructure usage
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Stablecoin sector is building out new
infrastructure and use cases
Stablecoins
Stablecoin AMMs / DeFi Projects
Infrastructure Payments / Remittances
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Stablecoins account for 40% of daily settlement
value on BTC and ETH
Public Blockchains Are Dollarizing
Source: Digital Asset Data
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CBDCs around the world gain momentum
ECB begins exploring
CBDC, making a decision
in Jan 2021
Japan exploring
CBDC seriously
Fed Powell says CBDC
could improve US China tested
Payments DCEP, with over
4M transactions
Digital dollar project
announced
Bahamas launches Sand
Dollar CBDC
Launched Pilot Research Development Cancelled
Source: CBDC Tracker
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5
Prime Brokerage
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Exchange volumes start to spike, Binance
remains market leader
Crypto Exchange Volumes
Offshore exchange, Binance, continues to be the market
leader in global crypto exchange volumes
Source: The Block
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Prime brokerage stack matures with fully
fledged offerings
Staking Custody Execution Lending Settlement
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Centralized finance preliminarily leans into
DeFi, but it remains early
FTX announced Serum, their own decentralized
exchange built on the Solana chain
Binance introduced a $100M fund to support
DeFi projects on Binance Smart Chain
Coinbase quickly listed DeFi tokens with
rumors of a token launching platform underway
Jump Capital backed Serum, and started
funding more DeFi startups through the DeFi
Alliance
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Impending M&A and IPO activity builds as
prime brokerage market consolidates
Acquirer Acquisition Suggested Value Sub-Sector
Binance CoinMarketCap $400M Analytics / Retail
FTX Exchange Blockfolio $150M Retail
Coinbase Tagomi ~$75M Inst’l Prime Brokerage
Drawbridge Lending
Galaxy Digital Undisclosed Lending / Inst’l
& Blue Fire Capital
DCG Luno Wallet Undisclosed Retail
Voyager Digital Circle Invest Undisclosed Retail
Genesis Trading Vo1t Undisclosed Custody
Coinbase Xapo (Custody) Undisclosed Custody
Circle – OTC,
Kraken Undisclosed OTC / Trading
BitTrade
BitGo Harbor Undisclosed Tokenization
Market entering early M&A phase as the race to become a
prime broker accelerated
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6
Regulation
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Regulatory landscape advances in key areas
§ Key cases on token issuance decided: Telegram & Kik
Token § The prototypical “2017 ICO” is officially dead
Issuance § Federal judicial decisions provide template for token protocols
that are actually decentralized
§ “Offshore” exchanges & markets, formerly considered
Token unregulated, face US civil and criminal actions
Markets § Actions against bad actors open opportunities for *regulated*
market participants to move forward
Global § Governments increasingly contemplate CBDCs and perhaps the
inevitability of private stablecoin solutions
Outlook § India strikes down crypto ban, nations move to regulate crypto
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Major regulatory events timeline
SEC grants no-action letter to
certain ATD Broker-Dealers
Sept 2020
SEC wins preliminary SEC grants no-action
injunction against Telegram letter to IMVU token
Abra settles with CFTC / SEC wins summary
March 2020 Nov 2020
SEC continues SEC over digital asset judgment against Kik
to reject swap violation Sept 2020
Bitcoin ETF Jul 2020
Mar 2020 NYDFS grants BitMEX charged
BitLicense to ErisX by CFTC, DOJ
May 2020 Oct 2020
January June December
OCC grants banks
Engigma settles with authority to John McAfee sued
SEC over $45M ICO custody crypto by SEC for ICO
Feb 2020 Jul 2020 Promotions
India Supreme Oct 2020
Salt Lending hit with cease-and-
Court Strikes Down
desist over $47M ICO Securitize gets SEC/FINRA
Crypto Ban
Sept 2020 approval for digital assets
Mar 2020
ATS & Broker-Dealer
Oct 2020
SEC Commissioner Peirce
proposes token safe harbor
April 2020
TOKEN ISSUANCE
TOKEN MARKETS
OTHER
Source: FinCEN, SEC, Blockchain Capital Analysis
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ICO regulation ultimately benefits non-token-
issuing industry service providers
§ Centralized issuers of tokens like Kik
and Telegram conclusively disfavored
§ Federal courts reaffirm that (a) using § Providers servicing already
token sale proceeds to develop decentralized ecosystems (e.g., Bitcoin,
network or protocol, and (b) issuing Ethereum) have enjoyed greater
tokens with no significant use case are opportunities to work alongside
both hallmarks of an investment existing regulatory frameworks and
contract consolidate market share
§ However, tokens themselves post-
issuance may not represent securities
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The rise of DeFi presents new regulatory
considerations for token issuance
Genuinely decentralized protocols can avoid the the ’Cardinal Sins’ of
token issuance:
Using proceeds to Promising increase Promoting token
build network in token value secondary trading
DeFi’s remedy – literal decentralization
§ Protocols built / in use before token is issued
§ Tokens generated as compensation for protocol participation – not sold
§ Token value primarily resides in governing rights over the protocol
§ Users act as shareholders AND directors
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Dark and manipulated markets receive US
regulatory reckoning
Unregulated token market concerns long expressed by regulators…
§ Commodities markets, like BitMEX, are susceptible to market manipulation and conflicts of interest;
no efforts to comply with US regulations, including KYC/AML requirements
§ Coin mixing services, like Helix, allow users to transfer value without knowing whether the “money”
was used to facilitate or obfuscate criminal activity
§ CFTC and FinCEN finally took civil action; DOJ filed criminal charges
…result in enforcement
BitMEX Action Criminal Liability Helix / Ninja Coin Action
§ “Bad Actor” designation § BitMEX: counts of violating and § Alleged to have flouted
conspiracy to violate the BSA regulations
§ Disgorgement
§ Helix: unlicensed money trans. & § Alleged to have actively aided
§ Contract rescission
conspiracy to launder money cybercriminals
§ Restitution
§ Founders indicted and arrested or § $60 million penalty (but could
§ Civil penalties “at large” have been $210 million)
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Regulators begin to favor regulated and
“regulator-friendly” entities
Broker/Dealers get no-action letter
for simplified ATS execution of
digital asset securities
Regulated exchanges expand
market share and product offerings
on and offshore
Building blockchain analytics for law
enforcement and financial institutions
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Decentralization… the final frontier of digital
asset regulation?
Idyllic decentralized protocols are ‘Software, not a Service’
§ DeFi markets are properly enabled where decentralized users interact with
each other via smart contract, not central intermediary
§ Smart contracts, critically, must be open source software and not subject to
ongoing technical or governance control of developers
§ At minimum, developers should not have ability to “turn the protocol off”
§ By design, DeFi protocols should make protocol users also protocol
governors
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The global conversation primarily revolves
around CBDCs and stablecoins
Major Events Stance
China launches pilot of DCEP, their central bank Pro-blockchain
digital currency
China Anti decentralized, censorship
China launched their blockchain ecosystem, BSN resistant technologies
Hong Kong SFC opens path for crypto exchanges to be regulated Cautiously positive sentiment
UK regulates crypto derivative products, announces
UK Cautiously positive sentiment
upcoming stablecoin guidance
EU explores CBDC designs and stablecoin regulation, Proactive stance acknowledges the
EU ECB pushes forward on a digital Euro future of digital currencies
India Supreme court strikes down crypto ban on banks Cautiously positive sentiment
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7
User Adoption
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Market adoption makes progress across key
segments
Governments
Mainstream
Fringe
Institutions
Retail Users
2011 2019 2020 2030+
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Bitcoin’s perception and awareness remains
high across U.S. adults
Phase 1 Phase 2 Phase 3
Learning Conviction Adoption
Awareness Familiarity Perception Conviction Preference Rates Purchase Propensity Owners / Users
Source: Blockchain Capital Harris Poll Survey
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38% of people expect bitcoin to exist longer
than the euro – in strongly growing conviction
Phase 1 Phase 2 Phase 3
Learning Conviction Adoption
Awareness Familiarity Perception Conviction Preference Rates Purchase Propensity Owners / Users
Source: Blockchain Capital Harris Poll Survey
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Estimates suggest there are ~100M worldwide
crypto users with major onramps incoming
Phase 1 Phase 2 Phase 3
Learning Conviction Adoption
Awareness Familiarity Perception Conviction Preference Rates Purchase Propensity Owners / Users
Lower Bound Estimate of Total Crypto Asset Users & Accounts, In Millions
250
191
200
139
150
101
100
45 35
50
5
0
2016 2018 2020
Total Number of Accounts Total Number of Users
Source: Cambridge Crypto Asset Benchmarking Report
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MetaMask adoption showcases Ethereum &
DeFi’s growing presence with 1M active users
MetaMask Monthly Active Users
Source: Metamask
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Retail bitcoin interest filtering in through
fintech gateways
Google Search Trends
120
100
80
60
§ PayPal rolled out crypto buy-and-sell to
40
over 300M users
§ Square saw record bitcoin volumes and
20 revenues
§ eToro bolstered its crypto offerings with
0 staking rewards and asset expansion
6
7
8
9
0
15
16
17
18
19
§ SoFi received NYBitlicense, clearing the
/1
/1
/1
/1
/2
2/
2/
2/
2/
2/
22
22
22
22
22
/2
/2
/2
/2
/2
5/
5/
5/
5/
5/
way for crypto trading services
11
11
11
11
11
Cash App Bitcoin Robinhood Bitcoin PayPal Bitcoin
§ Revolut turned on crypto services across
Source: Google Search the world
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8
Looking Ahead
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Revisiting 2020’s Bold Predictions
1. A crypto company is acquired for more than $500m
2. Value locked in DeFi hits $5B
3. In the face of competition from China, Libra will receive the green light for a dollar-backed
stablecoin
4. A federal judge rules against the SEC in a crypto case
5. Not a single 2020 L1 network launch achieves "top 10” status, as defined by network value
6. USDC sees 300%+ growth (as measured by transaction value, issuance, market cap
and trading volume)
7. Demand for bitcoin transactions drives fees to exceed $100, catalyzing scaling up the stack
8. FinCEN / FATF hold stablecoins to a stricter standard than paper cash by requiring broad
application of the travel rule
9. KYC / AML becomes the primary regulatory battleground for DeFi
10. Privacy coins are de-listed from major exchanges
11. Bitcoin price blows past all-time high
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2021’s Bold Predictions
1. Coinbase debuts as the first IPO in crypto, market cap surpasses $30B
2. Industry sees two acquisitions above $500M and one acquisition above $1B
3. USD-backed stablecoin market issuance (Tether, USDC, Libra) surpasses $150B+
4. The combined market cap of top 3 DeFi governance tokens increases from 33% to 66% of
ETH’s market cap
5. Loans outstanding in DeFi protocols increases by 10x, surpassing $30B
6. 33% of all crypto exchange spot volumes will come from DEXes
7. WeChat Pay and Alipay support China’s CBDC
8. SEC approves first BTC ETF and first *custodial* digital asset Broker-Dealer
9. Bitcoin market cap grows from 4% to 10% of gold’s market cap
10. Microstrategy rebrands to Macrostrategy ;)
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About Blockchain Capital
MANAGEMENT TEAM
Brad Stephens Bart Stephens Spencer Bogart
Co-founder and Co-founder & Managing General Partner
Managing Partner Partner
Stephens Inv. Mmgt Stephens Inv. Mmgt Needham & Company
Fidelity Ventures Ivanhoe Capital ETF.com
CSFB Technology Group E*TRADE Group CFA
INVESTMENT TEAM OPERATIONS TEAM
Ben Davenport Jimmy Song H. Joshua Rivera Kinjal Shah Aleks Larsen Derek Hsue Shishi Feng JoAnne Lauer Zalia Aliriza Lindsey Crawford Allie Spencer
Venture Partner Bitcoin Fellow General Counsel Senior Associate Senior Associate Associate Data Scientist Director of CFO Executive Assistant Office Manager
and Chief Investor and Executive
Compliance Relations Assistant
Officer
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Disclaimer
THE INFORMATION PRESENTED IN THIS DOCUMENT HAS BEEN DEVELOPED INTERNALLY AND/OR OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE; HOWEVER,
BLOCKCHAIN CAPITAL DOES NOT GUARANTEE THE ACCURACY, ADEQUACY OR COMPLETENESS OF SUCH INFORMATION. BLOCKCHAIN CAPITAL IS NOT UNDER ANY
OBLIGATION TO UPDATE OR KEEP CURRENT THE INFORMATION CONTAINED HEREIN. PREDICTIONS, OPINIONS, AND OTHER INFORMATION CONTAINED IN THIS ARTICLE
ARE SUBJECT TO CHANGE CONTINUALLY AND WITHOUT NOTICE OF ANY KIND AND MAY NO LONGER BE TRUE AFTER THE DATE INDICATED. ANY FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE AND ARE SUBJECT TO NUMEROUS ASSUMPTIONS, RISKS AND UNCERTAINTIES, WHICH CHANGE OVER TIME.
ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN FORWARD-LOOKINGSTATEMENTS.
EXAMPLES OF PORTFOLIO COMPANIES ARE PURELY FOR ILLUSTRATIVE PURPOSES. THIS LIST IS ONLY PARTIAL, AND READERS SHOULD NOT ASSUME THAT THE
INVESTMENTS IDENTIFIED WERE OR WILL BE PROFITABLE OR ARE REPRESENTATIVE OF INVESTMENTS BY BLOCKCHAIN CAPITAL’S ADVISED FUNDS. THERE IS NO
GUARANTEE THAT ANY FUND WILL ACHIEVE THE SAME EXPOSURE TO, OR QUALITY OF, INVESTMENTS HELD BY ANY EXISTING FUND.
THIS MATERIAL IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
SECURITY; IT IS NEITHER A PROSPECTUS NOR AN ADVERTISEMENT, AND NO OFFERING IS BEING MADE TO THE PUBLIC. RECIPIENTS OF THIS DOCUMENT ARE NOT TO
CONSTRUE IT AS INVESTMENT, LEGAL, OR TAX ADVICE AND IT IS NOT INTENDED TO PROVIDE THE BASIS FOR ANY EVALUATION OF ANY INVESTMENT. BLOCKCHAIN
CAPITAL DOES NOT PROVIDE INVESTMENT ADVICE TO INVESTORS AND NO COMMUNICATION, THROUGH THIS DOCUMENT OR IN ANY OTHER MEDIUM, SHOULD BE
CONSTRUED AS A RECOMMENDATION FOR ANY SECURITY. VENTURE INVESTING INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR SOPHISTICATED AND
QUALIFIED ACCREDITED INVESTORS.
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Thank You
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