We are happy to announce @Subzero_Labs has raised an initial round of $20M led by @PanteraCapital to build @RialoHQ, the first Real World blockchain network. We’re proud to have the backing of other blockchain pioneers, including @variantfund, @hashed_official, @fabric_vc, @cbventures, @mirana, @Mysten_Labs, SIG, @EdgeVenturesVC, @flowdesk_co, and others.

Morpho’s TVL crossed $6B+ for a new ATH, up 89.2% YTD. #2 DeFi lending protocol worldwide.

Some bittersweet news: this is my last week at @VariantFund. Working with our founders became my favorite part of the job, so now I’m stepping into an operating role to help one of my favorite projects grow.

Stoked to share something we’ve been building quietly for a while: Proof of Quality. A protocol designed to answer two hard questions at the core of AI training data: 1. Where did this data come from? 2. Can it be trusted? Onchain systems taught us how to use incentives and disincentives to organize capital. Proof of Quality takes those learnings and applies them to knowledge.

1/ For years, a hostile SEC forced crypto founders into a broken model: drive all value into equity, not tokens. The result? Incentive misalignment, ineffective governance, and more legal risk. In this post, @jessewldn and I explain why that model failed and how to fix it.

Today, I'm excited to announce TWO milestones for us at Project 11 (@qdayclock) 💸 - We've raised $6M in a Seed financing led by @variantfund and @Quantonation 🚀 - We launched our first product: yellowpages Time to build to address crypto's existential crisis: quantum computing 👇

Excited to announce our seed investment in @qdayclock Imagine waking up in a decade to find your Bitcoin wallet drained. Not because of a hack, but because the math that once protected it has silently broken down. No alerts. No patch. Just physics, catching up. The financial world — both traditional and decentralized — runs on cryptography. But that foundation is under threat from quantum computing. In 2024, Google’s Willow chip solved in minutes a problem that would take the best classical supercomputer longer than the age of the universe to crack. Experts estimate that quantum computers will reach the threshold to break today’s cryptographic systems sometime between 2035 and 2050. Close enough to matter now. The U.S. government is pushing federal agencies and the banks they work with to migrate to post-quantum standards by 2030. But for decentralized financial systems, coordination is much harder. There’s no single vendor or update cycle. The upgrade path is messy. Most of crypto is sleepwalking toward this risk, even though the stakes are existential. But one team is sounding the alarm and building the safety net. That’s why we led an investment in Project Eleven @qdayclock. Project Eleven is building the infrastructure crypto needs to survive and thrive in a post-quantum world. Their first product, yellowpages, is like a fire escape for your Bitcoin. It lets holders generate quantum-resistant keys, prove ownership of their existing addresses, and publicly register those proofs, without moving funds or waiting for a protocol upgrade. It’s simple, free, and available today. It’s a way to secure what you already own against a threat that hasn’t arrived, yet. Project Eleven is led by @apruden08, someone I’ve known and respected for years. We first met at Andreessen Horowitz, where we were both investment partners on the crypto team. Even then, it was clear that, as a former Special Forces officer, he had a rare combination of vision, rigor, and operational grit. He later joined Aleo (a Variant portfolio company) as COO, where he led the team at the frontier of decentralized systems and bleeding-edge cryptography. This isn't theory for him. It’s mission-critical work — and he’s built his career preparing for exactly this moment. We’re proud to partner with Alex and the Project Eleven team as they help crypto meet its next great challenge. Quantum won’t arrive with a bang. But when it does come, it will be too late to scramble. The time to harden our systems is now, and Project Eleven is leading the way.

1/ @RumpelLabs is now live on @hyperliquidX HyperEVM 💚 For the first time, HyperEVM users will be able to Tokenize & Sell reward points from their favorite protocols to access instant liquidity & maximize yields. 👇

.@MorphoLabs just released their V2. It’s one of the most ambitious protocols I’ve seen in my past 3 years of defi investing. Here’s why:

We’ve backed @turnkeyhq from the beginning, and we’re doubling down again in their Series B. They just raised $30m to build the secure, programmable infrastructure crypto needs to scale.