Author: mable.sol(Former Multicoin Capital Partner Mable Jiang)
Compiled by: Ken, Chaincatcher
Everyone can only excel at one type of game. You should spend half your time figuring out what game you're good at, and the other half fully focused on playing it well.
Kyle Samani knew exactly what his was.
His strategy was to first develop a theory, then find the right projects—and persistently wait for the theory to be validated (while occasionally assessing if the theory still held). In building a "Nasdaq on-chain" with Solana, he saw this thesis from the very beginning (even though Solana is still some distance from this vision today, that's not the point), and executed this strategy by leading multiple rounds of financing—even participating in discounted OTC rounds long after SOL's mainnet beta launch. He did everything he could to facilitate Solana's development.
His core gamble was in finding asymmetric opportunities, i.e., non-consensus bets. Haseeb was right: probably no one is better at this than Kyle.
People question why Multicoin didn't capture any of the leading perpetual DEXs or related infrastructure this cycle. No one knows better than I do that Multicoin was a firm believer in perpetual DEXs long before anything existed this cycle. Even before many in the industry understood how central limit order books worked—you'd be surprised, but it's true, after all many of us were originally cypherpunks who later adapted to become trading experts (laughs). Multicoin studied basically every perpetual DEX and analyzed the trade-offs. There were many blog posts about the design space and why certain designs were better—you can find them on multicoin.capital.
So why did they "miss" it? Because perpetual DEXs and on-chain liquidity—these are no longer non-consensus bets. Of course, they still have huge growth potential. But consensus bets hold no appeal for Kyle. That was never his game.
And for a fund, the goal is to make money for LPs. So, managing a fund by the book is no longer the game Kyle wants to focus on playing. Running a data company might be something he's interested in—this has never been successfully done before (if you're interested, you can probably listen to the podcast I did with him on FWRD). There are still many asymmetric opportunities in the world waiting to be discovered. Kyle knows his game, so he decided to focus on playing the game he's good at and interested in.
No one needs to worry about who is moving on to other fields. When you know what your game is, you should focus on playing it well and aim to win. Winning isn't the entire purpose, but devising a winning strategy is part of the game experience.
Many worry about what Multicoin will be like without Kyle. But I'm not worried, because I know the opportunities ahead for all of us align with the strengths of Tushar, Brian, Spencer, Shayon, Vishal, Matt, Greg, and the rest of the team: on-chain trading, AI, and compliance. As long as the team focuses on playing this game correctly, it will remain top-tier in the industry.
For me, I've been a builder for almost four years now. Looking back, my time at Multicoin was unique—intense debates with Kyle in investment committee meetings, strategic exchanges with Tushar, and exploring the design space of many things with every IC member. I know I can't be as good as any of them, but I've also found my passion and the field of play that belongs to me.
For Kyle, the Web3 dream has turned into nothing but cold ledgers. For me, in this highly commoditized world, these ledgers condense real value transfer. When all other filtering mechanisms completely fail, money becomes the world's only relatively scarce resource to express opinions—and in the near future,恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕连金钱本身也算不上了恐怕极有可能连金钱本身也算不上了。This is why I am building an asset generation protocol (@trendsdotfun).
He and I never needed to agree on what game to play. But we sincerely wish each other well and will cheer for each other from the sidelines.
You only live once, focus on the game you are best at.
I'm just playing games, but I play to win.
Take it easy, but don't slack off.
