Value Accrual in Nascent Token Economies — with Lasse Clausen of 1kx Capital

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Today’s Topics

[0:54] How Lasse’s background as a software entrepreneur with a focus on mobile apps led him to develop a crypto investment fund

[6:32] How the space has evolved to start attracting application-layer entrepreneurs and enterprise developers

[12:05] The characteristics of a visionary vs. mercenary developer

[13:29] The 1kx thesis for making investment decisions and why they are token maximalists

[22:09] How 1kx expresses its investments when tokens are out of fashion and the value in being a ‘natural contrarian’

[26:16] 1kx’s long-term time horizon and how it’s influenced by the open-source model in the crypto space

[28:16] Why 1kx is focused primarily on Ethereum

[30:15] Why 1kx chooses not to invest in any pure-play or liquid cryptocurrencies other than Ethereum

[32:30] Lasse’s insight around having conversations with LPs and how 1kx attracts specialist, sophisticated crypto investors

[35:05] The advantage 1kx has in being an evergreen fund

[37:08] The qualities 1kx is looking for in a crypto founder

[40:50] How 1kx adds value beyond the capital they provide

[45:17] Lasse’s take on the most interesting crypto subsectors, including payments, DeFi and Web3

[54:13] The token models that make the most sense for value accrual when it comes to computation and storage

[56:33] The crypto scene in Berlin and why it appeals to brilliant technical founders

[58:41] The strengths and weaknesses of the crypto ecosystems in Silicon Valley, Berlin, and Asia

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