Author: mable.sol (Former Multicoin Capital Partner Mable Jiang)
Translated by: Ken, ChainCatcher
Everyone can only excel at one game. You should spend half your time figuring out which game you’re best at—and the other half fully focusing on playing it exceptionally well.
Kyle Samani knows exactly what his game is.
His strategy is to first formulate a thesis, then seek out the right projects—and patiently wait for the thesis to be validated (while periodically reassessing whether the thesis still holds). From day one, he saw the argument for building an “on-chain NASDAQ” on Solana—even though Solana remains far from realizing that vision today (which isn’t the point). He executed this strategy by leading multiple financing rounds—even participating in discounted OTC rounds long after SOL launched its mainnet beta. He did everything possible to advance Solana’s development.
His core game is identifying asymmetric opportunities—i.e., non-consensus bets. As Haseeb put it: no one may be better at this than Kyle.
People question why Multicoin didn’t capture any of the top perpetual decentralized exchanges (DEXs) or related infrastructure in this cycle. No one knows better than I do that Multicoin was already a staunch bull on perpetual DEXs before anything else in this cycle even existed.
In fact, even before many in the industry understood how centralized limit order books (CLOBs) work—you’ll be surprised, but it’s true—after all, many of us began as cypherpunks and only later adapted into trading experts (laughs). Multicoin meticulously studied nearly every perpetual DEX and analyzed their trade-offs. There were numerous blog posts exploring the design space—and explaining why certain designs are superior—you can find them at multicoin.capital.
So why did they “miss” them? Because perpetual DEXs and on-chain liquidity are no longer non-consensus bets. Of course, they still hold massive growth potential—but consensus bets hold zero appeal for Kyle. That was never his game.
And for a fund, the goal is to generate returns for limited partners (LPs). So managing a fund by the book is no longer the game Kyle wants to focus on playing. Running a data company—something no one has successfully done before—might interest him (if you’re curious, check out the podcast episode I did with him on FWRD). Countless asymmetric opportunities remain undiscovered around the world. Kyle knows his game—and so he chose to focus on the game he excels at and finds genuinely compelling.
No one needs to worry about who will pivot elsewhere. When you know your game, you should focus entirely on playing it well—and winning. Winning itself isn’t the sole purpose, but crafting a winning strategy is part of the game experience.
Many wonder what Multicoin will look like without Kyle. But I’m not worried—because I know the opportunities ahead of us align perfectly 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 industry-leading.
For me, I’ve been a builder for nearly four years. Looking back, my time at Multicoin was unique—the intense debates with Kyle in Investment Committee meetings, strategic idea exchanges with Tushar, and deep dives with every IC member into the design space of countless things. I know I can’t match any of them in excellence—but I’ve found my own passion and my own game.
For Kyle, the Web3 dream has become nothing more than cold ledgers. For me, in this highly commoditized world, those ledgers embody real value transfer.
When every other filtering mechanism fails completely, money becomes the world’s only relatively scarce resource for expressing conviction—and soon, even money itself may cease to qualify. That’s why I’m building the Asset Generation Protocol (@trendsdotfun).
He and I never needed to agree on which game to play—but we sincerely wish each other well and will cheer each other on from the sidelines.
Life is short. Focus on the game you’re best at.
I may just be playing a game—but I play to win.
Stay relaxed—but never slack off.
The End of an Era: Kyle Samani’s Departure from Multicoin and Its Market Implications
In the high-stakes world of crypto venture capital, few names carry as much weight as Kyle Samani of Multicoin Capital. The recent announcement of his departure, as detailed by former partner Mable Jiang, marks not just a leadership change but potentially a philosophical shift in one of the industry’s most influential investment firms.
Kyle’s Unique Investment DNA
What made Kyle exceptional wasn’t just his returns but his unwavering commitment to asymmetric opportunities—what Mable describes as “non-consensus bets.” This philosophy is the core of what made Multicoin distinctive in a sea of me-too VCs. Kyle wasn’t interested in consensus plays; he wanted to identify the next Solana when few others saw its potential, investing “even participating in discounted OTC rounds long after SOL launched its mainnet beta.”
This approach explains why Multicoin seemingly “missed” the top perpetual DEXs this cycle. According to Mable, this wasn’t an oversight but a deliberate strategy: “perpetual DEXs and on-chain liquidity are no longer non-consensus bets.” For Kyle, once an opportunity achieves consensus status, it’s no longer part of his game. This discipline is rare in crypto, where FOMO often drives late-stage investments.
Market Impact and Multicoin’s Future
Kyle’s departure raises critical questions about Multicoin’s future trajectory. The firm’s identity has been so closely tied to Kyle’s non-consensus approach that his absence could signal a strategic evolution. Mable suggests the remaining partners—Tushar, Brian, Spencer, Shayon, Vishal, Matt, and Greg—will continue focusing on “on-chain trading, AI, and compliance,” indicating a potential shift toward more established sectors.
For token markets, this could mean:
– Reduced exposure to truly experimental, early-stage projects that were Multicoin’s specialty
– Increased focus on infrastructure and established protocols with clearer paths to monetization
– Potential consolidation in Multicoin’s portfolio as new leadership establishes its thesis
The market reaction will likely depend on how gracefully Multicoin transitions. If the firm can maintain its rigorous analytical approach while adapting to a post-Kyle landscape, its influence will endure. However, a pivot toward more conventional venture strategies could diminish its unique value proposition.
Opportunities in the Wake of Change
Kyle’s departure creates several intriguing opportunities:
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The Asymmetric Vacuum: With one of crypto’s premier asymmetric bettors potentially moving to new ventures (possibly data companies, as Mable hints), new non-consensus opportunities may emerge that Kyle’s next firm could pursue.
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Portfolio Realignment: Multicoin may rebalance its portfolio, potentially creating secondary market opportunities for investors positioned to acquire stakes in projects where Multicoin reduces exposure.
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Talent Migration: As Kyle explores new ventures, key personnel may follow, creating opportunities for other firms or protocols to acquire proven talent.
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Market Inefficiencies: The transition period may create temporary market inefficiencies as the market digests Multicoin’s strategic shift, creating opportunities for nimble investors.
Risks and Considerations
For all the opportunities, significant risks accompany this leadership transition:
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Institutional Knowledge Loss: Kyle’s departure represents an erosion of institutional memory regarding non-consensus thesis development that may be difficult to replace.
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Strategy Dilution: Without Kyle’s distinctive voice, Multicoin could drift toward more conventional investment approaches, potentially reducing its alpha generation.
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Market Perception: LPs and the broader market may question Multicoin’s ability to maintain its performance edge without its most visible partner.
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Competitive Landscape: Other VCs may attempt to emulate Multicoin’s approach without fully understanding its nuances, leading to crowded trades and diminished returns.
The Broader Crypto VC Evolution
Kyle’s departure reflects a broader maturation of the crypto VC landscape. As the industry moves beyond pure speculation, we’re seeing a bifurcation between:
- Early-stage asymmetric bettors like Kyle, who thrive on identifying paradigm shifts before consensus
- Growth-stage specialists who focus on scaling established opportunities with clearer paths to liquidity
This evolution is healthy for the ecosystem but means fewer pure-play crypto VCs will maintain their early-stage thesis development capabilities. For investors, this underscores the importance of identifying which VCs truly bring unique value versus those who are simply following momentum.
Conclusion: The Enduring Power of Conviction
Ultimately, Kyle’s departure reinforces a timeless investment truth: success comes from knowing your game and playing it exceptionally well. Whether Kyle pursues data companies or other asymmetric opportunities, his disciplined approach to non-consensus betting will likely continue to generate alpha.
For the market, this transition represents both a challenge and an opportunity. The crypto ecosystem needs both Kyle’s type of visionary investors and the more established players who scale proven innovations. As Mable aptly notes, “When you know your game, you should focus entirely on playing it well—and winning.”
In an industry defined by rapid change, the clarity to recognize which game you’re best at—and the discipline to focus on it—remains the ultimate competitive advantage.