The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Avichal Garg: Token value creation often requires writing off founding equity
“We see cases where actually, yes, today there's a company, but the real value clearly will be in the token. And actually you want the company to dissolve and not exist. So effectively you're going to invest in some equity over time. You'll get some tokens, whi…”
Garg: A valid token network survives shutting down its corporate creator
“Generally, a limit test we're using is like, does the company just go away? And if you shut down the company, Would you still have a significant amount of value capture and creation that happens on the token side? And if the answer to that is yes, then really …”
Garg: Electric Capital limits network ownership cap to 5%
“And so you actually, like in our case, we try to not own more than five percent.”
Garg: Crypto will eat capital markets and venture capital
“Crypto is also going to eat capital markets, right, which is the deployment of money and the deployment of capital. And if crypto is going to eat capital markets, it's going to eat venture capital.”
Electric Capital executes about 25% of its investments in USDC
“We probably do about a fourth of our investments in USDC, because it's just faster.”
Ian Lee: Copy Trading Electric Capital Is a Top Crypto Investing Strategy
“I think copy trading of each and electric capital is probably one of the best strategies that anyone can have.”
Garg: Much of Electric Capital's activity will move on-chain in 10-15 years
“I don't think it's so crazy that 10 or 15 years from now, a lot of electric activity actually just happens on-chain.”
Garg: Elad Gil seeded Electric Capital with $1M and raised first $10M
“He was the catalyst. He was the person who came to us and said, you guys are really good at this, and there's a real market opportunity here for a thing that's not a traditional VC firm, and that's not a hedge fund, that's built differently, and you guys have …”
Garg: Exponential market growth requires accepting short-term speculative noise
“You can't have exponential growth and experimentation and exploration without a bunch of this sort of speculative, cringey kind of activity, and so I think you just sort of have to swallow it as part of the process of figuring out what's really valuable, and s…”
Garg: Electric Capital compensates software engineers as investment professionals
“And we comp them as investment professionals. We don't comp them as like back office.”
Garg: Global economy has tapped less than 10% of highly gifted talent
“I suspect we've tapped no more than 10% of those people. 90% of the highly gifted people in the world we have just not been able to find yet.”
Garg: Determining durable DAO governance models will take 7 to 10 years
“And I think for us to really know which of these experiments from governance or economic game theory perspective are durable, I think it's going to take seven to 10 years.”
Garg: Electric Capital invested in Coda for zero-knowledge blockchain compression
“We did an investment in a company called Coda that has some novel ways to compress the blockchain itself using zero knowledge proofs. And the reason I think this is really interesting is what it allows is for a much, much smaller blockchain, which allows for m…”
Electric Capital raised $1B for its new crypto fund
“Last month, Electric announced that they had raised one billion dollars for their new fund, making them one of the largest independent and crypto-native VC firms in the world.”
Electric Capital grew fund sizes from $16M to $1B in three years
“Raised our first fund. It was a small fund, sixteen million, and then raised our sort of first proper institutional fund in 2020 at 110, and then just closed a billion.”
Garg: Electric Capital uses traditional VC fund structures to attract institutional capital
“Yeah, we actually look pretty vanilla on that stuff. And the reason is, I think, from a product perspective, it's much easier to tap into institutional capital at scale if you're not trying to invent something new there.”