https://ev3.xyz/research/ Research, investor letters, and investment memos from Escape Velocity (EV3), a thesis-driven crypto venture fund. en-us Wed, 01 Apr 2026 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q1-2026 Quarterly update on crypto markets, TradFi flows, protocol buybacks, liquid crypto investing framework, and portfolio updates on Helium, Grass, Geodnet, OVR, MetaDAO, and Bittensor. Wed, 01 Apr 2026 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q1-2026 Investor Letter https://ev3.xyz/research/scifi-the-game A sci-fi narrative exploring the game theory of AI automation from the perspectives of a CEO, employee, board member, and AI agent. Wed, 01 Apr 2026 00:00:00 +0000 https://ev3.xyz/research/scifi-the-game Research https://ev3.xyz/research/fund-2-letter.html Announcing Escape Velocity's $61.74M Fund II — our vision for the next chapter of crypto-enabled infrastructure. Wed, 29 Jan 2026 00:00:00 +0000 https://ev3.xyz/research/fund-2-letter.html Investor Letter https://ev3.xyz/research/onchain-credit-part-2 An essay on the business physics of lending, securitization, and why tokenization can create faster and safer credit markets. Sat, 01 Nov 2025 00:00:00 +0000 https://ev3.xyz/research/onchain-credit-part-2 Research https://ev3.xyz/research/onchain-credit-part-1 A brief history of credit and the evolution of onchain credit markets, from DeFi lending to yieldcoins and looping. Sat, 01 Nov 2025 00:00:00 +0000 https://ev3.xyz/research/onchain-credit-part-1 Research https://ev3.xyz/research/letters/investor-letter-q3-2025 Quarterly update on crypto markets, digital asset treasury companies, onchain rates, L1 valuations, and DePIN. Thu, 02 Oct 2025 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q3-2025 Investor Letter https://ev3.xyz/research/letters/investor-letter-q2-2025 Escape Velocity's Q2 2025 investor letter. Mon, 14 Apr 2025 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q2-2025 Investor Letter https://ev3.xyz/research/memos/rumi-preseed-march-2025 EV3's investment memo for Rumi, a video indexing protocol. Sat, 01 Mar 2025 00:00:00 +0000 https://ev3.xyz/research/memos/rumi-preseed-march-2025 Investment Memo https://ev3.xyz/research/letters/investor-letter-q1-2025 Escape Velocity's Q1 2025 investor letter. Thu, 16 Jan 2025 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q1-2025 Investor Letter https://ev3.xyz/research/memos/skymapper-preseed-january-2025 EV3's investment memo for Skymapper, a decentralized space data network. Wed, 15 Jan 2025 00:00:00 +0000 https://ev3.xyz/research/memos/skymapper-preseed-january-2025 Investment Memo https://ev3.xyz/research/annual-reports/state-of-zk-tls The first comprehensive annual report on zero-knowledge TLS technology and its applications. Mon, 16 Dec 2024 00:00:00 +0000 https://ev3.xyz/research/annual-reports/state-of-zk-tls Annual Report https://ev3.xyz/research/memos/over-the-reality-november-2024 EV3's investment memo for Over the Reality (OVR), an augmented reality platform. Fri, 01 Nov 2024 00:00:00 +0000 https://ev3.xyz/research/memos/over-the-reality-november-2024 Investment Memo https://ev3.xyz/research/letters/investor-letter-q3-2024 Quarterly update on DePIN and crypto markets, EV3 portfolio highlights, DePIN Summit notes, and private and liquid markets commentary for Q3'24. Tue, 15 Oct 2024 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q3-2024 Investor Letter https://ev3.xyz/research/memos/bittensor-double-down-august-2024 EV3's follow-on investment thesis for Bittensor. Thu, 01 Aug 2024 00:00:00 +0000 https://ev3.xyz/research/memos/bittensor-double-down-august-2024 Investment Memo https://ev3.xyz/research/memos/daisy-preseed-august-2024 EV3's investment memo for Daisy, an influencer marketing protocol. Thu, 01 Aug 2024 00:00:00 +0000 https://ev3.xyz/research/memos/daisy-preseed-august-2024 Investment Memo https://ev3.xyz/research/letters/investor-letter-q2-2024 Quarterly update on DePIN and crypto markets, EV3 portfolio activity, firm updates, and predictions for the back half of 2024. Mon, 15 Jul 2024 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q2-2024 Investor Letter https://ev3.xyz/research/opacity-network-trust-but-verify A technical exploration of zkTLS, TLSNotary, and how Opacity layers security considerations to verify TLS transcripts onchain. Tue, 09 Jul 2024 00:00:00 +0000 https://ev3.xyz/research/opacity-network-trust-but-verify Research https://ev3.xyz/research/zk-tls-insurgent-technology Analysis of zero-knowledge TLS as a breakthrough technology for verifiable web data. Mon, 01 Jul 2024 00:00:00 +0000 https://ev3.xyz/research/zk-tls-insurgent-technology Research https://ev3.xyz/research/depin-restaking Research on liquid staking and restaking mechanisms for DePIN networks. Sat, 01 Jun 2024 00:00:00 +0000 https://ev3.xyz/research/depin-restaking Research https://ev3.xyz/research/depin-staking-medallions Analysis of staking models in DePIN networks through the lens of NYC taxi medallions. Wed, 01 May 2024 00:00:00 +0000 https://ev3.xyz/research/depin-staking-medallions Research https://ev3.xyz/research/letters/investor-letter-q1-2024 Quarterly update on DePIN and crypto markets, portfolio moves, and firm commentary for Q1'24. Mon, 15 Apr 2024 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q1-2024 Investor Letter https://ev3.xyz/research/dewi-2025-update Updated analysis of the decentralized wireless investment thesis. Mon, 01 Apr 2024 00:00:00 +0000 https://ev3.xyz/research/dewi-2025-update Research https://ev3.xyz/research/decentralized-computes-final-frontier Research on the verification problem in decentralized compute networks. Fri, 01 Mar 2024 00:00:00 +0000 https://ev3.xyz/research/decentralized-computes-final-frontier Research https://ev3.xyz/research/influencer-marketing-networks Analysis of decentralized influencer marketing networks — Applovin for Influencers. Thu, 01 Feb 2024 00:00:00 +0000 https://ev3.xyz/research/influencer-marketing-networks Research https://ev3.xyz/research/letters/investor-letter-q4-2023 Quarterly update on DePIN and crypto markets, portfolio moves, firm highlights, and 2024 predictions for Q4'23. Mon, 15 Jan 2024 00:00:00 +0000 https://ev3.xyz/research/letters/investor-letter-q4-2023 Investor Letter https://ev3.xyz/research/memos/glow-depin DePIN protocol for bootstrapping new solar. Mining mechanics, incentives, tokenomics, risks, and underwriting case. Mon, 01 Jan 2024 00:00:00 +0000 https://ev3.xyz/research/memos/glow-depin Investment Memo https://ev3.xyz/research/letters/Advertising_from_First_Principles/ EV3's core thesis on crypto-native advertising, attention economics, and the advertising value chain. Mon, 01 Jan 2024 00:00:00 +0000 https://ev3.xyz/research/letters/Advertising_from_First_Principles/ Research https://ev3.xyz/research/memos/bittensor-ai-crypto-april-2023 EV3's original investment memo on Bittensor, a decentralized AI network. Sat, 01 Apr 2023 00:00:00 +0000 https://ev3.xyz/research/memos/bittensor-ai-crypto-april-2023 Investment Memo https://ev3.xyz/research/on-dewi-network-design Design space and tradeoffs for decentralized wireless (DeWi) networks — power vs cost, decentralization, target demand, token dilution, mobile core choices, and spectrum. Wed, 01 Mar 2023 00:00:00 +0000 https://ev3.xyz/research/on-dewi-network-design Research https://ev3.xyz/research/rf-physics-for-dewi-investors-pt1 From first principles: how radios, antennas, towers, spectrum, and path loss shape the costs, coverage, and economics of decentralized wireless (DeWi). Sun, 01 Jan 2023 00:00:00 +0000 https://ev3.xyz/research/rf-physics-for-dewi-investors-pt1 Research https://ev3.xyz/research/letters/DeWi_Beyond_Networks/ EV3's foundational thesis on Decentralized Physical Infrastructure Networks (DePIN). Sun, 01 Jan 2023 00:00:00 +0000 https://ev3.xyz/research/letters/DeWi_Beyond_Networks/ Research https://ev3.xyz/research/dewi-mining-economics A practitioner's look at MOBILE, HNT, and DeWi miner economics — treasury mechanics, utility scores, issuance, paybacks, and data-transfer unit economics. Tue, 01 Nov 2022 00:00:00 +0000 https://ev3.xyz/research/dewi-mining-economics Research https://ev3.xyz/research/tokens-as-junk-equity A breakdown of FTX's token death spiral and the hidden leverage created by token-based junk-equity financing models. Tue, 01 Nov 2022 00:00:00 +0000 https://ev3.xyz/research/tokens-as-junk-equity Research https://ev3.xyz/research/memos/adrena-series-a-october-2022 EV3 memo: Andrena is building a decentralized bandwidth network, starting with fixed wireless. Brief overview, reasons to invest, risks, and expansion plans. Sat, 01 Oct 2022 00:00:00 +0000 https://ev3.xyz/research/memos/adrena-series-a-october-2022 Investment Memo https://ev3.xyz/research/on-digital-commodities-investing Why compute, storage, and connectivity are the core 'digital commodities' of crypto — and how value may accrue across DeWi and L1 ecosystems. Thu, 01 Sep 2022 00:00:00 +0000 https://ev3.xyz/research/on-digital-commodities-investing Research https://ev3.xyz/research/letters/DeWi_Unit_Economics/ EV3's original thesis on decentralized wireless network economics vs. incumbent telcos. Sat, 01 Jan 2022 00:00:00 +0000 https://ev3.xyz/research/letters/DeWi_Unit_Economics/ Research