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Note: This is a longform piece and is best viewed on our website or our app
Here’s a list of upcoming or live protocols we’re closely tracking. As investors who also produce content, we aim to be transparent about the teams we’ve invested in or the tokens we hold. While we’d like to believe we’re unbiased, some bias is inevitable. That said, as investors, we often get a behind-the-scenes look at these teams and their innovative ideas, which naturally fuels our enthusiasm for the projects we back or know well. Still, we didn’t want to exclude them from this list simply because of our investments.
Before we get started, this is never a recommendation or endorsement to buy any token(s) mentioned, and here’s a few risks to consider:
Smart contract risk in any underlying protocols
Front-end spoof attack on an app frontend
An economic design exploit
Colluding signers on any multisig
Systemic risk across DeFi, including stablecoin depegs
Summary
Unlaunched Tokens
InfiniFi (invested)
InfiniFi are calling themselves the first onchain fractional reserve system. That is a bit of a mouthful, but basically they will be able to take any asset, add a duration to it and achieve a higher yield. This can work with any onchain asset. Essentially, any asset that can be tokenized can work with InfiniFi.
Why We’re Bullish:
InfiniFi is highly composable with other protocols. They will be able to take any yield and make it higher by adding duration. DeFi operates as a meritocracy, where the highest risk-adjusted yields typically prevail. If InfiniFi executes its vision effectively, it could become a powerful magnet for assets.
InfiniFi's positive-sum integration with other protocols is a key strength. For instance, Ethena would likely welcome users locking sUSDe for 10–12 weeks with InfiniFi. They’re fostering lots of strong behind-the-scenes partnerships like this Ethena example above (maybe even with Ethena 👀). Also, I’ve seen the looping assumptions spreadsheet and they are some of the highest I’ve ever seen in DeFi (a fixed rate collateral with high yield is a looping dream).
Helpful Resources:
Referral code: https://infinifi.xyz?ref=DEFIDAD
(This one is actually useful, as the InfiniFi waitlist is invite only and likely to remain that way after launch)
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Yield Basis (not invested)
Curve founder Michael Egorov has found a way to isolate incredible single sided Bitcoin yield with no IL.
We were lucky enough to have the Yield Basis pitch presented to us by Michael himself and if it works as designed on paper (and via simulations), its groundbreaking for DeFi yields. We will likely have an Edge Podcast coming up on this soon.
Why We’re Bullish:
Michael is a proven builder and to us its obvious that the market would greatly value real yield on Bitcoin. Some of the simulations they’ve ran show that upwards of ~20% APY is very attainable with more in bull conditions and less in other bear conditions.
There’s another component with the tokenomics design that I really like that I might not be able to share yet, but I think its really compelling. Without giving it away, there’s lots of optionality on how you can receive your yield.
Helpful Resources:
Michael Egorov's new protocol is designed to eliminate impermanent loss through leveraged Curve crypto pools
— Blockworks (@Blockworks_)
5:01 PM • Apr 22, 2025
Cap Labs (invested)
Cap is introducing a novel mechanism to attract yield coordination that ultimately benefits their cUSD yield bearing stablecoin. They are calling it a stablecoin protocol with credible financial guarantees. The protocol leverages shared security protocols like Eigenlayer and others like Symbiotic.
With this setup they can attract a near limitless number of offchain or onchain yield strategies. There’s a great writeup in their docs on where the yield sources come from.
Why We’re Bullish:
We love to see experimentation in DeFi and to see ambitious founders push the space forward. While that of course comes with risks, its needed to find PMF and to further adoption. Their mechanism expands the pool of contributors to yield sourcing, effectively crowdsourcing from top-tier operators in both DeFi and TradFi. This creates one of the most dynamic and versatile platforms for yield generation in DeFi.
Lastly, the team is stacked with DeFi OG builders. On paper, Cap checks almost every box for me, but time will tell.
Helpful Resources:
GTE (not invested)
GTE stands for Global Token Exchange. GTE is going after CEX level performance but with the security, transparence and compossibility of being fully onchain. They’re touting themselves as fully vertically integrated with the ability to handle asset creation, spot and leverage.
Why We’re Bullish:
GTE wasn’t really on my radar (or even MegaETH) until our podcast and Enzo sort of blew me away with their vision. I ended up getting red pilled on MegaETH and GTE all in the same ~ hour long podcast (quick aside - this is sometimes how we diligence teams ourselves, we learn a lot by doing a podcast).
With the success of Hyperliquid, the space is starting to get crowded by new entrants, but I think the GTE team/vision has all the ingredients to carve out their own niche in the space.
Helpful Resources:
GAIB (invested)
At the center of GAIB is AID, which is a synthetic dollar. Under the hood, GAIB is providing financial infrastructure for AI, starting with a new financial primitive for AI compute. GAIB tokenizes GPUs and their cash flows to create a new type of asset, and builds a DeFi ecosystem on top. This approach accelerates the expansion of cloud and data centers by facilitating funding, but also offers investors direct exposure to compute assets and their products, democratizing access to the AI space. By staking AID (sAID) holders will be exposed to these tokenized revenue streams from GPUs.
Why We’re Bullish:
I’m bullish on bringing new yields to DeFi, whether that be through a breakthrough in mechanism design or finding external yields and bringing them onchain. With GAIB, it’s a bit of both.
Below is an excerpt from the docs on the three main models for where the yield comes from:
Hybrid = Debt + Equity
GAIB could have some incredible yields 👀
Some of the yields they are projecting are pretty incredible and if they can execute, I see it garnering a lot of mindshare in DeFi.
Like anything new and ambitious, its worth it to think through all the scenarios where this can break down. We had a lot of calls with the team and talked through a lot of “what if” scenarios, but again, with anything new and novel, there’s always added risk.
Helpful Resources:
Kinetiq (invested)
Kinetiq will be powering liquid staking on Hyperliquid (kHYPE).
Why We’re Bullish:
Kinetiq is positioning itself as the native LST for Hyperliquid. They aren’t venturing into other ecosystems like some of their competitors, they’re just hyper focused on winning the Hyperliquid market.
The founding team is made up of many HYPE whales who had high conviction in Hyperliquid from very early on. They’re also connected to the entire Hyperliquid whale community and it seems obvious to me this will be the LST of choice for this ecosystem. They’ve taken their time with audits instead of rushing to launch on day 1 of HyperEVM. They’re now almost through their fourth audit and should be going live soon (Some of the best in class auditors).
Their roadmap and strategy are very reminiscent to what Jito did with Solana. They have a lot on the roadmap to come with how they’re positioning for MEV in the Hyperliquid ecosystem. We have a podcast coming out soon as well.
Helpful Resources:
Felix (not invested)
Felix is a Liquity V2 CDP fork and one of the first money markets on HyperEVM.
Why We’re Bullish:
Like Kinetiq, Felix also shares a lot of the same roots in the Hyperliquid genesis story. Both projects have been incubated from early Hyperliquid community members and are positioned to be native winners of the ecosystem. Also, I’ve had a lot of interactions with their founding team and they are very strong.
There’s other money markets live on HyperEVM, but my hunch has been that Felix will attract a lot of the early whale TVL. It has already attracted ~$170M in TVL and its only been live for a few weeks. I think this ramps up even more once Kinetiq goes live as both protocols are extremely synergistic to one another. Many whales are waiting to unstake from Hyperliquid validators once kHYPE is live. Once live, users will be able to use kHYPE on Felix and borrow feUSD to perform all sorts of other DeFi activities.
Helpful Resources:
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