Dragonfly’s State of Airdrops Report 2025
We analyzed data from over 12 airdrops (11 geoblocked airdrops and 1 non-geoblocked airdrop as a control) that conducted airdrops between 2019 and 2023 to determine the economic impact of having blocked U.S. users from claiming tokens.
Research
In Defense of Exponentials
I used to tell founders, the reaction you are going to get to your launch is not hate, it’s indifference. By default, nobody cares about your new chain.
I have to stop telling them that now. Monad just launched this week, and I’ve never seen so much hate about a blockchain that just launched. I’ve been investing into crypto professionally for 7+ years now. Before 2023, almost every chain I’ve ever seen that launched was mostly met with enthusiasm or indifference.
Opinion
The Comprehensive Guide to Token Compensation
Designing token-based compensation is a hard problem, especially given token liquidity and the volatility in crypto markets. To date, the topic has been fraught with murky tax/legal implications, fragmented data, and no well-defined playbook. Moreover, many founders and hiring managers navigate this process using cumbersome spreadsheets and half-baked software that don’t fully tackle the thorny issues.
Recruiting
Dragonfly’s 2023 Crypto Compensation Report
Crypto moves fast, and industry compensation data is scarce — especially comprehensive analyses. This can be a stumbling block for startups seeking to strategically navigate their growth. Our first annual compensation survey was developed in response to this gap.
Recruiting
Stablecoin Payments from the Ground Up: A $94 Billion Study by Artemis, Castle Island, and Dragonfly
Stablecoins have quickly become a credible alternative to traditional payment and settlement networks. In just five years, their supply has grown from under $10 billion to over $240 billion.
Research
(Re) Introducing Dragonfly
Dragonfly includes Dragonfly Ventures, Dragonfly Liquid, and now Metastable, the oldest crypto hedge fund, which we recently acquired. Metastable is one of the longest-running funds in crypto history, co-founded in 2014 by Naval Ravikant, and was an early investor into Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity, and Algorand. With its addition, Dragonfly is now more expansive than it’s ever been. And it’s time for a refresh.
Research
The Agentic Economy Will Be Massive. Agentic Commerce Won't
Whenever an emerging narrative enters the public discourse, the prevailing thesis gets reduced to its most memetic form. Intuitively, when no one can empirically prove what will happen, provocation is rewarded over nuance.
Opinion
2024/2025 Crypto Compensation Report
Compensation is one of the most common topics we’re asked about by the Dragonfly portfolio (and beyond), and for good reason: Reliable industry data in crypto is scarce.
Recruiting
