In the spring, the dragonfly is the first to emerge from the frost into the fresh, green world. It’s a humble creature, but the dragonfly has one of the highest hunt success rates in the animal kingdom.

Emblem

WE’RE CRYPTO-NATIVES WHO HAVE BEEN INVESTING AND BUILDING FOR 10+ YEARS. FOUNDED IN 2018, DRAGONFLY BRINGS ACCESS AND INFLUENCE TO HELP CRYPTO TEAMS WITH GLOBAL ASPIRATIONS FIND INNOVATION AND ADOPTION ANYWHERE.

About

Woo Network

TRLab

TaxBit

SynFutures

Spacemesh

Skolem Labs

Showtime

Sense Finance

Saffron Finance

Saddle

Ribbon Finance

PoolTogether

Paradigm

Opyn

Oasis Labs

NEAR Foundation

Mina Protocol

Matter Labs

Matrixport

MakerDAO

Kikitrade

Hedgehog

Hashflow

Investing is all about looking into the future. Through our research, we develop a fundamental understanding of the problems in crypto and what it takes to make progress. We share our insights into different areas of the crypto world with data-driven analysis and a technical approach to breaking down THE big problems and opportunities.

The DRAGONFLY TALENT TEAM WORKS CLOSELY WITH our portfolio companies and has the earliest awarEness of the best new opportunities in crypto. 

explore

Dragonfly’s portfolio includes the leading companies across DeFi, CeFi, NFTs, L1s, L2s, Infrastructure, and beyond. These teams are hiring top talent to help them solve hard problems and build generational products and protocols.

Careers

Flashbots

ErisX

dYdX

Dune Analytics

Domination Finance

DerivaDEX

DeBank

Crusoe

Cozy Finance

Cosmos

Compound Labs

Commonwealth

CoinFLEX

Coin Metrics

Celo

Bybit

1inch is the leading decentralized exchange aggregator, offering users best execution and gas savings by routing trades across many different DEXs

1inch Network

Alkimiya is building a decentralized futures market for blockspace. Miners and validators can sell hashrate to buyers, allowing them to hedge transaction cost volatlity.

Alkimiya

Amber Group is a one-stop crypto finance service provider that provides liquidity provision, trading and asset management services 24/7.

Amber Group

ARCx is a decentralized scoring protocol that powers on-chain identity and credit-score based borrowing.

ARCx

Ava Labs makes it simple to launch decentralized finance applications on Avalanche, a highly scalable blockchain platform for decentralized applications.

Ava Labs

Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets and users to deliver Web3 interoperability. 

Axelar Network

BENQI is a non-custodial liquidity market protocol built on Avalanche that enables users to effortlessly lend, borrow, and earn interest with their digital assets.

BENQI

Bit.com is a full suite cryptocurrency exchange, a spinoff from Matrixport,  offering Spot, Futures, Contracts, Options trading and Savings with institutional-grade security. 

Bit.com

Bitwell is the world's leading crypto derivatives exchange that supports spot, option trading, and futures trading.

BitWell

BloXroute is the leader in mempool services, block streaming and Defi performance. It created the first high-performance blockchain distribution network (BDN) that help its users win at crypto trading. 

BloXroute Labs

Bybit is a cryptocurrency exchange that provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world.

Celo is a fully EVM compatible proof-of-stake layer-1 protocol, featuring a fast ultralight client and built-in seigniorage stablecoins, collateralized by crypto and natural assets.

Coin Metrics is the leading provider of crypto financial intelligence, providing network data, market data, index and network risk solutions to the most prestigious institutions touching cryptoassets. 

CoinFLEX is the leading crypto derivatives exchange and yield platform. It offers intuitive yield products such as flexUSD, the world’s first interest-earningstablecoin, and AMM+, the most-capital efficient automated market maker in the world. 

Commonwealth is a governance and community management protocol. Commonwealth combines the core functionality of Discourse, Snapshot, on-chain voting, and network analytics all into one place via a crypto-native product. 

Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications.

Cosmos is an ever-expanding ecosystem of interoperable and sovereign blockchain apps and services, built for a decentralized future.

Cozy is an open-source protocol for automated and trust-minimized Protection Markets. 

Crusoe provides oil and gas companies with a fast, low cost and simple solution to natural gas flaring.  

DeBank is a multi-chain cryptocurrency wallet for tracking DeFi portfolio, with data and analytics for decentralized lending protocols, stablecoins, margin trading platforms and DEXes.  

DerivaDEX is a a community-governed derivatives exchange with key performance advantages, including a real-time price feed, fast trade resolution, and a competitive fee structure. 

Domination Finance is a DEX for dominance trading. Built on the UMA protocol and available on Ethereum, Polygon and Boba, Domination Finance allows users to trade the overall market dominance of Bitcoin, Ethereum, and Tether.

Dune Analytics is an Ethereum-centric analytics platform that makes on-chain crypto data accessible and consumable.

dYdX is a decentralized exchange built on the Ethereum network delivering financial instruments to users such as perpetuals, margin and spot trading, lending, and borrowing.

ErisX offers individuals and institutions a single, innovative platform to access crypto spot and futures markets.

Flashbots is a research and development organization working on mitigating the negative externalities of current Maximal Extractable Value (MEV) extraction techniques and avoiding the existential risks MEV could cause to state-rich blockchains like Ethereum.

Hashflow is a decentralized exchange designed for interoperability, zero slippage, and MEV-protected trades, connecting users on-chain to the top crypto market makers.

Hedgehog is a crypto-first robo-advisor that connects to hundreds of wallets and exchanges and helps you trade at the best possible price automatically.

Kikitrade is a regulated investment platform that strives to provide an easy-to-use entry point for all crypto intenders.

MakerDAO enables the generation of Dai, the world's first unbiased currency and leading decentralized stablecoin.

Matrixport delivers a comprehensive suite of innovative and easy-to-use crypto investment products and financial services tailored for all levels of expertise.

Matter Labs is the creator of zkSync, an Ethereum scaling solution using zero-knowledge proofs to enable the mainstream adoption of public blockchains.

Mina is the first cryptocurrency protocol with a succinct blockchain made possible with zk-SNARKs.

NEAR Foundation is responsible for contracting protocol maintainers, funding ecosystem development, and shepherding core governance of the NEAR protocol, a development platform built on a sharded, proof-of-stake, layer-1 blockchain designed for usability.

Oasis Labs is the core developer of the Oasis Network, a privacy-enabled and scalable layer-1 blockchain network built using the Cosmos SDK.

Opyn is building DeFi-native derivatives and options infrastructure in DeFi, having created Squared ETH, a perpetual options system that allows for unbounded upward leverage and no liquidation of long holdings.

Paradigm is a unified, non-custodial liquidity network for crypto derivative traders across CeFi and Defi, providing a single point of access to multi-asset, multi-leg, multi-protocol liquidity on-demand.

PoolTogether is a crypto-powered savings protocol based on Premium Bonds.

Ribbon Finance is new protocol that helps users access crypto structured products for DeFi, combining options, futures, and fixed income to improve a portfolio's risk-return profile.

Saddle is a decentralized automated market maker on the Ethereum blockchain, optimized for pegged value crypto assets such as stablecoins and wrapped BTC. 

Saffron is a peer to peer risk adjustment protocol, where users customize their risk and return profiles by selecting their own degree of exposure to underlying platforms.

The Sense Protocol is a decentralized fixed-income protocol on Ethereum, allowing users to manage risk through fixed rates and future yield trading on existing yield bearing-assets.

Showtime is an NFT social network platform where creators and collectors showcase their digital art based on Polygon.

Skolem Technologies provides data and trade execution services for decentralized financial markets.

Spacemesh is a layer-1 protocol designed to be fair, decentralized, and green using Proof-of-Space-Time.

SynFutures is a decentralized derivatives platform that allows various digital assets pairs to be freely created and traded with one single digital token as margin.

TaxBit is a platform that unifies digital assets tax and accounting across enterprises, consumers, and governments.

TRLab curates extraordinary NFT works from the world's leading artists and unlocks access to groundbreaking, one-of-a-kind projects.

UMA is an optimistic oracle and dispute arbitration system that securely allows for arbitrary types of data to be brought on-chain.

WOO Network connects traders, exchanges, institutions, and DeFi platforms with democratized access to the best-in-class liquidity and trading execution at zero or low cost.

We support teams tackling big, wicked problems and pushing the boundaries of the industry. Working on something weird? We love the weird stuff.

TENET

From protocols to exchanges to apps and beyond, we back teams building generational companies and products in crypto across sectors and stages

Portfolio

Original crypto research and INSIGHTS

Research

Find more original crypto research and analysis on our Medium page

Medium

Follow Along

The most recent crypto cycle, which started with Compound launching COMP and bringing the concept of yield farming to the mass, has officially ended with Terra killed by Anchor’s promised 20% yield and hyperinflating LUNA.

DeFi’s (non)Progress This Cycle

Our first article in this series covered frameworks for creating an effective hiring and token compensation plan, particularly for companies going through pre-token-launch planning

The Comprehensive Guide to Token Compensation

Thanks to cross-chain bridges, free flow of cross-chain capital peaked in March to over $25B of bridged assets

Axelar, Bridges, and Blockchain Globalization

Great funds start with great people. We invest in our companies, partners, and TEAM MEMBERS for the long term.

ETHOS

We’re driven by conviction. We lean on our experiences working for and building the biggest companies in crypto to help entrepreneurs succeed. We’re there for the whole journey – the good times, the hard times, and the long, difficult climb to the top.