David @SGV

@d

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This slide from Coatue got me thinking on crypto Which tokens are doing 100M+ in annual rev + growing >25% + profitable? JTO, AAVE, SKY, MKR — these should have 10x+ multiples

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Circles exuberance is a double edged sword Too much of it and a crash might open up opportunities for emerging stables

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Exaptation is when a trait evolves for one purpose but gets repurposed for another. Feathers where for temperature regulation. Later exapted into flight. GPS. Same story. Two researchers tracked Sputnik’s waves using Doppler shifts to locate the satellite’s orbit. The military inverted the idea: what if you knew the satellite orbit, and used it to locate yourself? We call this non-skeuomorphic thinking NFTs aren’t just digital art. They are portable identity, access, and incentive rails. Coins aren’t just speculative asset, they’re programmable social glue. Exapt

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I've been reading Where Good Ideas Come From by Steven Johnson, recommended by @nickgrossman.eth from @usv — highly worth your time. One chapter in particular struck me. It explores the idea of “slow hunches”. The quiet, half-formed ideas that persist over time. Johnson illustrates this through Darwin, whose notes contained the seeds of evolution years before he had his "breakthrough." There was no single Eureka moment. Instead, the insight matured, by repeatedly revisiting and layering ideas over time. This got me thinking: 1/ How do we back founders with slow hunches—those patiently iterating on a deep insight? 2/ What are our slow hunches at SGV? Some themes that feel like slow hunches for us: Miniapps as the thin, interoperable layer for crypto-native UX Vibecoding as a new distribution paradigm for apps and tokens Onchain consumer markets moving beyond finance into health, gaming, identity, and culture These aren't finished bets. They’re ideas we keep circling back to, refining as new data points surface.

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You're Zuck for a day, what would you change? -------------------- Social media is a doubled edged sword, with the negative side affecting younger ones specially. If you were Zuck (or other) for a day, what would you change? -----News-Link------ https://www.washingtonpost.com/lifestyle/2025/06/11/social-media-use-depression-tweens/ -------CA-------- 0x11fD62E878742b69b874123597cBF56EFBAf827F

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Writing this was super fun My main takeaway: Vibecode, or die DMs open!

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Final day of the investment memo series: @rodeodotclub When @jakub and I met @kayvon (via Rodeo dms), it was clear that a “trad web2”, laser sharp product focus, is essential in a world of hyper-financial crypto products View exclusively on @paperview (free for FC pros)

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Day 6/7:@mbd investment memo on @paperview @yassinelanda.eth ML experience and deep web3 social passion brought us conviction that the next wave of dapps will be powered by customized algos They’ve scaled revenue, partnerships, and brought on great talent like @albiverse Which memo do you want to see tomorrow?

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Day 5/7: @ponder Investment memo When we met @cojo.eth and @ba, we knew their focus on leveraging Farcaster frames would generate vitality on a casual trivia/quora like game Fast forward and it has paid off, Miniapps are taking off, and Ponder is at the forefront of usage

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Day 4/7: @neynar’s investment memo Available to view on @paperview (free for FC pro users) @rish and @manansh were building a CapCut for NFTs, but they were also externalizing their infra back then, a glimpse on what it would become

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You can just build things

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Here’s our Tome (formerly Seam) investment memo @ncc is operating one of the under the radar crypto enabled (and abstracted) social products out there Free to view for Pro users on @paperview

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Day 2 of investment memos on @paperview This time: @unofficial by @christopher and @erica Nice to reflect back and see how things change but the core stays similar: A great product built on great infra Who’s should we do next?

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The correct way to operate a scale up protocol

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Some snaps: - Most pitches are around crypto as a casino, but everyone once in a while there’s one of crypto as deep disruption to an industry. Those are moments to stop and think - GC incubated Jeremy Allaire as an EIR. Another point for EIR programs - Don’t try to grapple with Circles revenue, ebitda, or net profit multiples. They are multiple times higher than anyone else, in any industry. The market outlook is clear: USDC will overtake USDT, 10x faster than the blink of an eye and more... https://paragraph.com/@socialgraphventures/cycle-snaps-4

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Operate in your core zone of genius, and let others do the rest

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Over the next 7 days I will publish @socialgraphvc investment memos on @paperview The first: Pods, by @0xl, @drewf.eth and @eriknelson.eth Who should we do next? (FC Pro users view for FREE)

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$CRCL venture investors were the real winners today: 2013 Series A @ $0.26 → 319x 2014 Series B @ $0.96 → 86x 2015 Series C @ $2.17 → 38x 2016 Series D @ $2.76 → 30x 2018 Series E @ $16.27 → 5.1x 2022 Series F @ $42.13 → 2x The big winners? Accel, Breyer, General Catalyst, and IDG.

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Where your fear is, there’s your task

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