Evan Fisher Profile Banner
Evan Fisher Profile
Evan Fisher

@evanbfish

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founder @portalventures | previously: @insightpartners , @goldmansachs | not financial advice

~fiprux-padrup
Joined August 2019
Don't wanna be here? Send us removal request.
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@evanbfish
Evan Fisher
9 months
1/ Enjoyed sitting down with Ben to discuss why I launched @PortalVentures , how we underwrite protocols as a business model, and themes we're excited about 👇
@bennypjacobs
Ben Jacobs
9 months
New Scenius Studio episode just dropped 🧠🎙️ This episode I chat with Evan Fisher ( @evanbfish ), Founder and General Partner of @Portalventures . Evan brings a clasically trained finance and venture background to protocol investing 👇
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@evanbfish
Evan Fisher
2 years
1/ Over $20B in crypto funds have been raised the past 12+ months. How much market cap needs to be created to support returns at this scale? Where will this come from (hint: institutions)?
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@evanbfish
Evan Fisher
7 months
1/ Urbit: Beyond Blockchains, A New Paradigm for the Internet Ethereum can reshape our financial system, Urbit can reshape our internet.
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@evanbfish
Evan Fisher
1 year
🧵 Ethereum landing page over the years, courtesy of the @internetarchive 1/ Jan 2014:
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@evanbfish
Evan Fisher
3 months
Credit derivatives are a multi-trillion-dollar market, yet almost non-existent in DeFi. @ConcreteXYZ changes that @albusdumbledapp and @dill_sl took this from an idea to one of the most sophisticated platforms... in just 1 year. Pumped to be a supporter from from day one
@ConcreteXYZ
Concrete Protocol
3 months
Announcing $7.5m in funding for Concrete. Concrete is an appchain built for on-chain debt and credit. Higher yields, no liquidations, and advanced predictions. Led by @Hashed_Official @TribeCap with day 1 support from @PortalVentures . Founded by @albusdumbledapp @dill_sl
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Evan Fisher
5 months
Honored to be on the @Forbes 30u30 list with so many other friends + great investors!
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@evanbfish
Evan Fisher
3 years
1/ How can traditional VCs and Wall Street think about valuing protocols? Here's my teardown in @BanklessHQ on approaching @MakerDAO as a growth investor.
@BanklessHQ
Bankless
3 years
You can value DeFi tokens the same way you value traditional companies Don't believe us? @evanbfish does it with $MKR 👇
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@evanbfish
Evan Fisher
7 months
This could be the most profound technology of our generation @EricWollberg @PropheticAI
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@evanbfish
Evan Fisher
9 months
Genuine question - what are the levers to turn @solana profitable?
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@evanbfish
Evan Fisher
1 year
We are one jump away from an Elon tweet about Urbit... just fyi
@elonmusk
Elon Musk
1 year
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@evanbfish
Evan Fisher
9 months
Ethereum's profit margins have varied from 16% to 63% this year. It's main cost, Cost of Consensus, is a mixture of fixed and variable. If we pro forma Ethereum's 2021 and 2022 financials for its current business model, the protocol would have peaked at $15B+ in run-rate profit.…
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@evanbfish
Evan Fisher
2 years
1/ In crypto, abundant value creation and growth mask the need for proper capital management. Projects and communities will, one day, need to manage their cost of capital just as CFOs do for public corps. How do we rethink CAPM for crypto? 👇🧵
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@evanbfish
Evan Fisher
4 months
Bitcoin ETFs 🤝 Bitcoin infra + dApps We made 4 BTC ecosystem investments last month, more to come. Don't bet against the oldest + largest digital asset in the world. Brand value is king
@muneeb
muneeb.btc
4 months
Bitcoin ETFs 🤝 Bitcoin L2s.
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@evanbfish
Evan Fisher
10 months
Writing what will be the most comprehensive + digestible urbit piece out there
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@evanbfish
Evan Fisher
1 year
I’ve never been more optimistic about the future of our industry
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@evanbfish
Evan Fisher
8 months
Token2049 is the most exciting + high quality large crypto event I’ve been to since 2021
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@evanbfish
Evan Fisher
1 year
dangerous combo 👀 @NativePlanetIO
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@evanbfish
Evan Fisher
11 months
Urbit is: 1) The state layer 2) A platform for local consensus 3) Unix for the open, user-owned internet
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@evanbfish
Evan Fisher
9 months
Prediction: In 10 years, the largest protocol will be an order of magnitude more valuable than the largest software / internet company.
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@evanbfish
Evan Fisher
3 years
How can a DAO convert large quantities of USDC ($5-10m) to UST with minimal slippage?
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@evanbfish
Evan Fisher
11 months
Me at team dinner: I was impressed when you wrote 8 pages on filecoin / celestia over a weekend Vik: it was 12 pages actually
@vikramcantsingh
Vikramaditya Singh
11 months
Excited to announce I’ll be joining @PortalVentures as a Research Analyst this summer!! Looking forward to working with @evanbfish & @curiouscatwang !
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@evanbfish
Evan Fisher
1 year
4/ What is Urbit? A peer-to-peer network of personal server virtual machines. The ambition is to build the OS and network of the next generation of the internet More detailed write-up from @ChorusOne
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@evanbfish
Evan Fisher
8 months
1/ Protocols - The Next Business Model Software broke records on speed to $100M of revenue, protocols will break records on speed to $100M of profit
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@evanbfish
Evan Fisher
4 months
Time to graduate from the blockchain trilemma by returning to a world of UTXOs Pumped to back Logan and the team @ZorpZK as they build @nockchain
@ZorpZK
Zorp
4 months
Announcing Zorp’s $5M Seed Round, led by Delphi Ventures
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@evanbfish
Evan Fisher
1 year
2/ The smartest builders and thinkers I know spend their weekends, and often most of their waking hours on Urbit
@cdixon
cdixon.eth
11 years
What the smartest people do on the weekend is is what everyone else will do during the week in ten years http://t.co/PQaFf6wTlk
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@evanbfish
Evan Fisher
9 months
Imagine friend tech but trustless and with more composability. That’s what personal servers unlock
@HoliumCorp
Holium
9 months
We're going all in on crypto. The mobile experience we're building is focused on crypto-powered social, NFT gated chats, and p2p voice rooms. What other features are must-haves for a mobile crypto app? We want to hear from you, sound off below!
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@evanbfish
Evan Fisher
1 year
How do we get @urbit address space listed on @blur_io ? Where there are milady's there must also be azimuths
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@evanbfish
Evan Fisher
2 years
@bobanetwork is a glimpse into this future. @alanchiu , @zukoboba , and team acquired OMG and airdropped its native token to $OMG holders. In under 30 days it's grown to the second largest L2 by TVL. Growth bootstrapped by a community acquisition. I'd call that accretive M&A.
@evanbfish
Evan Fisher
3 years
Today: Brand equity Tomorrow: Community equity We need to build a framework to measure fair value of a community
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@evanbfish
Evan Fisher
11 months
Two DeFi themes I'm excited about: 1) On-chain structured products "desks" (ie @Blueprint_DeFi , @cega_fi , etc) You can't buy GP in a products desk at Fortress, but you can invest in on-chain mechanisms 2) Internet commodities (ie @ionprotocol , markets for storage, etc) Similar…
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@evanbfish
Evan Fisher
9 months
What is the easiest way to track, on average, how many devs it takes to push an app on different chains?
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@evanbfish
Evan Fisher
7 months
11/ Now, Urbit is having its 'Metamask moment' You needed technical knowledge to access Eth in '15, you needed it to join Urbit in '22. Metamask made Eth accessible in '16, hosting services like @tloncorporation @HoliumCorp & @redhorizonhost get users on the network in <5 min
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Evan Fisher
10 months
Largest Urbit meet up in history here at eth cc ✅
@urbit
Urbit
10 months
The Urbit Soirée is just getting started with a conversation between @rovnys and @ilblackdragon
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@evanbfish
Evan Fisher
6 months
At some point over the next 2-3 years, I expect it to be negligent for tech hedge funds to not own ETH It’s equivalent to seeing cloud computing in the 2010’s and having the opportunity to buy pure play AWS
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@evanbfish
Evan Fisher
9 months
Protocols are internet-native businesses with no fixed costs over the long-run, therefore: 1) Tokens are necessary. You cannot accrue value to a Delaware c-corp if you have no fixed costs 2) DAOs are necessary. You need internet-native governance
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@evanbfish
Evan Fisher
7 months
3/ It's the most misunderstood project I’ve come across; information asymmetry creates opportunity on par with early crypto. Urbit is a moonshot that is possibly equivalent to ETH 2015 / 2016. Ethereum can reshape our financial system, Urbit can reshape our internet.
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@evanbfish
Evan Fisher
7 months
6/ Why do we need Urbit when we have blockchains? Blockchains solve double spend w global consensus, but most internet apps don’t have a double spend problem. Your instagram data doesn’t need to be agreed on by everyone. Blockchains are the wrong product for many networked apps.
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@evanbfish
Evan Fisher
3 years
Happy Coinbase Day. There’s lots of talk about what this means for the crypto ecosystem (hint, it’s good 😀). If you’re working to get up to speed on the space, here are a few resources that should help:
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@evanbfish
Evan Fisher
2 months
Solid state interpreters are up next
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@evanbfish
Evan Fisher
2 years
As a former FinTech investor, I couldn't be more excited for the intersection of payments and crypto. Excited for @hiPortalVC to partner with @DiagonalFinance as they rethink a massive industry from 1st principles. 1st step enable streaming subscriptions on @Superfluid_HQ rails
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@evanbfish
Evan Fisher
6 months
I support an Urbit-native blockchain
@urbit
Urbit
6 months
Historically the Urbit position has been that it doesn’t need a blockchain. Why might this be wrong? @sunnya97 explains, arguing for a blockchain that aligns with Urbit’s principles and provides a role for each of Urbit's three unique identity layers.
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@evanbfish
Evan Fisher
7 months
Crypto markets guarantee one thing: assets will fluctuate between irrationally undervalued, and irrationally overvalued
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@evanbfish
Evan Fisher
1 year
i've never had more miladys follow me in my life... bullish
@evanbfish
Evan Fisher
1 year
1/ Investing in @urbit
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@evanbfish
Evan Fisher
9 months
'Overnight successes' of the bull market are made of relentless persistence in the bear
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@evanbfish
Evan Fisher
7 months
7/ Urbit is not a blockchain, but a necessary complement to it. In fact, Urbit inherits the characteristics of blockchains: permissionless, composable, and trustless. As blockchains offer these for digital value, Urbit offers these to data, compute, and applications.
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@evanbfish
Evan Fisher
10 months
Everyone wants to be early, but most want to do it w/o taking on risk
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Evan Fisher
7 months
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@evanbfish
Evan Fisher
7 months
2/ What gives me conviction in Urbit? I’ve tracked it closely for 4 yrs. Some of the smartest people I know spend the majority of their waking hours on Urbit. Since its founding, they've been solving problems that people will finally wake up to over the coming years.
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@evanbfish
Evan Fisher
7 months
4/ Today’s internet architecture was built in the 1970s. Urbit rebuilt the internet from a clean slate: Urbit = operating system + identity + consensus network with a peer-to-peer, sovereign implementation.
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@evanbfish
Evan Fisher
1 year
5/ Jan 2016
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@evanbfish
Evan Fisher
2 years
Check out my @BanklessHQ piece on bringing concepts of Web2 VC and TradFi to crypto investing with the usual disclaimer: not financial advice... tokens trade on more than just cash flows... meme narratives are king
@BanklessHQ
Bankless
2 years
DeFi tokens are another form of financial assets, which means we can apply TradFi valuation methods to them. Today, @evanbfish applies both TAM analysis and Comparables to value $CRV. Read on and learn how to apply these frameworks to your fav tokens!
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Evan Fisher
2 months
This is insanely impressive. Urbit core has never been shipping faster
@hastuc_dibtux
Dr. Oskar Sarkon
2 months
gigabit urbit has been achieved internally (yes a whole gigabit a second in Ames)
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@evanbfish
Evan Fisher
11 months
Step 1. Join Hoon School Step 2. Apply to u/acc Step 3. Build the open internet
@urbit
Urbit
11 months
We’re pleased to announce the first-ever Urbit accelerator: u/acc. u/acc will provide pre-seed funding in cash and address space to teams that want to push the limits of Urbit’s possibilities and form new ecosystem companies. 1/4
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Evan Fisher
9 months
Protocol GTM: Acquire developers, developers build applications, applications attract users. Implication: Not all protocols need to be user-friendly. They do, however, need to be dev-friendly. We use TCP everyday, but it is certainly not 'user-friendly'
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@evanbfish
Evan Fisher
11 months
Pumped to welcome @curiouscatwang to the team @PortalVentures We've never been more excited about the pace of innovation in this space and are open for business
@dotcuriouscat
Catrina Wang
11 months
This marks the end of a major chapter and the start of another. I'm excited to announce that I have joined @evanbfish at @PortalVentures as an Investment Partner.
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Evan Fisher
7 months
5/ Why do we need a new internet? Centralization & lock-in incr incumbent moats and hurt innovation. Tech debt & closed ecosystems limit product integrations. Lack of trust drives unnecessary rent extraction. The next iteration will be permissionless, composable, and trustless.
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Evan Fisher
9 months
The largest cost line item for a Layer 1 protocol is "cost of consensus" When Ethereum changed its business model from POW to POS, it changed its cost structure Ethereum went from burning >$700M in Aug 2022 to making $6M in Oct 2022
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@evanbfish
Evan Fisher
4 months
1) Crypto as an asset class just received proper legitimacy from Wall Street 2) Crypto is the most liquid path to venture returns in a world craving liquidity and DPI 3) I’ve never seen more talent + innovation in the category Next chapter of this paradigm shift starts today
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@evanbfish
Evan Fisher
11 months
more protocols need to decide if their customers are devs or users. that awareness is key to success
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@evanbfish
Evan Fisher
11 months
Who wants to play me in Tharsis? cc @harden_hardys
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@evanbfish
Evan Fisher
1 year
Spring 2023 collection just dropped @PortalVentures
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@evanbfish
Evan Fisher
10 months
Up and to the right
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@evanbfish
Evan Fisher
11 months
Feed cleanse. Borges with a view
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@evanbfish
Evan Fisher
10 months
Internet commodities (ie LSDs) are a nearly $20B asset class today, and innovations like restaking will drive meaningful growth. Pumped to back @ionprotocol as @ChundaMcCain and @junebug_0831 build the marketplace for what is certain to be a massive category!
@ionprotocol
Ion Protocol
10 months
We're thrilled to announce our $2M pre-seed round, co-led by @PortalVentures and @SevenXVentures , joined by a stellar group of investors including @banklessvc , @MaelstromFund , @alekslarsen , @sassal0x , @RyanWatkins , and more in our journey to empower stakers and re-stakers.
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Evan Fisher
1 year
Proud to back one of the fastest shipping and most customer oriented teams in crypto! If you have a multi-sig you should get in touch
@OnChainDen
Den ❤️‍🔥
1 year
🚨Big news🚨 We're excited to announce Den's $2.8M fundraise to accelerate the transition to a crypto-native economy Here's how we got here and what's next 👇
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@evanbfish
Evan Fisher
7 months
10/ To date, Urbit has organically grown its developer count to be a top 15 ecosystem, the developer community has one of the highest retention rates across protocols, and there are over 100 apps on the network. User counts are up >3x YoY.
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@evanbfish
Evan Fisher
3 years
Inflation is already here, but it's come in the form of asset prices (private company valuations, stocks, real estate). This is a must-listen with trends permeating geopolitics, tech, investing, crypto, etc. Thanks @BanklessHQ and @LynAldenContact
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@evanbfish
Evan Fisher
7 months
14/ If you’re interested in learning more, sign up for Urbit Assembly in Lisbon later this month Assembly: 10/28 - 10/29 Dev Week: 10/30 - 11/3
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@evanbfish
Evan Fisher
2 years
Projects allocating 50% of their token supply to community is equivalent to businesses taking on 50% dilution through equity raises to invest in customer acquisition Lots of money. if you're doing it, do it efficiently
@masonnystrom
Mason Nystrom
2 years
Token incentives are a new form of customer acquisition cost (CAC). Each dollar of token incentives corresponds to a new customer or fees/revenue. Projects should ensure their token acquisition cost (TAC) and token incentives to rev ratio is competitive within their market.
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@evanbfish
Evan Fisher
1 year
Zuzalu next 3 weeks 🤝
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@evanbfish
Evan Fisher
7 months
8/ What does this mean? As blockchains enable the custody of value on wallets, Urbit enables the custody of data and the running of software on personal servers. In place of global consensus, the Urbit network is built with local consensus mechanisms.
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@evanbfish
Evan Fisher
2 years
4/ Implication: If you assume the next 5 years of crypto venture funds produce blended 10x returns, then (based on recent investing volumes) these cohorts of token projects need to produce ~$2T of market cap and over $800B of float would enter markets on a 5-10 year time horizon
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@evanbfish
Evan Fisher
2 years
@urbit star ✅ Who should I meet in Austin next week to go deeper?
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@evanbfish
Evan Fisher
1 year
I could see gaming driving the next bull market... ... with one caveat, my favorite game last cycle was OHM
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@evanbfish
Evan Fisher
1 year
11/ Today
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@evanbfish
Evan Fisher
1 year
My milady has eyes that look like a ~portal~
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@evanbfish
Evan Fisher
9 months
Is there a way to easily calculate avg acquisition cost per developer on major L1s? Curious to see how much L1s have had to pay for developer growth... and which are seeing organic dev growth
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@evanbfish
Evan Fisher
9 months
Enjoyed linking w @tokenterminal to talk about where we focus @PortalVentures , how we think about protocols, and why we’re excited
@tokenterminal
Token Terminal
9 months
🎙️A new episode of the Fundamentals podcast is out! This time, we had the pleasure of hosting @evanbfish from @PortalVentures , a fundamentals-driven cryptoasset investment firm. Tune in below!
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@evanbfish
Evan Fisher
2 years
"You can't predict, you can prepare" and other wisdom from @HowardMarksBook applied to today's crypto markets. Sharing a piece of my latest quarterly letter from @hiPortalVC publicly.
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@evanbfish
Evan Fisher
7 months
13/ Urbit also launched a new accelerator program this summer
@urbit
Urbit
11 months
We’re pleased to announce the first-ever Urbit accelerator: u/acc. u/acc will provide pre-seed funding in cash and address space to teams that want to push the limits of Urbit’s possibilities and form new ecosystem companies. 1/4
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Evan Fisher
7 months
9/ Urbit is 3 things: operating system, identity layer, network OS: Urbit makes running a personal server accessible to all Identity: Similar to blockchain wallets, addresses make your Urbit discoverable Network: A P2P network of personal servers with local consensus nodes
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@evanbfish
Evan Fisher
2 years
4/ My aim is to combine fundamentals from my time supporting Series A to pre-IPO businesses at @insightpartners with crypto-native perspective to help innovators build valuable businesses solving real problems in large / growing markets
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@evanbfish
Evan Fisher
2 years
6/ Global institutional AUM is >$100T, with ~$35-40T allocated to active specialties / alternatives Implication: ~0.7% of institutional capital would need to rotate into crypto by 2030 to support expected float from the next 5 years of crypto venture projects
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Evan Fisher
1 year
3/ Some of the most important businesses and projects of the past decades have looked confusing from the outside but had cult-like followings
@evanbfish
Evan Fisher
1 year
Hard to read this from @ricburton and not think of @urbit
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Evan Fisher
11 months
There are always new financial products to be created Credit default swaps: created in 1994, $3.8T market today Feels safe to say there will be net new DeFi primitives at scale
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@evanbfish
Evan Fisher
2 years
Pros of being a nomad: Your life fits into a suitcase Cons of being a nomad: when @Delta loses your suitcase, you have no possessions Taking recs on new fashion styles for a wardrobe reset
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@evanbfish
Evan Fisher
9 months
urbit: why does everything even need a "chain"
@marginxsafety
sacha💧
9 months
cosmos: we have too many chains ethereum: we don’t have enough chains solana: why would anyone need more than one chain?
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Evan Fisher
7 months
@evanbfish
Evan Fisher
7 months
1/ Urbit: Beyond Blockchains, A New Paradigm for the Internet Ethereum can reshape our financial system, Urbit can reshape our internet.
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Evan Fisher
1 year
I've never felt more this meme...
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@evanbfish
Evan Fisher
11 months
Reminder. If crypto was unimportant, DC would not care as much as they do.
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@evanbfish
Evan Fisher
1 year
3/ July 2014
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Evan Fisher
11 months
Genuine question: Has there ever been a new tech paradigm that did not come with massive debate + doubt? Feels like a pre-requisite
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@evanbfish
Evan Fisher
9 months
6/ Coming from wall street, digital assets remain a core focus. We're excited about new primitives that we believe can be multi-billion-dollar markets ( @Blueprint_DeFi ) and utility producing internet commodities such as restaked assets ( @ionprotocol )
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@evanbfish
Evan Fisher
3 months
Since starting our work on FHE over a year ago, we've believed this to be a necessary primitive for private on-chain applications We @PortalVentures are pumped to back @remi_gai and the team @inconetwork as they power a network of confidential compute
@inconetwork
Inco
3 months
We are excited to introduce Inco, a modular confidential computing Layer-1 powered by fully homomorphic encryption (FHE) and secured by Ethereum. Inco is a 0-1 innovation, drastically improving on-chain privacy, developer and user experience, and scalability. Check out our blog:…
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