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Polychain

9 pieces · Apr 2024 to Jul 2025 · 2 flagship

Sectors

L1/L26 DeFi4 Market structure3 ZK1 DePIN1 AI1

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32024

62025

Start here · the strongest pieces on Polychain

Breakdown24 Jun 2025Why TIA is one of the most predatory VC tokens: pricing, unlocks and inflationDissects Celestia's token design: Series A at $0.0955 vs public launch at $2.29-$2.50, an 80/20 insider split, large unlocks, 8% inflation and a staking-reward loophole Polychain used to sell early. Contrasts it with HYPE's no-insider, buyback model.Breakdown17 Jul 2024Movement ecosystem thread: M1, M2, SDK and Battle of OlympusOverview of Movement's stack (M1 Avalanche subnet, M2 SuiMove ZK rollup with EVM composability, SDK) and an ecosystem of over 200 teams, mapped by category. Covers the $38M Series A led by Polychain and the Battle of Olympus program ending Sept 17.Market take22 Jul 2025Espresso's Kaito launchpad sale terms: $400M FDV with 1y cliff is unattractiveWelcomes the Kaito launchpad but criticizes Espresso's $4M sale at $400M FDV with a one-year cliff plus one-year linear vesting. Buyers would need a roughly $800M FDV after 12 months just to break even, so a full or large TGE unlock is recommended.

Timeline · every piece, newest first

2025 6

22 Jul 2025Espresso's Kaito launchpad sale terms: $400M FDV with 1y cliff is unattractiveWelcomes the Kaito launchpad but criticizes Espresso's $4M sale at $400M FDV with a one-year cliff plus one-year linear vesting. Buyers would need a roughly $800M FDV after 12 months just to break even, so a full or large TGE unlock is recommended.Market takeMarket structureL1/L2

21 Jul 2025Espresso and shared sequencing: Kaito launchpad hype versus modular token recordShared sequencing has been a tough narrative since few chains outsource ordering and block building, and modular infra token launches have often disappointed as VC cashouts. Still, being first on the Kaito launchpad plus >$63M raised could drive hype and a high initial FDV, as with Caldera's ERA.Market takeL1/L2Market structure

08 Jul 2025Cysic network breakdown: ZK proof layer, Proof-of-Compute and dual-token designCysic is a Cosmos SDK network with EVM execution, CometBFT consensus and Proof-of-Compute, with provers, verifiers and validators on GPUs and ASICs. It has a CYS/CGT dual token, a 3-year halving schedule and 10% community allocation.BreakdownZKDePIN

02 Jul 2025Allora funding history and investor list ahead of TGEAdds funding context to the Allora thesis: $33.5M raised from 33 investors across four rounds, with additional VCs and angels named. Speculates a further funding announcement could land before TGE.DataAIDeFi

25 Jun 2025Anoma fact sheet: $57.8M raised, investors and foundersCollects Anoma funding facts: $57.8M across three rounds from 40 investors, Polychain and CMCC as leads, Electric Capital in all three rounds, and the last round in May 2023.DataL1/L2DeFi

24 Jun 2025Why TIA is one of the most predatory VC tokens: pricing, unlocks and inflationDissects Celestia's token design: Series A at $0.0955 vs public launch at $2.29-$2.50, an 80/20 insider split, large unlocks, 8% inflation and a staking-reward loophole Polychain used to sell early. Contrasts it with HYPE's no-insider, buyback model.BreakdownMarket structureL1/L2

2024 3

17 Jul 2024Movement ecosystem thread: M1, M2, SDK and Battle of OlympusOverview of Movement's stack (M1 Avalanche subnet, M2 SuiMove ZK rollup with EVM composability, SDK) and an ecosystem of over 200 teams, mapped by category. Covers the $38M Series A led by Polychain and the Battle of Olympus program ending Sept 17.BreakdownL1/L2DeFi

26 Apr 2024Movement Labs thesis: modular MoveVM rollups sharing a sequencerReacts to Movement's $38M round by arguing that a parallel EVM-compatible MoveVM rollup (M2) on Ethereum with Celestia DA is big, and an SDK for many MoveVM rollups sharing the M1 sequencer is bigger.ThesisL1/L2

19 Apr 2024Gasp: non-custodial omnichain AMM built as an EigenLayer AVSThesis on Gasp (formerly Mangata), an Ethereum-native cross-chain AMM on EigenLayer offering gasless, MEV-protected swaps in seconds. Argues fragmented modular liquidity needs omnichain solutions and that Gasp could be worth billions, like a non-custodial THORChain.ThesisDeFiEthereum

Often covered with

Kaito46 EigenLayer110 Celestia145 Espresso Systems6 Electric Capital5 Movement Labs24 Caldera20 Cysic16

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