dragonfly

OKX Star forwarded a screenshot of Zhao Changpeng's tweet on platform X and stated that he does not like debates because you can never wake up a person pretending to be asleep, but clarifying the facts is crucial:Bitcoin began to decline about 30 minutes before decoupling from the dollar. This confirms the previous point: the initial move caused a market shock. Without the dollar index leverage cycle, the market would likely have stabilized at that time. The chain sell-off was not inevitable; as previously mentioned, they were amplified by structural leverage.Dragonfly has never invested in OKX, whether through small or large investments.There will be no more time spent discussing topics related to the "1011 flash crash"; the facts are clear, and there is no desire for lengthy debates.

Dragonfly managing partner Haseeb Qureshi recently published a post regarding the viewpoint that "the market crash on 10/11 was triggered by Binance and Ethena." He stated that this narrative is difficult to establish in terms of timeline, market dissemination path, and evidence. He pointed out that the price of Bitcoin had already bottomed out about 30 minutes before the anomaly in USDe appeared on Binance, indicating that the causal relationship is clearly inverted. Additionally, the deviation in USDe price only occurred on Binance and did not spread to other trading platforms, which cannot explain the large-scale liquidation across the entire market and is fundamentally different from events like Terra that caused global balance sheet shocks.Haseeb believes that a more reasonable explanation is the combination of multiple factors: Trump's tariff comments disturbed the market on Friday evening, the Binance API anomaly prevented market makers from hedging across platforms, liquidation and the ADL mechanism amplified volatility, and the lack of traditional financial-style circuit breakers and self-stabilizing mechanisms in the crypto market ultimately caused the market to evolve along an unfavorable path. He emphasized that there is no simple and conspiratorial "single culprit" for 10/11; although the market suffered a heavy blow, it has not been permanently damaged in the long run and only needs time to restore liquidity and confidence.

According to PRNewswire, the crypto payment network Mesh announced the completion of a $75 million Series C funding round, with a valuation of $1 billion. This round was led by Dragonfly Capital, with participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment, and Liberty City Ventures, bringing Mesh's total funding to over $200 million.Mesh is dedicated to connecting the fragmented global crypto market, bypassing the slow settlements and high fees of traditional finance. The company offers a unified payment network that supports a borderless tokenized economy. Currently, Mesh's global network covers over 900 million users, and this funding will accelerate its expansion in Latin America, Asia, and Europe.

According to Nansen monitoring, Dragonfly Capital has just withdrawn 25,989.71 HYPE from Bybit (worth approximately $648,600).

Dragonfly partner Omar Kanji stated, "After activating the fee switch, Uniswap's current valuation is approximately 240 times the annual fees ($5.4 billion FDV / $23 million annual fees). Further considering the grant expenditure of 20 million UNI this year (approximately $123 million at the current price of $6.16), the protocol is expected to record a loss of about $100 million this year."

Dragonfly partner Haseeb posted on X platform stating that there are three individuals in the cryptocurrency space who have proven themselves to be the undisputed GOAT (Greatest of All Time) in the VC investment world.The first is Kyle Samani, founder of Multicoin Capital, who gained massive returns from his seed investment in Solana and remained steadfast in holding after the FTX collapse, making him a true contrarian.The second is Chris Dixon from a16z crypto, who was the first to popularize cryptocurrency and web investments in Silicon Valley and among its institutional LP circles. His two most successful investments were leading the Series B funding for Coinbase and the Series A funding for Uniswap.The third is Dan Robinson from Paradigm, who was involved with Uniswap from its earliest days and is a co-author and foundational contributor to Uniswap V3. He was also a core contributor in the early days of Flashbots, which gave rise to modern MEV auctions. Additionally, he was an early research contributor to Plasma (the predecessor of modern Rollups) and consequently led the seed round for Optimism.

Dragonfly managing partner Haseeb Qureshi predicted the trends of crypto and AI in 2026. He expects Bitcoin to potentially break $150,000 by the end of the year, but its dominance will decline; Ethereum and Solana will continue to perform strongly, while several Fintech public chains will underperform; at least one Big Tech company will launch or acquire a crypto wallet, and more Fortune 100 companies will adopt blockchain, with Avalanche and OP ecosystem likely to benefit.In terms of DeFi, Haseeb predicts that perpetual DEXs will consolidate to about three leading platforms, with perpetual trading of stocks possibly exceeding 20%, and there may be insider trading scandals within DeFi. Regarding stablecoins, total supply may grow by 60%, with USDT's share dropping to about 55%, and stablecoin debit card services could grow by 1000%, which will become the main way for stablecoins to enter and expand in emerging markets.On the regulatory front, he expects the Clarity Act to be passed by 2026; the prediction market will continue to expand strongly; and AI will be applied more in development and security, with the number of security incidents possibly increasing but individual losses decreasing.

Dragonfly managing partner Haseeb posted on X sharing his predictions for 2026, with some key points as follows:BTC will break through $150,000 by the end of the year, but its market share will decline;Financial technology public chains like Tempo, Arc, and Robinhood Chain may fall short of market expectations; in contrast, Ethereum and Solana will exceed expectations. Top developers will continue to choose neutral infrastructure public chains.A major tech company (Google, Facebook, Apple, etc.) will launch or acquire a cryptocurrency wallet in 2026;Three major Perp DEXs will capture 90% of the market share in this sector, leaving only 10% for other projects;Equity investment will grow rapidly, accounting for over 20% of total DeFi investment by the end of the year;The supply of stablecoins will increase by about 60% in 2026, with USD stablecoins maintaining a share of over 99%, and USDT's dominance slightly declining to around 55%;The Clarity Act will officially become law, but will require significant bargaining;The prediction market will develop rapidly, but 90% of prediction market products will go completely unnoticed and gradually disappear by the end of the year;The main application scenarios of artificial intelligence in the cryptocurrency field remain limited to software engineering and security, while other areas are still in the prototype stage.

The managing partner of the crypto venture firm Dragonfly, Haseeb Qureshi, recently stated that by 2026, a large tech company may integrate or acquire a crypto wallet, while more Fortune 100 companies will attempt to launch their own blockchains. However, he also pointed out that fintech companies trying to combat mainstream public chains by building their own L1 public chains are unlikely to succeed overall.Qureshi posted on the X platform that the next wave of enterprise adoption will mainly come from banks and fintech, with some institutions possibly building more private, permissioned networks based on public chains like Avalanche, while integrating existing tools such as OP Stack, Orbit, and ZK Stack, and maintaining connections with public blockchains. Previously, financial giants like JPMorgan, Bank of America, Goldman Sachs, and IBM have explored private blockchains, but most remain in testing or limited application stages.He also predicted that among the large tech companies dominating the internet ecosystem (such as Google, Meta, or Apple), one may launch or acquire a crypto wallet in 2026, a move that has the potential to bring billions of users into the crypto ecosystem.However, Qureshi is not optimistic about the "public" L1s launched by fintech companies, believing that they will struggle to compete with crypto-native networks like Ethereum and Solana in key metrics such as active addresses, stablecoin liquidity, and RWA. "The best developers will still choose neutral infrastructure chains."On the price front, Qureshi expects Bitcoin to rise above $150,000 by the end of 2026, although market dominance may decline; the stablecoin market size is expected to grow by about 60% in 2026, while USDT's share may drop from around 60% to 55%. He is also optimistic about the continued growth of prediction markets but believes that AI will struggle to form large-scale applications in the crypto space in the short term, except for security scenarios.

According to CoinTelegraph, Dragonfly General Partner Rob Hadick stated that both Solana and Ethereum will thrive in the tokenization competition, and no blockchain will push another out of this space.If you believe that most assets will be tokenized and there will be a significant amount of economic activity on-chain, you cannot just have one blockchain. Currently, most stablecoins are on Ethereum, and most on-chain economic activity also exists on Ethereum, but Solana handles a large portion of the transaction volume.The report states that, according to data from RWA.XYZ, the network asset value of Ethereum is $183.7 billion, while the network asset value of Solana is $15.9 billion. Hadick mentioned that in the future, we will see different blockchains with different use cases, and it is also possible for new blockchains to emerge and capture market share.

According to Nansen monitoring, Dragonfly Capital has been continuously depositing MNT into Bybit. In the past 7 days, the institution has transferred out a total of 6 million MNT, approximately 6.95 million USD.Currently, Dragonfly Capital still holds 9.15 million MNT across multiple wallets, valued at approximately 10.76 million USD.

According to Nansen monitoring, Dragonfly Capital has just deposited 1.5 million MNT (worth 1.74 million USD) to Bybit.

According to Arkham data, at 06:32, 10 million ARB (worth approximately 2.11 million USD) was transferred from Dragonfly Capital to Bybit.

Dragonfly managing partner Haseeb responded by stating that rating the "blockchain moat as 3/10" is simply absurd, and even Santi has never believed that blockchain "has no moat."Haseeb pointed out that Ethereum has maintained its dominance for 10 consecutive years, during which hundreds of competitors have raised over $10 billion in an attempt to capture the market. However, after enduring the challenges from all these challengers over the decade, Ethereum still remains at the top of the industry, which itself indicates the presence of a strong moat.Haseeb stated that if such achievements cannot be considered a moat, then the concept of a moat may be difficult to discuss.

Dragonfly partner Haseeb published a lengthy article on social media titled "Defending Exponential Functions," reflecting on the current pessimism in the crypto market. He pointed out that the market mentality has shifted from "financial nihilism" to "financial cynicism," with many believing that blockchain project valuations are too high and will face collapse.Haseeb used Amazon as an example, noting that the company only began to turn a real profit 22 years after its founding, during which time critics constantly questioned its business model. He believes that the blockchain industry is in a similar phase and should not be evaluated using linear growth thinking and traditional financial metrics like price-to-earnings ratios.The article emphasizes that blockchain technology will exhibit exponential growth, akin to the trajectory of early e-commerce development. While the growth may not be as smooth as that of e-commerce, its potential cannot be overlooked. Haseeb believes that blockchain will ultimately change the way finance and currency operate, just as the internet transformed other industries.He calls on investors to become long-term believers, trusting that blockchain will bring about a profound transformation in society and finance, and states, "If you believe in exponential growth, everything is still very cheap from a long-term perspective."

Former BlackRock digital assets team employees Kevin Tang and Wyatt Raich have co-founded the blockchain-driven trading platform HelloTrade, which announced the completion of a $4.6 million Series A funding round, led by Dragonfly Capital, with participation from Mirana Ventures and support from angel investors.HelloTrade aims to provide global investors with access to U.S. asset investment channels through cryptocurrency technology, addressing the challenges faced by overseas users in purchasing traditional investment products like U.S. stocks. The platform also offers perpetual futures trading services, providing users with asset exposure beyond the platform's cash. Kevin Tang previously served as a Senior Director at BlackRock's digital assets team, while Wyatt Raich was the Engineering Lead at the company's digital assets lab, where they participated in the development of the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) ETF products. HelloTrade's products are expected to officially launch by the end of this year or early next year.

Dragonfly managing partner Haseeb posted on platform X, stating that the current bear market might be the "easiest" one yet, as many seem to have forgotten what 2022 was like: Luna collapsed, followed by 3AC, then FTX, and then Genesis, BlockFi, Axie, NFTs—almost everything was teetering like a house of cards. Then, after all these collapses, banks failed, stablecoins de-pegged, and Gary Gensler attempted to destroy almost every company in the industry. In contrast, the current market conditions are a "piece of cake" compared to 2022; although prices have dropped, the fundamentals remain strong.