Inside the Hutt

• Andy Kangpan (Metalayer Ventures)

  In this episode of Inside the Hutt, Brooke Pollack speaks with Andy Kangpan, co-founder of Metalayer Ventures. Andy shares his journey from ff Venture Capital and Two Sigma to founding Metalayer, a firm focused on the future of finance moving on-chain. The conversation explores Metalayer’s investment thesis, the evolving crypto infrastructure landscape, and what Andy believes are the most exciting opportunities across stablecoins, market infrastructure, and asset tokenization. He also discusses the firm’s data-driven sourcing platform, founder support strategy, and broader views on DeFi and blockchain adoption.Key Points From This Episode:Andy Kangpan’s career path from ff Venture Capital to Two Sigma and into crypto.The origins of Metalayer Ventures and its spinout from Two Sigma.Metalayer’s thesis: the global financial system will be on-chain within the next decade.Breakdown of Metalayer’s three investment categories: market infrastructure, stablecoins, and tokenized assets.Rationale behind early-stage equity and token investments in crypto.Evolution of exit opportunities for equity-based crypto businesses.Regulatory improvements accelerating institutional crypto adoption.In-depth analysis of stablecoin investment categories and use cases.Challenges and opportunities in crypto market infrastructure.Comparison of competition dynamics across stablecoins and infrastructure.Insights into real-world asset tokenization, especially in private credit.Metalayer’s approach to investing in DeFi and institutional-focused protocols.Blockchain ecosystems gaining traction among financial institutions (Ethereum, Solana, Avalanche).Metalayer’s data-driven sourcing engine, Morai, and how it supports the investment process.What differentiates Metalayer as a capital partner for founders.Geographic investment focus by category across the Metalayer portfolio.Highlight of Station 70, a recent investment in digital asset security infrastructure.Andy’s past ambition to become a professional skateboarder and his continued passion for skating.LinksAndy Kangpan on Twitter: https://x.com/kangpandabearAndy Kangpan on LinkedIn: https://www.linkedin.com/in/andrewkangpanMetalayer: https://www.metalayer.vc/Brooke Pollack on Twitter: https://twitter.com/bhpollackBrooke Pollack on LinkedIn: https://twitter.com/bhpollackHutt Capital: https://www.huttcapital.com/

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  46:09
• Sam Hallene (CMT Digital)

  In this episode of Inside the Hutt, Brooke Pollack welcomes Sam Hallene, investment partner at CMT Digital, a blockchain-focused venture capital firm operating under the broader CMT Group. Brooke and Sam explore current trends in DeFi, stablecoins, DePIN and sector-specific blockchains, along with candid insights into founder relationships, portfolio construction, and long-term conviction in the industry.Key Points From This Episode:Sam’s background and how he joined CMT Digital after reading the Bitcoin and Ethereum white papers.Overview of CMT Digital’s evolution and its relationship with the broader CMT Group.CMT Digital’s venture strategy, early-stage focus, and investment approach.The operational implications of being a registered investment advisor (RIA).CMT’s generalist thesis in blockchain, spanning multiple verticals and geographies.Observations on the potential for U.S. crypto re-onshoring and regulatory shifts.CMT’s global footprint and approach to investing across jurisdictions.Investment check size, ownership targets, and CMT’s long-term founder engagement strategy.Current state of DeFi and its progression into new financial instruments and integrations.Stablecoins as a transformational technology and investment opportunity.Perspectives on credit infrastructure and the role of stablecoins in payments.1Money as an example of a purpose-built stablecoin-centric blockchain.CMT’s views on investing across multiple L1s and L2s and how they think about competitive overlap.Discussion of portfolio company Strike and the enduring demand for Bitcoin-centric financial services.Thoughts on DePIN and key takeaways from Andrena’s growth model.Sam’s conviction that global finance and infrastructure will shift to blockchain rails.Why founders and LPs choose to work with CMT Digital.Links:Sam Hallene on LinkedIn: https://www.linkedin.com/in/sam-hallene-353650bbCMT Digital: https://cmt.digital/CMT Digital on Twitter: http://twitter.com/cmt.digital Brooke Pollack on Twitter: https://twitter.com/bhpollackHutt Capital: https://www.huttcapital.com/

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  41:49
• Hootie Rashidifard (Hash3)

  In this episode of Inside the Hutt, Brooke Pollack interviews Hootie Rashidifard, founder of Hash3, a crypto-focused venture fund. Hootie shares his personal journey from Canaan Partners to launching Hash3, driven by a mission to promote self-sovereignty through decentralized technologies. They explore Hash3’s unique fund structure, investment philosophy, and the evolving dynamics of crypto venture investing, including token models, infrastructure focus, and how regulatory clarity could shape the industry’s future.Key Points From This Episode:Hootie Rashidifard’s background and his path from Canaan Partners to founding Hash3.The personal story behind Hootie’s passion for decentralization and self-sovereignty.Overview of Hash3’s mission, structure, and focus on enabling self-sovereignty.Differences between operating a large venture fund and a solo GP crypto fund.Hash3’s flexible investment approach and focus on infrastructure.The concept of "crypto regime change" and evolving token market dynamics.Challenges with low float, high FDV token models and emerging founder strategies.The importance of fundamentals in crypto investing amid a growing number of tokens.Perspectives on infrastructure vs. application investments in crypto.Potential impacts of U.S. regulatory developments on crypto venture investing.Alpha vs. beta deal sourcing and how Hash3 wins competitive allocations.Highlights of Hash3 portfolio companies, including Nirvana Labs and Chakra Labs.Hootie’s passion for classic cars and what he’d pursue outside of crypto and venture.Links:Hootie Rashidifard on Twitter: https://x.com/hootie_rHootie Rashidifard on LinkedIn: https://www.linkedin.com/in/hootanrashidifardHash3: https://www.hash3.xyz/Fund I [Abridged] Q4 2024 LP Letter: https://www.dropbox.com/scl/fi/qdu7puck2d85zviwwk3q2/Hash3-Venture-Fund-I-Abridged-Q4-2024-LP-Letter.pdf?rlkey=s9an69m4q88atuoesrqer2yqw&st=3jw7jid9&dl=0Brooke Pollack on Twitter: https://twitter.com/bhpollackBrooke Pollack on LinkedIn: https://twitter.com/bhpollackHutt Capital: https://www.huttcapital.com/

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  51:05
• Jakub Rusiecki and David (Social Graph Ventures)

  In this episode of Inside the Hutt, host Brooke Pollack welcomes Jakub Rusiecki and David, co-summoners of Social Graph Ventures (SGV), a Web3 social investment vehicle. They discuss their personal journeys into crypto investing, the formation and structure of SGV, and the unique opportunities in Web3 social. The conversation covers SGV’s investment thesis, the evolution of blockchain-powered social platforms like Farcaster and Lens, and how open social graphs can disrupt existing incumbents. Jakub and David also explore how SGV operates as a community-driven investment DAO, their experience in early-stage investing, and the future of Web3 social applications.Key Points From This Episode:Introduction to SGV – Jakub and David share their backgrounds and how they formed Social Graph Ventures.What is Web3 Social? – Explanation of how decentralized social platforms function and their potential impact.Investment Focus of SGV – Discussion on why SGV prioritizes Web3 social apps, middleware, and social protocols.Challenges in Web3 Social Adoption – Why competing with Web2 incumbents is difficult and how SGV sees new opportunities.Farcaster and Lens as Flagship Platforms – The role of these decentralized social networks in the ecosystem.The Community-Driven Investment Model – How SGV operates without LPs, using a member-based structure.Motivating Member Participation – Reward-based incentives to keep contributors engaged and active.The Future of SGV – Potential expansion, additional vehicles, and staying disciplined in investment strategy.Highlighting Portfolio Investments – Overview of SGV-backed startups like Neynar, and Rodeo.Long-Term Vision for Web3 Social – How open social graphs and blockchain-based social networks might evolve.LinksJakub Rusiecki on Twitter: https://x.com/jakub_rusieckiDavid on Twitter: https://x.com/clujsoSocial Graph Ventures: https://www.socialgraph.vc/Brooke Pollack on Twitter: https://twitter.com/bhpollackBrooke Pollack on LinkedIn: https://twitter.com/bhpollackHutt Capital: https://www.huttcapital.com/

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  45:58
• Vishwa Naik (Anera Labs)

  In this episode of Inside the Hutt, Brooke Pollack welcomes Vishwa Naik, co-founder of Anera, a DeFi-focused prime brokerage. Vishwa shares his journey from finance and traditional startups to the world of blockchain, explaining how Anera provides inventory and execution services to institutional traders. They explore the complexities of cross-chain liquidity, arbitrage opportunities between CeFi and DeFi, and the future of capital-efficient trading. Vishwa also discusses the technical and security challenges of building a DeFi protocol, the role of tokenized assets, and how Anera is positioning itself to scale within both DeFi and traditional financial systems.Key Points From This Episode:Vishwa’s background – from finance to blockchain entrepreneurship.The vision for Anera – building a DeFi-focused prime brokerage.Why interoperability between chains is critical for market efficiency.How Anera helps institutional traders access capital-efficient arbitrage.The evolving role of DeFi prime brokerage and its relationship with existing players like FalconX.Why Anera transitioned away from servicing retail users to focus on institutions.How DeFi protocols and CeFi traders interact in arbitrage markets.Challenges in scaling a prime brokerage for DeFi and key liquidity trends.The role of tokenized yield-bearing assets in Anera’s future.The importance of hiring domain experts from prop trading and market-making firms.Regulatory considerations and the impact of a new U.S. administration on crypto markets.Anera’s upcoming product launch in March 2025 and expansion plans.LinksVishwa Naik on LinkedIn: https://www.linkedin.com/in/vishwa-naik-4748a3137Anera Labs: https://www.linkedin.com/company/anera-labsBrooke Pollack on Twitter: https://twitter.com/bhpollackBrooke Pollack on LinkedIn: https://twitter.com/bhpollackHutt Capital: https://www.huttcapital.com/

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  51:17

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