English
RussianPolychain Capital is a cryptocurrency-focused investment management firm and hedge fund. It was founded in 2016 by Olaf Carlson-Wee, who was the first employee at Coinbase and is known for being one of the earliest advocates of cryptocurrencies and blockchain technology. Polychain Capital is headquartered in San Francisco, California, and is considered one of the prominent players in the cryptocurrency investment space.
Investors Polychain Capital
Polychain Capital
Tier 1Lead investor
Projects
162
Portfolio market cap
$97.34B
sum across all projects
Raised in these rounds
$5.37B
205 of 213 rounds with disclosed amounts
Tier
Tier 1
Lead investor
About the fund
Portfolio · 162
| Project | Price | Entry price | ROI | Stage | Date | Market cap | |
|---|---|---|---|---|---|---|---|
 SolanaSOL | $121 | $0.1787 | 676x | — | — | $71.04B | |
 UniswapUNI | $9.01 | — | — | — | — | $5.63B | |
 CantonCC | $0.1265 | — | — | — | — | $5.03B | |
 AvalancheAVAX | $11.00 | $0.3300 | 33x | Seed Round | $4.88B | ||
 EthenaENA | $0.2503 | — | — | — | — | $2.59B | |
 Internet ComputerICP | $3.31 | $3.24 | 1.0x | — | — | $1.85B | |
 ArbitrumARB | $0.2025 | $0.1200 | 1.7x | Series A | $1.37B | ||
 GrassGRASS | $0.7729 | — | — | — | — | $540.6M | |
 CelestiaTIA | $0.4819 | $0.3000 | 1.6x | Series A&B Round | $470.7M | ||
 TezosXTZ | $0.3287 | $3.17 | 0.10x | Early backers | $360.9M | ||
 StarkNetSTRK | $0.0432 | — | — | — | — | $320.5M | |
 Maple FinanceSYRUP | $0.2576 | $0.005 | 52x | Seed Round | $306.8M | ||
 Terra Luna ClassicLUNC | $0.00005286 | $0.4825 | 0.00x | — | — | $291.5M | |
 EigenCloud (prev. EigenLayer)EIGEN | $0.2599 | — | — | — | — | $251.8M | |
 CompoundCOMP | $24.98 | — | — | — | — | $249.8M | |
 Mina ProtocolMINA | $0.1612 | $0.1550 | 1.0x | — | — | $207.5M | |
 dYdXDYDX | $0.1482 | — | — | — | — | $125.4M | |
 OrcaORCA | $1.95 | $1.98 | 0.98x | Series A | $118.4M | ||
 0x ProtocolZRX | $0.1272 | $0.0480 | 2.6x | Initial Coin Offering | $107.9M | ||
 Data NetworkDATA | $0.2107 | — | — | — | — | $75.8M | |
 OasisROSE | $0.008445 | $0.0200 | 0.42x | Backers | $67.9M | ||
 BabylonBABY | $0.0138 | — | — | — | — | $67.4M | |
 AstarASTR | $0.007606 | $0.5140 | 0.01x | Crowdloan | $66.8M | ||
 AxelarAXL | $0.0530 | $0.2130 | 0.25x | Series A | $66.1M | ||
 Nervos NetworkCKB | $0.001316 | $0.006 | 0.22x | Private Round | $65.3M | ||
 CeloCELO | $0.1061 | $0.5900 | 0.18x | — | — | $64.6M | |
 AltLayerALT | $0.007945 | $0.008 | 0.99x | Seed Round | $58.5M | ||
 Space IDID | $0.0370 | $0.0625 | 0.59x | Strategic Round | $57.2M | ||
 EspressoESP | $0.1051 | — | — | — | — | $54.7M | |
 AlloraALLO | $0.2648 | — | — | — | — | $53.1M | |
 LombardBARD | $0.1369 | $0.4500 | 0.30x | ICM on Buidlpad | $49.8M | ||
 MovementMOVE | $0.0103 | — | — | — | — | $46.1M | |
 AleoALEO | $0.0306 | — | — | — | — | $44.8M | |
 DappOSDOS | $0.2155 | — | — | — | — | $43.1M | |
 Sahara AISAHARA | $0.009267 | $0.0225 | 0.41x | — | — | $39.3M | |
 OpenLedgerOPEN | $0.1189 | — | — | — | — | $39.0M | |
 ETHGasGWEI | $0.0215 | — | — | — | — | $37.6M | |
 Manta NetworkMANTA | $0.0711 | $0.2542 | 0.28x | — | — | $34.3M | |
 vanaVANA | $1.10 | — | — | — | — | $33.0M | |
 APROAT | $0.1288 | — | — | — | — | $32.2M | |
 AnomaXAN | $0.0123 | — | — | — | — | $30.9M | |
 Talus networkUS | $0.0125 | — | — | — | — | $27.4M | |
 Billions NetworkBILL | $0.0112 | $0.0100 | 1.1x | Capital Launchpad | $27.3M | ||
 CysicCYS | $0.1635 | — | — | — | — | $26.3M | |
 Keep NetworkKEEP | $0.0269 | $0.0960 | 0.28x | — | — | $26.0M | |
 BerachainBERA | $0.2310 | — | — | — | — | $24.8M | |
 LiquityLQTY | $0.2380 | — | — | — | — | $22.9M | |
 NymNYM | $0.0264 | $0.0400 | 0.66x | — | — | $22.3M | |
 Brevis NetworkBREV | $0.0886 | $0.0700 | 1.3x | — | — | $22.2M | |
 EnsoENSO | $1.00 | $1.40 | 0.71x | — | — | $20.6M | |
 SolendSLND | $0.1953 | $0.6500 | 0.30x | — | — | $19.5M | |
 SynFuturesF | $0.003458 | — | — | — | — | $16.9M | |
 SuperformUP | $0.0726 | — | — | — | — | $16.8M | |
 BitlayerBTR | $0.0501 | $0.0200 | 2.5x | Binance Wallet Sale | $16.7M | ||
 SolayerLAYER | $0.0789 | $0.3500 | 0.23x | — | — | $16.6M | |
 cornCORN | $0.0262 | — | — | — | — | $13.8M | |
 FluentBLEND | $0.0683 | $0.1000 | 0.68x | — | — | $13.7M | |
 QuasarQSR | — | — | — | — | — | $13.6M | |
 Quai NetworkQUAI | $0.0110 | — | — | — | — | $12.4M | |
 Drift ProtocolDRIFT | $0.0200 | — | — | — | — | $12.2M |
Showing 60 of 162 — the rest fall below this market-cap range.
Entry price and ROI come from the source's data for this fund. Stage and date are derived by matching the entry price against the project's rounds; where there is no match, a dash is shown.
Funding rounds · 213
| Project | Stage | Raised | Valuation | Date |
|---|---|---|---|---|
 Concrete Protocol Lead | Strategic Round | — | — | |
 Yellow Card | Strategic Round | $40.0M | $400.0M | |
 Cambrian Network Lead | Seed Round | $6.0M | $60.0M | |
 Nava AI Lead | Seed Round | $8.3M | $83.0M | |
 VeryAI Lead | Seed Round | $10.0M | $100.0M | |
 DAWN Lead | Series B | $13.0M | $130.0M | |
| ETHGas Lead | Seed Round | $12.0M | $120.0M | |
 Cascade | Funding Round | $15.0M | $150.0M | |
 Seismic Lead | Funding Round | $10.0M | $100.0M | |
 Tharimmune | Post-IPO | $540.0M | $5.40B | |
 Greenlane Holdings Lead | PIPE | $110.0M | $1.10B | |
| Grass | Funding Round | $10.0M | $100.0M | |
 Aria | Seed Round | $15.0M | $150.0M | |
 M^ZERO Lead | Series B | $40.0M | $400.0M | |
 Shrapnel | Funding Round | $19.5M | $195.0M | |
| Billions Network | Funding Round | $30.0M | $300.0M | |
 ETHZilla | PIPE | $425.0M | $4.25B | |
 StablecoinX | PIPE | $360.0M | $3.60B | |
| Concrete Protocol Lead | Strategic Round | $9.5M | $95.0M | |
 DogeOS Lead | Funding Round | $6.9M | $69.0M | |
 Warlock Lead | Seed Round | $8.0M | $80.0M | |
| Seismic | Seed Round | $7.0M | $70.0M | |
| Ethena | Private Sale | $100.0M | $1.00B | |
| Fluent Lead | Funding Round | $8.0M | $80.0M | |
| corn | Community | $8.3M | $83.0M | |
 Oshi Lead | Funding Round | $12.5M | $125.0M | |
| Superform | Strategic Round | $3.0M | $30.0M | |
 Hyperbolic Lead | Series A | $12.0M | $120.0M | |
| Talus network Lead | Strategic Round | $6.0M | $150.0M | |
 Monkey Tilt | Series A | $30.0M | $300.0M | |
 Bitfinity Network | Funding Round | $12.0M | $120.0M | |
| Brevis Network Lead | Seed Round | $7.5M | $70.0M | |
 StakeStone Lead | Funding Round | $22.0M | $220.0M | |
| Yellow Card | Series C | $33.0M | $330.0M | |
 Yala Lead | Seed Round | $8.0M | $80.0M | |
| Bitlayer Lead | Series A Extension | $9.0M | $300.0M | |
| APRO Lead | Seed Round | $3.0M | $30.0M | |
| Grass | Series A | — | — | |
 Level Lead | Funding Round | $3.6M | $36.0M | |
| Solayer Lead | Seed Round | $12.0M | $80.0M | |
| Data Network | Series B | $80.0M | $800.0M | |
| corn Lead | Seed Round | $6.7M | $67.0M | |
| Sahara AI Lead | Funding Round | $37.0M | $400.0M | |
| Hyperbolic Lead | Seed Round | $7.0M | $70.0M | |
 Pac Finance | Funding Round | $1.0M | $10.0M | |
 Pi Squared Lead | Seed Round | $12.5M | $125.0M | |
| OpenLedger Lead | Seed Round | $8.0M | $80.0M | |
| Lombard Lead | Seed Round | $16.0M | $160.0M | |
 ORA | Series A | $20.0M | $200.0M | |
 Nubit Lead | Seed Round | $8.0M | $80.0M | |
| Babylon | Funding Round | $70.0M | $700.0M | |
| Cysic | pre-Series A | $12.0M | $120.0M | |
 Shogun Lead | Seed Round | $6.9M | $69.0M | |
 Botanix Labs | Seed Round | $11.5M | $115.0M | |
 MilkyWay Lead | Seed Round | $5.0M | $50.0M | |
| Movement Lead | Series A | $38.0M | $380.0M | |
| Berachain | Series B | $100.0M | $1.00B | |
 Playtron | Funding Round | $10.0M | $100.0M | |
 Stream Finance | Seed Round | $1.5M | $20.0M | |
 Ritual | Funding Round | — | — | |
 Sofamon | Seed Round | — | — | |
 Gasp (Mangata) | Funding Round | $5.0M | $80.0M | |
| DappOS Lead | Series A | $15.3M | $300.0M | |
 Clique Lead | Series A | $8.0M | $80.0M | |
 Polyhedra Network Lead | Funding Round | $20.0M | $1.00B | |
 Eclipse | Series A | $50.0M | $500.0M | |
| Sahara AI Lead | Seed Round | $6.0M | $50.0M | |
| Talus network Lead | Funding Round | $3.0M | $30.0M | |
| Monkey Tilt | Funding Round | $21.0M | $210.0M | |
| AltLayer Lead | Strategic Round | $14.4M | $144.0M | |
| Superform Lead | Seed Round | $6.5M | $65.0M | |
| Allora | Funding Round | — | — | |
| Drift Protocol Lead | Series A | $23.5M | $235.0M | |
 Canza Finance Lead | Strategic Round | $2.3M | $23.0M | |
 Particle Lead | Seed Round | — | — | |
| Bitfinity Network | Funding Round | $5.5M | $130.0M | |
| Grass Lead | Seed Round | $3.5M | $35.0M | |
 Wynd Network Lead | Seed Round | $3.5M | $35.0M | |
| Babylon Lead | Series A | $18.0M | $180.0M | |
 Sona | Seed Round | $6.9M | $69.0M | |
 Rio Network Lead | Seed Round | — | — | |
 Bioniq | Funding Round | — | — | |
 CreateSafe Lead | Seed Round | $4.6M | $46.0M | |
| Shrapnel Lead | Series A | $20.0M | $200.0M | |
 Nocturne Lead | Seed Round | $6.0M | $60.0M | |
 Noble Lead | Seed Round | $3.3M | $33.0M | |
 Goldlink Lead | Pre-seed | $1.4M | $14.0M | |
| Manta Network Lead | Series A | $25.0M | $500.0M | |
 Everclear | Strategic Round | $7.5M | $250.0M | |
 Webb Protocol Lead | Seed Round | $7.0M | $70.0M | |
| Polyhedra Network Lead | pre-Series A | $15.0M | $150.0M | |
| Berachain Lead | Series A | $42.0M | $420.0M | |
 Scroll | Funding Round | $50.0M | $1.80B | |
| Polyhedra Network Lead | Strategic Round | $10.0M | $100.0M | |
| Space ID Lead | Strategic Round | $10.0M | $125.0M | |
| EigenCloud (prev. EigenLayer) | Series A Round | $50.0M | $500.0M | |
| Cysic Lead | Seed Round | $6.0M | $60.0M | |
| Quasar | Funding Round | $5.4M | $70.0M | |
 Perennial Lead | Seed Round | $12.0M | $120.0M | |
 Fleek Lead | Series A | $25.0M | $200.0M | |
 Evmos Lead | Seed Round | $27.0M | $270.0M | |
 t3rn Lead | Private Round | $6.5M | $65.0M | |
| Celestia Lead | Series A&B Round | $55.0M | $300.0M | |
 Light Protocol Lead | Seed Round | $4.2M | $42.0M | |
| Uniswap Lead | Series B | $165.0M | $1.66B | |
| Quasar Lead | Seed Round | $6.1M | $60.7M | |
| AltLayer Lead | Seed Round | $7.2M | $80.0M | |
 Satori Lead | Seed Round | $10.0M | $100.0M | |
| Gasp (Mangata) Lead | Strategic Round | $4.2M | $60.0M | |
| Scroll Lead | Series A | $30.0M | $300.0M | |
| Quai Network | Funding Round | $8.0M | $80.0M | |
| Allora Lead | Extended Series A Round | $22.0M | $220.0M | |
 Gauntlet | Series B | $23.8M | $1.00B | |
| Espresso | Seed Round | $32.0M | $320.0M | |
 Aurigami Lead | Strategic Round | $9.5M | $47.5M | |
 Shiden Network Lead | Funding Round | $22.0M | $220.0M | |
| Astar Lead | Funding Round | $22.0M | $220.0M | |
 BBS Network | IDO on DAO Maker | $550.0K | $40.0M | |
| vana Lead | Seed Round | $2.0M | $20.0M | |
| Eclipse Lead | Pre-seed Round | $6.0M | $60.0M | |
| Bitfinity Network Lead | Seed Round | $1.5M | $15.0M | |
 Spectral Lead | Venture Round | $6.8M | $67.5M | |
| BBS Network | Seed Round | $1.5M | $30.0M | |
 Sperax | Private Sale | $6.0M | $40.0M | |
 AscendEx Lead | Series B | $50.0M | $500.0M | |
| Shrapnel | Seed Round | $10.5M | $105.0M | |
| Anoma Lead | Private Round | $26.0M | $260.0M | |
| Solend | Seed | $6.5M | $65.0M | |
 Sommelier Lead | Series A | $23.0M | $230.0M | |
 ORIGYN Lead | Private Round | $20.0M | $180.0M | |
 Decentralized Social | Venture Round | $200.0M | $2.00B | |
 Bluefin | Private Round | $22.8M | $228.0M | |
 Credora | Series A | $8.0M | $50.0M | |
| Orca Lead | Series A | $19.0M | $198.0M | |
| Arbitrum | Series B | $100.0M | $1.20B | |
 Valora | Seed Round | $20.0M | $200.0M | |
 SAIL Token | Seed Round | $17.0M | $170.0M | |
 Parallel Finance Lead | Private Investors | $22.0M | $220.0M | |
| Axelar Lead | Series A | $25.9M | $213.0M | |
| SAIL Token Lead | Equity Round | $4.0M | $40.0M | |
| dYdX | Series C | $65.0M | $650.0M | |
| Solana Lead | Private Sale | $314.1M | $3.14B | |
| Gauntlet | Series A | $13.6M | $136.3M | |
| t3rn Lead | Seed Round | $1.4M | $13.5M | |
| Gasp (Mangata) Lead | Seed Round | $1.4M | $14.0M | |
| SynFutures Lead | Series A Round | $14.0M | $140.0M | |
| Avalanche Lead | Venture Round | $230.0M | $2.30B | |
 UX Chain Lead | Seed Round | $6.3M | $48.0M | |
 Friends With Benefits Pro | Funding Round | $700.0K | $7.0M | |
| Bluefin | Seed Round | $6.4M | $64.0M | |
| Nym Lead | Seed Round | $6.0M | $40.0M | |
| Aleo | Series A | $28.0M | $280.0M | |
| Arbitrum | Series A | $20.0M | $1.20B | |
| Anoma Lead | Funding Round | $6.8M | $67.5M | |
| Enso Lead | Private Round | $5.0M | $50.0M | |
| Everclear Lead | Pre-Seed | $3.6M | $36.2M | |
 Overlay Protocol | Funding Round | $2.2M | $22.1M | |
 River Financial | Series A | $12.0M | $120.0M | |
| Maple Finance Lead | Seed Round | $1.4M | $14.0M | |
 Moola Market Lead | Seed Round | $1.4M | $5.9M | |
 Maple Lead | Seed Round | $1.4M | $5.0M | |
 DFX Finance Lead | Seed Round | $5.0M | $46.2M | |
| Astar | Venture Round 1 | $2.4M | $24.0M | |
| Manta Network Lead | Pre-seed Round | $1.1M | $8.5M | |
 Badger DAO | DAO Treasury | $21.0M | $59.9M | |
 Parsec Lead | Seed Round | $1.2M | $12.5M | |
| dYdX | Series B | $10.0M | $100.0M | |
| Parallel Finance | Seed Round | $2.0M | $20.0M | |
 Notional Finance Lead | Seed Round | $1.3M | $13.0M | |
 Polymarket Lead | Seed Round | $4.0M | $40.0M | |
| Mina Protocol | Strategic Round (unlocked) | $6.6M | $250.0M | |
| Mina Protocol | Strategic Round (locked) | $4.3M | $150.0M | |
| Liquity Lead | Seed Round | $2.4M | $24.0M | |
| Gauntlet | Funding Round | $4.3M | $43.0M | |
 Alpha5 | Seed Round | $1.5M | $15.0M | |
 Acala | Series A | $7.3M | $73.0M | |
 ROOK Lead | Seed Round | $1.4M | $12.0M | |
 Staker DAO Lead | Series A Round | $3.0M | $30.0M | |
| River Financial | Seed Round | $5.7M | $57.0M | |
 DerivaDAO | Investment Round | $2.7M | $17.6M | |
 Fractal Network (Findora) Lead | Private Round 2 | $12.0M | $478.8M | |
 CLV | Seed | $6.0M | $60.0M | |
| Acala | Seed | $1.4M | $14.0M | |
 Sequence (Prev. Horizon Blockchain Games) | Funding Round | $5.0M | $50.0M | |
 Karura Lead | Seed Round | $1.4M | $14.0M | |
| Compound | Series A | $25.0M | $250.0M | |
| Sequence (Prev. Horizon Blockchain Games) | Seed Round | $3.8M | $37.5M | |
 Agoric | Early Backers Round | $6.0M | $52.0M | |
| Credora Lead | Seed Round | $2.1M | $10.0M | |
| Mina Protocol | Series A | $15.0M | $150.0M | |
| Avalanche | Seed Round | $5.9M | $237.6M | |
| Celo Lead | Pre-launch sale 2 | $30.0M | $1.00B | |
| Keep Network | Venture Round | $7.7M | $77.0M | |
| dYdX Lead | Series A | $10.0M | $100.0M | |
| Gauntlet | Seed Round | $2.9M | $29.0M | |
 Spacemesh Lead | Series A | $15.0M | $150.0M | |
 Handshake | Private Sale | $10.2M | $204.0M | |
| Nervos Network Lead | Private Round | $28.2M | $201.6M | |
| Celo | Pre-launch sale 1 | $6.5M | $180.0M | |
| Oasis | Backers | $45.0M | $200.0M | |
| StarkNet | Seed Round | $6.0M | $60.0M | |
| Compound Lead | Seed Round | $8.2M | $82.0M | |
| Mina Protocol | Seed Round | $3.5M | $70.0M | |
| Internet Computer Lead | Pre-Sale | $102.0M | $2.15B | |
 REN | Public Sale | $4.8M | $56.1M | |
| REN | Private Sale | $28.9M | $51.3M | |
| dYdX Lead | Seed Round | $2.0M | $20.0M | |
 Maker Lead | Seed Round 1 | $12.0M | $300.0M | |
| Internet Computer Lead | Strategic Round | $61.0M | $891.5M | |
 Orchid Protocol | Seed Round | $4.7M | $47.0M | |
 Raiden Network Token | Public Sale | $33.4M | $66.8M | |
| 0x Protocol | Initial Coin Offering | $24.0M | $48.0M | |
| Tezos Lead | Early backers | $10.0M | $100.0M |
Focus areas
Blockchain13
DeFi9
Blockchain Service6
Infrastructure6
Layer-25
DEX4
Coinlist Launchpad4
Co-investors
Coinbase Ventures16 shared
Andreessen Horowitz (a16z)13 shared
YZi Labs (prev Binance Labs)11 shared
HashKey Capital9 shared
OKX Ventures9 shared
Electric Capital8 sharedFunds that most often back the same projects.