Of all the stablecoins I’ve analyzed, FRAX is the hardest to categorize. Most stablecoins are either overcollateralized, not collateralized at all, or their collateral level is solely dependent on the volatility of crypto.

FRAX is unique; it is the most central bank-like of algorithmic stablecoins I have seen.

If you…


The biggest story in Ethereum over the last 6 months has been the explosion in transaction demand. Transaction fees have crossed all-time highs, and many everyday users are now priced out of using Ethereum.

ETH fees in USD. Credit: Coinmetrics

But worry not. A savior has emerged.

Of course, I’m talking about rollups. Vitalik has anointed…


Automated market makers (AMMs) have catalyzed the explosion of DeFi over the past year. Uniswap handles over a billion dollars in transaction volume a day, cementing itself as one of the 10 largest spot exchanges in the world. …


Stablecoin usage has exploded in the last year. And yet, fewer and fewer people seem to understand how these stablecoins actually work.

For some reason, stablecoin creators are obsessed with making these designs seem impenetrably complex. …


Today, we’re excited to announce the launch of Dragonfly Fund II, a $225M venture fund, to back the next generation of crypto entrepreneurs and projects.

We started Dragonfly with the vision that unlike traditional companies, decentralized technologies are global from day one. There is no such thing as an American…


Today, we’re thrilled to announce Dragonfly has made a significant investment in NEAR and is joining the NEAR Validator Advisory Board. …


The crypto industry has been in a tizzy lately over a the STABLE Act, a US bill that would require stablecoin issuers to obtain banking charters.

If adopted, the STABLE Act would force stablecoin reserves to be regulated like bank deposits. This would be a massive setback to stablecoins, which serve as the de facto money of the crypto ecosystem today.

The industry response was swift and furious. …


AMMs today are the most successful products in DeFi. The massive trading volumes of Uniswap testify to the power of permissionless AMMs.

But AMMs like Uniswap are exceedingly simple. While simplicity is at first a virtue — it’s much easier to bootstrap and secure a simple product — it also…


Uniswap today is the single largest “exchange” on DeFi. It routinely posts volumes larger than most centralized exchanges. Uniswap has revolutionized DeFi, brought billions of dollars in trading volume, and sparked a Renaissance in AMM (automated market maker) design. …


Imagine a college friend reached out to you and said, “Hey, I have a business idea. I’m going to run a market making bot. I’ll always quote a price no matter who’s asking, and for my pricing algorithm I’ll use x * y = k. That’s pretty much it. …

Haseeb Qureshi

Investor at Dragonfly Capital. Formerly Metastable, @Airbnb, @earndotcom. Writer. Effective Altruist. Former poker pro. One always finds one's burden again.

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