What do you get when you cross a cat, a Pokemon, and an Iron Age warrior? A venture capital fund, of course!To get more news about
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One of the toughest puzzles in crypto is figuring out what to take seriously.
On Friday, the DeFi Alliance — a decentralized finance startup incubator and accelerator — announced a list of 11 new members. Some
were predictable, such as oracle provider Chainlink and VC stalwart
Blockchain Capital, but one name stood out in particular: eGirl Capital,
the social media menace and upstart venture capital outfit inspired by a
horned-up Internet subculture.
eGirl members, such as Degen Spartan, are known just as much for their
cogent analysis of cryptos notoriously complex markets as they are for
posting nothing but animated porn for weeks at a time. One member —
perhaps one of the best and brightest on cryptoTwitter — dons the social
media persona of a Pokemon, Ditto, that has transformed into a couch so
that people will unwittingly sit on them. The constellation of memetic
touchstones animating these various comic bits is too exhausting to
summarize and likely worth an anthropological study.
While it might be easy to pass the group off as a joke gone too far (by that standard the t-rex in Jurassic Park is a pet that got
off-leash), eGirl has been included in some high-profile press releases
of late. The group participated in a $4.9 million funding round for
decentralized finance protocol Alchemix, and has also announced
investments in Radicle and Unisocks. Theyll be releasing the first
episode of a in-house podcast series next week.
As for their funding, in a question-and-answer document this reporter caught a glimpse of a figure prior to a committee decision to
delete it and offer no comment in an effort to appear more “mysterious”;
if accurate, it was staggeringly high.
Their arrival on the investment scene comes amid a period of professionalization and institutional adoption for crypto. Hedge funds
that previously dismissed cryptocurrencies as a scam are now setting up
trading desks. The assets are getting to be so boring that retirement
funds are allocating money into digital currencies.
eGirl made it clear, however, that theyre willing (and perhaps eager) to lob a glitter bomb into the midst of the increasingly
buttoned-up affair. As DAO and community growth specialist Pet3rpan put
it:
“egirl/eboy aesthetic is a big fuck you to traditional ideals of culture of the last 10 years, we dont care that we aren't
cool.”Traditional venture capital organizations bring varying degrees of
utility to a project besides money. Delphi Digital, for instance, can
actively contribute to the architecting and engineering of the
tokenomics and contracts of a protocol. Many offer public relations
expertise and can attract significant publicity.
So why would anyone work with an organization overwhelmingly peopled with anons? And, likewise, what do the anons think they can
bring to the table?
“Crypto was started by an anonymous founder with strong pseudonymity built into the heart of the bitcoin protocol and all those
who followed it. Bitcoin is stronger for it too,” said Eva Beylin, one
of eGirl's few 'doxxed' members and the director of The Graph
Foundation. “Weve seen a reversal in this trend as public figures have
become the face of protocols and projects, and worse yet, sophisticated
tracking software has de-anonymized much of the activity going on
on-chain. [...] While egirl has invested in a wide range of anon and
non-anon projects, anon funds funding anon teams can reverse this trend
and bring back the privacy preserving qualities we all value deep down
in our heart of hearts.”
eGirl member Scoopy Trooples, who is also a core team member for eGirl portfolio protocol Alchemix, noted that eGirls involvement was key
in helping to generate ideas and refine Alchemix's wider vision. In a
Tweet, they also thanked eGirl for bootstrapping liquidity, fostering
insider connections, and promoting the project:
