1kx

1kx is a research-driven global investment firm established in 2018 that invests in blockchain networks and companies. Its stated thesis, described as "Cost of Trust," holds that a large share of economic activity consists of trust-enabling work — auditors, escrow agents, intermediaries and paperwork, which the firm puts at roughly 35% of the US labor market — and that blockchain infrastructure drives the cost of establishing that trust toward zero. The firm's updated framework, "Cost of Trust 2.0," identifies the mechanisms by which that reduction is captured, and is applied across domain theses covering trade finance and stablecoin payments into emerging-market corridors, security and trust infrastructure for agentic AI, and real-world assets such as treasuries, private credit and funds moving onchain.

The firm reports 168 investments, 19 profitable exits, 12 unicorns and 33 founder nationalities across its portfolio. It groups its holdings into three vintages: a "Foundation" period of 24 companies (2018–2020), an "Expansion" period of 35 companies (2021–2023), and a "Current" period of 25 companies (2024–2026). Portfolio companies are classified into infrastructure, onchain finance and applications, and include Arweave, Polkadot, Solana, Maker, Curve, Matter Labs (zkSync), Nexus Mutual, Rocket Pool, Safe, Pudgy Penguins, Caldera, Kiln, Superstate, Transak, Rhinestone, Camp Network and Cryptio, among others.

1kx publishes research as a public artifact of its underwriting process, including an annual Onchain Revenue Report and a continuously updated Onchain Revenue Dashboard tracking user-paid fees across protocols. The 2025 edition, subtitled "From Mania to Maturity," reported $19.8 billion in total protocol fees, up 35% year over year, of which $9.7 billion was distributed and $10.1 billion retained.