New York City · Seed–Growth · 16 people tracked
Investment thesis
Metastable is a long-running crypto investment fund, co-founded in 2014 by Naval Ravikant, that was an early investor in numerous blockchain protocols including Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity, and Algorand. It has since been acquired by Dragonfly, which now operates Dragonfly Ventures, Dragonfly Liquid, and Metastable.
Source: firm website, verified Aug 7, 2026.
Team · 16 people
from the firm's website
What they invest in
from 43 of 121 portfolio companiesCrypto & Web3 ×39Fintech ×22Data & Infrastructure ×15Developer Tools ×9AI & Machine Learning ×4Enterprise Software ×4Cloud Computing ×3Gaming ×3
HQs:United States×16Switzerland×1Hong Kong×1Israel×1
Who they back
founder profiles across 26 portfolio companiesFounding team size:solo founder×142 founders×103 founders×14+ founders×1
Where their founders studiedfrom 16 founders with education data
Cornell University ×2Massachusetts Institute of Technology ×2
Where their founders worked beforefrom 20 founders with career history
ConsenSys ×2Getco LLC ×2Uber ×2
Accelerator rootsportfolio companies that came through a program
Investments · 121 tracked
founders shown can be your intro pathBy year:2023 · 12022 · 12021 · 22020 · 12017 · 16 dated
1inch is a decentralized finance (DeFi) platform for crypto users, offering token swaps through a DEX aggregator with intent-based and cross-chain functionality, MEV protection, and wallet security features.
Crypto & Web3Fintech
Sergej Kunz(Founder)in
Co-investorsBig Candle CapitalBlockchain CapitalBR CapitalDragonflyFabric VenturesFenbushi Capital+12 more
Afriex provides a remittance service enabling immigrants to transfer money to over 25 countries at low costs with rapid settlement.
FintechSan Francisco, US
Tope Alabi(Founder)inJohn Obirije(Founder)in
Co-investorsAdaverseBrightstone Venture CapitalDragonflyFoundersOpen Opportunity FundPrecursor Ventures+2 more
Amber Group is a digital assets investment and portfolio management firm that serves institutional and individual investors with trading, liquidity provision, and infrastructure solutions for crypto and Web3 projects.
Crypto & Web3Fintech
Co-investorsBase PartnersCoinbase VenturesDCM VenturesDigital Finance GroupDragonflyFenbushi Capital+5 more
Anchorage Digital is a global cryptocurrency platform providing institutions with custody, staking, trading, governance, and settlement services, along with security infrastructure.
Crypto & Web3Enterprise SoftwareFintechNew York, US
Diogo Mónica(Co-Founder and President)inNathan McCauley(CEO and Co-Founder)in
Co-investorsAndreessen HorowitzGICa16z cryptoAmplify PartnersBlockchain CapitalDelta Blockchain+13 more
Ancient8 is a gaming-focused Ethereum Layer 2 blockchain designed for Web3 gaming, hosting fully on-chain games, games on X and Telegram, IP-infused games, and AI-powered games.
Crypto & Web3Gaming
Co-investorsAnimoca BrandsCoinbase VenturesIOSG VenturesK300 VenturesMakers FundPantera Capital+3 more
Animoca Brands invests in blockchain and digital asset projects across gaming, infrastructure, culture, and real-world asset categories, with a portfolio of 600+ companies and a focus on Web3 ecosystem development.
B2B MarketplacesCrypto & Web3GamingSector Agnostic
Yat Siu(Founder & CEO)Robby Yungin
Co-investors2080 Ventures500 GlobalA'Z AngelsAdit Ventures Management, LlcAlpha Wave GlobalAppWorks Ventures+37 more
ApeX Omni is a decentralized derivatives and spot trading platform built on a multichain, intent-centric architecture, offering perpetuals with up to 100x leverage, spot swaps, vaults, staking, and AI-driven trading insights.
Crypto & Web3Fintech
Artemis Analytics provides fundamental data and metrics for digital finance companies and crypto protocols, delivering analytics to spreadsheets and via SQL/Python through Snowflake Data Share or Hex.
Crypto & Web3Data & InfrastructureFintech
Co-investorsDragonflyWIND Ventures
Cosmos develops an open-source blockchain technology stack and enterprise solutions for businesses and governments to deploy and scale digital ledgers.
Crypto & Web3Enterprise SoftwareFintechNew York City, US
Co-investors1confirmationBig Candle CapitalBollinger Investment GroupContinue CapitalDeepTech VenturesDigital Finance Group+9 more
Axelar is a blockchain interoperability network that connects institutions to onchain ecosystems through a single integration, letting them deploy stablecoins, real-world assets, and funds across 80+ blockchains.
Crypto & Web3Data & InfrastructureFintechWaterloo
Sergey Gorbunov(Executive Officer, Director)Georgios Vlachos(Director)
Co-investorsAndromeda CapitalBitDAOCoinbase VenturesCollab+CurrencyDCVC (Data Collective)Divergence+11 more
BENQI is a decentralized finance protocol on the Avalanche blockchain offering liquid staking of AVAX (via sAVAX), lending and borrowing of crypto assets, and tools for bootstrapping validators.
Crypto & Web3Fintech
Co-investorsArrington CapitalAscensive AssetsDragonflyGenblock CapitalKane & Rao GroupMC Ventures (Muhabbit Capital)+2 more
bloXroute provides a blockchain distribution network offering real-time data streams, transaction propagation, and validator solutions to enable faster trading and MEV optimization across multiple blockchains.
Crypto & Web3Data & InfrastructureEvanston, US
Uri Klarman(Executive Officer, Director)inAleksandar Kuzmanovic(Executive Officer, Director)
BoardJeffrey Bussgang(Director)in
Co-investors1confirmationBixin CapitalBixin VenturesBlindspot Ventures Management CoCoinbase VenturesDragonfly+10 more
Co-investorsCollab+CurrencyDragonflyHivemind Capital Partners
Ben Zhou(Founder)in
Co-investorsDragonflyFenbushi CapitalHack VCMoonhill CapitalStreamlined Ventures
Coin Metrics provides market and on-chain data, reference rates, and indexes for crypto and digital assets, delivered to institutional investment teams via APIs.
Crypto & Web3Data & InfrastructureFintechBoston, US
Timothy Rice(Executive Officer, Director)Tim Rice(Founder)in
BoardMathew S. McDermott(Director)Sean Judge(Director)inMatt Scott Walsh(Director)inNic Carter(Executive Officer, Director)in
Co-investorsAcrew CapitalCoinbase VenturesCollab+CurrencyCommunitas Capital PartnersDigital Currency GroupDragonfly+2 more
San Francisco open-source software developer building DeFi tools and the Compound Protocol for crypto lending and borrowing.
San Francisco, US
Robert Leshner(Executive Officer, Director)Geoffrey Hayes(Director)
Co-investorsDragonflyAndreessen HorowitzBain Capital VenturesDanhua CapitalParadigmPolychain Capital+1 more
Consensys builds a vertically integrated platform for decentralized finance, offering consumer wallet applications, developer infrastructure, blockchain APIs, and protocol-level software that manage the full onchain transaction lifecycle.
Crypto & Web3Data & InfrastructureDeveloper ToolsFintechFort Worth, US
Joseph Lubin(Founder & CEO)in
Co-investorsArcane GroupArgonautic VenturesBR CapitalCoinbase VenturesDragonflyDVC+17 more
Cozy provides modular on-chain risk protection for DeFi protocols, offering tools like yield tranches, asset reserves, and market-based protection contracts to cover risks such as bad debt, hacks, and exploits.
Crypto & Web3FintechInsurTechSeattle, US
Tony Sheng(Director)Payom Dousti(Executive Officer, Director)
Co-investorsCoinbase VenturesDragonflyElectric CapitalVariant FundRobot VenturesSlow Ventures+1 more
Overland Park, US
Randall Wasinger(Executive Officer, Director)Randy Wasinger(Founder)in
Co-investorsalphabet angelsGobi PartnersKCRise FundRed Beard VenturesSora VenturesAnimoca Brands+1 more
China-based crypto wallet and DeFi portfolio tracker covering hundreds of protocols across multiple blockchains.
Tang Hongbo(Founder)in
Co-investorsCoinbase VenturesDragonflyFenbushi CapitalIOSG VenturesSignum CapitalYoubi Capital+2 more
DerivaDEX is a decentralized cryptocurrency derivatives exchange offering a real-time price feed, fast trade resolution, and a competitive fee structure.
Crypto & Web3Fintech
Co-investorsCoinbase VenturesDragonflyElectric Capital
Dragonfly is a crypto-focused investment firm comprising Dragonfly Ventures, Dragonfly Liquid, and Metastable (an acquired crypto hedge fund), which invests in blockchain and digital asset companies.
Crypto & Web3
Co-investorsMirana Ventures
Crypto data platform letting users query indexed blockchain data with SQL and publish shareable dashboards.
Mats Olsen(Founder)in
Co-investorsCoatue ManagementDragonflyRedpoint VenturesUnion Square Ventures (USV)Wonder Ventures
dYdX is a decentralized exchange for trading perpetuals that uses zero-knowledge proofs to provide security and privacy.
Crypto & Web3FintechSan Francisco, US
Antonio Juliano(Founder)inIvo Crnkovic-Rubsamen(CEO)
Co-investors1confirmationa16z cryptoAbstract VenturesAndreessen HorowitzBR CapitalDeFiance Capital+8 more
EigenCloud is a developer platform providing cryptographic trust primitives for applications and AI agents through verifiable computation, inference, and data availability backed by slashable stake on EigenLayer.
AI & Machine LearningCrypto & Web3Developer Tools
Sreeram Kannan(Founder)
Co-investorsa16z cryptoAndreessen HorowitzBitDAOBixin CapitalBixin VenturesBloccelerate VC+19 more
Flashbots is a research and development organization that mitigates negative externalities from Maximal Extractable Value (MEV) on blockchains, primarily Ethereum, through infrastructure and tools for block building, transaction protection, and MEV distribution.
Crypto & Web3Data & InfrastructureDeveloper Tools
Co-investorsBig Brain HoldingsBlueYard CapitalDragonflyEthereal Ventures Management Ltd.Fabric VenturesFaction+12 more
Builds infrastructure for stablecoins and onchain finance
Co-investorsAscensive AssetsDivergenceDragonflyElectric Capital
Galxe is a Web3 growth platform offering data-driven identity, on/offchain analytics, and no-code campaign tools with modular APIs to help teams run user activation and engagement.
Crypto & Web3Marketing TechSaaS
Co-investorsBitDAOCoinbase VenturesDragonflyDraper DragonFermionIOSG Ventures+5 more
Gauntlet is a team focused on financial systems research and analysis, with expertise in quantitative analysis, smart contracts, and blockchain infrastructure.
Crypto & Web3Data & InfrastructureFintechDallas, US
Rei Chiang(Executive Officer)in
BoardTarun Chitra(Executive Officer, Director)in
Co-investorsDragonflyHack VCParadigmRobot VenturesSBI Holdings
Gelato provides smart wallet and rollup infrastructure, enabling developers to launch gasless onboarding, smart wallets, and custom rollups through a single SDK.
Cloud ComputingCrypto & Web3Developer Tools
Hilmar Maximilian Orth(Founder)in
Co-investorsBloccelerate VCBootNodeD1 VenturesHack VCIDEO CoLab VenturesIOSG Ventures+1 more
Cryptocurrency exchange protocol bridging centralized and decentralized finance.
Varun Kumar(Founder & CEO)Vinod Raghavan(Founder)Victor Ionescu(Founder)in
Co-investorsArrington CapitalBollinger Investment GroupCoinbase VenturesDragonflyElectric CapitalFabric Ventures+15 more
InfStones provides blockchain infrastructure and node management solutions for Web3 applications, enabling developers to build, scale, and maintain decentralized applications.
Cloud ComputingCrypto & Web3Data & Infrastructure
Dr. Zhenwu Shi(Founder)Zhenwu Shi(Founder)Sili Zhao(Global Director of Business)
Co-investorsNotable CapitalSoftBank GroupDragonflyQiming Venture PartnersSoftBank Vision FundDHVC+4 more
Lido is a liquid staking protocol for Ethereum that allows users to stake ETH and earn rewards while maintaining liquidity through the stETH token.
Crypto & Web3Fintech
Vasily Shapovalov(Founder)
Co-investorsa16z cryptoAegis VentuesAndreessen HorowitzBR CapitalDeepTech VenturesDeFiance Capital+15 more
A collateralized lending platform offering a stable coin called Dai.
Co-investors1confirmationBloccelerate VCDragonflyIOSG VenturesPantera Capital
Matter Labs builds Prividium, an Ethereum-secured blockchain platform designed for banks and financial institutions to issue, settle, and manage digital assets with privacy and compliance controls.
Crypto & Web3Enterprise SoftwareFintechGeorge Town, Grand Cayman
Alex Gluchowski(Executive Officer, Director)inAleksandr Vlasov(Director)
BoardChristopher Burniske(Director)in
Co-investors1k(x)1kxa16z cryptoAndreessen HorowitzBlockchain CapitalDragonfly+9 more
Metatheory develops games for players seeking depth and quality gameplay, and is expanding into AI-driven software tools for creators.
AI & Machine LearningCreator EconomyGamingGalveston, US
Kevin M. Lin(Executive Officer, Director)inAdam Bao(Executive Officer)James Thomas Gleason(Executive Officer)David Barthwell(Executive Officer)in
Co-investorsAndreessen HorowitzBitkraft Esports VenturesBreyer CapitalDragonflyLifelike CapitalPantera Capital+1 more
Monad is a high-performance EVM-compatible blockchain designed for fast, low-cost transactions.
Cloud ComputingCrypto & Web3Data & Infrastructure
Co-investorsAlphaLab CapitalAmbush CapitalArchetypeBankless VenturesBig Brain HoldingsBloccelerate VC+23 more
NEAR Foundation is a Swiss nonprofit foundation (Stiftung) that supports the NEAR ecosystem, a decentralized blockchain platform for building decentralized applications.
Crypto & Web3Data & InfrastructureDeveloper ToolsImpact & Social GoodZug, CH
Chris DonovanBowen WangMona Elisa(Director)Erik Trautman(Executive Officer)Richard Mortimer Muirhead(Director)
BoardIllia Polosukhin(Director)in
Co-investorsDragonflySID Venture Partners
Oasis Labs develops privacy-preserving data analytics and AI tools using differential privacy, homomorphic encryption, and zero-knowledge proofs for organizations that need to analyze sensitive data while protecting individual privacy.
AI & Machine LearningCybersecurityData & InfrastructureDeveloper ToolsPalo Alto, US
Dawn Song(Founder & CEO)Robert Gilchrist Jaros(Executive Officer)Bobby JarosNoah JohnsonRaymond Cheng
Co-investors1k(x)1kx500 GlobalAmino CapitalAndreessen HorowitzAngelONE Capital+19 more
OneKey makes hardware wallets and related software for storing and managing cryptocurrency, including staking management and support for EVM decoding, Solana message signing, and connections to wallets like MetaMask and Sparrow.
Crypto & Web3Hardware
Yishi W.(Founder)in
Co-investorsCoinbase VenturesBitDAOBixin CapitalBixin VenturesIOSG VenturesMantle Network
Dover, US
Dennis Antela Martinez(Executive Officer, Director)Jacob Shiohira(Executive Officer, Director)Sang-Jin Kim(Director)
Orderly Network provides omnichain infrastructure for launching perpetuals decentralized exchanges (perp DEXs) on any blockchain, offering a shared orderbook and liquidity accessible via SDK or white-label.
Crypto & Web3Data & InfrastructureDeveloper Tools
Ran Yi(Founder)
Co-investorsD1 VenturesDragonflyGate VenturesIOSG VenturesMentha PartnersPantera Capital+9 more
Paradigm is an investment firm that builds and invests in frontier technology companies working in crypto, AI, and robotics, backing them from the earliest stages.
AI & Machine LearningCrypto & Web3Robotics
Co-investorsBalaji Srinivasan
Parcl provides daily real estate market signals, ownership data, and tools for analyzing how housing markets move, including a portfolio-search tool for finding single-family rental portfolios and data/resolution services for housing-related prediction markets.
Data & InfrastructureFintechPropTechNew York City, US
Jason Lewris(Founder)in
Co-investorsArchetypeCoinbase VenturesDragonflyHack VCLAB VenturesParaFi Capital
Party is a decentralized protocol that enables groups to coordinate onchain through collective wallet functionality, including token launches, crowdfunding, NFT memberships, and group chat capabilities.
Crypto & Web3
Co-investorsCompoundDragonflya16z cryptoAndreessen Horowitz
PleasrDAO is a decentralized collective that acquires and preserves culturally significant digital assets, including NFTs and artifacts of internet history, using blockchain technology to enable community ownership.
Crypto & Web3Social
Co-investorsa16z cryptoAndreessen HorowitzDivergenceDragonflyParaFi CapitalStandard Crypto+1 more
Polymarket is a prediction market platform where users trade contracts based on the outcomes of future events across politics, sports, economics, and other categories.
Crypto & Web3FintechMarketplaces
Shayne Coplan(Founder & CEO)in
Co-investors1confirmationA.Capital VenturesAbstract VenturesAdvaita CapitalAntiAusum Ventures+17 more
Quantstamp provides smart contract and blockchain security audits and verification services for Web3 and Web2 projects.
Crypto & Web3CybersecurityEnterprise SoftwareSan Francisco, US
Richard Ma(Founder/CEO)inSteven Stewart(Executive Officer, Director)
Co-investorsBloccelerate VCDragonflyFifty YearsLegalTechManhattan Venture PartnersMetaplanet+8 more
DoubleZero operates a network that delivers raw market data feeds over dedicated fiber links contributed by independent operators, bypassing public internet latency for trading firms, validators, and platforms.
Crypto & Web3Data & InfrastructureFintechGeorge Town
OLIVER BELL(Director)
Co-investorsCrucible CapitalDragonflyGSRMH VenturesMulticoin CapitalPaper Ventures+3 more
Gaming studio building a AAA first-person extraction shooter
Ken Rosman(CEO)
Co-investorsBixin CapitalBixin VenturesCVP NoLimitDragonflyNo Limit Holdings (NLH)Raptor Group+7 more
StarkWare develops zero-knowledge proof and validity rollup solutions for blockchain applications, enabling secure, scalable, and trustless transactions.
Crypto & Web3Deep TechDeveloper ToolsNetanya, IL
Eli Ben-Sasson(Co-Founder, CEO)Uri Kolodny(Co-founder, Board Member)inAlessandro Chiesa(Co-Founder)Michael Riabzev(Chief Architect)Avihu Levy(Head of Product & Blockchain Research)Oren Katz(VP Engineering)
Co-investorsBalaji SrinivasanBollinger Investment GroupChapter OneCoatue ManagementCoinbase VenturesCollab+Currency+14 more
Co-investorsDragonflyIOSG VenturesPantera CapitalStandard CryptoWintermuteSevenX Ventures
UMA operates the Optimistic Oracle, a blockchain protocol that verifies natural-language statements and real-world data through a system of proposed statements, dispute periods, and tokenholder voting.
Crypto & Web3Data & InfrastructureDeveloper Tools
Co-investorsCollab+CurrencyDragonflyIOSG Ventures
Co-investorsDragonfly
Portfolio news
latest coverage across their companies
dYdX · bcointalk.com · Jul 17, 2026
Monad · crypto-economy.com · Jul 17, 2026
ATOM · investing.com · Jul 17, 2026
Gauntlet · fintech.global · Jul 14, 2026
Anchorage · cryptobriefing.com · Jul 14, 2026
Quantstamp · cryptopolitan.com · Jul 3, 2026
Animoca Brands · cryptobriefing.com · Jun 25, 2026
Matter Labs · en.ain.ua · Jun 10, 2026
Frequently asked questions
- How many investments has Metastable made?
- Metastable has 121 tracked investments.
- What stage does Metastable invest at?
- Metastable invests at the Seed, Series A, Series B, Growth stages.
- What is Metastable's typical check size?
- Metastable typically writes checks of $3M – $30M.
- What sectors does Metastable focus on?
- Metastable focuses on Crypto & Web3.
- Where is Metastable located?
- Metastable is headquartered in New York City, US.
- Who does Metastable co-invest with?
- Metastable most often shares deals with Dragonfly, IOSG Ventures, Coinbase Ventures, among 238 tracked co-investors.
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