Hi Casters. I wrote about some "inside VC" topics this morning. You may or may not find this interesting. But if you are in VC, particularly early in your career, you should give this a read.

Hi Casters. I wrote about some "inside VC" topics this morning. You may or may not find this interesting. But if you are in VC, particularly early in your career, you should give this a read. https://avc.xyz/reserves,-recycling,-and-returns

How do you model your early stage crypto investments?

Thanks! Curious - how does USV think about ownership in the protocol/token context?

We model them the same way we do every other investment but as a category they tend to require less reserves because of decentralizing the protocol and tokens. But that is only true of protocols. So we don't treat them all the same