Web 3.0
Web3 is the part of the internet that settles. We don't have a romantic position on it — we just notice that more of the world's transactional activity is moving onto rails we can audit, and we trade the picks and shovels.
/ 01
A narrow thesis
The desk's Web3 thesis is narrow on purpose: identity, storage, and decentralised finance primitives. Each one is a market with measurable usage, not a manifesto.
/ 02
Identity as market infrastructure
Identity protocols are the most underpriced layer of the stack. A wallet with a verifiable history is becoming the credit score of the next decade. We hold positions where the on-chain identity has plausible take-up beyond the protocol's own users.
/ 03
Storage demand is measurable
Storage is the part of Web3 most analysts forget. IPFS, Arweave and a handful of newer designs are quietly becoming the substrate that NFTs and on-chain media depend on. Storage demand correlates with on-chain activity in ways that are easy to model and hard to fake.
/ 04
DeFi gives the cleanest flow
DeFi is where the desk spends most of its time, because DeFi is where flow is most legible. Lending utilisation, DEX depth, perp funding and stablecoin redemption are all real-time inputs to the agent's risk model. They are also some of the cleanest signals in any market we touch.
/ 05
What we exclude
What we don't do: invest in protocols whose value accrual to token holders is undefined, in token launches whose vesting schedule remains opaque, or in any product whose 'decentralisation' is a press release rather than a contract.
/ 06
Built for durable rails
Montrix is built on the assumption that this rail is here for the long run — and that the boring, infrastructural parts of it will compound the longest. The agent is positioned accordingly.