DePINed podcast DePIN is Growing Up: What VCs Really Look For | Mike Zajko, Lattice (#66)
Oct 30, 2025
Mike Zajko, co-founder of Lattice Capital and a former CoinList operator, shares insights from his extensive experience in early-stage crypto and DePIN investments. He discusses the evolution of DePIN, emphasizing the need for real-world traction and revenue. Mike outlines key investment criteria like market size and expert teams, while reflecting on common founder missteps. The conversation touches on tokenomics, the impact of AI on market opportunities, and the importance of long-term alignment between token holders and project success.
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From Filecoin Hackathon To CoinList
- Mike Zajko described joining CoinList after the Filecoin offering and running compliant token sales instead of ICO chaos.
- He credited CoinList's origin to the Protocol Labs–AngelList collaboration that handled KYC/AML for Filecoin's $250M raise.
Early Focus On Helium-Like Models
- Lattice began in 2021 to back pre-seed and seed teams expanding crypto's addressable market beyond DeFi.
- The fund explicitly sought projects that resembled Helium's hardware-plus-token model early on.
Invest In Domain Expertise
- Back teams with real domain experience in the market they're attacking, not just crypto expertise.
- If founders can't credibly sell to incumbents, token mechanics alone won't salvage product adoption.