frens capital – Liquid venture, web3 biz models, market inefficiencies & more | Fundamentals ep.63

In this episode of the Fundamentals podcast, we’re joined by Chris Abiaad, the founder of frens capital – a thesis-driven investment fund focused on liquid digital assets. frens capital’s strategy is to make long-only investments based on fundamentals and the core principles of value investing.

We discuss frens capital's investment strategy and what makes web3 interesting from an investor's point of view, and also break down liquid venture and why is it a superior form of investing compared to traditional VC. We cover the differences between web2 and web3 business models and moats, and speak about some 0-1 tech unlocks that could open up the space for mass adoption. Tune in for a great discussion about the fundamentals of value investing in crypto.

frens capital:

Site: https://www.frens.capital/

Twitter: https://twitter.com/frenscapital

Chris: https://twitter.com/Chris__AA

Blur’s dashboard on Token Terminal: https://tokenterminal.com/terminal/projects/blur

Make sure to leave a comment if you have any questions 🙌

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Timestamps:

00:00 Introduction

04:19 Overview of frens capital

05:36 What do fundamentals mean in crypto?

07:07 The problem that frens capital solves for investors

09:40 Liquid venture vs. traditional venture

12:26 How does frens work with the projects they invest in?

14:00 What makes crypto interesting for investors?

15:33 Web2 vs. Web3 business models & power laws

19:47 Moats in crypto

24:06 Tech unlocks that Chris is excited to see play out

27:15 Market inefficiencies

30:05 Relative valuations

31:07 Deal-sourcing and decision-making

34:35 What metrics does Chris focus on when analyzing projects?

36:02 An investor's point of view on token incentives

38:22 Blur: Developing an investment thesis

42:26 What is Chris most excited about in crypto right now

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