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FEATURED WRITING

In Defense of Exponentials

I’ve been trying to diagnose: why is this happening now, and what does it mean about the psychology of this market?

12 MIN READ Haseeb Qureshi

2024/2025 Crypto Compensation Report

This dataset includes responses from 85 crypto companies (up from 49 last year and now including companies outside the Dragonfly portfolio), collected in late 2024 and Q1 2025.

42 Min Zackary Skelly & Chris Ahsing

Stablecoins and the Collapse of the Legacy Payment Model

Why Stablecoins will Unlock the First Trillion Dollar Fintech

12 Min Rob Hadick

Don’t Trust, Verify: An Overview of Decentralized Inference

Say you want to run a large language model like Llama2–70B. A model this massive requires more than 140GB of memory, which means you can’t run the raw model on your home machine. What are your options? You might jump to a cloud provider, but you might not be too keen on trusting a single...

9 min read Haseeb Qureshi

ALL WRITING

The Agentic Economy Will Be Massive. Agentic Commerce Won't

Whenever an emerging narrative enters the public discourse, the prevailing thesis gets reduced to its most memetic form. Intuitively, when no one can empirically prove what will happen, provocation is rewarded over nuance.

8 MIN READ Robbie Petersen

Read the Fine Print: Token Compensation

What You Need to Know About Your Token Package When Working With a Crypto Startup

26 MIN READ Jessica Furr & Brandon Ferrick

In Defense of Exponentials

I’ve been trying to diagnose: why is this happening now, and what does it mean about the psychology of this market?

12 MIN READ Haseeb Qureshi

Fall Update Stablecoin Payments from the Ground Up (Part 2)

Stablecoin payments hit $10.2B monthly, up 70% since February and 137% since Aug '24, now at a $122B annual rate.

32min Rob Hadick, Omar Kanji, Anthony Yim, Andrew Van Aken, Nic Carter, & Wyatt Khosrowshahi

Request for Comment on Innovative Methods To Detect Illicit Activity Involving Digital Assets

Submitted: October 7, 2025

16 MIN READ Patrick Goodridge

42 Min Zackary Skelly & Chris Ahsing

Stablecoins and the Collapse of the Legacy Payment Model

Why Stablecoins will Unlock the First Trillion Dollar Fintech

12 Min Rob Hadick

Stablecoin Payments from the Ground Up: A $94 Billion Study by Artemis, Castle Island, and Dragonfly

Stablecoins have quickly become a credible alternative to traditional payment and settlement networks. In just five years, their supply has grown from under $10 billion to over $240 billion.

45 Min Rob Hadick, Omar Kanji, Anthony Yim, Andrew Van Aken, Nic Carter, & Wyatt Khosrowshahi

Dragonfly’s State of Airdrops Report 2025

We analyzed data from over 12 airdrops (11 geoblocked airdrops and 1 non-geoblocked airdrop as a control) that conducted airdrops between 2019 and 2023 to determine the economic impact of having blocked U.S. users from claiming tokens.

64 min Jessica Furr, Hildebert Moulié, Demetrios Stellatos, Jane Perov, & Phillip Bodine

9 min read Haseeb Qureshi

Dragonfly’s 2023 Crypto Compensation Report

Crypto moves fast, and industry compensation data is scarce—especially comprehensive analyses. This can be a stumbling block for startups seeking to strategically navigate their growth. Dragonfly’s first annual compensation survey was developed in response to this gap. We started by asking our...

23 Min Zackary Skelly & Chris Ahsing

(Re) Introducing Dragonfly

Dragonfly includes Dragonfly Ventures, Dragonfly Liquid, and now Metastable, the oldest crypto hedge fund, which we recently acquired. Metastable is one of the longest-running funds in crypto...

3 min read Haseeb Qureshi

The Comprehensive Guide to Token Compensation

Designing token-based compensation is a hard problem, especially given token liquidity and the volatility in crypto markets. To date, the topic has been fraught with murky tax/legal implications, fragmented data, and no well-defined playbook. Moreover, many founders and hiring managers navigate...

22 min read Zackary Skelly