Alameda Research Portfolio

Ethereum is the programmable chain whose community chose a recovery history after The DAO, then replaced proof-of-work with a live proof-of-stake engine without swapping ETH.

Solana grew from Anatoly Yakovenko’s idea for a verifiable clock into a fast proof-of-stake network; outages, FTX’s collapse and new validator clients then forced it to prove that speed, recovery and independence are different engineering problems.

NEAR began as a code-writing AI experiment, became a staged sharded blockchain, and now supplies Chain Signatures and Intents for multichain actions. Its wider agent-economy thesis remains partly a roadmap, while NEAR's concrete roles are fees, storage, staking and value transfer.

Render's current token is Solana RENDER; Ethereum and Polygon RNDR are legacy assets with a one-way 1:1 upgrade. GPU work can earn node rewards and token balances can vote on RNPs, but holding RENDER alone grants neither compute, job income nor ownership of the Foundation or OTOY.

ARB is the delegated governance token for Arbitrum One and Nova, but it neither pays their gas nor runs their sequencers. Its history is a map of divided authority among the DAO, Foundation, validators, upgrade executors and a 9-of-12 Security Council.

JTO is Jito’s governance token, not the JitoSOL stake-pool receipt. Votes require Realms participation, and TipRouter yield requires a separate restaking vault; passive JTO has no SOL redemption, Block Engine access or automatic treasury payout.

Starknet is a general-purpose Ethereum validity rollup whose Cairo execution is proven with STARKs and settled through Ethereum contracts. It is separate from StarkEx, StarkWare’s application-specific scaling service. STRK now pays all Starknet transaction fees, supports delegation and phase-2 validator attestation, and carries protocol voting power; it is not equity or a claim on StarkWare or the Foundation. The network has distributed sequencing components and a live S-two prover, but block production, proving and upgrade control have not yet reached the permissionless end state described in its roadmap.

ZBCN is a 100-billion-cap Solana token used around Zebec's payroll, card and SuperApp products. Its mint and freeze authorities are gone, yet staking upgrades, product fees, buybacks and corporate operations remain separate control surfaces—and the token carries no equity, dividend or redemption claim on Zebec entities.

1inch began as a route finder, then added signed limit orders and Fusion resolver auctions. Its biography separates useful software from authority: 1INCH can create governance power, but does not itself own the router, treasury, interface operator or resolver business.

Yearn is a family of separately deployed yield vaults, not one automatic interest account. Its history runs from v1 controllers through v2 multi-strategy debt to v3 role-managed ERC-4626 vaults; YFI governance directs people and contracts, while losses, exits and legal rights remain vault-specific.

Sushi began in August 2020 from Uniswap V2 code and developed into a multichain exchange with liquidity pools, aggregation and cross-chain routes. Its Ethereum SUSHI token supports incentives and documented voting arrangements; it grants no company shares or fixed redemption right.