DragonFly Capital Portfolio

Avalanche began with an anonymous consensus paper, then a Cornell team turned its repeated-sampling idea into a 2020 network with three specialized chains. Cortina later retired the live DAG, while Etna separated application-chain validation from the 2,000-AVAX Primary Network bond. AVAX still secures the Primary Network, where rewards mint and fees burn supply.

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.

MNT grew from BitDAO’s 2023 one-brand vote into the gas and governance asset of Mantle Network. The 1:1 conversion, treasury burn, ZK-rollup upgrades and mETH products are related chapters, but they confer different rights and depend on different administrators.

BGB began as Bitget's exchange token, absorbed wallet token BWB, and moved its roadmap to Morph Foundation. Morph still lists ETH as its native network currency, while its current AltFee documentation supports paying gas with BGB. This alternative payment route does not establish a complete native-currency migration or holder governance.

Cosmos Hub is one sovereign proof-of-stake chain in the wider Cosmos ecosystem. ATOM secures and governs that Hub; IBC links sovereign chains through light-client proofs, while only separately approved consumer chains borrow Hub security.

Aptos carries Move and Block-STM out of the Diem engineering lineage, but APT rights are defined by stake and governance code. Its 2026 supply-cap vote also shows why approved policy, executable payload and live protocol state must be checked separately.

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.

DYDX is the native gas, staking and governance token of the Cosmos-based dYdX Chain, not the same asset as Ethereum ethDYDX. The one-way migration bridge stopped receiving Chain recognition on June 13, 2025, and only 15% of current net protocol revenue is assigned to the validator/delegator distribution module.

Nervos CKB turned blockchain state into a scarce capacity measured in CKBytes. Its Cell model, NC-MAX proof of work and Nervos DAO connect storage, miner pay and dilution—but a DAO deposit is compensation for secondary issuance, not staking or a protocol ballot.