Pantera Capital Portfolio

XRP began with a fixed 100 billion supply before Ripple took its present name. The company received 80 billion, later put 55 billion into ledger escrow, and ended its SEC appeals in 2025 with a $125,035,150 judgment still standing.

Zcash began with ceremony-dependent Sprout, moved through Sapling to Halo-based Orchard, then had to disable and repair Orchard in 2026. NU6.3 now routes new shielded value into Ironwood and seals Orchard to inflows. ZEC remains optional-privacy proof-of-work money; Ironwood prepares recoverability but is not itself post-quantum protection.

Telegram sold future Grams before a court stopped distribution and Pavel Durov ended the project in 2020. Newton developers carried testnet2 into The Open Network, while the separate Free TON became Everscale. Telegram later returned as the network's driving force and largest validator, and in June 2026 the existing Toncoin was renamed Gram without a token migration.

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.

ONDO is the delegated-vote token of the Ondo DAO, whose documented powers center on Flux Finance and DAO-controlled treasury and administration. The token is separate from Ondo Finance's OUSG and USDY issuers: holding ONDO alone is not documented as a fund interest, Treasury claim, redemption right, equity stake, or product-revenue share.

Morpho is a lending stack whose Blue markets freeze five parameters, not every decision around them. A DAO owner still has a narrow core role, vault curators and allocators govern separate strategy layers, and MORPHO grants voting power rather than ownership of loans or vault deposits.

Polkadot moved from its 2020 relay-chain launch to coretime in 2024. It reports a 2.1 billion DOT cap from March 14, 2026, while official issuance figures conflict and JAM remains a proposed successor.

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.

Filecoin turns storage into both a paid service and consensus weight. Clients make deals, providers lock FIL and prove sectors, while FVM adds contract logic; holding FIL alone grants none of those service, governance or Foundation rights.

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.

Injective embeds spot and derivative orderbooks in a Cosmos chain. Its weekly winner-take-all Burn Auction evolved into a monthly Community BuyBack in October 2025; committed INJ is burned, but validator issuance continues and holders do not automatically receive exchange revenue.

Terra Luna Classic is the original columbus-5 chain's asset, renamed LUNC after UST collapsed and a separate phoenix-1 network took the Terra name. LUNC now pays fees, backs staking and votes, but its trillion-scale supply, adjustable burn tax and validator-run upgrades do not create redemption or corporate rights.

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.

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.

Onyxcoin (XCN) changed units in the CHN conversion, kept the asset through a rename and expanded into Base and Onyx Layer 1. The stXCN voting route announced in 2026 is distinct from legacy Ethereum governance.

Fluid is the current protocol brand around the original INST governance token and Instadapp team, while legacy DeFi Smart Accounts still form a separate product and contract lineage. The token address did not migrate, its on-chain name remains INST, and voting, proxy administration, buybacks and holder legal rights each have different boundaries.

GEODNET turns fixed GNSS reference stations into an RTK data service and a scored reward network. Polygon GEOD is fully minted with privileged roles empty; Solana migration, cloud payouts and veNFT governance keep separate control dependencies alive.

Basic Attention Token (BAT) is the fixed-supply ERC-20 used in Brave's advertising and creator-reward system. Its 2017 contract has no post-sale mint, pause, freeze, proxy or token-holder governance path; advertising eligibility, revenue calculations, custody and payouts remain Brave service rules.

Livepeer's LPT is an adaptive-inflation staking and governance token for an Arbitrum video and AI compute market; it is not a share in Livepeer companies or a promise of compute income.

Kusama is a sovereign Polkadot-SDK network whose native KSM moved with balances, staking and OpenGov from the Relay Chain to Kusama Asset Hub in October 2025. KSM pays fees, secures validators, buys coretime and votes; it has no maximum supply, and current runtime parameters bound annual inflation between 2.5% and 10% around a 75% ideal stake ratio.

Mina's famous 22KB is a proof of the latest state, not a zip file containing every payment. Producers still need ledger state, archives keep history, and SNARK workers sell proof labor. That division made a small verifier possible—and made MINA an uncapped reward currency for the larger machine behind it.

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.

Oasis grew from Dawn Song’s privacy-computing research into a proof-of-stake network with separate ParaTimes. Sapphire moved from testnet to mainnet in 2022, OPL connected its confidentiality to other chains in 2023, and ROFL took attested code off-chain in 2025—without making hardware, keys or external data automatically trustworthy.