The three giants of crypto venture capital: the knowledgeable and versatile experts who see clearly, see early, and see through

Over the years working at Dragonfly Capital, I have been pondering a question: who is truly the leader in the crypto venture capital space? This question seems simple, but when you delve into the competitive landscape of crypto investing, you realize the answer is far more complex than it appears. When I first became a venture investor, I was full of enthusiasm for competition— in this field, only one person can win a deal, only one can pick the cycle’s winner. However, after nearly a decade of immersion and observation, I have come to see that three individuals have already proven themselves as the historic leaders in crypto VC through their achievements. Each has their strengths, and all are polymaths in their respective fields. Their investment philosophies and decision-making approaches are worth reflection for all practitioners.

Dan Robinson: The Ultimate Illustration of a Versatile Investor

Paradigm’s Dan Robinson is one of the most knowledgeable and versatile investors I have ever met. His career path itself tells a story of continuous learning and self-breakthrough—from practicing lawyer to self-taught protocol architect, and now a top-tier investor. Every transition demanded him to master entirely new knowledge systems.

Dan’s investment accomplishments span multiple key areas of crypto infrastructure. He was involved in Uniswap when it was still an embryonic project and became a co-author and core contributor of Uniswap V3. The launch of V3 made on-chain spot trading more efficient, becoming a paradigm shift in the DEX space. At the same time, he recognized the importance of MEV (Maximal Extractable Value) early on with Flashbots, helping to pioneer modern MEV auction mechanisms. When Layer 2 solutions were still in exploration, Dan led the seed round for Optimism, which later became one of the most important scaling solutions in the Ethereum ecosystem.

What makes Dan unique is that he is not just an investor who is optimistic about projects, but also a technical partner capable of deeply engaging in project development. Whenever other funds lose out in competition, founders often say: “You’re good, but I must work with Dan.” This reflects his true position in the industry— the greatest investors are often those who can personally drive innovation.

Chris Dixon: The Trailblazer and Believer in the Crypto Industry

If Dan is a versatile generalist, then Chris Dixon is a pioneer in the crypto space. Before him, crypto investing was still on the fringe, with few mainstream VCs willing to stake their careers on it. Chris changed all that. He was the first mainstream investor to tightly bind his entire career to crypto technology, declaring through action that this field is worth optimism.

In 2013, when the industry’s prospects were still uncertain, Chris led Coinbase’s Series B funding. This deal has become a classic case in crypto VC history, perfectly embodying Chris’s investment philosophy—“The things the smartest people do on weekends are what everyone will be doing in ten years.” It was not only a successful investment decision but also a precise forward-looking judgment of the industry’s direction.

What is most admirable about Chris is his early investment in Uniswap. At that time, debates raged over the feasibility of AMMs (Automated Market Makers)—some questioned their capital efficiency, others worried about adverse selection risks, and some thought such models could be easily copied and hard to defend. Paradigm chose to pass, and so did we; it’s said that even most of the investment committee at a16z was not optimistic. But Chris’s choice was entirely different—he saw the limitless potential of the permissionless AMM model. “A smart contract that can buy and sell anything? Sounds too cool.” Behind this simple intuition was a profound understanding of technological innovation’s essence.

Chris’s contributions to the industry go far beyond a few successful investments. He has fought long-term battles against external resistance, advocating for the legitimacy and cultural acceptance of crypto technology. Many concepts we discuss in investment committees today directly originate from his thinking. It can be said that without Chris Dixon’s relentless early push, the crypto VC industry would not have developed to its current heights.

Kyle Samani: The Extreme Practitioner of Contrarian Thinking

Kyle Samani is an investor who can easily make people uncomfortable—including myself. He often raises viewpoints and makes decisions that make everyone frown or even provoke outrage. But this is precisely what a true contrarian thinker looks like. A genuine contrarian isn’t trying to garner praise by making provocative statements; rather, they are steadfastly executing their judgment at moments when most believe you’re crazy or want to dismiss you.

Kyle’s investment in Solana is one of the most perfect examples of contrarian thinking in crypto VC history. He participated in the seed round and, even after industry black swan events like FTX, remained steadfast in holding. His return on this investment has already reached an astonishing scale, and in the future, someone will surely write a book about it. In a venture industry following a power-law distribution, Kyle and his Solana investment exemplify the “one deal can rewrite history” scenario.

In my daily exchanges with Kyle, we almost always hold different views on everything. But I must admit, when judging by final investment results, Kyle has already proven himself in an irrefutable way. Sometimes, venture capital really is a game of strict scoring—and Kyle is currently the highest scorer.

Competitors, but also Community

For Dragonfly, acknowledging the achievements of competitors might seem less “smart.” But this industry needs a broader perspective. Investing in crypto is difficult—I have witnessed many peers leave, and the ecosystem itself is brutal.

Although I compete with these three every day, I hold great respect for them. Each has contributed to my growth; their decisions have inspired me. Dan Robinson showed me how deep involvement can create immense value, Chris Dixon taught me the importance of foresight, and Kyle Samani reminded me of the power of contrarian thinking.

In an industry that doesn’t often praise venture capitalists, I want to officially salute them: Dan Robinson sees most clearly, Chris Dixon saw earliest, and Kyle Samani saw the latest. They have each defined what excellence in crypto VC means in their own way. Whether they realize it or not, I am grateful to all of them. May we continue to push each other forward and keep progressing in this exciting competition.