Hashed Fund Overview & Investment Trends
Learn the basics of Hashed hedge fund, as well as Hashed’s portfolio, and investment strategy
If most of Crypto’s big funds are located in European countries, then today, we will learn another “big hand”, but coming from Asia, specifically Korea, that is Hashed.
Hashed is a preeminent Blockchain investment company founded in 2017, from Seoul, Korea with a portfolio spanning the globe. Hashed’s mission is to accelerate blockchain adoption by investing their resources in potential projects.
And Hashed participates in investing as a contributor, actually building on the project, not Flipper, just a short-term investment.
To date, Hashed has supported many visionary Founders across the globe who are pioneering this industry.
Featured members of Hashed
Simon Kim – CEO & Managing Partner of Hashed
One of the pioneers and contributors to the popularity of Blockchain in Korea. Simon Kim works with leading IT companies like Kakao, Line, Watcha and Spoqa to come up with Blockchain solutions for these companies.
Before coming to Hashed, Simon co-founded a tech startup Knowre in the US and South Korea. Knowre was voted as one of the Top 10 Most Innovative Companies in the field of education by Fast Company, which was later acquired by Daekyo, the largest education company in Korea.
Simon is also a Ventures Partner at Softbank Ventures Asia and a Director of the Korea Blockchain Association.
Simon’s Twitter: https://twitter.com/seojoonkim
Ethan Kim – Co-Founder & Partner of Hashed
Ethan Kim is the manager of Hashed Labs, Hashed’s accelerator program focused primarily on investments in Decentralized Applications (DApps) and Gaming on Blockchain.
And Ethan started his career as a software engineer at Electronic Arts. He is also the main engineer of TicToc (Korean mobile messaging app with over 20 million users, later acquired by SK Planet). Ethan’s Twitter: https://twitter.com/ethankim77
Overview of Hashed Investment Fund’s Portfolio
Below is an overview of Hashed’s Portfolio.
Next, we will take a look at a few outstanding projects of some Sectors.
All the projects mentioned below have informational articles on idolmeta.net, if you are interested in any project, you can search the project name to learn more!!!
Hashed Investment Fund’s Portfolio
All the projects mentioned below have informational articles on idolmeta.net, if you are interested in any project, you can search for the project name to learn more!
- Coin98 Wallet: One of Crypto’s first DeFi multi-featured Multi-chain wallets, helping you get the best experience with DeFi activities in one app.
- Chai: The leading Crypto payment application in Korea, developed by Terraform Labs. According to actual experience, Chai’s payment method is very smooth, nothing different from a normal payment application. In addition, Chai also connects with many famous brands in Korea.
- Orion Money: This is a pretty good project in my opinion, when it will help users who want to earn stable interest higher than banks but are not familiar with Terra, even Crypto.
- Orion Money currently supports assets in many popular chains such as Ethereum, BSC, … you just need to deposit money, Orion Money will do the rest, that is, send that money to Terra’s Anchor Protocol to make a profit for us.
⇒ Comment: Hashed is one of the funds that invest a lot in the wallet and payment segment. Among them, 1 project has been extremely successful, Chai, 2 multi-function wallet projects Coin98 Wallet, Liquality all have a certain attraction in the global Crypto market.
As I personally observe, there are not many projects on the Synthetic segment on the market right now.
Among them, only 2 projects are most prominent, which is Terra’s Mirror Protocol and Synthetix – the pioneering project of synthetic assets in the whole Crypto market.
⇒ Comment: Both the largest and second largest projects in this segment are in Hashed’s portfolio, showing that they have high expectations in this segment. Not sure what the future holds, but at the moment, there aren’t too many breakthroughs coming from Mirror Protocol or Synthetix.
- Mirror Protocol: The picture below shows the TVL of both Terra and Mirror from May to November 2021, showing that the TVL of the whole system has almost tripled, but Mirror’s TVL has not improved, if not a little. mitigation.
- Synthetix: The table below shows a few indicators of Stablecoins showing that, although launched in 2018, Synthetix’s sUSD is not as well-received as traditional Stablecoins, or Algorithmic Stablecoins.
- Unlike famous stablecoins like USDT, USDC or even UST, for MIM launched only in July 2021, the capitalization has reached nearly $3B, while sUSD has been launched since 2018 but still at the hundredth mark. million.
There are two huge names in the Analytics field that I want to talk about, which are:
- Dune Analytics: An extremely familiar project where you can track a lot of data not only in the project, but also in each Sector such as AMM market share, Lending,… These data are all user-generated. uploaded, so it’s very decentralized and diverse.
- Crypto Quant: The project is trusted by the community in tracking BTC movement such as the number of withdrawals from the exchange, the number of deposits on the exchange, …
⇒ Comments: These are two of the biggest Analytics projects in Crypto currently. However, this model currently does not see many parties giving an intention to issue tokens, so it is not clear how Hashed will profit.
Here, we only mention investment taste to understand what Hashed wants to do, because it is difficult for small players to participate in making profits based on trading project tokens for this model.
- Anchor Protocol: Core Project on Terra currently, famous for its Fixed Rate of up to 20%, currently accounts for the largest proportion of TVL on Terra. A lot of projects have built on Anchor to take advantage of this 20% interest feature.
- Maker DAO: Crypto’s first hugely successful Debt Protocol Lending project, the inspiration for many similar projects in other ecosystems.
⇒ Comment: Although Anchor Protocol is one of the key projects, in reality, ANC – Anchor’s token has not had good development since its launch, with the reason that there is no Incentives to buy into, as well as Discharge force comes from many sources.
Perhaps apart from MakerDAO and Anchor Protocol are good, the remaining projects are not too prominent, or not to say bZx has been hacked many times from 2020 to 2021.
- dYdX: Perhaps you are no stranger to dydx – the most “huge” project in the Derivative Trading segment, with an average transaction fee of about $2M/day, the largest compared to other Derivatives projects.
The figure below shows the huge revenue disparity between the two biggest names in the derivatives trading segment, dydx and Perpetual Protocol.
Total revenue of dYdX and Perpetual Protocol
⇒ Comment: Hashed invests in this array with only 2 projects, only dydx is well received by the community, and Polysynth is not mentioned by anyone. So I think this is not Hashed’s strength.
- Terra: Layer 1 in the Cosmos ecosystem, Terra is known for its LUNA duo and algorithmic Stablecoin UST. Currently, UST is one of the Top 10 Stablecoins with the largest capitalization in Crypto.
- Ethereum: There is no need to argue about Ethereum, the Blockchain platform has a market capitalization second only to Bitcoin. But here I can’t find evidence of Hashed investing in Ethereum at the beginning, or buying in the secondary market, so I won’t talk much about Ethereum.
- Cosmos: “Layer 0” with many famous Layer 1s inside such as Terra, Binance Chain, Crypto.com,… Platforms in the Cosmos universe will link together through the IBC bridge, Since then, it has become a huge Internet of Blockchain ecosystem.
- OmiseGO: Previously, OmiseGO was known only as a payment infrastructure solution. But around August 2021, the OmiseGO team launched Boba Network – Layer 2 for Ethereum. Boba is one of the highly appreciated projects in solving Ethereum’s high transaction fees and congestion.
⇒ Comment: Based on the portfolio, I think Hashed is quite “bullist” about Cosmos with the ambition of Internet of Blockchain – connecting ecosystems together like the Internet. Hashed not only invests in Cosmos “parent project”, but also many other Cosmos “child projects” such as Terra, Injective, Secret Network, Vega.
In October 2021, Hashed officially announced they would invest in Metaverse and Gaming. Therefore, it is not too strange that Hashed’s NFT entry “details” the project:
- Sandbox: One of the games that was ahead of the current Metaverse trend quite a long time ago, and is very successful now with the price of SAND up 80 times from the bottom in 2020.
- Decentraland: Similar to Sandbox, Decentraland is a virtual world game that was born around 2017. But recently returned with an unimaginable ROI of 32,000% compared to the bottom 4 years ago.
- Axie Infinity: The game that pioneered the popular Play to Earn movement starting around June 2021. Axie Infinity has helped many unemployed people with money to live on, or better yet, buy many properties.
- Enjin: Enjin is also a Blockchain for Gaming and NFT was born around 2017. Enjin currently has many products for NFT including Marketplace, Wallet,…
- Sky Mavis: Sky Mavis is not a single project, but a company with current extremely hot Gaming products. Sky Mavis is the team behind Axie Infinity, Ronin chain, Katana (AMM on Ronin),… To talk about Ronin’s potential,
- Impossible Finance: The Incubator platform for new projects, not only is the place to implement IDO, but also supports other issues such as project model consulting, tokenomics design, marketing, ecosystem support, .. Impossible Finance’s founder is Calvin Chu, who used to work at Binance on Binance Launchpad.
- NuCypher: A secure platform that allows users to share private data with each other without fear of being eavesdropped by other encrypted browsers. Currently, NuCypher is in the top 10 of Private projects by Market Cap.
⇒ Comment: Hashed’s portfolio includes not only Crypto, but also many real-life projects such as healthcare, agriculture, kitchen, streaming,… This shows:
- Hashed invests very professionally, not just putting “eggs” in a “basket” of Crypto.
- The team has experience in many fields, allowing them to invest in a variety of ways.
Looking at Hased’s portfolio, you can see the following characteristics through Paradigm’s portfolio:
- Hashed loves to invest in projects in Korea, so if you are doing Crypto projects here, don’t hesitate to ask them.
- Layer 2 is not Hashed’s answer to the current Ethereum problem, it’s the Internet of Blockchain by Cosmos, not Polkadot.
- Hashed also officially announced that they will sponsor the Gaming segment as well as Metaverse, Terra being one of them.
Ecosystems in Hashed’s Portfolio
Different from the conventional thinking that Ethereum is the place where many quality projects are concentrated. Hashed does not have many Deals here, dAPP projects in Ethereum only have Maker DAO, Synthetix, Kyber Network, Convergence and InsurAce.
The ecosystem that has received the most attention from Hashed is Cosmos, specifically Terra, with almost all of Terra’s outstanding projects attached to the Hashed logo, which are: Anchor Protocol, Chai, Mirror Protocol, Derby Star.
This probably also stems from the fact that Terra is a project also from Korea. By the way, an interesting thing is, the number of projects (including Crypto and outside) coming from Korea accounts for up to 30% of Hashed’s Portfolio.
To solve the congestion problem of Ethereum, Hashed does not seem to believe in Layer 2, but chooses completely new Blockchains in Cosmos, that is Secret, Terra, Injective, Vega, or other Blockchains like Icon, Dfinity, Tomochain .
There are only a handful of Layer 2 projects in this category like Omisego’s Boba Network or Skale.
Another special thing is that only Cosmos’ Internet of Blockchain is what they are looking for, there is not a single project from Polkadot or Polkadot itself in the infrastructure segment.
It can be concluded that, Hased chooses other Blockchains to solve the problem of Ethereum, and Hashed invests heavily in Korea.
They bet everything on Cosmos, not on another potential Blockchain fork, Polkadot.
Hashed and the Gaming Market in Crypto
The second half of 2021 is a time that can be said to be exclusively for Gaming, with the Play to Earn movement. Realizing the potential of Gaming, Hashed has officially announced that they will focus on Metaverse and Gaming.
The first activity is that they acquired two Gaming studios, as well as support for the Asian Gaming market and in the familiar ecosystem – Terra.
Baek Kim announces investment in Unopnd.
At the beginning of December 2021, Hashed launched a $200M fund dedicated to Web3, specifically: Metaverse, Blockchain Gaming, NFTs, and DeFi.
Once again, they show a “Bullist” for the Gaming segment, Metaverse, when both are present in this new fund. You can check out the details here.
Learn more: What is Web 3.0?
Hashed Portfolio Review
The top 5 projects with the best performing Tokens (price of ATH compared to ATL) are:
- Axie Infinity (AXS): 135.271%
- Decentraland (MANA): 44.673%
- Terra (LUNA): 43.333%
- The Sandbox (SAND): 30,000%
- Enjin (ENJ): 21.182%
The Top 5 Top 5 projects with the best performing Tokens from the beginning of 2021 (ATH price 2021 compared to the price of early 2021) are:
- Axie Infinity (AXS): 31.113%
- The Sandbox (SAND): 24,000%
- Terra (LUNA): 11.958%
- Decentraland (MANA): 7.048%
- Enjin (ENJ): 3.707%
Hashed Investment Trends
In 2021, Hashed invests in about 31 projects, a number quite similar to some funds like Binance Labs or Pantera.
Hashed’s Portfolio in 2021
2021 is a year made for Gaming and NFT, that’s why Hashed’s 2021 portfolio focuses mainly on this segment as they account for 29% of total projects.
About 50% of the projects in 2021 are in the Seed round, there are also projects they invest in 2 rounds, but only 5 projects are invested in quite deep rounds (Series A, B). This reflects:
- Many projects trust Hashed to help them in the early stages of project construction.
- Hashed doesn’t invest many rounds too late, probably because the valuation is already quite high.
Projects in 2021 are nothing special in terms of ROI. Here, you may be wondering because after having Enjin but the ROI is not high, that’s because Hashed announced Enjin investment on April 2, 2021.
I don’t know how this Deal was signed (discount from Market price, sell treasury,…), but if we compare the market price at that time ($2.5), there isn’t too much profit compared to the current price in.
Above is an overview of the Portfolio and some comments on Hashed’s investment trends, if you have any other questions or comments, please comment below to discuss with idolmeta.net!