Follow the Money
VC portfolio overlap in the crypto ecosystem. Here's the map.
Disclaimer: This page visualizes publicly disclosed VC investments based on portfolio pages, SEC filings, and press releases. Investment ≠ control. Token holdings and governance power vary by project. This is educational analysis, not financial advice. Submit corrections with evidence.
VC Portfolio Overlap Matrix
| Project | a16z | Paradigm | Polychain | Overlap |
|---|---|---|---|---|
| Uniswap(UNI) | ✓ | ✓ | ✓ | 3/3 |
| Solana(SOL) | ✓ | ✓ | ✓ | 3/3 |
| Arbitrum(ARB) | ✓ | ✓ | ✓ | 3/3 |
| Avalanche(AVAX) | ✓ | ✓ | ✓ | 3/3 |
| Compound(COMP) | ✓ | ✓ | - | 2/3 |
| Cosmos(ATOM) | - | ✓ | ✓ | 2/3 |
| Near(NEAR) | ✓ | ✓ | - | 2/3 |
| Aptos(APT) | ✓ | ✓ | - | 2/3 |
| Optimism(OP) | ✓ | ✓ | - | 2/3 |
| Celestia(TIA) | - | ✓ | ✓ | 2/3 |
| Bittensor(TAO) | - | ✓ | ✓ | 2/3 |
| Sui(SUI) | ✓ | - | - | 1/3 |
| MakerDAO(MKR) | ✓ | ✓ | - | 2/3 |
| Aave(AAVE) | - | ✓ | - | 1/3 |
| Lido(LDO) | ✓ | ✓ | - | 2/3 |
| Polygon(POL) | - | - | ✓ | 1/3 |
| Internet Computer(ICP) | ✓ | - | ✓ | 2/3 |
| Filecoin(FIL) | - | ✓ | ✓ | 2/3 |
Case Studies: VC Power in Action
Uniswap BNB Bridge Vote
Feb 2023Governance proposal to select bridge provider for BNB Chain deployment. LayerZero and Wormhole were candidates.
VCs involved: Major token holders
Outcome: Large token holders voted with 15M+ UNI. Top wallets hold sufficient tokens to influence outcomes.
Compound Governance Concentration
2020-2024Analysis of COMP token distribution shows concentration among early investors.
VCs involved: Early investors
Outcome: Top 10 addresses hold majority of voting power according to on-chain data.
Solana Foundation Delegation Program
2021-2024Foundation operates stake delegation program that influences validator economics.
VCs involved: Foundation + early investors
Outcome: Validator count changed significantly in 2024. Foundation manages delegation criteria.
Optimism Token Distribution
2022OP token launched with allocations to investors, team, and ecosystem fund.
VCs involved: Early investors
Outcome: Token distribution included significant investor allocations alongside community airdrops.
“Portfolio overlap is a data point, not a verdict.
Draw your own conclusions.”
Considerations
- 1.Governance concentration: Early investors often accumulate significant token holdings
- 2.Portfolio overlap: The same investors may hold stakes in multiple protocols
- 3.Token unlocks: Vesting schedules affect when investors can move tokens
- 4.Transparency: On-chain data allows anyone to verify holdings and votes
Major Crypto VC Portfolio (a16z Example)
a16z Crypto has publicly disclosed investments in 127+ crypto companies, spanning multiple sectors:
This portfolio spans exchanges, L1s, L2s, DEXs, lending, bridges, and restaking protocols. Source: a16z public portfolio page.
Data sourced from public VC portfolios and token holder analysis. Submit corrections