Where To Allocate In 2026 | Matty Taylor

I actually think that cryptonative assets will completely dwarf even traditional equities or real estate or whatever else is issued on chain and from the traditional world. I think a non-sovereign currency also will exist that will grow that will dwarf all fiat currencies and so as sort of the cryptonative world starts to dwarf the traditional world, I think that will kind of push a lot of those maybe traditional assets onchain. This episode is brought to you by Sablier, the leading onchain solution for token distribution. You'll hear more about them later on in today's episode. On Lightspeed, this is not a recommendation to buy or sell any investments or products. This podcast is for informational purposes only and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Block Works. Our hosts, guests, and the Blockworks team may hold positions in the companies, funds or projects discussed.

Hey guys, welcome back to another episode of Lightseed. Today I'm joined by Matty Tay of Coliseum. Glad to have you on, Maddie. I guess maybe before we really kick things off, if you could just give a quick background. I think most people, probably most listeners of Lightseed are familiar with Coliseum, but maybe just a little background on yourself and what Coliseum does and then we'll jump into it.

Sure. So I'm one of the co-founders of Coliseum. Before that, worked at Salana Labs and foundation for about four or five years. Coliseum is sort of three integrated pillars. The first is what most people know us from which is our online hackathons that we run for the ecosystem. So these are the largest hackathons in the world and get a lot of developers and founders into the ecosystem just building really cool products.

From there we also run a venture fund. So we invest in some of the top winners coming out of that program and then another program we call the internal which is sort of like our ongoing perpetual hackathon program and so feed some of the best founders from both of those into an accelerator program which is kind of the third pillar. We run that out of San Francisco in our new office and usually invest in batches about 10 to 15 teams at a time all pre-seed and we're usually the only investor or one the first investor in these products. So I've been doing it about since 2024 when we launched the fund and happy to jump into it.

Awesome. Maybe just on your background a little bit. I'm curious, you know, transitioning from being at Salana to then kind of founding and building out Coliseum. Was there a point that you had maybe with you and your co-founders where you thought, hey, this type of effort, you know, needs to be its own sort of venture versus, you know, pursuing that that type of activity like from within Salana.

I think there's a few things there. First when we started I mean it was pretty clear even from when we ran the first hackathon which was right after Salana went to mainet in 2020 was that there was basically no one building on the network. There were some validators. There was like FTX who was kind of whipping up Serum at the time and we wanted to kind of start a developer ecosystem but ultimately we wanted to get like startup founders building actual products on the network.

So we ran this hackathon and from the start I think we got like 60 submissions which was like an insane amount at the time like that was basically quadrupled the number of developers that were building on Salana. And so ever since there was pretty clear that these were being effective not just as like a way to get developers building on Salana, which that's how a lot of people in the hackathon kind of view it as a traditional hackathon. They use it as a way to kind of dip their toes into Salon development, but it was also where a lot of the sort of venture back startups were forming.

When we ran the stats it was something like 85% of all VC back startups even in like 2023 were coming out of the hackathon. At that point I think that was a pretty big shift at least from my perspective was like okay this is this is something that's probably even much bigger than what the Solana Foundation can handle and there needs to be like a dedicated team. Also at the time there was basically no pre-seed venture funding going into the Salana ecosystem was like post FTX that had just blown up and so it was also really critical that like a venture fund and pre-seed funding was still coming into the ecosystem.

It was kind of like, okay, we need a dedicated team to keep building and scaling out these hackathons. It needs to be its own product basically, and we need this venture fund, and we need this accelerator to keep it going. Around that time, I think was sort of the best time to separate it from the Salana Foundation and make it its own independent org. So that's what we did and we got it off the ground in 2024.

That I think that makes a lot of sense. And you see there there's a clear and kind of obvious connection there of you know do the hackathons that presents a bunch of talent and then you know you can fund some of that talent and then accelerate some of that talent. I guess is there is there something significant in terms of like how coliseum's model maybe differs from like a standard accelerator or like a YC for example are you doing something different in terms of kind of like the volume of submissions to the hackathons or the way that you kind of you know get them to ship out code before pitching and then how that turns into arrays.

I think there's a few things that are different. Obviously, we took a lot of inspiration from YC and you don't want to reinvent the wheel on a lot of this stuff. So, a lot of the stuff that we do is sort of congruent with what they do or did in the past. The one I guess one area that is pretty big difference is the the selection process, right? So YC, they hold this basically like kind of like college style admissions process where you fill out this written application, they then filter from that written application into like a 10-minute interview and then from the 10-minute interview that you get like a admission into the program or not and get the investment at that point.

I guess our sort of insight is like what if YC instead of doing that process watched the teams that they liked for the first like six to seven weeks of the program and determine kind of at that point was is this a worthy team to invest in or not. Our thesis is that actually they make different investment decisions based on how people are actually operating in the real world through that kind of process. That's what the point of the hackathon is for us is that it's like time boxing sort of an engineering sprint to see how people prioritize how they work together with their co-founders, how they actually go to market sometimes with their product.

I mean that's another thing. These AI vibe coding tools are basically allowing people to go to market way way way way faster. We're trying to basically get as much real world data that we see with with these kind of early stage teams and and make investment decisions based off of that. So, I'd say our just our our filtering and selection process is a little bit different. The other way that it's different is crypto teams often need a lot of the same things as a web two startup would need like a SAS startup or some sort of AI rapper company or something like that. A lot of the same stuff, but there are some intricate differences.

One is like maybe more on the technical side. So a big blocker for teams is getting like an audit. So we have deals with like auditors and we have a way to sort of accelerate people to the top of those lists and like so that's like kind of one area is more on like the technical help of like connecting them either with like integrations, auditors, people that can like really accelerate the development timeline of actually like shipping out the the V1 of the product. So that's like a pretty big difference. There's also we have a team of sort of not in-house lawyers but legal firms that we work with.

Oftentimes these protocols can have to be dealing with some pretty complex stuff in terms of like the setup. We help kind of make introductions there. The third thing is we just have a pretty close connection with a lot of the teams in the ecosystem. Many of them are former hackathon winners, people that are sort of mentors as part of our program. So I'd say crypto is even because it's smaller, it's even more important that like you kind of get these warm intros to to existing DeFi protocols if that's important, if that moves things forward or the Salana Foundation or ANZA or pick your ecosystem organization.

I think those are some differences. I think long term I don't know how Coliseum is going to sort of evolve over time, but I imagine as things sort of heat up and I think we'll talk about this with like Metadow. The way that we actually like even fund projects is going to start changing pretty differently as sort of like the launchpad and tokens and how equity plays with tokens long term is going to pretty radically change I think the venture landscape and especially for folks at the accelerator level.

I think later on we'll definitely dive into that one. I think it'd be great to get your thoughts there. I think it's becoming more clear at least that that more people within in the industry are thinking about those exact things. Maybe before we close out on sort of what you know the hackathons and and the accelerator and the fund does I saw that Clay your co-founder recently wrote a short piece called the weird corners market and he sort of wrote about how you guys are frequently sort of investing before it makes sense and sort of like looking for ideas that maybe don't make sense, but something about the team or the founder or just like the willingness to like try kind of interesting new things like how do you sort of underwrite that in this context of like these weird wacky new things that maybe don't make sense at first look.

I think this is one thing that the hackathon does pretty well, but just generally our thesis is like we we don't people often ask us like like LPs or other founders ask us like, "Oh, what what do you invest in? What are your thesis?" Like you always hear that, "Oh, our fund has this thesis about what we we invest in." I think there's there's good reasons to do that. Ultimately I think what we found is that like investing in a particular thesis or narrative or trend or I guess the crypto version is the meta what is the current meta is not a actually a great way to to invest partially because the big returns in venture capital are people who like create the meta are are first to that like they create the category, right?

That often starts in like as my co-founder kind of wrote is in a weird corner of the internet where people maybe aren't paying attention but maybe a small group of people or even one person is like really really passionate and interested and is kind of dead set on bringing this sort of vision to life. I think a good example of this is sort of like Metadow in our portfolio or maybe Ore is another good example or these these things that maybe don't have like great they don't really fit neatly into one bucket. They're sort of it's a new thing that they're bringing to market.

That's what we're really looking for are people who have an internet connection that want to go compete in our hackathon that are working on some sort of passion project that they kind of uniquely are suited to go out and like build and scale and and find product market fit. What those things are it's I I think it's it's hard to say. I I mean if if you knew that maybe that's kind of defeats the purpose, but like I think those things are definitely out there. Our thesis is generally that like those are the things that are create like the largest returns and impact in terms of like growing the the crypto ecosystem.

Gotcha. Yeah. Yeah, I think that makes a lot of sense and you know speaking to some other founders I think you often hear a similar sentiment around you know poly market and call for example are are so big prediction markets are so big you know do you want to go invest in the ninth prediction market or like go look further out for what's the kind of the next new thing that no one's talking about yet. So I think in that context it makes a lot of sense looking for just what's the new weird constantly. Speaking of the new weird, I guess you guys, Coliseum just announced its fourth accelerator cohort. I guess can you touch on, you just talked about how you're not always, you know, defining a narrative or meta or themes that you're looking for, but at the very least like some of the the trends and ideas that maybe jumped out at you as as part of this this cohort? What's kind of most interesting about what came out of this?

I think there's a few things. One is so the grand prize winner of our hack last hackathon and one of the teams in our next batch is this is this project called unruggable which is a new hardware wallet and companion app that works with a bunch of hardware wallets. This is maybe another area of of uh of interest to us is like where are sort of the areas in crypto where the incumbent or the the large companies in place are not creating a great user experience or product for for end users but are really critical to to the development and growth of the ecosystem. I think hardware wallets is one of those areas.

Even today, I don't know if you saw Ledger had like another data breach. This is like something that's not particularly healthy or secure for the ecosystem and people who own hardware wallets also I mean just this has been a long-term thing where Ledger has not provided first class sort of support for the SVM Salana ecosystem. We felt that there was just a really interesting team that had identified some of the key things that were wrong and were creating a first class kind of product for the Salana ecosystem in the form of yeah this project called unugable and so excited about yeah what they're bringing to market.

I think stable coins kind of is another I guess like what everyone talks about I would say for us it's It's finding areas where there's like a lot of inefficiency in the stack. The truth is is like we're mostly investing in the founders at this point more than anything else. The products that they're building for the hackathon are interesting just be in the sense that like it shows us how they sort of prioritize features and like think through specific product you know problems at a given time and how they communicate with you know potential customers and and I think those are and how quickly they can ship and iterate and so most of the teams actually in our our batches pivot a few times within sort of the market vertical of which they're building which needs to also be like a big enough vertical to make sense to receive venture funding.

I think I think all of the founders that we sort of back are kind of like capable of navigating I guess the idea maze and and finding a product that will eventually find product market fit. That's what we're more concerned with at this point.

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I think that makes sense. I was going to ask actually I think you kind of already answered it now saying most most founders tend to pivot maybe a couple times. I was going I was almost curious if some of the you know some of the names that come to mind are like you know you mentioned Ore you know you guys are investors in in Metadau but maybe some other examples are like Hyo and Reflect and a few others that kind of jump out from the the prior hackathons like I don't know if any of the those bigger names like their initial work as far as you know like was completely maybe adjacent or or different from the maybe the product that they're building now today.

Well even I would say Hyo's a little bit of a special snowflake. It's been one of the ones that like they came in through the hackathon basically with the same concept and product that they ultimately have today. Obviously they're it's evolving over time. It's not just soul that they're going to be adding. They're going to be adding like BTC and other assets to the the protocol. Generally how the protocol works and the the structure of how the the yield bank bearing stable coins are produced are is pretty much the same. the other two Ore and Metadow definitely had some pivots.

Metadow started out with more of like futarchy as a service sort of thing where the people and I think that what maybe there's a lot of confusion around how metadow works today is because of this period of time where a lot of people were using metadow for every single decision that a project was going to make. I don't think that's probably the best way to use futarchy or any sort of governance honestly. They've pivoted to be more of this like launchpad and then futarch is only used for like key decisions around like increasing the token supply and that kind of like token economics management. Something like a board would would make a decision on.

Yeah or they pivot. They obviously started as this sort of proofof work store of value asset. They completely pivoted away from the proofof work mechanism and now have this this new mechanism that seems to be working much better. So I think both of those are pretty good examples of teams that have sort of pivoted. I mean the the the broader vision always stays the same. Like Metadow is trying to give people a better government governance and way of managing you know the the the the token of of every project and or still trying to create this sort of Salana native store of value but the the product itself of how that manifests is changes quite a bit and I think those are two good examples.

Maybe to follow up on some of the I guess categories or trends like I think some of the big ideas of the past several months have probably been centered around things like I mean you mentioned stable coins there's been a lot of talk there prediction markets privacy apps are there you know things kind of outside of sort of the major narratives or metas if you want to call it that that you think are going under the radar right now and and maybe you're start seeing some symbols of that with some of the founders and the builders that you're supporting.

I think a couple areas potentially. I don't I don't know how this is going to manifest exactly, but I don't think it's going to manifest how it did with like sort of the V1 of crypto AI from like 20 I guess it was late 2024, early 2025, but it seems like sort of these like agentic payments things are getting some some traction and some interesting usage. So there's like x402 standard and so there's there's another project we recently invested in called MC Pay allows pay for MCP MC ser MC P servers through some this like X42 standard.

I think there's that we see a few teams in in our in our portfolio kind of zeroing in on this agentic kind of payments especially for like developer like tools. So again like all most of the AI stuff is around developers. Most of the people using LLMs, you know, are are people using the code editors, right? I think they're starting to pay for services as well in in potentially stable coins and and using things like MCPay for that. So that's like an area that I'd watch pretty closely. There's a project that we'll be launching hopefully this year called Tape Drive.

One of the interesting things about crypto is that a lot of the the ideas that actually were excited about have been talked about for quite a while and a lot of the first and second versions just like didn't work out. Decentralized storage and compute is another one that I think has been like filecoin and I think there's some new ones called like Shelby where I think the thesis actually was pretty sound of like can we create a way to to store things in a more decentralized fashion but also like in the in a in again going back to developers storing people's code but also like running that code and so there's a a project called Tape Drive that hopefully will be launching soon that we're pretty excited about that is kind of iterating on on that product vertical.

Time will tell what will be interesting. It's it's really hard to say. These things these things these things catch product market fit not in a slow manner. It's usually something triggers where one they find one customer or they they find one user that's doing some behavior that just can spread to a lot of others. It's really hard for me to say at this point what exactly is going to take off in 2026 and what things are going to kind of become the metas, but those are some things that that come to mind.

I think I think the agentic piece of that makes sense as well. Like you know, you mentioned the sort of early AI agent trend that we had end of 2024 and that was certainly like not driven as a result of like you know consumers or users actually paying and using product. It was really more of just I think kind of a meme idea that was getting you know blown up at the time. I've certainly seen at least as of lately you know there's a lot more people talking about oh cloud cloud code's amazing you have to be using this to do all of your build all of your tasks out you know do all of your workflows. So, certainly seeing more interest in kind of like the tooling associated with that. So, I think that makes a ton of sense.

Maybe if we jump through to I guess a big topic for you guys and maybe generally for the market. I think it's been top of mind for the past several months now. Metadow has been making waves, but Colosseum just announced recently, maybe a month ago, the stamp, the simple token agreement market protected, kind of in partnership with with Metadal. I guess can you can you walk me and the listeners through like the origins and sort of inspiration of of Stamp itself?

I think and I guess it's become more common knowledge now that like tokens in their current instantiation have a pretty big problem and they've been sort of lagging also price-wise because of those despite having some pretty good products in the market. I think A is like the classic example being used right now where the A product is actually pretty sticky one of the more sticky products in the EVM ecosystem over time and it seems to be something people want to use, but the token attached to it is maybe not representative like owning the A token is maybe not representative of what people I guess expect from owning sort of a financial asset attached to a project, right?

There's kind of different angles about where we were kind of trying to figure out how to solve that problem and it became pretty clear that it it was this sort of dual track equity plus token thing that was that was kind of being the problem where it's like where where were founders going to divert the value of the project or and it it goes back even to unis swap right where uni token holders were not getting the fee dispersements it was like the equity holders right and so that and we kind of like going back even further. It was like why does that exist? Well, there's like all this regulation in place. You can't break securities laws. All this type of thing.

We found that like a lot of it was being set up by this sort of poor start in the venture ecosystem which was the safe plus token warrant. For those that don't know what that is, like safe is the way that most startups raise funding today. It's the it's the investment contract that YC developed early on to to make it really simple and founder friendly to to raise capital. People still use that but with this sort of tagged on token warrant contract that says that basically like oh if you ever launch a token we get like the same percentage or some percentage of of the tokens as as a private investor.

From the get-go was kind of putting people on a bad place where they were automatically trying to decide, well, are we going to be an equity based company? Are we being a token based company? Are we going to do both? It was very unclear what happened after that. That has created a lot of confusion and and and problems in in the ecosystem. We were like, well, what one one thing that we had seen is that Metadow had through its I guess like handful of launches potentially solve some of the problems around expectations, ownership, and actually like protection of people's sort of rights as as a token holder through through decision markets, through future.

We were like, okay, if if this is like sort of an onchain enforced way of providing some of the protections that equity holders have and expect, maybe we can go back to the source and like any team that wants to raise some venture funding privately before launching a token, they can use this new investment contract called the stamp that would allow people to basically dissolve any sort of or not even have an equity entity in the first place in lie of just going directly whenever they launch a token. Private investors would get an allocation to public token holders would get an allocation and team would get an allocation.

That I think solved the problem for a bunch of founders who maybe were in the position of already having this problem of like, oh, we already have a safe plus a token warrant. What how do we migrate to do it? We want to do a metadow launch, but we don't know how to migrate and dissolve the entities and all this sort of complexity. It was kind of both to set the rudder correctly from day one, but also help some existing teams who want to launch an ownership coin do so. That was the the beginning of it and I think the the response has been great. In fact, like people are already using this contract. We're we're already using this contract for for our next batch for a few teams. So I think yeah, we're pretty excited about how that's going to create a healthier token economy basically.

I think the real the real key part of there is distinguishing equity and token and and drawing that dividing line. I think that I mean it makes a ton of sense. We've been think the the market and the industry has kind of been clamoring about this for a few years now. I guess when it comes to this like now you have this question basically of you know I could I could go one way or the other. I could I could do a safe. I could do a stamp. I could raise for future equity or or future token. I guess why should should founders prefer tokens?

Not all of them should to be clear. This is not a the stamp is not for every business, you know, under the sun. It's it's specifically for crypto projects. We don't I mean equity is actually a great vehicle and people should abide by their securities laws and equity laws and whatever jurisdiction you're you're you know, you're launching a a company if you're going to do that. However, there is a whole cohort of crypto projects that I think we know don't fit neatly into sort of the equity world or the regulations around it because the nature of their business and the onchain sort of value that they're creating is not equivalent to you know orange grows right in the past.

We think that if you are you know some a crypto protocol or project that is dead set on doing a token because it actually is better than equity or it fits more with your business and allows that the the the the ownership of of the token should imbue some of the same protections that you get in the equity world. Our thesis is that like talking with a lot of more later stage investors of like why have you not bought tokens? So like why have people not bought the A token? You know, it's a great business and it comes down to this problem, which is like there are no protections in place as a token holder.

We're not even going to allocate capital into that without knowing that exists. That's been a huge boom for just capital markets in the equity world in, you know, the 20th century was that like you you could use the US legal system to enforce the protection. So that a lot of investment could come feel comfortable about coming into the into the ecosystem generally. The same thing needs to happen with crypto. I think if you are a a crypto project that wants to do a token for a good reason, you have to still give token holders these same sort of rights and protections what's amazing is that Metadow kind of enforces them, a lot of them onchain and so we yeah, we're pretty excited about it for that reason.

I think Metadow's kind of been like a forcing function almost in the sort of lack of of regulation for you know tokens and and projects essentially. So that's been a interesting push by them. I guess I'm curious on your thoughts like looking into the future. Obviously there's a big push within you know the kind of existing traditional finance sphere sphere around tokenizing equity and and you know bringing some of these things onchain at some point. Do do you see like you know token and equity just dissolving as separate concepts at some point and it's just every all equity is just tokenized and there's not really a distinction about what's a token or an equity or do you imagine that we'll continue to have kind of like these sort of different operating models into the future?

I mean I don't I don't know for sure. It seems like, at least in the current regime in the United States, that they're pretty set on bringing equities into the crypto world and tokenizing them. Same with commodities, same with, I guess, real estate, same with bonds, whatever, is all going to be tokenized because you need a way to trade them on this these more efficient financial rails that that are blockchains, right? I would imagine, yeah, e tokenized equity definitely becomes a thing. Historically that's been a pretty tricky thing to do where you have some sort of meat space asset that you have to custody or do something with and then issue something on chain. Stable coins seem to have figured this out at least with dollars.

The big question is like can maybe large finance institutions or even ones like Coinbase can they can they figure figure that custody piece out where a lot of liquidity can come in the space and and it can be kind of the seamless redemption process. So I I think yeah I think a lot of this stuff will exist. Cryp native crypto tokens will exist tokenized equity commodities all this type of stuff will will exist and and then and then then there's the question of just like how you how do you control who owns these things? With dollars it's maybe less of a problem because the US loves that dollars are get exported across the world but when it comes to like equities maybe it becomes more of a KYC funnel there's requirements at the token level.

This is like one thing that also I don't think got much or it's kind of been forgotten I guess in the sands of time which is that there's all these sort of token extensions that you can do with Salana that maybe you could like embed some of these these sort of requirements in into tokens themselves. I would imagine that starts to happen over time. So I I think I think all yeah I I generally believe all of I mean that's why I'm here. I think all finance is going to happen on chain including equities.

That could make sense. I think for a long I mean for a long time that's been a question is you know I would say originally like maybe in 2022 when the SEC was pursuing kind of like action more stringently against the industry. There was a lot of question around like how would you KYC all of DeFi, that type of thing. But to your point, you know, maybe there's kind of like isolated instances or interfaces where you'd kind of KYC for certain things and you'd still have this kind of, you know, open open realm of of other stuff that people can do that's kind of like, you know, unsupervised, so to speak.

I guess my kind of take on this is that maybe controversial take is that I actually think that cryptonative assets will completely dwarf even traditional equities or real estate or whatever is else is issued on chain and from the traditional world I think it'll be so much bigger these like sort of things like Bitcoin for instance will will grow in just in volume and and so much I think a like a non-s sovereign currency also will will exist that will grow they'll dwarf all fiat currencies and so I actually think that like it may take a while for a lot of this stuff to happen on chain because I don't know if it's other than the efficiency of being cheaper and and faster. It's that big of a deal for for folks. As sort of the cryptonative world starts to dwarf the traditional world, I think that's will kind of push a lot of those maybe traditional assets on chain.

Interesting. Yeah, I would definitely say that's that's probably a bit of a hot take. I feel like I've seen, you know, people have had that concerned question of like, you know, equity pers are coming on chain if if those get a ton of interest and it's like, well, what happens to all of my all of my alts, you know, type of thing, but yeah, that interesting interesting call out there. We'll have to I mean, five 10 years down the line, we'll we'll check back in and and see or maybe longer. I mean, who knows? But so far like stable coins and and Bitcoin have been like those two key assets that have grown a ton. So it it's I would say to your like to both sides of that it's really hard to say, right? Because Bitcoin is kind of this entirely new thing and it's you know in the trillions now and obviously dollars themselves are quite large and but stable coins sort of like onchain are still in the hundreds of billions. So yeah.

I guess my my hope and what I think is going to happen is like stable coins are sort of laying the rails right now of for any sort of tokenized asset to run on, right? Like it doesn't have to be a stable coin. Obviously that that will get a lot of adoption over the next decade or so. I do think it's just sort of yeah laying the path for these sort of non-s sovereign stuff to maybe more of the cipher punk stuff to actually go across the same rails and it's a a little bit of a Trojan horse is what I view a lot of this stuff as.

A few more questions here. The one I was thinking about was, you know, Coliseum backs a lot of founders and with, you know, you guys coming out with Stamp and sort of plugging directly into Metadial, is do you have the vision that, you know, eventually like any team that does a token that you're investing in via Colium is is going to do a a launch via Metadau or sort of via the Metad model or is it will you remain more open than that?

Today like we we offer the safe plus token warrant and we offer the stamp as an alternative. I think a lot of teams that we invest in just don't know today if they're going to launch a token or not. For those like we definitely say don't sign this stamp because it's kind of a little bit of a one-way door versus the the flexibility of doing a token launch. I mean the the the beauty is that they can sign a stamp later if they do the safe and token warrant. They can convert their current cap table through a stamp to a token launch later. So my personal hope is I I think metadow is the best way to launch a token