{"id":74,"date":"2025-03-24T00:24:44","date_gmt":"2025-03-24T00:24:44","guid":{"rendered":"https:\/\/tmr.vc\/writing\/?p=74"},"modified":"2025-06-13T04:26:53","modified_gmt":"2025-06-13T04:26:53","slug":"doing-the-hard-things-right","status":"publish","type":"post","link":"https:\/\/tmr.vc\/writing\/2025\/03\/24\/doing-the-hard-things-right\/","title":{"rendered":"Doing the hard things, right"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Introduction: A Contrarian Bet<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">After six weeks on the road\u2014Hong Kong, Denver, San Francisco, New York\u2014sharing the tmr Ventures thesis with investors, founders, and fellow VCs, one question kept coming up:<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>\u201cWhy raise a VC fund\u2014and why now?\u201d<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s a fair question. Capital has shifted back to Bitcoin and liquid strategies. Early-stage crypto feels out of favor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But investing is, by nature, a contrarian act. The best returns come from early conviction\u2014not consensus. Raising tmr Ventures is my contrarian bet: on this space, on the builders who never left, and on the long-term value that still hasn\u2019t been priced in\u2014especially as institutional and enterprise adoption nears a true inflection point.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Market Today: A Tough Landscape<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Over the past two months of fundraising, I\u2019ve heard a consistent set of concerns:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cIt\u2019s hard to see where the real value is in crypto.\u201d<\/li>\n\n\n\n<li>\u201cWe\u2019d rather just hold BTC or stay liquid.\u201d<\/li>\n\n\n\n<li>\u201cThe space still feels risky and full of noise.\u201d<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">And honestly, I don\u2019t disagree. The last few cycles were dominated by narrative chasing, financial engineering, and short-term thinking. Too many projects were built on weak fundamentals and misaligned incentives. The credibility gap still lingers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, investors are seeking real-world relevance. AI is attracting capital not just for its potential, but for its tangible impact\u2014products people can see and use. Even my mom asked about DeepSeek after reading about it in the news. Crypto hasn\u2019t had that moment\u2014yet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But that\u2019s exactly where the opportunity lies. Real adoption is still ahead\u2014but it\u2019s already beginning to take shape in quieter, more meaningful ways.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Institutional Financial Adoption<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Despite broader market uncertainty, institutional momentum around tokenized real-world assets has accelerated meaningfully over the past year:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>BlackRock<\/strong> launched the <em>BUIDL<\/em> tokenized U.S. Treasury fund on Ethereum in March 2024. It surpassed $500M AUM within months and has since expanded to five additional blockchains, including Avalanche, Arbitrum, and Polygon.<\/li>\n\n\n\n<li><strong>Fidelity<\/strong> filed to launch <em>Fidelity OnChain<\/em>, a tokenized share class of its Treasury money market fund\u2014marking its first blockchain-native issuance.<\/li>\n\n\n\n<li>In Asia, <strong>ChinaAMC (Hong Kong)<\/strong> introduced the region\u2019s first retail tokenized money market fund, bringing blockchain-based fund access to individual investors.<\/li>\n\n\n\n<li>The <strong>Hong Kong Monetary Authority (HKMA)<\/strong> rolled out a stablecoin sandbox with participants like Standard Chartered and HKT, focused on HKD-backed stablecoins and cross-border settlement.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These aren\u2019t isolated experiments\u2014they signal a broader shift in how traditional institutions are adopting blockchain infrastructure. And for the first time, we may be operating with a regulatory tailwind. The new U.S. administration\u2019s pro-crypto stance is expected to accelerate progress both domestically and globally, with regulators, investors, and enterprises watching U.S. leadership closely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The difficulty remains real. But in this environment, <strong>conviction becomes the filter<\/strong>. I\u2019m not here to convert everyone\u2014I\u2019m here to build with the ones who already see where this is going.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Beyond Finance: Real Adoption Across Industries<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Blockchain is increasingly being used outside of financial services\u2014solving real problems across global industries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Supply Chain &amp; Logistics<\/strong>: In 2024, <strong>FedEx<\/strong> launched <em>Digithon 2024<\/em> to explore blockchain for shipment tracking and logistics optimization. Around the same time, fashion group <strong>OTB<\/strong> (with <strong>LVMH<\/strong> and <strong>Prada<\/strong>) expanded its use of the <strong>Aura Blockchain Consortium<\/strong> to meet EU product passport rules. Startups like <strong>BioTrak<\/strong> and <strong>Mojix<\/strong> are applying blockchain to cold-chain logistics\u2014boosting traceability, safety, and efficiency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Healthcare<\/strong>: In 2024, <strong>MediLedger<\/strong> added partners like <strong>OSF HealthCare<\/strong> to improve drug pricing accuracy and compliance. <strong>IBM<\/strong> continues to pilot secure patient data sharing using blockchain. In 2025, <strong>AminoChain<\/strong>, backed by <strong>a16z<\/strong>, launched a privacy-preserving network that gives patients control over their health data while enabling research access with consent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Energy<\/strong>: <strong>Powerledger<\/strong> expanded its peer-to-peer platform for renewable energy credit trading in 2024, improving grid efficiency and market transparency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Real Estate<\/strong>: In early 2025, Dubai\u2019s government integrated tokenized property ownership on the XRP Ledger\u2014working with the Dubai Land Department, VARA, and PRYPCO\u2014to represent legally enforceable on\u2011chain titles. It enables fractional ownership starting at just 2,000\u202fAED (~US\u202f$545), marking a major leap toward real-world, regulatory-grade tokenization<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Education<\/strong>: Universities like <strong>MIT<\/strong> and <strong>University of Nicosia<\/strong> continue to issue blockchain-verified diplomas. Others like <strong>Harvard<\/strong> and institutions in <strong>Morocco<\/strong> are now adopting blockchain-based certification systems for secure, verifiable credentials.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These aren\u2019t just pilots\u2014they\u2019re early but active deployments solving real problems. Quietly, they\u2019re laying the foundation for broader transformation in industries of enormous scale:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Supply chain<\/strong>: $10+ trillion<\/li>\n\n\n\n<li><strong>Healthcare<\/strong>: $4+ trillion<\/li>\n\n\n\n<li><strong>Real estate<\/strong>: $300+ trillion<\/li>\n\n\n\n<li><strong>Energy<\/strong>: Multi-trillion and growing<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Even modest adoption could unlock immense value. The infrastructure is forming\u2014and the early builders are already showing what\u2019s possible.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What Needs to Change \u2014 and How tmr Is Built for It<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If we want real adoption, we need to rethink how this ecosystem works\u2014from how projects are structured to how they\u2019re funded, incentivized, and governed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We need more founders and investors operating on 5\u201310 year timelines\u2014not chasing quarterly exits. And we need to fix how incentives are designed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Should tokens vest based on time alone\u2014or also be tied to real business progress?<\/li>\n\n\n\n<li>Can community-led launches (like fair launches) drive stronger alignment and better price discovery?<\/li>\n\n\n\n<li>Do some projects even need a token at all if there\u2019s no sustainable business model yet?<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These are the questions we raise early\u2014because broken incentives erode trust before anything gets built.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ecosystem players\u2014exchanges, market makers, and blockchain foundations\u2014need to step up.<\/strong> Launching tokens at billion-dollar valuations might boost short-term optics, but it rarely supports long-term success. These actors must act as stewards, not extractors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And governance must evolve. Token voting today is often shallow, gamed, or ignored. If we truly care about decentralization, we need systems where users, builders, and contributors all have meaningful influence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, I\u2019m optimistic. On my recent trip, I reconnected with teams that are building what this space actually needs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>NATIX Network<\/strong> is developing decentralized mobility data for mapping, city planning, and autonomous vehicles.<\/li>\n\n\n\n<li><strong>Opacity Network<\/strong> bridges Web2 and Web3 data\u2014enabling secure, scalable enterprise collaboration.<\/li>\n\n\n\n<li><strong>OORT DataHub<\/strong> is crowdsourcing real-world data through task-based contributions\u2014creating utility beyond speculation.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These teams are building for users. Some are already generating fiat revenue and working with enterprise clients. Often, their users don\u2019t even realize blockchain is under the hood\u2014and that\u2019s exactly the point.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is what real adoption looks like.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At <strong>tmr Ventures<\/strong>, we back early-stage teams with conviction. We\u2019re often the first believer\u2014and we stay involved. From governance to execution to strategy, we help founders build what lasts. We care about trust, not hype. Alignment, not shortcuts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion: Betting on the Right Hard Things<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Raising a fund in this market is hard. So is building in crypto today. Taking the long view\u2014when the short-term feels safer\u2014is hard. But these are the right hard things to do.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In recent months, I\u2019ve had conversations across cities and time zones. I\u2019ve heard skepticism. I\u2019ve felt the headwinds. But I\u2019ve also seen what many overlook: the builders who never left, the teams solving real problems, and the opportunity to help shape\u2014not just ride\u2014the next cycle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This isn\u2019t about chasing narratives. It\u2019s about doing the work\u2014designing better incentives, building stronger governance, and backing founders early, with conviction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>tmr Ventures exists because we believe the next era of crypto won\u2019t be defined by hype\u2014it will be built on the foundation of real adoption, bringing in broader industries, new users, and lasting impact.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And that starts by betting on the right hard things.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>And doing them right.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction: A Contrarian Bet After six weeks on the road\u2014Hong Kong, Denver, San Francisco, New York\u2014sharing the tmr Ventures thesis with investors, founders, and fellow VCs, one question kept coming up: \u201cWhy raise a VC fund\u2014and why now?\u201d It\u2019s a fair question. Capital has shifted back to Bitcoin and liquid strategies. Early-stage crypto feels out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pagelayer_contact_templates":[],"_pagelayer_content":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-74","post","type-post","status-publish","format-standard","hentry","category-insights"],"_links":{"self":[{"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/posts\/74","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/comments?post=74"}],"version-history":[{"count":2,"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/posts\/74\/revisions"}],"predecessor-version":[{"id":102,"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/posts\/74\/revisions\/102"}],"wp:attachment":[{"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/media?parent=74"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/categories?post=74"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tmr.vc\/writing\/wp-json\/wp\/v2\/tags?post=74"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}