La paradoja post-viaje: un mercado en violento

Datos del evento de generación de tokens de Linea (LINEA) que muestran un 9% de airdrop y un 1% de distribución Binance HODLer en septiembre de 2025.

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El Lente Macro: El Giro "Post-L2" de Vitalik

El Foso Institucional: SWIFT y el Cambio de Liquidación

Imperativos técnicos: Mitigar riesgos de la pila

El Motor Económico: La Doble Quema

La paradoja de la valoración y el veredicto

Calendario de adquisición de tokens Linea (LINEA) que muestra el Tesoro de Consensys bloqueado por más de 1600 días y la asignación del Consorcio.

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Ethereum

Linea (Pre-Market)

ZKsync

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Linea ha pasado de ser una testnet de gran expectación a un activo en dificultades valorado por su irrelevancia. Pero el mercado puede estar perdiendo la señal por el ruido. Este informe analiza el giro de Linea en el primer trimestre de 2026: un cambio radical de la "agricultura de compromiso" minorista a convertirse en el carril de liquidación para SWIFT y custodios globales. Desglosamos la economía del "Dual Burn" y el cambio a Type 1 zkEVM para ver si esta apuesta asimétrica tiene sentido.

ConsenSys

BNP Paribas Private Equity

BNY Mellon

¿Se está posicionando Linea (LINEA) como la capa de liquidación institucional primaria para 2026?

United States of America

Goldman Sachs is a multinational financial services firm providing securities, investment banking, and management services.

Goldman Sachs

United Kingdom

HSBC Bank

BNY Mellon is an investment company that provides investment management, investment services, and wealth management services.

J.P. Morgan

Deutsche Borse

HQLAx

Citi

DTCC

Lloyds Banking Group

Japan

Nomura

WisdomTreeÂ® is an innovative ETF sponsor, index developer, and asset manager that uses its own fundamentally weighted index methodology. WisdomTree also licenses its indexes to third parties for proprietary products, and offers a platform to promote the use of WisdomTree ETFs in 401(k) plans. Approximately $7.1 billion* in assets currently aremanaged by WisdomTree or are managed against WisdomTree Indexes by third parties under license from WisdomTree.

WisdomTree

Nasdaq

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Sumitomo Mitsui Banking Corporation

Commerzbank

Barclays

ING Ventures

A leading financial services provider serving some of the world’s most sophisticated institutions.

State Street

CIBC

Euroclear

Fnality International

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Santander InnoVentures is Banco Santander's $200m corporate venture arm. We invest in fintech startups, globally, across all stages, and help create meaningful, strategic relationships between our portfolio companies and Santander Group.

Santander InnoVentures

Credit Suisse

Sumitomo Mitsui Financial Group

Singapore

Temasek is an investment company with a focus on delivering sustainable returns over the long term.

Temasek Holdings

Tradeweb

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Coinbase Ventures

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Wedbush Ventures

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Zilliqa Capital

Belvedere Trading

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ClearSky

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SenaHill Partners

Valkyrie

Justin Sun

10X invests across the capital structure, alongside the world's top technology investors. We align Wall Street & Silicon Valley by bringing institutional capital to high growth ventures in private & public markets, helping founders & investors achieve scale & liquidity while retaining upside & control.

10X Capital

Digital asset fund investing in the analog to digital transformation of money in the emergent financial system.

UTXO Management

Charlie Lee

Precept Capital Management

Pioneers in digital asset investing. CoinShares manages $1B in assets on behalf of a global investor base.

CoinShares

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Accel

FundersClub

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Dragoneer Investment Group

Blackstone

Emergence Capital

Chainalysis

Paradigm is a cryptocurrency-focused investment firm and venture capital company. It was founded by Matt Huang and Fred Ehrsam, both of whom have significant experience in the cryptocurrency and blockchain industry. Paradigm is headquartered in San Francisco, California, and is considered a prominent player in the digital asset and blockchain investment space.

Paradigm

Digital Currency Group builds and supports bitcoin and blockchain companies by leveraging insights, network, and access to capital.

Digital Currency Group (DCG)

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Coatue Management

Haun Ventures

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Techstars

Point Nine Capital

Converge VC

Benchmark

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Ribbit Capital

Addition

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Sound Ventures

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Time Ventures

Pictet Group

Durable Capital Partners

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Altimeter Capital

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9Yards Capital

SVB Capital is the investment platform of SVB Financial Group.

SVB Capital

Sequoia Heritage

Andreessen Horowitz, often referred to as "a16z," is a prominent venture capital firm based in Menlo Park, California. It was founded in 2009 by Marc Andreessen and Ben Horowitz, both of whom are well-known figures in the tech industry. Andreessen Horowitz is one of the leading venture capital firms in Silicon Valley and has gained a reputation for its investments in technology companies, particularly in the areas of software, internet, and more recently, blockchain and cryptocurrency.

Andreessen Horowitz (a16z)

Initialized Capital

Notation Capital is a pre-seed venture capital firm that work with technical founding teams.

Notation Capital

Graticule Asset Management Asia provides asset management, investment strategy and advisory services

Graticule Asset Management Asia

PayPal Ventures invests in companies at the forefront of innovation in fintech, payments, commerce enablement, artificial intelligence, blockchain and cryptocurrency, and regulatory and cyber technology.

PayPal Ventures

DRW Venture Capital, an arm of principal trading firm DRW, invests primarily in financial and enterprise technology. Many of our portfolio companies benefit from our engagement beyond capital: as a client, as a liquidity provider, through our review of new products, and through our deep industry expertise.

As a firm with no outside investors, wehave a flexible mandate to deploy capital and often tap into our core business to help companies grow. We’re powered by the people, technology and ideas of DRW, and those we invest in may leverage it all. DRW has diversified business expertise and deep networks in trading and technology, real estate investment, cryptocurrencies and product development — a unique advantage.

DRW Venture Capital

Castle Island Ventures is a venture capital firm

Castle Island Ventures

Fidelity

LeadBlock Partners

Stripes is a growth equity firm that invests in software and consumer businesses

Stripes

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General Atlantic

Illuminate Financial

Matrix Capital Management

Fin is an asset management firm investing full lifecycle in FinTech and adjacent verticals in principally B2B enterprise SaaS companies.

Fin Capital

Wells Fargo Strategic Capital

Voyager Digital

Talos

Galaxy is a digital asset and blockchain leader helping institutions, startups, and qualified individuals shape a changing economy.

Galaxy

Elefund

QCP Capital is a digital asset trading firm that provides digital payment token (DPT) services.

QCP Capital

Sony Innovation Fund

Karatage

Robinhood

The CMT Group has acted as a valued collaborator to numerous exchanges, clearing firms, and trading and investment teams, generating edge by pairing market insight with early adoption and innovation of nascent technologies.

CMT Digital

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The Lao

China

Fenbushi Capital is the first and most active blockchain-focused venture capital firm in Asia

Fenbushi Capital

Hong Kong

Alameda Research is a quantitative cryptocurrency trading firm that provides liquidity in cryptocurrency and digital assets markets.

Alameda Research

NGC Ventures is one of the largest institutional investors of blockchain technologies, and has been a key contributor to a number of leading projects.

NGC Ventures

SNZ Holding is a crypto fund founded by a group of engineers, blockchain evangelists and entrepreneurs passionate about disruptive blockchain technologies.

SNZ Holding

Protocol Labs is a research, development, and deployment lab for network protocols.

Protocol Labs

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Liberty City Ventures

Sky (ex. MakerDAO)

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BlackRock

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Electric Capital

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ParaFi Capital

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Dragonfly Capital

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The Spartan Group

Defiance Capital is a Decentralized Finance (DeFi) focused cryptoasset fund that combines fundamental research with an activist investment approach.

DeFiance Capital

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Animoca Brands

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Sanctor Capital

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Corner Ventures

Anthos Capital

SoftBank Vision Fund

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UTA Ventures

Marshall Wace

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Microsoft

Banana Capital

SK Telecom is focused on driving innovation in telecommunications, media, artificial intelligence, the metaverse and cloud computing.

SK telecom

Sterling.VC is a sports, media and real estate VC fund supported by Sterling Equities, the principal owner of the Mets, SNY, and OverwatchNY


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