
Ryan Y Yi
6.4K posts

Ryan Y Yi
@YI_LON
founder @onchaingroup_ • past @cbventures @coinfund • NFA


We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen. Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change. Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network. After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning. This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster. Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles. Let’s fly 🦋






seems a crazy chart to me that no one talks about - Polygon's recent usage is entirely surged by Polymarket, who has claimed to leave the chain in the future... is this a pivotal moment for Polygon to figure out a deal with Polymarket? (🎙️interview coming with JW on @indexed_pod soon this week!)

Introducing Onchain Group (OG). After leaving Coinbase, I spent time reflecting on what was actually worth working on. My background was as a venture investor — pattern matching, working with founders, and figuring out what’s coming next. What I realized, though, was that the most energizing part wasn’t investing. It was working with teams to define strategy and bring the right transaction into existence, like architecting the Coinbase <> Morpho deal — a new kind of onchain alliance that combined product, capital, and distribution to create an entirely new category and market. It made me wonder: was this a one-off, or the start of something new? Having been in crypto for nearly a decade, this is the most dynamic the space has felt. Onchain products are becoming real businesses, tokens are becoming real assets, and regulatory clarity is opening up an entirely new design space — introducing a new class of capital structuring opportunities. Over the past year, working closely with founders, it became clear that this wasn’t a one-off, but the first of many. The opportunity design space is just beginning — from tokens turning on fees, to restructurings, to equity-like conversions, to acquisitions and distribution partnerships involving tokens. Teams are realizing that getting this right is no longer optional. As onchain products mature into real businesses, taking ambitious steps toward the right capital structure becomes a requirement — and the market is beginning to reward those who do it well. In our conversations with builders, investors, and stakeholders over the past year, it became clear that nobody was exploring this area the right way — with an early-stage mindset, cryptonative intuition, and institutional rigor all at once. So we started Onchain Group. OG exists to define and execute the transactions that create new markets and shape this new system. If crypto is the software upgrade to finance, then capital structure needs to evolve alongside it — requiring ambitious strategy and creative execution.

Introducing Onchain Group (OG). After leaving Coinbase, I spent time reflecting on what was actually worth working on. My background was as a venture investor — pattern matching, working with founders, and figuring out what’s coming next. What I realized, though, was that the most energizing part wasn’t investing. It was working with teams to define strategy and bring the right transaction into existence, like architecting the Coinbase <> Morpho deal — a new kind of onchain alliance that combined product, capital, and distribution to create an entirely new category and market. It made me wonder: was this a one-off, or the start of something new? Having been in crypto for nearly a decade, this is the most dynamic the space has felt. Onchain products are becoming real businesses, tokens are becoming real assets, and regulatory clarity is opening up an entirely new design space — introducing a new class of capital structuring opportunities. Over the past year, working closely with founders, it became clear that this wasn’t a one-off, but the first of many. The opportunity design space is just beginning — from tokens turning on fees, to restructurings, to equity-like conversions, to acquisitions and distribution partnerships involving tokens. Teams are realizing that getting this right is no longer optional. As onchain products mature into real businesses, taking ambitious steps toward the right capital structure becomes a requirement — and the market is beginning to reward those who do it well. In our conversations with builders, investors, and stakeholders over the past year, it became clear that nobody was exploring this area the right way — with an early-stage mindset, cryptonative intuition, and institutional rigor all at once. So we started Onchain Group. OG exists to define and execute the transactions that create new markets and shape this new system. If crypto is the software upgrade to finance, then capital structure needs to evolve alongside it — requiring ambitious strategy and creative execution.

Introducing Onchain Group (OG). After leaving Coinbase, I spent time reflecting on what was actually worth working on. My background was as a venture investor — pattern matching, working with founders, and figuring out what’s coming next. What I realized, though, was that the most energizing part wasn’t investing. It was working with teams to define strategy and bring the right transaction into existence, like architecting the Coinbase <> Morpho deal — a new kind of onchain alliance that combined product, capital, and distribution to create an entirely new category and market. It made me wonder: was this a one-off, or the start of something new? Having been in crypto for nearly a decade, this is the most dynamic the space has felt. Onchain products are becoming real businesses, tokens are becoming real assets, and regulatory clarity is opening up an entirely new design space — introducing a new class of capital structuring opportunities. Over the past year, working closely with founders, it became clear that this wasn’t a one-off, but the first of many. The opportunity design space is just beginning — from tokens turning on fees, to restructurings, to equity-like conversions, to acquisitions and distribution partnerships involving tokens. Teams are realizing that getting this right is no longer optional. As onchain products mature into real businesses, taking ambitious steps toward the right capital structure becomes a requirement — and the market is beginning to reward those who do it well. In our conversations with builders, investors, and stakeholders over the past year, it became clear that nobody was exploring this area the right way — with an early-stage mindset, cryptonative intuition, and institutional rigor all at once. So we started Onchain Group. OG exists to define and execute the transactions that create new markets and shape this new system. If crypto is the software upgrade to finance, then capital structure needs to evolve alongside it — requiring ambitious strategy and creative execution.

Introducing Onchain Group (OG). After leaving Coinbase, I spent time reflecting on what was actually worth working on. My background was as a venture investor — pattern matching, working with founders, and figuring out what’s coming next. What I realized, though, was that the most energizing part wasn’t investing. It was working with teams to define strategy and bring the right transaction into existence, like architecting the Coinbase <> Morpho deal — a new kind of onchain alliance that combined product, capital, and distribution to create an entirely new category and market. It made me wonder: was this a one-off, or the start of something new? Having been in crypto for nearly a decade, this is the most dynamic the space has felt. Onchain products are becoming real businesses, tokens are becoming real assets, and regulatory clarity is opening up an entirely new design space — introducing a new class of capital structuring opportunities. Over the past year, working closely with founders, it became clear that this wasn’t a one-off, but the first of many. The opportunity design space is just beginning — from tokens turning on fees, to restructurings, to equity-like conversions, to acquisitions and distribution partnerships involving tokens. Teams are realizing that getting this right is no longer optional. As onchain products mature into real businesses, taking ambitious steps toward the right capital structure becomes a requirement — and the market is beginning to reward those who do it well. In our conversations with builders, investors, and stakeholders over the past year, it became clear that nobody was exploring this area the right way — with an early-stage mindset, cryptonative intuition, and institutional rigor all at once. So we started Onchain Group. OG exists to define and execute the transactions that create new markets and shape this new system. If crypto is the software upgrade to finance, then capital structure needs to evolve alongside it — requiring ambitious strategy and creative execution.

Introducing Onchain Group (OG). After leaving Coinbase, I spent time reflecting on what was actually worth working on. My background was as a venture investor — pattern matching, working with founders, and figuring out what’s coming next. What I realized, though, was that the most energizing part wasn’t investing. It was working with teams to define strategy and bring the right transaction into existence, like architecting the Coinbase <> Morpho deal — a new kind of onchain alliance that combined product, capital, and distribution to create an entirely new category and market. It made me wonder: was this a one-off, or the start of something new? Having been in crypto for nearly a decade, this is the most dynamic the space has felt. Onchain products are becoming real businesses, tokens are becoming real assets, and regulatory clarity is opening up an entirely new design space — introducing a new class of capital structuring opportunities. Over the past year, working closely with founders, it became clear that this wasn’t a one-off, but the first of many. The opportunity design space is just beginning — from tokens turning on fees, to restructurings, to equity-like conversions, to acquisitions and distribution partnerships involving tokens. Teams are realizing that getting this right is no longer optional. As onchain products mature into real businesses, taking ambitious steps toward the right capital structure becomes a requirement — and the market is beginning to reward those who do it well. In our conversations with builders, investors, and stakeholders over the past year, it became clear that nobody was exploring this area the right way — with an early-stage mindset, cryptonative intuition, and institutional rigor all at once. So we started Onchain Group. OG exists to define and execute the transactions that create new markets and shape this new system. If crypto is the software upgrade to finance, then capital structure needs to evolve alongside it — requiring ambitious strategy and creative execution.









