Henry He

1/ The Ascent of UGT (User Generated Token) - new meta! #Tokenization is at inflection point after 10yrs since #ICO. UGT is leading the charge of Tokenization 2.0. If history repeats, who will become massively successful UGT product like UGC peer @Instagram, @YouTube, @tiktok_us?

@guywuolletjr congrats!

Crypto has always been a volatile space, but that's what makes it so fulfilling. Now, at a time when finance is aggressively adopting blockchains, is the perfect moment to double down on supporting founders who build the future onchain. We're particularly excited about stablecoins, credit, perps, prediction markets, agents, physical and decentralized infrastructure, compute, creator platforms, and blockchains themselves. We believe crypto will bring better financial services to all humans and agents, as well as continuing to shape the future of the internet itself. I remain immensely grateful to be a part of our team, and for the trust of the founders and partners that make Fund 5 a reality. Per aspera ad astra.

@propagandabuild I do!

We're in SF this week for Stripe Sessions! Who wants to join our little dinner on Thursday night?

@guywuolletjr Nothing is black&white. IF tokens are used as incentives to drive growth, buy&burn is effectively used to drive growth. IF the economics is designed well, b&b can have leverage and works better than cash. Truth: few understand it & can do good economics designs that are critical!

1/ Buy-and-burn is becoming the default ‘capital return’ strategy in crypto. I think this is a big mistake. Stop it. Get some help. Profitable protocols shouldn’t shrink their balance sheets when they can do productive things instead.

@PunkXBT_ @liamihorne @VitalikButerin @chuk_xyz it is unfortunate. the market has never been there, not even today. honestly, little surprised that a dedicated payment L1 still needs state channel to handle projected future volume. @tempo @matthuang @gakonst what do you know that the public doesn't know? mind educate us?

@hhe08 @liamihorne @VitalikButerin @chuk_xyz state channels keep coming back every cycle like they were never gone, just rebranded with better storytelling. most people forget the history fast.@hhe08 follow back? let’s grow the circle

@frontiertower @Superherohotel Indeed "hallway conversation"! Congrats!

The real reason founders move to SF isn’t the capital. It’s the hallway conversations. So we built a hallway. Launching @superherohotel: 6 floors in a historic 1920 Nob Hill building. 10-min walk from @frontiertower. Members have raised $150M. Events have pulled 70K. Sleep at the hotel. Build at the Tower. Come for 4 weeks. Ship, raise, break through 👇

@0xave @tkstanczak replied your DM

@hhe08 @tkstanczak Would love to learn more about how you’re thinking about it, will DM

The next era of crypto x AI won't be driven by better models or faster payments. It'll be driven by agents that earn. Right now, agents are cost centres. A human tells an agent to buy something and an agent spends the human's money, which scales linearly. The exponential moment will be when agents start earning from selling services to other agents, then reinvesting that to get even better at earning. A compounding loop with no human in it. The exciting bit is that the tech is now ready, e.g.: - ERC-8004 for ID - MCP for connectivity - x402 for payments - ERC-8183 for commerce (h/t @virtuals_io and @ethereum for this recent breakthrough) What's missing though is neutral infrastructure that works across the entire crypto x AI ecosystem, not just within one platform. There's room for a trust and evaluation layer that lets any agent, on any framework, on any chain, transact confidently with any other agent. I believe this has to be open and protocol-agnostic. It also has to be crypto-native. The moat here will be capital not code, coming from 'evaluation-at-stake' where verifiers put up real collateral, with on-chain slashing, creating a trust layer that can't be forked. If you're building in this space, DM me.

@ivangbi_ @ethereumfndn congrats!

TLDR: I joined @ethereumfndn as DeFi Coordinator 1] I got introduced to DeFi back in 2019 and stuck to it ever since. As narratives appeared and faded away, my general belief in DeFi stayed. I think today, more than ever, Ethereum is the right place to grow DeFi further. I'd like to help make this vision a reality 🙏

@HadickM @hosseeb @dragonfly_xyz @tomhschmidt big congrats Rob!

Today we are incredibly excited to announce our oversubscribed $650mm fourth fund. It has been almost four years since @hosseeb and I initially started the discussions about me joining the @dragonfly_xyz partnership with him, Bo and @tomhschmidt yet it feels like different lifetimes altogether. In that period of time, we've had the complete deflation of the risk asset bubble that topped in 2021 and the blow ups of companies and protocols like Terra Luna, Genesis, and FTX. We've seen Solana at both $8 and $290. Larry Fink has become one of the industry's most prominent spokespersons. And the governments of many of the world's super powers have started to embrace the benefits of BTC, blockchains, stablecoins, tokenization and prediction markets. Much has been written about the death of venture capital, or even more specifically, the death of crypto linked VC. As many would tell the story, VC is either extractive and short term oriented or it's long term oriented but unable to return capital to investors. That token designs are so broken that private equity is the only way to make realistically attractive returns. Platforms will eat the rest of the market except for small, niche asset managers with extremely narrow views of the world. And while there are truths embedded in all these points, there are also counterfactuals. We feel strongly that our success over that time, and since inception, is due to the fact that we approach every day from first principles. What actually works in our space? Finance, payments, asset issuance, and markets. What is the appropriate instrument for investment? It depends and there is no one size fits all solution. How should we approach geographic focus? This is borderless, global technology that isn't defined to a single country or region. Are blockchain communities winner take all? Of course not, there are too many use cases that can be served by a variety of technologies. Day in and day out, we challenge our priors and each other to ensure we are not driven by the market, but that we are focused on what we expect to be true on the horizon. Ultimately, we have the easy job as capital allocators who exist primarily to partner with the best founders building in this arena (and i'm lucky to call many of them friends). But at a time when both our space and many of our competitors are going through existential crisis', we wake up lucky to know that we've built a team and partnership that can handle any and all market cycles and form factors - and is ready for the next phase of financial evolution. More below from @leomschwartz fortune.com/2026/02/17/dra…

@tomhschmidt @hosseeb @HadickM Congrats!

2026. America's 250th Anniversary. The Year of the Fire Horse. The year that we officially announce that we've raised $650M for Dragonfly Fund IV! I could write a lot about what a pleasure it's been to work with @hosseeb, @HadickM, and Bo to back some of the best entrepreneurs building generational companies, but I'll keep it brief so you can see our nice couch pic and profile by @leomschwartz. In all my time in the industry, things have never felt more like they're ripe for a reset than they do right now. Old players, knowledge and ways of doing things are fading away, and I'm excited to help shape the direction of what comes next, at a time when what is being built in this space feels more essential than ever. The disconnect between what you read in the headlines and the growth of what you see on the ground has never been greater. If you're an entrepreneur who's building something new or if you're considering getting into the space, @ me or DM me. Let's get this tokenized bread. fortune.com/2026/02/17/dra…

@hosseeb Big congrats!

We just closed Dragonfly Fund IV at $650M. It's a big milestone, and yet, it’s a weird time to celebrate. Spirits are low, fear is extreme, and the gloom of a bear market has set in. But here's the thing: we raised almost every single Dragonfly fund into bear markets. Fund I we raised through the 2018 ICO winter, when almost nobody believed in this space anymore. Fund III we raised right before Luna collapsed. Those were brutal times to deploy capital. But they turned out to be our best vintages. Last week I caught a lot of heat for arguing that non-financial crypto has failed. I meant that. But the flip side of that argument is: financial crypto is exploding. Stablecoins are eating the world. DeFi has grown so big it's rivaling CeFi. Financial institutions around the world are racing to build out their crypto strategies. And prediction markets are becoming the most trusted source of truth on the internet. Fund IV is our biggest bet yet that the crypto revolution is still early in its exponential. If you look at our recent bets—Polymarket, Ethena, Rain, Mesh—the growth speaks for itself. Agentic payments, on-chain privacy, the tokenization of everything—crypto's surface area is about to explode, and we want to be backing the founders at the center of it. We've always believed that the most important work gets done when the noise dies down. We believe moment is now. In fact, we’re putting money on it. If you're building what comes next, @ us.

@MichalBene @multiliquid_xyz @will_beeson Congrats!

1/ Thrilled to announce I'm joining Uniform Labs @multiliquid_xyz as Chief Commercial Officer! Working alongside founder & CEO @will_beeson to build the missing liquidity layer for tokenized finance is exactly where I want to be right now. The future of on-chain capital markets is happening—and it's institutional-grade. 🚀

@VitalikButerin Bingo! *surfacing good content* (e.g. curation) is critical to success. All successful web2 UGC products including Substack have done great job at curation. So far, all web3 UGT products including @zora have done a poor job at curation and suffer from it: x.com/hhe08/status/1…

How I would do creator coins We've seen about 10 years of people trying to do content incentivization in crypto, from early-stage platforms like Bihu and Steemit, to BitClout in 2021, to Zora, to tipping features inside of decentralized social, and more. So far, I think we have not been very successful, and I think this is because the problem is fundamentally hard. First, my view of what the problem is. A major difference between doing "creator incentives" in the 00s vs doing them today, is that in the 00s, a primary problem was having not enough content at all. In the 20s, there's plenty of content, AI can generate an entire metaverse full of it for like $10. The problem is quality. And so your goal is not *incentivizing content*, it's *surfacing good content*. Personally, I think that the most successful example of creator incentives we've seen is Substack. To see why, take a look at the top 10: substack.com/leaderboard/te… substack.com/leaderboard/cu… substack.com/leaderboard/wo… Now, you may disagree with many of these authors. But I have no doubt that: 1. They are on the whole high quality, and contribute positively to the discussion 2. They are mostly people who would not have been elevated without Substack's presence So Substack is genuinely surfacing high quality and pluralism. Now, we can compare to creator coin projects. I don't want to pick on a single one, because I think there's a failure mode of the entire category. For example: Top Zora creator coins: coingecko.com/en/categories/… BitClout: businessofbusiness.com/articles/insid… Basically, the top 10 are people who already have very high social status, and who are often impressive but primarily for reasons other than the content they create. At the core, Substack is a simple subscription service: you pay $N per month, and you get to see the person's articles. But a big part of Substack's success is that they did not just set the mechanism and forget. Their launch process was very hands-on, deliberately seeding the platform with high-quality creators, based on a very particular vision of what kind of high-quality intellectual environment they wanted to foster, including giving selected people revenue guarantees. So now, let's get to one idea that I think could work (of course, coming up with new ideas is inherently a more speculative project than criticizing existing ones, and more prone to error). Create a DAO, that is *not* token-based. Instead, the inspiration should be Protocol Guild: there are N members, and they can (anonymously) vote new members in and out. If N gets above ~200, consider auto-splitting it. Importantly, do _not_ try to make the DAO universal or even industry-wide. Instead, embrace the opinionatedness. Be okay with having a dominant type of content (long-form writing, music, short-form video, long-form video, fiction, educational...), and be okay with having a dominant style (eg. country or region of origin, political viewpoint, if within crypto which projects you're most friendly to...). Hand-pick the initial membership set, in order to maximize its alignment with the desired style. The goal is to have a group that is larger than one creator and can accumulate a public brand and collectively bargain to seek revenue opportunities, but at the same time small enough that internal governance is tractable. Now, here is where the tokens come in. In general, one of my hypotheses this decade is that a large portion of effective governance mechanisms will all have the form factor of "large number of people and bots participating in a prediction market, with the output oracle being a diverse set of people optimized for mission alignment and capture resistance". In this case, what we do is: anyone can become a creator and create a creator coin, and then, if they get admitted to a creator DAO, a portion of their proceeds from the DAO are used to burn their creator coins. This way, the token speculators are NOT participating in a recursive-speculation attention game backed only by itself. Instead, they are specifically being predictors of what new creators the high-value creator DAOs will be willing to accept. At the same time, they also provide a valuable service to the creator DAOs: they are helping surface promising creators for the DAOs to choose from. So the ultimate decider of who rises and falls is not speculators, but high-value content creators (we make the assumption that good creators are also good judges of quality, which seems often true). Individual speculators can stay in the game and thrive to the extent that they do a good job of predicting the creator DAOs' actions.

@delitzer nah, that's really a narrow view on categorizing the phases of tokenization. Like UGC is the hallmark of Web 2.0, the hallmark of Tokenization 2.0 should be UGT: x.com/hhe08/status/1…

Tokenization 1.0 brought assets onchain Tokenization 2.0 brings markets onchain

@notthreadguy I hope everyone will see the common sense in your decision: x.com/hhe08/status/1…

i will never buy another creator coin

@hhe08 @eliqiann @KyleSamani Nice thread and solid distinction. Token framing makes more sense if you’re anchoring on-chain logic while letting assets live elsewhere. UGT feels cleaner for composability and long-term UX. @hhe08 follow back appreciated fr

@KeithGrossman Good perspective. I would like to add that the downward trend of meme coin is inevitable due to its bad fundamental design and next wave needs to fix it to become long-term successful: x.com/hhe08/status/1…

Today, meme coins now make up less than 15% of daily volume on Solana DEXs and the popular “hot take” is that the meme coin era is over.
 That take is lazy and wrong.
 It is wrong because it assumes meme coins were only ever about jokes, luck or “financial nihilism.” They were not. Meme coins were the first large-scale experiment in turning attention itself into a permissionless, tradeable asset. This market exists for a simple reason: blockchains made it trivial for anyone to create, authenticate and exchange digital value without permission. Once that door opened, it was inevitable that attention - the most valuable resource in the Internet age - would be next. We already live in an attention-based society. What most people underestimate is how large the attention economy has become. Culture, memes, narratives and identity now move markets faster than balance sheets ever could. Before crypto, attention could only be monetized by platforms, brands and a small group of influencers. Everyone else generated value and gave it away for free. Likes, trends, inside jokes and communities created massive economic value but almost none of that value flowed back to participants. Meme coins broke that model. They democratized the financialization of attention. They turned social consensus into something liquid. They gave communities a way to express belief, momentum and identity as a market.  What looks irrational through a traditional finance lens is perfectly coherent through a cultural one. This is why the Solana volume stat is misleading. Yes, meme coin volume is down. That is real. But the conclusion people draw from it is backward. What is declining is not attention monetization rather it is a specific, exhausted implementation of it. And, we have seen this pattern before with early social platforms. The first wave of social media was loud, chaotic and extractive. Engagement farming, spam, vanity metrics and shallow incentives dominated. Users burned out, growth plateaued and critics declared the model broken. What actually happened following this "death" was evolution: the mechanism survived while its noisiest expressions of it were removed. Meme coins are entering the same phase. This is not a rejection of attention-based markets. It is what happens when friction drops to zero and extraction overwhelms “signal.” Volume falls, participants burn out and the market evolves. And here is the part most people are missing: attention markets never come back looking the same! The next version will not look like today’s meme coins. It may not even be called a meme coin. It will reward sustained contribution, coordination and cultural signal; not just speed and spectacle. However, the bigger point is that this shift is irreversible. Individuals will increasingly capture value from the attention they generate and coordinate with one another directly. Platforms, brands and influencers do not disappear either but their monopoly on monetization does. The meme coin era is not over. It just stopped being loud.

@BNBCHAIN @nina_rong congrat Nina!

BNB Chain is growing fast and today we welcome @nina_rong as our new Executive Director of Growth. Nina has spent years scaling global Web3 ecosystems and building partnerships that move industries forward. At BNB Chain she will lead ecosystem growth, deepen developer support, and expand our global presence. Her mission is simple: help bring the next billion users onchain and make liquidity discovery easier for everyone. Welcome to the team Nina and let’s build together.

@mdudas @6thManVentures Could not agree with you more! 2026-2029 will be the era of Tokenization 2.0: x.com/hhe08/status/1…