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Dragonfly partner: How did I miss the opportunity to invest in Solana's seed round?
Original author: @hosseeb
Original text compilation: Gate.io TechFlow
Shenzhen Tidal Note: At the 5th anniversary of Solana's birth, Dragonfly Capital partner @hosseeb released a tweet today, reviewing how he missed the opportunity to participate in Solana's seed round investment at a price of 0.04 USD in 2018, and missed out on over a thousandfold return. At the same time, the original investment memorandum was attached to commemorate. In addition, we also excerpted the discussion between Solana co-founder Toly and Hosseeb under this tweet.
The following is the original text details:
I declined the opportunity to participate in the @solana seed round investment at 0.04 USD in early 2018.
Based on the current price, it is equivalent to missing out on a return of 3250 times.
Solana is one of the first projects I evaluated as a junior VC. At that time, I was still cute, naive, and confident, writing memos for every project I gave up on investing in.
Rereading this memo now is like a 'peak junior VC cringe'. At that time, we were all obsessed with finding the 'Ethereum killer', researching consensus protocols, and what technology would replace EVM / eWASM.
So, this is the completely unedited original memorandum - the worst investment MISS in my career.
Happy Birthday, Solana! 🎂
Memo Content
1. After reading the white paper, here are my notes:
2. My thoughts:
[Solana White Paper Original Text, Section 5.12]
"PoH allows network validators to observe past events and their timing with some degree of certainty. When the PoH generator produces a message flow, all validators need to submit their signatures on the state within 500 ms. This value can be further reduced based on network conditions. Since each validation is input into the flow, everyone in the network can verify whether all validators have submitted their votes within the specified timeout period without directly observing the voting process."
Conclusion: I will definitely not invest in this project
Interestingly, after 5 years, when Haseeb @hosseeb tweeted blessings to Solana for its success in the crypto space and joked about how his younger self missed a great opportunity, Solana co-founder Toly @aeyakovenko replied to this tweet: "All your concerns back then were indeed valid. Essentially, this is a gamble — betting on whether we can maintain underlying advantages that other teams lack while solving these issues."
Then Haseeb replied to Toly: "I think that's the lesson here. Your persistence in optimizing the underlying and unique attack angles is not possessed by other teams. This kind of maximizing strengths and avoiding weaknesses is the most important. At that time, I was completely unaware of this."