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Dragonfly

Dragonfly

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About Dragonfly

Dragonfly is a global crypto-native investment firm founded in 2018, backing leading projects across the blockchain ecosystem.

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Dragonfly is a globally recognized crypto investment firm founded in 2018, driven by a mission to support the most ambitious builders in the decentralized ecosystem. The firm backs visionary teams working across various crypto sectors—from DeFi and Layer 1s to infrastructure, crypto gaming, and more. With deep technical roots and years of industry experience, Dragonfly brings capital, insights, and strategic partnerships to help its portfolio projects scale globally.

The firm is known for its commitment to long-term collaboration, bridging traditional capital with Web3 innovation. Built by crypto-natives, Dragonfly is more than just a fund—it’s a community of researchers, builders, and engineers working hands-on with teams to solve tough problems and drive the industry forward. Their approach combines technical mentorship, global access, and a shared belief in an open, decentralized internet.

Dragonfly was established to address the growing need for purpose-driven, technically sophisticated investment in the rapidly emerging blockchain space. Since its inception in 2018, the firm has invested in hundreds of notable projects including dYdX, MakerDAO, Polygon, Starkware, NEAR, Cosmos, and DeBank, to name a few. Its early backing of many of today’s most important crypto infrastructure and financial primitives has positioned it as a cornerstone of the Web3 ecosystem. A full list of investments can be found on the official Dragonfly website.

Unlike traditional VCs, Dragonfly is built by people who have spent over a decade working inside the industry. The team is composed of former protocol founders, engineers, operators, and researchers who use their experience to provide hands-on support at every stage of a project’s lifecycle. Whether it’s navigating tokenomics, structuring DAO governance, or building out a developer ecosystem, Dragonfly offers strategic value far beyond capital.

The firm also maintains a strong global presence, with operations in both Eastern and Western markets. This allows portfolio companies to access talent, partners, and communities around the world from the earliest stages of development. Their global-first approach and cross-border network are key differentiators in today’s fragmented regulatory and infrastructure environment.

As a thought leader, Dragonfly also runs a dedicated research division, producing technical and market analysis on topics ranging from airdrop dynamics to decentralized inference. These insights inform both their own strategies and help the broader community understand the complexities and opportunities within crypto.

Competitors or comparable firms in the space include other top-tier crypto VCs such as Paradigm, a16z crypto, and Multicoin Capital. However, Dragonfly’s unique blend of deep technical DNA and global scale makes it a standout in the venture landscape.

Dragonfly offers a number of key benefits and strategic features that distinguish it from other crypto investment firms:

Technical Expertise: Dragonfly’s team consists of engineers, researchers, and protocol founders who contribute hands-on knowledge and guidance across product, infrastructure, and ecosystem development.
Global Access from Day One: The firm’s cross-border operations provide immediate access to both Eastern and Western markets, helping projects scale internationally with cultural and regulatory support.
Portfolio Diversity: With investments in DeFi, infrastructure, L1s and L2s, gaming, and more, Dragonfly’s wide reach helps projects plug into existing networks and proven models of success.
Deep Research Division: The firm’s in-house research arm publishes cutting-edge analysis to inform the market and shape strategic decisions—making Dragonfly not just a participant but a thought leader.
Long-Term Partnerships: Dragonfly focuses on building lasting relationships with founders and teams, offering long-term support and strategic input beyond just funding rounds.

Getting started with Dragonfly is straightforward for projects, developers, or professionals looking to connect:

Visit the official website: Head to dragonfly.xyz to explore the team, research, and investment portfolio.
Explore the portfolio: Browse through a long list of projects Dragonfly has supported, including Starkware, Polygon, Opyn, Spacemesh, and many more.
Access research content: Read up-to-date reports and technical insights from the Dragonfly research team on the Research page.
Follow on social media: Stay informed by following Dragonfly’s official accounts on Twitter, and Medium.
Apply to work with them: Interested in joining the crypto ecosystem? Visit the Careers page to see open roles at both Dragonfly and its portfolio companies.
Contact the team: Reach out directly through the Contact page for partnership or investment inquiries.

Dragonfly FAQ

Dragonfly maintains a truly global perspective by operating simultaneously in both Eastern and Western crypto markets. This dual-market exposure gives the firm a unique edge in identifying macro trends, regulatory shifts, and user behaviors across regions. Their strategy isn’t to choose sides but to bridge opportunities—introducing Eastern innovation to Western audiences and vice versa. Teams working with Dragonfly gain access to a global network of partners, exchanges, and talent pools from day one.
Dragonfly’s in-house research team is a cornerstone of the firm’s strategy. Instead of relying on hype cycles or influencer sentiment, they conduct data-driven research into complex topics such as airdrops, decentralized inference, and protocol-level innovations. These insights guide their thesis-driven investing model, helping identify long-term value rather than short-term noise. Their latest research can be accessed via the Dragonfly Research hub.
As part of their belief in pushing the frontier, Dragonfly embraces unorthodox ideas that challenge traditional assumptions. Many of today’s most impactful protocols started out as misunderstood or niche concepts. Dragonfly’s motto—“We love the weird stuff”—speaks to their willingness to support teams that take bold, experimental approaches in building the decentralized future. This includes investment in emerging fields like on-chain AI, crypto-native games, or experimental L2s. View their entire portfolio of boundary-pushing projects here.
Dragonfly is not a passive investor. In addition to funding, they provide hands-on strategic guidance, technical mentoring, and introductions to their global network. Their team includes former founders, engineers, and operators who understand the challenges of scaling a crypto startup. Portfolio teams get ongoing access to help with tokenomics design, product-market fit, governance structures, and even recruiting. More details are available on the official website.
The ASCII aesthetic found throughout Dragonfly’s website is more than a visual gimmick—it reflects their ethos of blending old-school computing culture with cutting-edge blockchain tech. The team even built a custom browser-based tool to generate real ASCII from 3D renders, videos, and images. This symbolic commitment to design innovation parallels their mission to back unconventional projects with high technical ambition. The site feels like a living, breathing crypto organism, reinforcing Dragonfly’s reputation as a creative force in Web3 investing.