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The Venture Codex

Figment Capital

85 Delancey Street, New York, NY, 10002, United States

Overview

Figment Capital supports investments in high-confidence, early-stage blockchain infrastructure projects. It sits in a unique position amongst Web3 developers and investors.

Total investments
18
Lead investments
2
Investments · 12mo
4
Active investors
0

Sector focus

  • Web Development
  • Web3
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Investment portfolio

  • Doppler

    Participated · Seed · Jan 2026

    Doppler is an on-chain launch protocol that has quickly become the dominant infrastructure for bringing new tokens and other digital assets to market on Base and additional supported networks. Its platform unifies token deployment, vesting, governance, fee routing, and price-discovery auctions, shielding launches from sniper bots while creating protocol-owned liquidity from day one. In its first nine months, Doppler has powered more than six million liquidity pools, facilitated the creation of over 40,000 assets per day, and captured 90%+ share of new DEX pools on Base, generating more than $1.5 billion in aggregate asset value and over $1 billion in cumulative trading volume. The protocol supports a wide variety of asset types, including tokenized equities, commodities, content, and art, ensuring immediate tradability across any interface connected to the underlying DEX. Engineers with experience at Uniswap, Primitive Finance, and Aztec lead the technical development. With fresh capital, the company plans to expand into self-serve markets, accommodate larger token generation events, and deepen integrations throughout the on-chain ecosystem. Doppler ultimately aims to serve as the default launch infrastructure for entirely new asset classes that could not have existed before.

  • Whetstone Research

    Participated · Seed · Jan 2026

    Whetstone Research serves as the corporate entity developing and supporting Doppler, a protocol that streamlines the creation and issuance of tokens on the blockchain. Doppler’s infrastructure aims to let developers and organizations launch on-chain tokens with minimal friction, positioning the platform as an essential layer in the token-generation ecosystem. While the article does not disclose user or revenue figures, it highlights the company's focus on building core protocol capabilities. In Q2 2025, Whetstone Research raised a $9 million seed round to accelerate product development and market adoption. This follows a $1.3 million pre-seed round, indicating growing investor confidence and bringing total disclosed funding to $10.3 million. The fresh capital should extend the company’s runway as it continues to enhance Doppler and potentially expand its suite of tooling. Additional product roadmap details or commercial milestones were not provided in the source.

  • Noise

    Participated · Seed · Jan 2026

    Noise is building a prediction-market-adjacent platform that lets traders buy and sell exposure to the future relevance of online topics, effectively creating a stock market for cultural trends. Launched in closed beta last May, the invite-only testnet attracted more than 1,300 users who placed bets across 14 attention markets that tracked crypto narratives using social-media data from Kaito. Unlike traditional binary prediction markets, Noise’s markets are continuous, allowing prices to shift as attention rises or falls over time. The 11-person team plans a public mainnet launch on Coinbase-incubated Layer-2 network Base in the coming months, which will open the system to “real capital” and expand coverage beyond crypto. Fresh capital will fund product development, additional data integrations, and expansion into new verticals. The company’s vision is to provide an objective, tradeable measure of cultural relevance that brands, investors, and other analysts can reference.

  • Raiku

    Led · Seed · Sep 2025

    Raiku is developing an infrastructure layer for the Solana blockchain that coordinates blockspace with validators to provide predictable, “guaranteed” transaction inclusion. The platform introduces a parallel execution layer and a scheduling engine that lets developers reserve blockspace Ahead-of-Time or Just-in-Time, enabling confirmation latencies of 30–50 ms even during heavy network congestion. Raiku’s blockspace marketplace targets use cases such as market making, oracle updates and validator revenue sharing, and is built from scratch in Rust for high performance and flexibility. Development began in July 2024, with a devnet deployment that December and a validator testnet already live; version 2 with an SDK is slated for later this year and a mainnet launch in 2026. Revenue is expected to come from protocol-native fees, transaction priority lanes and validator services, with equity-linked income from specialized RPC offerings. The company employs about 20 people distributed across Europe and Asia and has raised $13.5 million to date via pre-seed and seed SAFEs with token warrants.

  • Euphoria

    Participated · Seed · Aug 2025

    Euphoria is developing a consumer-oriented crypto derivatives platform that lets users trade options and perpetual contracts on MegaETH with a simple tap-based interface, removing the need to understand order books, margin, or leverage mechanics. Co-founded and led by CEO Nathan Worsley, the eight-person team is positioning the product as the Robinhood-style on-ramp for crypto derivatives, which represent roughly 80% of overall crypto exchange activity. Revenue will come from in-house market-making and trading fees, mirroring the model used by Hyperliquid. The company plans to launch its tap-trading product on MegaETH later this year and is considering a native token as part of its long-term roadmap. Future hiring includes three to five roles across engineering, product design, and growth. The latest funding places Euphoria’s post-money equity valuation in the “upper eight figures,” according to Worsley.

Team

No current team members are available.