At DePIN Day Singapore 2024, Christopher Heymann, Co-Founder of 1kx, joined Fluence’s Tom Trowbridge to reflect on the evolution of DePIN, the early bets that paid off, and the investor mindset needed to back disruptive infrastructure before the hype hits. From backing Arweave and Livepeer in their first rounds to supporting Fluence well before “DePIN” existed, 1kx has been betting on decentralized infrastructure since day one.
1kx Origins: From App Store Fatigue to Decentralized Futures
Before launching 1kx, Christopher and his partner Lasse were mobile entrepreneurs in Berlin, building consumer-facing apps. But the constant friction of platform dependency — “praying to the App Store gods” — pushed them to look for a better platform.
They found it in Ethereum in 2017: open source, permissionless, and censorship-resistant — everything the mobile ecosystem wasn’t. Instead of building apps, they decided to back builders. In 2018, 1kx launched with $6.5M and grew to managing over $1.2B, becoming one of the most respected early-stage crypto funds.
DePIN Before It Had a Name
Christopher described investing in DePIN before the term existed. Internally, they called it “crowdsourced hardware provisioning.” The idea: use crypto incentives to outsource capex and opex — the way Uber scaled rides without owning cars.
They saw this model working early in Arweave, Livepeer, and Fluence. These teams were building real infrastructure to decentralize compute, storage, and bandwidth — long before the category had a name, let alone market momentum.
“We were investing in DePIN before it was DePIN”
What Makes a Strong DePIN Bet? Think Demand First
One of the core lessons from 1kx’s experience: over-incentivizing supply without clear demand is a recipe for tokenomics failure.
Christopher recalled early DePIN projects offering unsustainable emissions:
“At one point, a project was giving out $1 billion in monthly incentives — and had no demand to match it.”
Instead, 1kx now favors projects that scale supply gradually and prioritize demand-first design, where tokens reward real usage.
Why Fluence Made the Cut (Even Before DePIN Was a Category)
1kx backed Fluence long before the DAO existed and before Tom Trowbridge joined. What convinced them?
- Founders with deep technical credibility
- A clear vision for decentralized compute
- Long-term commitment over opportunism
Now, years later, Christopher is part of the Fluence DAO — a testament to his continued belief in the project’s mission.
“They weren’t selling castles in the sky. They were building something real.”
Being Contrarian Is a Feature, Not a Bug
Investing in DePIN used to be contrarian. Most VCs didn’t understand the long game behind decentralized infrastructure. Christopher recalled how difficult it was to get others on board in the early days of Arweave and Fluence.
But conviction pays off. That mindset — to lean into ideas before they trend — remains a core part of 1kx’s DNA.
Advice for Founders: Be Persistent, Be Rational, and Reinvent
1kx has backed over 70 crypto projects. So what separates the winners?
- Reinvention: The best founders aren’t afraid to pivot.
- Persistence: Ride the cycles and stay focused through noise.
- Conviction + Flexibility: Have a thesis, but evolve it when the market proves otherwise.
Christopher emphasized that success isn’t linear — and even if your market has a leader today, a better model or design tweak can change that.
For Fellow Funds: Punch Above Your Weight
One of the most practical segments of the chat was a look behind the curtain at how 1kx runs as a fund:
- 25-person team across ops, tech, platform, and legal
- Platform support includes tokenomics, listings, PR, and more
- Co-invests with smaller funds to build robust cap tables
Christopher emphasized that smaller, hungry funds often work harder than brand-name giants — and those relationships still matter.
From Early Belief to Ecosystem Backbone
The 1kx story is more than just early bets — it’s about long-term conviction, contrarian insight, and a willingness to back infrastructure before the narrative is obvious.
Christopher’s journey — from mobile entrepreneur to early DePIN investor to DAO member — reflects the broader evolution of Web3. And as the next generation of founders steps up to build the physical layer of the decentralized internet, they’ll find in 1kx a rare kind of investor: one who truly gets the long game.
