Publications
- _Building
In our Building series, we return to Self as it launches AgentVault today. Self Pass already lets people prove facts about themselves without exposing them. AgentVault brings that principle to AI agents: they can check out and sign in for you without ever seeing your card or passwords.
- _Team_Updates
This summer, Greenfield became one of the independent node operators in NEAR's Chain Signatures network. Chain Signatures lets a single NEAR account sign transactions on other blockchains. It powers NEAR Intents, where users state the trade they want and solvers compete to execute it; this has settled more than $33B in volume to date. We run nodes on several networks. Time to explain why a firm that invests in decentralized networks also helps operate them.
- _Team_Updates
On September 30, Greenfield Capital submitted its response to the European Commission's targeted consultation on the review of the Markets in Crypto-Assets Regulation (MiCA). The consultation covers the whole framework: token classification, stablecoins, service providers, DeFi, perpetual futures, prediction markets and tokenized deposits. We answered more than 60 questions in detail. Below we sum up our core proposals and why we make them. Europe can build a competitive digital asset industry of its own, on onchain infrastructure that held up under the past year's stress. The review decides whether that happens here or elsewhere. Separate posts on the individual topics will follow over the coming weeks.
- _Research
In physics, energy cannot be destroyed – it only changes form. Transaction ordering works the same way: wherever a ledger executes transactions against valuable shared state, the order of execution carries economic value, and that value is conserved across every architecture we know. Ethereum auctions it, Canton hides it behind contracts and NDAs, traditional finance carried it for a century as payment for order flow and last look, Hyperliquid burns it. Continuing our Block Building series, we trace this conservation of ordering value across four regimes and show why the real question is never "MEV or no MEV" but whether the price of ordering is public or hidden.
- _Research
Since 2024, validators have earned $1.36B in execution-layer rewards – and builders retained $404M in surplus. Where does that edge come from? Continuing our Block Building series, we trace it to exclusive orderflow relationships: why Titan builds half of all blocks but captures 80-85% of builder surplus, how the beaverbuild-to-BuilderNet transition reshuffled the market's most valuable flow, and why block building is a contest of bilateral, contestable relationships rather than platform lock-in.
- _Research
Who actually pays for priority on Ethereum? Continuing our Block Building series, with the first half of a two-part deep dive into the state of Ethereum block building since 2024: The demand side.
- _Research
This is a high-level explainer of the Ethereum transaction supply chain and market structure. It aims to set the stage for readers unfamiliar with these topics before using deep on-chain data to quantify the transaction supply chain and its key players in our forthcoming research series. See also the thematically structured glossary below.
- _Building
$ARX, Arcium's network token, is live, with listings on Upbit, Bitget, Coinbase, Kraken and further exchanges. Greenfield backed Arcium in 2023 and has been operating an Arx node from day one of their testnet to help the team launch its encrypted supercomputer: a decentralized network that lets anyone compute on fully encrypted data – data that no one, not even the nodes doing the computing, can see. A token launch is a good moment to step back, revisit why we invested in privacy in the first place, and explain why we believe our original thesis has not just held up, but compounded and what it means in practice to back a network like this, not just with capital, but by also operating blockchain infrastructure.
- _Research
Fundamentals continue to add a steady 3 to 5 percentage point valuation layer on top of beta. TVL is the anchor, and accrual quality is starting to matter: revenue is edging ahead of fees.
- _Investments
Greenfield is co-leading ShopAgentic’s €1.9M pre-seed round to back the future of agentic commerce, where AI agents increasingly drive product discovery, evaluation, and purchasing. ShopAgentic helps merchants make their catalogs, pricing, and inventory understandable to AI systems while orchestrating core commerce operations. The investment is based on the belief that commerce is shifting from human browsers to autonomous agents, requiring a new merchant infrastructure built for machine-to-machine interactions.