Tephra Capital | Crypto Research Analyst | Fully Remote | $130,000–$170,000 base + bonus Tephra Capital is a pre-seed digital assets fund. Four partners, one line. Our managing partner Kal Kakkad ran digital asset trading at GSR and digital asset markets at Goldman Sachs before founding the fund. Any fund worth your time survives a Google, and we welcome you to run it. The role You will be our first dedicated research hire, sitting directly with all four partners:

• Cover L1/L2 infrastructure, DeFi, and token design across our pipeline
• Own unit economics and onchain analytics for live diligence (Dune, DefiLlama, explorers)
• Publish internal research that actually moves investment decisions, not decks for the shelf
• Join every founder call. First week, not first year

Hard requirement You hold crypto and run your own self-custodied portfolio. We are looking for researchers who live onchain, not analysts who read about it. On the interview you will walk us through your own positions and the reasoning behind them. No wallet, no fit. You

• 2+ years in crypto research, trading, or protocol engineering
• Comfortable with Dune, DefiLlama, block explorers, reading contracts
• Ability to read code is a strong plus (our protocol engineer will love you)

Comp and logistics

• $130,000–$170,000 base depending on depth, performance bonus on top
• Fully remote, we coordinate across US and EU time zones
• Small team, no committees, weekly partner access from day one

Apply with a short note on your current portfolio thesis (3–5 sentences beats a CV wall). Every serious application gets a human answer from a partner, not an ATS.