Presenting EV3's Adtech Thesis

In 2022, we published several theses on the next generation of wireless infrastructure: an industry with massive $1T+ revenues, captured by a small number of incumbents, that had been all but written off by VCs across both web2 and web3.

In 2025, adtech gives us the same feeling. We spent the past few months diving deep into the industry, culminating in our 20-page research report on the future of advertising.

In short, we believe advancements in generative AI and zero-knowledge cryptography are creating massive opportunities at some layers of the adtech value chain, and collapsing the margins at others. Companies like Daisy and EarnOS are on the forefront of combining these technologies to create next-gen ads networks.

We welcome and appreciate feedback on our thinking.