Christine D. Kim is the founder of Protocol Watch, an independent research and advisory firm. ^[1] Kim gained prominence for her detailed summaries and interpretations of Ethereum's All Core Developers (ACD) meetings, making complex technical discussions accessible to investors, builders, and the wider community. ^[2] Before her current roles, she held key research positions at Galaxy Digital and CoinDesk. ^[3]​

Education and Certifications

Kim graduated from the University of Toronto with a Bachelor of Commerce degree, specializing in Accounting and Finance. ^[1] Following her university studies, she pursued a career in accounting and earned her designation as a Chartered Professional Accountant (CPA, CA) from CPA Ontario. Her background in finance and accounting provided a foundation for the analytical rigor she would later apply to the cryptocurrency sector. ^[1]​

Career

Early Career and Transition

Before entering the cryptocurrency industry, Christine Kim worked in professional services at PwC Canada. From September 2014 to August 2017, she was a Senior Accountant, and from September 2017 to August 2018, she served as a Senior Associate in the firm's Value Creation practice. ^[1]​

In early 2019, Kim transitioned into the digital asset space by joining the crypto media and data company CoinDesk as a Research Analyst. This role marked the beginning of her specialized focus on blockchain protocol analysis. ^[1]​

CoinDesk

During her tenure at CoinDesk from February 2019 to May 2022, Kim established herself as a leading voice on the technical developments of the Ethereum network. She researched and published numerous articles and reports on the crypto industry, with an increasing focus on Ethereum's technical roadmap. ^[1]​

Her most significant contributions at CoinDesk included launching and authoring the "Valid Points" newsletter, which provided in-depth coverage of Ethereum's transition to a Proof-of-Stake consensus mechanism, then known as "Ethereum 2.0." She also created and hosted the "Mapping Out Eth 2.0" podcast to further explore the topic. To provide direct, hands-on reporting, Kim led a project at CoinDesk to run an Ethereum 2.0 validator node, documenting the process for the publication's audience. ^[1]​

Galaxy Digital

In May 2022, Kim joined Galaxy Digital as Vice President of Research, where she led the firm's research on the Ethereum protocol. ^[1] At Galaxy, she deepened her specialization and became widely recognized for her comprehensive summaries of Ethereum's bi-weekly All Core Developers (ACD) and Consensus Layer (CL) meetings. These reports became a vital resource for the ecosystem, translating the intricate debates and decisions of core developers into accessible insights for institutional investors, application developers, and other stakeholders. ^[2] Her work covered major network upgrades, including The Merge in September 2022 and the Shanghai/Capella upgrade in April 2023. [[x.com/christine_dkim][Kim's public posts and commentary on Ethereum upgrades via X]]

Greylock and Protocol Watch

Kim left Galaxy Digital in January 2024 to start her own independent venture, Protocol Watch, an advisory firm focused on helping businesses understand and strategize around protocol-level innovations on Ethereum and Bitcoin. ^[1] The firm offers bespoke research and consulting services to funds, startups, and other protocols. ^[4]​

Concurrently with founding Protocol Watch, Kim joined the venture capital firm Greylock in March 2024 as a Venture Partner. In this role, she leverages her deep expertise in protocol design, governance, and technical roadmaps to advise the firm's crypto portfolio companies and inform its investment strategies. ^[1]​

Research and Publications

Christine Kim's work is characterized by its focus on primary sources, primarily the meetings and communications of blockchain core developer communities. In her own words, her work aims to "bridge the gap between developer communities and broader stakeholder groups through analysis that’s clear and credible." ^[1]​

Protocol Watch

Her primary publication outlet is her Substack newsletter, which operates under the Protocol Watch brand. The newsletter continues her work of providing detailed analysis of protocol development and governance. Key content series include:

• ACD After Hours: In-depth commentary and analysis following the Ethereum All Core Developers meetings.
• BTC Before Light: Research and analysis focused on Bitcoin protocol developments, including discussions around potential soft forks and upgrades. ^[5]

Focus on Ethereum Protocol Development

Kim is considered an authority on the technical evolution of the Ethereum network. Her research is known for its detailed coverage of:

• All Core Developers (ACD) Calls: Her summaries are a primary source of information for many in the ecosystem about the progress of both execution and consensus layer development.
• Major Network Upgrades: She has provided extensive coverage of Ethereum's most critical network upgrades, including The Merge, Shanghai/Capella, and Dencun, tracking them from initial discussions through testnet deployments and mainnet activation. [[x.com/christine_dkim][Kim's X feed showing ongoing coverage of Ethereum development]]
• Advanced Concepts: Her analysis extends to other critical areas of the Ethereum ecosystem, such as Maximal Extractable Value (MEV), Layer-2 scaling solutions, and censorship resistance at the protocol level. ^[2]

Ben Edgington, a prominent Ethereum core developer, commented on her impact, stating: "Christine dared to go where other media feared to tread. She has invested years in deeply understanding the Ethereum protocol and its core dev community, earning our trust and respect with insightful, no-hype research and communication." ^[4]​

Notable Past Works

• "Valid Points" Newsletter: A weekly newsletter she created at CoinDesk that was dedicated to developments on Ethereum's Beacon Chain and its technical roadmap.
• "Mapping Out Eth 2.0" Podcast: A CoinDesk podcast she hosted that provided in-depth coverage of Ethereum's shift to Proof-of-Stake. ^[1]

Interviews

Web3 Innovation and Consumer Opportunities #1

In an interview published on May 10, 2024, on the Greylock YouTube channel, Christine Kim discussed her interpretation of the Web3 landscape based on her experience in consumer technology, digital marketplaces, and crypto-related investments.

YOUTUBE@VID

According to Kim, Web3 can be understood as a stage in the technical and organizational evolution of the internet, following Web1 and Web2. She described this progression as a shift from static content, to user-generated platforms, and toward systems that support decentralized execution through blockchain-based networks. In her account, these networks enable applications to operate without centralized control, allowing coordination, ownership, and transaction settlement to occur at the protocol level.

Kim identified 2021 as a period marked by an expansion in the range of crypto-related use cases, including gaming, non-fungible tokens, decentralized autonomous organizations, and creator-oriented platforms. She contrasted this phase with earlier periods that were more narrowly associated with specific applications. She also stated that fluctuations in token prices should be analyzed independently from underlying development activity, noting that infrastructure development has often continued during periods of reduced market activity.

The interview addressed consumer-oriented sectors, with particular attention to digital games and creator-focused platforms. Kim characterized gaming as a sector with existing digital economies that intersect with blockchain-based asset ownership. She also discussed creator tools in Web3 as mechanisms that alter how content ownership, revenue distribution, and community coordination are structured, compared to centralized online platforms.

In summary, the interview outlined Kim’s view of Web3 as a framework for reorganizing digital infrastructure and participation models through decentralization and token-based systems. She described venture capital involvement in this area as adapting to these structural characteristics, with an emphasis on long-term development, operational support, and ecosystem participation rather than short-term market dynamics. ^[6]

Ethereum Governance and Token Design #2

In an interview published on July 22, 2025, on the YouTube channel of Amberdata Inc, Christine Kim discussed topics related to Ethereum governance, tokenomics, and protocol design, drawing on her professional background in research and digital asset analysis.

YOUTUBE@VID

According to Kim, her professional trajectory progressed from academic study and cryptocurrency journalism to protocol-focused research. She outlined an analytical approach that prioritizes identifying a protocol’s stated function, examining its development and maintenance structure, and mapping the individuals and groups involved in decision-making. In her view, these factors provide a basis for evaluating how open-source blockchain systems operate over time.

Kim described Ethereum’s governance as relying primarily on offchain coordination mechanisms, including public discussions and developer processes conducted outside formal onchain voting systems. She stated that token-based governance models remain experimental and can be affected by concentration of influence, while offchain governance processes tend to evolve more gradually. In the context of tokenomics, she pointed to recurring gaps in analysis related to token supply parameters, issuance schedules, and disclosure of allocations, which can complicate external assessment of network incentives.

The discussion also addressed the relationship between protocol governance and regulatory frameworks. Kim noted that base-layer blockchain protocols are generally designed to function independently of specific regulatory regimes, whereas applications built on these networks often operate within legal and jurisdictional constraints that shape their development. She concluded by noting, based on her own experience, that sustained participation and ongoing research activity are relevant factors in establishing a long-term presence in the cryptocurrency research field. ^[7]