TLDR Tech / Crypto
Crypto is dead. Long live blockchain
DeFi founders now present like fintech executives, with trad VCs rotating back into crypto under the framing that the sector is fintech, while new deal flow clusters around onchain yield packaging, HIP3 derivatives, and AI Agent Commerce rather than generating classic venture-style returns. AI tooling has multiplied engineering output 10-100x, but only 2x'd sales and marketing capacity, and LP pressure is acute enough that a substantial portion of crypto funds is expected to close within six months. L1 foundations that fail to follow Solana's model of building or acquiring first-party institutional products risk ceding distribution to permissioned competitors like Canton, Tempo, and Arc.
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