TLDR Tech / Crypto
Is there anything left to build in crypto?
Crypto's foundational infrastructure problems are solved, with L1s, L2s, DeFi, and stablecoins now functioning as mature settlement rails, and the next opportunity lies in building financial infrastructure for autonomous machine actors rather than humans. The firm's "machine economy" thesis holds that AI agents, warehouse robots, and automated research systems require open, programmable, permissionless payment rails that legacy financial infrastructure was not designed to provide. Emerging agent payment standards including x402, MPP, and AP2 are maturing alongside this demand. Coinbase, Robinhood, and Binance have each shipped agentic trading infrastructure in recent months.
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