Empire

Crypto funds moving into robotics and hardware may be an adverse-selection trap as LPs question mandate creep and post-2021 returns converge with regular venture.Cloudflare’s guardrailed, chain-agnostic wallets could make identity and authorization a value layer, while Circle’s 7% revenue growth, falling USDC supply, 62% distribution share, and November’s Western Union bet leave monetization unresolved.

Avichal Garg × Jason Yanowitz

AI’s dominance makes early-stage entry difficult, pushing Electric Capital toward cold spots such as crypto.Certora’s formal verification could become critical as AI-powered attacks target DeFi securing billions.Stablecoin rails may let 5-6 billion people with limited U.S. market access pay higher P/E multiples for on-chain cash flows, though token re-rating depends on durable revenue and buybacks.

Jason Yanowitz × Santiago Roel Santos

Santi is redeploying less than 10% of his cash into equities down 30-50%, while Rob sees near-$120 oil favoring patience.Crypto venture is consolidating around runaway winners, with sensible $20-25M seeds alongside $50-100M+ stablecoin froth.Drift’s $280M hack exposed operational-security risk, while Google’s 20x qubit reduction points to a maybe-2029 wallet threat and Jason predicts a Bitcoin hard fork this year.