crypto is going through its venture --> liquid transition as an investible asset class. most infra has been built, most chains we need exist. there is less of a need for massive vc rounds for infra slop and most funding is now focused on the app layer. this layer needs less vc capital in general and is suited for smaller funds and angels. mega-vc's no longer needed or desired. crypto vcs starting to diversify into other asset classes is a healthy and natural consequence of this. there are other industries that are only venture investable at this stage, where as crypto is no longer this way. we are slowly unfucking the tokens and moving towards a much healthier liquid market. high fdvs have been sent to hades, investor skepticism around non-rev protocols has only gotten louder and more detrimental to those tokens, and real, sustainable revenue generating protocols are emerging and being rewarded. it's an exciting time to be a liquid crypto investor. crypto is still the best technology in the world to move and trade assets and the next few years will solidify this. everything is coming onchain. strap in, buckle up, hold onto your butts, lock the fuck in. we're making crypto cool again.