Rob Hadick (GP at Dragonfly) joins VC.fm to break down how crypto venture actually works through cycles — and why the smartest firms stay countercyclical when everyone else is panicking.

We go deep on the shift from “protocols capture all value” to the rise of crypto applications that generate real revenue, including prediction markets (Polymarket), stablecoin infrastructure, DeFi-backed fintech products, and the next era of tokenization + onchain financial rails.

Rob also explains stablecoins in plain English, why adoption is accelerating across emerging markets and Fortune 500s, and where AI + crypto overlaps in ways that aren’t pure speculation.