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Usually, what happens in crypto is that the crypto markets are crazy and make no sense and they're completely insane. And then public markets are this kind of the the the they're staid and rational and institutional and so on. And I've never seen this place where crypto markets are kind of stayed and rational and reasonable, and they're kinda sitting sidelines. And public markets are just a bullion. They're insane. Like, no one understands what's going on. Nobody can explain anything. So it's a weird moment. And I can't imagine it's going to persist for that long, but that's where we are right
up, guys? Just wanted to give a quick shout out to today's sponsor, Aptos. We'll hear more about how Bitcoin DeFi and Aptos is heating up later today. But for now, let's get into the episode. Nothing said on Xerox Research is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed. Hello.
Thank you for that, Felix. Hello.
Hey. Hey, everybody.
Great. So this is the VC State of the Union. I'm Boccaccio. I'm gonna be moderating. Before we get started, should we do a round of intros?
I'm Asib at Dragonfly. Hi.
Jody from Salini.
Mike Dudas, Six Man Ventures.
Fantastic. To get us started, how has Crypto VC evolved over the past year? And going forward, how do you see it change? I
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