Joey Krug (Founders Fund partner, former Pantera co-CIO, and Augur co-founder) returns to unpack whether the “crypto-native era” is fading as institutions and mainstream apps adopt crypto rails without adopting crypto culture. 

We dig into prediction markets’ breakout (and why Polymarket finally found product-market fit), the coming regulatory fights around market structure and “insider” edges, and what’s next for founders building in a post-cypherpunk, distribution-first phase of crypto.

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TIMESTAMPS

0:00 Intro

5:45 Is Crypto-Native Dead?

16:37 Lessons From Augur

20:29 Prediction Market’s Success

25:24 Just Gambling?

27:50 Prediction Market Regulation

41:03 Founders Fund Polymarket Bet

44:37 FBI Raid

46:47 Founders Fund Crypto Investment Thesis

53:46 DATs

57:02 Layer1 Valuation

1:00:40 ETH Valuation

1:04:32 What Would Joey Build Today?

1:06:13 Crypto x AI

1:10:09 Frontier Tech x Crypto

1:14:26 4-Year Cycles

1:16:16 Less Upside in Crypto Now?

1:19:37 Crypto Privacy

1:20:41 Last & Next Decade

1:23:05 Closing & Disclaimers

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RESOURCES

Joey Krug

https://x.com/joeykrug 

Augur

https://augur.net/ 

Founders Fund

https://foundersfund.com/ 

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