Joining Founders Fund

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• This means crypto will form an important part of the software ecosystem on which societies and economies run. It doesn’t make sense for us to have a separate crypto fund, any more than it would for us to have a separate internet fund or a separate AI fund. Going forward, crypto will be an important part of our overall strategy.

• There have been significant paradigm shifts in the past few years compared to previous cycles. When I first started writing smart contracts, developer infrastructure was practically non-existent. It’s become so much easier to build smart contract-based systems now, compared to previous cycles, thanks largely to companies like Alchemy (whose Series A I led).

• Arbitrum and StarkWare (both of which I seeded), platforms like Ethereum have become more scalable, faster, and cheaper to use, enabling a much wider variety of applications going forward.

• decentralized consumer applications in crypto.

• decentralized exchange aggregators like 0x (Matcha) and 1inch Network and decentralized insurance protocols like Risk Harbor , all of which I’ve invested in. I think in the next cycle, we’ll see even more consumer applications building on top of the most recent wave of infrastructure.