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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