What's Going on in Cryptocurrency Today?

Ariana: I think what we've seen is that the thesis, rather than having changed necessarily, has expanded to include more things. A lot of our investments at this point are also at the application layer, and somewhat more consumer facing than what we might have seen a number of years ago. We first needed to lay the infrastructure foundations of L1s, now L2s, and a number of these networks needed to exist before we could start to build more consumer facing applications on top of them. And so, again, I think nowadays we're seeing a ton of activity in, for example, the Web3 creator economy, and the participation of different kinds of creators in a way that

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