Welcome back to the Gwart Show! We got Round II of the Crypto VC debate with Gwart and Haseeb. Are tokens actually worth anything? Do VCs provide real signal value? What's the right benchmark for success? The conversation gets spicy as they examine Dragonfly's portfolio performance, discuss whether tokens truly capture value, and question if early-stage crypto investments can ever live up to their promises. With occasional moderation from Tarun, this debate exposes the tension between VC optimism and market skepticism.
Follow our guests: @tarunchitra @hosseeb
# Notes:
• Tokens launched in bull markets typically underperform
• Bitcoin has decoupled from alts as a "macro asset"
• VCs typically invest at much lower valuations pre-listing
• Zora launched at $200M valuation as a "fun token"
• Crypto VC returns are power-law distributed
Timestamps:
00:00 Start
00:03 THE tweet heard around the world
01:17 Tokens must be traded
07:36 BTC dominance
10:50 Pricing tokens
17:03 Apples to apples
20:44 VC is going to ZERO
37:09 Uniswap token
44:56 Different reality
50:14 Moving the goalpost
1:01:14 Infinite money printer
1:05:24 Who's the fool?
1:17:06 Claim on cashflows
1:24:53 Steel-man my argument
1:36:41 Investor protection
👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.
Enjoy the show? Check out our website and newsletter by clicking here.
Questions or want to sponsor? hello@blockspace.media
Learn more about your ad choices. Visit megaphone.fm/adchoices
