About this episode
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.------?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium------BANKLESS SPONSOR TOOLS:?COINBASE | ETH & BTC BACKED LOANShttps://bankless.cc/coinbase-borrow?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet?UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca?MANTLE | GLOBAL HACKATHON 2025https://bankless.cc/mantle-hackathon?EIGHT SLEEP | IMPROVE YOUR SLEEPhttps://bankless.cc/eight-sleep ------TIMESTAMPS0:00 Intro5:45 Is Crypto-Native Dead?16:37 Lessons From Augur20:29 Prediction Market’s Success25:24 Just Gambling?27:50 Prediction Market Regulation41:03 Founders Fund Polymarket Bet44:37 FBI Raid46:47 Founders Fund Crypto Investment Thesis53:46 DATs57:02 Layer1 Valuation1:00:40 ETH Valuation1:04:32 What Would Joey Build Today?1:06:13 Crypto x AI1:10:09 Frontier Tech x Crypto1:14:26 4-Year Cycles1:16:16 Less Upside in Crypto Now?1:19:37 Crypto Privacy1:20:41 Last & Next Decade1:23:05 Closing & Disclaimers------RESOURCESJoey Krughttps://x.com/joeykrug
