Bankless Is the Crypto-Native Era Coming to an End? - Lessons from 10 Years in Crypto with Joey Krug, Founders Fund Partner
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Dec 22, 2025 
Joey Krug, a Partner at Founders Fund and co-founder of Augur, explores whether the crypto-native era is fading as mainstream adoption rises. He uncovers insights on the evolution and impact of prediction markets, emphasizing Polymarket's recent success and regulatory challenges ahead. Joey shares his thoughts on the balance between institutional acceptance and cypherpunk ideals, the future of crypto finance, and potential innovations that could reshape prediction markets. He also reflects on the lessons learned from a decade of crypto.
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FBI Raid On Polymarket Founder
- The FBI raided Shane's apartment after the election, which surprised everyone and later led to dropped actions.
- Timing made the raid look politically charged, but no concrete government case materialized.
Founder Quality Trumps Checklist Fit
- Founders Fund invests first in exceptional founders, not checklists; they prefer extreme strengths despite other weaknesses.
- Founder-market fit and contrarian concentrated bets guide their crypto allocations.
DATs Offer Useful, Modest Premiums
- Digital-asset-treasury strategies (DATs) can offer staking and tax advantages and serve demand for structured exposure to ETH.
- These vehicles likely trade at modest premiums but have real market utility, not infinite upside.
