I think this is the first time we’ve seen such a massive divide within DeFi teams from an investor’s perspective. There are now clearly two different breeds of DeFi founders. The first are the pre-DeFi summer protocols: Many carry years of baggage: messy equity + token structures, tokens down 80-95%, frustrated communities, investors still looking for liquidity, and organizations built around a playbook that optimized for liquidity mining, crypto-native users, and early-adopter UX. The second are teams that raised over the last few years: They looked at all of that and decided they wanted none of it. They’re building for a completely different customer. They know crypto degens are simply too small a market to matter if the goal is to build a massive financial business. Many are even delaying token launches altogether while they figure out whether a token is needed at all, or whether the right long-term structure is equity, a token, or some combination of the two. That changes almost everything: who the ideal CEO is, how you hire technical talent, your go-to-market, your fundraising, your cap table, and even how you think about tokens and equity. I’m not saying the pre-DeFi summer teams are bad investments, we’re bullish on many of them. But I do think the skills required to win in this next phase are fundamentally different. Some teams will successfully reinvent themselves. Others won’t. And I think that’s one of the biggest differentiators investors need to underwrite today.