Why do so many good crypto ideas fail the first time?
Tom Schmidt, General Partner at Dragonfly, joins David Sencil at Korea Blockchain Week 2026 to talk about timing in venture: what made Polymarket click after years of trying, and why Ethena worked where an earlier version of the same idea didn't.
He also shares where he sees perp DEXs and prediction markets heading, why Dragonfly's AI investments stay focused on money and markets, and why crypto is becoming invisible inside everyday startups.
They discuss:
Crypto companies that don't call themselves crypto
Bottom-up vs. thesis-driven investing
The Polymarket moment
Right idea, wrong time: Ethena
Perp DEXs onshore and offshore
Prediction markets: feature or product?
AI, Venice and token-equity alignment
A Bitcoin.com Live News Desk interview recorded at Korea Blockchain Week 2026.
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