every single person who interacts with any web service. It's almost always running Linux in the back end. Another lens on this, I guess. If you look at like Polymarket, you basically have, you know, Robin Hood, Coinbase, and then Polymercates like three or four in terms of site traffic. Most of those people don't even know what use is crypto. They're just browsing the site to see what the odds are because they're curious because it informs them in some way throughout their day. And that's like a crypto

product that's, you know, touched millions of people. Most people don't even know it's a crypto product.

Bankless Nation, Joey Krug is a partner in Founders Fund. This is Peter Thal's legendary VC firm. I'm sure you've heard of it.

He was previously the co-CIO at Pantera Capital. And before that, he was the co-founder of Auger. Safe to say, Joey is a crypto-O-G, also an Ethereum OG. It's been a while since we've talked to him. Joey, welcome back to Bankless. Thanks for having me. All right. So it was 2022, actually, when we last

had you on. It was a summer of that year. Thanks for having me. All right. So it was 2022, actually,

when we last had you on. It was a summer of that year. And a lot of things going on that summer,

but SBF was still running the exchange FDX at that time. So the full gravity of that bear market

had not yet hit us. Catch us up since 2022, summer. What have you been doing? Yeah, let's see.

So since then, I ended up, you know, moving over to Founders Fund. I'm one of the partners here.

I spend probably about, you know, two-thirds, 70%, something like that of my time on, on crypto.

Then the other third is just assorted kind of, you know, random interesting stuff that people looped me into, some biotech stuff, some AI stuff, things like that. Is crypto still interesting to you, Joey? Like, what's interesting about it? Yeah, definitely. I mean, I think the thing that interests me about crypto is, if you look at kind of the most broken industries, you know, in the world, in my mind, they've always been, you know, basically three things, you know, the government itself, healthcare and finance. And, um, you know, when I got into crypto, my logic was basically doing something in government seems just really

annoying and tough. Health care is also a lot of bureaucracy and, you know, takes a long time to

make any dent. And, you know, I saw crypto in smart contracts, basically applying sort of the

idea of programmability to financial markets.

I was like, that's an area where you can actually, you know,

have some level of impact on the world.

And, you know, I think it's went both slower and faster than I thought getting into it.

But, yeah, I'm still excited about crypto. You can now borrow USDC against your

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