The first episode of the Stateful podcast is now available. @masonnystrom, along with @Veradittakit and @FranklinBi, discuss why the number of cryptocurrency venture capital deals has dropped by 50%, while funding has reached a staggering $34 billion—and what this "safe haven" trend means for the next cycle. The episode also shares recent hot topics regarding DAT, payment chains, privacy investing, and whether L1 transactions are truly dead. Three 85% drops. Four cycles. Not hype. 00:20 Introduction to Stateful 00:57 The Current State of Cryptocurrency Venture Capital – Data Analysis 01:38 Why is the Number of Transactions Down 50%? 03:53 Circle IPO and Exit Story 07:10 Digital Asset Treasury – Future Outlook 11:51 Investment Themes and Trends 12:43 Tokenization: A Decades-Long Strategy 14:15 ZK-TLS and Non-Custodial Data 16:28 Stablecoin Payment Track 18:10 Prediction Market Unlocking 21:58 Bullish or Bearish: $HOOD vs. $COIN 27:54 Bullish or Bearish: Stablecoin Payment Chain 34:18 Privacy as a Feature or a Product 38:28 Timeline: Unlocking Plans 44:34 Is L1 Trading Dead?