The inaugural Stateful podcast is live. @masonnystrom sits down with @Veradittakit and @FranklinBi to unpack why crypto venture deal count dropped 50% while fundraising hit $34B – and what that flight to quality means for the next cycle. Plus hot recent takes on DATs, payment chains, privacy investing, and whether the L1 trade is actually dead. Three -85% drawdowns. Four cycles. No hype. 00:20 Stateful Introduction 00:57 State of Crypto Venture – The Data 01:38 Why Deal Count Dropped 50% 03:53 Circle IPO & The Exit Story 07:10 Digital Asset Treasuries – What’s Next? 11:51 Investment Themes & Trends 12:43 Tokenization Multi-Decade Play 14:15 ZK-TLS and Non-Custodial Data 16:28 Stablecoin Payment Rails 18:10 Prediction Market Unlock 21:58 Bullish or Bearish: $HOOD vs. $COIN 27:54 Bullish or Bearish: Stablecoin Payment Chains 34:18 Privacy as Feature vs. Product 38:28 The Timeline: Vesting Schedules 44:34 Is the L1 Trade Dead?