Lao Bai: Crypto has won, but the VC model is fading

Lao Bai, a former researcher at OKX Ventures and ABCDE, discusses the current state of the crypto industry. He argues that while crypto has succeeded, the traditional VC model is disappearing. He highlights stablecoins, perpetual futures, RWA, and prediction markets as the few sectors with genuine product-market fit, and suggests that Robinhood represents the future end-state for exchanges.