State of VC

The State of VC panel explored how venture investing is changing as crypto matures, regulation becomes more constructive, and AI reshapes the economics of building software. Wyatt Lonergan highlighted the shift toward commercially viable financial infrastructure and fundamentals-based investing, Sam Hallene discussed how institutional adoption and AI are changing the venture opportunity set, and Rick Johanson focused on emerging consumer behavior, distribution, and the intersection of entertainment, finance, and agentic experiences.

Core Themes or Shifts

Value creation is moving further up the technology stack as founders increasingly use blockchain and AI as infrastructure rather than products in themselves. Regulatory progress is opening digital assets to more traditional institutions and experienced fintech talent, while falling software-development costs are making products easier to build and replicate. This is placing greater importance on distribution, defensibility, customer relationships, and the ability to translate new technology into measurable economic value.

Key Strategic Insights

As the cost of building software declines, the definition of a durable moat is changing. Venture underwriting increasingly requires evaluating whether founders can commercialize their technology, reach customers efficiently, build differentiated distribution, and create genuine value accrual rather than depend on speculative narratives. AI also introduces a new design layer as products begin serving both humans and autonomous agents, while the convergence of open-source AI, stablecoins, and blockchain infrastructure may create new opportunities around payments, financial automation, distributed systems, and agent-native businesses.

Implications for Builders or Investors

For builders and investors, the strongest opportunities may come from applying emerging technology pragmatically to problems where it creates a clear advantage. Stablecoin-enabled B2B payments, modern banking infrastructure, agentic financial services, and new consumer experiences illustrate how crypto and AI can improve existing systems without requiring users to think about the underlying technology. AI is also changing venture itself by accelerating research, diligence, portfolio support, and operations, but access to exceptional founders, trusted relationships, and investment judgment remain critical to generating returns.