Starting the year, looking at where early VC money in Web3 is actually flowing. $2B+ already raised. Dragonfly also announced a new $650m fund. Here’s what’s getting funded: • Stablecoin rails (settlement, cards, embedded finance) • Institutional infra (custody, prime, compliant execution) • RWAs beyond T-bills (private credit, tokenized commodities, issuance rails) • Fintech distribution (brokerage + card APIs) • Risk + compliance (defense as a core product, not an afterthought) Most of the capital is going into infra + rails.