Tom Schmidt, Dragonfly GP: Why Good Crypto Ideas Fail Before They Succeed

<p>Why do so many good crypto ideas fail the first time?</p><p><br></p><p><strong>Tom Schmidt, General Partner at Dragonfly</strong>, joins David Sencil at Korea Blockchain Week 2026 to talk about timing in venture: what made Polymarket click after years of trying, and why Ethena worked where an earlier version of the same idea didn&#39;t.</p><p><br></p><p>He also shares where he sees perp DEXs and prediction markets heading, why Dragonfly&#39;s AI investments stay focused on money and markets, and why crypto is becoming invisible inside everyday startups.</p><p><br></p><p><strong>They discuss:</strong></p><ul><li>Crypto companies that don&#39;t call themselves crypto</li><li>Bottom-up vs. thesis-driven investing</li><li>The Polymarket moment</li><li>Right idea, wrong time: Ethena</li><li>Perp DEXs onshore and offshore</li><li>Prediction markets: feature or product?</li><li>AI, Venice and token-equity alignment</li></ul><p><br></p><p>A <a href="http://bitcoin.com/">Bitcoin.com</a> Live News Desk interview recorded at Korea Blockchain Week 2026.</p><p><br></p><p>🎧 Be sure to subscribe on your favorite podcast platform to catch more conversations with industry leaders, economists, and builders shaping the future of crypto and finance.</p><p><br></p><p>Then join our community and follow us for the latest updates ⬇️</p><p><br></p><p>► OrangeRock: <a href="https://orangerock.com/">https://orangerock.com/</a></p><p>► YouTube: <a href="https://www.youtube.com/@BitcoincomNews">https://www.youtube.com/@BitcoincomNews</a></p><p>► X (<a href="http://bitcoin.com/">Bitcoin.com</a>): <a href="https://x.com/Bitcoincom">https://x.com/Bitcoincom</a></p><p>► X (<a href="http://bitcoin.com/">Bitcoin.com</a> News): <a href="https://x.com/bitcoinnews">https://x.com/bitcoinnews</a></p><p>► Telegram: <a href="https://t.me/www_Bitcoin_com">https://t.me/www_Bitcoin_com</a></p><p>► Discord: <a href="https://discord.gg/9NGNJEnwmW">https://discord.gg/9NGNJEnwmW</a></p><p>► LinkedIn (<a href="http://bitcoin.com/">Bitcoin.com</a>): <a href="https://www.linkedin.com/company/bitcoin.com/">https://www.linkedin.com/company/bitcoin.com/</a></p><p>► LinkedIn (<a href="http://bitcoin.com/">Bitcoin.com</a> News): <a href="https://www.linkedin.com/company/bitcoin-com-news/">https://www.linkedin.com/company/bitcoin-com-news/</a></p>