Deep Ventures was early to the revenue meta. Now, they're eyeing cooling narratives. Let's get into the force driving crypto narratives. REAL-WORLD VALUE 9 00:14 - The Pre-Seed Game 03:23 - The BTC L2 Narrative's Lessons 05:52 - The Inevitable Crash 09:15 - Doubling Down on "Cold" Narratives 11:05 - Restaking's Reality Check 14:09 - Incentives K1II Activity 16:19 - Metrics That Matter 19:13 - Valuation Insanity 28:47 - RIP Organic Communities 33:31 - How Solana and Ethereum Built Loyalty 36:24 - Hype vs Traction 38:51 - FDV: A Scam? 41:41 - Revenue-Driven Sustainability 45:11 - VC's Future Role 49:25 - Founder-Market Fit 52:14 - Wrapping Up the Cycle You can find Mike at @mikewchan and Deep Ventures at @DeepVenturesVC. Make sure to share, follow, and show some love to @ParticleNtwrk! 📽 Full ep too at: