Every year people ask if crypto conferences still matter. After a week at @TOKEN2049 Singapore, my answer is that the signal has never been better: fewer tourists, more builders, and hallway conversations about products and revenue instead of token prices. The industry grew up. A highlight of the week was our Rooftop UTXO Pitch Night, hosted by @DraperDragon and the @Cardano_CF at LAVO. I had the pleasure of a fireside chat with my dear friend Hareesh Nair, CIO of TPC, on family offices and family businesses in Asia. One thing from that conversation worth repeating: family offices are true permanent capital. Pensions revolve over time, but families often don’t need the capital back... they want to build relationships across generations. TPC has been navigating cycles since the late 1800s. In venture, we think in 10-year funds and call it long term. That’s a useful dose of humility :) And then the main event: nine startups (out of 49 applications) pitched live, covering everything from Bitcoin yield and payments to AI agents, digital identity, and tokenized assets, competing for up to $500K in funding. The quality was the real story... several of these teams already have products in market and revenue, not just decks. Congratulations to every team that got on that stage. Thank you @F_Gregaard, @samizb, @maxime_bucaille, @aalicbarker, and both the Cardano and Draper teams for a great event. @DraperVC @draper_u