My market thoughts on the infra vs. apps investing cycle: The infra topics such as chain abstraction, pre-confs, intents and others have really slowed down amongst the common discourse as the infra <> apps pendulum has swung back to apps. We're very firmly in the apps part of this current iteration because we have the infra stacks to support relatively high throughput applications. This swinging of the pendulum happens every few years in crypto. Think about DeFi summer 2020 pushing the boundaries for what was possible with all these cool apps, then we exhausted Ethereum L1. Then came Polygon, Avalanche, Fantom, Arbitrum, Optimism, and of course, Solana. We now have a ton of blockspace & we need to fill it, so the populist focus is around apps. Everyone wants to build (and invest in) the next killer app. I expect this to shift in the next bear market when consumer adoption & attention phases and we reflect on what went wrong in this current adoption cycle. So, maybe 12-18 months until infra becomes sexy again. For now, I'm not investing in many new venture deals because liquid is looking so great, but if I were to guess this is how I'd be thinking about it.