In this episode of Empire, Jason is joined by Michelle Bailhe Fradin, Partner at Sequoia for a wide ranging discussion on venture capital in crypto. Michelle shares her thoughts on the fat protocol thesis, how infrastructure development is necessary for application growth, changing business models during a bear market and what the biggest opportunities for growth are in this environment. To hear all of this and more, you'll have to tune in! -- Follow Michelle: https://twitter.com/michellebailhe Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at circle.com/transparency that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is. -- Timestamps: (00:00) Introduction (01:05) Ask Not Wen Moon–Ask Why Moon (04:34) The Fat Protocol Thesis (12:58) The Myth of The Infrastructure Phase (16:57) Where Is Sequoia Seeing Opportunity In Crypto? (18:53) The State of Crypto VC Funding (23:10) Circle Ad (24:52) What Metrics Do VC's Track In Crypto? (33:29) How Business Models Change In A Bear Market (36:12) Rethinking Crypto Business Models (38:19) How Active Is Sequoia In Governance? (39:52) Michelle's Thesis On DAOs (48:02) How The VC Landscape Is Changing (53:33) Opportunities Outside of Crypto - - Referenced In The Show:  Ask Not Wen Moon–Ask Why Moon: https://www.sequoiacap.com/article/ask-not-wen-moon-ask-why-moon/  Fat Protocols https://www.usv.com/writing/2016/08/fat-protocols/  The Myth of The Infrastructure Phase: https://www.usv.com/writing/2018/10/the-myth-of-the-infrastructure-phase/ -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.