Mike Dudas, founding partner of Six Man Ventures, joins Frank Chaparro for an unfiltered look at crypto venture in 2026.

Mike has been in crypto since 2013. He co-founded The Block, built payment infrastructure at Paxos and Venmo, and has now raised three funds focused exclusively on the application layer. He sat down with Frank fresh off closing Six Man's third fund in a market where raising capital has never been harder.

In this conversation, they get into what separates the funds that survive from the ones that don't, why on-chain adoption metrics are moving in the right direction even as native sentiment sours, and where Mike thinks the real value in crypto will be captured over the next cycle. He also makes the case that most new L1s launching today won't exist in five years, while the apps being built on top of mature chains will.

They also discuss the growing physical security concerns facing crypto founders and what Six Man is hunting for in 2026: stablecoin finance, on-chain truth infrastructure, DePIN, and products that are actually fun to use.