In this episode, we sit down with Jeff Dorman (Arca) to unpack why the “real” crypto era may still be ahead of us even after years of hype, booms, and brutal drawdowns.

We talk tokenization at scale, why “crypto” is a misleading umbrella term, and how to think about valuing assets when everything from finance to gaming to social becomes token-native. Jeff also shares his framework for Bitcoin vs. smart contract platforms, plus what could matter most heading into 2026.