Inside Dragonfly Capital’s $650 million fourth fund and its early bets on Polymarket and Rain

Crypto is the forgotten middle child of tech right now, sandwiched in between AI labs and vertical AI startups. Despite small glimmers of hope for blockchain technology, from continued hype around stablecoins to sustained hope for market structure legislation, sentiment is at an all-time low, especially because there’s no easy villain like Gary Gensler or Sam Bankman-Fried to blame for sinking prices. 

Amid the winter, the blockchain venture firm Dragonfly Capital managed to close its $650 million fourth fund...