“At a certain point you get enough liquidity, there’s an event, there’s enough ease of access, and then everything comes together.” — @tomhschmidt, General Partner @DragonflyVC DeFi breakthroughs rarely happen linearly. Ideas can simmer for years before the right combination of liquidity, access, and a catalyst pushes them past a tipping point. Prediction markets and perps followed that pattern. RWAs may be going through it now. Tom sees capital formation, credit, and bonds as possible next frontiers — massive markets where years of incremental experimentation could suddenly translate into widespread onchain adoption.