All it takes for crypto VC funding to shift from infrastructure to apps is one breakout success.

Funding the long-tail of infra will keep being the beneficial strategy until something works at scale which derisks tech choices for all other founders.

This makes investing in infra a dangerous game as we get closer to having the needed tech stacks for applications. Once the power law kicks in and consolidation around a handful of winners in a handful categories happens, the script immediately flips and most investors will be caught offsides.