How Long Frothy Markets Can Persist

In this episode of Talking Tokens, Jacquelyn Melinek interviews Qiao Wang, founding partner at Alliance DAO, to explore the current state of crypto startups and the broader market landscape.

The conversation covers how early-stage builders are approaching stablecoins, payments, and AI-driven tools, and why the next wave of development is shifting toward real-world utility. Qiao discusses its latest ALL15 demo day, the return of U.S. based crypto founders, developers building on Solana and Base, and how macro conditions are shaping startup funding and investor sentiment.

They also examine how AI is influencing both market behavior and product design, what past cycles reveal about founder discipline, and why long-term focus remains critical for builders navigating a volatile industry.Sponsored by Fireblocks, the trusted stablecoin infrastructure for global enterprises. Learn more at fireblocks.com.

Timestamps

(00:00) - Intro

(01:27) - Stablecoins and onchain consumer products leading growth

(02:27) - What makes a good stablecoin startup vs. hype-driven ideas

(04:00) - Breaking down the stablecoin stack

(05:35) - Rain cards and B2B stablecoin payments in Nigeria

(06:55) - Why the best startups start niche before going global

(07:46) - Are there too many stablecoin startups?

(09:00) - Alliance ALL15 Demo Day

(11:09) - More founders building in U.S. again

(12:46) - Lessons from past startups and how AI helps solve moderation

(14:10) - Daily micropayments and real-time creator rewards

(15:56) - Balancing crypto-native vs mainstream user adoption

(17:18) - What makes a great founder & why technical teams matter

(19:56) - When to pivot: signs a startup should change direction

(22:19) - How Alliance DAO evaluates founders and admits <1% of applicants

(25:22) - Partner growth, alumni mentors & scaling the accelerator

(27:46) - Solana vs Ethereum vs Base

(30:35) - The rise of Hyperliquid and other underdog ecosystems

(33:20) - The AI bubble: why it’s propping up U.S. GDP (for now)

(36:00) - Risks of overvaluation and lessons from past market cycles

(39:37) - How macro markets affect crypto liquidity

(42:00) - Why disciplined investing beats chasing short-term rallies

(44:00) - Managing FOMO & lessons from Warren Buffett’s patience

(47:00) - Advice to founders: stay long-term, ignore noise, and keep building

You can subscribe to the podcast on Spotify, Apple or YouTube. If you like the show, please let us know by leaving a review!

Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141

Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens

Follow us on Instagram Talking Tokens: https://www.instagram.com/_talkingtokens/

Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.