The Ether Machine Chairman: Real Risk of DATs And Who Wins From Stripe And Circle’s Chains | Weekly Roundup

Aug 15, 2025

Andrew Keys from The Ether Machine, a seasoned Ethereum expert, discusses the intriguing world of Digital Asset Trusts (DATs) and shares insights on private Layer 1 solutions like those from Stripe and Circle. He reveals how DATs, outside BTC and ETH, may present heightened risks for investors. The conversation navigates the competition among cryptocurrency players, revealing who stands to gain or lose from these emerging projects. Keys also touches upon the complexities of decentralized finance and the future of crypto investment strategies.

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ANECDOTE

From Payments To Ethereum Founding Roles

Andrew Keys described his path from banking and medical-records payments to early Ethereum meetups and ConsenSys.
He used those experiences to help create enterprise standards and later institutional staking operations.

insights

INSIGHT

ETFs Limit Ethereum Yield Potential

Keys argues ETFs structurally limit staking exposure and yield for Ether holders.
He built a different vehicle to capture staking, restaking and DeFi yield beyond the ETF floor yield.

volunteer_activism

ADVICE

Avoid Dirty Shells; Choose Clean Public Vehicles

Avoid reverse-takeover shell companies because they inherit liabilities and costs.
Prefer de novo SPAC or clean public vehicles with reputable auditors to get better convertible-debt terms.

Get the Snipd Podcast app to discover more snips from this episode

The Evolution of Blockchain Standards and Investment Strategies

05:15 • 19min

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Evolving Perspectives on Decentralization and Financial Models

24:04 • 5min

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Navigating Traditional and Decentralized Finance

29:04 • 13min

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Challenges and Opportunities in Cryptocurrency Development

41:56 • 3min

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Navigating the Future of Crypto ETFs and Blockchain

44:41 • 20min

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Competitive Strategies and Infrastructure in Cryptocurrency

01:04:34 • 6min

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Navigating the Payment Processing Landscape

01:10:09 • 10min

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Origin

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For this week’s roundup, Andrew Keys, from The Ether Machine, joins Yano, Santi and Rob to dive into the unique value prop that The Ether Machine offers investors, his thoughts on the overall DAT landscape and how DATs, outside of BTC and ETH, are likely too far down the risk curve. They also discuss the rise and proliferation of private L1s like Stripe’s and Circle’s and explore who the winners and losers will be of these new projects.

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Get up to speed on the biggest stories in crypto each week. In five minutes. Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire --"Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi featuresUR, built by Mantle, is the first real-world example: an on-chain money app offering Swiss IBANs and unified access to fiat (EUR, CHF, USD, RMB) and crypto — bringing crypto into everyday finance.Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'."

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz -- Chapters:

(0:00) Introduction

(2:06) Andrew Keys’ Background

(3:24) Why ETH Not BTC

(15:14) Why DATs

(24:44) Ads (Geodnet, Bitwise)

(26:21) Has The Vision Been Co-opted?

(35:57) DAT Rollups + M&As

(38:59) DATs Beyond BTC + ETH

(43:03) Ads (Geodnet, Bitwise)

(44:40) ETFs Are Flawed

(50:34) Other Worthwhile Ecosystems

(54:58) L1 Private Chain Launches

(1:06:25) Ads (Mantle, Citrea)

(1:08:04) Stripe’s L1 + Paradigm

(1:13:32) Weekly Content Recs

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

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