Medici Presents: Level Up

In this episode of LevelUp, co-hosts David and Sean speak with TN Lee, CEO and co-founder of Pendle, and Louis Thomazeau, Investment Partner at L1D. TN shares how Pendle enables fixed yield and yield speculation through PT and YT token mechanics. Louis outlines L1D’s thesis around Pendle’s resilience, product-market fit, and unique token design. The discussion also explores Pendle’s future product roadmap, the upcoming launch of Boros, evolving stablecoin markets, and how Pendle positions itself within a growing DeFi landscape.View the Full Level Up Podcast Disclaimer HereKey Points From This Episode:[00:01:34] TN Lee shares his background, early career at Kyber, and what sparked the idea for Pendle[00:04:50] Louis Thomazeau discusses his transition from Solidity developer to DeFi investor and how he discovered Pendle[00:06:57] TN explains Pendle’s core mechanics: splitting yield-bearing assets into principal (PT) and yield tokens (YT)[00:09:00] Louis outlines L1D’s investment thesis around Pendle: strong team, token design, product-market fit, and sector potential[00:14:15] Discussion on Pendle’s long-term strategy and market size, comparing to the scale of traditional interest rate derivatives[00:14:30] TN walks through the three types of users in the Pendle ecosystem and how they interact with PT and YT[00:18:25] Comparing Pendle’s DeFi model to TradFi, with a focus on its AMM innovation and capital efficiency[00:20:10] Recap of Pendle’s adoption journey: traction via LSTs, expansion into stablecoins, and driving new use cases[00:26:30] Future roadmap: Pendle V2, self-listing portal, expanding to non-EVM chains, and institutional product support[00:33:35] Introduction to Boros, a leveraged yield swap protocol targeting funding rates — a zero-to-one product[00:39:55] Metrics that matter: TVL, trading volume, and annualized fees; Pendle’s resilience across market cycles[00:49:15] Explanation of Pendle’s revenue streams, token mechanics, and value accrual through vPENDLE[00:53:15] Circulating supply breakdown, emissions schedule, and how governance currently functions[00:56:45] Why Pendle stands out in the DeFi token landscape, with a focus on supply/demand and long-term token utility[00:59:30] Regulatory outlook: stablecoin legislation and how it may benefit Pendle’s role in the crypto fixed income space[01:04:00] Competitive landscape: how Pendle stays differentiated through user focus and distribution[01:05:55] Final thoughts: upcoming catalysts like Boros, and the biggest internal risk — complacencyLinks:The Medici NetworkMedici Presents: Level UpCo-HostsDavid Grider, Finality CapitalSean Farrell, Fundstrat Global AdvisorsGuests   TN Lee, PendleL1D Production and editing by The Podcast Consultant DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions.Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this special conference edition of Level Up, David and Sean broadcast live from Medici LA 25, diving into conversations with top voices in digital asset journalism, institutional allocators, venture fund managers, and blockchain innovators. Guests include Charlie Gasparino from Fox Business Network, Eleanor Terrett from Crypto in America, Ben Jacobs from Scenius Capital, Joe Marenda from Cambridge Associates, Paul Veradittakit of Pantera Capital, Alex Pack of HackVC, Smokey from Berachain, and Chris Johnson of Virtuals Protocol. Topics range from regulation and market structure to tokenized AI and fund allocation strategies.View the Full Level Up Podcast Disclaimer HereKey Points From This Episode:[00:00:00] Intro[00:02:31] Eleanor Terrett and Charlie Gasparino on their journalistic journey into crypto[00:07:18] Covering the Ripple case and evolving crypto regulation under Gary Gensler[00:10:52] Institutional perceptions of crypto and mainstream investment trends[00:13:36] Comparing Medici LA with Milken Conference and shifting political representation[00:18:11] Status of stablecoin and market structure bills in Congress[00:21:03] Allocator insights with Joe Marenda and Ben Jacobs on crypto GP-LP dynamics[00:24:18] Communicating blockchain business models to traditional allocators[00:27:23] Cambridge’s development of digital asset benchmarks and venture returns[00:29:57] Framing crypto allocation in a volatile macro environment[00:32:08] Comparing crypto hedge fund vs. venture capital structures and returns[00:35:01] The evolving VC landscape and token launch trends[00:37:50] Market structure clarity as a driver for institutional capital inflow[00:38:30] Liquid vs. venture performance expectations over the next 3–5 years[00:43:38] Fund gating and capital call strategies to mitigate buy-high/sell-low behavior[00:45:09] Paul Veradittakit of Pantera on investment focus areas including AI and tokenization[00:47:27] Medici as a platform for reconnecting, allocator education, and portfolio visibility[00:48:56] Shift in institutional comfort and optimism around digital assets[00:50:23] Alex Pack and Smokey discuss Berachain, community, and protocol value alignment[00:56:34] Emphasizing network effects, proof of liquidity, and dApp incentives on Berachain[00:59:17] Chris Johnson introduces Virtuals Protocol and tokenized AI agents[01:00:23] First-time experience at Medici and community validation of agent projects[01:02:51] Billy Betts: a tokenized autonomous sports betting AI on-chainLinks:The Medici NetworkX.com LinkedIn WebsiteCo-Hosts David Grider, Finality Capital Sean Farrell, Fundstrat Global AdvisorsGuests   Charlie Gasparino, Fox Business NetworkEleanor Terrett, Crypto In AmericaJoe Marenda, Cambridge AssociatesBen Jacobs, Scenius CapitalPaul Veradittakit, Pantera CapitalAlexandar Pack, Hack VCSmokey The Bera, BerachainChris Johnson, Virtuals Protocol Production and editing by The Podcast Consultant  DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions. Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

David Tse, Co-Founder of BabylonChain, and Ted Breyer, an early-stage investor at Breyer Capital, share intriguing insights into the evolving crypto landscape. David explains Babylon's innovative approach to Bitcoin staking, introducing a trustless and non-custodial model that enhances Bitcoin's utility. Ted discusses market opportunities and the unique position of Babylon in the decentralized finance ecosystem. They also explore the challenges and future potential of bridging Bitcoin with proof-of-stake systems, emphasizing the importance of investor support in this transformative journey.

In this episode of Level Up, David and Sean sits down with Lucas Bruder, Co-Founder and CEO of JITO Labs, and Tushar Jain, managing partner at Multicoin Capital. They dive deep into JITO’s innovative approach to MEV infrastructure, liquid staking, and restaking, explaining how these components work together to boost transaction efficiency and unlock value for validators and stakers. The conversation also covers token economics, governance, and the broader impact of JITO’s technology on network performance and the future of digital assets on Solana. Tune in to explore the engine behind Solana’s robust infrastructure and learn how these advancements are setting the stage for the next wave of blockchain innovation.Key Points From This Episode:[00:01:22] Introduction to Jito and its position in Solana's ecosystem[00:02:49] Token metrics, comps, and performance relative to other protocols[00:04:19] Importance of Jito's infrastructure and its January outage[00:06:16] Economic value and validator rewards driven by Jito tips[00:06:59] Market share in liquid staking and Solana's LST growth potential[00:07:50] Early momentum and growth in Jito’s re-staking product[00:08:46] Jito's competitive position in fees and revenue generation[00:10:04] DAO revenue and value return proposals for JTO holders[00:12:27] Lucas’s background and motivation for founding Jito[00:14:12] Tushar on Multicoin’s early thesis for Jito and Solana[00:16:04] Defining MEV and its role in validator economics[00:20:56] How Jito Block Engine transformed Solana’s transaction pipeline[00:23:20] Key metrics and performance of MEV infrastructure[00:28:27] Why Solana’s liquid staking share lags behind Ethereum[00:30:19] Institutional adoption barriers: custody and tax clarity[00:34:09] StakeNet: the decentralized brain behind JitoSOL[00:37:29] Network effects and competitive advantages in liquid staking[00:39:16] Introduction to Jito re-staking and its role in Solana middleware[00:41:47] Investor perspective: modularity vs. value generation in re-staking[00:43:05] Revenue and KPIs driving retaking adoption[00:45:27] How Jito's verticals feed each other and reinforce Solana[00:48:02] Tushar’s valuation framework for Jito as a function of Solana[00:52:00] DAO-controlled fee flows and capital allocation proposals[00:55:12] Buyback models, DAO treasury use, and capital efficiency[00:59:28] Governance structure: Labs vs. Foundation vs. DAO[01:01:53] Future protocol governance for block production and fee routing[01:02:34] Token supply, unlocks, and emissions explained[01:06:50] Major risks to Jito: validator competition and off-chain matching[01:10:50] Clarifying Fire Dancer’s impact and its synergy with Jito[01:12:02] Investor perspectives on token unlocks and supply pressureLinks:The Medici Network X.com LinkedIn Co-Hosts David Grider, Finality Capital Sean Farrell, Fundstrat Global AdvisorsGuests   Lucas Bruder, Jito LabsTushar Jain, Multicoin Capital  Production and editing by The Podcast Consultant  DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions. Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this episode of Level Up, presented by the Medici Network, co-hosts David and Sean dive into the rapidly evolving world of Web3 gaming with Robbie Ferguson, co-founder of Immutable, and Michael Arrington, founder of TechCrunch and Arrington Capital. They explore the investment thesis behind Immutable, the economics of blockchain-powered in-game assets, and why gaming might be the key driver of Web3 adoption. Robbie shares insights into Immutable’s strategic positioning, while Michael provides an investor’s perspective on the opportunities and risks in this space. Tune in for an in-depth discussion on the future of gaming, token economies, and what it takes to build a hit Web3 gaming platform.Key Points From This Episode:[00:01:26] Meet the Guests – Robbie Ferguson (Immutable) and Michael Arrington (Arrington Capital).[00:02:14] Why Web3 Gaming? – The fundamental shift in ownership of in-game assets.[00:04:07] Market Trends in Web3 Gaming – Adoption, token economics, and key market comparisons.[00:07:15] Immutable’s Origins & Vision – Robbie shares his journey from early startups to Immutable.[00:09:32] Web3 Gaming’s Growth Potential – How gaming is the fastest-growing entertainment sector.[00:14:18] Skeptics’ View on Web3 Gaming – Addressing concerns about adoption and playable games.[00:17:33] Institutional Adoption & Major Developers – How big gaming companies are approaching Web3.[00:22:07] User Acquisition Through Token Incentives – Why Web3 can offer better player retention and engagement.[00:29:53] Immutable’s Competitive Edge – How the company is winning market share over other blockchains.[00:33:43] IMX Token Economics – How the protocol accrues value and supports the ecosystem.[00:39:14] The Future of Web3 Gaming – What needs to happen for mainstream adoption?[00:46:30] Key Catalysts to Watch – Upcoming developments that could shape the space.[00:49:01] Final Thoughts – Robbie and Michael’s outlook on Web3 gaming and Immutable’s role in its growth.Links:The Medici NetworkX.comLinkedInCo-HostsDavid Grider, Finality CapitalSean Farrell, FundstratGuests  Robbie Ferguson, ImmutableMichael Arrington, Arrington CapitalProduction and editing by The Podcast Consultant DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions.Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this episode of Level Up, presented by the Medici Network, David and Sean explore the real-world impact of Web3 technology with Mike Horton, founder of GEODNET, and Seth Ginns, managing partner at CoinFund. GEODNET is a blockchain-enabled decentralized physical infrastructure network (DePIN) that offers precision GPS services with growing adoption across industries. Mike shares his expertise in navigation and localization, explaining how GEODNET’s decentralized model is disrupting traditional GPS providers like Trimble and Hexagon. Seth adds a liquid investor's perspective, offering insight to the discussions around GEODNET’s revenue model, tokenomics, and strategic market positioning. Together, the discussion explores the convergence of AI, robotics, and Web3 technologies to unlock new economic opportunities. The conversation also highlights the scalability of GEODNET’s infrastructure, the critical balance of supply and demand in decentralized networks, and the role of precision GPS in driving innovation within sectors such as agriculture, construction, and autonomous vehicles.Key Points From This Episode:[00:01:27] Introduction to DePIN and GEODNET’s role in Web3 adoption[00:02:11] What makes DePIN an attractive investment for traditional investors?[00:03:05] GEODNET’s market performance and comparison to traditional GPS providers[00:04:18] A global view of GEODNET’s network and its expanding infrastructure[00:05:22] The token GEOD’s revenue model: Token burns and sustainable growth[00:08:10] Mike Horton’s background in GPS, localization, and autonomous systems[00:11:57] The importance of precision GPS and GEODNET’s technological advantage[00:13:21] Industries benefiting from GEODNET: Agriculture, construction, and drones[00:16:12] GEODNET’s competition and how its decentralized model differentiates it[00:18:45] How AI and robotics are driving the demand for precision GPS[00:22:51] Understanding GEODNET’s mining incentives and token reward structure[00:29:07] Balancing supply and demand: The economics of a decentralized network[00:37:36] Why GEODNET’s revenue is uncorrelated to crypto market volatility[00:40:32] How GEODNET’s tokenomics drive long-term value for investors[00:49:46] Governance and decentralization: GEODNET’s roadmap for the future[00:55:52] Upcoming milestones: Low Earth Orbit satellites and future expansion[01:06:45] Final thoughts on AI, Web3, and the future of decentralized GPSLinks:The Medici NetworkX.comLinkedInCo-HostsDavid Grider, Finality CapitalSean Farrell, FundstratGuests  Mike Horton, GEODNETSeth Ginns, CoinFundProduction and editing by The Podcast Consultant

Presented by the Medici Network, Level Up is the premier podcast for institutional investors navigating liquid token markets. Hosts David Grider from Finality Capital and Sean Farrell from Fundstrat sit down with top protocol founders and crypto-native fund managers to cut through the noise. Each episode unpacks token economics, adoption trends, valuation frameworks, and key risks—giving you the insights needed to make informed investment decisions in a rapidly evolving market.