Medici Presents: Level Up

The Medici Network
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Nov 12, 2025 • 1h 22min

Medici Level Up with Nick White, COO of Celestia

In this episode of Level Up, David and Sean are joined by Nick White, COO and founding team member of Celestia. Nick shares how Celestia is building a modular blockchain architecture that separates execution, settlement, and data availability to scale Web3 applications. The discussion explores Celestia’s growth strategy, competitive positioning, and the evolving data availability landscape – including insights on throughput, token economics, revenue, and adoption trends.    View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/   Key Points From This Episode: [00:00:00] Intro [00:01:25] Introduction to Celestia and its market position [00:02:19] Monolithic vs. modular blockchain architecture [00:05:19] Ethereum fee evolution and Celestia’s comparative model [00:07:51] Revenue sources and early usage metrics for Celestia [00:09:22] Supply-side challenges and unlock schedule implications [00:11:28] Market comps and the state of data availability competitors [00:14:10] Investment thesis for data availability expansion [00:16:04] Introduction to Nick White and his background [00:18:32] The modular thesis and architectural vision [00:20:55] Celestia as AWS for blockchains [00:23:40] Transaction flow in Celestia vs. traditional blockchains [00:27:21] Landscape of DA providers and Celestia’s position [00:31:33] Use cases where Celestia outperforms Ethereum [00:35:19] Celestia’s pricing strategy and block space cost structure [00:39:24] Key performance indicators and growth tracking [00:43:44] Current customers and usage pipeline [00:47:42] Revenue potential at 1 million TPS [00:50:04] Tokenomics: TIA’s role in staking and future fee capture [00:54:38] Addressing the DA-as-commodity argument [01:02:37] Timeline and governance for future pricing power [01:06:59] Celestia Labs and Foundation roles [01:07:53] Institutional backers and unlock schedule [01:12:41] Validator incentives under new inflation models [01:14:04] Risks and adoption catalysts moving forward [01:18:56] Final reflections on Celestia’s vision and crypto’s future  Links:  The Medici Network: https://www.medici.network/   Podcast Site: https://levelup.medici.network/     Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham     Co-Hosts  David Grider, Finality Capital: https://x.com/David_Grid  Sean Farrell, Fundstrat Global Advisors: https://x.com/SeanMFarrell    Guests  Nick White, Celestia: X: https://x.com/nickwh8te LinkedIn: https://www.linkedin.com/in/nickwh8te  Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 
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Nov 4, 2025 • 40min

Medici Level Up – Live at SG 25

In this special Singapore conference edition of Level Up, David and Sean speak with three influential voices across digital assets and institutional investing. Rebecca Woo, Managing Director at Farro Capital, discusses how traditional allocators are approaching digital assets within long-term portfolios. Arthur Cheong, founder of DeFiance Capital, shares perspectives on emerging DeFi opportunities and brand-driven digital assets. Finally, David Schamis, Founding Partner of Atlas Merchant Capital and CEO of Hyperliquid Strategies Inc., breaks down the strategy behind launching a DAT for Hyperliquid and how institutions are beginning to access this evolving ecosystem.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Show introduction[00:01:35] Rebecca Woo introduces Farro Capital and its multi-asset strategy[00:04:13] Evaluating liquid vs. illiquid digital asset opportunities[00:08:27] Comparing digital asset strategies to traditional hedge and venture funds[00:10:17] The challenge of defining alpha in crypto markets[00:14:21] Low institutional adoption due to structural access challenges[00:15:54] Arthur Cheong introduces DeFiance Capital and focus on DeFi[00:16:46] How DeFi has evolved and what's needed for mass adoption[00:17:42] Investment strategy spanning liquid tokens and venture opportunities[00:19:17] High-growth areas: perpetual DEXs and stablecoins[00:22:51] Arthur’s thesis on Pudgy Penguins and meme-based tokenization[00:26:48] David Schamis on bridging private equity and crypto via Hyperliquid[00:28:18] Launching the first major DAT structure for a crypto-native exchange[00:32:25] Addressing supply/demand dynamics around token unlocks[00:36:05] NAV growth through staking and potential ecosystem participation[00:38:14] Hyperliquid’s community-first model and long-term positioningLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuestsRebekah Woo, Farro Capitalhttps://www.linkedin.com/in/rebekah-woo-cfa-caia-8725254/ Arthur Cheong, DeFiance Capitalhttps://x.com/Arthur_0xDavid Schamis, Hyperliquid Strategies Inc. / Atlas Merchant Capitalhttps://x.com/dschamisEditing by The Podcast Consultant  - https://thepodcastconsultant.com/
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Oct 27, 2025 • 55min

Medici Level Up with Andrew Keys, Chairman of Ether Machine

In this episode of Level Up, David and Sean sit down with Andrew Keys, co-founder and chairman of Ether Machine. Andrew discusses why Ethereum is positioned as the backbone of the next internet iteration and breaks down Ether Machine’s unique approach to yield generation, risk management, and growth through strategic M&A. He also compares the DAT landscape, explains Ether Machine’s SPAC strategy, and shares his take on staking, re-staking, and low-risk DeFi. This conversation is essential for anyone following digital asset treasuries and Ethereum-native finance.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Introduction[00:13:00] Andrew introduces the Ether Machine concept and staking strategy[00:14:32] Overview of Ether Machine's position in the ETH DAT ecosystem[00:20:46] Introducing Andrew Keys and his Ethereum background[00:21:24] Andrew’s early role in Ethereum and Consensys[00:28:39] Why Ethereum is the foundation for the next internet[00:32:28] The evolving institutional landscape and blockchain adoption[00:34:38] Comparing Ether Machine to ETFs and other DATs[00:44:07] Ether Machine's SPAC structure and committed capital[00:47:21] SPAC vs. reverse takeover: long-term tradeoffs[00:50:22] Building the Ether Machine team and in-house capabilities[00:53:18] Staking vs. re-staking vs. DeFi: capital allocation plans[00:55:21] Expected yield and how Ether Machine achieves it[00:57:32] Protocols and strategies under consideration for on-chain yield[00:59:08] Risks DATs face in downturns and Ether Machine's mitigation strategies[01:04:12] Capital structure: thoughts on convert and preferred share issuance[01:05:07] Using capital and yield to defend NAV in market downturns[01:06:10] Criteria for M&A opportunities and consolidation logic[01:07:08] Final thoughts on catalysts and Ether Machine’s institutional edgeLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuest  Andrew Keys, Ether MachineX - https://x.com/AK_EtherMachineLinkedIn - https://www.linkedin.com/in/andrewpkeys/Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/
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Oct 21, 2025 • 23min

Live from SG 25 with Vitalik Buterin, Co-Founder of Ethereum

Recorded live at Medici SG 25 and released as a special episode, David and Sean sit down with Vitalik Buterin, co-founder of Ethereum. Vitalik discusses the evolution of Ethereum’s ecosystem from experimental innovation to “low-risk DeFi”, and how commercialization is shaping its next phase. He also highlights projects like Uniswap, Polymarket, and decentralized social networks as milestones in Ethereum’s growth, and shares his perspective on Layer 2 rollups, institutional participation, and the network’s long-term economic sustainability. View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode: [00:00:00] Teaser [00:00:15] Show introduction [00:01:02] Vitalik’s perspective on Ethereum’s growing commercialization [00:02:07] Defining low-risk DeFi and its evolution [00:03:43] The relationship between experimental and mature Ethereum apps [00:06:33] Uniswap and other pivotal zero-to-one Ethereum innovations [00:08:39] How to expand low-risk DeFi to 20 million more users [00:10:07] Scaling Ethereum: stablecoins, UX, and Layer 1 upgrades [00:11:28] Vitalik’s view on corporate Layer 2s and ecosystem synergy [00:13:37] Ethereum’s fee structure and potential revenue increases [00:16:14] Explaining ETH’s multi-role asset narrative [00:17:21] Wall Street’s entrance into the Ethereum ecosystem [00:18:33] Concerns around leverage, risk, and staking centralization [00:20:26] Institutional influence on Ethereum governance [00:21:36] Will ETH flip Bitcoin? Vitalik’s response Links: The Medici Network: https://www.medici.network/  Podcast Site: https://levelup.medici.network/   Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  Guests Vitalik Buterin - https://x.com/vitalikbuterin   Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 
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Oct 14, 2025 • 27min

Live from SG 25 with Arthur Hayes, Co-Founder of Maelstrom

Captured live on stage at Medici SG 25 and presented as a special episode, David and Sean sit down with Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, for a candid discussion on market structure, crypto cycles, and today’s allocation playbook.Arthur breaks down Maelstrom’s multi-pronged investment approach, shares thoughts on Bitcoin, Ethereum, perps DEXs, and explains why liquidity drives everything. From market predictions to meme coins, Arthur offers a sharp take on where crypto is heading, and why number go up remains the ultimate marketing strategy.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Teaser[00:00:15] Show introduction[00:01:01] Arthur introduces Maelstrom and their current investment focus[00:02:07] Overview of Maelstrom’s advisory work and major positions[00:03:38] Arthur’s macro and crypto market outlook centered on liquidity[00:05:05] Why Arthur is long beta across assets—from Bitcoin to tech stocks[00:06:00] The HYPE trade: valuation, token unlocks, and competitor dynamics[00:08:35] Reflecting on BitMEX’s 2020 DDoS event and infrastructure evolution[00:10:44] Institutional counterparty risk in CEXs vs. DEXs[00:13:23] Arthur’s Bitcoin Core developer grants and philanthropy strategy[00:14:12] Bitcoin year-end price predictions and speculative cycles[00:15:39] Ethereum’s momentum, DeFi leadership, and possible flippening[00:16:31] Thoughts on the meme coin cycle and token performance[00:17:31] Arthur on adoption, speculation, and number-go-up culture[00:19:24] Outlook on DATs and corporate finance games in crypto[00:22:48] Evaluating the four-year crypto cycle and U.S. monetary policy[00:25:22] Arthur critiques political influence on financial policyLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuestsArthur Hayes, Maelstrom - https://x.com/CryptoHayes Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/
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Sep 3, 2025 • 53min

Medici Level Up with Tom Lee, Chairman of BitMine

In this episode of LevelUp, David and Sean sit down with Tom Lee, Head of Research at Fundstrat Global Advisors and Chairman of Bitmine. They explore Ethereum’s positioning in global finance, the rise of Bit Mine as a leading Ethereum treasury, and the broader macro environment shaping digital assets. Tom also shares his views on crypto’s long-term potential, decentralization, and how Bit Mine is tackling treasury growth at scale.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Ethereum's macro moment and Tom Lee's take on blockchain's next evolution[00:01:00] Introduction of Tom Lee and Bitmine’s rapid rise[00:02:07] Bitmine’s Ethereum-focused treasury strategy and market impact[00:03:32] Comparing Bitmine to MicroStrategy and its accelerated growth[00:05:13] The role of decentralized finance (DeFi) in traditional capital markets[00:07:28] How Ethereum compares to Bitcoin in institutional utility[00:10:00] Fundstrat’s macro research approach and Tom’s market outlook[00:12:14] Inflation, interest rates, and implications for crypto investment[00:15:48] Institutional adoption signals from ETF filings and policy tone shifts[00:18:35] How Bitmine handles treasury diversification and volatility[00:21:10] The emergence of crypto-native treasuries as new corporate models[00:24:02] Lessons from Tom’s traditional finance background[00:27:45] Regulatory shifts, SEC stance, and potential ETH ETF impact[00:32:14] Why Tom believes Ethereum has long-term structural advantages[00:36:50] Final thoughts on building conviction in digital asset cycles[00:40:28] What’s next for Bitmine and how they’re preparing for future cycles[00:44:10] The importance of macro alignment in crypto thesis development[00:48:22] Closing reflections and Tom’s message for emerging crypto leadersLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Guest   Thomas Lee - https://x.com/fundstrat?Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/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. 
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Aug 1, 2025 • 2h 4min

Medici Level Up with Alex Cutler, Co-Founder of Aerodrome

In this episode of Level Up, David and Sean speak with Alex Cutler, Co-Founder of Aerodrome, and Austin Barack, Founder of Relayer Capital. They examine Aerodrome’s unique approach to decentralized exchange (DEX) design and token economics. They cover the Medex model, emissions, token locking mechanics, and Aerodrome’s role as a core infrastructure layer on Base. Austin also shares Relayer’s investment thesis and why Aerodrome stands out in a competitive landscape.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Introduction to Aerodrome’s aligned incentives and yield focus[00:06:03] Overview of revenue growth, transaction volume, and emissions[00:12:15] Comparing token performance with DEX competitors[00:18:25] Austin shares how he discovered and researched Aerodrome[00:24:33] Addressing the DEX trilemma with the Medex model[00:30:39] Token valuation and return of revenue to holders[00:36:43] The team’s alignment through token utility and no vesting[00:42:45] Real-world assets and institutional adoption pathways[00:49:00] How Aerodrome retains liquidity and displaces competitors[00:55:07] Early skepticism around Base and Coinbase’s decentralization[01:01:27] DEX routing from Coinbase expands access to new tokens[01:07:32] Token locking behavior across funds, teams, and protocols[01:13:36] Potential for scaling execution across massive volume[01:20:07] Token supply, inflation, and immutability versus emissions[01:26:27] Case study: bootstrapping a dominant BTC pool on Base[01:32:27] On-chain governance and voting power dynamics[01:38:30] Protocol functionality controlled by token holders[01:44:58] Margin of safety in Aerodrome’s current valuation[01:51:13] Coinbase’s strategy as a front end for the onchain economy[01:57:34] Austin’s price projection based on revenue and growth multiple[02:03:36] Wrap-up and closing remarksLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuests   Alex Cutler - https://x.com/wagmialexanderAustin Barack - https://x.com/austinbarackProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/
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Jul 10, 2025 • 1h 32min

Medici Level Up with Sidney Powell, Co-Founder of Maple Finance

In this episode of Level Up, David and Sean sit down with Sidney Powell, Co-Founder and CEO of Maple Finance, alongside Felipe Montealegre from Theia Research. Sidney shares Maple’s journey from tokenized bonds to becoming a major on-chain asset manager offering over-collateralized lending and Bitcoin yield products. Felipe adds an investor’s perspective on Maple’s positioning within decentralized credit markets and what sets it apart from traditional and DeFi lending platforms. Together they analyze Maple’s growth, risk management, and roadmap.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:40] Introduction to Maple Finance and guest intros  [00:17:24] Sidney’s background in debt capital markets and the founding story of Maple  [00:19:02] Maple’s early focus on under-collateralized lending and pivot to over-collateralized lending  [00:19:36] Origin of the “Maple” and “Syrup” branding  [00:21:12] Felipe’s background and Thea’s investment thesis on Maple  [00:25:22] How Maple operates as an on-chain asset manager  [00:28:47] Custody structures and why institutions prefer Maple’s hybrid approach  [00:31:30] Lessons from the 2022 lending crises and Maple’s segregation of risk  [00:34:28] Positioning Maple in the Web3 lending landscape  [00:37:06] How Maple handles collateral, margin calls, and liquidations  [00:42:42] New product growth: Syrup USD and Bitcoin yield products  [00:46:18] Integrations with DeFi protocols and CEX partnerships  [00:49:26] Maple’s competitive edge between TradFi and DeFi  [00:56:23] Wholesale funding relationships and the Cantor Fitzgerald partnership  [00:59:34] Maple’s cost of capital, NIM, and revenue model  [01:05:35] The role of the Syrup token and governance mechanics  [01:09:40] Token supply, staking, and institutional holders  [01:16:06] Final thoughts on Maple’s growth strategy and future outlookLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuests  Sidney Powell - https://x.com/syrupsid?lang=enFelipe Montealegre - https://x.com/theiaresearch?lang=enProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/
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Jun 24, 2025 • 52min

Medici Level Up with Adam Winnick, Founder of The Medici Network

In this special episode of Level Up, David and Sean chat with Adam Winnick, founder of The Medici Network and Finality Capital. Adam shares how Medici grew from a visionary idea into a global community focused on institutional digital asset adoption. He breaks down what sets Medici events apart, explores the evolution of allocators in digital assets, and highlights emerging investment thesis around real-world use cases, re-staking protocols, and digital asset treasuries. Adam also explains how his personal and professional background prepared him to bridge traditional finance and blockchain innovation.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Intro[00:01:36] Adam introduces Medici’s mission and event model[00:03:17] The meaning behind the name “Medici” and its acronym origins[00:06:02] How an allocator comment sparked the idea for Medici[00:07:53] Adam’s background in credit, tech, and founding Medici[00:13:40] How Medici curates its network and selects event participants[00:18:37] The evolution of institutional allocator profiles[00:22:26] Why blockchain is a capital-efficient path to internet reinvention[00:24:03] Comparing venture vs. liquid strategies in digital assets[00:30:23] Re-staking, data portability, and the case for infrastructure bets[00:34:23] Building Finality Capital and launching the liquid fund[00:36:52] The edge of standalone digital asset funds for allocators[00:40:38] Thoughts on stablecoins, RWAs, and American financial dominance[00:43:40] What’s next for Medici: expanding team, events, and product roadmap[00:46:45] Why allocators should dig into real world use cases[00:47:28] A call to build: insurance, AI, and the power of zk-TLSLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Real-World Apps & zk-TLS: https://x.com/David_Grid/status/1891956672865652756 Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuestAdam WinnickX: https://x.com/adam_winnick?lang=enLinkedIn: https://www.linkedin.com/in/adam-winnick-36316a1 Medium: https://medium.com/@adam_winnickProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/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.
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Jun 6, 2025 • 1h 27min

Medici Level Up with TN Lee, Co-Founder of Pendle

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.

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