

The Gwart Show | Blockspace Media
Blockspace Media
Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests.Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.
Episodes
Mentioned books

Aug 3, 2025 • 1h 8min
Hyper Gamble to Wealth (w/ Felix Jauvin)
Felix Jauvin, Macro Economist and host of Forward Guidance podcast, joins us to talk about the regime shift from monetary to fiscal dominance, why Bitcoin and risk assets are hitting all-time highs despite high interest rates, the treasury company revolution led by MicroStrategy, and why "hyper gambling your way to wealth" has become a rational strategy in our current economic environment.
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**Notes:**
• US running 7% GDP deficit during full employment
• Bitcoin at ATH despite 5% interest rates
• MicroStrategy's 0% coupon convertible bonds
• Stablecoins can't pass yield to holders
• Treasury companies trading above NAV
• Fiscal dominance replacing monetary policy
Timestamps:
00:00 Start
00:50 Felix background
01:57 TradFi history
05:51 Current market outlook
11:48 10 yr prediction
16:37 Firing the Fed Chairman
21:29 Stablecoins
26:47 Long degens, short society
29:09 Where's my altcoin summer!
32:08 Elipsis Labs
33:09 Hyperliquid
38:21 Place your bets or eat bugs, you choose
44:40 Remember Etherium... what happened to those guys?
48:34 A black hole for capital = NGU
55:27 MSTR failure state
59:22 management teams
1:01:57 Discount to NAV, harbinger of death
1:04:11 Advice for plebs
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👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 27, 2025 • 60min
Inside Crypto Treasury Deals With Josh Lim
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Welcome back to The Gwart Show! Today, Josh Lim from FalconX joins us to talk about the massive boom in corporate crypto treasury vehicles. We talk about how these deals work, from management teams and investment bankers structuring vehicles to raise capital, to the 45-60 day liquidity windows and 2-6x NAV premiums investors are seeing. Josh explains the Michael Saylor playbook, yield strategies, and whether this trend is sustainable or headed for a crash.
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Notes:
• Treasury vehicles see 45-60 day liquidity windows
• Some trade at 2-6x NAV premiums currently
• $4 billion new Bitcoin vehicle announced recently
• Circle IPO traded at $230 per share peak
• MicroStrategy model being widely replicated
• 3-5 month timeline for SPAC conversions
Timestamps:
00:00 Start
00:46 Josh's background & FalconX
03:12 Arbelos Markets
04:03 Market overview
07:03 Digital asset treasury companies
11:07 Starting a treasury vehicle company
12:36 Hostile takeovers?
16:06 Deal structure
21:17 LOL "Management team"
23:09 ROI for investors
26:56 What's a healthy multiple?
28:19 Copy/Paste Strategy
29:32 Yield strategies
32:02 How does this fail?
35:40 Premium longevity
38:10 Out "Sayloring" Saylor, c'mon bro?
41:26 Alt Season go bye bye?
46:06 Trading on-chain, relic of the past?
49:30 24/7 trading
50:57 Prediction markets
53:24 Gwart's take on treasury companies
54:49 Josh's optimistic take
56:19 Circle IPO
57:29 Degen's gonna degen
59:05 Wrap
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Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 20, 2025 • 1h 10min
Squaring Ethereum’s ‘World Computer’ Vision With Christopher Goes
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Welcome back to The Gwart Show! Today, Christopher Goes, early Ethereum contributor and IBC protocol creator, joins us to talk about why Ethereum failed as a world computer, the organizational chaos at Cosmos (including a CEO who declared himself Jesus), privacy solutions like Narmada, intent-based systems, and how crypto shifted from idealistic public goods to pure attention-driven capitalism.
Follow our guest on Twitter! @cwgoes
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Notes:
• Cosmos Hub generates zero revenue still
• Bitcoin was $1 when Goes started mining
• Anoma synthesizes Ethereum, Cosmos, Zcash
• Wyvern protocol was OpenSea's backup
• IBC connects all Cosmos chains today
• Signal adoption shows privacy step functions
Timestamps:
00:00 Start
00:57 CW background
04:41 Early days of Ethereum
08:17 Cosmos
09:56 IBC protocol
10:16 Cosmos: God, Bad & Ugly
14:09 App chain thesis
15:17 Anoma
21:19 Intent-centric design
24:08 Ellipsis Labs
25:09 Namada
26:35 Goal of Namada
28:46 Anonymity set
30:44 Open ledgers vs privacy
36:15 Traders want privacy
37:20 Blockchains & the surveillance state
38:51 Evolution of ETH theory
42:48 ETH fails at "global computer"
45:02 Source of failure
47:37 L1 vs L2 scaling
51:30 The state of interoperability
59:02 People following incentives
1:03:34 Innovation fragmentation
👋 Enjoy the clip? Click below to listen on a podcasting app!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 13, 2025 • 1h 1min
Privacy and Bitcoin development with Carl Dong
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Welcome back to The Gwart Show! Today, Carl Dong, founder of Obscura VPN and former Bitcoin Core developer at Chain Code Labs, joins us to talk about his transition from Bitcoin development to building privacy infrastructure. We discuss his work on reproducible builds, supply chain security, the funding dynamics of Bitcoin development, and why he created the first multi-hop VPN that eliminates single points of trust.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Timestamps:
00:00 Start
01:09 Carl's professional background
02:54 Personal background
07:50 Open source vs product dev
18:14 Chaincode's influence
23:05 Ellipsis Labs
24:06 Funding open source work
30:21 Obscura VPN
36:07 The state of TOR
40:30 VPN user base
45:10 Easy personal privacy steps
47:57 Privacy in Bitcoin
53:21 Simplicity
58:02 Innovations from the "crypto" space
1:00:21 Wrap up
👋 Enjoy the clip? Click below to listen on a podcasting app!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
Newsletter https://blockspace.media/newsletter/
👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 6, 2025 • 1h 12min
State of the trenches with Robert Chang
Join Robert Chang, a crypto trader and savvy Twitter commentator, as he shares tales from the tumultuous world of crypto. He opens up about his wild ride from a Luna enthusiast to battling setbacks with Hyperliquid. The conversation delves into the rise of AI token markets and critiques of VC practices, where he describes many as 'incredibly stupid.' Chang also explores the future of Internet Capital Markets, questioning their legitimacy and value. It’s a mix of insights, humor, and a candid look at crypto's chaotic landscape.

Jun 29, 2025 • 1h 2min
Designing The Optimal Perp DEX With Doug Colkitt
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Welcome back to The Gwart Show! Today, Doug Colkitt, co-founder of Fogo and Ambient Finance joins us to talk about building the fastest Solana-based blockchain for trading. Doug explains why order books are winning over AMMs, how Fogo's 21-validator set enables 40ms blocks, and why verifiability matters more than full decentralization for perp DEXs.
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Timestamps:
00:00 Start
00:13 Doug history
02:28 What is Fogo?
02:53 Why not L2?
06:29 Ambient perps
09:07 Are blockchains the right database?
10:00 Why DEX at all?
12:32 Composability as an unlock?
16:17 AMMs
19:18 Decentralization doesn't matter
24:19 Problems with perps on orderbooks
25:51 Fogo vs Hyperliquid
27:35 Ellipsis Labs
29:35 MEV & flashloans
32:42 Tragedy of the commons
35:00 MEV of Perp DEX
37:44 Opportunities for innovation
41:22 Coinbase launching Perps
44:24 Is no KYC an unloack?
46:24 Verifiability
49:00 Liquidity injection
51:41 24/7 markets
52:36 Perp-ify THE WORLD!
54:05 Zero Day Futures
55:08 Ambient Perps elevator pitch
58:10 Gold oracle price origin
👋 Enjoy the clip? Click below to listen on a podcasting app!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 22, 2025 • 1h 5min
Meet the Solana engineer who defected for his own L1
Welcome back to The Gwart Show! Today, Liam from Through (formerly Fire Dancer engineer) joins us to talk about building a high-performance L1 blockchain from scratch. We dive into why Solana has structural limitations, his leaderless consensus design, proof-of-burn mechanisms, and why economic security is overrated. Plus takes on trading, Fire Dancer's progress, and the future of DeFi.
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NOTES:
• Fire Dancer has ~10% of Solana network
• Through team is only 5 people currently
• Testnet launching in 1-2 months timeline
• SDK support targeting July release
• Solana chain halts if clients disagree
• Economic security was higher than ETH
Timestamps
00:00 Start
00:12 Liam's background
02:18 Early trading
03:13 Firedancer experience
03:58 What's Unto?
05:40 Solana L1 limitations
08:07 Applications
09:51 CLOB wars
11:58 Proof of stake flaws
18:23 Multiple concurrent proposers
21:38 Burn design
25:27 Improvements in trading
27:47 Commodities on chain
30:08 Onto chain performance
32:52 Performant L1 chain competition
35:38 Desired apps
38:00 Firedancer progress & marketshare
42:10 Decentralization & price discovery
45:57 The value of a market
50:10 MEV on Solana
53:56 L1 token value
1:01:28 Through updates
1:03:42 Wrap up
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume.They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 15, 2025 • 1h 6min
OP_Cat, Bitcoin MEV, and Scaling Bitcoin With Post Capone
Welcome back to The Gwart Show! Today, Bitcoiner Post Capone joins us to talk about the risks of OP_CAT activation, MEV extraction concerns on Bitcoin, how increased expressivity could lead to mining centralization, the promise of scaling solutions like Arc and Spark, and why constrained covenants like CTV might be a better path forward than unlimited expressivity.
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Timestamps:
00:00 Start
00:27 Who is Post Capone?
03:05 OP_CAT
07:11 Erosion of MEV
11:29 Expressivity of OP_CAT
20:56 Execution on L2
23:33 Elipsis Labs
24:33 OP_CAT vs CTV
28:20 What should be on Bitcoin?
35:32 Stablecoin Maxi
38:42 Programmatic lending contracts
40:30 Ark
44:14 BitVM
47:02 Scaling solution adoption
50:07 Oden.fun54:12 Rollups
The Gwart Show is sponsored by Ellipsis Labs, which is building Atlas, a blockchain for verifiable finance. Ellipsis Labs is known for Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume. They are a top crypto team. Ellipsis
Labs is hiring engineers passionate about crypto and finance for Atlas. Learn more and apply on Twitter at @Ellipsis_Labs. Check out Atlas at @atlasxyz. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 2, 2025 • 54min
Options Trading In Crypto With DRW Cumberland’s Wilson Huang
Welcome back to The Gwart Show! Today, Wilson Huang from DRW Cumberland joins us to talk about the explosive growth of Bitcoin options markets, why crypto volatility attracts both miners and hedge funds, how ETFs are reshaping institutional adoption, and why traditional finance principles are finally making sense in digital assets. We dive deep into market structure, OTC trading, and the future of crypto derivatives.
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Notes:
• Bitcoin dominates 90% of crypto options volume
• DRW started 30 years ago in CME trading pits
• ETF volumes reached historic highs recently
• Crypto vol trades in 40-60% range typically
• Cumberland handles thousands of BTC clips OTC
• Mining companies hedge at specific cost levels
Timestamps:
00:00 Start
00:48 Background
02:04 Crypto options markets
04:52 Requirements for a good options market
10:13 How exposed are miners?
19:05 OTC
21:24 Custody
29:53 Spot selling
36:13 Coinbase buying Deribit
41:40 Options & DeFi
45:02 Perpetuals
49:11 The future
👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.
Enjoy the show? Check out our website and newsletter by clicking here.
Questions or want to sponsor? hello@blockspace.media
Learn more about your ad choices. Visit megaphone.fm/adchoices

May 25, 2025 • 1h 2min
Stablecoins, Virtual Power Plants and Venture Investing With Smac
Welcome back to The Gwart Show! Today, Smac, partner at Compound VC, joins us to talk about why stablecoins have become the dominant crypto narrative despite being "boring fintech," DePIN opportunities in energy and water networks, venture capital market structure issues with massive fund sizes, the lack of creativity in crypto development, and why most social crypto apps are features not companies.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Follow our guest on Twitter: @0xsmac
Notes:
• Compound VC focuses on pre-seed/seed stage investments
• $100M checks at $3B valuations more like growth investing
• Stablecoins captured outsized narrative due to lack of innovation
• Virtual power plants represent distributed energy networks
• Crypto needs more non-crypto native talent for creativity
Timestamps:
00:00 Start
00:16 Who is Smac?
01:53 Market overview
03:25 Are stablecoins the killer use case?
06:09 Stablecoin are just FinTech
09:51 Let a thousand stablecoins bloom
13:16 Decentralization & stablecoins
16:04 Users don't care about centralization
21:47 Worldcoin
24:20 DePin
25:19 Virtual power plants
30:20 ElLipsis Labs
31:21 Water harvesting
34:17 Venture funding is too high
41:21 Funding NOT infrastructure projects
43:25 What's interesting?
52:23 Friend.Tech
1:01:24 Wrap up
👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.
Enjoy the show? Check out our website and newsletter by clicking here.
Questions or want to sponsor? hello@blockspace.media
Learn more about your ad choices. Visit megaphone.fm/adchoices