

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

Oct 28, 2025 • 1h 6min
Circle's Bet On The Future Of Money
 Gordon Liao, Head of Research at Circle, discusses the explosive growth of USDC to a $50 billion market cap. Gordon also explains how stablecoins are revolutionizing cross-border payments, the regulatory landscape shaping crypto, Circle's strategic IPO timing, and why blockchain-based payment rails will disrupt tradfi.
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Notes:
• USDC reaches $50B market cap
• Cross-border payments cost 6-7% traditionally
• Stablecoins settle transactions in seconds
• PayPal launched PYUSD competitor
Timestamps:
00:00	Start
00:40	Who is Gordon?
02:21	Responsibilities at Circle
05:27	What's unique about DeFi?
11:50	Why is fractional reserve bad?
12:40	Separating lending & payments
13:23	AMM functions
15:20	xy=k (inverse variation)
18:06	Circles's mission statement?
21:16	Arc: An L1 Blockchain for Stablecoin Finance
23:15	Proof of Authority
24:32	Ellipsis Labs Ad
25:19	Staking in dollars?
27:48	Courts & laws as slashing mechanism
28:55	Permissionlessness
32:06	Stablecoin competition
34:24	Smaller banks
36:34	Small bank creating stablecoins?
38:19	Will $1 equal $1?
41:29	Arc's value add
45:11	Arc timeline
45:29	Initial use cases
48:23	Liquidity fragmentation
50:35	Managing Circle's multi-chain operations
53:18	Market volatility
55:52	circuit breakers for volatility
57:42	Auto-deleveraging
58:29	Controlling a decentralized marketplace
59:46	Hedge funds & perps
1:02:29	Will TradFi even participate in these markets?
1:04:46	Degens gonna degen
The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 
Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ellipsislabs.xyz. Learn more about your ad choices. Visit megaphone.fm/adchoices 

Oct 19, 2025 • 1h 19min
Why The Internet Is Too Slow for Trading Now
 Austin Federa, founder of Double Zero, joins us to talk about building a new internet optimized for blockchain. We dive into how Double Zero uses private fiber networks from trading firms like Jump to reduce jitter and latency for validators, why proof-of-utility beats proof-of-stake for infrastructure, how they secured a rare SEC no-action letter, and the wild token launch that had everyone screaming online.Subscribe to the newsletter! https://newsletter.blockspacemedia.com# Notes:• Double Zero has 30% of Solana validators connected• Network has $23 billion in total connected value• Validators pay 5% of block rewards as fees• 50% of revenue is burned, 50% to fiber contributors• Token launched at $0.075, spiked significantly• 7.5% free float, 34% circulating supply at launchTimestamps:00:00   Start02:18	Launching DoubleZero03:37	Layered protocol stack08:00	Partnering w/ high frequency trading firms09:28	Monopolies vs Open Source12:43	What is "jitter"?15:14	Reducing jitter16:58	Current public internet market making18:13	Flash Boys comparison19:57	Fiber quality tiers21:39	Fiber vendors22:28	High quality fiber uses24:01	Fiber is actually 2/3 the speed of light24:51	Fiber uses in TradFi27:20	DoubleZero stakeholders30:00	Fiber bandwidth limits30:50	Opting into DoubleZero33:13	30% of stake weight on Solana34:57	How much faster?36:18	First mover advantage?37:13	Solana MEV & speed37:51	Is DoubleZero a blockchain?40:51	Fees & rewards42:44	Burning tokens44:22	Chain agnostic45:47	$23B in "connected value"?46:51	Holding DoubleZero tokens49:08	Legal & trust design50:25	Validator rug pulls?51:45	Malicious validators53:34	Reasons why firms would NOT use DoubleZero?55:22	Geography matters57:47	Proof of utility59:51	B2B utility token1:02:34	SEC letter1:04:45	Subject framing for the SEC1:08:22	Token sale1:08:58	Token NGU1:10:05	Binance Alpha1:12:09	Online hate a distraction?1:13:18	Initial token float?1:15:15	Token unlock schedule1:16:50	FUD fightingThe Gwart Show is sponsored by Ellipsis Labs: https://www.ellipsislabs.xyz/
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Oct 12, 2025 • 1h 6min
The Tether Monopoly Is Over
 Facundo Werning, former Tether country manager for Latin America and now at Agora, joins us to talk about his journey from Argentine policy work to the front lines of the stablecoin wars. We dive deep into how stablecoins actually work in emerging markets, why Agora is positioning itself as the credibly neutral alternative to Tether and Circle, the real state of crypto adoption in Argentina, and why traditional banks are about to get completely upended.
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NOTES:
• Argentina has more US cash per capita than America
• Stablecoin yields hit 10-12% vs banks' 3% in Argentina
• Agora shares revenue with partners unlike competitors
• $10B in stablecoins = $400M yearly opportunity cost
• Tether built dominant last-mile retail distribution
Timestamps
00:00	Start
00:29	Who is Facundo?
08:56	Role at Tether
12:09	Argentina & stablecoins
17:40	Daily stablecoin use
21:17	Ellipsis Labs Ad
22:05	What is Agora?
28:13	What is Agroa (simplified)?
30:03	Will Tether be disrupted?
34:42	Stablecoin fragmented liquidity
40:34	Will stablecoins migrate to one chain?
44:25	Hyperliquid
47:24	Treasury companies (DATs)
51:58	Did you say PROFITS?
56:07	Subscribe Ad
56:44	Anacdote
57:55	Javier Milei
59:22	My dad is a central banker
1:01:27	State BTC adoption
1:04:40	Generational BTC trade
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.If you’re interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
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Oct 5, 2025 • 1h 3min
Saylor Survives, other crypto DATs are cooked
 James Christoph explains why MicroStrategy can't be replicated, DATs are doomed, and crypto markets are more efficient than people think. Plus: Celestia's inflation problem, Ethena's systemic risks, and why Hyperliquid nailed their stablecoin strategy.
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NOTES:
• MicroStrategy's structure makes it impossible to blow up
• DATs trading at discounts lack restart mechanisms
• Ethereum staking yields ~40 bps after inflation/taxes
• Celestia's inflation driving price toward zero
• Ethena's depeg could trigger cascade in Pendle/Aave
• Hyperliquid has ~$10B USDC bridged, negotiating revenue split
Timestamps:
00:00 Start
00:27 Who is James Christoph?
00:49 Solana treasury companies
04:18 Tom Lee memory hole
05:42 ETH is for stablecoins :) jk
08:04 Bitmine & Sharplink Gaming
10:31 Tom Lee invested in a "fund of DATs" wat?
12:03 DATs & yield
14:29 Ok, define arbitrage?
17:03 Liquid staking tokens are stupid
20:20 Addicted to yield
24:05 Exotic derivatives
27:24 Bitcoin as a benchmark
35:03 ETH, silly silly ETH
39:58 Hyperliquid
43:50 Decentralization doesn't matter, sorry
48:26 Celestia - The Modular Blockchain TM
55:01 Athena
59:06 Fed interest rates
59:39 Circle
1:00:27 USDH
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you’re interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
 Learn more about your ad choices. Visit megaphone.fm/adchoices 

Sep 29, 2025 • 1h 8min
Inside Tempo: Stripe's New L1 For Payments
 Mallesh, formerly Special Mechanisms Group and Rice University joins us to talk about his move to Tempo, Stripe's new payments-first blockchain.We dive into why they built another L1, multi-stablecoin architecture, MEV challenges in payments, with credible neutrality
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Notes:
• Tempo is designed for fast finality payments
• Stablecoin agnostic w/ AMM
• Reserved block space for payment txns
• Cross-border wire transfers are still broken for traditional systems
Timestamps:
00:00 Start
00:25 Who is Mallesh?
01:50 Special Mechanisms Group
03:49 Consensys
05:34 Tempo
08:14 Advantages of Tempo
10:36 Specific Tempo designs
13:58 Fungible stablecoins
14:44 Tether & economies of scale
18:14 Validator set
22:45 Payments Only blockspace
25:51 Mallesh's title
26:58 Products
28:36 Tempo AMM
30:33 Remittance use case
35:16 International transfers & corespondent banks
41:26 Are banks cooked?
43:30 Why a new Layer 1?
48:08 Credible neutrality
50:36 Crypto Twitter is now the kiddie pool
54:45 The future of proof of Stake is... trust
1:04:03 MEV memory hole
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you’re interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
 Learn more about your ad choices. Visit megaphone.fm/adchoices 

Sep 21, 2025 • 1h 33min
Bitcoin venture investing, bitcoin banks, and stablecoins
 Eric Yakes, venture capitalist at Epoch Ventures, joins us to talk about Bitcoin's path from digital gold to banking system integration. We dive deep into his 130-page report on Bitcoin banking, stablecoin dynamics as Trojan horses for Bitcoin adoption, and why he believes we're heading toward a hybrid financial system that bridges traditional finance with crypto innovation.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
NOTES:
• Bitcoin lending market could 4x from 50 to 200 basis points
• Trading volumes may increase 17x in next 5 years
• Tether holds about 5% of reserves in Bitcoin
• Bitcoin could reach $100 trillion market cap
• SAB 121 repeal opens banks to crypto custody
• 32,000 pounds lost in Scottish free banking century
Timestamps:
00:00	Start
00:41	Eric's background
11:27	Bitcoin Venture Funding
15:51	Medium of exchange
22:20	Reducing the monetary premium in other assets?
26:03	Bitcoin Banking
31:34	Bitcoin Bank Integration Model
35:45	Stablecoins
38:11	Disrupting Banking
47:57	Ellipsis Labs
48:57	Stablecoin Yield as Staking
51:49	Stablecoins: Winner take all?
53:32	Dollar Derivatives
56:32	Stablecoins vs Bitcoin
1:06:22	Money Velocity
1:14:56	Build on Bitcoin
1:24:44	Gaming
1:28:47	Predicyions
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Sep 14, 2025 • 1h 14min
Bitcoin miners are front & center for the new energy trade
 Rory Murray, Director of Digital Asset Management at Cleanspark, joins us to discuss his journey from global macro investing to leading Bitcoin mining operations, the Griid acquisition, cost structures, hedging strategies, and how the business is evolving into a hybrid energy‑finance powerhouse.
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Notes:
    Clean Spark: “America’s Bitcoin miner”
    Margins shrink toward zero over cycles
    Hedging via covered calls at $65K
    Power contracts lock in multi‑million deals
    Bitcoin used as collateral for loans
    Goal: monetize megawatts, not just hash
Timestamps:
00:00 Start
04:38 GRIID role
14:36 Managing BTC treasury
20:21 HODL strategy
24:09 Ellipsis Labs
25:10 Miners vs Treasury Companies
33:22 Miners could be better treasury companies
55:14 What is "cost to mine 1 BTC"?
58:50 Miners will fail
1:04:16 Future miner income diversity
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Spotify https://tinyurl.com/aj3ymv6h
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YouTube https://tinyurl.com/4kwhu4s7
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.
Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
 Learn more about your ad choices. Visit megaphone.fm/adchoices 

Sep 7, 2025 • 56min
CRYPTOMOMMY (SEC Commissioner Hester Peirce)
 SEC Commissioner Hester Peirce joins us to talk about the evolving crypto regulatory landscape—from the Clarity Act and the Howey test to protocol ownership, governance tokens, and the challenges of MEV.  She shares insider perspectives on market‑structure bills, self‑custody, and what regulators really care about in decentralized finance.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Notes:
    Fit‑21 introduced market‑structure framework.
    Clarity Act pending in House & Senate.
    SEC can use existing authority for interim rules.
    Token offerings lack suitable registration exemptions.
    Governance tokens may or may not be securities.
    MEV remains a regulatory gray area.
Timestamps:
00:00	Start
00:32	Market structure bills
02:22	Securities vs commodities
06:33	Why wasn't the SEC process working?
08:39	Protocols are just a set of rules
12:21	Smart contract & multisig structures
16:30	Token distribution matters
18:45	Other factors for designation
21:36	Ellipsis Labs
22:37	Custody
26:08	Bridges & multisig
27:57	Memecoins
32:38	Lobbying & education
42:22	Tokenizing equities
44:19	Governance tokens
48:56	Self custody of tokenized equities
51:47	MEV
52:59	Single sequencer
👋 Watch on your podcast player of choice!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.
Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.
 Learn more about your ad choices. Visit megaphone.fm/adchoices 

Aug 31, 2025 • 1h 11min
Seeker launch & Solana's future w/ Toly
 Anatoly from Solana joins us to talk about the recently launched Seeker phone and its strategy to break Apple/Google's 30% monopoly through crypto-native distribution. We dive deep into Hyperliquid's centralized matching engine vs Solana's decentralized approach, Bitcoin as digital gold vs investment, the meme coin phenomenon, and why hardware might be key to building alternative app ecosystems.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
NOTES:
• Seeker sold 150K units targeting crypto users
• Apple/Google charge 3000 basis points (30%)
• Spreads dropped from 5bp to sub-2bp in a year
• Hyperliquid has 30K daily active traders
• Bitcoin works same at $10K or $100K price
• 1% terminal inflation rate discussion
Timestamps:
00:00 Start
00:23 SOL Secret Phone
02:31 Replacing App Stores
04:29 User migration
06:42 Why mkae hardware
08:52 Spending resources on phone dev
09:36 Hyperliquid's effect on Solana
11:12 Perp Dex on Solana?
19:30 Centralized coordinators galore!
24:39 Solana narratives
27:59 Censorship resistance, no, seriously...
36:20 Memecoin chain or not?
37:27 Tether can print unlimited tokens
41:33 Solana slashing
43:02 Special snowflake BTC
53:03 Tokenomics of SOL
58:05 SOL treasury companies
1:02:00 SOL treasury company risks
1:04:17 Base is an L1, deal with it
1:05:44 Base vs SOL
1:08:20 Memecoin supply
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Aug 17, 2025 • 1h 14min
Inside Dark Pools On Solana With Benedict
 Welcome back to The Gwart Show! Today, Benedict Brady, former quant trader and founder of Meridian joins us to talk about Solana's dark pool ecosystem, Jupiter's market dominance, the move from traditional AMMs to sophisticated trading infrastructure, MEV wars, and how his AI-powered trading assistant is changing crypto trading interfaces.
Timestamps:
00:00	Start
00:19	Benedict intro
02:32	Solana focused work
05:14	Solana market evolution
13:03	RFQ vs Dark AMM
15:24	Partial RFQ Fills
17:17	Dark AMMs in practice
19:58	Define "Dark"
23:46	Why Jupyter?
27:45	Dark AMM big unlock?
30:19	Deep thoughts...
32:14	Are Solana spreads tight?
36:02	Wintermute
37:19	Why the secrecy?
40:01	Hello MEV, my old friend
45:26	Gwart the Bitcoin Maxi (or not)
49:23	SOL vs ETH
52:44	App sequencing
55:33	Perp DEX is actually an L2
58:35	BAM
59:36	Permissionless building
1:04:29 Meridian
1:07:11 LLM trading
1:09:27 AI + Crypto killer apps
👋 Watch on your podcast player of choice!
Apple http://tiny.cc/e7wuwz
Spotify https://tinyurl.com/aj3ymv6h
RSS http://tiny.cc/wbwuwz
YouTube https://tinyurl.com/4kwhu4s7
The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.
If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz. Learn more about your ad choices. Visit megaphone.fm/adchoices 


