

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

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.
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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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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
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Spotify https://tinyurl.com/aj3ymv6h
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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
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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 10, 2025 • 1h 23min
Making Bitcoin cheap to spend with Ark
Welcome back to The Gwart Show! Today, Alex B from Ark Labs joins us to talk about the Ark protocol and Arkade implementation - a Bitcoin layer 2 that uses transaction batching and virtual UTXOs to scale Bitcoin beyond Lightning. We explore how Ark competes with roll-ups, enables Bitcoin capital markets, and could transform Lightning's UX while maintaining self-custody. Alex explains the technical innovations, use cases from payments to lending, and why this could be Bitcoin's answer to Ethereum's scaling solutions.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
NOTES:
• Phoenix wallet charges 0.4% per transaction
• Bitcoin market cap reached $2 trillion
• Roll-ups rely on bridge security assumptions
• Ark enables unlimited swap throughput
Chapters:
00:00 Start
01:03 What is Ark?
13:34 Sequencers
16:15 Why rollups?
23:47 Security Counsel
28:17 Ellipsis Labs
29:18 EVM vs Ark
35:41 Arkade's killer app
51:30 Bitcoin payments
1:02:17 All innovation comes back to Bitcoin
1:12:12 Fragmented liquidity
1:15:35 Open source
1:19:42 Wen Arkade beta?
👋 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 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.
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
**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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👋 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
FILL OUT THE SURVEY BY CLICKING HERE
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
Subscribe to the newsletter! https://newsletter.blockspacemedia.com
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!
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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