The Gwart Show | Blockspace Media

Welcome to The Gwart Show! Today, we are joined by Guy, the founder of Ethena, one of crypto's fastest-growing stablecoin projects, which reached $6 billion faster than any dollar-pegged asset in history. We discuss how Ethena's synthetic dollar works by capturing funding rates from perpetual futures markets, why they've embraced centralized exchanges while maintaining neutrality, and their ambitious new Converge blockchain. The conversation explores stablecoin competition, the limitations of decentralized approaches, and how they plan to bridge traditional finance with crypto through their partnership with Securitize.Subscribe to the newsletter! https://newsletter.blockspacemedia.com# Notes:- Ethena reached $6B faster than any dollar asset- Currently offering ~16% yield (avg 18% last year)- Uses Bitcoin perps funding rates for yield- Maintains neutrality across exchanges- Converge is launching with Securitize partnership- Looking to tokenize equities and T-billsTimestamps:00:00 Start00:19 Guy's background03:11 What's Ethena?04:52 What hasn't this been tried before?06:50 Rival stablecoins10:57 Where are the risks?15:13 Hyperliquid cancels order18:04 How to compete with other stablecoins21:01 One stablecoins to rule them all!22:47 Why no yeild yet?24:54 Why USDE isn't for payments (yet)27:25 Superiority of a yield asset30:54 What is Converge?34:16 Alt L1?34:31 Why build a new chain?37:51 ETH in stagnation?39:43 Vitalik the business man?41:35 ETH as collateral for stablecoins43:58 RWAs48:15 Regulatory capture49:57 Why equities on-chain?54:16 On-chain price discovery56:47 Airdrops58:52 AMMs1:01:57 Perpetual Futures funding rates1:06:54 Trading edge1:07:39 Citadel1:10:09 Payment for order flow👋 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

Welcome back to The Gwart Show! Today, Andrew Bailey–fellow at the Bitcoin Policy Institute– joins Gwart to discuss Bitcoin's role as resistance money, the philosophical implications of cryptocurrency, and why simplicity might trump utility in digital assets. Follow our guest on Twitter: @resistancemoneyTOPICS-Bitcoin as Resistance Money-Philosophy in Cryptocurrency-Stablecoins vs Bitcoin-Ethical Money Creation-Future of Financial FreedomCHAPTERS00:00 Start01:07 Andrew bio01:55 Why philosophy & Bitcoin?04:26 Bitcoin background06:31 What is resistance money?07:14 Why is this book important?10:24 Examples of BTC as resistance money13:14 Tron is the People's Blockchain18:12 ETH as alternative20:48 Long EVM, Short ETH32:40 What new-coiners care about35:27 The philosophy of ETH36:07 Vitalik's writing41:50 Legitimate use cases46:13 What is "utility"?51:21 Lightning & MoE54:16 What crypto tech should come to BTC?1:03:05 Worldcoin1:09:17 Effective altruism1:14:16 Ends justify means?1:17:28 When David Hoffman cries👋 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

Welcome to The Gwart Show! Today, Willem from Botanix Labs joins us to discuss their pioneering "spider chain" approach for Bitcoin's second layer. Unlike traditional rollups, Botanix creates a decentralized network of multi-sig validators to bring EVM capabilities to Bitcoin while maintaining censorship resistance. Willem explains why decentralization matters for DeFi applications, how their validator system works with Bitcoin staking, and why they've chosen a different path than rollups. With mainnet launch planned for Q2, Botanix aims to enable Bitcoin holders to use their BTC in familiar DeFi applications without sacrificing security.Subscribe to the newsletter! https://newsletter.blockspacemedia.comNotes:- Spider chains prioritize decentralization over speed- Botanix launching mainnet in Q2 2025- Initial 15 validators expanding to hundreds- Block time is 5 seconds with ~$0.01 fees- Uses Bitcoin as gas fee, no separate token- Validators will stake 3-5 BTC as bondTimestamps:00:00 Start00:21 Intro01:04 Spiderchain02:20 Proof of stake on layer 206:14 Risk vs reward08:02 Spiderchain vs rollup14:55 BitVM16:42 ZK tech20:34 Data availability w/ Spierchains21:25 Data on Bitcoin chain22:13 Alt DA24:23 Updates on Botanix26:47 Wen token?28:00 Primary users?30:27 Block interval30:50 Decentralization design limits32:55 Fees33:43 Porting ETH apps to Botanix34:52 Bitcoin staking36:34 EVM wallet compatibility37:28 Place in L2 ecosystem39:35 Functional BitVM rollup?40:32 Changes to BTC41:16 L2 protocol consensus?42:17 Social consensus in BTC45:49 Ordinals & Runes👋 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

Welcome to The Gwart Show! Today, Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, joins us to discuss how Bitcoin functions as essential "money dictators can't stop" for human rights activists worldwide. With nearly 18 years at HRF, Alex shares fascinating stories of Bitcoin adoption in authoritarian regimes, his journey from skeptic to advocate, and why Bitcoin—not general "crypto"—provides the unique properties needed for financial freedom in oppressive environments. He explores privacy solutions, scaling challenges, and the future of complementary technologies like ecash and Nostr.Follow Alex on Twitter: @gladsteinNotes:- HRF quarterly Bitcoin grants- The "currency of activists"- Most global humanitarian funding stays in free countries- Alex’s "Check Your Financial Privilege" book- Bitcoin users in Malawi upgrading from saving with goats- Stablecoins are primarily valuable when permissionlessTimestamps:00:00 Start00:30 Alex intro11:48 HRF Bitcoin focus17:08 Current projects21:55 Cross border vs circular economies27:30 Stablecoins38:17 Bitcoin privacy45:59 Covenants51:17 Education is lagging55:24 Does "crypto" have value?1:02:31 NOSTR👋 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

Subscribe to the newsletter! https://newsletter.blockspacemedia.comWelcome back to The Great Show! Today, we finish the second half of our chat with Felipe Montealegre from Theia Research on traditional private equity valuation methods and crypto investing. We explore fundamental analysis in DeFi, token valuations, shareholder rights, and the evolution of crypto markets. Felipe shares insights on identifying quality revenue streams, evaluating moats, and building sustainable value in the crypto ecosystem.Topics: • DeFi Investment Strategies• Token Valuation Methods• VC vs Liquid Fund Dynamics• Revenue Sustainability• Market Psychology• Risk Management Approaches🐦Follow our guests on Twitter: @TheiaResearchTimesstamps00:00 Start00:32 Wall street follow fast problem01:41 Micropayments for services05:20 Fat protocol thesis07:10 Lack of innovation09:26 The social role of investors11:17 Lending on Solana13:18 Incentive programs16:38 Hyperliquid air drop22:08 Radium30:51 Houdini35:54 Absolute trash projects38:43 Bad token strategies40:27 VC44:30 VC vs liquid investing52:01 Being early vs actual utility55:57 LP process59:35 Bitcoin1:02:56 Private equity👋 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

Felipe Montealegre, the CIO of Theia Research, brings his expertise in private equity to the world of crypto investing. He delves into the nuances of traditional valuation methods compared to token metrics, offering insights on identifying quality revenue streams. Discussion includes the importance of defendable moats in crypto, evaluating cash flow for tokens, and the challenges of regulatory environments. Felipe emphasizes building sustainable value in a volatile market, contemplating the balance between investment strategies like buybacks and dividends.

Jacob Phillips, Co-founder of Lombard Finance and expert in Bitcoin liquid staking, dives into the world of Bitcoin staking. He explains how the Babylon protocol enhances security and integrates Bitcoin into DeFi. The conversation covers liquid staking derivatives, highlights market dynamics, and discusses the importance of economic security in blockchain. Phillips also explores the competitive landscape for staked Bitcoin and the future of yield, offering insights into the evolving role of Bitcoin in decentralized finance.

Welcome back to The Gwart Show! Peter van Valkenburgh breaks down Coin Center's legal battle against the DOJ's crackdown on privacy tools like Tornado Cash. From First Amendment rights to money transmission laws, we explore how these cases could alter development. Peter explains why software isn't money transmission and how these prosecutions threaten innovation in America.🐦Follow our guests on Twitter: @valkenburgh @coincenter 📝Quick notes & topics:• Code as protected speech• DOJ vs privacy tools• Money transmission laws• First Amendment rights• Regulatory overreach• Trump vs Biden crypto policyTimestamps:00:00 Start00:46 Peter bio02:02 What is Coin Center?07:01 Other advocacy groups12:54 Alignment w/ older orgs24:59 Location specific legal interpretation30:01 Tornado Cash case update33:47 3 charges in Tornado Cash case38:46 Samurai v Tornado Cash44:41 How does this fail?48:21 On & off ramps51:17 Tornado Cash token53:37 Token complications55:43 Securities law1:02:28 Legal response to immutable code1:06:49 Optimism & timelines1:10:51 What should we do?1:15:16 Solana's got the same problems👋 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

In this deep dive episode, Kevin Mills from Triton Liquid Fund joins us to examine the fundamental value of Ethereum through multiple analytical frameworks. Building on John Pfeifer's influential 2017 paper, Kevin explores cash flow models, equation of exchange, and the internet bond theory to assess ETH's true value. The conversation challenges popular narratives around monetary premium and questions traditional valuation approaches in crypto markets. Essential listening for anyone interested in crypto asset valuation fundamentals.Read the paper: https://whatisethereumworth.com/🐦Follow our guests on Twitter: @__kfm__📝Quick notes & topics:• ETH cash flow valuation challenges• Value capture vs value creation• L2 impact on ETH economics• Monetary premium limitations• Application layer value capture• Protocol value extraction limitsTimestamps:00:00 Start01:39 Kevin bio04:26 Original paper overview08:19 Valuation methods11:51 Denominating in ETH13:17 Issuance rate / cash flow18:26 Equation of exchange29:41 Internet bond33:41 Working capital theory37:16 Carrying cost of capital41:18 Counter arguments: Ultra Sound Money47:14 Premium block space55:20 Bimetalic history58:39 Likely outcomes1:03:06 The utility path to zero1:05:08 App layer thesis1:09:11 RIP Fat Protocol Thesis1:11:08 Value capture mechanisms1:15:16 Solana's got the same problems👋 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

Happy Sunday and welcome back to The Gwart Show. Today we are joined by Jordi Alexander, founder of Selini Capital, discusses HyperLiquid's success, the future of AI in crypto, market making strategies, and shares insights on Ethereum's potential changes and Solana's surprising performance.Follow our guests on Twitter:@gametheorizing00:00 Start00:56 Jordi intro01:23 Selini Capital03:11 Prop shop vs VC money04:35 What is HFT?05:38 Which DeFi protocols for Selini Capital?06:35 Volume of Hyperliquid07:59 Marketmaking CeFi vs DeFi?09:02 Why no Wall Steert marker makers?10:19 How good is Hyperliquid?13:30 Will Hyperliquid survive?16:18 Small validator set18:59 Hype token21:30 ETH vibes these days?23:06 Does the Ethereum Foundation even matter?25:00 Does SOL flip ETH?27:17 AI agents30:08 Agents vs Bots33:08 AI tokens34:46 AI for endless promotion36:43 Pigeon dox40:31 DeSci👋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. 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