Flashnet CEO Ethan Marcus breaks down Bitcoin’s on‑chain trading, fee wars, stablecoin hurdles, and why Spark aims to outpace Lightning—all in under 35 minutes.

Flashnet CEO Ethan Marcus joins us to discuss Bitcoin’s scaling landscape, on‑chain spot markets, the challenges of stablecoins, and how Spark’s signing protocol offers a fast, cheap alternative to Lightning. He also shares candid lessons from a $300 k load test and his vision for Bitcoin‑native finance.

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Notes:

    Coinbase charges ~70 bps per trade.

    Spark handled $300 k in 9 min during beta.

    Bitcoin spot volume ≈ $20‑30 trillion yr.

    Lightning’s fee‑free stablecoin rollout deemed “disaster”.

    Spark’s operator model uses threshold signatures.

    Braille’s USD‑BTC stablecoin launches on Spark.

Timestamps:

00:00 Start

01:52 Is Flashnet crypto or fintech?

02:23 What is Spark?

03:25 Role of the Operator

05:06 Like a State Chain but different

06:50 Spark idea origins

08:54 Flashnet

11:08 Why not build on Lightning?

12:16 Hyperliquid

15:00 How does Spark fit into BTC scaling?

16:30 Why use a DEX?

18:38 Evolution of on-chain exchanges

20:35 Braille & stablecoins

21:58 RGB & other protocols

24:15 Park launch troubles

26:16 Degens lend a helping hand

28:08 Corporate chains

30:21 Single sequencer = server

32:09 Zero Day

33:08 Innovations in BTC

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