Noah Goldberg, Partner at Theia Research, talks about the shifting dynamics of the crypto market in 2025. We chat about why crypto funds are facing attrition, the "Spac-like" collapse of recent projects, and the pivot toward fintech rails. Noah breaks down the fundamentals of Hyperliquid, the reality of token overhang, and the challenges for venture capital in an environment of compressed returns.

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Notes:

→ Funds should be up 50% annualized in 2023-24

→ Binance TGE tokens down 80-90% after 90 days

→ Robinhood margin rates: Sofr plus 700

Timestamps:

00:00 Start

00:35 Market overview

03:50 Liquid vs equity funds

06:43 What edge does a crypto fund have now?

12:37 Venture fund revenue prospects

18:15 Thoughts on HYPE

22:42 Quality of earnings

28:46 Taking on Wall Street

39:23 ellipsis labs

40:11 Morpho

52:07 Figure

55:51 Collaterized lending is growing

59:32 Early stage financing

1:03:34 Avici

1:06:00 MetaDAO & futarcy

1:10:25 Prediction markets

The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform.

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