Layer One

By The Block

The Layer One podcast, created in collaboration with Avalanche, features co-hosts Kelvin Sparks and John Wu as they unpack the real forces driving the crypto market forward.

Through candid conversat... more

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FAQs about Layer One:

How many episodes does Layer One have?

The podcast currently has 15 episodes available.

Layer One episodes:

June 11, 2026 Blockchain Capital’s Contrarian Bet on Crypto’s Next Decade
In Episode 15 of Layer One, The Block’s Kelvin Sparks and co-host Ava Labs President John Wu are joined by Blockchain Capital General Partner Spencer Bogart. The conversation explores stablecoins, prediction markets, token value accrual, privacy, public versus private blockchains and why the most valuable crypto applications of the future may not even exist today.
OUTLINE
00:00 - Introduction
02:01 - Things That Don't Exist
05:25 - Token Buybacks
09:11 - Privacy Challenge
11:06 - Regulation vs Privacy
12:17 - Value Accrual Debate
13:59 - Public vs Private Chains
17:43 - The Great Repricing
20:42 - Stablecoin Adoption
28:06 - Prediction Markets
45:18 - Crypto's Next Opportunity
Guest links:
Spencer Bogart - https://x.com/CremeDeLaCrypto
Blockchain Capital - https://x.com/bcap
Host links:
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
John Wu - ⁠⁠⁠https://x.com/John1wu
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
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53min
May 28, 2026 Stablecoins Are Creating a New Financial System
In Episode 14 of Layer One, The Block’s Kelvin Sparks and co-host Ava Labs President John Wu are joined by OpenTrade CEO David Sutter and Mercury Partner Samantha Lewis to break down the rapid growth of stablecoins and why yield infrastructure could become one of the most important layers of the onchain financial economy.
OUTLINE
00:00 - Introduction
01:26 - Bitcoin Origins
02:46 - Mercury’s Thesis
06:09 - Stablecoins Win
08:47 - Yield Infrastructure
11:58 - OpenTrade’s Model
20:59 - Stablecoin Adoption
31:32 - Clarity Act
38:07 - AI and Blockchain
51:46 - Bear Market Builders
55:31 - Closing Thoughts
Guest links:
David Sutter - https://x.com/btc_dave
Samantha Lewis - https://x.com/sjolewis
OpenTrade - https://x.com/opentrade_io
Mercury - https://x.com/mercuryfund
Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
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👨‍🔬 Expert Analysis
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--------------------------------------------------------------------------------
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57min
May 11, 2026 Dinari’s Anna Wroblewska on Bringing US Stocks Onchain
In Episode 13 of Layer One, The Block’s Kelvin Sparks and co-host Ava Labs President John Wu are joined by Anna Wroblewska, Chief Business Officer at Dinari, to break down how tokenized equities are expanding access to U.S. capital markets globally.
She explains Dinari’s custodial model, how liquidity is sourced across traditional and onchain markets, and why infrastructure, not speculation, is the real unlock.
OUTLINE
00:00 - Introduction
01:32 - What Dinari Is
03:21 - Institutions Arrive
06:01 - Tokenized Trades
08:38 - 24/7 Markets
13:24 - Why B2B Rails
16:18 - Regulation and Access
24:31 - Global Investor Demand
30:29 - S&P Digital Index
47:54 - DeFi and Collateral
Guest links:
Anna Wroblewska - https://x.com/annabelleacta
Dinari - https://x.com/DinariGlobal
Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
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...more
55min
April 29, 2026 How Tassat and Lynq Are Rebuilding Financial Infrastructure
After appearing in recent episodes, Ava Labs President John Wu officially joins Layer One as co-host. 🥳
In Episode 12, he joins Kelvin Sparks alongside Andre Frank, COO of Tassat, and Jerald David, CEO of Lynq, to discuss how Tassat and Lynq are rebuilding financial infrastructure with real-time settlement and yield-bearing assets on Avalanche.
The conversation covers the shift from legacy banking rails to always-on blockchain systems, capital efficiency through “yield in transit,” and the growing demand from institutions for compliant, risk-managed solutions.
OUTLINE
00:00 - Introduction
01:38 - Tassat Background
03:37 - What Lynq Is
05:55 - Episode Overview
06:42 - Avalanche Migration
08:48 - Why Avalanche
10:57 - Institutional Adoption
17:15 - Regulation and Compliance
25:23 - Yield in Transit
36:59 - Real-World Use Cases
Guest links:
Andre Frank - / andre-frank
Tassat - https://x.com/tassatgroup
Jerald David - / jerald-david
Lynq - https://x.com/Lynq_Network
Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
Avalanche - https://x.com/avax
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
Hiring in crypto?
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...more
50min
April 20, 2026 Inside Bitwise’s Avalanche ETP and Institutional Strategy with Matt Hougan
In Episode 11 of Layer One, The Block’s Kelvin Sparks and special co-host Ava Labs President John Wu are joined by Matt Hougan, CIO of Bitwise, to discuss the launch of the Avalanche ETP and how institutional investors are approaching crypto exposure.
He breaks down the rapid expansion of tokenized real-world assets, the role of ETFs in onboarding capital, and why this cycle may differ from previous ones.
OUTLINE
00:00 - Introduction
01:40 - Avalanche ETP Overview
02:45 - ETF Differentiation
04:34 - Staking and Yield
06:19 - Institutional Strategy
09:04 - Competing L1 Models
14:22 - Bitcoin Price Thesis
18:49 - Dual Market Narratives
21:57 - Institutional Capital Flows
30:02 - AI and Crypto Future
Guest links:
Matt Hougan - https://x.com/Matt_Hougan
Bitwise - https://x.com/Bitwise
Ava Labs - https://x.com/avalabs
Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
Hiring in crypto?
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...more
44min
April 02, 2026 How Securitize is working with NYSE to bring equities onchain
In Episode 10 of Layer One, The Block’s Kelvin Sparks and special co-host Ava Labs President John Wu are joined by Carlos Domingo, CEO of Securitize, to discuss the rapid rise of tokenized financial assets and what it takes to bring them into regulated markets.
The conversation also covers regulatory clarity, BlackRock’s role in accelerating the space, and how tokenized assets will reshape capital markets over the next decade.
OUTLINE
00:00 - Intro
00:52 - Background and Origins
01:45 - First Tokenized Securities Trade
03:30 - Early Institutional Adoption
04:36 - NYSE Tokenization Partnership
07:05 - Why Public Equities First
09:57 - From Why to What
11:10 - Why Avalanche Was Chosen
12:48 - Compliance and Settlement
17:15 - What Drove Adoption
Guest links:
Carlos Domingo - https://x.com/carlosdomingo
Securitize - https://x.com/Securitize
John Wu - https://x.com/John1wu
Ava Labs - https://x.com/avalabs
Host links:
Steven Gates - ⁠⁠⁠https://x.com/stvngts⁠⁠⁠
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
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...more
33min
March 18, 2026 Why tokenized assets are DeFi’s biggest unlock
In Episode 9 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Nicholas Kunkel (Chronicle) and Rhett Shipp (Avant) to break down the current state of DeFi and what’s actually holding the industry back. They argue that core primitives are already built, and the real unlock lies in tokenized assets, improved liquidity, and seamless integration with traditional finance.
The conversation also explores stablecoin economics, DAO limitations, on-chain credit markets, and what founders need to succeed in crypto today.
OUTLINE
00:00 - Intro
01:11 - Getting Into DeFi
04:38 - Early MakerDAO Days
08:43 - Where Value Accrues
12:23 - Yield and Stablecoins
17:56 - How DeFi Yield Works
23:34 - SubDAOs and Governance
30:33 - Do We Need New Primitives
36:25 - Tokenized Assets Unlock
53:55 - Founder Advice
Guest links:
Rhett Shipp - https://x.com/RhettShipp
Avant - https://x.com/avantprotocol
Niklas Kunkel - https://x.com/nomos_paradox
Chronicle - https://x.com/ChronicleLabs
Host links:
Steven Gates - ⁠⁠⁠https://x.com/stvngts⁠⁠⁠
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
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...more
1h 9min
February 25, 2026 Supply, demand and durability: A framework for surviving cycles
In Episode 8 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Santiago R. Santos of Inversion Capital. He explains why many crypto token valuations are structurally flawed and outlines his framework for investing in durable, cash-flow-supported adoption, with a focus on B2B stablecoin use cases.
The group debates how to value crypto beyond tribal narratives, arguing that many token prices overpay for a future that still requires regulatory clarity and real demand for blockspace.
OUTLINE
00:00 - Intro
00:00:27 - Scope and disclaimer
00:01:41 - FDV and investor framing
00:04:02 - Valuation bias
00:12:23 - Investing through cycles
00:21:44 - Choosing Avalanche infrastructure
00:28:29 - Retrofitting real businesses
00:35:46 - Who’s building this model
00:41:52 - Writing, thinking, first principles
00:50:16 - Fieldwork beats theory
00:52:53 - Asking the right questions
01:00:23 - TGE and FDV reality
01:07:30 - Final takeaways
Host/Guest links:
Santiago R Santos - twitter.com/santiagoroel
Inversion Capital - twitter.com/inversion_cap
Steven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠
Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
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🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
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...more
1h 9min
February 18, 2026 Loyalty becomes lifestyle: Rain and Uptop on stablecoin rewards
In Episode 7 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Charles Yoo-Naut, co-founder of Rain, and John Gomez, co-founder and former CEO of Uptop.
The group discussed the convergence of stablecoin payments and on-chain loyalty infrastructure, why rewards plus payments are becoming table stakes, and how sports and IP are driving real-world adoption.
OUTLINE
00:00 - Intro
03:58 - What is Rain
04:30 - Uptop + acquisition fit
06:01 - Fundraise & M&A lessons
12:43 - Why rewards matter
16:29 - Stablecoin “aha” moment
25:26 - Regulation, timing, builders
33:53 - Lifestyle banking & IP
41:59 - Marketplaces, on-ramps, costs
47:35 - Why raise $250M
50:11 - Stablecoins in 3 years
51:56 - Proliferation of issuers
53:59 - Closing remarks
Host/Guest links:
Charles Yoo-Naut - twitter.com/cnaut
Rain - twitter.com/raincards
John Gomez - linkedin.com/in/john-timoney-gomez-a64b669b/
Uptop - twitter.com/uptop_xyz
Steven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠
Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------
Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠
--------------------------------------------------------------------------------
Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
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...more
58min
February 09, 2026 VanEck's AVAX thesis: product-market fit, economic clarity & institutional distribution
In episode six of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs's VP of Business Development of Onchain Finance, Morgan Krupetsky and VanEck's Head of Digital Asset Research Matthew Siegel. Together, the group discussed what actually drives institutional conviction in crypto. Siegel explained why VanEck chose Avalanche for its first alt-L1 ETF, citing product-market fit, economic clarity, and an active BD team onboarding real institutions. The conversation covers DATs vs ETFs, the innovator's dilemma facing banks, and why market downturns are exactly when serious builders separate from tourists.

Host/Guest links:
Matthew Siegel - twitter.com/matthew_sigel
VanEck - twitter.com/vaneck_us
Morgan Krupetsky - twitter.com/MorganKrupetsky
Ava Labs - twitter.com/AvaLabs
Steven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠
Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
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⚡ Hire faster, build stronger teamsStart your free trial today
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...more
58min

FAQs about Layer One:

How many episodes does Layer One have?

The podcast currently has 15 episodes available.