Medici Presents: Level Up

Capital Markets Spotlight is a new Medici series featuring the people who run investor relations, capital markets, and institutional distribution — the functions behind how a token reaches institutional investors.

In this episode, Dennis Bree, Head of Institutional Growth at Morpho, joins David Grider and Sean Farrell to discuss Morpho’s vision for bringing global credit markets on-chain.

Dennis explains how Morpho’s modular infrastructure separates lending markets, capital allocation, and risk management, and why that structure is designed to meet the needs of both crypto-native participants and traditional financial institutions. He breaks down Morpho Blue, vaults and curators, as well as Midnight, Morpho’s recently launched fixed-rate, fixed-maturity credit product.

The conversation also covers Morpho’s key network metrics, institutional integrations with platforms including Coinbase, Robinhood, and Kraken, the role of real-world assets and the infrastructure still needed to support them, regulatory considerations surrounding vaults, and the protocol’s long-term economic model. Dennis also discusses why stablecoin adoption could help accelerate institutional credit on-chain and what risks and catalysts could shape Morpho’s next stage of growth.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ 

Timestamps: 

00:00 — Why traditional institutions are beginning to move capital on-chain

01:01 — Dennis Bree’s background and why he joined Morpho

02:42 — Morpho’s thesis for an open, on-chain credit network

03:45 — Morpho Blue, vaults, curators, and Midnight

05:15 — How Midnight brings fixed-rate, fixed-maturity credit on-chain

06:12 — Why Morpho’s existing lending network gives Midnight an advantage

09:15 — Institutional risk concerns and Morpho’s modular architecture

11:51 — Who could borrow through Midnight

14:02 — Morpho’s deposits, active loans, TVL, and network economics

15:31 — Utilization rates and balancing liquidity with capital efficiency

16:22 — The evolution of Morpho’s curator ecosystem

18:07 — How the curator model compares with traditional asset management

20:03 — How institutions and allocators interact with vaults

21:25 — Regulatory considerations surrounding on-chain vaults

23:45 — Enterprise integrations and bringing DeFi into fintech platforms

25:29 — Early priorities and metrics for Midnight

26:15 — Real-world assets and the infrastructure still needed for on-chain credit

28:13 — Morpho’s economic model and the role of the MORPHO token

30:10 — Governance optionality and potential future value accrual

31:08 — When governance could consider activating protocol fees

32:19 — Economics for institutions building products on Morpho

34:28 — How distributors and curators can build different business models

36:12 — Liquidity network effects and Morpho’s long-term thesis

38:59 — How Morpho funds its current operations

40:27 — Morpho DAO, the Morpho Association, and Morpho Labs

41:13 — Revenue generation and strategic token partnerships

43:00 — Key risks and catalysts for Morpho

46:25 — Closing thoughts

Links: 

The Medici Network: https://www.medici.network/  

Podcast Site: https://levelup.medici.network/  

Morpho: https://morpho.org/ 

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham  

Co-Hosts 

David Grider, Finality Capital - https://x.com/David_Grid 

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell 

Guest

Dennis Bree, Morpho 

X - https://x.com/dennisbree 

LinkedIn - https://www.linkedin.com/in/dennis-bree-9116134/ 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

Capital Markets Spotlight is a new Medici series featuring the people who run investor relations, capital markets, and institutional distribution — the functions behind how a token reaches institutional investors.

In this episode, Sean and David sit down with Trevor King, Investor Relations at Lighter, to discuss Lighter's vision for bringing financial markets onchain through perpetual futures.

Trevor explains why Lighter sees perpetual decentralized exchanges as much more than trading venues, with the potential to support prediction markets, options, equities, commodities, and other financial products. He also breaks down Lighter’s approach to market makers and retail traders, its distribution strategy with partners such as Robinhood, and why the company is focused on expanding into the U.S. market.

The conversation also covers the Robinhood Lighter instance, Lighter’s regulatory strategy, the Lighter EVM, token economics and buybacks, upcoming token unlocks, governance, and the biggest risks and opportunities facing the business.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ 

Key Points From This Episode:

00:00 Introduction

00:48 Trevor explains Lighter’s goal of bringing financial markets onchain and why perpetual exchanges can become broader ecosystems.

03:11 What makes perpetual futures distinct from spot, dated futures, and options, and why they serve retail and hedge funds.

06:13 Trevor compares perpetual DEX economics and infrastructure with traditional exchanges and discusses competition.

08:11 How Lighter could coexist and compete with traditional venues as perpetual futures gain adoption.

10:03 The relationship between exchanges, traders, and market makers, including Lighter’s decision not to charge retail takers.

13:00 How Lighter approaches retail execution and compares with other perpetual venues.

14:50 Trevor discusses the shift from crypto toward commodities and equities, now a meaningful share of Lighter’s volume.

17:02 How the Robinhood integration works, what drives activity, and the role of real-world assets.

19:58 Trevor explains the 50/50 Robinhood revenue split and how Lighter’s share funds token buybacks.

22:10 How Lighter could connect liquidity and market makers across multiple instances.

23:33 Why the team is building from the U.S., engaging regulators, and working within licensing frameworks.

27:40 Why Trevor sees room for both platforms to grow while Lighter focuses on U.S. expansion.

28:44 Revenue, market share, distribution, and monetization—and why the goal is a profitable business.

30:53 The team’s “white glove” approach to fintechs, wallets, exchanges, and institutions instead of simply providing an SDK.

34:46 Trevor discusses new markets and how the Lighter EVM could let builders access liquidity and experiment with applications.

37:07 How Lighter directs fees toward LIT buybacks, the scale discussed, and how the approach could evolve.

39:56 Token allocation, Robinhood incentives, investor holdings, and the January unlock schedule.

43:22 Why Lighter says value generated by its products should accrue to the token despite an equity entity.

45:01 Why Lighter operates like a traditional business rather than a DAO, and why Trevor sees execution as its biggest risk.

47:01 Why Lighter is focused on reaching the next millions of perpetual-futures users, not just today’s traders.

Links: 

The Medici Network: https://www.medici.network/  

Podcast Site: https://levelup.medici.network/  

Lighter: https://lighter.xyz/  

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham  

Co-Hosts 

David Grider, Finality Capital - https://x.com/David_Grid 

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell 

Guest

Trevor King, Lighter 

X - https://x.com/trevor_flipper 

LinkedIn - https://www.linkedin.com/in/trevor-king-a85534185/ 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

In this special LA 26 conference edition of Level Up, David and Sean sit down with three leading voices across institutional investing, blockchain infrastructure, and enterprise fintech. Cambridge Associates' Joe Marenda shares an allocator's perspective on blockchain venture, valuations, institutional adoption, and liquid strategies. Eigen Labs founder Sreeram Kannan discusses why blockchain is foundational to the AI agent era, the security challenges AI introduces to DeFi, and how Eigen is positioning itself for agentic commerce. Finally, Knova founder Natalya Thakur explains how financial institutions can unify traditional and tokenized assets through enterprise infrastructure designed for scalable digital asset operations. 

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ 

Key Points From This Episode:

00:00 Introduction & live from Medici LA

01:21 Joe Marenda (Cambridge Associates): allocator perspective

02:36 Blockchain venture valuations and market outlook

04:32 Why blockchain venture looks attractive today

06:42 Digital money as blockchain's clearest use case

08:47 Common institutional misconceptions about tokens

10:50 Institutional interest in liquid digital asset strategies

13:45 The future of institutional digital asset allocations

14:28 Sreeram Kannan (Eigen)

15:02 Building for the AI agent era

18:35 AI-driven security risks in DeFi

23:20 Restoring trust through security and settlement design

24:40 Eigen's business model and infrastructure roadmap

27:12 Natalya Thakur (Knova)

27:51 Simplifying digital asset operations for financial institutions

31:51 Enterprise adoption and key use cases

33:06 Distribution strategy and regulatory considerations

36:39 Knova’s business model

37:58 Closing remarks

Links: 

The Medici Network: https://www.medici.network/  

Podcast Site: https://levelup.medici.network/  

Cambridge Associates: https://www.cambridgeassociates.com/

Eigen Labs: https://www.eigenlabs.org/

Knova: https://www.knova.finance/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham  

Co-Hosts 

David Grider, Finality Capital - https://x.com/David_Grid 

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell 

Guests 

Joe Marenda, Cambridge Associates

LinkedIn - https://www.linkedin.com/in/joe-marenda

Sreeram Kannan, Eigen

X - https://x.com/sreeramkannan

Natalya Thakur, Knova

LinkedIn - https://www.linkedin.com/in/nthakur9

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

Will McEvoy, CIO of Cypherpunk Technologies, joins David Grider and Sean Farrell to discuss why privacy is becoming one of the most important investment themes in crypto. The conversation explores Cypherpunk's thesis around Zcash, how AI is accelerating the need for privacy-preserving technologies, the evolution of digital asset treasury companies, and what could drive the next wave of adoption for private digital money.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ 

Key Points From This Episode:

[00:00:00] Preview: Why AI could make financial privacy more important than ever

[00:00:14] Introduction and podcast disclaimer

[00:00:56] Meet Will McEvoy and his background

[00:01:59] From Winklevoss Capital to launching Cypherpunk Technologies

[00:04:18] The investment thesis behind privacy and Zcash

[00:06:29] Is Cypherpunk more than a digital asset treasury company?

[00:09:13] Building a broader privacy technology ecosystem

[00:11:30] Will consumers actually pay for privacy?

[00:15:30] Why Zcash instead of Bitcoin or other privacy coins?

[00:18:36] Measuring adoption: key Zcash metrics and user base

[00:21:00] Bitcoin's institutionalization and the renewed appeal of cypherpunk ideals

[00:23:26] Cypherpunk's public company strategy and capital allocation

[00:26:08] PIPE financing, ATM activity, and treasury growth

[00:29:42] Why Cypherpunk partnered with Leap Therapeutics

[00:32:55] Long-term approach to accumulating Zcash

[00:34:26] Thoughts on Zcash mining economics

[00:35:52] Zcash supply schedule and the next halving

[00:37:17] Valuing Zcash as a private store of value and payment network

[00:39:47] Scaling challenges for private digital money

[00:41:32] Zcash versus competing privacy solutions

[00:42:42] Quantum resistance and the development roadmap

[00:44:03] Governance and ecosystem development

[00:45:02] Regulatory considerations for privacy-focused cryptocurrencies

[00:47:43] Key catalysts and risks for Zcash and Cypherpunk

[00:49:32] AI, privacy, and the future of financial freedom

[00:50:22] Final thoughts and closing remarks

Links: 

The Medici Network: https://www.medici.network/  

Podcast Site: https://levelup.medici.network/  

Cypherpunk: https://cypherpunk.com/ 

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham  

Co-Hosts 

David Grider, Finality Capital - https://x.com/David_Grid 

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell 

Guests 

Will McEvoy, Cypherpunk

LinkedIn - https://www.linkedin.com/in/wmcevoy 

X - https://x.com/will__mcevoy  

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

Recorded live at Medici LA 26 and released as a special episode, David and Sean sit down with Barry Silbert, founder and CEO of Digital Currency Group (DCG), to discuss his journey from discovering Bitcoin in 2011 to building one of the most influential companies in digital assets. Barry reflects on the early days of Bitcoin, the creation of Grayscale and GBTC, the maturation of institutional digital asset investing, and the regulatory milestones that helped pave the way for Bitcoin ETFs. The conversation also explores the future of tokenization, the convergence of public and private markets, Bitcoin mining economics, financial privacy through Zcash, and why Barry believes decentralized AI networks like Bittensor represent the next major frontier for crypto innovation. 

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ 

Key Points From This Episode:

[00:00:00] Barry’s vision for a blockchain-based financial system

[00:01:27] Discovering Bitcoin in 2011 and meeting early pioneers

[00:03:22] Buying Bitcoin under $10 and investing in blockchain infrastructure

[00:04:50] The origins of GBTC, Grayscale, and Digital Currency Group

[00:06:58] Institutional adoption and the evolution of crypto investing

[00:08:08] Why Bitcoin is becoming a permanent asset class

[00:09:30] Barry’s perspective on quantum computing risks for Bitcoin

[00:10:56] Grayscale’s legal battle with the SEC and Bitcoin ETFs

[00:11:28] Capital formation, tokenization, and regulatory progress

[00:13:00] Why public and private markets may eventually merge

[00:14:09] Foundry, Bitcoin mining, and the impact of AI infrastructure demand

[00:15:03] The changing economics of Bitcoin mining

[00:16:03] Why DCG is investing in Zcash mining through Fortitude

[00:17:46] Barry’s investment thesis for Zcash and financial privacy

[00:20:58] Comparing Zcash and Monero

[00:24:21] Zcash adoption, market opportunity, and long-term outlook

[00:26:41] Introduction to Bittensor (TAO) and decentralized AI networks

[00:27:33] How Bittensor’s subnet ecosystem creates incentives for innovation

[00:29:14] Privacy infrastructure, regulation, and institutional adoption

[00:31:17] How DCG evaluates investment opportunities and emerging trends

[00:32:25] Why financial privacy and blockchain-AI convergence matter

[00:33:35] Investing across the Bittensor ecosystem

[00:34:46] Building DCG with a long-term investment horizon

Links: 

The Medici Network: https://www.medici.network/  

Podcast Site: https://levelup.medici.network/  

Digital Currency Group (DCG): https://dcg.co/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham  

Co-Hosts 

David Grider, Finality Capital - https://x.com/David_Grid 

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell 

Guest 

Barry Silbert, DCG

LinkedIn - https://www.linkedin.com/in/barrysilbert/

X - https://x.com/BarrySilbert

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com

In this episode of Level Up, David Grider and Sean Farrell sit down with Jack Platts, Founder, CEO, and CIO of Hypersphere, to discuss how digital asset investing has evolved over the last market cycle. Jack shares lessons from launching funds during the 2020 bull market, adapting investment strategies after the 2022 downturn, and expanding beyond crypto into broader technology themes like AI, rare earths, and brain-computer interfaces. The conversation also examines portfolio construction, concentrated investing, crypto AI opportunities, Bitcoin’s evolving macro role, and how institutional appetite for digital assets is changing.  

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/  

Key Points From This Episode: 

[00:00:00] Introduction to Jack Platts and Hypersphere 

[00:02:32] Jack’s early crypto background and launching Hypersphere 

[00:03:16] Evolution of Hypersphere’s investment strategies since 2020 

[00:06:45] Breakdown of Hypersphere’s fund structures and liquid strategies 

[00:08:33] Identifying thematic opportunities and developing investment edge 

[00:09:34] Research process, information gathering, and idea generation 

[00:10:41] Team structure and incorporating LLMs into portfolio analysis 

[00:13:04] Portfolio construction through concentration and conviction 

[00:15:56] Risk management and continuously re-underwriting positions 

[00:18:30] Balancing liquid and illiquid investments across technology sectors 

[00:20:18] Investments in SpaceX, Neuralink, and rare earth supply chains 

[00:22:24] Expanding beyond crypto while maintaining dedicated crypto exposure 

[00:25:17] Comparing crypto performance to broader technology markets 

[00:27:18] Historical fund performance and managing through the 2022 downturn 

[00:28:47] Recognizing changing market conditions and reducing exposure in 2021 

[00:31:20] Macro market outlook and Bitcoin’s geopolitical relevance 

[00:33:44] Crypto sectors with potential upside including lending and exchanges 

[00:36:02] Crypto AI opportunities and key projects under evaluation 

[00:37:49] How LP appetite for crypto funds has evolved since 2021 

[00:41:02] Why investors should remain engaged with the crypto asset class 

Links:  

The Medici Network: https://www.medici.network/   

Podcast Site: https://levelup.medici.network/   

Hypersphere: https://www.hypersphere.capital/ 

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   

Co-Hosts  

David Grider, Finality Capital - https://x.com/David_Grid  

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  

Guests  

Jack Platts, Hypersphere 

LinkedIn - https://www.linkedin.com/in/jack-platts-b0407360 

X - https://x.com/jackbplatts 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 

In this episode of Level Up, David and Sean sit down with Illia Polosukhin, co-founder of NEAR Protocol and co-author of the Transformer model. Illia shares his journey from AI research at Google to building NEAR, a blockchain designed to integrate artificial intelligence with financial infrastructure. The conversation covers NEAR’s architecture, Intents, chain abstraction, and the role of AI agents in commerce. Illia also addresses security risks, token dynamics, and how NEAR is positioning itself as a full-stack platform for coordinating digital and real-world resources. 

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/  

Key Points From This Episode: 

[00:00:00] Illia on the growing security risks in software and AI-driven vulnerabilities 

[00:00:53] Introduction to NEAR Protocol and overview of the episode 

[00:01:21] NEAR's token fundamentals, market positioning, and AI-focused thesis 

[00:02:33] NEAR’s product stack including AI, Intents, and blockchain infrastructure 

[00:03:29] Network metrics, fees, and value capture mechanisms 

[00:05:21] Token supply dynamics and comparison to other layer one ecosystems 

[00:07:01] Market performance and AI-driven narrative around NEAR 

[00:08:46] Illia’s background in AI and role in developing the Transformer model 

[00:12:16] NEAR’s vertically integrated vision: AI front end and blockchain back end 

[00:14:43] Technical architecture: sharding, accounts, and chain abstraction 

[00:20:58] Key applications including payments, trading, and financial infrastructure 

[00:23:37] Traction in cross-chain trading and growth of Intents 

[00:25:41] DeFi use cases including lending, borrowing, and yield aggregation 

[00:27:44] Rethinking “native” activity in a chain-abstracted environment 

[00:29:32] Fee structure and how Intents drive value to the NEAR token 

[00:31:14] AI agents as primary users of blockchain infrastructure 

[00:35:17] Competitive landscape across blockchain and AI ecosystems 

[00:39:50] AI-driven cybersecurity risks and the rise of automated exploits 

[00:42:56] Formal verification and mitigating smart contract vulnerabilities 

[00:45:12] Separating real vs. speculative AI + crypto use cases 

[00:50:18] Token supply, inflation reduction, and distribution maturity 

[00:52:08] Path toward deflation through Intents and ecosystem growth 

[00:54:15] Governance structure including House of Stake and validators 

[00:57:52] Validator economics and impact of reduced inflation 

[01:00:37] Key risks including cybersecurity, market dependence, and AI adoption 

[01:03:28] Final thoughts on privacy, confidential transactions, and user adoption 

Links:  

The Medici Network: https://www.medici.network/   

Podcast Site: https://levelup.medici.network/   

NEAR Protocol: https://www.near.org/ 

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   

Co-Hosts  

David Grider, Finality Capital - https://x.com/David_Grid  

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  

Guests  

Illia Polosukhin, NEAR Protocol  
LinkedIn - https://www.linkedin.com/in/illia-polosukhin-77b6538/ 

X - https://x.com/ilblackdragon 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 

In this episode of Level Up, hosts David and Sean speak with Mark Wendland, CEO, and Mark Toomey, President of Canton Strategic Holdings. They break down the Canton Network’s focus on institutional blockchain adoption, including tokenized real-world assets, intraday repo markets, and privacy-enabled infrastructure. The conversation covers Canton Network's architecture, tokenomics, and governance model, as well as how Canton Strategic Holdings is building a differentiated DAT model through validator operations, ecosystem investing, and app development. The Marks also discuss how major financial institutions are already building on Canton and what that shift means for the future of market infrastructure. 

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/  

Key Points From This Episode: 

[00:00:00] Scale of tokenized assets and repo activity on Canton Network 

[00:00:19] Introduction to Level Up and Canton Strategic Holdings 

[00:01:27] Overview of Canton Strategic Holdings and the CC token 

[00:03:27] Institutional-focused blockchain: configurable privacy, tokenomics, and governance 

[00:06:22] Revenue opportunities through validators and network participation 

[00:07:19] Real-world use case: repo transactions on-chain 

[00:08:59] Tokenomics model and burn-mint equilibrium 

[00:10:04] Emissions schedule and valuation considerations 

[00:12:48] Market performance of CSH vs other digital asset companies 

[00:14:15] Mark Wendland’s background in treasury and operations 

[00:14:55] Mark Toomey’s background and transition into blockchain 

[00:16:57] Canton’s core investment thesis and institutional focus 

[00:20:08] What defines a digital asset treasury company 

[00:21:35] Strategy beyond token accumulation: validators and app development 

[00:23:15] Expanding ecosystem through lending, options, and apps 

[00:25:43] Super validator role and expected yield 

[00:27:24] Evolution from private to public blockchain 

[00:29:34] Key KPIs: institutional usage and transaction volume 

[00:31:37] Deep dive into intraday repo use cases 

[00:35:46] How apps, transactions, and rewards interact on Canton 

[00:37:21] Economic flow of transactions and token incentives 

[00:40:35] Validator vs super validator roles 

[00:41:41] Growth of applications and institutional integrations 

[00:44:52] Measuring success for Canton Strategic Holdings 

[00:46:11] Company strategy: capital markets, validators, and ecosystem investment 

[00:49:56] Capital structure and funding strategy 

[00:51:15] Competitive landscape and institutional adoption 

[00:54:57] Differentiation through privacy and financial market focus 

[00:57:33] Public vs private blockchain adoption by banks 

[01:00:31] Governance structure and foundation participation 

[01:04:40] Token distribution and decentralization considerations 

[01:06:32] Key risks: timing, regulation, and execution 

[01:09:49] Final thoughts on early-stage growth and execution 

Links:  

The Medici Network: https://www.medici.network/   

Podcast Site: https://levelup.medici.network/   

Canton Strategic Holdings: https://www.cantonstrategic.com/ 

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   

Co-Hosts  

David Grider, Finality Capital - https://x.com/David_Grid  

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  

Guests  

Mark Wendland, CEO of Canton Strategic Holdings -  

https://www.linkedin.com/in/mark-wendland-1b2a0515 

Mark Toomey, President of Canton Strategic Holdings - 

https://www.linkedin.com/in/mark-toomey-34196b 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 

In this episode of Level Up, David and Sean sit down with Xiao-Xiao J. Zhu, President of Jupiter, to discuss the evolution of Jupiter from a DEX aggregator into a full-scale DeFi super app on Solana. Xiao Xiao shares his background from KKR to crypto and outlines Jupiter’s product suite, including trading, lending, mobile, and more. The conversation covers growth metrics, token design, competition, and the long-term vision for on-chain finance, including omni-chain infrastructure and expanding real-world asset integration. 

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/  

Key Points From This Episode: 

[00:00:00] Jupiter’s role as an application layer driving adoption on Solana 

[00:00:24] Podcast introduction and overview of Jupiter’s business model 

[00:01:03] Breakdown of Jupiter’s revenue, products, and market position 

[00:05:03] Growth in users, volumes, and product expansion 

[00:07:18] Product roadmap including mobile, prediction markets, and stablecoins 

[00:10:30] Omni-chain vision and JupNet introduction 

[00:13:27] Xiao Xiao’s background and transition from KKR to Jupiter 

[00:16:00] Shift from centralized exchanges to on-chain finance 

[00:20:10] Jupiter’s evolution into a DeFi super app and token thesis 

[00:25:59] Product suite breakdown: spot, perps, lending, and launchpad 

[00:29:30] Scale of trading volumes, wallet growth, and infrastructure 

[00:33:18] Key KPIs: active wallets, volume, TVL, and revenue 

[00:34:06] Financial performance and revenue composition 

[00:39:35] Major growth drivers: mobile, lending, payments, and JupNet 

[00:43:43] Architecture and positioning of JupNet 

[00:45:20] Mobile adoption and user behavior trends 

[00:49:21] Tokenized real-world assets and institutional integration 

[00:53:08] Expansion plans for perps and new trading models 

[00:55:09] Competitive landscape across DeFi and centralized platforms 

[01:00:12] Competition with Hyperliquid and centralized exchanges 

[01:02:40] Moats in DeFi: distribution, product velocity, and brand 

[01:04:31] Governance structure and DAO participation 

[01:09:36] Token supply, burn mechanics, and buyback strategy 

[01:14:30] Strategic investment from ParaFi and token positioning 

[01:17:00] Future token utility and integration into the product ecosystem 

Links:  

The Medici Network: https://www.medici.network/   

Podcast Site: https://levelup.medici.network/   

Jupiter Site: https://jup.ag/  

Jupiter LinkedIn: https://www.linkedin.com/company/jupiter-onchain/  

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   

Co-Hosts  

David Grider, Finality Capital - https://x.com/David_Grid  

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  

Guest  

Xiao-Xiao J. Zhu, Jupiter  

X - https://x.com/xxjzhu  

LinkedIn - https://www.linkedin.com/in/xiao-xiao-j-zhu-12078730/ 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 

In this episode of Level Up, David and Sean speak with Paul Faecks, Founder of Plasma, a stablecoin-focused Layer 1 blockchain. Paul shares his background in early crypto/DeFi, why Plasma is optimized for stablecoin payments, and how Plasma One (a stablecoin neobank with cards and ramps) is intended to drive long-term value beyond blockchain fees. They also discuss token value accrual, validator decentralization, regulatory risks, and more.  

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/  

Key Points From This Episode: 

[00:00:00] Introduction 

[00:12:48] Paul’s background and thesis behind Plasma 

[00:15:12] Regulatory landscape and stablecoin adoption outlook 

[00:18:41] Deep dive into Plasma One’s neo banking model 

[00:19:59] Why a dedicated stablecoin blockchain is necessary 

[00:21:41] Gasless USDT transfers and paymaster design 

[00:23:06] KPIs, incentives reduction, and focus on sustainable growth 

[00:25:09] Productizing stablecoins across global markets 

[00:28:24] Key jurisdictions: Turkey, Middle East, and South America 

[00:29:44] Stablecoins as a geopolitical advantage for the U.S. 

[00:30:19] Plasma One’s target users and business model 

[00:32:28] End-to-end infrastructure for cross-border payments 

[00:33:02] Token value accrual and foundation ownership structure 

[00:35:05] Competition with Stripe’s Tempo and other players 

[00:40:26] Distribution strategy vs. legacy players like Western Union 

[00:42:17] Exchange-to-exchange USDT settlement flows 

[00:45:13] Paymasters and abstracted gas fees 

[00:47:44] Why gas fees alone don’t create long-term token value 

[00:48:41] What makes an L1 token investable 

[00:52:07] Validator rollout and decentralization roadmap 

[00:53:41] Echo pre-deposit launch and token sale structure 

[00:57:25] Fundraising history and major investors 

[01:00:06] Regulatory risks and market infrastructure bill 

[01:01:45] Final thoughts: Stablecoins and 2026 outlook 

Links:  

The Medici Network: https://www.medici.network/   

Podcast Site: https://levelup.medici.network/   

Plasma: https://www.plasma.to/  

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   

Co-Hosts  

David Grider, Finality Capital - https://x.com/David_Grid  

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  

Guest  

Paul Faecks, Plasma  

X - https://x.com/pauliepunt?lang=en 

LinkedIn - https://de.linkedin.com/in/paul-f-540895a4/en 

Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/