Proof of Coverage

Multicoin Capital's Shayon Sengupta on why crypto is the most underpriced opportunity in tech, the firm's $319 HYPE base case, Solana vs Hyperliquid, and whether DePIN is dead.

In one of his first interviews since being promoted to General Partner & Co-Head of Venture, Shayon joins Connor in New York to explain why Multicoin recommitted to crypto while peer funds expand into AI and robotics. They cover the two forces he believes the market is mispricing (infrastructure maturity and regulatory clarity), the everything exchange thesis behind Hyperliquid, why dual token-equity structures fail, the coming financialization of compute, and a candid Helium post-mortem. On DePIN: "You can call me delusional if you want. We are even stronger believers right now."

Timestamps:
00:00 - Cold Open00:42 - The Pod Returns with a Bang01:38 - What Changed Since the March Promotion03:25 - Inside Multicoin: Tushar, Spencer, Hedge Fund vs Venture06:08 - Favorite Memory: Breakpoint 2021, SOL at $25009:17 - Lessons from Three Cycles13:38 - AI in 2026 Is Crypto in 202114:19 - Why Multicoin Recommitted to Crypto18:35 - The Regulatory Unlock the Market Is Mispricing21:47 - Is Decentralization Still a Core Tenet?24:49 - Token Holder Rights and the Revenue Meta28:16 - The HYPE Thesis: $319 Base Case, the Everything Exchange30:53 - Are 99% Buybacks the New Standard?33:10 - Why Dual Token-Equity Structures Go to Zero37:33 - Solana vs Hyperliquid: Spot vs Perps42:10 - Request for Startups: Financializing Compute46:30 - Shayon Flips the Mic: Is AI Topping?48:53 - The Four-Year Cycle and Where the Bottom Is51:46 - Where the Next Bull Market Flows Go53:08 - Is DePIN Dead?56:40 - The Helium Post-Mortem59:14 - GEODNET, Grass, and DePIN's Next Five Years01:01:45 - Bear Market Wisdom: "Founders Remember"

Follow Shayon: https://x.com/shayonsenguptaFollow Multicoin Capital: https://x.com/multicoinFollow Connor: https://x.com/richhomieconFollow Proof of Coverage: https://x.com/Proof_Coverage

Proof of Coverage is tech's creative agency. We make launch videos, brand films, founder stories, and event recaps for teams like Kalshi, MoonPay, and Solana.

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Although our guest is a General Partner of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin's investment advisory services or should otherwise be confused for investment, tax, legal or other financial advice. The hosts and guest, and the firms they represent, may hold positions in the companies and tokens mentioned in this episode and stand to gain in the event that the price of the tokens increase.  Multicoin's HYPE valuation report discussed in this podcast can be found as a link in the show notes.  The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.

Multicoin's Hype Analysis and Valuation report can be found HERE. The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.

Multicoin and the host may have interests in companies and tokens mentioned during the episode.

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In this episode, Connor talks with Henry McPhie, co-founder and CEO of Streamex (NASDAQ: STEX), about bringing the gold market on-chain through regulated tokenization. They discuss the launch of GLDY, a yield-bearing gold-backed token that pays holders 3.5% APY through gold leasing, how it stacks up against Tether Gold and Pax Gold, Streamex's revenue model, and the roadmap to tokenize silver, copper, oil & gas, and beyond.

Timestamps:

02:05 - Launch Day Overview

03:07 - How Gold Yield Works

04:43 - Risk and Insurance Layers

06:13 - Chains and Early Demand

07:33 - Bitcoin Vs Gold

09:16 - Henry's Origin Story

11:49 - Why Go Public

13:38 - Team and Advisors

16:50 - Treasury and Seeding Liquidity

18:43 - Revenue Model Breakdown

22:42 - GLDY Versus Other Gold Tokens

27:58 - Retail and Institutional Access

30:04 - Where to Learn More

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode, Connor talks with John Deaton, a trial lawyer and prominent legal voice in the crypto space known for representing XRP holders in the SEC's case against Ripple. John discusses his fight against regulatory overreach and his recent entry into politics, running for the US Senate in Massachusetts. They delve into John's stance on issues like crypto regulation, healthcare, housing, energy, and the American Dream. The conversation provides insights into John's transformative journey from law to politics, his campaign platform, and his proposals for economic and social reforms.

Timestamps:

00:00 - Introduction

03:12 - John Deaton's Senate Campaign

10:55 - Healthcare and Economic Challenges

13:49 - John's Crypto Journey

17:39 - The Ripple Lawsuit and XRP

25:17 - Future of Crypto Regulation

27:39 - Conclusion

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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Connor Lovely and Connor King sit down with Soju and Pranave from Meteora to break down how they’re turning token ownership into something that actually looks like equity. From their 48% float TGE to monthly investor recaps and $12M in discretionary buybacks, they’re building a shareholder base on Solana’s everything exchange, one that values fundamentals over speculation. We cover the pre-TGE roadshow, why there’s no equity entity (only the token), and what real crypto investor relations looks like from the inside.

Timestamps:

00:00 - Introduction

00:59 - Meteora's Role in Solana

06:12 - Meteora's Business Model

09:23 - Pre-TGE Roadshow and IR

15:11 - Token Entity vs. Equity Entity

19:26 - Pre-TGE Roadshow Insights

24:48 - TGE Strategy

25:53 - Launch Strategy and Market Position

28:21 - Communication Strategy with Investors

30:46 - Post-TGE Practices

36:07 - Buyback Strategy and Founder Autonomy

40:24 - Ownership Models in Crypto

46:18 - Future Plans and IR Innovations

47:55 - Conclusion

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode, Alireza Ghods from NATIX sits with Connor and shares exciting updates about the company's data collection and technological advancements. They discuss the company's new partnership with Valeo to develop one of the largest open-source multi-camera world foundational models, designed to simulate real-world driving environments for autonomous vehicles. Alireza explains how their technology can generate complex, human-readable search results and how vision language models (VLMs) are revolutionizing data search in autonomous driving. The conversation also explores NATIX's progress with the VX360 Tesla dongle for multi-camera data collection, future plans for data monetization, and the potential impact of synthetic data in the autonomous driving industry.

Timestamps:

00:00 - Introduction

01:14 - Updates on VX360 and Data Sales

02:09 - Vision Language Model and Its Applications

04:39 - Importance of Diverse Data for World Models

06:20 - Details on the Valeo Deal

08:15 - Use Cases and Future Plans for World Models

10:45 - Synthetic Data and Real-World Applications

19:37 - Future of Physical AI and Autonomous Driving

23:51 - Conclusion

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode Connor sits with Thomas Curry, founder of SOAR, to discuss how SOAR is rethinking crypto capital formation. They explore the platform's novel approach of using token issuance as senior debt to create clearer value claims while preserving founder autonomy. Thomas shares the inspiration behind SOAR, which aims to unify equity and tokens, addressing the lack of real economic rights for token holders. They also talk about SOAR's transparent and legally sound structure that provides intrinsic value to token holders, allowing seamless buybacks and further fundraising. The discussion further includes the vision for SOAR's platform, aiming to provide retail investors access to early-stage startups, the potential solutions it offers and the importance of effective investor relations (IR) in the crypto industry.

Timestamps:

00:00 - Introduction

00:25 - The Problem with Current Token Models

01:09 - The Importance of Branding in Crypto

03:05 - Thomas Curry's Background and Journey

04:41 - Token Buybacks and Market Dynamics

09:28 - SOAR's Innovative Approach to Token Issuance

14:17 - Case Study: CPT and SOAR's Debt Mechanism

20:40 - Understanding Token Dynamics

22:38 - Debt Mechanics Explained

26:01 - Founder Incentives and Market Dynamics

31:38 - Platform Launch and Vision

35:21 - Challenges in Crypto Investor Relations

37:10 - Future of Token and Equity Integration

41:17 - Final Thoughts and Contact Information

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode Connor and Sean Murray, Crypto & US Lead at Fuse Energy, a vertically integrated energy company experiencing rapid growth. The conversation covers the company's ambitious projects, regulatory achievements with the SEC , including a landmark No-Action Letter, and impressive growth metrics such as reaching 200,000 homes and scaling annualized revenues to $300 million. The discussion also explores challenges and strategies in the energy sector, including market deregulation, infrastructure bottlenecks, and the potential of innovative solutions like the Energy Network to alleviate grid congestion.

Timestamps:

00:00 - Introduction

00:56 - Challenges in Modern Infrastructure

03:59 - Big News: SEC No-Action Letter

06:37 - Explosive Growth and Business Model

10:03 - Understanding the Energy Market

15:23 - Future Plans and Innovations

23:16 - Addressing Grid Capacity Issues

26:53 - Energy Network and Token Utility

43:30 - Closing Remarks and Future Outlook

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

Follow Proof of Coverage Media: https://x.com/Proof_CoverageIn this episode Connor sits down with Parker White, COO & CIO at DeFi Development Corp to discuss the strategies and future plans of DFDV, a pioneer in Solana-based Digital Asset Trusts (DATs). The founders, primarily former Kraken employees, discuss the initial inspiration and rapid development of their company. They delve into the significant advantages of Solana over other asset classes, such as Ethereum and Bitcoin, and emphasize the importance of being a first mover in the market. Key strategies include leveraging capital markets for growth, deploying assets on-chain to generate yield, and potential international expansions. The conversation also explores the market dynamics of DATs, comparing them to ETFs, and underlines a commitment to long-term ecosystem support and growth. The founders assert that the four-year cycle is dead, positing that cryptocurrencies now move in alignment with mega high beta tech stocks, driven by liquidity conditions.Timestamps: 00:00 - Introduction00:48 - The Rise of DFDV: From Idea to Public Company04:02 - The Founding Team: Ex-Kraken Knights05:28 - Why Solana?09:03 - The Proliferation of DATs13:42 - Active Management Strategies for Solana20:13 - Reflecting on the Galaxy FTX Estate Deal20:54 - International Treasury Accelerator Program23:20 - Challenges of Mergers and Acquisitions in DATs26:31 - Maintaining MAV Multiples Amid Market Compression29:48 - The Death of the Four-Year Cycle34:34 - Adapting Strategies for Bull and Bear Markets37:41 - Future Plans and Integration in DeFi Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode Connor & Mahesh sit down with Akshay Poshatwar & Nishikant Bahalkar, founders of Qiro, to discuss their ground-breaking platform aimed at tackling adverse selection through a unique credit risk underwriting protocol. Akshay shares his journey from the FinTech industry in India, highlighting the potential for global capital access through decentralized finance. Nishikant adds his insights on the evolution of blockchain and DeFi, emphasizing the benefits and challenges in Real World Assets (RWA) lending. The discussion includes how Qiro aims to bridge TradFi and DeFi, offering solutions for different asset classes and the promising future of decentralized infrastructure networks (DePIN). The episode wraps up with a look towards the company's rapid growth and their search for strategic hires, particularly in business development within the U.S. and Europe.

Timestamps:

00:00 - Introduction

00:46 - Meet the Qiro Team

01:53 - Founders' Backgrounds and Journey

09:35 - Understanding Qiro's Unique Platform

13:30 - Challenges and Innovations in RWA Lending

24:36 - DePIN Networks and Future Prospects

31:13 - Hiring and Growth at Qiro

33:52 - Conclusion and Contact Information

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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Santiago Santos, Jason Badeaux, Mahesh Ramakrishnan, and Connor Lovely explore the intersection of politics, technology, and the future of energy infrastructure. The conversation begins with reflections on New York politics and the power of authentic storytelling before shifting to the energy crisis, rising electricity prices, and the misalignment of traditional utility models. Jason discusses Daylight’s mission to decentralize energy markets, empowering individuals to participate in energy production and finance through distributed energy resources and tokenized financial products. The hosts draw parallels between marathon running and long-term commitment, contrasting this with modern shortcut culture, while examining how AI, electric vehicles, and DeFi are reshaping energy demand and financing. The episode offers insightful commentary on innovation, capital markets, and the future of sustainable power.

Timestamps:

00:00 - Introduction

01:45 - New York City Challenges

02:30 - The American Dream Debate

04:55 - New York Marathon

07:51 - DePIN and Daylight Announcement

08:25 - Electricity Pricing Issues

11:01 - Infrastructure Challenges

12:36 - Market Dynamics and Demand Growth

13:53 - Daylight App Features

15:32 - Distributed Energy Resources

17:42 - Future of Energy Prices

19:22 - Australia's Solar Market Success

22:55 - Customer Uptake and Market Expansion

25:46 - Tokenized Yield Products

27:43 - Capital Market Dynamics

29:27 - Duration Risk Management

31:09 - Quality of Underwriting in Solar Loans

33:38 - Daylight Pitch to Traditional Allocators

35:09 - Market Size and Opportunities

40:45 - Potential Collaboration with Base Power

47:23 - Challenges and Risks in the Token Market

50:44 - Speculative Capital & Revenue

54:08 - Helium's Market Position and Comparisons

56:35 - On-Chain Revenue and Governance Dynamics

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.