Talking Tokens: Crypto, Onchain Finance, Investing

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Nikil Viswanathan, Co-Founder & CEO of Alchemy, the infrastructure platform powering over 70% of top crypto applications and more than $150B in annual transaction volume. Nikil explains how Alchemy abstracted away the complexity of building onchain for millions of developers to create crypto products similar to mobile apps on iOS and web apps on AWS.

Nikil breaks down why developer adoption, not price action, is the true signal for crypto’s long-term trajectory, and why the next major wave will come from banks, fintechs, and global consumer apps integrating stablecoins and onchain payments. He shares insights from Alchemy’s work with JP Morgan, Robinhood, and web2 companies, explaining how stablecoins are becoming a new global monetary rail especially in emerging markets where inflation, capital controls, and unreliable banking systems limit economic access.

The conversation also dives into AI’s impact on software creation, the end of traditional coding careers, the rise of “makers” and why crypto and AI form a natural symbiosis. Nikil also unpacks tokenization, memecoins, DeFi’s return, hyperinflation abroad, and why stablecoins are a powerful export of the US dollar.

Timestamps(00:00) - Introducing Nikil and Alchemy powering over 70% of major crypto apps

(01:01) - Why crypto infrastructure is hard to explain and Alchemy’s simple analogy to AWS

(02:05) - The three major technology shifts: computers, internet and crypto and why each needs an OS layer

(03:10) - How crypto will scale to billions of users

(05:07) - Nikil’s philosophy of one life, one shot and optimizing for outsized global impact

(06:07) - Why founders underestimate infrastructure and how AWS, Apple and Microsoft shaped today’s world

(07:30) - Measuring crypto adoption by developer activity, not bull cycles and price volatility

(09:00) - How bear markets didn’t stop builders and traditional finance is now entering crypto at scale

(10:31) - Banks like JP Morgan replacing internal rails with blockchain for efficiency and savings

(12:45) - The innovator’s dilemma why banks fear disruption yet must adopt stablecoin rails

(14:31) - Apps with users can become a bank like Uber, DoorDash, Gojek and other consumer apps

(16:41) - Stablecoins and the Starbucks effect with consumers already use banking layers without realizing it

(18:41) - Tokenization beyond the hype and unlocking global access to the US financial system

(20:45) - Hyperinflation and how stablecoins can solve constraints that banks can’t

(23:43) - How dollar-denominated stablecoins are America’s greatest export since the Declaration of Independence

(25:57) - The rise of global QR payments and why the US financial system lags behind Asia

(28:56) - Why money movement is broken worldwide and the historical evolution toward digital currency

(32:27) - What stablecoin adoption truly looks like everywhere invisible to users native to apps

(34:58) - Categories people overlook

(38:49) - The global inflation crisis and why Bitcoin or stablecoins can become default stores of value

(43:07) - The future of AI and crypto: merging authenticity, financial autonomy and machine-to-machine commerce

(47:44) - How AI eliminates traditional coding and transforms developers into makers

(52:04) - Nikil’s life advice: most people misjudge risk and the safe path is actually riskier

Essentials

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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice.

In this episode of Talking Tokens, Jacquelyn Melinek sits down with Ben Nadareski, Co-Founder and CEO of Solstice Labs, to break down how Solstice brings institutional-grade delta-neutral trading strategies to everyday users through a permissionless, onchain structure. Ben explains how Solstice can give a $5 retail depositor access to the exact same real yield that hedge funds, trading firms, and major institutions receive with no backroom deals, no preferential terms, and fully transparent onchain proof of reserves.

They discuss how Solstice scales yield to billions through delta-neutral funding-rate arbitrage, why its strategy is sustainable in crypto but nearly erased in traditional markets, and how liquid staking-style receipt tokens unlock collateral efficiency across Solana. Ben also shares why their TVL scaled over $300M in just three months, how institutions are entering crypto through Solstice, and why full transparency is the only way to rebuild trust after years of opaque DeFi yields.

The conversation also explores the Solstice token launch, building a non-VC-backed cap table, why Solana’s culture and composability made it the only viable chain, and how Ben’s background in physics and derivatives trading shapes the way he thinks about market structure, risk, capital efficiency, and the long-term path to crypto adoption.

This episode is a part of the Solana Sessions campaign that Token Relations and the Talking Tokens podcast are doing, diving into founders’ journeys and startups building on Solana. Check out the accompanying newsletter on www.token-relations.xyz

Timestamps(00:00) – Intro

(01:16) – Stablecoins as new rails for institutional strategies

(02:18) – Achieving 15–20% yield via delta-neutral arbitrage

(02:47) – Ben’s background: physics, Wall Street, ConsenSys

(03:30) – Deus X backing & prop-trading foundations

(03:53) – 131k users and $300M TVL in 3 months

(04:01) – Retail and institutional users side-by-side

(05:03) – Why institutions want transparency, not token subsidies

(06:06) – 50%+ institutional conversion rate

(07:29) – Solstice sits between DeFi and CeFi

(08:23) – Onchain proof of reserves & audited returns

(09:10) – Scaling the US yield token across Solana

(09:31) – US as collateral engine for borrow/lend/loop

(11:14) – Institutions entering crypto via fiat-onboarding fund

(12:30) – Avoiding fiat-backed stablecoins until regulation matures

(13:24) – Token launch: presale, points, no VC overhang

(15:54) – Avoiding fake or boosted yields

(17:55) – 3 types of fake yields: subsidies, mispricing, low caps

(19:25) – Importance of yield due diligence

(21:06) – Scaling to billions via deep venue arbitrage

(22:29) – Why Solstice chose Solana

(23:51) – Institutional RWA momentum on Solana

(24:29) – What if Solana stablecoins stall?

(25:18) – Lessons as a first-time founder

(26:44) – Physics mindset: systems as symphonies

(28:26) – Retail should watch mass payments adoption

(29:12) – Crypto vs CBDCs: sovereignty and government holdings

(30:05) – Contrarian take: crypto = bank back offices

(31:24) – Challenging dApp norms via decentralization

(32:10) – Final advice: if yield isn’t simple, don’t touch it

Essentials

You can subscribe to the podcast on Spotify, Apple or YouTube.If you enjoy the show, please leave a review — it really helps.

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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. Hosts or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Kevin Lepsoe, Founder of ETHGas, about blockspace and how a transparent blockspace futures marketplace could redefine Ethereum’s core economic engine. Kevin explains why Ethereum’s 12-second block time creates fragmentation, poor UX, failed transactions, and institutional reluctance and how slicing blocks into millisecond-resolution windows unlocks a completely new operating model for L1s.

He walks through his background as a trader during the 2008 crisis, why MEV behavior can mirror predatory high-frequency trading tactics, and why institutions won’t put billion-dollar balance sheets onchain in the current environment. Kevin also explains how ETHGas enables instant confirmations, how blockspace futures create the first native yield curve on any blockchain, and why this unlocks fixed-income products, cross-chain arbitrage, and a path toward deeper L1 liquidity.

They discuss its upcoming Token Generation Event (TGE) as well as validator incentives, governance design, airdrops, its Open Gas Initiative, and how gas abstraction can onboard everyday users into an easier Ethereum experience. Kevin also shares why real-time Ethereum could support new classes of trading, lending, and insurance products and why 2026 may be the year blockspace becomes a mainstream asset class.

Timestamps

(00:00) – Intro

(01:14) – Kevin’s path from options and volatility trading to bitcoin mining and DeFi Summer

(02:29) – Seeing the full mapping from money and equities to interest rates and credit onchain

(03:56) – Why big trading firms refuse to put assets onchain with MEV and liquidation risk

(05:28) – How MEV behavior mirrors HFT and why 12-second latency is too exploitable

(08:12) – Fragmentation across L1s and L2s and why real-time Ethereum consolidates liquidity

(11:17) – What blockspace futures are and how they allow real-time Ethereum execution

(13:16) – Turning a single block into hundreds of slices and fixing MEV through design

(15:06) – Real-time confirmations 50 ms execution and implications for trading and lending

(17:19) – Impact on DEXes, AMMs, liquidations and validator revenue with faster blocks

(21:49) – ETHGas integration path validators, wallets, RPC endpoints and expanding blockspace share

(23:48) – Targeting 40% of blockspace, validator incentives and economic alignment

(27:06) – ETHGas upcoming token launch governance design and why users must control real-time Ethereum

(31:29) – Open Gas Initiative: hiding gas from the user and rebating spend back via tokens

(33:29) – Airdrops for heavy gas users and aligning with the people who built Ethereum’s demand

(35:07) – Conversations with Ethereum researchers and the right vs wrong path for blockspace

(38:38) – L1 and L2 dynamics bringing real-time execution across the entire Ethereum stack

(41:09) – How real-time Ethereum helps ETH break major price thresholds and expand its user base

(42:12) – ETH’s yield curve unlocks native fixed-income and institutional onchain markets

(44:07) – Kevin’s final advice: the markets always come back and the real building is just starting

Essentials

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Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

In this episode of Talking Tokens, Jacquelyn Melinek sits down with David Schamis, CEO of Hyperliquid Strategies and Atlas Merchant Capital Founding Partner and CIO. He breaks down the rapid rise of Hyperliquid, the decentralized exchange powering billions in annual free cash flow without raising a dollar of outside capital. David explains how perps became crypto’s dominant trading product, why Hyperliquid’s architecture prevents FTX-style failures, and how real token buybacks created an equity-like model for protocol growth.

He also shares what US-based investors misunderstand about access, the role of Hyperliquid Strategies as a publicly listed vehicle for exposure, and why he believes Hyperliquid is becoming the “AWS of exchanges” where builders can launch everything from tokenized equities to prediction markets. David reflects on navigating the 2008 financial crisis, how those lessons shaped his conviction in non-custodial systems, why private equity is warming up to crypto, and what it means for global market structure as real-world assets move onchain.

Timestamps

(00:00) – Intro

(02:01) – Why perpetual futures dominate crypto

(03:25) – How external builders tokenized US equities on Hyperliquid and enabled global access

(04:11) – Why the HYPE token functions like equity through buybacks without giving up ownership

(06:00) – Why Americans cannot access Hyperliquid directly and the role of the listed vehicle PURR

(07:44) – Perps vs options and why retail prefers simplicity

(09:54) – David’s background in private equity and why financial services experience led him into crypto

(15:16) – Why traditional private equity firms will increasingly enter crypto as the space matures

(17:49) – Lessons from Merrill, Lehman and the 2008 financial crisis and why self-custody is essential after FTX

(20:19) – The future of global access and why decentralized rails matter for emerging markets

(22:07) – How Hyperliquid compares to centralized exchanges and why trustless execution is the point

(28:12) – Traditional finance meets crypto Hyperliquid Strategies’ board mix and what it signals about maturation

(33:24) – Why global investors need decentralized venues and how Hyperliquid enables trust at scale

(37:11) – Competition from dYdX and Lighter and why RWAs will be Hyperliquid’s differentiator

(41:13) – Macro catalysts for bitcoin, regulation, deleveraging and why stability is coming to crypto

(45:09) – Prediction markets, new verticals and Hyperliquid as the backend for future applications

(49:58) – David’s career advice: be smart, work hard and get along with people

Essentials

You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review!

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Note that this podcast is for informational purposes only and any views shared are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.

In this episode of Talking Tokenization, Jacquelyn Melinek speaks with Mary Gooneratne, Co-Founder of Loopscale, about how tokenization, credit markets and asset mobility are converging into the next major wave of onchain finance. Mary explains why only a tiny fraction of the financial system exists onchain today, why future assets will look nothing like governance tokens or digital gold, and what traits are required for the “next 99 percent” of assets to become composable in DeFi.

They discuss tokenized private credit, payment streams, real world lending, and why credit not trading is where crypto offers the biggest step-function improvement. Mary breaks down RWA looping, why liquidity and duration risk matter, how fixed-rate lending unlocks institutional use cases, and why collateral mobility is the missing piece for onchain credit markets to flourish. She also shares Loopscale’s roadmap, the evolution of issuer demand, and why institutions are finally getting comfortable with digital credit rails.

This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.

Timestamps

(00:00) – Intro

(02:13) – Only 1% of future tokens exist today

(03:14) – What future assets need: mobility, redemption

(04:20) – RWAs behave differently than crypto-native assets

(05:03) – Tokenized payment streams and new asset classes

(06:11) – Should we tokenize everything?

(07:17) – Why institutions hesitate on tokenization

(08:28) – Fixed rate lending and predictable collateral

(09:38) – Loopscale bridges credit and mobility

(11:03) – Onchain securities lending

(12:31) – RWA looping explained

(13:45) – When looping works (or doesn’t)

(15:30) – Who uses looping and why

(17:04) – Why issuers love looping

(18:02) – Looping as institutional gateway

(19:12) – Credit markets should live onchain

(21:05) – Onchain credit = visible cash flows

(22:27) – How credit institutions see tokenization

(24:21) – Cutting intermediaries, boosting investor revenue

(26:12) – New product creation vs porting old ones

(27:11) – Loopscale’s new RWA launch

(28:26) – Beyond crypto-native: macro-resistant yield

(29:06) – Is crypto getting safer?

(30:22) – Fast-growing RWAs: yield + T+0

(31:05) – Niche RWAs like reinsurance outperform

(32:27) – Evolving underwriting expertise

(34:17) – Institutions are already coming

(35:15) – Mary’s advice: slow down, build right

Essentials

You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review!

Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141

Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokens

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Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Parker White, Chief Investment Officer at DeFi Development Corp, about how digital asset treasuries (DATs) can evolve into onchain equivalents of banks inside the Solana economy. Parker explains why non-sovereign money is foundational to his worldview, how Austrian economics shaped his conviction in Bitcoin, and why the collapse of centralized lenders solidified his belief that DeFi is structurally more resilient.

They walk through his path from working in traditional finance to Kraken, as well as the “Kraken cabal” that later formed DeFi Dev Corp, and how their shared ethos and trust accelerated the company’s execution. Parker also discusses Solana accumulation strategies, SOL-per-share-growth, the competitive landscape of DATs, consolidation, liquidity provisioning, validator operations, and how the firm helps new DeFi primitives bootstrap early TVL.

He also breaks down the long term role he expects digital banks to play in a fully financialized Solana future liquidity backstops, early stage incubation, onchain credit, yield generation, validator economics and why he believes Solana can reach $10,000 over time.

Timestamps(00:00) – Intro

(01:00) – Parker’s unconventional path into becoming CIO and early exposure to Austrian economics

(01:54) – Traditional finance beginnings with a Merrill Lynch internship and discovering Bitcoin in 2017

(02:42) – The Bitcoin rabbit hole, libertarian money and problems with central banking

(03:23) – Learning DeFi in the early days through Hayden at Uniswap, the Aave team and Ethereum’s blockspace limits

(03:58) – FTX collapse proving DeFi’s resilience while centralized lenders broke

(04:39) – The Kraken cabal, inside Kraken’s strategy and how the team developed shared ethos and trust

(07:16) – The shared belief system behind non-sovereign money, fairer financial systems and the long fight ahead

(09:11) – Where crypto stands today: a chasm crossed, but mass adoption still far away

(10:20) – Austrian economics shaping Parker’s investment thesis

(12:06) – “Deep f*cking DeFi value” meme philosophy and why storytelling matters for DATs

(13:05) – Sol-per-share as its north star and how DeFi Dev Corp wants to accumulate faster than ETFs

(15:02) – Why DATs will consolidate and how DFDV plans to protect itself via liquidity scale and governance control

(17:17) – Acting as the digital bank of Solana, bootstrapping TVL, incubating primitives and providing liquidity

(19:49) – Long term vision helping create the Solana future they want to see and reward shareholders

Essentials

You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review!

Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141

Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokens

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Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Nick O’Neill, Co-Founder and CEO of BoDoggos. Nick shares how years of running The Nifty, one of the largest NFT media companies, shaped his understanding of community behavior, storytelling and internet culture  and how that experience ultimately led to BoDoggos.

Nick reflects on the psychological cost of operating as a character, how satire bleeds into reality, the tension between being informative and being entertaining, and why mixing humor with truth is harder (and more effective) than playing either side cleanly. Nick also shares stories behind his most famous stunts including staged scandals, yacht controversies, fake breakups, and sketch-comedy girlfriends and why narrative arcs outperform standalone posts.

Timestamps(00:00) – Intro

(03:25) – Dating life, fake girlfriends and how his online persona affects relationships

(06:52) – Virality, trolls and how attention works on X

(09:04) – Screen time habits, muting posts and handling backlash

(11:27) – Comedy versus news, satire runs and experimenting with formats

(13:33) – Filming in public and New York being ideal for chaotic content

(15:38) – What makes a crypto capital city

(16:13) – Origin of “Choose Rich” persona and the run that blew him up

(18:06) – Quote tweet culture, algorithm changes and why narrative arcs matter

(21:02) – The Dubai meme, stereotypes and how jokes spread through quote tweets

(22:05) – Community notes, gaming, satire, yachts and how stunts go viral

(27:45) – When fans think the character is real and dealing with public reactions

(33:10) – The emotional and creative load of playing a character long term

(36:07) – The famous Avalanche yacht stunt, how it was staged and how the narrative exploded

(41:03) – Reputation risks, brand concerns and the line between humor and harm

(44:08) – His view on crypto culture, memes, trading identity and what web3 became

(46:57) – Technical versus cultural crypto, NFTs, and educational content

(49:20) – Why serious content doesn’t perform well and blending humor with truth

(51:32) – BuzzFeed era, ads in the feed, and the collapse of journalistic integrity

(53:02) – The MicroStrategy subway rant and his opinion on the company

(54:46) – Bitcoin, institutional flows and how he thinks about investing

(55:32) – What he wants next in life including family, audience growth and coding

(56:26) – Final advice on consistency, surviving the content cycle and momentum

You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review!

Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141

Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokens

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Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with Mert Mumtaz, Co-Founder and CEO of Helius. He shares his take on Solana evolving from earlier years with its NFT boom to the memecoin era and where it’s heading, as well as why better infrastructure, indexing and data readability were essential for scaling the network. Mert breaks down how Helius built the tools that make Solana legible, why transparency actually reinforces the need for privacy, and how its new Orb aims to become a first-principles block explorer designed for internet capital markets.

They discuss Solana’s performance culture, the challenges of indexing petabytes of historical data, and how developers and traders rely on Helius for both high-frequency data streams and consumer-grade UX. Mert also shares his views on meme coins, Solana Foundation, internet culture, Crypto Twitter authenticity, and why teams must aim for exponential growth rather than incremental success.

Timestamps(00:00) – Intro

(01:01) – Breakpoint setup and intro to Mert and his Crypto Twitter identity

(01:59) – The end game of crypto as global permissionless markets accessible from anywhere

(02:33) – Solana as a sci-fi computer and the need for encrypted money alongside open markets

(03:28) – What Helius actually is and why making the chain legible was the first step

(04:23) – Building VPCs, indexing, data retrieval and the bottom up infra Solana needed

(05:11) – The Helius barbell: low latency data for HFT firms and consumer facing block explorers

(06:08) – Orb as a first principles block explorer for internet capital markets

(06:34) – How transparency tools ironically highlight the need for user level privacy

(07:56) – Democratizing chain analysis and revealing what governments and analytics firms already know

(08:52) – Historical data breakthrough enabling second level search for all user activity

(11:45) – Biggest lessons from building Helius and why startups must aim for exponential growth

(15:05) – The Trump meme coin moment and realizing Helius needed to think bigger

(16:33) – Bringing market makers onto Solana and building new categories beyond existing apps

(17:33) – Shaking off the meme coin chain narrative as stocks, commodities and L1s list on Solana

(18:27) – Tokenized stocks, commodities, and why Solana hosts every major asset class

(20:36) – His relationship with Solana Foundation and how Solana matured culturally and organizationally

(23:04) – Becoming a cultural face of Solana and how authenticity built his X following

(27:50) – How he filters tweets post growth and when he chooses not to punch down

(30:45) – Rapid fire questions on trends, narratives and what he thinks should be banned

(36:26) – Final advice: learn to read, write and think independently without analogies

You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review!

Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141

Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokens

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Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.

In this episode of Talking Tokens, Jacquelyn Melinek speaks with MacBrennan Peet, Founder of Project 0, about why DeFi has reached a point where unified margin, solvency guarantees and onchain prime brokerage are finally possible. MacBrennan explains why risk systems and smart contract securities have matured, how Project 0 unifies margin across multiple venues, and why serious DeFi users inevitably create fragmented risk when they trade across swaps, perps, lending platforms and prediction markets.

They also discuss the evolution of Solana market microstructure, the shift toward institutional capital using onchain strategies, and how Project 0’s credit engine works under the hood. MacBrennan shares insights from founding multiple companies, his time at MarginFi, Temporal and MRGN Research, and why transparency, auditability and open liquidity make onchain prime brokerage structurally better than off-chain models.

Timestamps

(00:00) – Intro

(01:07) – MacBrennan’s background in finance, trading, health tech, and DeFi

(02:12) – From MarginFi to MRGN to Temporal: why prime brokerage needs persisted

(03:37) – Solana’s market structure, HFT insights & liquidation solvency

(04:48) – The DeFi turning point: staying power and better risk systems

(06:23) – Why DeFi users create fragmented portfolios across venues

(07:19) – DeFi’s inflection point: staking, onchain capital & looping

(08:14) – Project 0’s two user groups: left curve vs right curve power users

(10:03) – Unified margin for retail yield seekers and delta-neutral traders

(11:30) – Why Solana is viable for venture-scale financial infrastructure

(16:01) – Lending market risks today: isolated pools & vault disclosures

(18:24) – Onchain solvency, shared liquidity & why P0 beats offchain brokers

(20:11) – Prime brokerage explained & why retail users benefit too

(22:18) – Anyone can use Project 0 — even if they don’t realize they need it

(23:47) – Unifying credit, lending & liquidity across Drift, Camino, Jupiter

(28:33) – How P0 evaluates risk: volatility, depth, liquidity, counterparties

(31:42) – What real behavioral change in DeFi would look like

(34:42) – Why “Project 0” means priority zero and building from first principles

Essentials

You can subscribe to the podcast on Spotify, Apple or YouTube.If you like the show, please let us know by leaving a review!

Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcast: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141

Follow us on XJacquelyn: https://twitter.com/jacqmelinekTalking Tokens: https://twitter.com/_TalkingTokens

Follow us on InstagramTalking Tokens: https://www.instagram.com/_talkingtokens/

Note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned.

In this episode of Talking Tokenization, Jacquelyn Melinek sits down with Yat Siu, Co-Founder and Chairman of Animoca Brands, to discuss why he believes altcoins will outperform bitcoin, how tokenization will reshape global markets, and why Animoca is preparing to go public through a reverse merger.

Yat explains why he thinks utility tokens are entering a new era, how regulatory clarity will unlock mass tokenization, and why memecoins emerged from regulatory arbitrage. He also breaks down Animoca’s strategy as one of the largest investors in web3, the logic behind owning liquid tokens, why gaming hasn’t yet translated to token performance, and how investor relations is forming in crypto.

The conversation also explores DAOs, consolidation of crypto IPOs, his experience on the ground with institutions in the US, Europe and Asia, and why Gen Z treats trading as entertainment. Yat closes with long-term market outlooks for 2026 and personal advice for surviving the volatility of crypto.This episode is sponsored by Securitize, the proven leader in tokenized funds, equities, and private markets. Discover more at securitize.io.

Timestamps(00:00) – Intro

(00:53) – Yat on market evolution across 620 portfolio companies

(01:40) – Institutional era of crypto and why Animoca is preparing to go public

(02:58) – Bitcoin’s macro correlation and institutional support

(03:53) – Regulatory clarity in 2026 and the coming tokenization wave

(04:33) – Utility tokens absorbing memecoin culture and why the memecoin era is ending

(07:19) – Why Animoca now buys undervalued liquid tokens over early-stage deals

(08:54) – Real revenue from small gaming projects & token utility reconnecting value

(10:22) – How funds now evaluate tokens beyond momentum trading

(13:10) – Good products ≠ good tokens: investor relations challenges

(16:01) – DAOs aren’t built to run like public companies — consolidation ahead

(18:36) – Liquidation risks, Bitcoin DAOs, and tokenized asset buyouts

(20:00) – Every major token needing a DAO or ETP for institutional access

(24:02) – Animoca’s reverse merger and improving public investor access

(27:07) – Altcoins as crypto’s growth engine and unlocking real utility

(29:03) – Crypto today = early internet: funds miss upside

(31:00) – Ethereum, Solana, and the value they don’t capture

(33:47) – Making private web3 exposure available to public investors

(37:00) – Regional institutional demand: US vs Europe vs Asia

(42:05) – Trump, volatility, and shifting capital pools in tokens and prediction markets

(45:14) – Finance as entertainment: Gen Z’s gamified investing mindset

(46:42) – 2026 outlook: political stability and institutional flows

(51:01) – Yat’s long-game advice: don’t overleverage, know your edge

Essentials

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