In episode 10 of The Big Brain Podcast, Larry and Namik are joined by Gauntlet founder and CEO Tarun Chitra. Tarun recounts how an unexpected ADL event on a tiny test position pushed him to research how exchanges handle insolvency when liquidations fail, especially after October 10th. He argues the common ranking approach concentrates losses unfairly and may overshoot during cascading events. The discussion also covers transparency, insurance funds, and why improving these systems matters if perp exchanges want to onboard new users.

OUTLINE

00:00:00 - Introduction

00:00:54 - Tarun’s background

00:10:50 - Tarun's ADL paper

00:15:40 - ADL usage

00:26:25 - Transparency gap

00:31:44 - Critiques of Tarun's paper

00:36:32 - Impact of Tarun's paper

00:41:09 - Potential fixes

00:45:31 - Cult-like communities in crypto

01:02:29 - Conclusion

Guest links:

Tarun Chitra - x.com/tarunchitra

Gauntlet - x.com/gauntlet_xyz

Show links:

- Apple: apple.co/43F3vmq

- Spotify: spoti.fi/44NT1lZ

- Larry: x.com/lawmaster

- Namik: x.com/NamikMuduroglu

- The Block Podcasts: x.com/TheBlockPods

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In episode 9 of The Big Brain Podcast, Larry and Namik are joined by Infinex founder Kain Warwick. The trio discuss how crypto's complex user experience remains a roadblock for projects to gain broader adoption and find new users, and how Infinex aims to tackle this by being the first true "superapp." The conversation also digs into multi-chain routing, gas abstraction, fundraising, “CT mafia” dynamics, and how Infinex aims to compete with MetaMask, Phantom, and Coinbase Wallet.

2:51 – Evolution of Infinex Vision

5:30 – Decentralization vs User Experience

8:29 – Infinex in a Multi-Chain Future

12:30 – User Experience in Super Apps

15:10 – How Infinex Works Behind Scenes

19:25 – Funding Challenges for Super Apps

25:40 – YAP Run Drama Reflections

27:44 – Social Media’s Impact on Founders

29:56 – Navigating Crypto Regulations

31:25 – Token Distribution Strategies

34:09 – Token Launch & Listing Challenges

36:46 – On-Chain Liquidity & Multi-Chain

38:50 – Re-Engaging Users Online

41:28 – TGE Strategy Breakdown

44:40 – Token Utility & Revenue Models

51:53 – Competing in a Crowded Market

Infinex on X - https://x.com/infinexInfinex - https://infinex.xyz/

In episode 8 of The Big Brain Podcast, Lighter founder Vladimir Novakovski explains why he built a zero-fee, ZK-powered perp DEX as an Ethereum L2, how it stacks up against CEXs and rival perp chains, and what they learned from recent market stress ahead of their token launch.

In this episode of The Big Brain Podcast, Eli Ben-Sasson – co-founder of Zcash and Starknet – joins The Block President Larry Cermak and MegaETH CSO Namik Muduroglu.

In this episode of the Big Brain Podcast, Larry and Namik are joined by Wintermute Founder and CEO Evgeny Gaevoy to discuss the recent historic crypto crash, explaining how extreme leverage, exchange failures, and forced ADL liquidations led to market chaos and liquidity breakdowns across the ecosystem.

OUTLINE

00:45 What Happened?

04:46 Understanding ADL

12:25 Transparency and Privacy on Hyperliquid 

16:35 Circuit Breakers

19:16 Occam’s Razor

21:25 Assessing the Damage

25:24 Lessons learned

28:39 Looking Ahead

30:21 A Maturing Market

32:13 Dealing with Extreme Volatility 

35:19 Impact on DeFi

37:28 Wintermute as the Crypto Villain

41:47 What else does Wintermute do?

44:11 Conclusion

GUEST LINKS

https://x.com/evgenygaevoy

https://x.com/wintermute_t

This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.

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In this episode of the Big Brain Podcast, Larry and Namik are joined by Dragonfly's Tom Schmidt Alok Vasudev of Standard Crypto. They dive into current trends in venture capital within the crypto space, touching on how market conditions have evolved since 2021, the role of treasury companies, and the evolving regulatory landscape.

OUTLINE

GUEST LINKS

https://x.com/tomhschmidt

https://x.com/AlokVasudev

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Jack Mallers recounts his bitcoin journey, and explains how the US government could expunge its debt by dumping USD into gold and bitcoin.

OUTLINE:

In this episode, Paolo Ardoino delves into the factors that contributed to Tether’s USDT becoming the world’s largest stablecoin. Additionally, Ardoino discusses Tether’s strategic investment in AI, energy, biotech, and other industries, showcasing their long-term vision.

Apple: https://apple.co/43F3vmq

Spotify: https://spoti.fi/44NT1lZ

Larry: https://x.com/lawmaster

Namik: https://x.com/NamikMuduroglu

The Block Podcasts: https://x.com/TheBlockPods

Paolo: https://x.com/paoloardoino

Tether: https://tether.io/

Tether USDT: https://tether.to/

Tether Gold: https://gold.tether.to/

Holepunch: https://holepunch.to/

Keet: https://keet.io/

Wallet Development Kit: https://wallet.tether.io/

In this episode, Guy Young & Rune Christensen discuss the evolution of DeFi, noting how it has become more grounded in reality and sustainable business models, moving away from the early hype and ideological claims.

00:00 Introduction

01:23 DeFi Ain't What it Used To Be

08:27 Ethena's Success

13:01 Get $HYPE(D)

15:08 HL L1

16:38 'Ecosystem Protocols'

19:32 DeFi User Capture

21:42 DeFi Endgame

22:05 Hyper-rational Users Onchain

24:53 Compressing DeFi Rates

27:16 Stealing  from the Rich

28:43Onchain KYC

30:57 Forking DeFi

33:57 The Future of Finance

37:50 'MicroStrategy Playbook" for Alts

42:19 Bitcoin DeFi?

43:57 F.A.F.O. Onchain

The Big Brain Podcast is co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu.