Welcome back to The Great Show! Today, Felipe Montealegre from Theia Research joins to discuss traditional private equity valuation methods and crypto investing. We explore fundamental analysis in DeFi, token valuations, shareholder rights, and the evolution of crypto markets. Felipe shares insights on identifying quality revenue streams, evaluating moats, and building sustainable value in the crypto ecosystem.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Topic:

3. PE vs Crypto Valuations

4. Finding Crypto Fundamentals

5. Investing in Token Cash Flow

6. Crypto Moats & Real Value

🐦Follow our guests on Twitter: @TheiaResearch

Timestamps:

00:46 Intro

03:35 Thesis of the fund

05:57 Fundamentals & market cap

12:40 Valuation methods

17:07 Timeframes

21:57 Defendible moats

28:22 AAVE

33:49 Token holders are not shareholders

39:42 Metaplaex

43:57 Returning token holder value

👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Gwart Show! Today, Jacob Phillips, founder of Lombard Finance, joins us to talk Bitcoin staking. From Babylon protocol's approach to Bitcoin security to Lombard's role in creating liquid staking derivatives, we chat about Bitcoin as a productive asset. Plus thoughts on technical infrastructure, market dynamics, and Bitcoin staking in DeFi.

TOPICS

• Bitcoin Staking Mechanisms

• Babylon Protocol Overview

• Liquid Staking Derivatives

• DeFi Integration

• Security Models

• Cross-chain Bitcoin Solutions

🐦Follow our guests on Twitter: @JacobPPhillips

Timestamps:

00:00 Start

00:52 Jacob intro

02:14 BTC staking

04:13 What is LBTC?

04:59 Minting LBTC on ETH

07:23 Demand

11:43 Yield

14:37 BTC restaking

15:53 Why restaking for security

18:11 Future of yield

22:19 BTC v ETH staking

25:22 New financial primitives

28:26 Points farming and the future

30:53 Lombard business case

33:40 Copy/paste rollups

35:45 Chain adoption

37:47 Competition

39:33 Babylon ecosystem

42:05 Why LBTC token

45:50 Current Bitcoin L2s

50:33 What happens if covenants?

55:15 Validator incentives

👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome back to The Gwart Show! Peter van Valkenburgh breaks down Coin Center's legal battle against the DOJ's crackdown on privacy tools like Tornado Cash. From First Amendment rights to money transmission laws, we explore how these cases could alter development. Peter explains why software isn't money transmission and how these prosecutions threaten innovation in America.

🐦Follow our guests on Twitter: @valkenburgh @coincenter 

📝Quick notes & topics:

• Code as protected speech

• DOJ vs privacy tools

• Money transmission laws

• First Amendment rights

• Regulatory overreach

• Trump vs Biden crypto policy

Timestamps:

00:00 Start

00:46 Peter bio

02:02 What is Coin Center?

07:01 Other advocacy groups

12:54 Alignment w/ older orgs

24:59 Location specific legal interpretation

30:01 Tornado Cash case update

33:47 3 charges in Tornado Cash case

38:46 Samurai v Tornado Cash

44:41 How does this fail?

48:21 On & off ramps

51:17 Tornado Cash token

53:37 Token complications

55:43 Securities law

1:02:28 Legal response to immutable code

1:06:49 Optimism & timelines

1:10:51 What should we do?

1:15:16 Solana's got the same problems

👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

In this deep dive episode, Kevin Mills from Triton Liquid Fund joins us to examine the fundamental value of Ethereum through multiple analytical frameworks. Building on John Pfeifer's influential 2017 paper, Kevin explores cash flow models, equation of exchange, and the internet bond theory to assess ETH's true value. The conversation challenges popular narratives around monetary premium and questions traditional valuation approaches in crypto markets. Essential listening for anyone interested in crypto asset valuation fundamentals.

Read the paper: https://whatisethereumworth.com/

🐦Follow our guests on Twitter: @__kfm__

📝Quick notes & topics:

• ETH cash flow valuation challenges

• Value capture vs value creation

• L2 impact on ETH economics

• Monetary premium limitations

• Application layer value capture

• Protocol value extraction limits

Timestamps:

00:00 Start

01:39 Kevin bio

04:26 Original paper overview

08:19 Valuation methods

11:51 Denominating in ETH

13:17 Issuance rate / cash flow

18:26 Equation of exchange

29:41 Internet bond

33:41 Working capital theory

37:16 Carrying cost of capital

41:18 Counter arguments: Ultra Sound Money

47:14 Premium block space

55:20 Bimetalic history

58:39 Likely outcomes

1:03:06 The utility path to zero

1:05:08 App layer thesis

1:09:11 RIP Fat Protocol Thesis

1:11:08 Value capture mechanisms

1:15:16 Solana's got the same problems

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Happy Sunday and welcome back to The Gwart Show. Today we are joined by Jordi Alexander, founder of Selini Capital, discusses HyperLiquid's success, the future of AI in crypto, market making strategies, and shares insights on Ethereum's potential changes and Solana's surprising performance.

Follow our guests on Twitter:@gametheorizing

00:00 Start

00:56 Jordi intro

01:23 Selini Capital

03:11 Prop shop vs VC money

04:35 What is HFT?

05:38 Which DeFi protocols for Selini Capital?

06:35 Volume of Hyperliquid

07:59 Marketmaking CeFi vs DeFi?

09:02 Why no Wall Steert marker makers?

10:19 How good is Hyperliquid?

13:30 Will Hyperliquid survive?

16:18 Small validator set

18:59 Hype token

21:30 ETH vibes these days?

23:06 Does the Ethereum Foundation even matter?

25:00 Does SOL flip ETH?

27:17 AI agents

30:08 Agents vs Bots

33:08 AI tokens

34:46 AI for endless promotion

36:43 Pigeon dox

40:31 DeSci

👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve Lee from Spiral and Ren from Electric Capital join The Gwart Show to talk Bitcoin consensus! We cover how Bitcoin changes, stakeholder weight, and the future of protocol upgrades like covenants.

Follow our guest on Twitter: @moneyball @0xren_cf

Read our paper: https://bitcoin-cap.github.io/bcap/

00:00 Start

01:00 Introductions

03:01 Partnering for the paper

04:25 Motivation to write paper

08:17 Reluctance to define a BTC consensus process

12:20 Defining the stakeholders

13:48 Consensus game theory

15:51 Blocksize war

20:36 Learnings from the Blocksize War

22:33 Signaling & other activation routes

26:13 Bounty claim attack

29:44 Are miners up to speed on covenants?

31:59 measuring state of mind

34:38 Education

36:45 Self custody = power

40:59 Role of influencers

45:20 Current state of possible changes

49:39 Echo chambers vs reality

53:42 Will we get to a breaking point?

58:16 OP_CAT

1:01:44 Productive paths to change

1:04:47 What does Bitcoin NEED?

👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Today we’re joined by Uma Roy of Succinct Labs to discuss ZK-VM technology, the upcoming prover network, and the alternative scaling paths. We got into rollup architectures, Bitcoin integration, and the landscape of ZK proofs in crypto.

Follow our guest on Twitter: @pumatheuma

00:00 Start

00:53 Who is Uma?

01:16 What's a ZKVM?

03:07 Starkware vs Prover Network

04:20 How does it work?

05:28 Who plans to use this ZKVM?

07:50 Why does it take an hour?

10:01 What is the Prover Network?

14:15 ASICS for Prover Network?

21:07 System design

24:55 Roll ups remaining optimistic?

26:04 Let a thousand roll ups bloom

28:14 App chains

30:50 Solana ZK?

32:06 Solana target applications?

34:38 Scaling L1 fallacy

37:12 Interoperability

42:21 Beamchain

45:46 Differences in ZKVMs available?

50:17 Why will ZKVMS be profitable?

54:36 BitVM

👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Eli Ben-Sasson, CEO of Starkware, joins The Gwart Show to discuss Ethereum L2s and Bitcoin scaling solutions. We go through rollup controversies, Starkware’s airdrop drama, and how we might actually scale protocols through ZK proofs and STARKs. Lastly, we touch on OP_CAT, which the Starkware team has been pushing behind the scenes.

Follow our guest on Twitter: @EliBenSasson

00:00 Start

00:44 Guest introduction

01:25 What is Starkware working on?

03:15 Working on BTC vs ETH

06:27 Why did Bitcoin dev stagnate?

08:44 Chain agnostic

11:52 Why will Validity Rollups win?

14:59 What Starkware is doing differently

18:17 Hardware

20:38 ETH's Rollup roadmap

22:13 Optimistic rollups

25:37 ETH Starknet adoption

31:27 Airdrop fumble

39:48 Would you do the airdrop differently?

42:33 Stark token for gas

45:13 Selling Bitcoiners on Stark token?

47:26 Based Rollups won't work

50:01 Base capturing marketshare

54:51 Is OP_CAT required?

57:00 What if no OP_CAT?

58:57 Why should Bitcoiners care?

👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Charlotte, creator of Milady NFTs, discusses building a counter-cultural art movement, embracing controversy, fostering community through derivatives, and aiming for "thousand-year dynasty" influence across tech, politics, and culture while rejecting traditional VC-backed NFT models.

Follow our guest on Twitter: @CharlotteFang77

00:00 Start

01:01 Who is Charlotte Fang?

01:29 Inspiration for Milady ?

04:39 Art style

10:24 Path to success?

17:43 Community engagement

21:37 Milady Cancel?

25:10 Milady 911

27:08 VC backed NFTs

35:07 Memecoins

37:17 Crypropunks

44:08 Derivatives

51:04 Future of NFTs

57:15 Fidenza

1:02:22 Ordinals

1:05:28 Base

1:08:54 Grand vision

👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome back to The Gwart Show! Today we are rejoined by Jon Charb of DBA. A fellow podcaster and SOL bag holder, Gwart digs into Jon’s recent blog post on Ethereum’s future, community alignment, value of ETH, and Bitcoin rollup development.

Follow our guest on Twitter: @jon_charb

00:00 Start

00:41 ETH's North Star Blog Post

03:57 Is SOL a true competitor?

05:44 WTF is a settlement layer?

09:35 Main points of North Star post

16:08 Community alignment

19:21 Gas limit increase

22:30 L1 performance increase

25:35 Is the value in the execution?

28:28 TradFi does care about credible neutrality

34:44 L1 blockspace premium

40:35 Does world computer = money?

44:15 Store of value vs utility

48:38 ETH at $1

50:39 Effects of 32 ETH to stake

52:29 Distribution of stake now

57:28 Beamchain

1:02:36 Why would Bitcoin rollups be different?

👋The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

Enjoy the show? Check out our website and newsletter by clicking here.

Questions or want to sponsor? [email protected]

Learn more about your ad choices. Visit megaphone.fm/adchoices