Rory Murray, Director of Digital Asset Management at Cleanspark, joins us to discuss his journey from global macro investing to leading Bitcoin mining operations, the Griid acquisition, cost structures, hedging strategies, and how the business is evolving into a hybrid energy‑finance powerhouse.

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SEC Commissioner Hester Peirce joins us to talk about the evolving crypto regulatory landscape—from the Clarity Act and the Howey test to protocol ownership, governance tokens, and the challenges of MEV. She shares insider perspectives on market‑structure bills, self‑custody, and what regulators really care about in decentralized finance.

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Anatoly from Solana joins us to talk about the recently launched Seeker phone and its strategy to break Apple/Google's 30% monopoly through crypto-native distribution. We dive deep into Hyperliquid's centralized matching engine vs Solana's decentralized approach, Bitcoin as digital gold vs investment, the meme coin phenomenon, and why hardware might be key to building alternative app ecosystems.

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Welcome back to The Gwart Show! Today, Benedict Brady, former quant trader and founder of Meridian joins us to talk about Solana's dark pool ecosystem, Jupiter's market dominance, the move from traditional AMMs to sophisticated trading infrastructure, MEV wars, and how his AI-powered trading assistant is changing crypto trading interfaces.

Timestamps:

00:00 Start

00:19 Benedict intro

02:32 Solana focused work

05:14 Solana market evolution

13:03 RFQ vs Dark AMM

15:24 Partial RFQ Fills

17:17 Dark AMMs in practice

19:58 Define "Dark"

23:46 Why Jupyter?

27:45 Dark AMM big unlock?

30:19 Deep thoughts...

32:14 Are Solana spreads tight?

36:02 Wintermute

37:19 Why the secrecy?

40:01 Hello MEV, my old friend

45:26 Gwart the Bitcoin Maxi (or not)

49:23 SOL vs ETH

52:44 App sequencing

55:33 Perp DEX is actually an L2

58:35 BAM

59:36 Permissionless building

1:04:29 Meridian

1:07:11 LLM trading

1:09:27 AI + Crypto killer apps

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The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.

If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.
Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.

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Welcome back to The Gwart Show! Today, Alex B from Ark Labs joins us to talk about the Ark protocol and Arkade implementation - a Bitcoin layer 2 that uses transaction batching and virtual UTXOs to scale Bitcoin beyond Lightning. We explore how Ark competes with roll-ups, enables Bitcoin capital markets, and could transform Lightning's UX while maintaining self-custody. Alex explains the technical innovations, use cases from payments to lending, and why this could be Bitcoin's answer to Ethereum's scaling solutions.

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NOTES:

• Phoenix wallet charges 0.4% per transaction

• Bitcoin market cap reached $2 trillion

• Roll-ups rely on bridge security assumptions

• Ark enables unlimited swap throughput

Chapters:

00:00 Start

01:03 What is Ark?

13:34 Sequencers

16:15 Why rollups?

23:47 Security Counsel

28:17 Ellipsis Labs

29:18 EVM vs Ark

35:41 Arkade's killer app

51:30 Bitcoin payments

1:02:17 All innovation comes back to Bitcoin

1:12:12 Fragmented liquidity

1:15:35 Open source

1:19:42 Wen Arkade beta?

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RSS http://tiny.cc/wbwuwz

YouTube https://tinyurl.com/4kwhu4s7

The Gwart Show is sponsored by Ellipsis Labs, the builders behind Atlas, a blockchain for verifiable finance and Phoenix, an on-chain orderbook DEX with over $50 billion in unincentivized volume.

If you're interested in a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas.

Learn more and apply on Twitter at @Ellipsis_Labs and @atlasxyz.

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

Felix Jauvin, Macro Economist and host of Forward Guidance podcast, joins us to talk about the regime shift from monetary to fiscal dominance, why Bitcoin and risk assets are hitting all-time highs despite high interest rates, the treasury company revolution led by MicroStrategy, and why "hyper gambling your way to wealth" has become a rational strategy in our current economic environment.

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Welcome back to The Gwart Show! Today, Josh Lim from FalconX joins us to talk about the massive boom in corporate crypto treasury vehicles. We talk about how these deals work, from management teams and investment bankers structuring vehicles to raise capital, to the 45-60 day liquidity windows and 2-6x NAV premiums investors are seeing. Josh explains the Michael Saylor playbook, yield strategies, and whether this trend is sustainable or headed for a crash.

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

Notes:

• Treasury vehicles see 45-60 day liquidity windows

• Some trade at 2-6x NAV premiums currently  

• $4 billion new Bitcoin vehicle announced recently

• Circle IPO traded at $230 per share peak

• MicroStrategy model being widely replicated

• 3-5 month timeline for SPAC conversions

Timestamps:

00:00 Start

00:46 Josh's background & FalconX

03:12 Arbelos Markets

04:03 Market overview

07:03 Digital asset treasury companies

11:07 Starting a treasury vehicle company

12:36 Hostile takeovers?

16:06 Deal structure

21:17 LOL "Management team"

23:09 ROI for investors

26:56 What's a healthy multiple?

28:19 Copy/Paste Strategy

29:32 Yield strategies

32:02 How does this fail?

35:40 Premium longevity

38:10 Out "Sayloring" Saylor, c'mon bro?

41:26 Alt Season go bye bye?

46:06 Trading on-chain, relic of the past?

49:30 24/7 trading

50:57 Prediction markets

53:24 Gwart's take on treasury companies

54:49 Josh's optimistic take

56:19 Circle IPO

57:29 Degen's gonna degen

59:05 Wrap

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👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.

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Welcome back to The Gwart Show! Today, Christopher Goes, early Ethereum contributor and IBC protocol creator, joins us to talk about why Ethereum failed as a world computer, the organizational chaos at Cosmos (including a CEO who declared himself Jesus), privacy solutions like Narmada, intent-based systems, and how crypto shifted from idealistic public goods to pure attention-driven capitalism.

Follow our guest on Twitter! @cwgoes

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

Notes:

• Cosmos Hub generates zero revenue still

• Bitcoin was $1 when Goes started mining

• Anoma synthesizes Ethereum, Cosmos, Zcash

• Wyvern protocol was OpenSea's backup

• IBC connects all Cosmos chains today

• Signal adoption shows privacy step functions

Timestamps:

00:00 Start

00:57 CW background

04:41 Early days of Ethereum

08:17 Cosmos

09:56 IBC protocol

10:16 Cosmos: God, Bad & Ugly

14:09 App chain thesis

15:17 Anoma

21:19 Intent-centric design

24:08 Ellipsis Labs

25:09 Namada

26:35 Goal of Namada

28:46 Anonymity set

30:44 Open ledgers vs privacy

36:15 Traders want privacy

37:20 Blockchains & the surveillance state

38:51 Evolution of ETH theory

42:48 ETH fails at "global computer"

45:02 Source of failure

47:37 L1 vs L2 scaling

51:30 The state of interoperability

59:02 People following incentives

1:03:34 Innovation fragmentation

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👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.

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Welcome back to The Gwart Show! Today, Carl Dong, founder of Obscura VPN and former Bitcoin Core developer at Chain Code Labs, joins us to talk about his transition from Bitcoin development to building privacy infrastructure. We discuss his work on reproducible builds, supply chain security, the funding dynamics of Bitcoin development, and why he created the first multi-hop VPN that eliminates single points of trust.

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

Timestamps:

00:00 Start

01:09 Carl's professional background

02:54 Personal background

07:50 Open source vs product dev

18:14 Chaincode's influence

23:05 Ellipsis Labs

24:06 Funding open source work

30:21 Obscura VPN

36:07 The state of TOR

40:30 VPN user base

45:10 Easy personal privacy steps

47:57 Privacy in Bitcoin

53:21 Simplicity

58:02 Innovations from the "crypto" space

1:00:21 Wrap up

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Newsletter https://blockspace.media/newsletter/

👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.

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Welcome back to The Gwart Show! Today, Robert Chang, crypto trader and prolific Twitter shitposter, joins us to talk about his wild ride through crypto's highs and lows - from being a Luna lunatic to losing everything on Hyperliquid, navigating AI agent metas, getting rugged by VCs stealing his ideas, and why internet capital markets might just be elaborate poker chips with better marketing.

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

• Luna looping strategy led to total account loss

• Hyperliquid refunded liquidation due to oracle issues  

• AI agent tokens hit incredible market caps in 2024

• Worm project went from idea to 4M market cap

• A16Z agent reached peak before January market top

• Most crypto VCs are "incredibly stupid" mercenaries

Timestamps:

00:00 Start

00:24 Robert's background

01:20 Working in crypto

05:11 Lately

07:07 Traders vs users

11:07 Hyperliquid early days

13:10 Markets recently

15:05 Bigger names enter market

16:27 Current market

20:50 AI agents

22:48 WORM

26:12 WORM goes to zero

28:47 Elipsis Labs

29:48 VCs sniping ideas

32:43 ICM

36:08 ICM (this time is different)

44:05 AI16z value proposition?

47:15 Base

50:05 The future

54:15 Bullish VC coins?

58:28 Alliance DAO

1:01:28 Bullish on what?

1:04:32 Ryan Park

1:07:28 ETH (don't call it a comeback)

1:08:23 BTC is mid

1:09:16 Wrap up

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Newsletter https://blockspace.media/newsletter/

👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.

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