The Big Brain Podcast Transistor (https://transistor.fm) https://feeds.transistor.fm/the-big-brain-podcast The Big Brain Podcast features conversations with crypto's most influential thinkers, builders, and traders. Co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu, these interviews challenge ideas, dig into mental models, and push guests beyond the headlines. This show isn't about predicting the future of crypto—it’s about spotlighting the big brains shaping it. © 2026 The Block 9a234335-b96f-53fa-b698-d28b0ababe73 yes The Big Brain Podcast: Teaser en Wed, 22 Apr 2026 19:30:32 +0000 Wed, 22 Apr 2026 19:31:08 +0000 https://www.theblock.co/podcasts https://img.transistorcdn.com/lJIOA9Bk3Ch4fphXJx8FVhBq0sgdQZ4POAzkEsq4nTg/rs:fill:0:0:1/w:1400/h:1400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS81MjRi/Mzk1OGEwY2ExMjJh/YmQwMmRjYTU1MWIw/ZjRmZS5wbmc.jpg The Big Brain Podcast https://www.theblock.co/podcasts episodic The Block The Big Brain Podcast features conversations with crypto's most influential thinkers, builders, and traders. Co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu, these interviews challenge ideas, dig into mental models, and push guests beyond the headlines. This show isn't about predicting the future of crypto—it’s about spotlighting the big brains shaping it. The Big Brain Podcast features conversations with crypto's most influential thinkers, builders, and traders. The Block podcast@theblock.co No No Inside Plasma with Zaheer: The Future of Stablecoins 1 1 Inside Plasma with Zaheer: The Future of Stablecoins full 8f67ac5c-e43b-4758-a7dc-103025c9be0e https://www.theblock.co/post/398515/inside-plasma-with-zaheer-the-future-of-stablecoins In episode 11 of The Big Brain Podcast, Larry and Namik are joined by Zaheer Ebtikar, Chief Strategy Officer at Plasma. Zaheer explains why stablecoins are the most important use case in crypto, the need for simplified user experiences, and why verticalized chains may outperform general-purpose blockchains.

The conversation also covers token design, institutional adoption, and how the industry is evolving toward real utility over speculation.

OUTLINE
00:00 Introduction
01:18 Plasma Pivot
10:08 Verticalization Thesis
16:31 Plasma USP
19:30 Whop Announcement
21:20 Token Value Accrual
28:40 Token Transparency
31:48 Role of Community
35:30 ETH vs. SOL
44:00 Market Outlook

Guest links:
Zaheer Ebtikar - https://x.com/zaheerebtikar
Plasma - https://x.com/plasma

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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👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

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🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

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]]> In episode 11 of The Big Brain Podcast, Larry and Namik are joined by Zaheer Ebtikar, Chief Strategy Officer at Plasma. Zaheer explains why stablecoins are the most important use case in crypto, the need for simplified user experiences, and why verticalized chains may outperform general-purpose blockchains.

The conversation also covers token design, institutional adoption, and how the industry is evolving toward real utility over speculation.

OUTLINE
00:00 Introduction
01:18 Plasma Pivot
10:08 Verticalization Thesis
16:31 Plasma USP
19:30 Whop Announcement
21:20 Token Value Accrual
28:40 Token Transparency
31:48 Role of Community
35:30 ETH vs. SOL
44:00 Market Outlook

Guest links:
Zaheer Ebtikar - https://x.com/zaheerebtikar
Plasma - https://x.com/plasma

Show links:

  • Apple: apple.co/43F3vmq

  • Spotify: spoti.fi/44NT1lZ

  • Larry: x.com/lawmaster

  • Namik: x.com/NamikMuduroglu

  • The Block Podcasts: x.com/TheBlockPods


--------------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

--------------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 https://theblock.co/campus

]]> Wed, 22 Apr 2026 19:30:25 +0000 The Block The Block 3012 In episode 11 of The Big Brain Podcast, Larry and Namik are joined by Zaheer Ebtikar, Chief Strategy Officer at Plasma. Zaheer explains why stablecoins are the most important use case in crypto, the need for simplified user experiences, and why verticalized chains may outperform general-purpose blockchains.

The conversation also covers token design, institutional adoption, and how the industry is evolving toward real utility over speculation.

OUTLINE
00:00 Introduction
01:18 Plasma Pivot
10:08 Verticalization Thesis
16:31 Plasma USP
19:30 Whop Announcement
21:20 Token Value Accrual
28:40 Token Transparency
31:48 Role of Community
35:30 ETH vs. SOL
44:00 Market Outlook

Guest links:
Zaheer Ebtikar - https://x.com/zaheerebtikar
Plasma - https://x.com/plasma

Show links:

  • Apple: apple.co/43F3vmq

  • Spotify: spoti.fi/44NT1lZ

  • Larry: x.com/lawmaster

  • Namik: x.com/NamikMuduroglu

  • The Block Podcasts: x.com/TheBlockPods


--------------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

--------------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 https://theblock.co/campus

]]> No Gauntlet CEO Tarun Chitra on Why Exchange ADL Mechanisms Need an Update 10 10 Gauntlet CEO Tarun Chitra on Why Exchange ADL Mechanisms Need an Update full 129572ee-dab1-11f0-9e0c-7bb8e0aecbf7 https://share.transistor.fm/s/971fbf7d 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 00:52:42 - 10x verticals looking ahead

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

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

---------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teams

Start your free trial today 👉 https://theblock.co/campus

]]> 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 00:52:42 - 10x verticals looking ahead

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

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

---------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teams

Start your free trial today 👉 https://theblock.co/campus

]]> Tue, 16 Dec 2025 17:57:00 -0100 The Block The Block 3783 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 00:52:42 - 10x verticals looking ahead 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 --------------------------------------------------------------------------------- Subscribe to The Block's Newsletters! 🚨 Breaking News 👨‍🔬 Expert Analysis 📈 Market Insights Subscribe now 👉 https://www.theblock.co/newsletters --------------------------------------------------------------------------------- Hiring in crypto? 🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teams Start your free trial today 👉 https://theblock.co/campus 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, No Inside Infinex: Kain Warwick on building a 'superapp' to solve crypto's UX problem 9 9 Inside Infinex: Kain Warwick on building a 'superapp' to solve crypto's UX problem full 5ba56526-cb79-11f0-beef-4f0fb13e3aa8 https://share.transistor.fm/s/cadfcac7 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.

OUTLINE 0:00 – Introduction

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

Guest links: Kain Warwick - https://x.com/kaiynne

Infinex on X - https://x.com/infinexInfinex - https://infinex.xyz/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

]]> 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.

OUTLINE 0:00 – Introduction

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

Guest links: Kain Warwick - https://x.com/kaiynne

Infinex on X - https://x.com/infinexInfinex - https://infinex.xyz/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

]]> Thu, 27 Nov 2025 13:08:00 -0100 The Block The Block 3276 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. OUTLINE 0:00 – Introduction 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 Guest links: Kain Warwick - https://x.com/kaiynne Infinex on X - https://x.com/infinexInfinex - https://infinex.xyz/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu 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 No Lighter CEO on 'Democratizing Finance' with a zero-fee, ZK perp DEX 8 8 Lighter CEO on 'Democratizing Finance' with a zero-fee, ZK perp DEX full 48e7d8b6-ca2e-11f0-a53b-33f53e11f623 https://share.transistor.fm/s/728a83ad 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. OUTLINE 00:00 – Introduction 04:50 – What Lighter is 06:15 – Why Ethereum L2 and ZK 11:03 – Zero-fee retail model 18:11 – Robinhood relationship & RH Chain 20:30 – L1 vs L2 value capture 27:08 – TGE timing and token value 30:29 – DYDX, Hyperliquid and CEX vs DeFi 35:52 – 10/10 crash and LLP risk 39:50 – Infra upgrades and closing Guest links: Vladimir Novakovski - https://x.com/vnovakovski Lighter - https://x.com/Lighter_xyz Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

]]> 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. OUTLINE 00:00 – Introduction 04:50 – What Lighter is 06:15 – Why Ethereum L2 and ZK 11:03 – Zero-fee retail model 18:11 – Robinhood relationship & RH Chain 20:30 – L1 vs L2 value capture 27:08 – TGE timing and token value 30:29 – DYDX, Hyperliquid and CEX vs DeFi 35:52 – 10/10 crash and LLP risk 39:50 – Infra upgrades and closing Guest links: Vladimir Novakovski - https://x.com/vnovakovski Lighter - https://x.com/Lighter_xyz Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

]]> Tue, 25 Nov 2025 22:06:00 -0100 The Block The Block 2480 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. OUTLINE 00:00 – Introduction 04:50 – What Lighter is 06:15 – Why Ethereum L2 and ZK 11:03 – Zero-fee retail model 18:11 – Robinhood relationship & RH Chain 20:30 – L1 vs L2 value capture 27:08 – TGE timing and token value 30:29 – DYDX, Hyperliquid and CEX vs DeFi 35:52 – 10/10 crash and LLP risk 39:50 – Infra upgrades and closing Guest links: Vladimir Novakovski - https://x.com/vnovakovski Lighter - https://x.com/Lighter_xyz Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu 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 No ZCash Co-Founder: 'The World is Demanding More Privacy' 7 7 ZCash Co-Founder: 'The World is Demanding More Privacy' full c743417e-b998-11f0-bd2e-3fce518e1e5c https://share.transistor.fm/s/fc463631 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. The conversation delves into the challenges of ensuring integrity in privacy payments on decentralized public blockchains, highlighting the role of ZK proofs in validating computations without compromising sensitive information. OUTLINE 00:00 Introduction 03:48 From Academia to Crypto 08:52 Zcash Privacy Overview 13:06 Monero vs. Zcash 15:05 The Future of Privacy 16:50 Quantum Threats 24:13 Zcash's Evolution 28:23 Starknet & BTCFi 33:13 Bitcoin's Future 41:08 Why Privacy Matters 43:14 The Future of Starknet Guest links: Eli Ben-Sasson - https://x.com/EliBenSasson Starknet BTCFi - https://www.starknet.io/blog/starknet-x-bitcoin-the-next-step-btcfi-on-starknet/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

]]> 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. The conversation delves into the challenges of ensuring integrity in privacy payments on decentralized public blockchains, highlighting the role of ZK proofs in validating computations without compromising sensitive information. OUTLINE 00:00 Introduction 03:48 From Academia to Crypto 08:52 Zcash Privacy Overview 13:06 Monero vs. Zcash 15:05 The Future of Privacy 16:50 Quantum Threats 24:13 Zcash's Evolution 28:23 Starknet & BTCFi 33:13 Bitcoin's Future 41:08 Why Privacy Matters 43:14 The Future of Starknet Guest links: Eli Ben-Sasson - https://x.com/EliBenSasson Starknet BTCFi - https://www.starknet.io/blog/starknet-x-bitcoin-the-next-step-btcfi-on-starknet/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

]]> Tue, 25 Nov 2025 15:38:00 -0100 The Block The Block 3048 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. The conversation delves into the challenges of ensuring integrity in privacy payments on decentralized public blockchains, highlighting the role of ZK proofs in validating computations without compromising sensitive information. OUTLINE 00:00 Introduction 03:48 From Academia to Crypto 08:52 Zcash Privacy Overview 13:06 Monero vs. Zcash 15:05 The Future of Privacy 16:50 Quantum Threats 24:13 Zcash's Evolution 28:23 Starknet & BTCFi 33:13 Bitcoin's Future 41:08 Why Privacy Matters 43:14 The Future of Starknet Guest links: Eli Ben-Sasson - https://x.com/EliBenSasson Starknet BTCFi - https://www.starknet.io/blog/starknet-x-bitcoin-the-next-step-btcfi-on-starknet/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu 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. The conversation delves into the challenges of ensuring integrity in privacy payments on No Breaking down crypto's biggest ever liquidation event with Wintermute founder Evgeny Gaevoy 6 6 Breaking down crypto's biggest ever liquidation event with Wintermute founder Evgeny Gaevoy full 26d477a0-a8fc-11f0-a3cf-1746746bc48c https://share.transistor.fm/s/61cb3ecc 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 00:00 Introduction

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.


Are you hiring in crypto?

Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams.

Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠

]]> 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 00:00 Introduction

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.


Are you hiring in crypto?

Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams.

Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠

]]> Tue, 14 Oct 2025 16:16:00 +0000 The Block The Block 2695 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 00:00 Introduction 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. Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams. Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠ 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 cha No Venture trends, regulatory wins, and consumer innovation: Tom Schmidt and Alok Vasudev on crypto's new era 5 5 Venture trends, regulatory wins, and consumer innovation: Tom Schmidt and Alok Vasudev on crypto's new era full c394b94a-81c6-11f0-af28-2b3884130930 https://share.transistor.fm/s/bbaa77fb 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 00:00 Introduction
01:06 Alok's Background
04:45 Tom's Background
06:21 Cap Table Competition
07:53 Crypto 'Metas'
13:09 Copycat Crypto Projects
15:26 Brand Positioning
17:45 Web3 Moats
19:29 Crypto Treasury Companies
27:28 Regulatory Tailwinds
30:38 Consumer Adoption


GUEST LINKS

https://x.com/tomhschmidt

https://x.com/AlokVasudev

Are you hiring in crypto?

Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams.

Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠

]]> 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 00:00 Introduction
01:06 Alok's Background
04:45 Tom's Background
06:21 Cap Table Competition
07:53 Crypto 'Metas'
13:09 Copycat Crypto Projects
15:26 Brand Positioning
17:45 Web3 Moats
19:29 Crypto Treasury Companies
27:28 Regulatory Tailwinds
30:38 Consumer Adoption


GUEST LINKS

https://x.com/tomhschmidt

https://x.com/AlokVasudev

Are you hiring in crypto?

Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams.

Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠

]]> Mon, 25 Aug 2025 15:43:00 +0000 The Block The Block 2465 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 00:00 Introduction 01:06 Alok's Background 04:45 Tom's Background 06:21 Cap Table Competition 07:53 Crypto 'Metas' 13:09 Copycat Crypto Projects 15:26 Brand Positioning 17:45 Web3 Moats 19:29 Crypto Treasury Companies 27:28 Regulatory Tailwinds 30:38 Consumer Adoption GUEST LINKS https://x.com/tomhschmidt https://x.com/AlokVasudev Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams. Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠ 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 No How the US buying Bitcoin will rebuild American strength 1 1 How the US buying Bitcoin will rebuild American strength full 3a411f4e-73ac-11f0-8a86-17774d8752c2 https://share.transistor.fm/s/33f0b7c5 Jack Mallers recounts his bitcoin journey, and explains how the US government could expunge its debt by dumping USD into gold and bitcoin.


OUTLINE: 00:00 Introduction 06:55 Mallers Family Office 09:50 Founding Strike 14:53 Orange-Pilling El Salvador 22:23 Bitcoin & Tether 26:18 International Bitcoin Policies 32:39 US Bitcoin Policy 53:30 Twenty One

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


OUTLINE: 00:00 Introduction 06:55 Mallers Family Office 09:50 Founding Strike 14:53 Orange-Pilling El Salvador 22:23 Bitcoin & Tether 26:18 International Bitcoin Policies 32:39 US Bitcoin Policy 53:30 Twenty One

]]> Thu, 07 Aug 2025 16:33:00 +0000 The Block The Block 3820 Jack Mallers recounts his bitcoin journey, and explains how the US government could expunge its debt by dumping USD into gold and bitcoin. OUTLINE: 00:00 Introduction 06:55 Mallers Family Office 09:50 Founding Strike 14:53 Orange-Pilling El Salvador 22:23 Bitcoin & Tether 26:18 International Bitcoin Policies 32:39 US Bitcoin Policy 53:30 Twenty One Jack Mallers recounts his bitcoin journey, and explains how the US government could expunge its debt by dumping USD into gold and bitcoin. OUTLINE: 00:00 Introduction 06:55 Mallers Family Office 09:50 Founding Strike 14:53 Orange-Pilling El Salvador 22 No Infinite Money Glitch: Paolo Ardoino shares Tether's vision for building a stable society 1 1 Infinite Money Glitch: Paolo Ardoino shares Tether's vision for building a stable society full efc73cda-5058-11f0-928d-8bcce6848e6b https://share.transistor.fm/s/47777403 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. OUTLINE: 00:00 Introduction 00:30 Paolo's Background 1:21 Tether's Path to Success 04:04 Stablecoin Policy 07:23 USDT Adoption in Emerging Markets 12:15 Tether Gold 16:30 Tether & US Hegemony 21:25 Responsible Crypto Education 22:54 Tether Wallet Development Kit 25:00 Chain Preferences 28:52 Tether's Investment Strategy 45:13 Infinite Money Glitch SHOW LINKS:

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

GUEST LINKS:

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, 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. OUTLINE: 00:00 Introduction 00:30 Paolo's Background 1:21 Tether's Path to Success 04:04 Stablecoin Policy 07:23 USDT Adoption in Emerging Markets 12:15 Tether Gold 16:30 Tether & US Hegemony 21:25 Responsible Crypto Education 22:54 Tether Wallet Development Kit 25:00 Chain Preferences 28:52 Tether's Investment Strategy 45:13 Infinite Money Glitch SHOW LINKS:

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

GUEST LINKS:

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/

]]> Mon, 23 Jun 2025 17:38:00 +0000 The Block The Block 2947 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. OUTLINE: 00:00 Introduction 00:30 Paolo's Background 1:21 Tether's Path to Success 04:04 Stablecoin Policy 07:23 USDT Adoption in Emerging Markets 12:15 Tether Gold 16:30 Tether & US Hegemony 21:25 Responsible Crypto Education 22:54 Tether Wallet Development Kit 25:00 Chain Preferences 28:52 Tether's Investment Strategy 45:13 Infinite Money Glitch SHOW LINKS: 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 GUEST LINKS: 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, 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 No DeFi Wizards: Rune Christensen and Guy Young on the past, present, and future of finance 2 2 DeFi Wizards: Rune Christensen and Guy Young on the past, present, and future of finance full c123cdf2-46ea-11f0-bafc-afba2bec02b3 https://share.transistor.fm/s/d811f932 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. OUTLINE:

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 SHOW LINKS: - 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 GUEST LINKS: - Rune: @RuneKek - Guy: @gdog97_ - Sky: https://sky.money/ - Ethena: https://ethena.fi/

]]> 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. OUTLINE:

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 SHOW LINKS: - 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 GUEST LINKS: - Rune: @RuneKek - Guy: @gdog97_ - Sky: https://sky.money/ - Ethena: https://ethena.fi/

]]> Wed, 11 Jun 2025 18:12:00 +0000 The Block The Block 2983 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. OUTLINE: 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 SHOW LINKS: - 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 GUEST LINKS: - Rune: @RuneKek - Guy: @gdog97_ - Sky: https://sky.money/ - Ethena: https://ethena.fi/ 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. OUTLINE: 00:00 Introduction 01:2 No Winning the Crypto Long Game 1 1 Winning the Crypto Long Game full 953e6dc0-37c0-11f0-95d4-b3a064a4fc66 https://share.transistor.fm/s/7bc9f35d The Big Brain Podcast is co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu.

In this episode, Haseeb Qureshi & Jordi Alexander discuss the similarities between poker and crypto, the economics of bitcoin's endgame, the intersection of AI and crypto, and more.

OUTLINE: 00:00 Introduction 02:25 Similarities between Poker & Crypto 06:33 Maintaining Crypto Conviction 12:40 Surviving the FTX Fallout 17:55 FTX Marketing Spend 24:05 The Trump Era of Crypto 26:34 Bitcoin Endgame Economics 34:32 Crypto & AGI 43:07 Analysts vs. LLMs 47:47 Market Making & AI 51:52 F.A.F.O. Onchain

SHOW LINKS: - 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

GUEST LINKS: - Haseeb: https://x.com/hosseeb - Jordi: https://x.com/gametheorizing

EPISODE LINKS: - AI 2027: https://ai-2027.com/ - Noise: https://www.noise.xyz/ - Dave White Thread: https://x.com/_Dave__White_/status/1866497496773804434

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

In this episode, Haseeb Qureshi & Jordi Alexander discuss the similarities between poker and crypto, the economics of bitcoin's endgame, the intersection of AI and crypto, and more.

OUTLINE: 00:00 Introduction 02:25 Similarities between Poker & Crypto 06:33 Maintaining Crypto Conviction 12:40 Surviving the FTX Fallout 17:55 FTX Marketing Spend 24:05 The Trump Era of Crypto 26:34 Bitcoin Endgame Economics 34:32 Crypto & AGI 43:07 Analysts vs. LLMs 47:47 Market Making & AI 51:52 F.A.F.O. Onchain

SHOW LINKS: - 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

GUEST LINKS: - Haseeb: https://x.com/hosseeb - Jordi: https://x.com/gametheorizing

EPISODE LINKS: - AI 2027: https://ai-2027.com/ - Noise: https://www.noise.xyz/ - Dave White Thread: https://x.com/_Dave__White_/status/1866497496773804434

]]> Fri, 23 May 2025 10:27:00 +0000 The Block The Block 3606 The Big Brain Podcast is co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu. In this episode, Haseeb Qureshi & Jordi Alexander discuss the similarities between poker and crypto, the economics of bitcoin's endgame, the intersection of AI and crypto, and more. OUTLINE: 00:00 Introduction 02:25 Similarities between Poker & Crypto 06:33 Maintaining Crypto Conviction 12:40 Surviving the FTX Fallout 17:55 FTX Marketing Spend 24:05 The Trump Era of Crypto 26:34 Bitcoin Endgame Economics 34:32 Crypto & AGI 43:07 Analysts vs. LLMs 47:47 Market Making & AI 51:52 F.A.F.O. Onchain SHOW LINKS: - 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 GUEST LINKS: - Haseeb: https://x.com/hosseeb - Jordi: https://x.com/gametheorizing EPISODE LINKS: - AI 2027: https://ai-2027.com/ - Noise: https://www.noise.xyz/ - Dave White Thread: https://x.com/_Dave__White_/status/1866497496773804434 The Big Brain Podcast is co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu. In this episode, Haseeb Qureshi & Jordi Alexander discuss the similarities between poker and crypto, the economics of bitcoin's endgame, the intersect Yes The Big Brain Podcast: Teaser 1 1 The Big Brain Podcast: Teaser trailer bddcae70-3560-11f0-9312-0b2b51e326a0 https://share.transistor.fm/s/dc06ff01 It's gonna be a big show.

]]> It's gonna be a big show.

]]> Tue, 20 May 2025 09:56:00 +0000 The Block The Block 14 It's gonna be a big show. It's gonna be a big show. No