Layer One

In Episode 9 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Nicholas Kunkel (Chronicle) and Rhett Shipp (Avant) to break down the current state of DeFi and what’s actually holding the industry back. They argue that core primitives are already built, and the real unlock lies in tokenized assets, improved liquidity, and seamless integration with traditional finance.The conversation also explores stablecoin economics, DAO limitations, on-chain credit markets, and what founders need to succeed in crypto today.OUTLINE00:00 - Intro01:11 - Getting Into DeFi04:38 - Early MakerDAO Days08:43 - Where Value Accrues12:23 - Yield and Stablecoins17:56 - How DeFi Yield Works23:34 - SubDAOs and Governance30:33 - Do We Need New Primitives36:25 - Tokenized Assets Unlock53:55 - Founder AdviceGuest links:Rhett Shipp - https://x.com/RhettShippAvant - https://x.com/avantprotocolNiklas Kunkel - https://x.com/nomos_paradoxChronicle - https://x.com/ChronicleLabsHost links:Steven Gates - ⁠⁠⁠https://x.com/stvngts⁠⁠⁠Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠ ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe 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 teamsStart your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In Episode 8 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Santiago R. Santos of Inversion Capital. He explains why many crypto token valuations are structurally flawed and outlines his framework for investing in durable, cash-flow-supported adoption, with a focus on B2B stablecoin use cases.The group debates how to value crypto beyond tribal narratives, arguing that many token prices overpay for a future that still requires regulatory clarity and real demand for blockspace. OUTLINE00:00 - Intro00:00:27 - Scope and disclaimer00:01:41 - FDV and investor framing00:04:02 - Valuation bias00:12:23 - Investing through cycles00:21:44 - Choosing Avalanche infrastructure00:28:29 - Retrofitting real businesses00:35:46 - Who’s building this model00:41:52 - Writing, thinking, first principles00:50:16 - Fieldwork beats theory00:52:53 - Asking the right questions01:00:23 - TGE and FDV reality01:07:30 - Final takeawaysHost/Guest links:Santiago R Santos - twitter.com/santiagoroelInversion Capital - twitter.com/inversion_capSteven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠ ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe 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 teamsStart your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In Episode 7 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Charles Yoo-Naut, co-founder of Rain, and John Gomez, co-founder and former CEO of Uptop.The group discussed the convergence of stablecoin payments and on-chain loyalty infrastructure, why rewards plus payments are becoming table stakes, and how sports and IP are driving real-world adoption.OUTLINE00:00 - Intro03:58 - What is Rain04:30 - Uptop + acquisition fit06:01 - Fundraise & M&A lessons12:43 - Why rewards matter16:29 - Stablecoin “aha” moment25:26 - Regulation, timing, builders33:53 - Lifestyle banking & IP41:59 - Marketplaces, on-ramps, costs47:35 - Why raise $250M50:11 - Stablecoins in 3 years51:56 - Proliferation of issuers53:59 - Closing remarksHost/Guest links:Charles Yoo-Naut - twitter.com/cnautRain - twitter.com/raincardsJohn Gomez - linkedin.com/in/john-timoney-gomez-a64b669b/Uptop - twitter.com/uptop_xyzSteven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠ ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe 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 teamsStart your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In episode six of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs's VP of Business Development of Onchain Finance, Morgan Krupetsky and VanEck's Head of Digital Asset Research Matthew Siegel. Together, the group discussed what actually drives institutional conviction in crypto. Siegel explained why VanEck chose Avalanche for its first alt-L1 ETF, citing product-market fit, economic clarity, and an active BD team onboarding real institutions. The conversation covers DATs vs ETFs, the innovator's dilemma facing banks, and why market downturns are exactly when serious builders separate from tourists.Host/Guest links: Matthew Siegel - twitter.com/matthew_sigelVanEck - twitter.com/vaneck_usMorgan Krupetsky - twitter.com/MorganKrupetsky Ava Labs - twitter.com/AvaLabsSteven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠ ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe 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 teamsStart your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In episode five of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs General Counsel Lee Schneider and Plume General Counsel Salman Benaei, to discuss how the Senate bill turns crypto's legal foundation from sand to stone, and what that means for the next generation of builders. OUTLINE 00:00 - Introduction 01:28 - Salman's Path: CFTC to Crypto 05:52 - Lee on Token Sales & Legal Structures 08:17 - RWA Rights & Disclosures 12:26 - What Buyers Should Care About 15:15 - Pre-IPO Tokenized Shares 18:49 - The Governance Token Question 22:03 - The Decentralization Test Debate 28:13 - What Clarity Means for Builders 36:41 - TradFi's Crypto Play 44:31 - Open vs Closed Networks 51:20 - Outro Host/Guest links: Salman Banaei - https://x.com/banamlas Lee Schneider - https://x.com/leelaughs5x Steven Gates - ⁠⁠twitter.com/stvngts⁠⁠ Kelvin Sparks - ⁠⁠twitter.com/imyoungsparks⁠⁠ --------------------------------------------------------------------------------- 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 teamsStart your free trial today 👉 ⁠⁠https://theblock.co/campus

In episode four of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Kite AI's Head of Business Development and Strategy, Lei Lei, to discuss why AI agents need dedicated blockchain infrastructure rather than general purpose blockchains. The trio also touch on the recent hype around Claude Code, why enterprise giants are panicking about AI disruption, and how the X-402 payments protocol did $600M in volume last year. OUTLINE 00:00 - Introduction 01:13 - Claude Code 04:26 - Why Avalanche 09:40 - X-402 Explained 13:01 - General Purpose Chains 19:37 - Swarms Gone Rogue 26:53 - Crypto-Native Enterprises? 30:03 - $600M & Counting 37:04 - Big Name Backers 42:07 - Winners & Losers 47:30 - Outro Host/Guest links: Lei Lei - https://x.com/lei_lei0904 ⁠KiteAI - ⁠https://x.com/GoKiteAI Steven Gates - ⁠twitter.com/stvngts⁠ Kelvin Sparks - ⁠twitter.com/imyoungsparks⁠ --------------------------------------------------------------------------------- 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 teamsStart your free trial today 👉 ⁠https://theblock.co/campus

In episode three of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by The Arena CEO Jason DeSimone to discuss the platform’s revival and two-year growth, creator monetization via ticket rails, and the future of SocialFi, M&A, and AI-driven content. Host/Guest links: Jason DeSimone - x.com/jasonmdesimoneThe Arena - x.com/TheArenaSteven Gates - twitter.com/stvngts Kelvin Sparks - twitter.com/imyoungsparks OUTLINE 00:00 - Introduction 02:03 - Arena’s Takeover Story 07:08 - Lessons from SocialFi Craze 09:39 - Arena’s Feature Stack 12:13 - Tickets, Identity, Monetization 15:49 - Arena’s Growth Strategy 19:20 - Competing with SocialFi Rivals 24:42 - Community, Culture, Moats 31:24 - Tokens, Equity, Exits 40:07 - AI Agents and SocialFi’s Future --------------------------------------------------------------------------------- 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 teamsStart your free trial today 👉 https://theblock.co/campus

In episode two of Layer One, The Block’s Kelvin Sparks and Hypha Founder Steven Gates, were joined by guest co-host and Ava Labs President John Wu, and Skybridge Founder and Managing Partner, Anthony Scaramucci to discuss we are in the crypto cycle, how Avalanche is positioned to facilitate institutional adoption, and how upcoming U.S. regulation like the Clarity Act could unlock the next wave of onchain finance. Host/Guest links: Anthony Scaramucci - https://x.com/Scaramucci John Wu - https://x.com/John1wu Steven Gates - https://x.com/stvngts Kelvin Sparks - https://x.com/imyoungsparks OUTLINE 00:00 - Introduction 01:05 - Scaramucci’s Background 04:25 - FTX, Abu Dhabi & Leadership Lessons 08:58 - Why Avalanche Wins Institutions 12:24 - Project Crypto, Policy & Partisanship 17:04 - The Clarity Act & Tokenization Boom 25:39 - Stablecoins vs Traditional Payments 32:24 - DeFi, RWAs & Liquidity 47:23 - Where We Are in the Cycle 49:41 - Fed, Macro Outlook & Closing --------------------------------------------------------------------------------- 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 teamsStart your free trial today 👉 https://theblock.co/campus

The Block is proud to introduce our newest podcast: Layer One — created in collaboration with Avalanche. Hosted by The Block’s Kelvin Sparks and Hypha Founder Steven Gates, Layer One explores the people, ideas, and technologies shaping the future of crypto. In this inaugural episode, Kelvin and Steven are joined by Haseeb Qureshi, Managing Partner at Dragonfly, and Sean Lippel, General Partner at Fintech Collective. Together, our dive into their origins in the world of poker — and how the decision-making frameworks, risk management skills, and psychological insights they developed at the table carry over into crypto, trading, and investing. Host/Guest links: Haseeb Qureshi - https://x.com/hosseeb Sean Lippel - https://x.com/seanlippel Steven Gates - https://x.com/stvngts Kelvin Sparks - https://x.com/imyoungsparks OUTLINE 00:00 Introduction 1:07 Poker-to-Crypto Pipeline 5:36 Biggest Risks & Bad Beats 11:38 Poker Brains, VC Games 17:08 Reading the Market Regime 21:54 Betting on 2029 25:09 DeFi Growing Pains 31:44 Institutions Meet DeFi 37:17 Stablecoins, RWAs, Alts 46:13 DATs, Staking & Yield 54:47 The Avalanche Thesis 1:00:44 Vertically Integrated Moments 1:06:52 Pump.Fun & Sign-Off ------------------------------------------------------------------------------------ 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 teamsStart your free trial today 👉 https://theblock.co/campus