Medici Presents: Level Up

In this episode of Level Up, David and Sean sit down with Andrew Keys, co-founder and chairman of Ether Machine. Andrew discusses why Ethereum is positioned as the backbone of the next internet iteration and breaks down Ether Machine’s unique approach to yield generation, risk management, and growth through strategic M&A. He also compares the DAT landscape, explains Ether Machine’s SPAC strategy, and shares his take on staking, re-staking, and low-risk DeFi. This conversation is essential for anyone following digital asset treasuries and Ethereum-native finance.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Introduction[00:13:00] Andrew introduces the Ether Machine concept and staking strategy[00:14:32] Overview of Ether Machine's position in the ETH DAT ecosystem[00:20:46] Introducing Andrew Keys and his Ethereum background[00:21:24] Andrew’s early role in Ethereum and Consensys[00:28:39] Why Ethereum is the foundation for the next internet[00:32:28] The evolving institutional landscape and blockchain adoption[00:34:38] Comparing Ether Machine to ETFs and other DATs[00:44:07] Ether Machine's SPAC structure and committed capital[00:47:21] SPAC vs. reverse takeover: long-term tradeoffs[00:50:22] Building the Ether Machine team and in-house capabilities[00:53:18] Staking vs. re-staking vs. DeFi: capital allocation plans[00:55:21] Expected yield and how Ether Machine achieves it[00:57:32] Protocols and strategies under consideration for on-chain yield[00:59:08] Risks DATs face in downturns and Ether Machine's mitigation strategies[01:04:12] Capital structure: thoughts on convert and preferred share issuance[01:05:07] Using capital and yield to defend NAV in market downturns[01:06:10] Criteria for M&A opportunities and consolidation logic[01:07:08] Final thoughts on catalysts and Ether Machine’s institutional edgeLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuest  Andrew Keys, Ether MachineX - https://x.com/AK_EtherMachineLinkedIn - https://www.linkedin.com/in/andrewpkeys/Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Recorded live at Medici SG 25 and released as a special episode, David and Sean sit down with Vitalik Buterin, co-founder of Ethereum. Vitalik discusses the evolution of Ethereum’s ecosystem from experimental innovation to “low-risk DeFi”, and how commercialization is shaping its next phase. He also highlights projects like Uniswap, Polymarket, and decentralized social networks as milestones in Ethereum’s growth, and shares his perspective on Layer 2 rollups, institutional participation, and the network’s long-term economic sustainability. View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode: [00:00:00] Teaser [00:00:15] Show introduction [00:01:02] Vitalik’s perspective on Ethereum’s growing commercialization [00:02:07] Defining low-risk DeFi and its evolution [00:03:43] The relationship between experimental and mature Ethereum apps [00:06:33] Uniswap and other pivotal zero-to-one Ethereum innovations [00:08:39] How to expand low-risk DeFi to 20 million more users [00:10:07] Scaling Ethereum: stablecoins, UX, and Layer 1 upgrades [00:11:28] Vitalik’s view on corporate Layer 2s and ecosystem synergy [00:13:37] Ethereum’s fee structure and potential revenue increases [00:16:14] Explaining ETH’s multi-role asset narrative [00:17:21] Wall Street’s entrance into the Ethereum ecosystem [00:18:33] Concerns around leverage, risk, and staking centralization [00:20:26] Institutional influence on Ethereum governance [00:21:36] Will ETH flip Bitcoin? Vitalik’s response Links: The Medici Network: https://www.medici.network/  Podcast Site: https://levelup.medici.network/   Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham   Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell  Guests Vitalik Buterin - https://x.com/vitalikbuterin   Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/ 

Captured live on stage at Medici SG 25 and presented as a special episode, David and Sean sit down with Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, for a candid discussion on market structure, crypto cycles, and today’s allocation playbook.Arthur breaks down Maelstrom’s multi-pronged investment approach, shares thoughts on Bitcoin, Ethereum, perps DEXs, and explains why liquidity drives everything. From market predictions to meme coins, Arthur offers a sharp take on where crypto is heading, and why number go up remains the ultimate marketing strategy.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Teaser[00:00:15] Show introduction[00:01:01] Arthur introduces Maelstrom and their current investment focus[00:02:07] Overview of Maelstrom’s advisory work and major positions[00:03:38] Arthur’s macro and crypto market outlook centered on liquidity[00:05:05] Why Arthur is long beta across assets—from Bitcoin to tech stocks[00:06:00] The HYPE trade: valuation, token unlocks, and competitor dynamics[00:08:35] Reflecting on BitMEX’s 2020 DDoS event and infrastructure evolution[00:10:44] Institutional counterparty risk in CEXs vs. DEXs[00:13:23] Arthur’s Bitcoin Core developer grants and philanthropy strategy[00:14:12] Bitcoin year-end price predictions and speculative cycles[00:15:39] Ethereum’s momentum, DeFi leadership, and possible flippening[00:16:31] Thoughts on the meme coin cycle and token performance[00:17:31] Arthur on adoption, speculation, and number-go-up culture[00:19:24] Outlook on DATs and corporate finance games in crypto[00:22:48] Evaluating the four-year crypto cycle and U.S. monetary policy[00:25:22] Arthur critiques political influence on financial policyLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuestsArthur Hayes, Maelstrom - https://x.com/CryptoHayes Production and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

In this episode of LevelUp, David and Sean sit down with Tom Lee, Head of Research at Fundstrat Global Advisors and Chairman of Bitmine. They explore Ethereum’s positioning in global finance, the rise of Bit Mine as a leading Ethereum treasury, and the broader macro environment shaping digital assets. Tom also shares his views on crypto’s long-term potential, decentralization, and how Bit Mine is tackling treasury growth at scale.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Ethereum's macro moment and Tom Lee's take on blockchain's next evolution[00:01:00] Introduction of Tom Lee and Bitmine’s rapid rise[00:02:07] Bitmine’s Ethereum-focused treasury strategy and market impact[00:03:32] Comparing Bitmine to MicroStrategy and its accelerated growth[00:05:13] The role of decentralized finance (DeFi) in traditional capital markets[00:07:28] How Ethereum compares to Bitcoin in institutional utility[00:10:00] Fundstrat’s macro research approach and Tom’s market outlook[00:12:14] Inflation, interest rates, and implications for crypto investment[00:15:48] Institutional adoption signals from ETF filings and policy tone shifts[00:18:35] How Bitmine handles treasury diversification and volatility[00:21:10] The emergence of crypto-native treasuries as new corporate models[00:24:02] Lessons from Tom’s traditional finance background[00:27:45] Regulatory shifts, SEC stance, and potential ETH ETF impact[00:32:14] Why Tom believes Ethereum has long-term structural advantages[00:36:50] Final thoughts on building conviction in digital asset cycles[00:40:28] What’s next for Bitmine and how they’re preparing for future cycles[00:44:10] The importance of macro alignment in crypto thesis development[00:48:22] Closing reflections and Tom’s message for emerging crypto leadersLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Guest   Thomas Lee - https://x.com/fundstrat?Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions. Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens. 

In this episode of Level Up, David and Sean speak with Alex Cutler, Co-Founder of Aerodrome, and Austin Barack, Founder of Relayer Capital. They examine Aerodrome’s unique approach to decentralized exchange (DEX) design and token economics. They cover the Medex model, emissions, token locking mechanics, and Aerodrome’s role as a core infrastructure layer on Base. Austin also shares Relayer’s investment thesis and why Aerodrome stands out in a competitive landscape.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Introduction to Aerodrome’s aligned incentives and yield focus[00:06:03] Overview of revenue growth, transaction volume, and emissions[00:12:15] Comparing token performance with DEX competitors[00:18:25] Austin shares how he discovered and researched Aerodrome[00:24:33] Addressing the DEX trilemma with the Medex model[00:30:39] Token valuation and return of revenue to holders[00:36:43] The team’s alignment through token utility and no vesting[00:42:45] Real-world assets and institutional adoption pathways[00:49:00] How Aerodrome retains liquidity and displaces competitors[00:55:07] Early skepticism around Base and Coinbase’s decentralization[01:01:27] DEX routing from Coinbase expands access to new tokens[01:07:32] Token locking behavior across funds, teams, and protocols[01:13:36] Potential for scaling execution across massive volume[01:20:07] Token supply, inflation, and immutability versus emissions[01:26:27] Case study: bootstrapping a dominant BTC pool on Base[01:32:27] On-chain governance and voting power dynamics[01:38:30] Protocol functionality controlled by token holders[01:44:58] Margin of safety in Aerodrome’s current valuation[01:51:13] Coinbase’s strategy as a front end for the onchain economy[01:57:34] Austin’s price projection based on revenue and growth multiple[02:03:36] Wrap-up and closing remarksLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuests   Alex Cutler - https://x.com/wagmialexanderAustin Barack - https://x.com/austinbarackProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

In this episode of Level Up, David and Sean sit down with Sidney Powell, Co-Founder and CEO of Maple Finance, alongside Felipe Montealegre from Theia Research. Sidney shares Maple’s journey from tokenized bonds to becoming a major on-chain asset manager offering over-collateralized lending and Bitcoin yield products. Felipe adds an investor’s perspective on Maple’s positioning within decentralized credit markets and what sets it apart from traditional and DeFi lending platforms. Together they analyze Maple’s growth, risk management, and roadmap.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:40] Introduction to Maple Finance and guest intros  [00:17:24] Sidney’s background in debt capital markets and the founding story of Maple  [00:19:02] Maple’s early focus on under-collateralized lending and pivot to over-collateralized lending  [00:19:36] Origin of the “Maple” and “Syrup” branding  [00:21:12] Felipe’s background and Thea’s investment thesis on Maple  [00:25:22] How Maple operates as an on-chain asset manager  [00:28:47] Custody structures and why institutions prefer Maple’s hybrid approach  [00:31:30] Lessons from the 2022 lending crises and Maple’s segregation of risk  [00:34:28] Positioning Maple in the Web3 lending landscape  [00:37:06] How Maple handles collateral, margin calls, and liquidations  [00:42:42] New product growth: Syrup USD and Bitcoin yield products  [00:46:18] Integrations with DeFi protocols and CEX partnerships  [00:49:26] Maple’s competitive edge between TradFi and DeFi  [00:56:23] Wholesale funding relationships and the Cantor Fitzgerald partnership  [00:59:34] Maple’s cost of capital, NIM, and revenue model  [01:05:35] The role of the Syrup token and governance mechanics  [01:09:40] Token supply, staking, and institutional holders  [01:16:06] Final thoughts on Maple’s growth strategy and future outlookLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuests  Sidney Powell - https://x.com/syrupsid?lang=enFelipe Montealegre - https://x.com/theiaresearch?lang=enProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/

In this special episode of Level Up, David and Sean chat with Adam Winnick, founder of The Medici Network and Finality Capital. Adam shares how Medici grew from a visionary idea into a global community focused on institutional digital asset adoption. He breaks down what sets Medici events apart, explores the evolution of allocators in digital assets, and highlights emerging investment thesis around real-world use cases, re-staking protocols, and digital asset treasuries. Adam also explains how his personal and professional background prepared him to bridge traditional finance and blockchain innovation.View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/Key Points From This Episode:[00:00:00] Intro[00:01:36] Adam introduces Medici’s mission and event model[00:03:17] The meaning behind the name “Medici” and its acronym origins[00:06:02] How an allocator comment sparked the idea for Medici[00:07:53] Adam’s background in credit, tech, and founding Medici[00:13:40] How Medici curates its network and selects event participants[00:18:37] The evolution of institutional allocator profiles[00:22:26] Why blockchain is a capital-efficient path to internet reinvention[00:24:03] Comparing venture vs. liquid strategies in digital assets[00:30:23] Re-staking, data portability, and the case for infrastructure bets[00:34:23] Building Finality Capital and launching the liquid fund[00:36:52] The edge of standalone digital asset funds for allocators[00:40:38] Thoughts on stablecoins, RWAs, and American financial dominance[00:43:40] What’s next for Medici: expanding team, events, and product roadmap[00:46:45] Why allocators should dig into real world use cases[00:47:28] A call to build: insurance, AI, and the power of zk-TLSLinks:The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham Real-World Apps & zk-TLS: https://x.com/David_Grid/status/1891956672865652756 Co-HostsDavid Grider, Finality Capital - https://x.com/David_GridSean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrellGuestAdam WinnickX: https://x.com/adam_winnick?lang=enLinkedIn: https://www.linkedin.com/in/adam-winnick-36316a1 Medium: https://medium.com/@adam_winnickProduction and editing by The Podcast Consultant  - https://thepodcastconsultant.com/DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions.Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this episode of LevelUp, co-hosts David and Sean speak with TN Lee, CEO and co-founder of Pendle, and Louis Thomazeau, Investment Partner at L1D. TN shares how Pendle enables fixed yield and yield speculation through PT and YT token mechanics. Louis outlines L1D’s thesis around Pendle’s resilience, product-market fit, and unique token design. The discussion also explores Pendle’s future product roadmap, the upcoming launch of Boros, evolving stablecoin markets, and how Pendle positions itself within a growing DeFi landscape.View the Full Level Up Podcast Disclaimer HereKey Points From This Episode:[00:01:34] TN Lee shares his background, early career at Kyber, and what sparked the idea for Pendle[00:04:50] Louis Thomazeau discusses his transition from Solidity developer to DeFi investor and how he discovered Pendle[00:06:57] TN explains Pendle’s core mechanics: splitting yield-bearing assets into principal (PT) and yield tokens (YT)[00:09:00] Louis outlines L1D’s investment thesis around Pendle: strong team, token design, product-market fit, and sector potential[00:14:15] Discussion on Pendle’s long-term strategy and market size, comparing to the scale of traditional interest rate derivatives[00:14:30] TN walks through the three types of users in the Pendle ecosystem and how they interact with PT and YT[00:18:25] Comparing Pendle’s DeFi model to TradFi, with a focus on its AMM innovation and capital efficiency[00:20:10] Recap of Pendle’s adoption journey: traction via LSTs, expansion into stablecoins, and driving new use cases[00:26:30] Future roadmap: Pendle V2, self-listing portal, expanding to non-EVM chains, and institutional product support[00:33:35] Introduction to Boros, a leveraged yield swap protocol targeting funding rates — a zero-to-one product[00:39:55] Metrics that matter: TVL, trading volume, and annualized fees; Pendle’s resilience across market cycles[00:49:15] Explanation of Pendle’s revenue streams, token mechanics, and value accrual through vPENDLE[00:53:15] Circulating supply breakdown, emissions schedule, and how governance currently functions[00:56:45] Why Pendle stands out in the DeFi token landscape, with a focus on supply/demand and long-term token utility[00:59:30] Regulatory outlook: stablecoin legislation and how it may benefit Pendle’s role in the crypto fixed income space[01:04:00] Competitive landscape: how Pendle stays differentiated through user focus and distribution[01:05:55] Final thoughts: upcoming catalysts like Boros, and the biggest internal risk — complacencyLinks:The Medici NetworkMedici Presents: Level UpCo-HostsDavid Grider, Finality CapitalSean Farrell, Fundstrat Global AdvisorsGuests   TN Lee, PendleL1D Production and editing by The Podcast Consultant DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions.Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this special conference edition of Level Up, David and Sean broadcast live from Medici LA 25, diving into conversations with top voices in digital asset journalism, institutional allocators, venture fund managers, and blockchain innovators. Guests include Charlie Gasparino from Fox Business Network, Eleanor Terrett from Crypto in America, Ben Jacobs from Scenius Capital, Joe Marenda from Cambridge Associates, Paul Veradittakit of Pantera Capital, Alex Pack of HackVC, Smokey from Berachain, and Chris Johnson of Virtuals Protocol. Topics range from regulation and market structure to tokenized AI and fund allocation strategies.View the Full Level Up Podcast Disclaimer HereKey Points From This Episode:[00:00:00] Intro[00:02:31] Eleanor Terrett and Charlie Gasparino on their journalistic journey into crypto[00:07:18] Covering the Ripple case and evolving crypto regulation under Gary Gensler[00:10:52] Institutional perceptions of crypto and mainstream investment trends[00:13:36] Comparing Medici LA with Milken Conference and shifting political representation[00:18:11] Status of stablecoin and market structure bills in Congress[00:21:03] Allocator insights with Joe Marenda and Ben Jacobs on crypto GP-LP dynamics[00:24:18] Communicating blockchain business models to traditional allocators[00:27:23] Cambridge’s development of digital asset benchmarks and venture returns[00:29:57] Framing crypto allocation in a volatile macro environment[00:32:08] Comparing crypto hedge fund vs. venture capital structures and returns[00:35:01] The evolving VC landscape and token launch trends[00:37:50] Market structure clarity as a driver for institutional capital inflow[00:38:30] Liquid vs. venture performance expectations over the next 3–5 years[00:43:38] Fund gating and capital call strategies to mitigate buy-high/sell-low behavior[00:45:09] Paul Veradittakit of Pantera on investment focus areas including AI and tokenization[00:47:27] Medici as a platform for reconnecting, allocator education, and portfolio visibility[00:48:56] Shift in institutional comfort and optimism around digital assets[00:50:23] Alex Pack and Smokey discuss Berachain, community, and protocol value alignment[00:56:34] Emphasizing network effects, proof of liquidity, and dApp incentives on Berachain[00:59:17] Chris Johnson introduces Virtuals Protocol and tokenized AI agents[01:00:23] First-time experience at Medici and community validation of agent projects[01:02:51] Billy Betts: a tokenized autonomous sports betting AI on-chainLinks:The Medici NetworkX.com LinkedIn WebsiteCo-Hosts David Grider, Finality Capital Sean Farrell, Fundstrat Global AdvisorsGuests   Charlie Gasparino, Fox Business NetworkEleanor Terrett, Crypto In AmericaJoe Marenda, Cambridge AssociatesBen Jacobs, Scenius CapitalPaul Veradittakit, Pantera CapitalAlexandar Pack, Hack VCSmokey The Bera, BerachainChris Johnson, Virtuals Protocol Production and editing by The Podcast Consultant  DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions. Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this episode of Level Up, hosts David and Sean Farrell speak with David Tse, Co-Founder of Babylonchain, and Ted Breyer of Breyer Capital. David shares how Babylon introduces a trustless, slashable Bitcoin staking primitive—creating a native, self-custodial use case for Bitcoin that expands its utility beyond store of value. Ted offers his perspective as an early investor, reflecting on the protocol's technical depth, market potential, and long-term vision. They discuss Babylon’s role as a security layer for decentralized networks, competitive differentiation, and its emerging ecosystem. Tune in to understand how Babylon could reshape crypto infrastructure by bridging Bitcoin and proof-of-stake systems.📌 View the Full Level Up Podcast Disclaimer HereKey Points From This Episode:[00:00:00] Introduction to Babylon Protocol and guest intros[00:01:19] What Babylon does and how it enables Bitcoin staking[00:03:09] Babylon's uniqueness among staking protocols[00:05:12] Bitcoin staking market size and opportunity[00:06:10] Evolution of Bitcoin DeFi use cases[00:07:52] Babylon's trustless staking design[00:08:15] Yield dynamics and capital attraction for Bitcoin stakers[00:09:51] Babylon as a Bitcoin security marketplace[00:10:17] Babylon Chain as the first Bitcoin-secured network[00:11:46] Babylon's tokenomics and investor background[00:13:03] David Tse’s background and vision for Bitcoin use cases[00:15:00] Ted Breyer’s investing journey and global blockchain experience[00:18:37] Babylon’s role in enabling decentralized security[00:19:07] Babylon as a native use case for Bitcoin[00:20:16] Staking, slashing, and trustless security explained[00:24:28] Ted’s early impression and conviction in Babylon[00:27:58] Babylon’s importance as foundational crypto infrastructure[00:29:09] Technical walkthrough of how Babylon staking works[00:34:00] Flow of a staking and slashing event in Babylon[00:36:57] Finality providers and validator structure[00:38:12] Technical diligence and cryptographic innovation[00:40:54] Babylon’s design as a complement to proof-of-stake chains[00:41:34] Ecosystem overview: BSNs, Bitcoin LSTs, and applications[00:44:08] Liquid staking parallels between Ethereum and Bitcoin[00:45:25] Babylon’s evolving architecture and ecosystem partners[00:46:34] Competitive landscape: Babylon vs. other protocols[00:49:07] The role of BitVM and Babylon’s design choices[00:51:56] Distinctions from CoreDAO and importance of slashing[00:54:02] Babylon’s technical moat and team strength[00:57:37] Adoption metrics and early traction[01:00:32] Osmosis case study and integration of security and liquidity[01:01:32] BSN pipeline and upcoming integrations[01:03:36] Strategies for convincing conservative Bitcoin holders[01:04:55] Anonymous whale stakes $1B worth of BTC[01:06:38] Metrics Ted is tracking as an investor[01:10:11] Role of the BABY token in Babylon Genesis security[01:13:09] Governance structure and validator incentives[01:17:41] Final thoughts on catalysts and risks aheadLinks:The Medici NetworkX.com LinkedIn Co-HostsDavid Grider, Finality CapitalSean Farrell, FundstrGuests   David Tse, Babylon ProtocolTed Breyer, Breyer Capital Production and editing by The Podcast Consultant 

In this episode of Level Up, David and Sean sits down with Lucas Bruder, Co-Founder and CEO of JITO Labs, and Tushar Jain, managing partner at Multicoin Capital. They dive deep into JITO’s innovative approach to MEV infrastructure, liquid staking, and restaking, explaining how these components work together to boost transaction efficiency and unlock value for validators and stakers. The conversation also covers token economics, governance, and the broader impact of JITO’s technology on network performance and the future of digital assets on Solana. Tune in to explore the engine behind Solana’s robust infrastructure and learn how these advancements are setting the stage for the next wave of blockchain innovation.Key Points From This Episode:[00:01:22] Introduction to Jito and its position in Solana's ecosystem[00:02:49] Token metrics, comps, and performance relative to other protocols[00:04:19] Importance of Jito's infrastructure and its January outage[00:06:16] Economic value and validator rewards driven by Jito tips[00:06:59] Market share in liquid staking and Solana's LST growth potential[00:07:50] Early momentum and growth in Jito’s re-staking product[00:08:46] Jito's competitive position in fees and revenue generation[00:10:04] DAO revenue and value return proposals for JTO holders[00:12:27] Lucas’s background and motivation for founding Jito[00:14:12] Tushar on Multicoin’s early thesis for Jito and Solana[00:16:04] Defining MEV and its role in validator economics[00:20:56] How Jito Block Engine transformed Solana’s transaction pipeline[00:23:20] Key metrics and performance of MEV infrastructure[00:28:27] Why Solana’s liquid staking share lags behind Ethereum[00:30:19] Institutional adoption barriers: custody and tax clarity[00:34:09] StakeNet: the decentralized brain behind JitoSOL[00:37:29] Network effects and competitive advantages in liquid staking[00:39:16] Introduction to Jito re-staking and its role in Solana middleware[00:41:47] Investor perspective: modularity vs. value generation in re-staking[00:43:05] Revenue and KPIs driving retaking adoption[00:45:27] How Jito's verticals feed each other and reinforce Solana[00:48:02] Tushar’s valuation framework for Jito as a function of Solana[00:52:00] DAO-controlled fee flows and capital allocation proposals[00:55:12] Buyback models, DAO treasury use, and capital efficiency[00:59:28] Governance structure: Labs vs. Foundation vs. DAO[01:01:53] Future protocol governance for block production and fee routing[01:02:34] Token supply, unlocks, and emissions explained[01:06:50] Major risks to Jito: validator competition and off-chain matching[01:10:50] Clarifying Fire Dancer’s impact and its synergy with Jito[01:12:02] Investor perspectives on token unlocks and supply pressureLinks:The Medici Network X.com LinkedIn Co-Hosts David Grider, Finality Capital Sean Farrell, Fundstrat Global AdvisorsGuests   Lucas Bruder, Jito LabsTushar Jain, Multicoin Capital  Production and editing by The Podcast Consultant  DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions. Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this episode of Level Up, presented by the Medici Network, co-hosts David and Sean dive into the rapidly evolving world of Web3 gaming with Robbie Ferguson, co-founder of Immutable, and Michael Arrington, founder of TechCrunch and Arrington Capital. They explore the investment thesis behind Immutable, the economics of blockchain-powered in-game assets, and why gaming might be the key driver of Web3 adoption. Robbie shares insights into Immutable’s strategic positioning, while Michael provides an investor’s perspective on the opportunities and risks in this space. Tune in for an in-depth discussion on the future of gaming, token economies, and what it takes to build a hit Web3 gaming platform.Key Points From This Episode:[00:01:26] Meet the Guests – Robbie Ferguson (Immutable) and Michael Arrington (Arrington Capital).[00:02:14] Why Web3 Gaming? – The fundamental shift in ownership of in-game assets.[00:04:07] Market Trends in Web3 Gaming – Adoption, token economics, and key market comparisons.[00:07:15] Immutable’s Origins & Vision – Robbie shares his journey from early startups to Immutable.[00:09:32] Web3 Gaming’s Growth Potential – How gaming is the fastest-growing entertainment sector.[00:14:18] Skeptics’ View on Web3 Gaming – Addressing concerns about adoption and playable games.[00:17:33] Institutional Adoption & Major Developers – How big gaming companies are approaching Web3.[00:22:07] User Acquisition Through Token Incentives – Why Web3 can offer better player retention and engagement.[00:29:53] Immutable’s Competitive Edge – How the company is winning market share over other blockchains.[00:33:43] IMX Token Economics – How the protocol accrues value and supports the ecosystem.[00:39:14] The Future of Web3 Gaming – What needs to happen for mainstream adoption?[00:46:30] Key Catalysts to Watch – Upcoming developments that could shape the space.[00:49:01] Final Thoughts – Robbie and Michael’s outlook on Web3 gaming and Immutable’s role in its growth.Links:The Medici NetworkX.comLinkedInCo-HostsDavid Grider, Finality CapitalSean Farrell, FundstratGuests  Robbie Ferguson, ImmutableMichael Arrington, Arrington CapitalProduction and editing by The Podcast Consultant DisclaimerThis podcast is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. The views expressed by the hosts and guests are their own and do not necessarily reflect those of The Medici Network, Fundstrat Global Advisors LLC, Finality CP Management, LLC, or any of their affiliates. Listeners should consult their own professional advisors before making any financial or investment decisions.Some protocol guests featured on this podcast may be annual paid members of The Medici Network. This membership does not imply endorsement by The Medici Network. This podcast does not constitute an offer to sell or a solicitation to buy any securities or tokens.

In this episode of Level Up, presented by the Medici Network, David and Sean explore the real-world impact of Web3 technology with Mike Horton, founder of GEODNET, and Seth Ginns, managing partner at CoinFund. GEODNET is a blockchain-enabled decentralized physical infrastructure network (DePIN) that offers precision GPS services with growing adoption across industries. Mike shares his expertise in navigation and localization, explaining how GEODNET’s decentralized model is disrupting traditional GPS providers like Trimble and Hexagon. Seth adds a liquid investor's perspective, offering insight to the discussions around GEODNET’s revenue model, tokenomics, and strategic market positioning. Together, the discussion explores the convergence of AI, robotics, and Web3 technologies to unlock new economic opportunities. The conversation also highlights the scalability of GEODNET’s infrastructure, the critical balance of supply and demand in decentralized networks, and the role of precision GPS in driving innovation within sectors such as agriculture, construction, and autonomous vehicles.Key Points From This Episode:[00:01:27] Introduction to DePIN and GEODNET’s role in Web3 adoption[00:02:11] What makes DePIN an attractive investment for traditional investors?[00:03:05] GEODNET’s market performance and comparison to traditional GPS providers[00:04:18] A global view of GEODNET’s network and its expanding infrastructure[00:05:22] The token GEOD’s revenue model: Token burns and sustainable growth[00:08:10] Mike Horton’s background in GPS, localization, and autonomous systems[00:11:57] The importance of precision GPS and GEODNET’s technological advantage[00:13:21] Industries benefiting from GEODNET: Agriculture, construction, and drones[00:16:12] GEODNET’s competition and how its decentralized model differentiates it[00:18:45] How AI and robotics are driving the demand for precision GPS[00:22:51] Understanding GEODNET’s mining incentives and token reward structure[00:29:07] Balancing supply and demand: The economics of a decentralized network[00:37:36] Why GEODNET’s revenue is uncorrelated to crypto market volatility[00:40:32] How GEODNET’s tokenomics drive long-term value for investors[00:49:46] Governance and decentralization: GEODNET’s roadmap for the future[00:55:52] Upcoming milestones: Low Earth Orbit satellites and future expansion[01:06:45] Final thoughts on AI, Web3, and the future of decentralized GPSLinks:The Medici NetworkX.comLinkedInCo-HostsDavid Grider, Finality CapitalSean Farrell, FundstratGuests  Mike Horton, GEODNETSeth Ginns, CoinFundProduction and editing by The Podcast Consultant

Presented by the Medici Network, Level Up is the premier podcast for institutional investors navigating liquid token markets. Hosts David Grider from Finality Capital and Sean Farrell from Fundstrat sit down with top protocol founders and crypto-native fund managers to cut through the noise. Each episode unpacks token economics, adoption trends, valuation frameworks, and key risks—giving you the insights needed to make informed investment decisions in a rapidly evolving market.