When Shift Happens Podcast

Lucas Schuermann is the founder and CEO of Variational, a peer-to-peer derivatives protocol built on Arbitrum. Former Genesis executive, former quant, and someone who went to Columbia at 12 and started a hedge fund at 20.Today we get into why variational charges zero trading fees, how it's aggregating liquidity from traditional finance to list hundreds of assets on chain, why perps have a funding rate problem most traders don't understand until it costs them, and what happens to old-school brokers once this liquidity actually moves.___________THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/___________PARTNERS⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/ 🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/ 💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT 🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/ ⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/ ♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com 🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto___________FOLLOW VARIATIONAL 👇• Twitter: https://x.com/variational_io• Linkedin: https://ky.linkedin.com/company/variationalFOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.Timestamps 0:00 Intro2:20 Merch, Travel & Being Back in Singapore5:13 Who Is Lucas Sherman?5:24 How Lucas Thinks About Building Trust6:03 Starting College at Age 128:26 How Do You Actually Skip That Many Grades?9:45 Making Friends Six Years Younger Than Everyone Else10:40 Are You Still a "Weirdo" at 30?11:40 Starting a Hedge Fund at 20 - "Hubris of the Young"14:09 From Paper-Reading Group to a Real Fund16:50 Acquired by Digital Currency Group at 2118:59 Why Sell the Fund to DCG?19:54 Sponsors: Variational & Bitwise20:47 Did You Regret Selling That Early?21:51 The Money DCG Made Off Their Work22:38 Starting a Market Making Firm24:46 Explain Variational Protocol to Your Mom26:49 Biggest Mistake Building Variational28:13 The "Holy Sh*t, We Built Something Massive" Moment29:54 Reason #1: Zero Fees32:59 How Do You Trust the Price With Only One Market Maker?34:33 Are Trading Fees a Scam?35:29 How Much Do Fees Actually Cost Traders?36:33 Reason #2: Asset Selection & What "Liquidity" Really Means40:20 Why Hasn't Crypto Solved This Already?42:39 Where On-Chain Order Books Break at Scale46:04 Sponsor: KAST1:07:30 Sponsor: Jupiterexchange & Ethena

Guy Young built Ethena from zero to billions in under two years. In this conversation, we talk about the one crypto product he believes can reach 100 million users: a yield-bearing dollar in a mobile app. The goal is for it to feel like a normal fintech app where users don't even know crypto is powering it underneath. Just save, spend, and send to anyone in the world. THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter___________PARTNERS⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/ 🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/ 💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT 🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/ ⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/ ♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com 🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto___________Follow Guy Young• Twitter: https://x.com/gdog97_FOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Introduction2:37 Which Of Guy’s Plans Didn’t Work Out5:37 Where Are The Users People Are Trying To Obtain7:10 What Excited Guy About Crypto9:20 Differences Between PayPal, Revolut, & Neo Banks12:43 Partnerships: @Variational @BitwiseInvest13:36 Revolut vs Stable Coin Neo Banks 15:58 Is Swapping To Neo Banks A 10x Improvement18:00 Ethena Pay Explained Simply21:21 Why Another Crypto Neo Bank23:53 Will A Fight For The Pie Happen With Crypto Banks 25:55 How Ethena Gets Users When It Can Help Everyone32:47 What Makes Ethena Different36:51 Ethena’s Cashback System Revealed38:32 Guy’s Thoughts On How Ethena Reduces Fees 39:39 How Ethena Gets The Best Yield 45:16 Guy’s Opinion On Dealing With FUD48:35 Why Guy Doesn’t Communicate A Lot49:29 Partnership: @KASTxyz50:17 What KPI Is Ethena Looking To Hit In 202651:55 The Holy Grail For A Stable Coin Neo Bank52:31 Partnerships: @JupiterExchange @Ethena53:14 If Everyone’s Doing The Same Thing, Who Wins55:23 The Next Big Thing For Ethena After Ethena Pay56:36 Is Ethena Pay Like USDE58:04 Closing Thoughts

Trezor's CTO, Tomáš Sušánka, breaks down how AI is changing the scam landscape and why even security experts are getting fooled. From AI deepfake Microsoft Teams calls to voice cloning and phishing sites that nearly caught the CTO himself, this conversation covers the modern security playbook everyone needs for 2026.THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter___________PARTNERS🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence. Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com___________Follow Tomáš Sušánka• Twitter: https://x.com/tsusankaFOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Introduction2:07 Does Tomas Like To Talk4:15 What Does Tomas Do & Why5:15 How Much Does Bitcoin Matter To Tomas6:28 Why Should People Still Care About Bitcoin8:25 Who Is Tomas Sushanka10:10 Why Humans Are So Bad With Security12:58 Tomas’s Thoughts On People Downplaying Risk14:27 How Should One Think About Risk15:25 Does Intelligence Play A Role In Risk16:54 Why Do Smart People Fall For Scams23:39 How Do We Fix This Scam Problem25:12 Partnerships: @Variational @BitwiseInvest26:05 Which Security Mistake Would Tomas Remove28:57 How Tomas Protects His Assets 29:49 What’s The Craziest Hack Tomas Has Seen31:24 A Security Habit That Makes Tomas Look Crazy32:27 Why Someone Should Care About Self-Custody36:05 When Should People Look Into A Hardware Wallet37:48 A Strategy For Hardware Risk Management44:16 How Does One Manage The Inheritance Problem46:29 Should People Keep Assets On An Exchange47:32 Partnership: @KASTxyz48:20 What Security Setup Should Kevin’s Grandma Use50:08 Things To Can Do To Prevent Hacks & Scams1:01:57 Should People Upgrade Their Trezor Wallets1:05:28 How Self-Custody Will Evolve & Not Be Archaic1:08:07 Partnerships: @JupiterExchange @Ethena1:08:50 The Biggest Problem With Self-Custody1:09:52 Is Quantum Computing A Worry For Crypto1:14:48 Who’s Taking Quantum Computing Seriously1:20:41 Who’s Securing Bitcoin Against Quantum Risk1:23:58 A Crypto Belief That Tomas Disagrees With1:26:12 Is There A Future For Digital Identity 1:27:56 Could Self-Custody Become Too Complicated1:28:42 Dangerous Advice Tomas Had Heard Before1:29:43 Does AI Make You Safer Or Vulnerable1:31:25 Closing Thoughts

Jupiter COO, Kash Dhanda, breaks down the real playbook for building wealth in crypto without luck, memecoins, or moonshots. He explains why we're still in the early majority phase of crypto adoption, why Solana is becoming the everything chain, and why he personally keeps over 50 percent of his portfolio in stablecoins earning yield.THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter___________PARTNERS⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence. Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto___________CONNECT WITH KASH DHANDATwitter:https://x.com/kashdhandaTwitter: https://x.com/jupiterexchangeFOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Introduction2:10 Crypto Middleman Discussion4:46 Where Crypto Currently Sits Within TradFi7:59 Who Is Kash Dhanda9:26 What Was Kash’s Role On SuperTeam11:42 Why Kevin Became So Bullish On Solana & ZCash13:02 What Is The Concept Of Infinite Capitalism16:07 Partnerships: @Variational @BitwiseInvest19:15 Kash’s Opinion On Memecoins21:27 Why Even Hold 10% For Random Investing24:15 How Can People Get Rich In Crypto Without Luck27:25 The One Way To Compound Wealth In Crypto28:33 Isn’t Yield Not Worth It For Crypto Investing31:14 Why Go All In On Stablecoins40:10 Partnership: @KASTxyz43:21 Is Solana Rising From The Ashes47:09 What’s Solana Bad At Toda51:01 Solana’s Thesis In 202652:23 Is SOL Becoming Future-Proof54:07 What Is Jupiter Today56:13 Why JUP Token Is Powered By Ethena57:19 Why Does Jupiter Need A Stable Coin 1:00:05 How JUP Is Able To Give Yield1:03:20 What Is Jupiter Spend1:04:58 Partnerships: @JupiterExchange @Ethena1:05:42 The Advantages Of Using Jupiter Spend1:07:39 Gum Global Unified Markets Explained Simply1:10:20 What Other Things Will Gum Help With1:12:30 Does Solana Doing Well Benefit Jupiter Heavily1:14:45 Why JUP Didn’t Do Well Last Cycle1:17:21 The Changes Jupiter Is Making To Stand Out1:19:23 Should We Be Bullish On JUP Token1:23:28 One Takeaway From This Conversation 1:24:15 Closing Thoughts

Jordi Visser, macro strategist at 22V Research and former Weiss Multi-Strategy CIO, breaks down why Bitcoin is his hedge against a coming age of AI-driven abundance and why he holds no interest in ever selling. He also dives into longevity, heart rate variability, and why chasing money and status like buying a house may be the wrong game to play.THE SHIFT NEWSLETTER💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter___________PARTNERS⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence. Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto___________CONNECT WITH JORDITwitter: https://x.com/jvisserlabsFOLLOW WHEN SHIFT HAPPENSTwitter (X): https://x.com/KevinWSHPod  Instagram:  https://www.instagram.com/kevinfollonier_ TikTok: https://www.tiktok.com/@kevinfollonier_Linkedin: https://www.linkedin.com/in/kevinfollonier/Website: https://kevinfollonier.com/DISCLAIMERThe info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.0:00 Introduction2:10 Was Jordi Happy With His Weekend & Activities3:49 How Does One Live Until 100 Years Old4:31 Why Jordi Is Fascinated With Longevity5:44 What Kills The Habit Of Living Healthy7:20 Jordi’s Thoughts On Supplements & Meds9:51 Partnerships: @Variational @BitwiseInvest12:17 How Distribution Of Wealth Affects Longevity14:03 Jordi’s Opinion On Peptides & Hormones17:47 What Is Heart-Rate Variability21:21 How Can You Track Heart-Rate Variability25:12 Jordi’s Findings Within The Finance World29:10 When Jordi Learned The Concept Of Money31:58 Partnership: @KASTxyz32:47 What’s The Point Of Making More Mone38:20 Does Abundance = More Affordable 38:54 Why Would We Still Need To Build Wealth41:22 How Jordi Became Fascinated With Bitcoin47:44 Jordi’s Thesis On Bitcoin Explained Simply50:10 How Much Of Jordi’s Portfolio Is Bitcoin50:48 Would Jordi Ever Sell His Bitcoin51:52 Partnerships: @JupiterExchange @Ethena52:38 How Big Does Bitcoin Get54:00 Jordi’s Thoughts On “Bitcoin Is Too Expensive”55:28 Why Have A Channel About Crypto & Not Bitcoin56:25 Does Jordi Invest In Other Crypto Assets57:24 Other Scarce Assets Jordi’s Invested In58:41 Should 20 Year Olds Work Towards Buying A House1:02:00 The Difference Between Routine & Unique1:03:57 Why You Should Prioritize Longevity1:07:02 Closing Thoughts