Dean Eigenmann, Co-Founder of Market Start Inc, joins us to talk about
the massive shift in crypto market dynamics. Dean explains his
transition from the "closeted" world of MEV trading to launching a
liquid-focused fund. We discuss why venture capital overhang has left
the market without marginal buyers and why "crypto mullets" are the
future of critical infrastructure. Dean also breaks down the math behind
token buybacks, comparing the success of Hyperliquid to the struggles
of Helium and Jupiter.
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Notes:
→ Tokens should be equity
→ Hyperliquid 11 employees
→ Jane Street conspiracy
Timestamps:
00:00 Start
00:28 Pivoting away from trading
01:11 The acquisition & current MEV landscape
02:11 Markets Inc
04:09 Token framework
05:24 Regulations & other barriers
07:41 Buy backs
09:37 Hyperliquid buy back program
11:33 HYPE
12:49 Inflection point
13:51 Markets Inc scale & project development phases
16:25 ellipsis labs
17:13 What does "helping" projects mean?
20:58 Real time trade finance
23:48 Stablecoins & efficiency gains
25:25 Tokens vs equity
26:01 Investing in stablecoin infrastructure
28:25 Other sectors
29:39 What's NOT investable now?
30:17 But but DePIN... right?
33:41 Projects with sustainable demand?
35:24 AAVE drama
37:13 AAVE DAO & project structure
39:39 Morpho
40:53 Prediction markets
44:11 What's insider trading & Jane Street
45:59 Jane Street conspiracy
47:56 Wrap up
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the
most efficient on-chain markets. Their orderbook and Prop AMM products
have delivered price improvement to hundreds of billions of dollars in
retail volume. Now, they are bringing their expertise to build Phoenix,
the best on-chain perpetuals platform.
Ellipsis Labs is hiring New York-based engineers. If you're an engineer
looking to work with a proven team in making DeFi better, go to
ellipsislabs dot xyz slash careers.
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