

Validated
Austin Federa
When it comes to blockchain, the thing people talk about most — the price — is actually the least interesting part. Crypto conversations are too often about who’s up and who’s down, what to buy and what to sell, and today’s drama on Twitter. Most conversations about crypto miss how it’s going to change ... everything.
On VALIDATED, we’ll be talking to the people who are rethinking the internet — and our world. No hype cycles. No financial advice. Just conversations on the biggest ideas shaping the future of the internet.
Web3 is complicated, but never boring.
On VALIDATED, we’ll be talking to the people who are rethinking the internet — and our world. No hype cycles. No financial advice. Just conversations on the biggest ideas shaping the future of the internet.
Web3 is complicated, but never boring.
Episodes
Mentioned books

Mar 24, 2026 • 52min
MegaETH Mainnet and the Real-Time ZK Endgame w/ Lei Yang
In this episode, we sit down with the team behind MegaETH to discuss the launch of their mainnet and the vision for a new generation of high-performance Layer 2 blockchains. We explore how MegaETH is pushing block times into the millisecond range, what that means for onchain markets, and why ultra-low latency could fundamentally change blockspace auctions and transaction ordering. The conversation also covers token utility, sequencer incentives, fraud proof security, and why the long-term endgame for rollups is real-time ZK proving. We also dive into the practical challenges of building high-performance crypto infrastructure — from co-location and distributed RPC networks to designing an ecosystem that can actually take advantage of that speed.
To learn more about MegaETH, check out:
https://www.megaeth.com/
https://rabbithole.megaeth.com/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Mar 6, 2026 • 37min
How Shelby Makes Decentralized Storage Faster and Cheaper w/ Pranav Raval
In this episode, Austin chats with Pranav Raval (Aptos Labs) about Shelby, a new decentralized storage protocol designed to address the performance and cost limitations of earlier decentralized storage systems. The conversation dives into Shelby’s architecture and market opportunities. Unlike previous systems that rely on unreliable “spare capacity” nodes, Shelby uses professionally operated data centers, erasure coding for reliability, and incentives for fast data retrieval. This design enables new use cases beyond simple file storage, including verifiable advertising analytics, IP-protected generative media, AI data marketplaces, and distributed AI inference at the network edge. Pranav explains how Shelby can position itself as infrastructure for data-intensive applications—especially those driven by AI—while offering an alternative to the expensive egress fees and regional data silos of traditional cloud providers. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Jan 28, 2026 • 56min
How Wyoming Built the First State-Issued Stablecoin w/ Anthony Apollo
Anthony Apollo, Executive Director of Wyoming’s Stable Token Commission, led the state to issue the Frontier Stable Token. He discusses Wyoming’s decade of crypto-friendly laws and why the state chose to operate digital financial infrastructure. They cover legal safeguards like warrants for freezes, how reserves generate public revenue, and practical ties with exchanges and courts for rapid on-chain response.

Dec 9, 2025 • 52min
Inversion's Vision for Real-World Crypto w/ Santiago Roel Santos
In this episode, Austin chats with Santiago Roel Santos, founder of Inversion, discussing why crypto has struggled to reach mainstream adoption and what it will take to change that. Santiago explains how Inversion applies a private-equity-style model to deploy capital into real-world use cases, rather than chasing speculative cycles. He outlines why stablecoins are emerging as crypto’s strongest product-market fit, what infrastructure still needs to mature, and how regulatory clarity is shaping global distribution. The conversation also covers chain selection, the limits of “casino onboarding,” and why genuine adoption depends on building products that solve practical problems for people and businesses. 00:00 - Understanding Inversion and Its Origins 07:18 - Crypto's Consumer to Enterprise Shift 12:59 - Interoperability and Choosing the Right Blockchain 17:16 - Private Equity in a High Interest Rate Environment 20:16 - Distribution vs. Product in Crypto 25:50 - The Future of Crypto and Stablecoins33:19 - Global Economic Power and Technology 35:51 - Crypto's Impact on Corporate Structures 40:32 - Tokenized Stocks and Market Access 48:02 - Advice for Founders in the Crypto Space Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Nov 18, 2025 • 45min
Maple's Model for Institutional Lending w/ Sid Powell
In this episode, Austin chats with Sid Powell, co-founder and CEO of Maple Finance, to explore how institutional credit is moving on-chain. Sid breaks down how Maple has facilitated over $5 billion in loans, how it manages risk and transparency in a post–Celsius world, and what’s next for tokenized private credit. We also discuss stablecoins, regulation, and how crypto finance is maturing for the long term.00:00 - Understanding Maple Finance 02:03 - Comparing Maple to Celsius 09:39 - Institutional Clientele 16:42 - Maple's Navigation of Different Blockchain Ecosystems 22:58 - The Case for Vertical Integration 23:57 - Challenges in Financial Services25:12 - Crypto's Overall Growth 26:49 - The Future of Banking and Crypto Adoption 30:57 - Stablecoins and Cross-Border Payments 38:21 - Automation and Efficiency in Crypto Lending 44:00 - Conclusion Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Oct 31, 2025 • 1h 19min
Kevin Bowers on the True Costs of Scaling Crypto
In this episode, Kevin Bowers returns to explain Jump's expansion from trading to core infrastructure, centered on what he calls the "great inversion": the real bottleneck in tech isn't compute, but data and I/O. He introduces Shelby, a new storage network, as a direct challenge to the "Hotel California for Data" model used by cloud providers. This same focus on efficient data flow—not just processing power—was the key to scaling Solana with Fire Dancer. Finally, Kevin explains how FPGAs from high-frequency trading are the critical hardware solution, allowing blockchains to bypass software's inefficient "Tower of Babel" and "get close to the wire" for true high performance. 00:00 - Expanding Beyond Trading and the Vision for Shelby 02:31 - Challenges in Storage and Data Management 04:37 - Building High-Performance Systems 08:04 - The Evolution of Jump's Technology 11:55 - The Economics of Cloud Storage 29:07 - Fire Dancer and Frankendancer 42:03 - The Cost of Optimization 42:48 - Machine Learning and Custom Networks 43:47 - Project Prioritization and Entropy 46:48 - Challenges in High-Performance Computing 56:38 - The Role of FPGAs in Trading and Blockchain 01:13:45 - Future of Hardware Acceleration in Blockchain 01:18:54 -Conclusion and Final Thoughts Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Oct 14, 2025 • 44min
How Marinade Went from Hackathon OG's to Wall Street w/ Michael Repetny
In this episode, Austin chats with Michael Repetny, a core contributor to Marinade. They discuss the history and technical details of Marinade, its role in the Solana ecosystem, and its approach to staking. Michael covers Marinade's origins in a 2021 hackathon, the development of its custom stake pool contract, and its early competition with Lido. The conversation addresses the evolution of validator economics on Solana, the impact of MEV and priority fees, and Marinade's response to sandwich attacks. They also discuss the protocol's products, including its liquid staking token (mSOL) and Marinade Native, a non-custodial delegation service. The episode concludes with a discussion on preparing for institutional adoption, the role of LSTs in ETFs, and the process of getting SOC 2 compliance. 00:00 – Marinade’s Origins and Early Days03:11 – Building on Solana07:09 – Competing with Lido and the Importance of Community10:59 – The Changing Economics of Staking14:45 – Stake Pools, Yield, and Market Transparency19:17 – The Marinade Marketplace23:21 – Protected Staking Rewards & Validator Bonds27:19 – Marinade Native32:18 – ETFs, Institutions, and the Future of Staking38:34 – Security, Compliance, and SOC 2 in Crypto43:59 – The Future of Marinade and Solana Staking46:59 – How to Get Involved with Marinade & Closing Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Aug 26, 2025 • 34min
Prop AMMs, MEV, and the Realities of Solana's Roadmap w/ Connor (Temporal) and Brennan Watt (Anza)
Brennan Watt, who works at Anza, joins Connor to dive into the complexities of Solana's decentralized finance landscape. They discuss the innovative Prop AMMs and their efficiency in trading. The two explore the challenges of market making and arbitrage, emphasizing the need for improved market structures. They tackle scalability issues and the potential downsides of centralized leadership in decentralized networks. Geographic decentralization’s impact on market dynamics and MEV's role in price discovery also take center stage in this insightful conversation.

Aug 5, 2025 • 43min
Reinventing Onchain Order Books on Solana w/ Tristan Frezza (Bullet)
Tristan Frezza, a key innovator at Bullet, dives into the revival of Central Limit Order Books (CLOBs) on Solana and the transformative role Bullet plays in this space. He discusses historical challenges in decentralized finance and how Bullet overcomes them with advancements in smart contracts. Tristan highlights the importance of trading efficiency and user experience, emphasizing the promise of ZK proofs for off-chain computations. The conversation also touches on the competitive landscape with centralized exchanges and the excitement surrounding Bullet's upcoming testnet.

Jul 22, 2025 • 49min
An Investor's Evolving Thesis of a Maturing Market w/ Jon Charbonneau (DBA)
John Charbonneau, co-founder of DBA, shares his transformative journey from traditional finance to the crypto sphere, emphasizing a shift from Ethereum maximalism to a pragmatic multi-chain approach. He discusses how the maturation of the market brings revenue and cash flow to the forefront of valuation metrics. Charbonneau highlights the contrasting cases of Hyperliquid and the evolving investor expectations regarding transparency and regulation, while stressing the need for human touch in tech-driven environments.


