Lightspeed

Talks about the rush of institutions into crypto and what that means for markets. Covers tokenization, standardized disclosure filings, and the push for clearer regulation. Explores on-chain transparency, RWA lending, perpetual markets, and how crypto apps are turning into neobanks. Looks at DePIN growth and where the next consumer crypto hits might come from.

Eugene Chen, CEO of Ellipsis Labs and Solana DeFi builder, explains Solana’s changing market structure and the launch of Phoenix Perps. He discusses on-chain trading design, routing and sequencing challenges. Conversation covers MCP’s role, block builder dynamics, and why perps differ from spot routing.

Konstantin Richter, founder and CEO of Blockdaemon, builds crypto infrastructure for institutions. Tom Zschach, Chief Innovation Officer at SWIFT, focuses on integrating digital assets into global banking. They discuss agentic payments and machine accountability. They examine regulation gaps and whether on‑chain rails will interconnect with legacy systems. Conversation centers on systems design for future payments.

A new investor relations platform built for onchain businesses is unveiled. Discussion covers how token supply inflation crushed average prices despite rising on-chain revenue. The talk diagnoses trust and disclosure gaps in crypto reporting. The product combines real-time data, branded investor portals, and advisory services to create more transparent, measurable investor communications.

Founders discuss building privacy infrastructure on Solana using MPC and zero-knowledge tech. They explain private composability, shielded pools, and encrypted state for DeFi interactions. Regulatory design choices, auditability, and compliance workflows are covered. UX, SDK integrations, and paths to institutional adoption are highlighted.

Noah Goldberg, investor at Theia Capital focused on digital asset markets and token design. He breaks down new SEC guidance, debates commodity versus security tradeoffs, and explores token vs equity models. Conversation covers KYC and global access, early public token strategies, and how regulation shapes product design and listings.

Ben Coverston, CEO of Harmonic and co-founder of Temporal, brings a quant trading background to crypto. He dives into Solana block building and Harmonic’s multi-builder, microblock technical design. Conversation covers transaction scheduling, market structure debates, decentralization tradeoffs, MCP/Alpenglow protocol ideas, and how these changes could reshape DeFi ordering and competition.

Joe, a Blockworks advisor who studies product-market fit and revenue for crypto platforms, and Carlos, a crypto analyst focused on ETF flows and Solana trends, dive into market volatility and institutional Solana ETF inflows. They explore tokenized equities and 24/7 trading. The conversation then unpacks MetaDAO’s permissionless launchpad: launch cadence, incentives, revenue model, branding risks, and tokenholder protections.

Spencer Applebaum, Multicoin partner specializing in crypto infrastructure. Shayon Sengupta, investor focused on DeFi and tokenized assets. Tushar Jain, partner known for macro crypto theses and market cycles. They discuss blockchains as financial rails. Topics include stablecoin-driven fintech, the DeFi mullet model, credibly neutral chains, tokenization of assets, venture opportunities, and market rebirth dynamics.

Discussion of tokenized equities growth, composability and where trading volume is coming from. Deep dive into on-chain stock liquidity, slippage and tracking error for large trades. Exploration of Kamino's RWA expansion and new modular markets. Investigation into alleged insider trading and the cultural risks in fast-growing crypto teams.