The Rollup

A deep dive into a portfolio rethink that challenges the old 60/40 playbook. Discussion of Bitcoin vs gold and signs of seller exhaustion. Examination of STRK’s product-market fit and legal quirks. Takes on why private credit can hide tail risk. Exploration of tokenization opening liquidity for illiquid assets and interesting plays in emerging crypto infrastructure.

Sam Kazemian, founder of Frax Finance and creator of the fractional-algorithmic stablecoin and frxUSD, talks policy and market strategy. He unpacks the politics behind yield restrictions. He explains how rules reshape distribution and who gains. He explores product workarounds, banks’ interest in stablecoins, and where investors might look next.

Santiago Santos, founder of Inversion and prolific angel investor known for early Polymarket backing, discusses tokenization, stablecoins, and where crypto meets real-world finance. He covers why corporates test stablecoins, the rise of tokenized commodities and Hyperliquid momentum. He also explores telco distribution strategies, on-chain credit risks, and where institutional adoption is heading.

Felix Jauvin, Head of Content at Blockworks and macro trader, brings Fed, FX, commodities and crypto chops. He breaks down oil shock risks around the Strait of Hormuz. He explains why the dollar rallies in crises and why gold retraced. He tackles Bitcoin's narrative issues and how trading shifts in low-volatility macro markets.

Rob Greer, Partner at Stillcore Capital focusing on decentralized AI and the BitTensor ecosystem. He makes the bull case for TAO and explains why subnets are technical AI projects, not yield farms. He highlights top subnets to watch, discusses decentralized training at scale, and defends TAO emissions as funding for ecosystem growth.

Evan Cheng, CEO and co-founder of Mysten Labs and architect of the Sui blockchain, discusses tokenization beyond finance and Sui’s vertical build strategy. He talks about integrating AI with blockchain, competing with Hyperliquid through a long-term platform approach, and alternative revenue models beyond base-layer fees. Regulatory clarity and institutional interest also come up.

Iggy Iope, Chief Investment Officer of Theo Network and former Polygon Ventures partner, explains Theo’s plan to tokenize blue‑chip real‑world assets. He dives into building liquidity on Hyperliquid and multi‑venue strategies. Listens cover tokenized gold powering THUSD, yield sources like CME basis and on‑chain funding, and conservative growth and token economics.

James Ross, founder of Synth — a BitTensor subnet running decentralized data science competitions — explains why BitTensor is likened to Bitcoin. He discusses subnet tokenomics, staking TAO into subnets, and how subnets can generate real revenue. Brief takes cover decentralized training, confidential compute, and growing institutional interest.

Adam Minehardt, Chief Legal Officer at Chainlink and former Capitol Hill/corporate lawyer, discusses TradFi meeting DeFi. He covers the Clarity Act and stablecoin yield talks. He explains filing-rule shifts, the innovation exemption’s scope, SEC-CFTC coordination, and tokenization use cases from energy to infrastructure. He outlines who might win as tokenized markets and liquidity evolve.

Teddy Fusaro, President of Bitwise and veteran ETF pro, explains why institutional crypto adoption is still in early innings. He compares ETF rollouts to past ETF history. He explores 24/7 markets, tokenized vaults, and how derivatives and options fit into institutional frameworks. He also outlines valuation approaches for Bitcoin, Ethereum, and Solana.