The Rollup

Rand Hindi, CEO and co-founder of Zama, a leader in Fully Homomorphic Encryption for blockchains. He argues public permissionless chains will outcompete private ones. He explains why Zama picked FHE over ZK and TEEs, how FHE can shield token balances and enable composable private DeFi, and the strategy and institutional partnerships for tokenizing real-world assets.

Theo Golden, Tokenization Lead and bond portfolio manager at Baillie Gifford — building native tokenized funds and marrying DeFi infrastructure with regulated products. He explains why direct tokenization outperforms wrapped models. Short takes cover on on-chain vs off-chain risk, on-chain books of record, which intermediaries face collapse, and which crypto-native teams and banks stand to win.

Stani Kulechov, founder of Aave and longtime DeFi builder focused on lending, on-chain credit, stablecoins, and tokenized RWAs. He unpacks Aave V4’s hub-and-spoke design, risk tiers, and liquidity flows. He discusses institutional RWAs, GHO’s role in credit, the Whop integration bringing millions of fintech users, and Chainlink SVR for MEV protection.

David Schamis, CEO of Hyperliquid Strategies and co-founder/CIO of Atlas Merchant Capital, explains how they raised $888M and built the largest DAT holding. He discusses why many DATs struggle, how HIP-3 rewired the thesis, 24/7 settlement advantages shown in wartime oil trading, S&P’s TradeXYZ signal, perp vs options appeal, TAM and risks, and staking and product roadmap plans.

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.