For consumer crypto to thrive it needs to embrace finacnialization to deliver a better experience, and maker sure crypto disappears everywhere else. Projects doing this right sit in an emerging sector called fantech. In this episode of the Avalanche Ecosystem Series, we explore the rise of Fantech: a new category where sports fans, music fans, creators, and event-goers become participants in real digital economies.From loyalty programs and ticketing to creator monetization and on-chain rewards, we look at how these experiences get a 10x lift when they go onchain e and why Avalanche is emerging as one of the leading infrastructures powering this shift.The episode opens with a real story from the Champions League final and expands into a global look at how blockchain is quietly reshaping fan engagement, payments, and ownership at scale.Featured conversations:Rain — using stablecoins to power global consumer payments and rewardsUptop — building wallet-based loyalty for major sports teamsThe Arena — enabling creators to monetize directly through social cryptoTixbase — rebuilding ticketing with on-chain transparency and fan identityIn this episode:Why loyalty and rewards are a multi-billion-dollar global marketHow on-chain points and fan engagement differ from traditional programsWhy ticketing may be one of the most natural consumer use cases for blockchainHow creators and fans are earning, not just speculatingWhy Avalanche’s architecture is uniquely suited for consumer-scale appsWhy the future of consumer crypto won’t feel like crypto at allChapters:00:00 – The Ticket That Didn’t Work01:30 – What Is Fantech?04:00 – Payments as the Base Layer06:30 – Loyalty Goes On-Chain10:00 – Social + Fan Economies13:00 – Fixing Ticketing17:00 – Why Avalanche Works for Consumers19:00 – The Future of Fandom
Subscribe for more deep dives into crypto, DeFi, and the technologies reshaping finance and the consumer internet.
In this episode of The Defiant Podcast, Uniswap founder Hayden Adams joins us right as the UNIfication (Unification) proposal has moved to a final governance vote—a sweeping plan from Uniswap Labs + the Uniswap Foundation that would activate protocol fees, introduce a programmatic UNI burn, and realign how value accrues across the Uniswap ecosystem. We go deep on what’s actually inside the proposal (and what isn’t), why this moment feels like the end of one DeFi era and the start of another, and how years of “regulation by enforcement” shaped Uniswap’s product decisions—down to Hayden’s firsthand experience with debanking, legal pressure, and the chilling effect on builders. What we coverWhy UNIfication is being pitched as a once-in-a-cycle reset for UniswapThe real mechanics of the fee switch(es) (plural) and how the “token jar” burn design worksThe perceived tension between UNI token holders vs. equity/VC value capture and whether this vote changes thatWhy Uniswap wants to shift from “best frontend” to protocol-first infrastructure (APIs, ecosystem engineering, aggregator hooks)How Unichain fits into the broader strategy—and what “near-free trading” could mean in practiceGovernance backlash: is Uniswap becoming more centralized or more decentralized?Context: the vote is live! Hayden shared that the UNIfication proposal is now in the final governance vote stage.Subscribe for more founder-level conversations at the intersection of DeFi, regulation, and market structure.
In this episode of The Defiant podcast, Camila Russo sits down in Buenos Aires (Devconnect) with Marissa Foster (Product, Ethereum Foundation) and Yoav Weiss (security researcher, Ethereum Foundation) to unpack The Trustless Manifesto and the Ethereum Interop Layer (EIL), why “trust assumptions” are quietly creeping into Ethereum’s stack, and what it will take to preserve Ethereum’s core values while making UX actually usable.We dig into the hidden places users are forced to trust intermediaries, from cross-chain interoperability and solvers to something most people never question: RPCs. Then we get practical: the guests walk through the EIL, a new approach to cross-chain UX that aims to deliver one-signature interop without introducing new trust assumptions, plus why the wallet becomes the center of the user’s security model.Finally, we zoom out: how should wallets warn users, what does “walkaway test” really mean, and why institutions may end up being one of the strongest forces pushing crypto toward less counterparty risk.Topic list: • Why Ethereum’s next phase is “mainstream adoption” — and why that raises the stakes • The Trustless Manifesto: what it is, why it was written, and what it’s trying to prevent • Where trust assumptions sneak in: bridges, interop protocols, sequencers, oracles • RPCs as a giant blind spot: “we trust RPCs blindly” and why that can have real-world consequences • Trustlessness vs UX: why “great values + bad UX” can still lose users • “You can’t build something trustless on top of something that isn’t trustless” • What users should demand — and why it can’t require everyone to be a security expert • How “beat” frameworks help: L2BEAT, upcoming interop criteria, and Walletbeat • The walkaway test: what happens if the team/server/intermediary disappears (or turns hostile)? • L2 sequencers: permissioned vs permissionless, censorship risk, and practical exit paths • Cloud dependencies (Cloudflare outage) and what it reveals about today’s “decentralized” apps • Ethereum Interop Layer (EIL) explained: one-signature, wallet-centric, self-executing interop • Why “solvers open the envelope” — and how EIL avoids that trust model • Liquidity providers, vouchers, and how users pay gas cross-chain without the usual friction • Standards and coordination: wallets, L2s, and dapps all need to meet in the middle • The HTTP analogy: Ethereum today as the “pre-HTTP internet” and what seamless interop could unlock • Institutions and counterparty risk: why big players may push hardest for trust-minimized infrastructure • What’s next: testnet learnings, audits, standards, wallet integrations, and 2026 mainnet targetExplore The Defiant ✨📰 Websitehttps://thedefiant.io/✉️ Free Daily Newsletter https://thedefiant.io/newsletter/defi...🤑 Weekly Premium Newsletter https://thedefiant.io/newsletter/defi...✊ Follow The DefiantX/Twitter: https://x.com/DefiantNews📬 Contact our Newsroomeditorial@thedefiant.io🤝 Sponsorships & Partnershipssponsors@thedefiant.io#TheDefiant #DeFi #Decentralized #Finance #Blockchain #Web3
In this episode of The Defiant podcast we speak with Morgan Krupetsky, VP of OnChain Finance at Ava Labs, to break down one of the most significant shifts happening in crypto today: the rapid institutionalization of blockchain and Avalanche’s strategy to lead it.
Morgan walks us through Avalanche’s “real-world adoption first” ethos, explaining how its unique architecture enables enterprises, fintechs, banks, governments, and consumer apps to build purpose-designed blockchains while tapping into a shared liquidity hub.
Robert Leshner — the mind behind Compound, and now the founder of Superstate — believes the next trillion-dollar shift will come from bringing the world’s assets on-chain.
In this episode, Cami sits down with one of DeFi’s earliest pioneers to unpack:
Why DeFi itself shouldn’t change — but assets will
How tokenized T-bills, basis strategies, and even equities are finally getting institutional traction
Why regulatory “tailwinds,” not new laws, unlocked the RWA boom
The two competing models of tokenized stocks — and why both will win
What happens when DeFi becomes the infrastructure powering TradFi
What he’d do differently after Compound’s messy transition to decentralized governance
Robert also gives us a candid breakdown of how Superstate is building “canonical tokenization” — letting public companies turn their actual stock into blockchain-native assets — and why the real breakthrough won’t come from issuance… but from DeFi use cases.
In a world of fast-advancing technology, we are told to trust in our own research. But as the crypto space matures, scams and exploits remain a constant presence. When your assets are gone, they are gone forever, with a near-zero chance of recovery. The old mantra of "Do Your Own Research" falls short against sophisticated threats like address poisoning, advanced malware, and convincing AI deepfakes. How, then, do we build a safer Web3 without sacrificing the decentralized ideals at its core?
Alex Katz, CEO of the Web3 security solution Kerberus, joins us to explore this new frontier. We delve into the philosophical debate of autonomy versus protection, the push for auditing standards, and the future of wallet-native security.
Chapters
00:00 Android vulnerability: why mobile crypto is risky
01:21 Building safer Web3 without sacrificing decentralization
02:10 Crypto’s Wild West: few rules, big risks
03:37 Why scams continue: prosecution, standards, protection gaps
05:44 Kerberus approach and results: zero user losses
06:24 Coverage up to $30K and growth needs
08:24 Why DYOR is insufficient for modern threats
09:33 Traders’ behavior, phishing risk, and automation
11:25 Crypto antivirus vision and malware threats
12:11 Hardware vs. hot wallets: balancing safety and speed
14:41 Address poisoning, clipboard privacy, and deepfakes
20:22 Autonomy vs. protection: beyond user education
24:44 Wallet security should be default, like antivirus
31:51 Getting grandma into Web3 safely
32:29 Lightning round: tools, myths, key lessons
36:04 Where to find Kerberus and closing notes
In the second episode of Ecosystems: Avalanche, we track the protocol’s trajectory, which included a peak valuation of $13 billion, followed by a period of consolidation and strategic redevelopment.
The Defiant founder Camila Russo and Ava Labs' Chief Strategy Officer Luigi D’Onorio DeMeo are joined by founders from BENQI, Euler Labs, and LFJ, who are building on the Avalanche protocol. The conversation covers technical upgrades such as Octane and Etna, aimed at reducing fees, and Interchain Messaging, designed to enhance interoperability between blockchains. It also addresses the strategy to onboard institutional clients, including T. Rowe Price and Wellington, through customized Layer 1 solutions.
Can Avalanche cultivate an ecosystem that thrives without relying on constant incentives, particularly regarding liquidity and user retention? Join us to find out.
In this conversation, May Zabaneh breaks down PayPal’s move into stablecoins with PYUSD and why it matters for financial inclusion. We explore how PYUSD could lower costs for cross-border payments, deliver faster settlement, and plug directly into PayPal’s existing ecosystem. The discussion covers why PayPal built a proprietary stablecoin, early adoption and real-world use cases, and plans for international expansion. We also examine the role merchants play in crypto acceptance, how DeFi and traditional finance are converging, and why interoperability will be essential in the next phase of digital payments.
Chapters
00:00 PayPal’s Vision for Stablecoins
02:47 Why PYUSD? Rationale and Goals
05:18 Stablecoin Advantages: 24/7, Inclusion, Cross‑Border
08:22 Why Proprietary vs Supporting Others
11:06 Unlocking B2B and Rebuilding On‑Chain
12:20 PYUSD in the PayPal/Venmo Ecosystem
14:21 International Expansion and Global Transfers
17:02 Merchant Fit: Categories, Costs, Declines
19:32 User Segments: Crypto‑Curious to Super Users
23:28 Pay with Crypto: Scaling to Larger Merchants
29:38 PYUSD in DeFi: Open and Multi‑Chain
32:01 Liquidity, Partnerships, and the Three Pillars
35:56 Interoperability and Evolving Roles
39:11 AI x Payments: Agent‑Driven Commerce
40:42 Finding the Flywheel, What’s Next
In Web3, we find ourselves in an age of digital phantoms, a "click-farm" era where identity is flimsy and easily fabricated. But what if reputation could be real, portable, and valuable? Animoca Brands co-founder Yat Siu returns to explore this very question, detailing a vision for a trust layer built on zero-knowledge proofs.
He reveals plans for a Hong Kong dollar stablecoin, a joint venture with Standard Chartered and HKT awaiting regulatory approval, and unpacks the Mocaverse ecosystem where staking power and airdrops build a verifiable, cross-chain identity. We also explore the future of Web3 gaming, the coming meta shift from GTA 6, and a bold thesis: why the entire altcoin market may one day eclipse Bitcoin.
Tune in to discover how we might build a more trustworthy digital future.
Chapters
00:18 Solving Web3's "Click Fraud" Problem
01:01 Animoca's Plan for a Hong Kong Stablecoin
03:12 Navigating Hong Kong and China's Regulatory Landscape
09:11 The Composability and Promise of Stablecoins
11:09 Introducing the Mocaverse Loyalty SDK
12:56 Building an Interoperable Digital Identity
15:04 The Search for Trust in a Permissionless World
18:34 Data Custody, GDPR, and Self-Sovereignty
21:02 Can Reputation Live Across Multiple Chains?
27:07 The Limits of KYC and Airdrop Farming
28:49 Staking Power and Airdrops as a Form of Credit
40:34 Rumors of a US Listing for Animoca
45:13 The Future of Web3 Gaming and the GTA 6 Effect
56:22 Why Altcoins May One Day Eclipse Bitcoin
In this episode of The Defiant Podcast, Vinny sits down with Ahmad Shadid—former quant trader turned founder—who redirected the 2022 GPU crunch into a decentralized GPU network and now leads a bold push toward “sovereign superintelligence”: an AI CEO framework that can govern, fund, and scale itself transparently.
We unpack vibe coding (building with AI at 20x speed), how zero-knowledge proofs and decentralized networks could reshape AI, and why security must keep pace in a world moving faster than audits. We talk leadership, the democratization of software, and the next wave of founders shipping products in days—not months.
We discuss:
How vibe coding empowers anyone to ship working demos fast
Where AI CEOs make sense—and where humans still matter
Why Web3 UX, wallets, and cross-chain could leap forward
The real bottleneck: security and audits in a 20x build world
Practical risks for builders and consumers—and how to stay safe
Chapters
00:00 The internet-magnitude moment for building
01:13 Sovereign superintelligence and AI CEO
01:38 Vibe coding: ship 20x faster
01:53 Speed vs. security: the new bottleneck
03:03 From GPU crunch to GPU networks
03:22 Why AI + Web3 will drive the decade
06:51 Will AI replace “managers” or leaders?
09:53 Vibe coding explained—anyone can build
14:05 Tools outpace human code reading
16:30 Building an AI-first product workflow
21:13 Build fast, but build safely
32:00 Toward decentralized AI-managed organizations
37:34 What’s driving the vibe coding wave
39:58 Democratization vs. industry gatekeeping
42:45 Anyone can start—opportunities everywhere
Avalanche says it can finally square the circle: sub‑second finality, a large decentralized validator set, and thousands of sovereign L1s connected through native messaging for shared liquidity.
In the genesis episode of our new ECOSYSTEMS podcast, Camila Russo and guest cohost Luigi D’Onorio DeMeo of Ava Labs unpack the Avalanche story—from Team Rocket’s probabilistic consensus and the stadium sampling intuition, to today’s “city of chains” (C‑Chain liquidity hub, P/X chains, and customizable L1s). We discuss:
How random sampling achieves speed and safety/liveness guarantees
Customization without fragmentation via inter-chain messaging (ICM)
L1 vs L2 trade-offs: shared security vs shared risk, costs, and interoperability
Enterprise paths (FIFA, Toyota, fintechs), privacy options, and Ava Cloud’s “L1 in minutes”
Decentralization in practice: validator counts, Nakamoto coefficient, and hardware accessibility
What real adoption looks like for payments, DeFi, and emerging markets
If Avalanche is right, it has the chance to make finance programmable at scale. If not, we add to the L1 graveyard.
Crypto’s next chapter isn’t a shinier coin—it’s invisible rails. In this episode, we sit down with Aryan Sheikhalian, Research Lead at CMT Digital, to unpack the shift from “crypto as an asset” to crypto as infrastructure: 24/7 markets, instant clearing and settlement, and new structured products that couldn’t exist before.
We talk about tokenized equities (wrappers vs. native tokenization and why dividends/governance matter), how identity layers and ZK proofs unlock mainstream distribution through banks and fintechs, and where regulation is pushing builders toward partnerships and licensed rails.
Chapters
00:00 Hook: crypto as infrastructure, not asset
01:15 Guest intro and research focus
02:06 Incentives, psychology, and mechanism design
04:03 ICO lessons, maturity, and red flags
07:09 CMT Digital’s thesis and “strictly better”
10:27 Tokenized equities drivers and demand
13:40 Wrappers vs native: dividends, governance
16:06 Fintech rails, velocity, cost efficiency
18:26 Banks, distribution, and competitive incentives
20:29 New assets: GPUs, data, energy tokens
23:23 Identity layers and ZK proofs for scale
25:55 State of crypto VC and fund trends
27:51 Overlooked sectors: DePIN and decentralized data
31:26 Prediction markets and resolution design
34:18 Regulation, licenses, and partnerships
39:45 Market outlook: TVL, stables, volatility
42:45 Founder advice: conviction and user focus
In this episode of The Defiant Podcast, we sit down with Paul Veradittakit, Managing Partner at Pantera Capital, to discuss the explosive growth of Solana, the future of stablecoins, and the evolution of digital asset treasury companies. Paul shares insights on Pantera's $1.2 billion Solana fund, the role of institutional capital in this crypto cycle, and why he believes Solana is poised to outperform Bitcoin and Ethereum. Tune in for a look into the next wave of blockchain innovation, from payments to gaming and beyond.
Chapters
00:00 - Introduction to stablecoins as a practical store of value
01:00 - Guest introduction: Paul Veradittakit of Pantera Capital
01:37 - Pantera’s $1.2 billion Solana fund: Why Solana?
02:36 - Evolution of digital asset treasury companies
04:13 - Pantera’s bullish stance on Solana: Technology and adoption
06:03 - Investment strategies for single-asset treasury companies
08:30 - Managing Solana in Helios: Staking, DeFi, and M&A
10:35 - Addressing Solana’s decentralization and downtime concerns
12:22 - Meme coins and their role in Solana’s ecosystem
18:18 - Stablecoins: A growing demand in Latin America
20:01 - Future use cases for Solana: Payments, AI, and Deepin
23:00 - The rise of specialized blockchains for vertical use cases
26:17 - Stablecoins as a payments hub: Key players to watch
28:14 - Altcoins’ potential to outperform Bitcoin in this cycle
33:15 - Crypto gaming: The underestimated vertical
35:37 - Closing thoughts: Solana’s future and Pantera’s vision
In this episode of The Defiant Podcast, we sit down with Ben Nadareski, CEO and Co-Founder of Solstice Labs, to explore DeFi on Solana and why it’s becoming a magnet for institutional adoption. Ben shares how Solstice Labs is pioneering permissionless, institutional-grade yield strategies and launching the US token, a fully collateralized stablecoin designed to unlock new levels of trust and scalability in DeFi.
We dive into Solana’s unique advantages—speed, low costs, and composability—and how it’s shaking off its “meme chain” reputation to emerge as a serious contender in the blockchain space. Ben also addresses the challenges of scaling trust in crypto, the rise of yield-bearing stablecoins, and how DeFi is empowering users in emerging markets.
We also tackle: How can Solana maintain its edge in a crowded blockchain market? What’s being done to address past network outages? And how can regulation strike the right balance between protecting users and fostering innovation?
Chapters
00:00 – Scaling Trust in Crypto
00:22 – Solana’s DeFi Momentum
01:16 – Why Solana Stands Out
03:43 – From Meme Chain to DeFi Leader
05:57 – The Rise of Yield-Bearing Stablecoins
08:01 – Regulation and Trust in DeFi
12:45 – Solstice Labs and the US Token
18:19 – DeFi’s Role in Emerging Markets
25:13 – The Future of DeFi on Solana
33:08 – Building a Transparent and Scalable DeFi Ecosystem
In this episode of The Defiant Podcast, we sit down with Eli Ben-Sasson, co-founder and CEO of StarkWare, to explore how StarkNet is revolutionizing blockchain scalability with ZK proofs. From Bitcoin staking to the creation of an "integrity web," Eli shares groundbreaking insights into the future of decentralized finance, Bitcoin's execution layer, and the role of StarkNet in shaping the blockchain ecosystem. Tune in to discover how StarkNet is leading the charge in decentralization, scalability, and innovation.
Chapters
00:00 – Introduction to Eli Ben-Sasson & StarkWare
00:24 – StarkNet’s mission: Scaling blockchain with ZK proofs
01:30 – StarkWare’s achievements: $8B valuation & global impact
03:22 – BTC Phi: Bitcoin staking & $100M incentive program
07:05 – How Bitcoin staking works on StarkNet
17:11 – StarkNet as Bitcoin’s execution layer: The vision
27:21 – Verifying Bitcoin headers in milliseconds: A breakthrough
41:02 – StarkNet’s role in the "integrity web"
49:51 – Why corporate chains won’t work in crypto
51:53 – Closing thoughts: Decentralization, scale, and the future
Why did Game Square, the Jerry Jones-backed media powerhouse, bet $100 million on Ethereum instead of Bitcoin? In this episode of The DeFiant Podcast, Vinny sits down with crypto pioneer Ryan Zurrer to explore the strategy behind this bold move. Ryan, who co-wrote the MakerDAO whitepaper and now leads Dialectic, shares why Ethereum dominates 5 out of 6 real-world crypto use cases, from stablecoins to DeFi, and how it’s emerging as the financial substrate of the future. Learn how Game Square is leveraging Ethereum’s programmability to earn yields of up to 14% and why this strategy could set a new standard for corporate crypto adoption.
The conversation dives deep into the evolution of DeFi, the lessons learned from past crypto cycles, and the importance of decentralization and fair launches in building sustainable ecosystems. Ryan also shares insights into Dialectic’s automated DeFi machine, which uses hyper-diversification and risk-adjusted strategies to maximize returns.
Chapters
00:00 - Litmus Test for Crypto Projects
00:28 - MakerDAO and Stablecoin Innovation
01:23 - Game Square’s $100M Ethereum Bet
02:32 - Ethereum’s Real-World Dominance
05:09 - Dialectic’s DeFi Machine
06:12 - Compounding Yields with Ethereum
10:01 - Lessons from Crypto History
16:01 - The Evolution of Crypto Governance
28:02 - Polkadot’s Interoperability Vision
40:00 - Ethereum as the Corporate Crypto Blueprint
In this episode of The Defiant Podcast, Paul Faecks, CEO of Plasma Chain, discusses the platform’s approach to stablecoin payments and its potential to reshape global financial infrastructure. From gasless USD transfers to a $2 billion liquidity launch, Paul explains how Plasma Chain plans to compete with established players like Tron and Ethereum while focusing on emerging markets and decentralization. The conversation also touches on regulatory challenges, partnerships with Tether and Binance, and the broader future of stablecoins.
Chapters:
00:00 – The role of DeFi in stablecoin chains
00:30 – Why subsidizing gasless transfers makes sense
00:58 – Meet Paul Faecks and Plasma Chain
01:26 – From poker to crypto: Paul’s journey
02:28 – The vision behind Plasma and Tether’s involvement
03:00 – Stablecoins as a $1 trillion market opportunity
05:21 – Plasma’s technical innovations: Gasless USD transfers
07:19 – Why USDt is prioritized on Plasma
09:22 – Building a sustainable DeFi ecosystem
12:31 – $2 billion in stablecoin liquidity at launch
15:22 – Navigating regulations and the Genius Act
19:22 – The future of stablecoin payments globally
21:02 – Emerging markets as the biggest opportunity
26:23 – Plasma’s path to decentralization
39:02 – Launch timeline and ecosystem readiness
Stablecoins are no longer just a buzzword—they’re transforming the way the world moves money. In this episode of The Defiant Podcast, we sit down with Reeve Collins, co-founder of Tether, co-founder of WeFi, and chairman at STBL, to explore the groundbreaking evolution of stablecoins.
From their early days as a simple payment solution to their role in reshaping global finance, Reeve shares insider insights on how stablecoins are building trust, driving financial inclusion, and securing the future of money.
We’ll dive into:
✅ The origins of stablecoins and their $246 billion impact
✅ How stablecoins are revolutionizing cross-border payments and DeFi
✅ The rise of Stablecoins 2.0 and what it means for users
✅ Why major players like Visa and JPMorgan are entering the space
Chapters:
00:00 - Introduction: Stablecoins and their impact
00:51 - Meet Reeve Collins: A Web3 trailblazer
01:34 - The origin of stablecoins: Tokenizing the US dollar
02:58 - Stablecoins today: A $246 billion industry
05:17 - The rise of Stablecoins 2.0
07:45 - Yield-bearing stablecoins: User benefits explained
10:01 - Tokenized assets in 401(k)s and traditional finance
12:28 - Major players entering the stablecoin space
14:04 - How stablecoins are transforming banking
17:10 - Blockchain’s promise: Removing the middleman
19:06 - Financial inclusion through decentralized banking
22:55 - Mobile-first, wallet-native financial solutions
25:27 - Building trust in underserved communities
28:16 - Stablecoins 2.0: Transparency and compliance
38:13 - Mass adoption: Public companies and crypto treasuries
40:27 - Closing thoughts: The future of blockchain
🔔 Don’t forget to like, comment, and subscribe for more deep dives into the world of Web3, blockchain, and decentralized finance!
In this episode of The Defiant Podcast, we sit down with Joseph Onorati, CEO of DeFi Development Corp, the second-largest Solana treasury company. Joseph shares the journey of transforming DeFi Development Corp into a Solana-focused treasury powerhouse, their innovative yield strategies, and why Solana's volatility and native yield make it a compelling treasury asset. We also dive into the broader case for crypto treasury companies, the risks and rewards of staking strategies, and the future of Solana in the blockchain ecosystem.
Plus, Joseph shares his bold prediction: Solana flipping Ethereum by market cap. Tune in for a deep dive into the intersection of DeFi, treasury management, and the Solana ecosystem.
Chapters
00:00:00 Why Solana as a Treasury Asset?
00:00:41 Volatility, Convertible Debt, and Cost of Capital
00:01:20 Introducing Joseph and DeFi Development Corp
00:02:10 The Evolution of DeFi Development Corp
00:03:56 Staking, Validators, and Yield Strategies
00:05:40 Breaking Down Solana Yield Strategies
00:10:10 Risks in Staking and Looping Strategies
00:12:03 The Case for Crypto Treasury Companies
00:15:03 Solana Per Share Growth and Fundraising Flywheels
00:20:02 Challenges with NAV Premium Compression
00:27:16 Solana’s Market Share in Treasury Companies
00:30:00 ETFs and Their Impact on Crypto Treasuries
00:36:01 The Future of Public Market Crypto Instruments
00:46:14 Risks and Controversies in Crypto Treasuries
00:54:16 Locked Solana and OTC Markets
01:06:15 DeFi Development Corp’s Treasury Accelerator Program
01:08:09 Bull Case for Solana and Price Predictions
In this episode of The Defiant Podcast, we sit down with Fakhul Miah, Managing Director of GoMining Institutional and former Morgan Stanley executive, to explore the rapidly evolving world of Bitcoin mining in 2025.
From the rise of AI hyperscalers competing for energy resources to the financial engineering transforming miners into sophisticated operators, this conversation dives deep into the challenges and opportunities shaping the future of the industry.
Key topics covered:
Why AI is Bitcoin mining’s most aggressive new competitor
How miners are evolving with BTC-backed loans and convertible notes
The shifting geopolitics of mining: U.S. vs. Latin America and Africa
What $100B in Bitcoin ETFs and sovereign reserves mean for adoption
The big picture: Bitcoin mining’s transformation into a global infrastructure industry
Whether you’re a crypto enthusiast, investor, or just curious about the intersection of technology, energy, and finance, this episode is packed with insights you won’t want to miss.
Chapters:
00:00 Introduction: Bitcoin Mining Faces a New Kind of Competition
00:45 GoMining’s Role in Tokenized Bitcoin Mining
02:43 The Rise of AI Hyperscalers and Energy Market Disruption
03:15 Bitcoin Mining’s Flexibility vs. AI’s Energy Demands
06:15 Why AI Is a Formidable Competitor for Miners
08:09 The Power Struggle: Bitcoin Mining’s Future Amid AI Growth
09:02 Financial Engineering: How Miners Are Avoiding Liquidation
12:11 The Evolution of Bitcoin Mining into a Balance Sheet Business
16:57 Shifting Geopolitics: Latin America and Africa’s Mining Rise
20:36 U.S. Mining Dominance: Can It Adapt to Stay on Top?
24:50 Institutional Adoption: $100B in ETFs and Sovereign Reserves
28:40 Bitcoin’s Next Phase: Stability, Risks, and Financialization
31:10 Bitcoin as Digital Gold vs. Everyday Currency
34:51 The Role of Institutions and Whales in Bitcoin’s Future
37:00 The Big Picture: Bitcoin Mining’s Transformation by 2030
39:29 What Miners, Investors, and Policymakers Should Focus On
42:35 Closing Thoughts: GoMining’s Vision and What’s Next
📖 Learn more:
Explore GoMining’s H1 2025 Bitcoin Mining Market Review: [https://institutional.gomining.com/]