Layer One

The day after the Clarity Act stalled in the Senate, OpenTrade co-founder and CEO David Sutter argues that the fight over stablecoin yield is the clearest signal yet that his product works.

Recorded at Avalanche Summit New York 2026, this Layer One conversation is about who captures the yield when dollars move on-chain, and why the bank lobby is worried.

Chapters:
0:00 Intro
3:16 Clarity Act: no surprise it failed
6:15 The bank lobby's deposit-flight warning
7:56 Customers: fintechs serving emerging markets
10:20 From yield to borrowing: vaults
13:33 Eighteen months of DeFi integration
14:24 A new chairman from Swift

Ethena Pay, the internet-money neobank from Ethena Labs, is live exclusively on Avalanche. Founder Guy Young sits down with Ava Labs’ John Nahas to walk through a consumer app built around three jobs — save, send, spend — on stablecoin rails, and why a dollar issuer at Ethena’s scale is launching the neobank itself rather than wrapping someone else’s card program.

“I want to save money, I want to send money, and I want to spend money.”

Young traces Ethena from on-chain DeFi distribution (Binance, Coinbase, Robinhood, BlackRock Aladdin) to a mobile app that owns the last mile. Nahas’s pitch for the chain underneath is invisible adoption: technology built for businesses, with a path from the C-Chain to an application-specific L1 if a partner outgrows shared blockspace. The tape also covers Avalanche Summit (September 16–17 in New York), RWA perps after TradeXYZ, credit receivables via Black Opal, and a public labs-to-foundation IP shift so equity cannot accrue value going forward.

OUTLINE
00:00 Open
02:10 EthenaPay Overview
03:10 Save, Send, Spend
06:25 Why Avalanche
09:04 Direct to Consumer
13:20 Invisible Adoption
18:00 No Ethena chain
21:02 C-chain today
24:54 EthenaPay versus other crypto neobanks
27:46 Embedded finance
36:06 RWA perps
39:18 Black Opal
42:00 Buybacks, Labs IP
43:33 Close

Guests:
Guy Young - Founder, Ethena Labs

Co-host:
John Nahas - Chief Business Officer, Ava Labs

Host links:
Kelvin Sparks - https://x.com/imyoungsparks
The Block - https://x.com/TheBlockCo

Layer One is a podcast focused on the intersection of crypto and the real world, brought to you in collaboration with Avalanche. Nothing on this podcast is investment or financial advice. Always do your own research.

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

--------------------------------------------------------------------------------

Matias Antonio (Avalanche Foundation Chief Investment Officer, ex-World Bank, ex-IMF) and Eric Lu (Avalanche Foundation Lead Economist, PhD) have built GCP and GCI — blockchain analogues of GDP and GNI — because nobody could say what value actually runs on a chain, only what volume does.

The harder half is capture: on every general-purpose L1, the value the chain makes possible does not flow through its token, and the fat-protocol thesis never explained why it should. Their answer is not taxation but a co-op — an incentive-compatible cut applications accept because protocol value is what secures them.

OUTLINE
00:00 - Cold open
00:51 - Welcome: Avalanche's economists on the show
01:50 - From the World Bank, the IMF, and a fund that blew up
05:54 - GCP and GCI: measuring what a chain actually produces
08:31 - Capture: why the value never reaches the token
09:24 - Distribute: paying validators without inflation
11:09 - The plain-English version: GDP, GNI and a very low tax rate
12:37 - Output vs income, and what each costs to tax
17:42 - Beyond transaction fees: dormant capital and the gas floor
24:39 - The Ethereum staking-ratio fight, and who pays validators
31:05 - A Laffer curve for a blockchain? Not a state — a co-op
35:26 - Why economists, and why now
46:16 - Twelve months out, and the network of networks

Guests:
Matias Antonio - Chief Investment Officer, Avalanche Foundation
Eric Lu - Lead Economist, Avalanche Foundation

Co-host:
John Wu - Senior Advisor, Ava Labs

Host links:
Kelvin Sparks - https://x.com/imyoungsparks
The Block - https://x.com/TheBlockCo

Layer One is a podcast focused on the intersection of crypto and the real world, brought to you in collaboration with Avalanche. Nothing on this podcast is investment or financial advice. Always do your own research.

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 https://theblock.co/campus

In Episode 17 of Layer One, The Block’s Kelvin Sparks and Ava Labs President John Wu were joined by Aave Labs Founder Stani Kulechov, who explained how the protocol that processed over $3 trillion in deposits is pointing its infrastructure at tokenized real-world assets — starting with Aave V4's first non-Ethereum deployment on Avalanche and the Horizon securities market. He also breaks down GHO, the forthcoming consumer Aave App, and why he thinks RWAs will double to $100 billion by the end of 2026.

OUTLINE
00:00 - Introductions
03:15 - Aave by the Numbers
04:50 - V4 and Horizon
06:26 - The Great Convergence
11:11 - Why Avalanche
18:19 - Killing the Prime Broker
24:39 - Walled Gardens
32:33 - The GHO Engine
37:18 - The Aave App
44:23 - $100B by 2026

Guest links:
Stani Kulechov - https://x.com/StaniKulechov
Aave - https://x.com/Aave

Host links:
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
John Wu - ⁠⁠⁠https://x.com/John1wu
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In Episode 16 of Layer One, The Block’s Kelvin Sparks is joined by Avalanche Treasury Company CEO Bart Smith. Bart explained the thesis behind treasury companies as a way to get regulated, permanent-capital exposure to AVAX and the Avalanche ecosystem. He also covers his Wall Street/ETF background, why real-world-asset tokenization needs "productive" assets to matter, and why he thinks crypto's investment thesis is stronger than ever.

OUTLINE
00:00 - Introduction
01:22 - What Is AVAT?
03:59 - Wall Street Roots & Crypto's Rise
06:19 - The Bitcoin ETF Bet
08:58 - Hiring a COO
11:13 - Why Own AVAT?
15:56 - Scaling Avalanche & RWAs
22:54 - DeFi, TradFi & AI Fears
33:03 - Policy Risks & RWA Forecast
40:08 - Closing Thoughts

Guest links:
Bart Smith - https://twitter.com/gbartsmith
AVAT - https://twitter.com/avat_co

Host links:
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
John Wu - ⁠⁠⁠https://x.com/John1wu
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In Episode 15 of Layer One, The Block’s Kelvin Sparks and co-host Ava Labs President John Wu are joined by Blockchain Capital General Partner Spencer Bogart. The conversation explores stablecoins, prediction markets, token value accrual, privacy, public versus private blockchains and why the most valuable crypto applications of the future may not even exist today.

OUTLINE
00:00 - Introduction
02:01 - Things That Don't Exist
05:25 - Token Buybacks
09:11 - Privacy Challenge
11:06 - Regulation vs Privacy
12:17 - Value Accrual Debate
13:59 - Public vs Private Chains
17:43 - The Great Repricing
20:42 - Stablecoin Adoption
28:06 - Prediction Markets
45:18 - Crypto's Next Opportunity

Guest links:
Spencer Bogart - https://x.com/CremeDeLaCrypto
Blockchain Capital - https://x.com/bcap

Host links:
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
John Wu - ⁠⁠⁠https://x.com/John1wu
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights

Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In Episode 14 of Layer One, The Block’s Kelvin Sparks and co-host Ava Labs President John Wu are joined by OpenTrade CEO David Sutter and Mercury Partner Samantha Lewis to break down the rapid growth of stablecoins and why yield infrastructure could become one of the most important layers of the onchain financial economy.

OUTLINE
00:00 - Introduction
01:26 - Bitcoin Origins
02:46 - Mercury’s Thesis
06:09 - Stablecoins Win
08:47 - Yield Infrastructure
11:58 - OpenTrade’s Model
20:59 - Stablecoin Adoption
31:32 - Clarity Act
38:07 - AI and Blockchain
51:46 - Bear Market Builders
55:31 - Closing Thoughts

Guest links:
David Sutter - https://x.com/btc_dave
Samantha Lewis - https://x.com/sjolewis
OpenTrade - https://x.com/opentrade_io
Mercury - https://x.com/mercuryfund

Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today 👉 ⁠⁠⁠https://theblock.co/campus

In Episode 13 of Layer One, The Block’s Kelvin Sparks and co-host Ava Labs President John Wu are joined by Anna Wroblewska, Chief Business Officer at Dinari, to break down how tokenized equities are expanding access to U.S. capital markets globally.

She explains Dinari’s custodial model, how liquidity is sourced across traditional and onchain markets, and why infrastructure, not speculation, is the real unlock.

OUTLINE
00:00 - Introduction
01:32 - What Dinari Is
03:21 - Institutions Arrive
06:01 - Tokenized Trades
08:38 - 24/7 Markets
13:24 - Why B2B Rails
16:18 - Regulation and Access
24:31 - Global Investor Demand
30:29 - S&P Digital Index
47:54 - DeFi and Collateral

Guest links:
Anna Wroblewska - https://x.com/annabelleacta
Dinari - https://x.com/DinariGlobal

Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

After appearing in recent episodes, Ava Labs President John Wu officially joins Layer One as co-host. 🥳

In Episode 12, he joins Kelvin Sparks alongside Andre Frank, COO of Tassat, and Jerald David, CEO of Lynq, to discuss how Tassat and Lynq are rebuilding financial infrastructure with real-time settlement and yield-bearing assets on Avalanche.

The conversation covers the shift from legacy banking rails to always-on blockchain systems, capital efficiency through “yield in transit,” and the growing demand from institutions for compliant, risk-managed solutions.

OUTLINE
00:00 - Introduction
01:38 - Tassat Background
03:37 - What Lynq Is
05:55 - Episode Overview
06:42 - Avalanche Migration
08:48 - Why Avalanche
10:57 - Institutional Adoption
17:15 - Regulation and Compliance
25:23 - Yield in Transit
36:59 - Real-World Use Cases

Guest links:
Andre Frank - / andre-frank
Tassat - https://x.com/tassatgroup
Jerald David - / jerald-david
Lynq - https://x.com/Lynq_Network

Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
The Block - https://x.com/TheBlockCo
Ava Labs - https://x.com/avalabs
Avalanche - https://x.com/avax

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

In Episode 11 of Layer One, The Block’s Kelvin Sparks and special co-host Ava Labs President John Wu are joined by Matt Hougan, CIO of Bitwise, to discuss the launch of the Avalanche ETP and how institutional investors are approaching crypto exposure.

He breaks down the rapid expansion of tokenized real-world assets, the role of ETFs in onboarding capital, and why this cycle may differ from previous ones.

OUTLINE
00:00 - Introduction
01:40 - Avalanche ETP Overview
02:45 - ETF Differentiation
04:34 - Staking and Yield
06:19 - Institutional Strategy
09:04 - Competing L1 Models
14:22 - Bitcoin Price Thesis
18:49 - Dual Market Narratives
21:57 - Institutional Capital Flows
30:02 - AI and Crypto Future

Guest links:
Matt Hougan - https://x.com/Matt_Hougan
Bitwise - https://x.com/Bitwise
Ava Labs - https://x.com/avalabs

Host links:
John Wu - ⁠⁠⁠https://x.com/John1wu
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

In Episode 10 of Layer One, The Block’s Kelvin Sparks and special co-host Ava Labs President John Wu are joined by Carlos Domingo, CEO of Securitize, to discuss the rapid rise of tokenized financial assets and what it takes to bring them into regulated markets.

The conversation also covers regulatory clarity, BlackRock’s role in accelerating the space, and how tokenized assets will reshape capital markets over the next decade.

OUTLINE
00:00 - Intro
00:52 - Background and Origins
01:45 - First Tokenized Securities Trade
03:30 - Early Institutional Adoption
04:36 - NYSE Tokenization Partnership
07:05 - Why Public Equities First
09:57 - From Why to What
11:10 - Why Avalanche Was Chosen
12:48 - Compliance and Settlement
17:15 - What Drove Adoption

Guest links:
Carlos Domingo - https://x.com/carlosdomingo
Securitize - https://x.com/Securitize
John Wu - https://x.com/John1wu
Ava Labs - https://x.com/avalabs

Host links:
Steven Gates - ⁠⁠⁠https://x.com/stvngts⁠⁠⁠
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

In Episode 9 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Nicholas Kunkel (Chronicle) and Rhett Shipp (Avant) to break down the current state of DeFi and what’s actually holding the industry back. They argue that core primitives are already built, and the real unlock lies in tokenized assets, improved liquidity, and seamless integration with traditional finance.

The conversation also explores stablecoin economics, DAO limitations, on-chain credit markets, and what founders need to succeed in crypto today.

OUTLINE
00:00 - Intro
01:11 - Getting Into DeFi
04:38 - Early MakerDAO Days
08:43 - Where Value Accrues
12:23 - Yield and Stablecoins
17:56 - How DeFi Yield Works
23:34 - SubDAOs and Governance
30:33 - Do We Need New Primitives
36:25 - Tokenized Assets Unlock
53:55 - Founder Advice

Guest links:
Rhett Shipp - https://x.com/RhettShipp
Avant - https://x.com/avantprotocol
Niklas Kunkel - https://x.com/nomos_paradox
Chronicle - https://x.com/ChronicleLabs

Host links:
Steven Gates - ⁠⁠⁠https://x.com/stvngts⁠⁠⁠
Kelvin Sparks - https://x.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

In Episode 8 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Santiago R. Santos of Inversion Capital. He explains why many crypto token valuations are structurally flawed and outlines his framework for investing in durable, cash-flow-supported adoption, with a focus on B2B stablecoin use cases.

The group debates how to value crypto beyond tribal narratives, arguing that many token prices overpay for a future that still requires regulatory clarity and real demand for blockspace.

OUTLINE
00:00 - Intro
00:00:27 - Scope and disclaimer
00:01:41 - FDV and investor framing
00:04:02 - Valuation bias
00:12:23 - Investing through cycles
00:21:44 - Choosing Avalanche infrastructure
00:28:29 - Retrofitting real businesses
00:35:46 - Who’s building this model
00:41:52 - Writing, thinking, first principles
00:50:16 - Fieldwork beats theory
00:52:53 - Asking the right questions
01:00:23 - TGE and FDV reality
01:07:30 - Final takeaways

Host/Guest links:
Santiago R Santos - twitter.com/santiagoroel
Inversion Capital - twitter.com/inversion_cap
Steven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠
Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

In Episode 7 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Charles Yoo-Naut, co-founder of Rain, and John Gomez, co-founder and former CEO of Uptop.

The group discussed the convergence of stablecoin payments and on-chain loyalty infrastructure, why rewards plus payments are becoming table stakes, and how sports and IP are driving real-world adoption.

OUTLINE
00:00 - Intro
03:58 - What is Rain
04:30 - Uptop + acquisition fit
06:01 - Fundraise & M&A lessons
12:43 - Why rewards matter
16:29 - Stablecoin “aha” moment
25:26 - Regulation, timing, builders
33:53 - Lifestyle banking & IP
41:59 - Marketplaces, on-ramps, costs
47:35 - Why raise $250M
50:11 - Stablecoins in 3 years
51:56 - Proliferation of issuers
53:59 - Closing remarks

Host/Guest links:
Charles Yoo-Naut - twitter.com/cnaut
Rain - twitter.com/raincards
John Gomez - linkedin.com/in/john-timoney-gomez-a64b669b/
Uptop - twitter.com/uptop_xyz
Steven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠
Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠
---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!
🚨 Breaking News
👨‍🔬 Expert Analysis
📈 Market Insights
Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?
🧠 Find top talent fast with Campus, powered by The Block!
✅ Challenge candidates with our Crypto Assessment Test
⚡ Hire faster, build stronger teams

Start your free trial today
👉 ⁠⁠⁠https://theblock.co/campus

In episode six of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs's VP of Business Development of Onchain Finance, Morgan Krupetsky and VanEck's Head of Digital Asset Research Matthew Siegel. Together, the group discussed what actually drives institutional conviction in crypto. Siegel explained why VanEck chose Avalanche for its first alt-L1 ETF, citing product-market fit, economic clarity, and an active BD team onboarding real institutions. The conversation covers DATs vs ETFs, the innovator's dilemma facing banks, and why market downturns are exactly when serious builders separate from tourists.

Host/Guest links:
Matthew Siegel - twitter.com/matthew_sigel
VanEck - twitter.com/vaneck_us
Morgan Krupetsky - twitter.com/MorganKrupetsky
Ava Labs - twitter.com/AvaLabs

Steven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠

Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teamsStart your free trial today

👉 ⁠⁠⁠https://theblock.co/campus

In episode five of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs General Counsel Lee Schneider and Plume General Counsel Salman Benaei, to discuss how the Senate bill turns crypto's legal foundation from sand to stone, and what that means for the next generation of builders.

OUTLINE

00:00 - Introduction

01:28 - Salman's Path: CFTC to Crypto

05:52 - Lee on Token Sales & Legal Structures

08:17 - RWA Rights & Disclosures

12:26 - What Buyers Should Care About

15:15 - Pre-IPO Tokenized Shares

18:49 - The Governance Token Question

22:03 - The Decentralization Test Debate

28:13 - What Clarity Means for Builders

36:41 - TradFi's Crypto Play

44:31 - Open vs Closed Networks

51:20 - Outro

Host/Guest links:

Salman Banaei - https://x.com/banamlas

Lee Schneider - https://x.com/leelaughs5x

Steven Gates - ⁠⁠twitter.com/stvngts⁠⁠

Kelvin Sparks - ⁠⁠twitter.com/imyoungsparks⁠⁠

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 ⁠⁠https://www.theblock.co/newsletters⁠⁠

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teamsStart your free trial today

👉 ⁠⁠https://theblock.co/campus

In episode four of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Kite AI's Head of Business Development and Strategy, Lei Lei, to discuss why AI agents need dedicated blockchain infrastructure rather than general purpose blockchains. The trio also touch on the recent hype around Claude Code, why enterprise giants are panicking about AI disruption, and how the X-402 payments protocol did $600M in volume last year.

OUTLINE

00:00 - Introduction

01:13 - Claude Code

04:26 - Why Avalanche

09:40 - X-402 Explained

13:01 - General Purpose Chains

19:37 - Swarms Gone Rogue

26:53 - Crypto-Native Enterprises?

30:03 - $600M & Counting

37:04 - Big Name Backers

42:07 - Winners & Losers

47:30 - Outro

Host/Guest links:

Lei Lei - https://x.com/lei_lei0904

⁠KiteAI - ⁠https://x.com/GoKiteAI

Steven Gates - ⁠twitter.com/stvngts⁠

Kelvin Sparks - ⁠twitter.com/imyoungsparks⁠

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 ⁠https://www.theblock.co/newsletters⁠

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teamsStart your free trial today

👉 ⁠https://theblock.co/campus

In episode three of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by The Arena CEO Jason DeSimone to discuss the platform’s revival and two-year growth, creator monetization via ticket rails, and the future of SocialFi, M&A, and AI-driven content.

Host/Guest links:

Jason DeSimone - https://x.com/jasonmdesimone
The Arena - https://x.com/TheArena
Steven Gates - https://twitter.com/stvngts
Kelvin Sparks - https://twitter.com/imyoungsparks

OUTLINE

00:00 - Introduction 02:03 - Arena’s Takeover Story 07:08 - Lessons from SocialFi Craze 09:39 - Arena’s Feature Stack 12:13 - Tickets, Identity, Monetization 15:49 - Arena’s Growth Strategy 19:20 - Competing with SocialFi Rivals 24:42 - Community, Culture, Moats 31:24 - Tokens, Equity, Exits 40:07 - AI Agents and SocialFi’s Future

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teamsStart your free trial today

👉 https://theblock.co/campus

In episode two of Layer One, The Block’s Kelvin Sparks and Hypha Founder Steven Gates, were joined by guest co-host and Ava Labs President John Wu, and Skybridge Founder and Managing Partner, Anthony Scaramucci to discuss we are in the crypto cycle, how Avalanche is positioned to facilitate institutional adoption, and how upcoming U.S. regulation like the Clarity Act could unlock the next wave of onchain finance.

Host/Guest links:

Anthony Scaramucci - https://x.com/Scaramucci

John Wu - https://x.com/John1wu

Steven Gates - https://x.com/stvngts

Kelvin Sparks - https://x.com/imyoungsparks

OUTLINE

00:00 - Introduction

01:05 - Scaramucci’s Background

04:25 - FTX, Abu Dhabi & Leadership Lessons

08:58 - Why Avalanche Wins Institutions

12:24 - Project Crypto, Policy & Partisanship

17:04 - The Clarity Act & Tokenization Boom

25:39 - Stablecoins vs Traditional Payments

32:24 - DeFi, RWAs & Liquidity

47:23 - Where We Are in the Cycle

49:41 - Fed, Macro Outlook & Closing

---------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

--------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teamsStart your free trial today

👉 https://theblock.co/campus

The Block is proud to introduce our newest podcast: Layer One — created in collaboration with Avalanche.

Hosted by The Block’s Kelvin Sparks and Hypha Founder Steven Gates, Layer One explores the people, ideas, and technologies shaping the future of crypto.

In this inaugural episode, Kelvin and Steven are joined by Haseeb Qureshi, Managing Partner at Dragonfly, and Sean Lippel, General Partner at Fintech Collective.

Together, our dive into their origins in the world of poker — and how the decision-making frameworks, risk management skills, and psychological insights they developed at the table carry over into crypto, trading, and investing.

Host/Guest links:

Haseeb Qureshi - https://x.com/hosseeb

Sean Lippel - https://x.com/seanlippel

Steven Gates - https://x.com/stvngts

Kelvin Sparks - https://x.com/imyoungsparks

OUTLINE

00:00 Introduction

1:07 Poker-to-Crypto Pipeline

5:36 Biggest Risks & Bad Beats

11:38 Poker Brains, VC Games

17:08 Reading the Market Regime

21:54 Betting on 2029

25:09 DeFi Growing Pains

31:44 Institutions Meet DeFi

37:17 Stablecoins, RWAs, Alts

46:13 DATs, Staking & Yield

54:47 The Avalanche Thesis

1:00:44 Vertically Integrated Moments

1:06:52 Pump.Fun & Sign-Off

------------------------------------------------------------------------------------

Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights

Subscribe now 👉 https://www.theblock.co/newsletters

------------------------------------------------------------------------------------

Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teamsStart your free trial today

👉 https://theblock.co/campus