The Top Things Investors Need to Know Before Buying Crypto Tokens
Across Protocol wants to retire its token in exchange for equity. Is the DAO model structurally broken?
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With Across Protocol proposing to retire its ACX token in favor of equity, a long-simmering question in crypto governance is finally breaking into the open: do token holders actually have meaningful ownership, or just the illusion of it?
As the regulatory environment under the new U.S. administration shifts dramatically from the Gensler era, the structures that crypto teams were forced to build may now be working against the very communities they were meant to serve.
Ryan Yi, founder of Onchain Group, and Felipe Montealegre, co-founder and CIO of Theia, have studied these incentive structures closely, and what they have found is uncomfortable. From PumpFun's suppressed valuation to the perverse incentives baked into token buyouts, this conversation examines whether the DAO model was ever built to last, and what governance actually needs to look like if crypto is going to compete with global finance.
Guests:
Ryan Yi, Founder of Onchain Group
Felipe Montealegre, Co-Founder & Chief Investment Officer at Theia
Links:
Read our Aave deep dive here
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How Futarchy Ends the Rug Pull Era | Felipe Montealegre & Proph3t
Futarchy flips governance on its head—decisions aren’t voted on, they’re traded on.
In this conversation with Felipe Montealegre of Thea Research and Proph3t, co-founder of MetaDAO, we explore how market-driven governance can eliminate the token “rug pull” problem, create true shareholder protections on-chain, and unlock the next era of crypto capital markets.
From prediction markets and token design to MetaDAO’s “ownership coins,” this is how futarchy could make crypto investable again.
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TIMESTAMPS
0:00 Intro
1:51 What is Futarchy?
4:26 US Capital Markets vs Futarchy
6:39 Futarchy Incentives
12:01 Futarchy Market Participants
16:05 A New Form of Governance
18:59 Liquidity & Insider Participation
24:03 Futarchy Genesis
31:31 Crypto Rugs
47:45 Trustworthy Tokens
53:00 Umbra Example
1:00:37 MetaDao
1:07:20 Unrugable Tokens
1:12:42 Regulation
1:18:31 What’s Next?
1:20:48 Closing & Disclaimers
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RESOURCES
Felipe Montealegre
https://x.com/theiaresearch
Proph3t
https://x.com/metaproph3t
MetaDao
https://metadao.fi/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Introducing The Token Transparency Framework With Dan Smith, Louis T and Felipe Montealegre
On this episode, Yano is joined by Dan Smith of Blockworks Research, Felipe Montealegre of Theia Research and Louis T of L1D to publicly launch a brand new, industry leading Token Transparency Framework that will move the entire industry forward!
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Learn more here - https://blockworks.co/token-transparency
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Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Felipe - https://x.com/TheiaResearch
Follow Louis - https://x.com/0xLouisT
Follow Dan: https://x.com/smyyguy
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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Chapters:
(00:00) Token Transparency
(02:25) The Token Market & Lemons
(11:40) Equity vs Token Risk
(14:18) Structural Token Issues
(17:12) How Did We Get Here?
(22:57) Token Horror Stories
(31:50) Token Launches
(56:50) Best Case Scenario
(01:02:38) Impact On Token Prices
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
From TradFi to Internet Finance: A New Era of Global Capital | Felipe Montealegre
Felipe Montealegre, co-founder of Thea Capital, joins us to unpack a new vision for global finance—what he calls the Internet Financial System.
Felipe makes the case that today's financial world still runs on siloed, permissioned databases—slow, expensive, and riddled with gatekeepers. But blockchains and smart contracts offer something radically different: a unified, open system where capital can move efficiently across borders and property rights are stronger than ever.
This episode is a must-listen for anyone wondering how crypto is building the financial infrastructure of the 21st century.
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TIMESTAMPS
0:00 Intro
5:29 Internet Financial Systems
12:03 Frictions in Financial Systems
20:33 Innovations in Internet Financial Systems
28:42 Server with Laws
40:02 Incompatibilities within Systems
50:17 Absence of Financial Laws
57:34 Potential of Finance in Crypto
1:09:59 Server Compatibility with Governments
1:16:18 Different Laws for Investing in Crypto
1:26:26 Building Protocols
1:29:52 Closing & Disclaimers
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RESOURCES
Felipe Montealegre
https://x.com/TheiaResearch
Internet Finance
https://x.com/TheiaResearch/status/1876618725547233417
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
