Hack VC

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Is crypto no longer moving in predictable four-year waves?  From the rise of DATs and stablecoin-specific chains, to Hyperliquid challenging Binance itself, the industry is fracturing into segments with  winners and losers.  In this episode, Hack VC’s Peter Hans and DBA’s Jon Charbonneau debate whether Solana is next in line for a TradFi pump, why ETH suddenly flipped from dead to indispensable, and how onchain exchanges could finally free projects from Binance’s grip. Thank you to our sponsors! Re Mantle Guests: Peter Hans, Partner and Global Head of Business Development at Hack VC Jon Charbonneau, co-founder and general partner of DBA Links: Rob Hadick’s tweet on the DAT trend  Vinny Lingham’s tweet on the locked SOL in DATs Unchained:  Hyperliquid Surpasses Robinhood in Trading Volume for Three Months Straight Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain Timestamps: 🎬 0:00 Intro 🎯 2:44 Whether the DAT trend is peaking or just getting started 🧾 10:57 Whether SOL DATs include locked funds from the FTX estate 🙅‍♂️ 11:52 Why Jon hasn’t touched any of these products 📈 16:28 Why Peter still sees long-term value in these vehicles 🔥 20:24 Why ETH is suddenly hot in TradFi and how SOL could follow 🏦 28:49 What makes a stablecoin-specific chain attractive 😶‍🌫️ 32:42 How crypto overlooked privacy for far too long 🔗 38:48 What it’ll take for stablecoin chains to win the payments game ⚠️ 45:39 Whether stablechains could hurt Ethereum, Tron, or Solana 🔍 47:46 Which stablechain has the best shot at success 💸 52:07 Why Hyperliquid beat Robinhood in trading volume 🧨 56:00 How Hyperliquid could break Binance’s listing chokehold 🕵️‍♂️ 59:23 What makes anonymous, no-KYC products appealing 📉 1:01:30 Whether the 4-year crypto cycle is officially dead Learn more about your ad choices. Visit megaphone.fm/adchoices

Peter Hans

Partner

Hack VC

Jon Charbonneau

Analyst

DBA ResearchDBADelphi Digital

Happy Friday! On this week’s Roundup, Yano and Santi are joined by Ro to dive in and explore the signals, indicators and metrics that might or might not point to a top of the cycle. From Chamath’s SPAC, borrowing and lending numbers, Kanye meme coins, NFTs and more all provide unique insights into the potential frothy Q4 ahead of us. -- Start your day with crypto news, analysis and data from David Canellis.  Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Roshun: https://x.com/roshunpatel Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries.  Discover how GEODNET is changing the world: [https://geodnet.com] --  Get up to speed on the biggest stories in crypto each week. In five minutes.  Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire  -- "Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3.   Key elements for Mantle as the ""Blockchain for Banking"":      - Transactions posted to the blockchain     - Compatibility with TradFi rails     - Integrated DeFi features UR, built by Mantle, is the first real-world example: an on-chain money app offering Swiss IBANs and unified access to fiat (EUR, CHF, USD, RMB) and crypto — bringing crypto into everyday finance. Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'." -- Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi.  Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo   Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz -- Chapters: (00:52) Intro (04:01) Top Indicators Explored (25:33) Ads (Geodnet, Bitwise) (27:02) Lending Markets & Leverage (45:55) Private Markets (54:38) Ads (Geodnet, Bitwise) (56:00) Ads (Mantle,Citrea) (57:36) Overlooked Sectors (01:12:30) Content Recs — 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.

Roshun Patel

Crypto Analyst

Hack VCGenesis

In today's episode Alex Botte and Alexander Pack from Hack VC break down Ethereum's controversial shift from monolithic to modular. Starting with ETH's foundational decision to embrace L2s, they analyze the four key impacts on price, token value distribution, market share, and future adaptability. The discussion explores parallels with AWS, debates "ETH as money," and examines Solana's coming challenges with modularity. They close with predictions on which L1s and L2s will dominate in 2025, offering insights into crypto's evolving infrastructure landscape. Thanks for tuning in! Resources https://blog.hack.vc/was-modular-a-mistake-a-data-driven-take-on-ethereums-grand-strategy/ - - Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Alex: https://x.com/alpackaP Follow Alex: https://x.com/Alex__Botte Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Explore the SKALE Ecosystem at skale.space/ecosystem and stay up to date with the gas-free blockchain on X at @skalenetwork - - Magic Eden is getting into token trading and their vision is to become onchain Binance and then much more as the entire world ends up moving on chain - - The self-custody wallet that's built for swapping. Created for a multi-chain world by the most trusted team in DeFi. Available on Chrome, iOS, and Android. https://blckwrks.co/UniswapWallet - - Timestamps: (00:00) Introduction (01:47) Ethereum's Modular Decision (09:14) Has Modularity Hurt ETH Price (16:45) Amazon vs Ethereum (24:59) 4 Impacts of Modularity (35:53) Skale Ad (36:32) Magic Eden Ad (37:16) Uniswap Ad (37:49) How to Fix ETH (43:15) ETH as Money is Dead (47:17) Ethereum Bull Case (57:12) Solana's Position - - 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.

Alex Botte

Partner

Hack VC

Alexander Pack

Founding Partner

Hack VC

In today's episode Dan from CMS and Ro from Hack join us to explore what's truly different about this crypto cycle and what patterns are destined to repeat. We examined the notable absence of credit markets compared to previous cycles and investigated why leverage hasn't built up in the system this time around. We unpacked the evolving L1 landscape, debated token distribution models, and analyzed the return of "hot money" flowing through various sectors from memecoins to NFTs. We closed out by diving into institutional perspectives on market structure and potential risks, providing listeners with a comprehensive framework for building their crypto portfolio strategy for 2025. Thanks for tuning in! - - Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Ro: https://x.com/roshunpatel Follow Dan: https://x.com/cmsholdings Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7ww Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Explore the SKALE Ecosystem at skale.space/ecosystem and stay up to date with the gas-free blockchain on X at @skalenetwork - - It's time for an on chain Binance to emerge. Magic Eden is getting into token trading and their vision is to become on chain Binance and then much more as the entire world ends up moving on chain - - Toku simplifies every part of global token compensation — everything from paying full time employees in stablecoins, issuing token grants to your team and investors, all in 100 countries on one platform. Talk to Toku today at: https://www.toku.com/ - - Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now at Ledger.com - - Timestamps: 00:00 Introduction 01:57  Tungsten Cube & Pepe Mural Stor 04:47  Is this Cycle different? 15:20  Biggest Risks in Crypt 22:24  Eth/Btc & Sol/Eth Chart 25:26  New Altcoin 30:28 The L1 Trade 37:25 Skale Ad 38:05 Magic Eden Ad 38:49 Toku Ad 39:39 Ledger Ad 40:24  Death of Crypto Venture 55:14  Crypto's IPO Craze 58:34  A16z/s Monopol 01:05:08  Do Dino Coins Run 01:08:14 Chasing the hot ball 01:10:13  When you Retire - - 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.

Dan Matuszewski

Co-Founder

CMS Holdings

Roshun Patel

Crypto Analyst

Hack VCGenesis

In this episode, Santi & Jason talk with Avi and Ro about the current state of the crypto market cycle in both private and liquid markets. They discuss Avi's "bearish" outlook driven by diminishing ETF inflows and stablecoin market caps, Ro's perspective on crywpto venture investing, and how this cycle compares to the last one. The conversation dives into the Solana IOUs auction, the upcoming Ethereum ETF catalyst, and the (un)productive nature of assets like Eigen Layer's restaking product and Bitcoin DeFi. Avi and Ro also outline their framework for crypto portfolio construction and the key indicators they watch. The episode concludes with their 12-month price predictions for BTC, ETH and SOL. - - Follow Avi: https://twitter.com/AviFelman Follow Ro: https://twitter.com/roshunpatel Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Arbitrum is a game-changer for daily Ethereum's users and developers, offering top applications and lower fees. As the leading scaling solution with 600+ apps, explore Arbitrum’s Portal to find your perfect fit. Interact with the home of DeFi, a flourishing NFT and creator ecosystem, and a rapidly growing Web3 gaming hub – Arbitrum has it all.  Get started at: portal.arbitrum.io  - - This episode is brought to you by Aura, the AI-powered digital security protection app that keeps your personal information, passwords, online activity, and tech safe from digital threats. It’s all-in-one protection from identity theft, financial fraud, malware, scams, and more. For a limited time, Aura is offering our listeners a 14-day FREE trial plus up to 55% off an Aura subscription. Visit aura.com/blockworks to sign up for your free trial. - - SKALE is a modular, AppChain network that offers zero gas fee transactions and instant finality. Tailored for ease of development and onboarding, SKALE's configurable EVM chains enable next-gen use cases in gaming, AI, DePin, and others. With over 20,000,000 users having saved over $6 Billion on gas fees, SKALE is the blockchain for mass adoption. Bridge to SKALE at portal.skale.space and stay up to date with the gasless blockchain at @skalenetwork - - Marinade is the leading Solana staking service that spreads your stake across 100+ top validators, distributes MEV rewards, and provides automatic downside protection with new Protected Staking Rewards. Choose to liquid stake for mSOL for use in DeFi, or delegate your stake through Marinade Native, which gives you full custody of your SOL and no smart contract risk. Max performance for you, max performance for Solana. https://blckwrks.co/Marinade - - Timestamps: (00:00) Introduction (04:28) Avi's Bearish Take (09:41) Ro's Private Market Perspective (16:42) Ethereum's Bull Case (27:42) Private & Liquid Ratio (36:49) Arbitrum Ad (37:26) Aura Ad (38:25) Marinade Ad (39:29) SKALE ad (40:46) Solana's Trade (45:44) Cycle Timing & Comparison (54:23) Fundamentals of DeFi (01:01:06) What Everyone is Missing? (01:11:14) Price Predictions - - 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.

Avi Felman

Portfolio Manager

BlockTower CapitalGoldenTree Asset Management

Roshun Patel

Crypto Analyst

Hack VCGenesis

Roshun Patel is a partner at the Web3 venture capital firm HackVC. In this episode, Chaparro and Patel discuss the recent crypto market volatility and the trends shaping crypto's venture capital landscape. OUTLINE 00:00 Intro 08:11 Market Volatility 25:57 Caution in the Funding Market 32:18 The Intersection of AI and Crypto 43:05 The Future of Tokenomics

Roshun Patel

Crypto Analyst

Hack VCGenesis

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. In this episode of Unchained, Alex Pack, managing partner at Hack VC discusses the firm's recent $150 million fundraise, the challenges of raising capital in a bear market, and the firm's focus on early-stage Web3 infrastructure. He also shares his thoughts on the intersection of crypto and AI, the future of DeFi, and the importance of security in the crypto space. Pack believes that the current infrastructure of crypto is still in its early stages and needs significant improvement before it can reach mainstream adoption. He also sees potential in the development of more secure smart contracts and the integration of AI into decentralized applications. Show highlights: How Hack VC was able to raise $150 million in a bear market, especially after the blowups of FTX, 3AC, and Terra Alex's interaction with SBF, whom he calls a "sociopath," and why he didn't invest in FTX Hack VC's philosophy to "back hackers" in crypto The goals behind Zuzalu, the new community that resembles Balaji Srinivasan's idea of a network state What the main focus of Hack VC's investments are, including scalability, AI, and DeFi Why Alex believes that "we are still so early" How Alex believes crypto and artificial intelligence will intersect  The role of AI agents and how to use them in decentralized applications Why he thinks that EigenLayer is a great solution for middleware applications Alex's opinion on the modular vs. monolithic approach for scaling blockchains How DeFi survived the last bear market, contrasted with the collapses of CeFi companies like Celsius, BlockFi and FTX Whether algorithmic stablecoins can ever work and what Alex thinks of Ethena's USDe How to improve security in crypto, according to Alex Why the outcome of the Bitcoin ETFs exceeded Alex's expectations What he believes the catalysts are for the next bull market Thank you to our sponsors! Polkadot Guest: Alex Pack, Managing partner at Hack VC Previous appearances on Unchained: Dragonfly Capital on Why Ethereum Is So Far in the Lead ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Links New fund Bloomberg: Hack VC Raises $150 Million for Bets on Battered Crypto Industry  Hack VC Closes $150M Venture Fund I, Bringing AUM to $425M Stablecoins: Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide What Is Terra and Why Did It Fail? Why It's so Hard to Keep Stablecoins Stable  What Is Depegging in Crypto and Why Does It Occur? What Is Real-World Asset (RWA) Tokenization? A Beginner's Guide EigenLayer ecosystem Unchained: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol The Block: AltLayer closes $14.4 million strategic round co-led by Polychain and Hack VC Modular vs. monolithic approach Unchained:  What Are Modular Blockchains? A Beginner's Guide Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate Crypto x AI crossover io.net and Ritual Collaborate to Boost Global AI Compute Landscape  Ritual x EigenLayer: Restaking for AI Unchained: 5 Use Cases of AI in Blockchain Zuzalu Decrypt: I Spent a Month Inside Vitalik Buterin’s Social Experiment—Here’s What It Was Really Like Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Pack

Managing Partner

Hack VCDragonfly Capital

Michael Jordan, founder at DBA and former co-head of investments at Galaxy Digital, and Alex Pack, managing partner at Hack VC, talk about the potential insolvency of Genesis and DCG, the cycle of credit expansion, and the importance of DeFi to prevent these situations.    Show highlights: what will happen with Genesis and its parent company DCG where the insolvency of Genesis might have come from how the expansion of crypto lending in 2021 is impacting the markets and the role the Fed played in this expansion how the Terra collapse kickstarted a ton of contagion effects in crypto companies Alex's story of why he did not invest in Alameda in 2018 whether it is possible to prevent the "FTXs of the future" the importance of assessing the quality of collateral assets the story of when SBF called DeFi a "Ponzi black box" the mystery of where FTX Ventures got the $2 billion it planned to invest    Take Unchained's 2022 survey!   Unchained is doing its annual survey. Tell us how you think we’re doing and how we could improve, whether it be on the podcast, in the newsletter, or in our premium offering. Looking forward to hearing your thoughts!  Thank you to our sponsors! Crypto.com Chainalysis Minima   Michael: Twitter Previous Unchained episodes: Is the Collapse of Crypto Lending Over, or Is It Just Starting? Alex: Twitter     Episode Links Previous coverage of Unchained on Genesis and FTX:   Why Genesis Could Very Well Be Insolvent, Not Just Illiquid Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater  Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC   Genesis: Unchained:  Genesis Warns of Bankruptcy If Funding Plans Fail: Report On-chain Analysts ID 432 GBTC Addresses After Grayscale Says No to Proof-of-Reserves WSJ: Crypto Lender Genesis Asks Binance and Apollo for Cash Decrypt: Digital Currency Group Says No Imminent Threat Despite Owing Genesis $575M The Block: DCG CEO Barry Silbert updates shareholders, says company will emerge 'stronger'   FTX Collapse: First declaration document Unchained: FTX Bankruptcy Overseer Says Company’s Collapse Is Worst He’s Ever Seen SBF tweet: FTX files for Chapter 11 bankruptcy protection Bloomberg: Transcript: Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Jordan

Distinguished Professor

UC BerkeleyDBA

Alex Pack

Managing Partner

Hack VCDragonfly Capital

The crypto market recently experienced one of its worst crashes ever, with numerous coins cut in half in a manner of days, seemingly without an obvious catalyst. So what really happened during the selloff? Who was behind it? And what role did crypto market structure play in the intensity of the decline? We speak with Roshun Patel, the VP of lending at the crypto prime brokerage Genesis, who explains all of this, plus much more. See omnystudio.com/listener for privacy information.

Roshun Patel

Crypto Analyst

Hack VCGenesis

Alex Pack, founding partner of Dragonfly Capital, and Haseeb Qureshi, Dragonfly managing partner, talk about why Dragonfly has a global focus, how they choose investments, and why they try to be as agnostic as possible about asset type. They also discuss why most protocols, including Bitcoin, still look like venture bets, why, at the moment, Bitcoin looks like a better investment than anything built on top of Bitcoin, and why Lightning hasn't yet taken off and why they think it won't. We also cover what the future holds  for Bitcoin. They explain what they think will happen in the smart contract platform race, why Ethereum is so far in the lead and whether anything will become an Ethereum killer. We also cover Libra, and how Libra affects their investments in stablecoins, why Xi Jinping's "blockchain, not crypto" emphasis is a dead end, whether blockchain-based identity is an investable area, what they think the killer app is or will be and their predictions for 2020. Also, Haseeb, a former professional poker player, describes how poker playing is similar to crypto trading. Thank you to our sponsors!  CipherTrace: https://ciphertrace.com/unchained  Kraken: https://kraken.com/ Crypto.com: https://crypto.com/ Episode links:  Alex Pack: https://twitter.com/alpackap Haseeb Qureshi: https://twitter.com/hosseeb Dragonfly Capital: https://www.dcp.capital/ Dragonfly Capital’s blog: https://medium.com/dragonfly-research Forbes on Dragonfly Capital’s $100 million initial raise: https://www.forbes.com/sites/alexkonrad/2018/10/09/new-fund-dragonfly-bridges-china-us-crypto/#572aeb953c9a Venture Beat story: https://venturebeat.com/2018/10/09/dragonfly-capital-partners-scoops-up-100-million-for-cryptocurrency-investments/ https://www.globenewswire.com/news-release/2018/10/09/1618445/0/en/Dragonfly-Capital-Partners-Unveils-100-Million-Inaugural-Fund-for-Cryptocurrencies-Bridges-Gap-between-East-and-West.html DeFi cannibalizing POS security: https://medium.com/dragonfly-research/how-defi-cannibalizes-pos-security-84b146f00697 Mimblewimble blog post: https://medium.com/dragonfly-research/breaking-mimblewimble-privacy-model-84bcd67bfe52 Haseeb’s 2020 article on CoinDesk: https://www.coindesk.com/what-defi-needs-next-year-three-priorities Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Pack

Managing Partner

Hack VCDragonfly Capital

Haseeb Qureshi

Managing Partner

Dragonfly CapitalDragonfly