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Frictionless with Logan Jastremski

Logan Jastremski

Frictionless is a podcast hosted by Logan Jastremski, Managing Partner of Frictionless Capital. First-principles conversations with founders, engineers, and investors exploring frontier technologies.

Investing: https://www.frictionless.capital
Twitter: @LoganJastremski

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  • 24 episodes
  • Avg 1 hr 4 min
  • English
Counted on this page — what you have heard stays on this device, so it is not something the list can be paged by.
  • #171
    October 8 · 1 hr 13 min

    Can AI Predict the Future? with Ben Fielding, Co-Founder and CEO at Gensyn | EP 171

    Dropping a podcast with @benfielding, Co-Founder and CEO at @gensynai Ben started his PhD in deep learning in 2015, well before the current wave of attention around AI. In this episode I wanted to walk through how he thinks about the progress we have made, the economics of building bigger models, and what comes next. We get into why he questions whether the money going into centralized AI will be paid back through product usage, how open models affect that business, and why having customers who keep using your product matters more than staying ahead on a benchmark. We also walk through how Gensyn has changed. The team moved from focusing on decentralized compute to collecting truthful information from the world. Ben explains why they made that decision and how Delphi uses markets to bring information together and check it against what actually happens. That leads into forecasting. Ben thinks predicting future events could become a much bigger use of AI. We discuss how models could learn from being right or wrong, why people need a reason to share what they know, and what it would mean to have a probability calculator helping with everyday decisions. We discuss - Ben's background in deep learning and how Gensyn started - The economics of bigger AI models and whether the spending makes sense - Open models, competition, and building products people keep using - Why Gensyn moved away from focusing on compute - Verifying machine learning work and making training auditable with open-1b - Delphi, information markets, and learning from real outcomes - Rewarding people for sharing the evidence behind their predictions - Forecasting, better decisions, and where decentralization helps Timestamps 0:00 – Can AI Predict the Future? 1:14 – Ben Fielding and the Origins of Gensyn 7:26 – Scaling AI Beyond Bigger Clusters 13:29 – Why Startups Can Take a Different Approach 18:49 – Trust and Verifying Machine Learning 23:59 – The Economics of Centralized AI 27:29 – Why Gensyn Moved Away from Compute 31:09 – open-1b and Auditable AI Training 35:47 – Open Models and Closed Labs 43:29 – AI Products, Customers, and Neoclouds 50:13 – From LLMs to Forecasting 53:44 – Training Models to Make Better Predictions 57:10 – Delphi and Information Markets 1:02:26 – Rewarding the Evidence Behind a Prediction 1:04:34 – Where Crypto and AI Actually Overlap 1:11:35 – The Next Wave of AI Enjoy!

  • #170
    October 5 · 1 hr 12 min

    Why Memory Is AI's Biggest Bottleneck with Vikram Sekar | EP 170

    Vikram Sekar, writer of Vik's Newsletter and co-host of Semi Doped, joins me to discuss AI agents, memory, and the hardware behind the data center buildout. We break down why training and inference need different hardware, why copper becomes harder to use as GPUs move farther apart, and why the industry is turning to optical interconnects. Vik explains the tradeoffs across SRAM, DRAM, high bandwidth memory, and storage. We discuss why useful work per token matters more than speed alone, how much context an agent needs, and why he sees memory as AI's biggest bottleneck. Enjoy. 00:00 Highlights 01:18 Vikram Sekar and Semi Doped 02:55 AI agents and hardware demand 18:57 AI spending and the risk of overbuilding 25:10 Training versus inference 36:25 Why distance limits copper bandwidth 41:18 Co-packaged optics and the push beyond copper 46:04 New approaches to optical interconnects 52:24 The AI memory hierarchy 56:39 Useful work per token 57:51 How much context does an agent need 1:03:35 DRAM, HBM, and memory on logic 1:05:54 The next generation of inference chips 1:08:25 AI's biggest engineering bottleneck Follow Vik https://x.com/vikramskr Vik's Newsletter https://www.viksnewsletter.com/ Semi Doped https://www.semidoped.fm/ Vik's institutional research https://www.semiexponent.com/

  • #169
    October 1 · 1 hr 10 min

    Tokenized Stocks and Global Liquidity with Armani Ferrante CEO of Backpack | EP 169

    Armani Ferrante, Founder and CEO of Backpack, joins me to talk about tokenized stocks and the next phase of global capital markets. We discuss the different tokenization models, why redeemability and liquidity matter, and Backpack's ambition to connect traditional markets with Solana. We also get into the licensed path, Hyperliquid and Kraken, and competing with the largest exchanges. Armani explains the tokenomics of Backpack's own BP token, how growth milestones shape its allocations, and the equity-conversion option he describes for token holders who contribute to the product. We also discuss the corporate treasury and a potential future IPO. Enjoy. 00:00 Highlights 01:26 Armani Ferrante and Backpack 03:18 Why tokenized equities matter 13:05 The different models for tokenized stocks 19:33 Backpack's approach to tokenized stocks 28:58 Backpack's place in the market 31:47 Why Backpack chose the licensed path 35:25 One global liquidity layer 40:00 Hyperliquid, Kraken and derivatives 49:29 Competing with the incumbents 53:47 Why a token launch is a starting point 1:00:04 Backpack's three allocation buckets 1:02:31 The treasury lockup and a potential IPO 1:07:07 The option to convert BP tokens into equity Follow Armani https://x.com/armaniferrante Backpack https://backpack.exchange/

  • #168
    September 28 · 1 hr 2 min

    What Gives Tokens Value? with Mike Dudas, Managing Partner at 6MV | EP 168

    Dropping a podcast with @mdudas, Managing Partner at @6thManVentures A crypto business can make money without that money reaching its token holders. In this episode I wanted to talk with Mike about what gives a token value and who benefits when the business grows. We get into how he built 6MV, why he invests in applications, and how he thinks about returning money to investors when a business might not stay ahead for long. A big part of the conversation is about tokens and equity. Mike thinks teams need to explain what people are buying, where the revenue goes, and how token holders benefit. We talk about buybacks and how much control holders really have. We also get into why trading apps need better assets and fewer ways for users to lose money, his views on Solana, Hyperliquid, and Ethereum, and where crypto fits into AI. We discuss - How Mike built 6MV - What makes a crypto business last - When to sell and return money to investors - Stablecoins, lending, and prediction markets - Social trading, slippage, and keeping users - Solana, Hyperliquid, and what gives ETH value - Tokens, equity, buybacks, and what holders actually own - Why Mike calls XRP and Cardano “memes for suits” - AI agents, payments, and compute markets - Whether AI companies are worth their valuations Timestamps 0:00 – What Gives Tokens Value? 0:58 – Mike Dudas and the Origins of 6MV 6:20 – Liquidity and Returning Capital to Investors 10:16 – Real Adoption Beyond Crypto Token Prices 16:56 – Crypto Apathy and the Rise of AI 21:43 – Why 6MV Changed Its Consumer Investing Thesis 26:34 – Social Trading, Slippage, and Better Assets 36:25 – Solana, Hyperliquid, and the Chain Landscape 39:37 – The Problem with ETH’s Value Proposition 43:16 – Tokens, Equity, and Where the Money Goes 46:21 – Governance Tokens, XRP, and Cardano 49:40 – Where Crypto Meets AI 55:38 – Are AI Valuations in a Bubble? 58:42 – The Next Five Years of Crypto Enjoy!

  • September 25 · 1 hr 4 min

    AI spending can't grow forever with P Equity Research | EP 167

    Dropping a podcast with @pequityresearch Mr. P has been doing some great work breaking down the AI buildout and following where hyperscaler capex actually goes. In this episode I wanted to walk through the full stack: logic, memory, power, and networking. We get into why memory could become the largest line item in the AI bill, what old GPU rental prices tell us about compute demand, and where value is going to accrue as the physical constraints get harder to solve. At the center of the conversation is his view that AI spending cannot grow forever. Long-term contracts might change the shape of the next memory downturn, but they don’t eliminate the cycle. And signing a 10-year contract does not mean anyone can actually see 10 years of demand. We also get into why he’s excited about optics, where NAND and HBF fit as agents use more memory, and his views on Chinese open source and the future of US model development. We discuss: Why he thinks 10-year demand visibility is bullshit Memory’s growing share of hyperscaler capex, and why estimates vary so much Why older GPUs are still renting and what that says about compute demand How long-term agreements, pricing floors, and prepayments actually work Power as a bottleneck, and why identifying a constraint isn’t the same as finding an investment Copper vs optics, and where networking value accrues Agents, NAND, and where HBF fits in the memory hierarchy CXMT, Chinese open source, and the risks of slowing frontier model development Timestamps: 0:00 – Why AI Spending Can’t Grow Forever 1:13 – P Equity Research’s Background 5:48 – Where Hyperscaler Capex Actually Goes 8:00 – Is Compute Still Tight? 12:08 – Memory’s Share of the AI Bill 17:20 – Why the Memory Cycle Isn’t Dead 18:37 – Inside a Long-Term Agreement 28:30 – What Happens If Customers Cancel? 32:17 – The Rising Cost of the AI Buildout 33:43 – Copper vs Optics 38:49 – Power and Gas Turbines 39:29 – US Models and Chinese Open Source 42:36 – Agents and NAND 47:00 – Where HBF Fits 52:23 – What P Is Most Excited About 56:27 – CXMT and China’s Memory Industry 1:04:00 – Closing Thoughts Enjoy!

  • September 21 · 1 hr 20 min

    The Bottleneck Isn’t the Chip with Bubble boi | EP 166

    Mr. Bubble is world class at explaining very technical concepts in layman terms. In this episode I wanted to chat through the 0 to 1 of the chips, racks, packaging, the memory hierarchy, scaling up and scaling out. We spend a lot of time mapping computer-architecture primitives directly onto the AI factory and examining where value is actually going to accrue as packaging, HBM, and the next memory tier mature. At the center of the conversation is the belief that the bottleneck is no longer designing a faster chip, it is the physical stack from silicon to rack. While the frontier labs settle into a more mature “closed demand” phase focused on their own silicon, their own scale-up domains, and capturing the value themselves. We also get into his view on AI alignment and the future of Labs. We discuss: The 0 to 1 of chips: what actually has to be true before a die is useful Why packaging is the new Moore’s law Racks as the real unit of compute The memory hierarchy after HBM Scaling up vs scaling out, and why they get confused What the labs actually want from the supply chain AI alignment, and whether the labs are aligning the world or just themselves The future of Labs: closed frontier, custom silicon, and who gets the model Timestamps: 0:00 – Introduction & Why Hardware Is the Real AI Conversation 8:00 – 0 to 1 of the Chip 18:00 – Packaging as the New Moore’s Law 28:00 – Racks, Trays, and the Unit of Compute 38:00 – Memory Hierarchy: HBM, DRAM, and the Next Tier 50:00 – Scaling Up vs Scaling Out 1:02:00 – AI Alignment 1:10:00 – The Future of Labs 1:17:00 – Closing Thoughts and Where Value Accrues Next

  • August 18 · 1 hr 6 min

    All of Finance Is Moving Onchain with Dragonfly General Partner Rob Hadick | EP 165

    My conversation with Rob Hadick.As General Partner at Dragonfly, Rob has one of the clearest views on how blockchain is evolving from speculative crypto into the actual infrastructure of global capital markets. In this episode we dig into why finance, payments, asset issuance, and markets are the only parts of crypto that are truly scaling and how the industry is quietly becoming TradFi’s onchain upgrade.We spend a lot of time mapping traditional capital markets primitives directly onto blockchain rails and examining where value is actually going to accrue as tokenization, stablecoins, and onchain trading mature.At the center of the conversation is the belief that blockchain is no longer building a parallel financial system — it is becoming the settlement, issuance, and trading layer for the existing one, while crypto itself settles into a more mature “capital markets +” phase focused on real assets, institutional flows, and sustainable business models.We discuss:- The current state of crypto as capital markets infrastructure and the decline of pure speculative narratives- Why finance, payments, and tokenization are winning while most other crypto applications struggle- The architectural parallel between traditional capital markets and on-chain systems- Tokenized assets = Securities- Stablecoins = Cash / settlement- DEXs & on-chain venues = Exchanges- Prediction markets = Information markets- Why institutions are moving on-chain and what they actually want (control, privacy, segregated markets)- Token vs equity: where value accrues in a non-Clarity Act world- The mass extinction event in crypto VC and why Dragonfly is doubling down on financial infrastructure- Stablecoins, RWAs, and the real path to “tokenization of everything”- Prediction markets (and why Polymarket matters) as the next interface layer- Sustainable business models and where value will ultimately captureTimestamps:0:00 – Introduction & State of Crypto as Capital Markets2:00 – Why Speculative Narratives Are Fading7:00 – Finance, Payments & Tokenization as the Only Scaling Verticals12:00 – Institutional Adoption & What Wall Street Actually Wants18:00 – Token vs Equity Value Accrual25:00 – Blockchain as the New Settlement & Issuance Layer35:00 – Prediction Markets, Information & the Next Interface45:00 – Crypto VC Consolidation & Dragonfly’s Thesis55:00 – Real-World Assets, Stablecoins & On-Chain Markets1:05:00 – Closing Thoughts: Where Value Accrues NextEnjoy!

  • August 11 · 1 hr 13 min

    Why AI is Unbundling Faster Than You Think with Tarun Chitra | Ep 164

    My conversation with Tarun Chitra. As a co-founder of Gauntlet and GP at Robot Ventures, Tarun has one of the sharpest frameworks for understanding market structure across both crypto and AI. In this episode we dig into why open-source AI is unbundling faster than most people expect, and how the resulting stack looks surprisingly similar to DeFi. We spend a lot of time mapping the AI infrastructure layers directly onto crypto primitives and examining where value is actually going to accrue as models, harnesses, routers, and inference providers separate. At the center of the conversation is the belief that AI’s unbundling is creating a new competitive order-flow market (data centers competing like nodes, MEV-like dynamics for tokens/GPUs) while crypto itself has settled into a more mature “TradFi plus+” phase focused on trading, payments, and bringing real assets on-chain. We discuss: - The current state of crypto as TradFi+ and the decline of speculative narratives - Why AI is killing Bitcoin mining economics and weakening ETH value accrual - The architectural parallel between AI stacks and DeFi Harnesses = Wallets Routers = DEX aggregators, Models = Protocols Inference Providers = LPs - Why open-source models are unbundling faster than traditional software - Agents as the next interface layer and the potential unbundling of ETFs - Cryptography, verifiable compute, and turning GPUs into digital assets - Onchain compute trading as the real crypto × AI opportunity - Sustainable business models and where value will ultimately capture Timestamps: 0:00 – Introduction & State of the Crypto Market (TradFi+) 2:00 – Speculative Narratives Fade, Trading & Payments Remain 7:00 – AI’s Impact on Bitcoin Economics & Data Center Opportunity Cost 9:00 – ETH Value Accrual, Solana Positioning & DeFi Token Sustainability 15:00 – Trading Design Space & On-Chain Volume Upside 25:00 – AI Unbundling Thesis: Open-Source Models vs Data Centers 35:00 – The DeFi Mapping (Harnesses, Routers, Models, Inference) 48:00 – Agents, Preference Expression & Unbundling Traditional Products 1:00:00 – Real-Time Harness Generation & Active Learning 1:05:00 – Cryptography, Verifiable Compute & On-Chain GPU Markets 1:10:00 – Closing Thoughts: Where Value Accrues Next Enjoy!

  • Nov 10, 2025 · 1 hr 15 min

    The internet is great, but not for this... with Cofounders Austin Federa & Mateo Ward | EP 158

    DoubleZero is the High-Performance Global Network of network of dedicated high-performance links engineered to bring low-latency networking to everyone, everywhere.Austin's Twitter: https://x.com/Austin_FederaMateo's Twitter: https://x.com/mateowardDoubleZero's Twitter: https://x.com/doublezeroShelby's Website: ⁠https://doublezero.xyz/Logan Jastremski's Twitter: https://x.com/LoganJastremski Frictionless's Twitter: https://x.com/FrictionlessVCFrictionless's Website: ⁠https://frictionless.capital

  • Nov 3, 2025 · 46 min

    Building decentralized AWS with Shelby leading Engineer Pranav Raval | EP 157

    The first decentralized hot storage network, being built on a dedicated fiber network. Designed for content streaming, AI inference, and real-time apps. Pranav's Twitter: https://x.com/rpranav Shelby's Twitter: https://x.com/shelbyserves Shelby's Website: ⁠https://shelby.xyz/ Logan Jastremski's Twitter: https://x.com/LoganJastremski Frictionless's Twitter: https://x.com/FrictionlessVC Frictionless's Website: ⁠https://frictionless.capital⁠

  • Sep 30, 2025 · 1 hr

    Building Crypto’s Interactive Broker with Andrew Tan CTO of Titan | EP 156

    Titan is building Crypto’s Interactive Broker providing the national best bid and offer (nbbo) in the Solana Ecosystem. Titan's Twitter: https://x.com/Titan_Exchange Andrew's Twitter: https://x.com/defythepancake Titan's Website: ⁠https://titan.exchange Logan Jastremski's Twitter: https://x.com/LoganJastremski Frictionless's Twitter: https://x.com/FrictionlessVC Frictionless's Website: ⁠https://frictionless.capital⁠

  • Mar 17, 2025 · 38 min

    Drift’s Lead Engineer: Beating TradFi with Tighter Spreads & Long-Term Strategy | EP 155

    Chris Heaney is the Lead Engineer of Drift Protocol which brings on-chain, cross-margined perpetual futures to Solana. Drift Protocol's Twitter: @DriftProtocol Chris Heaney's Twitter: @crispheaney Drift's Website: ⁠https://www.drift.trade/⁠ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: ⁠https://frictionless.fund/⁠

  • Mar 11, 2025 · 1 hr 14 min

    Debunking Celestia FUD: Nick White Sets the Record Straight | EP #154

    Nick White is the COO of Celestia Labs. In this podcast we talk about Debunking the Celestia FUD. Celestia is a modular consensus and data network, built to enable anyone to easily deploy their own blockchain with minimal overhead and the first modular blockchain network. Nick White - COO of Celestia Labs Nick's Twitter: @nickwh8te Celestia's Website: https://celestia.org/ Logan Jastremski - Co-Founder at Frictionless Capital: Logan's Twitter: @LoganJastremski Frictionless Capital: https://www.frictionless.fund/

  • Dec 6, 2024 · 52 min

    Drift Founder Cindy Leow on becoming the largest open-sourced perpetual futures exchange | EP #154

    Cindy Leow is the Co-Founder of Drift. Drift Protocol is the largest open-sourced perpetual futures exchange built on Solana, the fastest L1 blockchain. Cindy Leow's Twitter: https://x.com/cindyleowtt Drift's Twitter: https://x.com/DriftProtocol Drifts Website: https://www.drift.trade/ Logan Jastremski - Co-Founder at Frictionless Capital Logan's Twitter: https://x.com/LoganJastremski Frictionless Capital: https://www.frictionless.fund/

  • Dec 3, 2024 · 57 min

    DeFi OG Rune Christensen on building the best possible stablecoin across all ecosystems | EP #152

    Rune Christensen is the Founder of Sky. Sky enables users to get rewarded for non-custodial saving. Rune's Twitter: https://x.com/RuneKek Sky's Twitter: https://x.com/SkyEcosystem Sky's Website: https://sky.money/ Logan Jastremski - Co-Founder at Frictionless Capital Logan's Twitter: https://x.com/LoganJastremski Frictionless Capital: https://www.frictionless.fund/

  • Nov 27, 2024 · 59 min

    Building out the global data engine for autonomous cars with Natix Founder Alireza Ghods | EP # 151

    Alireza Ghods is the Founder of Natix - a global mapping network of smart cameras. Alireza Ghods Twitter: https://x.com/AlirezaGhods2 Natix's Twitter: ⁠https://x.com/NATIXNetwork⁠ Natix's Website: ⁠https://www.natix.network/⁠ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: ⁠⁠https://frictionless.fund/⁠

  • Nov 12, 2024 · 59 min

    The end game of the Zero Knowledge with Matter Labs Founder Alex Gluchowski | EP #150

    Alex Gluchowski is the CEO and Co-Founder of Matter Labs building ZkSync. ZKsync is an ever expanding verifiable blockchain network, secured by math. Alex Gluchowskis Twitter: https://x.com/_pgauthier Ledger's Twitter: https://x.com/zksync Ledger's Website: https://zksync.io/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: ⁠https://frictionless.fund/⁠

  • Oct 31, 2024 · 50 min

    Building the best product possible with Ledger CEO Pascal Gauthier | EP #149

    Pascal Gauthier is the CEO of Ledger. Crypto security made easy. Ledger is the easiest and safest way to secure crypto, digital assets, and your peace of mind. Pascal's Twitter: https://x.com/_pgauthier Ledger's Twitter: https://www.ledger.com/ Ledger's Website: https://x.com/Ledger Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: ⁠https://frictionless.fund/⁠

  • Oct 21, 2024 · 58 min

    Navigating time frames with Tangent founder Jason Choi | EP #148

    Jason Choi is the Co-Founder of Tangent: Evergreen prop investors for crypto founders. Jason Choi's Twitter: https://x.com/mrjasonchoi Tangent's Twitter: https://x.com/Tangent_xyz Tangent's Website: https://www.tangent.ventures/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: ⁠https://frictionless.fund/⁠

  • Oct 9, 2024 · 1 hr

    Building verifiably high-throughput blockchain with Aptos CTO Avery Ching | EP #147

    Avery Ching is the CTO of Aptos Labs and the one of the Co-Founders of Aptos. Avery's Twitter: https://x.com/AveryChing Aptos's Twitter: https://x.com/Aptos Aptos's Website: https://aptosfoundation.org/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: ⁠https://frictionless.fund/⁠

Showing 1–20 of 24 episodes