The Delphi Podcast

Conversations with Crypto Gigabrains. Hosted by Tommy, Co-Founder and Founding Partner at Delphi Ventures

Play

Open in

23 episodes
Avg 1 hr 12 min
English

Episodes 23

Newest Oldest Longest

All20 Unplayed20 In progress0 Played0

Counted on this page — what you have heard stays on this device, so it is not something the list can be paged by.

September 9 · 1 hr 43 min
Why the Future of Venture Is Hard Tech, Drones & Physical AI | Ian Rountree
Join José as he hosts another episode of the Emerging Manager series on the Delphi Podcast, sitting down with Ian Rowntree, founder and managing partner of Cantos. Ian details the ten-year journey of Cantos, moving from early vertical software into hard tech and physical AI, while announcing the launch of their $70M Fourth Fund. They dive into the reality of venture capital returns, the power law dynamics of outlier funds, and why traditional SaaS playbooks fail in frontier markets. Ian shares the frameworks Cantos uses to evaluate hard-tech founders, the mechanics behind portfolio companies like Neros and Castilleja, and why vertical integration is required to displace entrenched incumbents. Timestamps 00:00 Intro 00:39 Why Invest in Venture Capital? 07:10 The Edge of Emerging Managers 11:05 From Software to Hard Tech 23:08 Contrarian Investing, Valuations, and Venture Mistakes 34:14 What Makes an Exceptional Founder? 56:38 Bringing Technology Into the Physical Economy 1:10:51 Defense Tech, Drones, and the Future of Warfare 1:23:55 Physical AI and Shaping the Future 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ José: @ZeMariaMacedo ▸ Ian's Twitter: @IanRountree 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
September 2 · 55 min
China’s AI Advantage Is Bigger Than You Think
In this episode of The Delphi Podcast, Tommy sits down with AccelXR, author of Delphi Digital’s “Evaluating the AI Labs of China” report, to break down what’s actually happening in the US-China AI race. You can read the report here: https://members.delphidigital.io/reports/evaluating-the-ai-labs-of-china?utm_source=twitter&utm_medium=social Timestamps 00:00 Intro 00:35 Is China Innovating or Just Distilling? 06:10 DeepSeek and China’s Leading AI Labs 10:15 How China Is Working Around Weaker Chips 18:25 China’s Biggest AI Advantage: Electricity 29:45 Three Scenarios for the US-China AI Race 40:20 America’s AI Talent Advantage Is Reversing 47:45 China’s Path to AI Sovereignty Tommy: https://x.com/Shaughnessy119 AccelXR: https://x.com/accelxr 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/@delphi_digital DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
August 19 · 1 hr 32 min
Most Venture Funds Are Playing Momentum Games | Michael Dempsey
Join José as he hosts another episode of the Emerging Manager series on the Delphi Podcast, sitting down with Michael Dempsey, managing partner of Compound. Michael makes the case that most venture funds being raised today are playing momentum games that won't survive contact with a real cycle, and explains why Compound has become known as one of the slowest-deploying seed funds in the US. They dive into the fallacy of founder legibility, why paying up at seed doesn't improve outcomes, and how the firm's research edge decayed the moment anyone could drop an academic paper into ChatGPT. Michael shares Compound's portfolio construction math, the thesis behind their public markets fund and the coming decade of market cap destruction, where he's investing across bio, materials, and robotics, and why the humanoid narrative is far more fragile than the market believes. Timestamps 00:00 Intro 01:24 Why Momentum Investing Fails in Venture 05:05 Price, Legibility, and the Myth of the Obvious Founder 15:10 Research as Edge and the Problem With Obviousness 32:31 Portfolio Construction and Shots on Goal 39:04 Bio, Materials, and the Commoditization of Intelligence 43:44 Public Markets, Software Margins, and the Short Side 56:58 Meta, Google, and the Mag 7 1:06:45 Crypto, Robotics, and Drone Warfare 1:21:38 Therapy, Psychedelics, and Writing 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ José: @ZeMariaMacedo ▸ Michael's Twitter: @mhdempsey 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
August 12 · 1 hr 16 min
Steve McLaughlin Built a Multi-Billion-Dollar Investment Bank and Beat Wall Street at Its Own Game
In this episode of The Delphi Podcast, Tommy sits down with Steve McLaughlin, founder and CEO of FT Partners, to unpack how he left Goldman Sachs at 32 and built one of the most influential investment banks in fintech. Steve shares the story behind FT Partners’ early days, including how his team took a company that had received roughly $150 million offers and ultimately sold it for $550 million. He explains why FT goes deeper than traditional investment banks, how the firm has built decades-long relationships with founders, and why incentives, founder ownership, and putting your own capital behind your conviction matter. They also discuss FT’s $50 million investment in Revolut, what Steve looks for in great founders, the work ethic required to build a firm over 25 years, surviving multiple financial crises, and why he believes AI will ultimately be a bigger disruption to financial services than the internet, mobile, or crypto. Timestamps 00:00 Intro 02:20 Leaving Goldman and Starting FT Partners 11:00 Turning a $150M Offer Into a $550M Sale 18:30 How FT Partners Values Companies 28:30 Building Long-Term Founder Relationships 34:00 Founder Incentives and the Revolut Bet 52:00 What Steve Looks for in Great Founders 1:08:00 The Future of Fintech, Crypto, and AI Tommy: https://x.com/Shaughnessy119 Steve: https://x.com/FTPartners 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://youtu.be/P_JdhPqiww8 DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
July 31 · 1 hr 23 min
Building the SoftBank of Robotics | Andrew Kang
Join José as he hosts a special edition of the Emerging Manager series on the Delphi Podcast, sitting down with Andrew Kang, founder of RoboStrategy. After managing personal capital through Mechanism Capital across both public and venture markets, Andrew turned his focus entirely to the under appreciated robotics industry a space he identifies as being at a critical inflection point reminiscent of AI in 2022 or crypto in 2014. They dive deep into the underlying method behind finding asymmetric bets, sizing positions, and distinguishing a true contrarian play from simply being the sucker at the table. Andrew breaks down the multidisciplinary engineering breakthroughs that sparked his initial bullishness on humanoid robotics and why he believes the industry is poised to become a multi-decade, trillion-dollar powerhouse. 🎯 Key Highlights ▸ The Robotics Inflection: Why the broader acceptance and adoption of physical AI is changing dramatically after years of stagnation. ▸ The $19M Play: The conviction and framework behind Andrew’s famous $19 million pre-markup investment into Figure. ▸ From Crypto to Nasdaq: Transitioning from on-chain trading habits to running a public robotics vehicle under the Nasdaq ticker BOT. ▸ Pre-ChatGPT Moment: Evaluating the first generation of robot foundation models and why generalizability was originally overlooked. ▸ Multidisciplinary Edge: Why generating structural alpha in robotics requires mastering electrical engineering, mechanical engineering, and robot learning. ▸ The Physics of "Pick and Place": Tapping into a multi-billion dollar market by automating simple factory tasks like sorting and packaging. ▸ Beyond Deterministic Code: Moving past traditional "if-then" programmatic parameters to build safe, AI-driven physical adaptions. ▸ The Ultimate Game: Applying crypto-native risk principles, position sizing, and asymmetry filters to venture-scale hardware outcomes. 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ José: @ZeMariaMacedo ▸Andrew Kang's Twitter: @Rewkang 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Early stage pitfalls: How crypto instills bad habits in venture 00:25 — José welcomes Andrew Kang to the Emerging Manager series 01:50 — Managing personal capital from Mechanism Capital to RoboStrategy 03:00 — Humanoid robotics as a multi-decade, trillion-dollar industry 05:30 — Looking past the consensus: Finding alpha in multidisciplinary tech fields 06:50 — The Exponential Horizon: Abandoning short-termism and trading 07:15 — The 2022 DeepMind breakthroughs and signs of true robot intelligence 11:15 — Generalizability vs. Specific programming paths in traditional robotics 12:20 — The Taylor Swift vs. Kanye West task: Evaluating early vision-language backbones 13:10 — Moving objects in factories: Breaking down the massive "pick and place" market size 14:50 — Overthinking humanoids: Transitioning from industrial code to the human form factor 15:50 — Math of a billion-dollar scale: Why it only takes 20,000 robots sold at $50,000 17:40 — The hardware inflection: When traditional controllers become AI-driven joint angles 18:30 — The Figure bet: Betting on the timeline to billions in physical AI revenue Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
July 28 · 1 hr 32 min
OpenAI is Making a MASSIVE Mistake
In this episode of The Delphi Podcast, Tommy sits down with Travis Good, co-founder of Ambient, to discuss why open-source AI may ultimately beat the closed labs and what that shift means for developers, businesses, and the broader AI economy. Travis explains how Ambient is building a decentralized marketplace for AI inference, matching demand with underutilized GPU capacity while verifying that users receive the exact model quality they paid for. They also explore the risks of building on closed AI infrastructure, China’s growing advantage in open-source models, and why OpenAI and Anthropic may be creating long-term distrust among their own customers. The conversation also goes deeper into what would happen if OpenAI achieved AGI first, why prompt injection remains one of AI’s most important unsolved problems, and how the current AI infrastructure spending boom could eventually trigger a broader funding shock or AI winter. Timestamps 00:00 Intro 03:20 What Ambient Is and How It Works 18:40 Verified AI Inference 40:20 China and the Open-Source AI Race 49:00 Why Closed AI Is Making a Mistake 1:03:00 What Happens If OpenAI Reaches AGI? 1:17:10 The AI Bubble and a Possible AI Winter Tommy: https://x.com/Shaughnessy119 Travis: https://x.com/IridiumEagle 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 📺 Watch on Youtube: https://thedelphipodcast.buzzsprout.com DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
July 14 · 1 hr 19 min
Identifying Generational Managers with Jordan Nel
Join José as he hosts the first episode of the Emerging Manager series, sitting down with Jordan from Nomads—the fund-of-funds arm of the legendary VC firm Hummingbird. Together, they break down what truly separates elite venture investors from the rest of the market and how small, nimble emerging managers can outmaneuver multi-billion dollar tech funds. They dive into the concept of "pre-consensus" versus non-consensus investing, the art of tracking down hidden talent pools, and the unique psychological traits of great capital allocators. From Lord of the Rings analogies to the mechanics of a total South African real estate wipeout, Jordan shares raw, unfiltered insights into the reality of picking the ultimate GPs 🎯 Key Highlights ▸ The Great Man vs. The Hobbit: Why Jordan favors a humble, distributed approach to venture over the over-indexed "will to power" archetype. ▸ Venture Beta vs. Outlier Exploitation: Questioning whether index venture returns justify the illiquidity premium, and why Nomads focuses strictly bottoms-up on outlier funds. ▸ Pre-Consensus vs. Non-Consensus: Defining how the best pre-seed funds spot massive paradigm shifts and outlier founders well before the consensus forms. ▸ How Emerging Managers Beat Giants: Why nimble, high-trust partnerships can act as a high-signal filter for multi-billion dollar funds like Andreessen and Sequoia. ▸ The Staging Strategy: How legendary founders utilize early angel tables and small pre-seed funds as structural signal boosters before demanding massive institutional valuations. ▸ Evaluating GPs via Decisional Taste: Moving away from static profile-matching to deeply mapping how a general partner makes decisions and who they spend their time with. ▸ The Venture Archetypes: Dissecting the "Bad Cop Meta-Thinker" vs. the "Charismatic Relationship Driver" and how they balance one another in a fund partnership. ▸ The Paradox of Curiosity: Balancing the driving emotion of raw curiosity with the essential risk management of market fear to avoid chasing every shiny new thing. 💡 Subscribe for more crypto & infrastructure insights! 🔔 🧠 Follow the Alpha ▸ Jose: @ZeMariaMacedo ▸ Jordan's Twitter: @jordsnel 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Introduction to the Emerging Manager series 02:40 — Challenging venture beta vs. public equities 04:50 — Deconstructing the source-pick-win scheme and identifying real edge 06:45 — How small managers out-discover the multi-billion dollar funds 09:20 — Bridging the gap: Storytelling, storytelling calibrators, and making founders legible 10:45 — From Bridget Mendler to Nigerian tech rebels 14:00 — The Bay Area talent cluster signal vs. picking in disinterested cycles 19:00 — How Nomads evaluates the decisional mechanics of a GP 22:30 — Avoiding the mid-curve trap of over-indexing on explicit thesis articulation 24:00 — Mapping the research ecosystems: Spotting early talent in tech-bio and frontier tech 27:15 — Dissecting intensity, spotting obsession, and separating LARPs 29:15 — The structural resonance between specific GP types and outlier founders 32:45 — The art of referencing general partners and mitigating competitive biases 34:30 — Good cop, bad cop, and the dynamic pairing of the meta-thinker with the executor 37:30 — Why venture edge requires constantly reinventing yourself 41:15 — The shift in price discipline from high ownership demands to unique structuring edge 43:10 — Hunting for investment signals in the world's most obscure markets 48:20 — Convexity, concentration rules, and strict asset selectivity 51:00 — The cutting process: Meritocratic arguments, structural hypotheses, and surface-level traps 56:00 — Why George Soros makes a far better venture proxy than Warren Buffett 01:00:30 — From South African public equities to joining the Hummingbird ecosystem 01:03:00 — Advice to a younger self: Taming the pendulum between fear and deep curiosity 01:06:00 — Moral frameworks in fantasy: Lord of the Rings, Dune, and the Great Man Theory 01:15:00 — Unreliability vs. the grind: Mapping oneself to Da Vinci, Michelangelo, or Raphael 01:17:40 — A lesson in debt covenants: Jordan's biggest early market wipeout scenario Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast.
- Transcript
June 22 · 1 hr 35 min
Sandy Kory: The Founder Obsessed Investor Behind BillionToOne, BaseTen & Palantir
What makes a great founder? Sandy Kory has spent decades trying to answer that question. As the founder of Horizon, he's backed companies like Palantir, BillionToOne, Canva, BaseTen, and SendCutSend long before they became breakout successes. In this episode, Sandy shares the unconventional framework he uses to identify exceptional founders, why he ignores most pitch decks, why talent density matters more than almost anything else, and how he developed conviction in companies years before the market recognized them. KEY HIGHLIGHTS -Why Sandy invested in Palantir before the company had a clear business model -The founder traits he looks for before reviewing a pitch deck -How he discovered BillionToOne at a $4 million valuation -Why talent density is the most important metric in a startup -Missionary vs. mercenary founders -The role of intellectual honesty in building great companies -How Sandy evaluates founders in the first 20–60 minutes -Why he believes early-stage investing remains highly inefficient -The SendCutSend story and backing an overlooked manufacturing company -How AI may change venture capital—and what won't change TIMESTAMPS 00:00 Introduction 08:46 The Palantir Investment Story 23:22 Finding BillionToOne Early 36:00 Sandy's Founder Evaluation Framework 47:07 Missionaries vs. Mercenaries 53:18 Hiring, Talent Density & Red Flags 01:09:25 AI, Investing & The Future 01:19:29 The SendCutSend Story 01:34:03 Advice for Founders & Closing Thoughts Follow Tommy: https://x.com/Shaughnessy119 Follow Sandy: https://www.linkedin.com/in/sandykory/ 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on Youtube: https://www.youtube.com/@Delphi_Digital DISCLAIMER This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
May 5 · 55 min
Samed Düzçay: Accessing Institutional Yield Strategies at Tori Finance
Join Yan Liberman and Can Gurel as they speak with Samed Düzçay, founder of Tori, a yield protocol bringing institutional-grade delta-neutral strategies on-chain. Samed shares his journey from mining Bitcoin as a child to building and exiting a successful SaaS company, eventually identifying a massive gap in the stablecoin yield market. They dive into the mechanics of the "carry trade," exploring how Tori captures spreads in emerging markets while hedging out local currency risk. Samed explains the protocol's multi-layered security approach, its real-time auditability through ZK-proofs, and how tokenization unlocks yield-enhancing "loops" that were previously impossible in traditional finance. 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔 🧠 Follow the Alpha ▸ Yan's Twitter: @YanLiberman ▸ Can's Twitter: @cannngurel ▸ Sam's Twitter: @eth_nox 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://twitter.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital Watch on youtube: https://www.youtube.com/@Delphi_Digital Timestamps 00:00 — Samed’s background: From mining BTC to SaaS exits 03:00 — The yield gap: Why recycling crypto-native capital isn't enough 04:45 — Carry Trade 101: Borrowing low, lending high 06:30 — Covered Interest Parity (CIP) and why spreads still exist 09:30 — Security of the hedge: Counterparty risk and credit risk 12:30 — Tail risk scenarios: How hedged positions survive 30% currency drops 15:30 — Execution Mandates: Why Tori separates design from implementation 20:30 — The "Access Edge": Why you need an 8-9 figure balance sheet to play 23:45 — Tokenomics: The two-token model (T-R-U-S-T and receipt tokens) 26:30 — NAV Oracles vs. DEX Market Price: Preventing debt spirals 31:30 — Transparency: Real-time on-chain balance sheets via Accountable 35:30 — Unwinding scenarios: Fixed yields vs. new capital risk 41:30 — Lessons from Drift, Resolve, and AU hacks 46:30 — Stress Tests: Handling mass exits and secondary market de-pegs 50:30 — The Drawdown Protocol: Reserve funds and redemption controls 53:30 — Roadmap: Ethereum mainnet launch and audits Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
February 2 · 1 hr 30 min
Logan Jastremski: Solana vs Hyperliquid - Who Wins The Global Exchange Race?
Join Tommy Shaughnessy as he speaks with Logan, Managing Partner of Frictionless Capital, about the high-stakes race to build a global blockchain-based financial system. Logan shares his updated thesis on why monolithic, high-throughput architectures like Solana are winning the battle for real revenue and trading dominance over modular designs.They dive deep into the "Global Exchange" vision, the physics of time-to-inclusion, and how innovations like Proprietary AMMs (PropAMMs) are redefining market making. Logan also explores the broader implications of AI, from the compounding power of Grok to the societal impact of a robot-led workforce.🎯 Key Highlights▸Analyzing the Frictionless chart showing that crypto apps on Solana are the fastest to reach $100M in revenue globally.▸ Why Logan remains bearish on the "incorrect" modular design and Layer 2 scaling solutions. ▸ How the speed of light and server location prevent current centralized exchanges from being truly global. ▸ A look at the next engineering frontier. ▸ The "crypto-native" evolution of order books that uses massive Oracle updates to eliminate stale quotes. ▸ Why Logan believes the market will split into either fully regulated exchanges or fully decentralized global engines. ▸ Why Elon Musk's Grok is positioned to be the smartest model over time. ▸ The "freaky" transition to humanoid automation and the potential for a 20-day "atom-moving" data center revolution.💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Logan's Twitter: @LoganJastremski▸ Frictionless's Twitter: @FrictionlessVC🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: https://twitter.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital🎧 Listen onSpotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43QTimestamps00:00 — Logan’s return to Miami & Fund 1 vs. Fund 2 thesis04:00 — The $100M revenue chart and acting on alpha08:00 — Why throughput alone isn't enough: execution as the North Star 11:00 — Solana’s parallel execution and the 2021 NFT "gas wars" 13:30 — Being "bearish decentralization" for its own sake 17:00 — The Global Exchange vs. New York physics limitations 22:00 — Multi-Leader design: 20ms inclusion and regional information 30:00 — Blockchains as the leading indicator for price discovery 34:00 — Rebuilding modern finance: efficient 24/7 global markets 38:30 — The hollowing out of regional, non-KYC exchanges 42:00 — Estimating the $20 trillion daily global trading market 45:00 — From AMMs to PropAMMs: the crypto-native order book 52:00 — Hyperliquid vs. Solana: product-led vs. engineering-led 59:00 — Retail order flow and the "payment for order flow" win-win 01:05:00 — Timeline for the multi-leader world (2027/2028) 01:11:00 — Returning to fundamentals: cash flows and PE ratios 01:15:30 — Bullish Grok: the vector of compute and real-world atoms 01:21:00 — Automation anxiety: Uber, gig work, and surgical robots 01:26:00 — Dystopian gambling, inflation, and the Zillow reality 01:29:00 — Financing the $30k robotDisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, se
- Transcript
January 19 · 1 hr 8 min
Clay Robbins: Building Colosseum, Solana’s Largest Hackathon & Accelerator with 80,000 Participants
Join Tommy Shaughnessy in San Francisco for the first podcast from the new Coliseum office. In this episode, Clay Robbins, Co-Founder of Coliseum, discusses how his team manages the world's largest online hackathons and why they chose to double down on the Solana ecosystem.They dive into the mechanics of sourcing 80,000 builders, the transition from remote to a massive in-person accelerator, and the shift from an infrastructure-focused crypto world to a new era of diverse consumer applications. From sub-3-hour marathons to "grenade" interview questions, Clay reveals what it truly takes to survive and win in the arena.🎯 Key Highlights▸The Numbers of Coliseum▸Clay shares the endurance training secrets that helped him clock a sub3-hour marathon in both Oakland and New York.▸How Coliseum distills 2,000+ global submissions down to a cohort of 10–15 elite investments.▸Why Coliseum moved from all-remote batches to a 75-desk physical hub in San Francisco.▸Why Clay believes Solana’s performance is the only viable infrastructure for the coming "application era".▸Why the Coliseum team now over-indexes on high-agency founders.▸The 15-minute "pressure test" interview used to suss out a founder’s conviction and humility.▸A new funding vehicle designed for companies launching on MetaDAO.▸A look at grand prize winners like Unruggable and Ore.💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Clay's Twitter: @clayrobbins ▸ Coliseum's Twitter: ‪@Colosseum‬ 🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: / delphi_digital 💼 LinkedIn: / delphi-digital 🎧 Listen onSpotify: https://open.spotify.com/show/62PR1Ri...Apple Podcasts: https://podcasts.apple.com/us/podcast...Youtube: / @delphi_digital Timestamps
- Transcript
January 9 · 1 hr 6 min
Nic Carter: Quantum Threatens $600B of Bitcoin
Join Tommy Shaughnessy as he speaks with Nic Carter, partner at Castle Island Ventures, about his deep dive into the existential threat quantum computing poses to Bitcoin. After six months of intensive research and discussions with Nobel Prize-winning physicists, Nic breaks down why the "quantum threat" has moved from theoretical FUD to a material risk that the Bitcoin community is currently unprepared to face.They explore the "Q-Day" timeline, the vulnerability of Satoshi’s 2 million BTC, and the urgent need for a migration to post-quantum cryptography. Can Bitcoin’s rigid governance survive the most significant technical challenge in its history, or will sovereign nations and private firms reach the coins first?🎯 Key Highlights▸Why Nic stepped away from podcasts and TV to focus on precise technical writing.▸The 2025 Quantum Inflection: Why 2025 was a record year for quantum investment.▸The Trillion Dollar Bug Bounty: The "unsolvable" problem of Satoshi’s P2PK addresses.▸Why Bitcoin developers implemented Taproot without making it quantum-resistant.▸Defense in Depth for BTC: The technical hurdles of implementing post-quantum signature schemes and the potential for a mandatory "migration" period.▸How the U.S.–China rivalry mirrors the 1939 race for the atomic bomb.▸Applying maritime law to the potential "theft" of ancient Bitcoins by private firms like IBM or Microsoft.▸Scoring the Bitcoin core developers’ preparedness at a 1/100.💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Nic Carter Twitter: @nic_carter🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: / delphi_digital 💼 LinkedIn: / delphi-digital 🎧 Listen onSpotify: https://open.spotify.com/show/62PR1Ri...Apple Podcasts: https://podcasts.apple.com/us/podcast...Youtube:
- Transcript
Oct 9, 2025 · 1 hr 42 min
Mike McCormick: AI Acceleration vs Risks, Funding Global Resilience, AGI scenarios, U.S. vs China
Join Tommy Shaughnessy as he speaks with Mike McCormick, founder of Halcyon, about the urgent intersection of AI acceleration and safety. Mike shares his path from venture capital to launching a hybrid nonprofit–fund model focused on securing advanced AI systems. They dive into mechanistic interpretability, global competition for AGI, and what a safe superintelligence future could look like. Can we build superintelligence safely? How do we balance innovation with existential risk? And what happens to humanity when AGI arrives? Halcyon Futures: https://halcyonfutures.org 🎯 Key Highlights ▸ Leaving VC to focus entirely on AI safety and security ▸ Why Halcyon flipped the model: nonprofit first, fund second ▸ Multi-layered “defense in depth” approach to AI biosecurity & cyber risk ▸ The acceleration vs. safety debate — finding middle ground ▸ Good Fire case: career grants into interpretability research ▸ The 2×2 dilemma — speed vs. slowdown, centralization vs. decentralization ▸ U.S.–China dynamics and fast takeoff scenarios ▸ AI underwriting: how insurance can drive safety standards ▸ Founder-market fit and mission orientation in AI startups ▸ Risk, diffusion, and the uncertain path to AGI 💡 Subscribe for more crypto & infrastructure insights! 🔔 🧠 Follow the Alpha ▸ Mike's Twitter: @MikeMcCormick_ ▸ Halcyon's Twitter: @HalcyonFutures 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Mike’s background & pivot to AI safety 03:00 — The realization: AGI could change everything 05:00 — Why VC wasn’t enough to solve the problem 06:00 — Halcyon’s hybrid model and early mission 08:00 — AI security concerns: misuse, bio, and control 12:00 — Defense in depth: pre-training → deployment 15:00 — The creativity vs. restriction trade-off 17:30 — Pause AI vs. Build Baby Build 20:00 — Speed vs. centralization: the 2×2 framework 24:00 — Good Fire: career grants & interpretability 27:00 — Writing to neurons: alignment and insight 30:00 — How insurance markets can enforce safety 36:00 — Mission-driven founders & conviction filters 44:00 — Geopolitical race: U.S., China, and compute 50:00 — Diffusion limits, adoption, and energy costs 57:00 — Mass unemployment and meaning after AGI 01:05:00 — What “winning” AGI means for humanity 01:12:00 — Critical thinking, sycophantic AI, and engagement traps 01:20:00 — UBI, adaptation, and new work paradigms 01:30:00 — Three AGI futures: scale, shift, or stall 01:36:00 — 20% catastrophic risk & asteroid analogy 01:40:00 — Final message: talent is upstream of everything Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast.
- Transcript
Sep 26, 2025 · 53 min
Connor Howe: Building the Onchain Execution Engine with Enso Network
Join Ashwath Balakrishnan and Neel Daftary as they explore the future of DeFi infrastructure with Connor Howe, co-founder of Enso. After nine years of building in crypto, Connor has created what he calls "the shortcut to building on-chain applications" - a developer tool that abstracts away the complexity of integrating with hundreds of DeFi protocols. From powering Berachain's $3.1 billion launch to enabling developers to reduce build times from seven months to just days, Enso is positioning itself as the Unity engine for Web3. Enso: https://www.enso.build 🎯 Key Highlights ▸ Connor's nine-year journey from writing Solidity in Mist Wallet to building crypto infrastructure ▸ How Enso powered Berachain's $3.1 billion DeFi launch behind the scenes ▸ Reducing developer build times from 7 months to 1.5 days through abstraction ▸ Why crypto needs more apps (4,800) than blockchains (1,000+) for mass adoption ▸ The "fat engine thesis" - how abstraction layers will control blockchain routing ▸ Enso's upcoming network model: action providers, grafters, and validators ▸ The "Enso Drop" - accessing 370+ potential airdrops through network participation ▸ Security through simulation: 4ms response times vs industry standard 2.6 seconds ▸ Chain abstraction vs. application abstraction: the real path to user adoption ▸ Why product beats paper in crypto's current critical juncture 💡 Subscribe for more crypto & AI insights! 🔔 🧠 Follow the Alpha ▸ Connor's Twitter: @connor_enso ▸ Enso's Twitter: @EnsoBuild 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Intro: Connor Howe, Enso co-founder 01:15 — Nine years building in crypto: from Bitcoin to Ethereum 03:00 — Early DeFi development challenges and the birth of Enso 05:00 — Chain abstraction vs. application abstraction philosophy 08:30 — Serving 8% of Web3's developer mindshare (2,250+ developers) 11:00 — Berachain's $3.1B launch: Enso's behind-the-scenes role 13:15 — AI agents, automation, and new use cases emerging 15:00 — Reducing build times: from 7 months to 1.5 days case study 17:30 — Security through simulation: 4ms response times 21:30 — Why we need products people actually want to use 23:15 — New developer onboarding trends and product directions 26:30 — The Enso Network: action providers, grafters, validators 30:00 — Self-service protocol integration and scalability 33:00 — Enso vs. Yearn comparison and strategy differences 35:15 — Network economics and fee distribution mechanisms 39:00 — Upcoming TGE and token utility design 41:00 — The "Enso Drop": accessing 370+ protocol airdrops 42:00 — Developer relations strategy: YouTube, universities, incubators 45:15 — Keeping developers away from crypto Twitter for innovation 47:15 — Fat protocols vs. fat apps: the abstraction layer thesis 51:30 — "Product beats paper" - crypto's critical juncture Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens
- Transcript
Sep 25, 2025 · 1 hr 15 min
Austin Federa: From Solana Foundation to Double Zero's Fiber Revolution
Join Alex Golding as he sits down with Austin Federa, Co-founder of DoubleZero, to explore how they're building permissionless high-performance fiber infrastructure that could revolutionize blockchain performance. Austin shares the technical vision behind creating a parallel internet for distributed systems, starting with Solana validators as their initial market. DoubleZero: https://doublezero.xyz 🎯 Key Highlights ▸ The internet bottleneck: why high-performance blockchains are hitting infrastructure limits ▸ Building a parallel internet with dedicated fiber, FPGAs, and multicast technology ▸ Proof of utility: weaponizing greed and capitalism for positive-sum network outcomes ▸ 16% of Solana network already running on testnet despite limited infrastructure ▸ Technical deep-dive: signature verification, packet deduplication, and jitter reduction ▸ Token economics and bandwidth contribution models vs traditional staking ▸ Long-term vision: replacing IP addresses with public-private key routing 💡 Subscribe for more crypto & infrastructure insights! 🔔 🧠 Follow the Alpha ▸ Austin's Twitter: @Austin_Federa ▸ DoubleZero's Twitter: @doublezero 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Intro: Austin Federa and the internet bottleneck problem 02:00 — Building a parallel internet for distributed systems 06:00 — The Firedancer project and million TPS potential 09:15 — Technical architecture: fiber, FPGAs, and multicast technology 13:30 — Signature verification and packet deduplication explained 17:15 — Proof of utility: Shapley values and economic incentives 23:45 — Validator onboarding and network connection process 29:30 — Testnet success: 16% of Solana network adoption 33:15 — Latency, jitter, and bandwidth improvements explained 39:00 — Token economics: 2Z token and payment models 44:45 — Access models vs staking requirements for enterprises 51:30 — Validators.app badges and network transparency 59:15 — Governance roadmap: from mainnet beta to full decentralization 01:05:45 — Long-term vision: replacing IP addresses and DNS 01:09:15 — Lightning round: most misunderstood aspects 01:12:30 — Five-year vision: parallel internet for high performance systems Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast.
- Transcript
Sep 19, 2025 · 1 hr 6 min
Legion & Cookie3: Evolution of Onchain Fundraising
Join José Maria Macedo as he co-hosts with Matt O'Connor from Legion and Filip Wielanier from Cookie3 to explore "Attention Capital Markets" - revolutionizing token distribution by linking social influence with capital commitment. Fresh off Legion's funding from VanEck and Brevan Howard, discover how they're moving beyond airdrops to merit-based investing that rewards genuine community builders. Legion: https://legion.cc Cookie3: https://www.cookie3.com 🎯 Key Highlights ▸ Legion's funding: VanEck and Brevan Howard backing crypto innovation ▸ Attention Capital Markets: Linking mind share with financial commitment ▸ Cookie3's attribution tech: Measuring on/off-chain value creation ▸ Merit-based token distribution vs "whoever pays most" ▸ Almanac case study: 400% oversubscribed using attention metrics ▸ Retail investor access beyond accredited gatekeeping ▸ IPO/ICO convergence on-chain infrastructure ▸ Data-driven distribution with Web2 sophistication ▸ Fighting airdrop farmers with genuine supporter identification ▸ SEC progress toward disclosure-based regulation ▸ Creator monetization through tokenized influence ▸ Mobile-first social trading infrastructure 💡 Subscribe for more crypto & AI insights! 🔔 🧠 Follow the Alpha ▸ Matt's Twitter: https://x.com/mattytokenomics ▸ Filip's Twitter: https://x.com/fwielanier 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 - Introduction and Legion funding announcement 01:15 - Matt O'Connor: TradFi to crypto token design 03:00 - Filip Wielanier: Cookie3's attribution mission 04:30 - Capital attribution in Web3 vs Web2 07:30 - Attention Capital Markets explained 09:00 - MicroStrategy analogy: Money where mouth is 11:00 - Almanac presale implementation 13:30 - Legion scoring and merit-based selection 16:00 - Current ICO problems 17:30 - Merit-based investing vision 21:00 - IPO/ICO convergence outlook 25:00 - Market effectiveness through tokenization 28:45 - Information markets and creator influence 32:30 - SEC regulatory progress 37:00 - Regulation compliance concerns 40:30 - Retail protection vs access 43:00 - Project funding selection problems 45:30 - Pseudonymous contributors vs VCs 48:00 - "Nanny state" and risk-taking 52:30 - Cookie3 roadmap 54:30 - Proof of humanity considerations 55:30 - Cooperative network ownership 58:00 - Platform locations 59:30 - Closing thoughts Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, ser
- Transcript
Sep 15, 2025 · 56 min
Mike Dudas (6MV): Pump.Fun, One of the Greatest Seed Investments Ever
Join Tommy Shaughnessy as he sits down with Mike Dudas, Managing Partner at 6th Man Ventures, to discuss one of the most successful seed investments in crypto history. Mike shares the inside story of backing Pump.Fun years before it became a cultural phenomenon, generating over $800 million in fees and reaching a $5.5 billion FDV. From cold DMs to billion-dollar outcomes, this conversation explores venture capital strategy, founder evaluation, and navigating the intersection of AI and crypto investing. 6th Man Ventures: https://6thman.ventures 🎯 Key Highlights ▸ The untold story of Pump.Fun's seed round: from cold outreach to billion-dollar success ▸ Why regulatory risk-taking paid off in the Trump administration ▸ How to evaluate crypto founders differently than traditional startups ▸ The creator economy revolution: streaming meets tokenomics ▸ Digital Asset Trusts (DATs): the new MicroStrategy wave ▸ AI's impact on venture capital processes and decision-making ▸ Why attention spans are killing crypto Twitter's excitement ▸ From Bonk to Pump: lessons in meme coin investing ▸ Building conviction in contrarian bets during bear markets ▸ The importance of speed and decisiveness in early-stage investing 💡 Subscribe for more crypto & AI insights! 🔔 🧠 Follow the Alpha ▸ Mike's Twitter: @mdudas ▸ 6MV's Twitter: @6thManVentures 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 — Intro: Mike Dudas, 6th Man Ventures 00:30 — The Pump.Fun origin story: cold outreach and magical moments 03:45 — Regulatory risk-taking and the Trump administration impact 06:30 — Why other VCs backed out over legal concerns 08:15 — Being hands-on with portfolio companies without being pushy 10:30 — Pump.Fun's evolution: from bonding curves to creator streaming 14:00 — The Bonk vs Pump competition and market dynamics 17:00 — How AI and AGI are changing venture capital investing 20:15 — Digital Asset Trusts: the new wave of crypto investment vehicles 26:00 — Why crypto Twitter seems less excited despite regulatory clarity 32:15 — Using AI in venture processes: market research and founder support 38:45 — The most common path from DM to investment 42:00 — Founder evaluation: red flags and green flags 47:15 — When to tell portfolio companies it's time to move on 51:15 — Decision-making under pressure: the "hell yes" principle 54:00 — Staying entrepreneurial as a fund grows and succeeds Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.
- Transcript
Sep 10, 2025 · 1 hr 12 min
Michael Egorov: Yield Basis - Bringing Real Yield to Bitcoin
Join José Macedo and Yan Liberman as they host Michael Egorov, co-founder of Curve Finance and one of DeFi's original pioneers. Michael introduces Yield Basis — his ambitious new protocol that aims to solve one of DeFi's biggest problems: impermanent loss. Learn how this innovation could finally unlock natural, sustainable yield on Bitcoin at scale, creating the long-sought "holy grail" of yield-bearing Bitcoin without the downsides of traditional AMM strategies. Curve Finance: www.curve.finance Yield Basis: https://yieldbasis.com 🎯 Key Highlights ▸ Yield Basis: Eliminates impermanent loss for single-sided crypto exposure ▸ Impermanent loss problem: Why AMMs underperform buy-and-hold ▸ Michael's solution: 2x leverage counters square-root pricing ▸ Why Curve pools beat Uniswap v2 ▸ Historical sims: 10-20% APR on Bitcoin ▸ Borrowing mechanism: Capital via crvUSD allocation ▸ Tokenomics: Choose real yield OR tokens ▸ Dynamic admin fees adjust with staking ▸ GTM: Target miners, funds, treasuries ▸ Multi-chain: Separate tokens vs. bridges ▸ Market size: $50-100B addressable ▸ Beyond Bitcoin: ETH and volatile assets ▸ Michael on DeFi vs. OG principles ▸ Challenge: Matching sims to reality ▸ Why this beats points and yield farming 💡 Subscribe for more crypto & AI insights! 🔔 🧠 Follow the Alpha ▸ Michael's Twitter: @newmichwill ▸ Curve Finance Twitter: @CurveFinance ▸ Yield Basis Twitter: @yieldbasis 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 - Intro: Yield Basis and Michael Egorov 01:15 - Yield Basis: Single-sided LP without impermanent loss 02:00 - Impermanent loss with Bitcoin/USDT 07:30 - AMMs create "buy low, sell high" 09:00 - Solution: Leverage eliminates square-root pricing 13:00 - Curve beats Uniswap v2 15:30 - Historical sims: 10-20% APR 19:00 - Borrowing: Arbitrage and debt management 24:30 - Net returns after costs 25:15 - crvUSD as low-cost capital 27:15 - Separate protocol vs. Curve integration 28:00 - Tokenomics: Real yield OR tokens 32:45 - Points vs. transparent distribution 36:00 - Dynamic fees prevent zero-division 40:00 - GTM: Miners, funds, institutions 43:00 - Multi-chain: Instances vs. bridges 48:30 - BD with competing chains 50:30 - Curve vs. Yield Basis governance 52:00 - Modern vs. OG DeFi principles 55:30 - Treasury relationships vs. decentralization 56:30 - Challenge: Real-world performance 58:30 - Market: $50-100B addressable 1:02:00 - crvUSD scaling mechanics 1:06:15 - Market cap ceiling calculations 1:08:00 - Beyond Bitcoin: Gold, volatiles 1:08:45 - DeFi innovations: Pendle, Athena 1:11:30 - Hyperliquid bootstrap strategy 1:12:00 - Closing: Growth parallels Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delp
- Transcript
Sep 8, 2025 · 1 hr 6 min
pump.fun's Sapijiju: First-Ever Discussion on Building the Future of Social Trading
Anil Lulla and Yan Liberman host Sapijiju, co-founder of Pump.fun. Sapijiju shares Pump.fun’s bigger vision: beyond meme coins, it’s aiming to be the most rewarding social platform, revolutionizing creator monetization, and building a $2B-backed financial ecosystem. Pump.fun: https://pump.fun 🎯 Key Highlights ▸ Pump.fun’s vision: TikTok + Robinhood + Twitch in one ▸ Streamers earning 100–300x more than on traditional platforms ▸ 9 failed products before finding product-market fit ▸ Why most crypto firms are just riding Bitcoin ▸ New fee model: $2.4M to creators on day one ▸ Mobile-first: beating desktop crypto apps ▸ $2B balance sheet for smart capital moves ▸ 100% revenue buybacks (Hyperliquid/Binance playbook) ▸ Roadmap: stablecoin + full financial stack ▸ Young founders vs. traditional finance ▸ Why social media’s incentives are broken ▸ Targeting 16–24s ignored by incumbents ▸ Stats: 70 staff, $1.6B locked, billion+ daily volumes ▸ Aggressive M&A, Facebook-style 💡 Subscribe for more crypto & AI insights! 🔔 🧠 Follow the Alpha ▸ Sapijiju's Twitter: @sapijiju ▸ Pump.fun Twitter: @pumpdotfun 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 – Intro & Sapijiju’s crypto journey 04:45 – 9 failed products → Pump.fun success 07:15 – Product-market fit & anti-rug mechanism 09:15 – Scaling team to 70 10:30 – Vision: social trading super-app 13:00 – $2.4M to streamers on launch day 14:15 – Why social platforms fail creators 16:45 – 300x better monetization 18:15 – DMs, streaming & mobile-first 19:30 – Competing vs. Coinbase/Binance 21:45 – User patterns: TikTok + finance 24:30 – Network effects via creator rewards 26:30 – $500k creator starter kits 28:00 – Mobile strategy for viral growth 29:15 – Zora vs. Pump.fun (content vs. coin) 31:15 – Small changes → 5x streaming growth 33:30 – Sandbox for creator freedom 35:15 – Telegram + crypto-native tools 36:30 – Democratized ICOs 38:15 – $1.6B locked, billion+ daily volumes 39:15 – Stablecoin vision 40:15 – Long-term: global takeover 42:30 – $2B balance sheet strategy 44:30 – ROI-driven capital deployment 45:15 – M&A playbook 46:15 – DAT & institutional access 47:15 – Revenue buybacks model 49:15 – VCs missing meme culture 51:15 – Story Protocol critique 53:30 – Meme coins vs. infra “scams” 54:30 – Generational wealth cycles 57:45 – Crypto as last frontier 59:15 – TradFi as modern slavery 1:01:30 – Black Mirror & moderation 1:02:30 – Mobile growth engines 1:03:30 – Scaling to $200M daily revenue 1:04:30 – Post-token comms lessons 1:05:30 – Open DMs & next episode 1:06:15 – Closing thoughts Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures ma
- Transcript
Jul 21, 2025 · 57 min
José Macedo and Pondering Durian: The Birth of Delphi Intelligence
Join Tommy Shaughnessy as he hosts Pondering Durian (Lead at Delphi Intelligence) and José Macedo (Co-Founder at Delphi Labs & Founding Partner at Delphi Ventures) to introduce Delphi Intelligence — Delphi’s new open research initiative focused on artificial intelligence. Learn why Delphi is going deep into frontier models, robotics, reinforcement learning, and the intersection of crypto and AI, and how this initiative aims to uncover transformative opportunities across emerging tech. Delphi Intelligence: https://www.delphiintelligence.io/ 🎯 Key Highlights ▸ Why Delphi pivoted to AI after years in crypto research and investing. ▸ Inside Delphi Intelligence: free, high-quality research on AI, RL, robotics, and more. ▸ How the team blends deep research with deal sourcing — like early crypto days. ▸ The three phases of AI scale: pretraining, inference, and the RL renaissance. ▸ José and PD on decentralizing RL and building “The World’s RL Gym.” ▸ The case for open AI: modular design, public reasoning, and collaboration. ▸ How LLMs are learning to “think longer” — and what it means for training. ▸ Open-source vs. proprietary AI — and China’s growing lead in open models. ▸ Why José believes AGI may already be here with GPT-4o. ▸ Where early AI startups can still win — from robotics to edge hardware. ▸ Why this AI moment feels like crypto in 2017 — and why it’s still early. ▸ The team’s views on AI safety vs. acceleration, including visits to Anthropic. ▸ A geopolitical view: US vs. China in AI, talent flows, and capital differences. ▸ What the next “Mag 7” of AI could be — and why Big Tech might not lead. ▸ How Delphi plans to find early winners in AI, like they did in crypto. 💡 Subscribe for more crypto & AI insights! 🔔 🧠 Follow the Alpha ▸ Delphi Intelligence's Twitter: @delphi_intel ▸ PD's Twitter: @PonderingDurian ▸ José's Twitter: @ZeMariaMacedo 🔗 Connect with Delphi 🌐 Portal: https://delphidigital.io/ 🐦 Twitter: https://x.com/delphi_digital 💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/ 🎧 Listen on Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124 Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082 Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q Timestamps 00:00 - Introduction to Delphi Intelligence 01:30 - Why AI Feels Like Crypto in 2017 03:30 - The AI Research Gap Delphi Aims to Fill 06:30 - Robotics Deep Dive: Humanoids vs. Specialization 10:00 - AI’s Impact on Traditional Tech Moats 14:30 - Can the Mag 7 Be Disrupted by AI Labs? 17:00 - Google, Meta, OpenAI, and the Race for Interface 21:00 - Crypto as a Hedge Against AI-Driven Inequality 24:00 - Safety vs. Acceleration: Anthropic vs. OpenAI 28:00 - China’s Open-Source AI Strategy 31:30 - Zero-to-One vs. One-to-X Innovation Models 35:00 - Open-Source Models: Strategic or Suicidal? 38:00 - Early-Stage Edge: Where Startups Can Win 42:00 - Verticalized AI Apps, Context Engineering, and GPTs 46:00 - US vs. China in Robotics: Software vs. Hardware 50:00 - The Role of Simulation, Sensors, and Real-World Feedback 53:00 - Delphi’s Dual Approach: Deep Research + Early Deal Flow 55:00 - The Vision for Delphi Intelligence 10 Years Out Disclaimer This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any f
- Transcript

Showing 1–20 of 23 episodes