The Gwart Show | Blockspace Media

Blockspace Media
  • 4.8 (13)
  • Tech News
  • Updated Weekly

Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests. Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.

  1. 6d ago

    The Cat-and-Mouse game of Market Making w/ Rahul Jain

    Rahul Jain, Head of Trading at Ellipsis Labs, joins us to talk about the reality of market making on Solana. Rahul breaks down why spot order books fail against toxic makers, how transactional introspection protects liquidity, and the economics of running modern prop execution systems. He dives into the mechanics of Phoenix's new perps platform, managing oracle attacks on illiquid tokens, the structural advantages of owning user flow on-chain, and whether decentralized perps are a winner-take-most game. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Firm held 20-25% crypto options market share. * Toxic takers pick off makers for tens of K a day. * Basic prop contracts can make around $1,000/day. Timestamps: 00:00 Start 00:50 Rahul's background 02:45 Why move from spot trading? 06:50 Future of Prop AMMs 09:21 Order book games 14:07 Innovations on the horizon 16:17 RFQ 18:14 On-chain price dislocations 20:04 Why Perps? 25:35 Taker speedbumps 26:29 Market making in TradFi vs Crypto 28:30 MEV 29:39 Deciding assets to quote 31:43 Managing risk 33:16 MCP or bust 34:57 MPC problems 38:00 Why use Pheonix? 40:36 Composability 42:22 Splines 45:22 Scaling the market 47:51 "king making" on Solana 53:58 Are perps "winner take all"? The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs.xyz slash careers Learn more about your ad choices. Visit megaphone.fm/adchoices

    56 min

  2. May 17

    The Unseen Risks of Restaking w/ Tarun Chitra

    Tarun Chitra, Co-Founder & CEO of Gauntlet, joins us to talk about the evolution of DeFi lending, the shift toward active vault management, and recent high-profile security exploits like Resolve and KelpDAO. We dive into the hidden risks of restaking protocols, the friction between DAO ideologues and risk curators, open-source versus closed-source infrastructure vulnerability, and how AI agents are shaping both cyberattacks and defensive measures in Web3. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * North Korea stole $800M from Bangladesh bank. * Some re-staking protocols had LTVs up to 0.98. * DAO parameters often update only once a week. Timestamps: 00:00 Start 00:16 DeFi vibe check 01:44 Vaults in DeFi 06:13 Actively managed vaults 14:21 Collateral risks 19:00 Attack learnings 21:37 KelpDAO 29:11 Transperency 30:15 Composibility risks 37:47 Should finance be open source? 43:02 Timelocks 49:28 Clawbacks are the future! The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers Learn more about your ad choices. Visit megaphone.fm/adchoices

    58 min

  3. May 3

    The Legislative Framework Crypto Needs w/ Alex Thorn

    Alex Thorn, Head of Research at Galaxy Digital describes the current state of crypto legislation. He explains the Clarity Act, the role of stablecoins in the global economy, and the impact of the Trump administration on digital asset rules. Alex provides an institutional perspective on Bitcoin's recent all-time high, the reality of market deleveraging events, and why permissionless finance remains the ultimate goal.Subscribe to the newsletter! https://newsletter.blockspacemedia.comNotes: • 70 Democrats voted for bill 
 • Prediction odds at ~40% 
 • SEC has 3 GOP commissioners 
 • Deleverage on October 10th 
Timestamps:00:00 Start00:54 Alex's Galaxy role02:43 Recent topic focus05:06 regulation07:08 CLARITY act14:00 Politics and token creation19:51 Trump remorse?22:39 Current market vibes35:49 "Crypto" lagging Bitcoin43:28 "Just use AAVE"52:04 Are you ENTERTAINED!
 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 6m

  4. Apr 26

    The Case For Q-Day 2032 w/ Justin Drake

    Justin Drake joins us to talk about the reality of cryptographically relevant quantum computers (CROC). We dive into his recent work with Google scientists on Shor’s algorithm optimizations and why neutral atoms have become the "dark horse" in the race to break Bitcoin’s 256-bit encryption. Justin shares his updated timeline for "Q-Day," the role of US government censorship in quantum research, and why the crypto industry must act now to remain secure. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • 10,000 qubits needed to run Shor's algorithm. 
 • $5B invested in quantum industry last year. 
 • Drake says 10% chance of a "CROC" by 2032. 
 • Neutral atoms run 1,000x slower than superconducting Timestamps: 00:00 Start 00:31 Google paper 03:40 "In flight" key cracking 04:38 Superconducting qbits 05:21 Neutral atom quantum computing 08:42 Broad Quantum overview 10:53 Neutral atoms require far less infrastructure 12:41 Is Google pivoting to Neutral Atoms? 14:12 What does winner mean? 14:41 Q-day 2032? 15:55 Why the fast emergence thesis? 22:52 Theory vs engineering breakthroughs 27:03 Timelines 35:55 What is real vs hype? 37:05 Quantum error correction 41:32 Bitcoin reality check 47:25 Justin Drake is a Bitcoiner, umm kind of... 53:03 Standards 53:43 Signature aggregation 57:19 Are NIST the baddies? 1:00:31 BTC security budget worries 1:05:14 Energy bottleneck 1:06:23 ETH security The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 17m

  5. Apr 19

    Why Threadguy Trades Oil Now

    Threadguy joins us to talk about his evolution from dropping out of college to write NFT threads to leading the new generation of crypto media. We explore the "Believe" fiasco, the reflexivity of meme coin cycles, and his transition into high-conviction macro trading like his recent oil plays. Threadguy shares insights on the societal trend of taking risks online and whether the explosive manias of the past can ever truly be replicated in a maturing market. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • Believe app peaked at a $400M market cap. 
 • 60%+ of stock options are now zero-expiry. 
 • The US SPR can only release 2M barrels daily. 
 • Threadguy started his Twitter in August 2021. 
 • He traded an Afterburn NFT for a Mutant Ape. 
 • Believe went from zero to peak in three weeks. Timestamps: 00:00 Start 00:36 Where does "Threadguy" come from? 02:26 Favorite NFTs? 06:02 Solana meme memories 11:09 Are there any more crypto markets to try? 14:22 Believe 20:42 Did Believe founders make money? 21:55 Equities on Solana 32:32 Trading Oil 39:18 All markets will trade like crypto 42:47 Best accounts to follow 45:03 Survivorship bias? 48:31 Events leading up to Libra coin 1:02:48 Why launch a token at all? 1:13:10 What are you bullish on?
 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 26m

  6. Apr 5

    We Need To Stop Geofencing DeFi Like Hyperliquid w/ Jake Chervinsky

    Jake Chervinsky, CEO of the Hyperliquid Policy Center, joins us to talk about the critical mission of advocating for American access to decentralized markets. We dive deep into the limitations of the Commodity Exchange Act, the challenges of KYC in a permissionless world, and the evolving relationship between the SEC and CFTC. Jake explains why the current regulatory framework fails DeFi and how a new approach to licensing or exemptions could finally allow US traders to access products like Hyperliquid perps legally. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: • HPC launched in mid-February 2024. 
 • CEA assumes centralized intermediaries in trades. 
 • DCM licenses require total operator control. 
 • Dodd-Frank changes targeted 2008-style leverage. 
 Timestamps: 00:00 Start 00:15 What is the Hyperliquid Policy Center? 01:21 Day in the life of Jake 03:36 What regulations need to change? 06:47 What does a rule change look like? 10:57 Bank secrecy & KYC 14:19 Possible regulation comprimises 17:48 Lobbying for regulation as moat 20:52 ellipsis labs ad 21:39 CES & CFTC now BFF 3 26:17 Devs are NOT money transmitters 31:04 What is "decentralized"? 35:40 CLARITY update 41:10 What's Coinbase doin? 47:11 Canton 54:37 Bitcoin defies regulation 59:38 Spot vs perps 1:03:45 Tokenized securities
 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 6m

  7. Mar 29

    Why Miners Are Trading BTC For AI Compute w/ Rory Murray & Chris Bae

    Chris Bae Founder of Enhanced Digital Group, and Rory Murray, Director of Digital Asset Management at CleanSpark, join us to talk about the professionalization of the Bitcoin mining industry. From managing $40 billion at UBS to overseeing 13,300 BTC at CleanSpark, Rory & Chris break down the three regimes of mining evolution: Wildcat, Market Share, and the current Margin era. We explore why the "Texas Hedge" is failing, how miners use options to manage risk, and why the next frontier for hashrate is AI data centers. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** * CleanSpark holds ~13,300 BTC * Chris Ray formerly managed $40B at UBS. * BTC -20% drawdown recovery averages 18 days. * Texas hedge: Doubling down on BTC exposure. * Shift toward AI and HPC in mining data centers. Timestamps: 00:00 Start 00:45 Chris' background 05:08 How Rory knows Chris 07:16 Miners hedging risk, or not... 11:55 Reflecting on mining history 20:31 Ellipsis labs 21:18 It's "expansion" not a "pivot" sir 26:22 Bitcoin is the hurdle rate for compute 30:15 Private credit 41:32 What's big money doing right now? 45:06 What's the deal with 10/10/25? 1:00:57 Everything is fake 1:10:24 The age of GRIFT The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    1h 14m

  8. Mar 22

    Why Crypto Options Are Still In The Early Days w/ Nick Forster

    Nick Forster, CEO of Derive joins us to talk about his journey from trading equity options at SIG to building the leading decentralized options platform. Nick talks the shift from AMMs to app chains and why institutional liquidity is moving on-chain. Nick explains Derive's strategy of 'exporting' complex derivatives to 7+ chains and why on-chain transparency is the only fix for centralized OTC risks. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: * Captured 90% of on-chain options market share. * Traditional AMMs yielded 5-10% annually initially. * RFQ for institutional liquidity. Timestamps: 00:00 Start 00:19 Nick's background 01:20 History of Options 04:15 The journey toward an L2 App-chain 07:11 The "aggregation of liquidity" thesis 09:40 OTC desks & competitors 13:47 Roadblocks to institutional involvement 16:11 Hyperliquid integration 17:09 HLP 22:09 Perps 27:17 Tap trading vs dice rolls 30:52 Value capture 34:38 EFT options 36:05 Why have perps on Derive? 38:36 Current decentralized trading tech vs tradfi 43:14 Regulations 46:16 RWAs 48:30 Bridging to other chains 50:41 Derive token 52:24 Token holders The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices

    55 min
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4.8
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About

Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests. Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.

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