In episode 10 of The Big Brain Podcast, Larry and Namik are joined by Gauntlet founder and CEO Tarun Chitra. Tarun recounts how an unexpected ADL event on a tiny test position pushed him to research how exchanges handle insolvency when liquidations fail, especially after October 10th. He argues the common ranking approach concentrates losses unfairly and may overshoot during cascading events. The discussion also covers transparency, insurance funds, and why improving these systems matters if perp exchanges want to onboard new users.

OUTLINE

00:00:00 - Introduction

00:00:54 - Tarun’s background

00:10:50 - Tarun's ADL paper

00:15:40 - ADL usage

00:26:25 - Transparency gap

00:31:44 - Critiques of Tarun's paper

00:36:32 - Impact of Tarun's paper

00:41:09 - Potential fixes

00:45:31 - Cult-like communities in crypto 00:52:42 - 10x verticals looking ahead

01:02:29 - Conclusion

Guest links:

Tarun Chitra - x.com/tarunchitra

Gauntlet - x.com/gauntlet_xyz

Show links:

- Apple: apple.co/43F3vmq

- Spotify: spoti.fi/44NT1lZ

- Larry: x.com/lawmaster

- Namik: x.com/NamikMuduroglu

- The Block Podcasts: x.com/TheBlockPods

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In episode 9 of The Big Brain Podcast, Larry and Namik are joined by Infinex founder Kain Warwick. The trio discuss how crypto's complex user experience remains a roadblock for projects to gain broader adoption and find new users, and how Infinex aims to tackle this by being the first true "superapp." The conversation also digs into multi-chain routing, gas abstraction, fundraising, “CT mafia” dynamics, and how Infinex aims to compete with MetaMask, Phantom, and Coinbase Wallet.

OUTLINE 0:00 – Introduction

2:51 – Evolution of Infinex Vision

5:30 – Decentralization vs User Experience

8:29 – Infinex in a Multi-Chain Future

12:30 – User Experience in Super Apps

15:10 – How Infinex Works Behind Scenes

19:25 – Funding Challenges for Super Apps

25:40 – YAP Run Drama Reflections

27:44 – Social Media’s Impact on Founders

29:56 – Navigating Crypto Regulations

31:25 – Token Distribution Strategies

34:09 – Token Launch & Listing Challenges

36:46 – On-Chain Liquidity & Multi-Chain

38:50 – Re-Engaging Users Online

41:28 – TGE Strategy Breakdown

44:40 – Token Utility & Revenue Models

51:53 – Competing in a Crowded Market

Guest links: Kain Warwick - https://x.com/kaiynne

Infinex on X - https://x.com/infinexInfinex - https://infinex.xyz/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

It's gonna be a big show.

In episode 8 of The Big Brain Podcast, Lighter founder Vladimir Novakovski explains why he built a zero-fee, ZK-powered perp DEX as an Ethereum L2, how it stacks up against CEXs and rival perp chains, and what they learned from recent market stress ahead of their token launch. OUTLINE 00:00 – Introduction 04:50 – What Lighter is 06:15 – Why Ethereum L2 and ZK 11:03 – Zero-fee retail model 18:11 – Robinhood relationship & RH Chain 20:30 – L1 vs L2 value capture 27:08 – TGE timing and token value 30:29 – DYDX, Hyperliquid and CEX vs DeFi 35:52 – 10/10 crash and LLP risk 39:50 – Infra upgrades and closing Guest links: Vladimir Novakovski - https://x.com/vnovakovski Lighter - https://x.com/Lighter_xyz Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

In this episode of The Big Brain Podcast, Eli Ben-Sasson – co-founder of Zcash and Starknet – joins The Block President Larry Cermak and MegaETH CSO Namik Muduroglu. The conversation delves into the challenges of ensuring integrity in privacy payments on decentralized public blockchains, highlighting the role of ZK proofs in validating computations without compromising sensitive information. OUTLINE 00:00 Introduction 03:48 From Academia to Crypto 08:52 Zcash Privacy Overview 13:06 Monero vs. Zcash 15:05 The Future of Privacy 16:50 Quantum Threats 24:13 Zcash's Evolution 28:23 Starknet & BTCFi 33:13 Bitcoin's Future 41:08 Why Privacy Matters 43:14 The Future of Starknet Guest links: Eli Ben-Sasson - https://x.com/EliBenSasson Starknet BTCFi - https://www.starknet.io/blog/starknet-x-bitcoin-the-next-step-btcfi-on-starknet/ Show links: Larry - https://x.com/lawmaster Namik - https://x.com/NamikMuduroglu

In this episode of the Big Brain Podcast, Larry and Namik are joined by Wintermute Founder and CEO Evgeny Gaevoy to discuss the recent historic crypto crash, explaining how extreme leverage, exchange failures, and forced ADL liquidations led to market chaos and liquidity breakdowns across the ecosystem.

OUTLINE 00:00 Introduction

00:45 What Happened?

04:46 Understanding ADL

12:25 Transparency and Privacy on Hyperliquid 

16:35 Circuit Breakers

19:16 Occam’s Razor

21:25 Assessing the Damage

25:24 Lessons learned

28:39 Looking Ahead

30:21 A Maturing Market

32:13 Dealing with Extreme Volatility 

35:19 Impact on DeFi

37:28 Wintermute as the Crypto Villain

41:47 What else does Wintermute do?

44:11 Conclusion

GUEST LINKS

https://x.com/evgenygaevoy

https://x.com/wintermute_t

This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.

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In this episode of the Big Brain Podcast, Larry and Namik are joined by Dragonfly's Tom Schmidt Alok Vasudev of Standard Crypto. They dive into current trends in venture capital within the crypto space, touching on how market conditions have evolved since 2021, the role of treasury companies, and the evolving regulatory landscape.

OUTLINE 00:00 Introduction
01:06 Alok's Background
04:45 Tom's Background
06:21 Cap Table Competition
07:53 Crypto 'Metas'
13:09 Copycat Crypto Projects
15:26 Brand Positioning
17:45 Web3 Moats
19:29 Crypto Treasury Companies
27:28 Regulatory Tailwinds
30:38 Consumer Adoption

GUEST LINKS

https://x.com/tomhschmidt

https://x.com/AlokVasudev

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Jack Mallers recounts his bitcoin journey, and explains how the US government could expunge its debt by dumping USD into gold and bitcoin.

OUTLINE: 00:00 Introduction 06:55 Mallers Family Office 09:50 Founding Strike 14:53 Orange-Pilling El Salvador 22:23 Bitcoin & Tether 26:18 International Bitcoin Policies 32:39 US Bitcoin Policy 53:30 Twenty One

In this episode, Paolo Ardoino delves into the factors that contributed to Tether’s USDT becoming the world’s largest stablecoin. Additionally, Ardoino discusses Tether’s strategic investment in AI, energy, biotech, and other industries, showcasing their long-term vision. OUTLINE: 00:00 Introduction 00:30 Paolo's Background 1:21 Tether's Path to Success 04:04 Stablecoin Policy 07:23 USDT Adoption in Emerging Markets 12:15 Tether Gold 16:30 Tether & US Hegemony 21:25 Responsible Crypto Education 22:54 Tether Wallet Development Kit 25:00 Chain Preferences 28:52 Tether's Investment Strategy 45:13 Infinite Money Glitch SHOW LINKS:

Apple: https://apple.co/43F3vmq

Spotify: https://spoti.fi/44NT1lZ

Larry: https://x.com/lawmaster

Namik: https://x.com/NamikMuduroglu

The Block Podcasts: https://x.com/TheBlockPods

GUEST LINKS:

Paolo: https://x.com/paoloardoino

Tether: https://tether.io/

Tether USDT: https://tether.to/

Tether Gold: https://gold.tether.to/

Holepunch: https://holepunch.to/

Keet: https://keet.io/

Wallet Development Kit: https://wallet.tether.io/

In this episode, Guy Young & Rune Christensen discuss the evolution of DeFi, noting how it has become more grounded in reality and sustainable business models, moving away from the early hype and ideological claims. OUTLINE:

00:00 Introduction

01:23 DeFi Ain't What it Used To Be

08:27 Ethena's Success

13:01 Get $HYPE(D)

15:08 HL L1

16:38 'Ecosystem Protocols'

19:32 DeFi User Capture

21:42 DeFi Endgame

22:05 Hyper-rational Users Onchain

24:53 Compressing DeFi Rates

27:16 Stealing  from the Rich

28:43Onchain KYC

30:57 Forking DeFi

33:57 The Future of Finance

37:50 'MicroStrategy Playbook" for Alts

42:19 Bitcoin DeFi?

43:57 F.A.F.O. Onchain SHOW LINKS: - Apple: https://apple.co/43F3vmq - Spotify: https://spoti.fi/44NT1lZ - Larry: https://x.com/lawmaster - Namik: https://x.com/NamikMuduroglu - The Block Podcasts: https://x.com/TheBlockPods GUEST LINKS: - Rune: @RuneKek - Guy: @gdog97_ - Sky: https://sky.money/ - Ethena: https://ethena.fi/

The Big Brain Podcast is co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu.

In this episode, Haseeb Qureshi & Jordi Alexander discuss the similarities between poker and crypto, the economics of bitcoin's endgame, the intersection of AI and crypto, and more.

OUTLINE: 00:00 Introduction 02:25 Similarities between Poker & Crypto 06:33 Maintaining Crypto Conviction 12:40 Surviving the FTX Fallout 17:55 FTX Marketing Spend 24:05 The Trump Era of Crypto 26:34 Bitcoin Endgame Economics 34:32 Crypto & AGI 43:07 Analysts vs. LLMs 47:47 Market Making & AI 51:52 F.A.F.O. Onchain

SHOW LINKS: - Apple: https://apple.co/43F3vmq - Spotify: https://spoti.fi/44NT1lZ - Larry: https://x.com/lawmaster - Namik: https://x.com/NamikMuduroglu - The Block Podcasts: https://x.com/TheBlockPods

GUEST LINKS: - Haseeb: https://x.com/hosseeb - Jordi: https://x.com/gametheorizing

EPISODE LINKS: - AI 2027: https://ai-2027.com/ - Noise: https://www.noise.xyz/ - Dave White Thread: https://x.com/_Dave__White_/status/1866497496773804434