375: Building the Future of DeFi Yield: Mehdi Lebbar on Risk, Returns, and Freedom with Guest Speaker Mehdi from YO.xyz

 sat down with Chan, founder of Tessera Labs, to explore how they are tearing down the walls around private equity investing. Chan spent over a decade at Goldman Sachs, JP Morgan, and Credit Suisse before doing a PhD in computational finance at Imperial College London. He saw first hand that the best returns in private markets were locked behind accreditation requirements, massive minimum tickets, and years of illiquidity. Tessera is his answer to that. We talk about how they tokenized SpaceX participation rights on Solana, why they chose Chainlink for proof of reserve, how $75 million in trading volume happened in just a few months, and what their next product T-Kalshi means for everyday investors who want exposure to one of the hottest prediction market companies in the US right now. We also get into the legal architecture behind the Cayman SPC structure, why no KYC is intentional and not an oversight, the challenges of building in a regulatory gray zone, and what Chan would tell any founder building in the RWA space today. Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/--- CONNECT ---Tessera Website: https://tessera.peTwitter/X: https://twitter.com/tesseralabsWeb3 with Sam Kamani: https://www.web3pod.xyz/--- KEY POINTS WITH TIMESTAMPS ---• [00:00] Sam introduces Chan from Tessera Labs and the goal of disrupting the multi-trillion dollar private equity market• [01:03] Chan shares his background across Goldman Sachs, JP Morgan, and Credit Suisse plus his PhD in computational finance at Imperial College• [02:28] The three interlocking problems Tessera solves: access, liquidity, and transparency in private equity• [04:25] A step-by-step walkthrough of how an investor gets exposure to Kalshi private shares through tessera.pe with no KYC and no minimum• [06:34] Why Kalshi's US regulatory access gave it a major revenue advantage over Polymarket• [08:13] Four advantages of tokenized private equity over traditional VC and PE funds including $75 million in T-SpaceX trading volume• [11:13] The two early user groups: crypto-native retail investors and trade professionals in Asia and MENA• [12:34] The hardest parts of bringing real world assets on chain: legal structure, Oracle design, and MPC custody• [14:31] How Tessera uses Chainlink proof of reserve, Cayman SPC legal isolation, and Fireblocks MPC to build trust• [16:29] Why Tessera chose Solana over Ethereum, BASE, and Arbitrum including Token 22 transfer hooks• [18:56] Advice for RWA founders: design for retail-native access first, get legal architecture right before product, and choose your Oracle carefully• [21:53] What Chan would do differently if starting Tessera Labs again today• [24:06] The biggest challenge ahead: navigating a regulatory landscape that recognises the space but has not yet legislated it• [26:25] Plans for staking and using T-tokens as collateral for borrowing and lending yield• [27:58] Why Tessera will stay focused on late-stage pre-IPO names for now and the opportunity around IPO lockup periods• [30:12] Chan's three asks: users to try tessera.pe, secondary liquidity partners to get in touch, and strategic investors who share the vision

I sat down with Hudson Jameson, Head of Ecosystem at CertiK, to talk about the future of blockchain security. We covered everything from his early days mining Bitcoin in his dorm room to coordinating Ethereum upgrades and now leading ecosystem growth at the world's largest blockchain security audit firm. Hudson dropped an exclusive announcement about CertiK's upcoming AI Auditor tool that could change how developers approach smart contract security. We also discussed why institutional adoption feels boring, what makes great developer communities, and why he thinks Arbitrum is doing things right. If you're building in Web3 or just curious about where this space is headed, this conversation is packed with insights you won't want to miss. --- CONNECT ---CertiK Website: https://www.certik.comCertiK Twitter: https://x.com/CertiK--- KEY POINTS WITH TIMESTAMPS ---• [01:06] Hudson's origin story mining Bitcoin in college and falling down the Ethereum rabbit hole• [02:15] What makes CertiK different - focusing on small builders and first-time developers, not just high-profile clients• [05:07] EXCLUSIVE: CertiK announces AI Auditor tool for automated code security scanning• [08:02] Lessons from coordinating Ethereum upgrades and building governance frameworks from 2016-2021• [09:45] Why Arbitrum is winning the L2 wars with strong governance and community focus• [11:09] The tension between institutional adoption (boring but inevitable) and the original Web3 ethos• [14:31] What great developer communities do differently - they don't take themselves too seriously• [18:26] Practical security tips: 100% test coverage and documentation are non-negotiable• [21:30] How decentralized blockchains handle security incidents without a pause button• [24:34] The quantum computing debate - why experts can't agree on timeline or solutions• [28:13] AI Auditor will focus on Web3 apps and smart contracts, making security accessible• [29:50] What's next for Web3 - agents, agentic payments, and waiting for the third big thing after DeFi and NFTsDisclaimer:Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

I sat down with Oliver from CMT Digital to discuss what they look for in crypto founders before investing. We covered their unique approach as both a trading firm and VC, the intersection of AI and blockchain, why stablecoins will win for micropayments, and Oliver's contrarian take that crypto DApps will become invisible. CMT has been in crypto for nearly a decade and manages four funds focused on pre-seed to Series A investments. If you're building in stablecoins, agentic payments, tokenization, or crypto infrastructure, this episode is packed with insights on what VCs actually want to see. Key Points with timestamps• [00:00] Introduction to CMT Digital and Oliver's role• [00:04:25] What sets CMT Digital apart from other Web3 VCs• [00:06:00] CMT's three pillars: trading, private equity, and venture• [00:10:34] CMT focuses on pre-seed to Series A stage investments• [00:11:10] What outlier founders do differently when approaching VCs• [00:13:33] The intersection of AI agents and blockchain payments• [00:16:00] Why agents will use both credit cards and stablecoins• [00:17:07] Micropayments use case: paying fractions of a cent with stablecoins• [00:20:00] Sam breaks down the 6% cost of Stripe vs. <0.03% with stablecoins• [00:22:08] Trends in stablecoin adoption and tokenization of real world assets• [00:25:44] Using blockchains in boring but inefficient industries• [00:26:55] Founder anxiety about the fast pace of AI and crypto• [00:29:26] Why SaaS moats are distribution and network effects, not tech• [00:32:00] How CMT uses AI internally for deal sourcing and analysis• [00:36:16] Oliver's contrarian opinion: crypto DApps will become invisible• [00:39:26] Not every project needs a token - when tokens make senseConnect CMT Digital Website: https://cmtdigital.com https://x.com/CMT_Digitalhttps://www.linkedin.com/company/cmt-digital-ltd Be a guest on the podcast or contact us - https://www.web3pod.xyz/DisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.

I sat down with Mehdi Lebbar, founder of yo.xyz (Yo Labs), to talk about how they're revolutionizing yield in DeFi. After raising over $10 million, Mehdi and his team built the Exponential Risk Framework—the best predictor of DeFi pool safety in the world. Pools rated A or B have a 0% probability of losing your money. We dive into how they assess risk across protocols, chains, and assets, why AI agents aren't ready for serious financial products, and why crypto offers freedom that AI never will. Mehdi shares his journey from traditional finance at Credit Suisse and the World Bank to discovering Bitcoin as the ultimate inflation hedge. We also discuss how DeFi is giving the unbanked access to savings, why Dubai's 'bubble' moments create opportunity, and what's next for multi-chain vaults. If you care about making DeFi accessible, safe, and truly decentralized, this episode is for you. Key Points with timestamps• [01:31] How Mehdi discovered Bitcoin in 2017 as a levered inflation hedge for his portfolio• [05:03] The gap in DeFi yield: too complicated and too risky for most people• [06:22] Exponential Risk Framework: A and B rated pools have 0% probability of loss• [07:04] Mapping DeFi as a risk graph with 100+ questions per protocol• [10:05] Building protocol-agnostic, chain-agnostic vaults for seamless yield• [14:30] Why algorithms beat curators and AI black boxes in financial products• [19:42] Founder lesson: take the ego out, sustain pain, stay optimistic• [21:43] Why crypto empowers the many while AI empowers the powerful• [24:14] Crypto is freedom—AI is control• [26:23] Real stories: how crypto enabled financial freedom during Dubai tensions• [30:26] Yo.xyz roadmap: ubiquitous multi-chain vaults and vaults-as-a-serviceConnect with YOhttps://www.yo.xyz/https://x.com/yieldhttps://t.me/yo_protocolDisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

In this episode, I sit down with Renee Davis from OpenMatter to explore the intersection of AI agents and blockchain infrastructure. We discuss why 51% of internet traffic is already agents, the critical security vulnerabilities in tools like OpenClaw, and how multi-party computation (MPC) enables privacy-preserving machine learning. Renee explains why crypto is essential for the agent economy—hint: credit cards can't handle micro-transactions like a two-cent payment. We also dive into OpenMatter's three pillars: masked computing, MatterML, and DataVisor, plus what's coming in the next 12 months. If you're building with AI agents or curious about the convergence of Web3 and AI, this conversation is packed with insights. --- CONNECT ---OpenMatter: https://onboard.openmatter.network--- KEY POINTS WITH TIMESTAMPS ---• [01:42] Renee's journey from enterprise analytics to DAOs and AI• [03:11] AI and NLP have been around for decades—longer than most realize• [04:42] OpenMatter solves agent hosting, ZK safety checks, and output compliance• [08:17] Multi-party computation (MPC) explained: collaborative computing without sharing raw data• [10:08] 51% of internet traffic is already agents or bots• [14:42] Why agents need crypto: credit cards can't do micro-transactions like X402 can• [16:29] DataVisor: one-click agent deployment with OpenClaw, IronClaw, ZeroClaw templates• [19:17] Security guardrails for agents are still underdeveloped• [21:52] OpenMatter is built on lattice-based cryptography—post-quantum safe• [24:35] AI startups are in a bubble; many hinge on token prices from Claude or OpenAI• [28:03] Roadmap: mainnet launch, MPC updates, MatterML SDK release, and hackathons---DISCLAIMER---Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

In this episode, I sit down with Tony from Sumex, an OG who's been in crypto since 2016. He shares how they're tackling one of crypto's biggest problems: fragmentation. From managing 20 browser tabs to trade across exchanges, to juggling wallets across different chains, crypto is a mess for most users. Tony walks through how Sumex aggregates CEXs, DEXs, DeFi protocols, and analytics into one intuitive platform. He shares lessons from raising seven figures, hitting $100M in trading volume in just four weeks, and why simplicity beats feature bloat every time. We also dive into what's happening in 2026, why this cycle topped on apathy, and what trends like RWAs and prediction markets mean for retail adoption. --- CONNECT ---Sumex Website: https://sumex.io/Sumex Platform: https://app.sumex.io/Sumex on Twitter/X: https://twitter.com/sumex--- KEY POINTS WITH TIMESTAMPS ---• [01:21] How Tony went from TradFi CFD and forex brokers into crypto in 2017• [04:33] Running an ICO roadshow in 2018 and raising $12M during the boom• [06:16] The core problem Sumex solves: crypto tribalism, fragmentation, and steep learning curves• [07:17] Who Sumex is for: active crypto users across trading, investing, and DeFi• [10:51] How they focused on building the best trading terminal first before expanding• [15:25] Biggest technical challenge: every CEX and DEX has different APIs and documentation• [18:45] Key trends in 2026: RWAs finally have institutional support and legal frameworks• [22:35] Why this cycle topped on apathy and didn't bring in fresh retail blood like NFTs did• [28:56] The feature Tony is most hyped about: the connection manager that aggregates everything• [32:36] Four weeks in: 30,000 users, $100M in futures volume, and what's next• [34:37] Sumex raised seven figures in pre-seed and is looking for strategic investorsDisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

I sat down with Jonathan Claudius from Asymmetric Research to talk about the security landscape in Web3. We covered the new vulnerabilities emerging from LLMs and AI agents, the easy wins every founder should implement today, and why security can't be confined to a two-week audit window. Jonathan shares real examples from their work with the Interchain Foundation, explains how to balance shipping speed with security rigor, and gives practical advice on building defense in depth. If you're building in this space, this conversation will change how you think about security. • [01:03] How Asymmetric Research started from Jump Crypto and their shift to commercial engagements• [04:52] Real incident: Preventing a DPRK hacking group infiltration at Interchain Foundation• [08:18] New security threats from LLMs and AI agents - the offense vs defense arms race• [10:08] Bug bounty programs seeing high-quality submissions from LLM-enabled attackers• [13:46] Easy wins: Branch protection, security keys, linting, and static analysis tools• [16:24] Balancing speed and security through defense in depth strategies• [18:35] OpenClaw and AI agents creating new attack vectors like prompt injection• [22:14] Laptop security basics: MDM and EDR solutions every team needs• [25:19] Why Asymmetric focuses on human connection over productization• [29:14] Founder lessons: Building finance and BD systems earlyAsymmetric Research Website: https://asymmetric.reAsymmetric Research Careers: https://asymmetric.re/careerTwitter/X: https://x.com/asymmetric_reNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

In this episode, I sit down with William Quigley, co-founder of WAX and co-founder of Tether. We go deep into what is actually happening in crypto right now. We talk about stablecoins, gaming, startup strategy, market cycles, and why founders need insight more than hype. William shares hard-earned lessons from building early crypto products and explains where real value may come from next.This is a must-listen for founders, builders, and anyone trying to understand where Web3 is heading. We unpack why stablecoins matter, why most internal innovation fails, why altcoin speculation looks weaker this cycle, and what kinds of businesses still have a real shot at winning.Key points00:00 — Intro to the episode and why this conversation matters for founders01:24 — William’s path into crypto through virtual item trading in gaming04:23 — Why gaming platforms resist asset portability and user ownership05:26 — Why blockchain gaming adoption has been slower than expected07:26 — Prediction markets, speculation, and why they are still niche10:31 — How Tether started and the problem stablecoins were built to solve13:28 — Why Tether’s model worked and why algorithmic stablecoins failed17:07 — The future of stablecoins and the three models William sees winning20:30 — Will non-USD stablecoins grow over time?23:35 — Why FX fees are massive and how stablecoins can reduce that pain27:06 — What recent crypto events reveal about institutional vs retail interest29:14 — Why this cycle feels different and why altcoin season never fully arrived34:32 — Sam’s view on AI helping chains build actual apps, not just more infra37:42 — Why most internal innovation fails without real market insight44:28 — How to think about fear, greed, and crypto sentiment46:38 — If William started again today, what kind of business would he build?50:26 — Sam on AI, quantum computing, and selling tools in the next tech wave54:22 — Why timing matters as much as the idea itself56:09 — Institutional capital, long-term adoption, and what may come nextDisclaimerNothing mentioned in this podcast is investment advice and please do your own research.It would mean a lot if you can leave a review of this podcast on ApplePodcasts or Spotify and share this podcast with a friend.Be a guest on the podcast or contact us -⁠ https://www.web3pod.xyz/⁠

I sat down with Guy and Kate from Fhenix to talk about something that's been missing from crypto since day one: real privacy. They're building a privacy co-processor using Fully Homomorphic Encryption (FHE) that lets you compute over encrypted data without ever exposing it. We covered why privacy is finally getting product-market fit, how institutions need confidentiality for payments and DeFi, and why AI agents will need private transactions. Guy shared his journey from Intel's Trusted Execution Environments to building Fhenix, and Kate explained why encryption should be the default, not an afterthought. We also talked about their shift from L2 to co-processor, their integration with Ethereum, Arbitrum, and Base, and what's next for confidential smart contracts. If you've ever wondered why everything in crypto is public by default and how that's about to change, this episode is for you. CONNECTFhenix Website: https://fhenix.ioFhenix Twitter/X: https://twitter.com/fhenixioWeb3 with Sam Kamani - Be a Guest: https://www.web3pod.xyz/KEY POINTS Guy's background at Intel building Trusted Execution Environments and his transition to founding FhenixKate's journey from cybersecurity engineering to crypto and why she sees it as the new Wild WestWhy Fhenix pivoted from building an L2 to a privacy co-processorWhat Fully Homomorphic Encryption (FHE) is and how it enables computation over encrypted dataPrivacy use cases in payments, DeFi, dark pools, and sealed-bid auctionsWhy institutional adoption requires confidentiality, not just anonymityHow AI is improving FHE performance and lowering barriers to entry for builders• [00:00] The importance of private agent-to-agent payments in the AI era• [00:00] Why developers should learn fundamentals even in the age of AI coding tools• [00:00] Fhenix's roadmap: faster cryptography, more chain integrations, and enterprise partnerships• [00:00] Their incubator program and call for builders to experiment with privacy-first smart contractsDisclaimer:Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/

I sat down with Adebola from the Tezos Foundation at ETH Denver to explore what's new in the Tezos ecosystem. We covered Etherlink, their EVM Layer 2 rollup that brings Solidity developers into the Tezos world. We talked about Uranium.io, their tokenized uranium project that gives retail investors access to alternative assets. And we went deep on AI agents, how they're changing development, and why now is the perfect time to be a builder. If you're interested in Layer 2s, real-world assets, or AI-powered development, this conversation is packed with insights. CONNECTUranium.io: https://uranium.io Tezos Foundation: https://tezos.foundation Etherlink: https://etherlink.com Web3 with Sam Kamani: https://www.web3pod.xyz/ Tezos Twitter/X: https://twitter.com/tezos KEY POINTSIntroduction to Tezos and Adebola's work at the FoundationEtherlink: Tezos's EVM Layer 2 rollup for Solidity developersUranium.io: Tokenizing uranium as an alternative asset class for retail investorsWhy RWA adoption beyond stablecoins has been limited (liquidity, understanding, accessibility)What makes Etherlink unique and why EVM compatibility mattersDeveloper adoption in crypto and the constant developer count problemHow AI agents are changing software development and blockchain buildingAgent-to-agent payments and the future of autonomous transactionsBuilding an AI asset manager using n8n, Claude, and workflow automationThe future of apps is chats: AI agents managing your entire financial lifeWhat Tezos is looking for: builders, institutions, and family officesDisclaimerNothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/