LMAX CEO: Why Everything Will Be Tokenized

In episode 12 of The Big Brain Podcast, Larry and Namik are joined by David Mercer, CEO of LMAX Group. The conversation explores stablecoins, collateral mobility, tokenized securities, institutional adoption, regulatory clarity, and why Mercer believes tokenization could have an impact on capital markets similar to the rise of derivatives.They also examine prediction markets, perpetuals, and the growing role of banks in digital asset infrastructure.OUTLINE00:00 - Introduction01:09 - LMAX Overview05:29 - Stocks vs FX08:23 - 24/7 Markets11:03 - Omnia Strategy17:05 - Institutional Future23:21 - Adoption Reality30:45 - Credit Markets33:02 - Tokenization Debate38:21 - Prediction MarketsGuest links:David Mercer - https://www.linkedin.com/in/mercerdavid/ LMAX Group - https://x.com/LMAX Host links:Larry Cermak - https://x.com/lawmasterNamik Muduroglu - https://x.com/NamikMudurogluThe Block - https://x.com/TheBlockCoMegaETH - https://x.com/megaeth--------------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe now 👉 https://www.theblock.co/newsletters--------------------------------------------------------------------------------------Hiring in crypto?🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teamsStart your free trial today 👉 https://theblock.co/campus

In episode 11 of The Big Brain Podcast, Larry and Namik are joined by Zaheer Ebtikar, Chief Strategy Officer at Plasma. Zaheer explains why stablecoins are the most important use case in crypto, the need for simplified user experiences, and why verticalized chains may outperform general-purpose blockchains. The conversation also covers token design, institutional adoption, and how the industry is evolving toward real utility over speculation.OUTLINE00:00 Introduction01:18 Plasma Pivot10:08 Verticalization Thesis16:31 Plasma USP19:30 Whop Announcement21:20 Token Value Accrual28:40 Token Transparency31:48 Role of Community35:30 ETH vs. SOL44:00 Market OutlookGuest links:Zaheer Ebtikar - https://x.com/zaheerebtikarPlasma - https://x.com/plasmaShow links:Apple: apple.co/43F3vmqSpotify: spoti.fi/44NT1lZLarry: x.com/lawmasterNamik: x.com/NamikMudurogluThe Block Podcasts: x.com/TheBlockPods--------------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe now 👉 https://www.theblock.co/newsletters--------------------------------------------------------------------------------------Hiring in crypto?🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teamsStart your free trial today 👉 https://theblock.co/campus

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 --------------------------------------------------------------------------------- Subscribe to The Block's Newsletters! 🚨 Breaking News 👨‍🔬 Expert Analysis 📈 Market Insights Subscribe now 👉 https://www.theblock.co/newsletters --------------------------------------------------------------------------------- Hiring in crypto? 🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teams Start your free trial today 👉 https://theblock.co/campus

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

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. Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams. Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠

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 Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams. Sign up for a trial today: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theblock.co/campus⁠

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/