In this episode of LevelUp, David and Sean sit down with Amir Haleem, co-founder of Helium and CEO of Nova Labs. Amir shares Helium's decade-long evolution from IoT infrastructure to a decentralized 5G network powering real-world wireless coverage. He breaks down the Helium Mobile business model, how token incentives drive hotspot deployment, and why carrier offload could transform the economics of telecom. The discussion covers network growth, tokenomics, governance, and the future of decentralized physical infrastructure. View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/ Key Points From This Episode: [00:00:00] David and Sean’s opening segment: Helium overview, HNT stats/market context, DePIN comps, and how Helium’s mobile + offload businesses work [00:12:49] Interview begins — Amir joins and frames Helium as a decade-plus journey [00:13:03] From video games to Helium: early career in gaming and esports, meeting Sean Fanning, and the origins of the IoT thesis [00:17:13] The hardest problem pre-crypto: deploying a wireless network at scale without billions in capital [00:21:24] Token evolution: HNT’s role in cold start, Proof-of-Coverage, sub-tokens experiment, and why everything merged back into HNT [00:26:19] Product breakdown: hotspot deployment, carrier offload for AT&T/others vs. Helium Mobile’s subscriber (MVNO-like) business [00:34:03] Helium Mobile unit economics: offload percentage targets, reducing reliance on T-Mobile, and why traditional MVNOs struggle ​​[00:40:21] How the money moves: dollars in → HNT bought and burned → data credits → hotspot payouts at ~$0.50 per GB​ [00:49:30] Carrier offload today: live carrier count, Mexico / Telefónica rollout, DAUs, and daily terabytes of traffic [00:53:10] Tokenomics today: deflationary dynamics, halving cadence, net issuance turning negative, and fundamentals vs. price [01:01:52] Governance and network control: HIP process, vote-locking, why hotspot operators don’t need to stake HNT [01:05:13] Clarifying Helium Mobile vs. offload users and how DAU scales across the network [01:22:35] Final reflections on Helium’s trajectory and closing thoughts [01:23:59] Outro and sign-off Links: The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell Guests Amir Haleem, Helium - https://x.com/amirhaleem Production and editing by The Podcast Consultant - https://thepodcastconsultant.com

In this episode of Level Up, David and Sean speak with Jansen Teng, Co-Founder of Virtuals Protocol. Jansen breaks down how Virtuals is pioneering the agent-to-agent economy by combining AI agents with blockchain infrastructure. The conversation explores agent tokenization, commerce protocols, and the vision for a fully autonomous digital and physical agent-driven marketplace. They also examine Virtuals' revenue models, current use cases, and future expansion plans.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/

Key Points From This Episode:

[00:00:00] Host intro: David and Sean introduce guest Jansen Teng and Virtuals Protocol [00:17:05] Introduction to Virtuals Protocol and its AI-blockchain thesis [00:18:36] Market traction, metrics, and agentic GDP [00:23:17] Examples of agents on Virtuals [00:27:55] Multi-agent coordination via ACP and flow of funds [00:32:48] Real-world vs crypto use cases and roadmap for Web2 integration [00:36:22] Virtual token mechanics: base pair currency and treasury governance [00:40:14] Supply, issuance, and value accrual strategies [00:44:29] Governance structure and use of vote-escrowed tokens [00:48:17] Competitive landscape: launchpads, agentic frameworks, and AI protocols [00:51:30] Integration with Base and scalability concerns [00:54:40] Attention as the biggest risk and robotics as the next frontier [00:58:24] Performance metrics and upcoming catalysts for Virtuals Protocol [01:02:17] Final thoughts from Jansen on the agentic economy vision

Links:

The Medici Network: https://www.medici.network/

Podcast Site: https://levelup.medici.network/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guest

Jansen Teng, Virtuals Protocol

X - https://x.com/ethermage

LinkedIn - https://www.linkedin.com/in/jansenteng/

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this episode of Level Up, David and Sean speak with Marcin Kaźmierczak, co-founder of RedStone Finance. They explore RedStone’s modular oracle architecture, its staking model as an EigenLayer AVS, and how the team is positioning across DeFi and institutional markets. Marcin walks through the business model, token utility, and RedStone’s approach to gaining market share in the decentralized oracle space. The conversation also covers near-term catalysts, including RedStone’s acquisition of Credora, its expansion into DeFi risk ratings, and a forthcoming historical data product.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/

Key Points From This Episode:

[00:00:00] Introduction to RedStone as a modular oracle and its competitors

[00:01:18] Overview of how oracles connect off-chain data to blockchains

[00:03:26] RedStone’s market position compared to Chainlink and Pyth

[00:06:32] Modular architecture as a differentiator for RedStone

[00:07:41] RedStone’s price feed coverage and use cases in tokenized assets

[00:08:21] AVS and staking through EigenLayer for data integrity

[00:10:40] RedStone’s clients and token utility

[00:15:11] Marcin’s background and the origin story of RedStone

[00:20:02] Push vs. pull models in oracle design and customer responsiveness

[00:26:50] Main products, customers, and fast deployment advantages

[00:31:49] Technical and cost differences in push and pull models

[00:36:34] Revenue model and how it compares to Chainlink and Pyth

[00:43:37] Breakdown of what revenue goes to RedStone vs. token holders

[00:50:14] KPIs to track: clients, TVS, and chain support

[00:52:41] How RedStone aims to capture more oracle market share

[00:56:45] Token supply, staking, and value capture strategy

[01:00:49] Implementation of slashing and RedStone’s security track record

[01:04:14] Governance structure and the role of the Swiss association

[01:06:56] Catalysts: Credora acquisition and historical data product launch

[01:11:20] Targeting institutions with data and risk-rated DeFi strategies

[01:12:19] Market risks in DeFi and curator-led vault issues

[01:15:46] Final thoughts on RedStone’s transparency and growth outlook

Links:

The Medici Network: https://www.medici.network/

Podcast Site: https://levelup.medici.network/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guests

Marcin Kaźmierczak, RedStone

X - https://x.com/MarcinRedStone

LinkedIn - https://ch.linkedin.com/in/marcin-kazmierczak1

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this special Singapore conference edition of Level Up, David and Sean speak with three influential voices across digital assets and institutional investing. Rebecca Woo, Managing Director at Farro Capital, discusses how traditional allocators are approaching digital assets within long-term portfolios. Arthur Cheong, founder of DeFiance Capital, shares perspectives on emerging DeFi opportunities and brand-driven digital assets. Finally, David Schamis, Founding Partner of Atlas Merchant Capital and CEO of Hyperliquid Strategies Inc., breaks down the strategy behind launching a DAT for Hyperliquid and how institutions are beginning to access this evolving ecosystem.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/

Key Points From This Episode:

[00:00:00] Show introduction
[00:01:35] Rebecca Woo introduces Farro Capital and its multi-asset strategy
[00:04:13] Evaluating liquid vs. illiquid digital asset opportunities
[00:08:27] Comparing digital asset strategies to traditional hedge and venture funds
[00:10:17] The challenge of defining alpha in crypto markets
[00:14:21] Low institutional adoption due to structural access challenges
[00:15:54] Arthur Cheong introduces DeFiance Capital and focus on DeFi
[00:16:46] How DeFi has evolved and what's needed for mass adoption
[00:17:42] Investment strategy spanning liquid tokens and venture opportunities
[00:19:17] High-growth areas: perpetual DEXs and stablecoins
[00:22:51] Arthur’s thesis on Pudgy Penguins and meme-based tokenization
[00:26:48] David Schamis on bridging private equity and crypto via Hyperliquid
[00:28:18] Launching the first major DAT structure for a crypto-native exchange
[00:32:25] Addressing supply/demand dynamics around token unlocks
[00:36:05] NAV growth through staking and potential ecosystem participation
[00:38:14] Hyperliquid’s community-first model and long-term positioning

Links:

The Medici Network: https://www.medici.network/

Podcast Site: https://levelup.medici.network/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guests

Rebekah Woo, Farro Capital
https://www.linkedin.com/in/rebekah-woo-cfa-caia-8725254/

Arthur Cheong, DeFiance Capital
https://x.com/Arthur_0x

David Schamis, Hyperliquid Strategies Inc. / Atlas Merchant Capital
https://x.com/dschamis

Editing by The Podcast Consultant - https://thepodcastconsultant.com/

In this episode of Level Up, David and Sean sit down with Andrew Keys, co-founder and chairman of Ether Machine. Andrew discusses why Ethereum is positioned as the backbone of the next internet iteration and breaks down Ether Machine’s unique approach to yield generation, risk management, and growth through strategic M&A. He also compares the DAT landscape, explains Ether Machine’s SPAC strategy, and shares his take on staking, re-staking, and low-risk DeFi. This conversation is essential for anyone following digital asset treasuries and Ethereum-native finance.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/

Key Points From This Episode:

[00:00:00] Introduction

[00:13:00] Andrew introduces the Ether Machine concept and staking strategy

[00:14:32] Overview of Ether Machine's position in the ETH DAT ecosystem

[00:20:46] Introducing Andrew Keys and his Ethereum background

[00:21:24] Andrew’s early role in Ethereum and Consensys

[00:28:39] Why Ethereum is the foundation for the next internet

[00:32:28] The evolving institutional landscape and blockchain adoption

[00:34:38] Comparing Ether Machine to ETFs and other DATs

[00:44:07] Ether Machine's SPAC structure and committed capital

[00:47:21] SPAC vs. reverse takeover: long-term tradeoffs

[00:50:22] Building the Ether Machine team and in-house capabilities

[00:53:18] Staking vs. re-staking vs. DeFi: capital allocation plans

[00:55:21] Expected yield and how Ether Machine achieves it

[00:57:32] Protocols and strategies under consideration for on-chain yield

[00:59:08] Risks DATs face in downturns and Ether Machine's mitigation strategies

[01:04:12] Capital structure: thoughts on convert and preferred share issuance

[01:05:07] Using capital and yield to defend NAV in market downturns

[01:06:10] Criteria for M&A opportunities and consolidation logic

[01:07:08] Final thoughts on catalysts and Ether Machine’s institutional edge

Links:

The Medici Network: https://www.medici.network/

Podcast Site: https://levelup.medici.network/

Interested in being a Protocol Guest? Connect with Elmira on X: https://x.com/elmira_yilham

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guest

Andrew Keys, Ether Machine

X - https://x.com/AK_EtherMachine

LinkedIn - https://www.linkedin.com/in/andrewpkeys/

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Recorded live at Medici SG 25 and released as a special episode, David and Sean sit down with Vitalik Buterin, co-founder of Ethereum. Vitalik discusses the evolution of Ethereum’s ecosystem from experimental innovation to “low-risk DeFi”, and how commercialization is shaping its next phase. He also highlights projects like Uniswap, Polymarket, and decentralized social networks as milestones in Ethereum’s growth, and shares his perspective on Layer 2 rollups, institutional participation, and the network’s long-term economic sustainability.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/

Key Points From This Episode:

[00:00:00] Teaser
[00:00:15] Show introduction
[00:01:02] Vitalik’s perspective on Ethereum’s growing commercialization
[00:02:07] Defining low-risk DeFi and its evolution
[00:03:43] The relationship between experimental and mature Ethereum apps
[00:06:33] Uniswap and other pivotal zero-to-one Ethereum innovations
[00:08:39] How to expand low-risk DeFi to 20 million more users
[00:10:07] Scaling Ethereum: stablecoins, UX, and Layer 1 upgrades
[00:11:28] Vitalik’s view on corporate Layer 2s and ecosystem synergy
[00:13:37] Ethereum’s fee structure and potential revenue increases
[00:16:14] Explaining ETH’s multi-role asset narrative
[00:17:21] Wall Street’s entrance into the Ethereum ecosystem
[00:18:33] Concerns around leverage, risk, and staking centralization
[00:20:26] Institutional influence on Ethereum governance
[00:21:36] Will ETH flip Bitcoin? Vitalik’s response

Links:

The Medici Network: https://www.medici.network/

Podcast Site: https://levelup.medici.network/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guests

Vitalik Buterin - https://x.com/vitalikbuterin

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/

Captured live on stage at Medici SG 25 and presented as a special episode, David and Sean sit down with Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, for a candid discussion on market structure, crypto cycles, and today’s allocation playbook.

Arthur breaks down Maelstrom’s multi-pronged investment approach, shares thoughts on Bitcoin, Ethereum, perps DEXs, and explains why liquidity drives everything. From market predictions to meme coins, Arthur offers a sharp take on where crypto is heading, and why number go up remains the ultimate marketing strategy.

View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.super.site/

Key Points From This Episode:

[00:00:00] Teaser
[00:00:15] Show introduction
[00:01:01] Arthur introduces Maelstrom and their current investment focus
[00:02:07] Overview of Maelstrom’s advisory work and major positions
[00:03:38] Arthur’s macro and crypto market outlook centered on liquidity
[00:05:05] Why Arthur is long beta across assets—from Bitcoin to tech stocks
[00:06:00] The HYPE trade: valuation, token unlocks, and competitor dynamics
[00:08:35] Reflecting on BitMEX’s 2020 DDoS event and infrastructure evolution
[00:10:44] Institutional counterparty risk in CEXs vs. DEXs
[00:13:23] Arthur’s Bitcoin Core developer grants and philanthropy strategy
[00:14:12] Bitcoin year-end price predictions and speculative cycles
[00:15:39] Ethereum’s momentum, DeFi leadership, and possible flippening
[00:16:31] Thoughts on the meme coin cycle and token performance
[00:17:31] Arthur on adoption, speculation, and number-go-up culture
[00:19:24] Outlook on DATs and corporate finance games in crypto
[00:22:48] Evaluating the four-year crypto cycle and U.S. monetary policy
[00:25:22] Arthur critiques political influence on financial policy

Links:

The Medici Network: https://www.medici.network/

Podcast Site: https://levelup.medici.network/

Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham

Co-Hosts

David Grider, Finality Capital - https://x.com/David_Grid

Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell

Guests

Arthur Hayes, Maelstrom - https://x.com/CryptoHayes

Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/