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Connor and Sal are joined by guests Jack Platts and Mehdi Farooq to explore the evolving landscape of crypto investment, venture capital, and deep tech. They discuss strategies for unlocking value in crypto assets, the critical role of NAV in investment decisions, and the rise of micro strategies in deal-making. The conversation also covers the resurgence of ICOs, the importance of disciplined evaluation of investment vehicles, and the global perspectives shaping today’s crypto markets. Jack and Mehdi share insights on how podcasting drives research and networking, while emphasizing the transformative impact of deep tech on robotics and AI. The episode wraps with a look at why community building remains essential for startup success in decentralized ecosystems.

Timestamps:

00:00 - Introduction

01:47 - The Value of Podcasting

03:12 - Podcasting as a Platform for Founders

04:11 - Jack's Perspective on Podcasting

05:47 - Micro Strategy and Investment Trends

06:18 - Understanding Capital Markets

07:56 - Evaluating Investment Vehicles

11:07 - Natural Buyers for Investment Vehicles

16:00 - Long-term NAV Multiples

20:50 - 21 Capital Investment Insights

24:02 - Expanding Beyond Bitcoin

30:53 - Global Investment Perspectives

34:09 - Lessons from Polkadot

40:06 - The ICO Meta and Community Building

46:04 - DePIN Investments and Future Outlook

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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Connor, Mahesh, Santi, and Jason are joined by Amir Haleem of Helium to explore the evolving landscape of decentralized networks. They dive into Helium’s impressive revenue growth - from $400K to $2.7M per month - driven by its mobile subscriber base, and discuss the complexities of blending off-chain and on-chain revenue. The conversation covers tokenized equity, sustainable business models beyond token sales, and the convergence of crypto with traditional finance. Amir shares how Helium has shifted from a crypto-first approach to prioritizing service delivery and user satisfaction, offering key lessons in product distribution, user retention, and innovative tokenomics.

Timestamps:

00:00 - Introduction

02:25 - Microstrategy and Digital Asset Accumulation

03:42 - Market Trends: Crypto and Wall Street

05:03 - Santi's Perspective on Market Efficiency

06:19 - DePIN Projects and Public Market Strategies

06:41 - Helium's Potential for Going Public

08:50 - Cash Flow and Tokenomics in DePIN

12:07 - Helium's Recent Revenue Growth

12:55 - PMF for DePIN Networks

18:03 - User Engagement and Helium's Growth

19:05 - Helium's Revenue Sources Explained

21:06 - Convergence of Off-Chain and On-Chain Revenue

24:12 - Learning from Helium's Evolution

25:03 - Focus on Distribution Over Product

27:27 - Daily Active Users and Their Interaction

31:26 - Valuable Users and Helium's Ecosystem

33:45 - Cloud Points and User Experience

36:44 - Retention Curves: Crypto vs. Traditional Users

39:59 - Aligning Token and Equity Interests

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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Connor speaks with Tom Trowbridge, co-founder of Fluence Labs and host of the DePIN Day & DePINEd Podcast about the evolving world of decentralized compute platforms and the broader DePIN ecosystem. Tom explains how Fluence operates as a “cloudless” service—open, resilient, and more cost-effective than traditional cloud providers—and outlines its innovative tokenomics, including fixed-dollar payments to contributors and a capped token supply to build investor trust. The discussion explores how DePINs offer unique advantages over centralized models like Uber and Airbnb, particularly the ability for early participants to benefit from token appreciation. Tom also touches on governance, buy-and-burn mechanisms, and how the convergence of hardware, open-source technology, and crypto economics is driving the future of decentralized infrastructure.

Timestamps:

00:00 - Introduction

02:54 - The Benefits of Podcasting

05:10 - Overview of Fluence and Its Mission

07:54 - Tokenomics Insights and Security Considerations

10:01 - DePIN as Sharing Economy 2.0

12:32 - Marketing Dynamics in DePIN vs. Traditional Models

14:10 - Payment Structures: Stablecoins vs. Native Tokens

16:55 - Staking Rewards and Their Implications

18:18 - Token Supply: Capped vs. Uncapped

20:49 - Token Value Accrual Methods

25:09 - Best Practices in Revenue Generation and Tokenomics

29:29 - Future Opportunities in the DePIN Sector

31:00 - Conclusion and Final Thoughts

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.