Crypto Is Built on a Broken Internet | Tom Warner
In this episode of Talking Tokens, Jacquelyn Melinek speaks with Tom Warner, head of BD at DoubleZero, about why crypto is fundamentally limited by the public internet and how a new high-performance network layer could change everything. Tom explains how blockchains like Solana are hitting a performance ceiling not because of the chains themselves, but because of the infrastructure they run on. He breaks down how traditional finance firms rely on private, ultra-fast networks, why crypto has never had access to that level of connectivity, and how DoubleZero is building a decentralized alternative using subsea cables and high-performance routing. The conversation covers the launch of DoubleZero Edge, a real-time market data distribution platform designed to level the playing field for traders, why predictable latency matters more than raw speed, and how crypto still lags behind Wall Street in execution reliability. Tom also explains Solana “shreds” through a simple analogy, how multicast technology changes data distribution, and why inconsistent transaction timing is one of the biggest barriers to institutional capital. They also explore the future of 24/7 markets, the convergence of DeFi and traditional finance, the growing tension between banks and stablecoins, and what still needs to happen before crypto becomes the dominant financial system.
00:00 Introduction 00:33 What is Double Zero? 01:18 The Internet Is Slowing Crypto Down 02:47 The Hidden Network War You Never See 04:56 Solana’s Bottleneck Isn’t What You Think 06:35 What DoubleZero Edge Changes 10:22 This Analogy Explains Everything 19:16 Crypto Still Can’t Compete With Wall Street 23:32 What Happens When Markets Never Close 26:14 What’s Still Holding Crypto Back 31:52 Banks vs Stablecoins Is Just Getting Started 33:31 Where the Real Opportunities Are
You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.
Crypto Is Built on a Broken Internet | Tom Warner
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Why Bitcoin Really Exists | Matt Luongo and Arthur Hayes
Most RWAs Are Built Wrong | Ayyan Rahman
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Most RWAs Are Built Wrong | Ayyan Rahman
In this episode of Talking Tokens, Jacquelyn Melinek speaks with Ayyan Rahman, co-founder and chief growth officer at OnRe, about why most real-world asset (RWA) projects in crypto are fundamentally misaligned with how DeFi actually works.Ayyan explains that tokenization alone isn’t enough and that many RWAs today function more like repackaged traditional finance than truly composable on-chain assets. He breaks down why this creates a risk of “Wall Street exit liquidity,” and what it actually takes to build an asset that integrates properly into DeFi systems.The conversation explores why reinsurance offers a unique source of uncorrelated yield, how tokenization can unlock more efficient capital scaling, and why liquidity, redemption mechanics, and risk modeling need to be rethought for on-chain markets.They also discuss the impact of Drift Protocol’s exploit on market confidence, what stress reveals about DeFi systems, why the idea of “risk-free yield” is flawed, and how institutional capital is evaluating onchain opportunities. The episode closes with a broader look at where crypto is heading from speculative markets toward more structured, resilient financial systems built around real assets.This episode is a part of the Solana Sessions campaign that Token Relations and the Talking Tokens podcast are doing, diving into founders’ journeys and startups building on Solana. Check out the accompanying newsletter on https://www.token-relations.com/investor-updates/all?network=Solana TIMESTAMPS 00:00 Introduction00:32 The Tokenization Illusion01:59 Tokenization vs Reality03:15 Why Reinsurance Actually Matters06:22 The Real Unlock: Scaling Capital09:05 Building a DeFi-Compatible Asset12:14 What Breaks DeFi Under Stress17:13 The Question That Actually Matters22:07 Redefining Risk in DeFi23:49 The Yield Trap29:06 Best Gameplan for Growth36:37 Where Adoption Actually Comes FromEpisodes air every Tuesday and Thursday on YouTube, Spotify, Apple Podcasts, X and more.For more updates, subscribe to the Talking Tokens newsletter here: https://talkingtokens.beehiiv.com/ And follow us on X: Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Token Relations: https://twitter.com/Token_Relations This podcast is built by Token Relations.Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.
Why Bitcoin Really Exists | Matt Luongo and Arthur Hayes
In this episode of Talking Tokens, Jacquelyn Melinek speaks with Matt Luongo, co-founder of Mezo, and Arthur Hayes, CIO of Maelstrom and co-founder of BitMEX, about why they see bitcoin as the best collateral ever created and what it means to build a financial system on top of it. Matt explains how Mezo is rebuilding banking on bitcoin by letting holders borrow against their BTC rather than spend it, and why the lending market that blew up last cycle is now being rebuilt onchain with better infrastructure. Arthur shares why he treats bitcoin purely as a liquidity barometer, why governments will always choose to print rather than accept consequences, and why that makes bitcoin the only rational long-term savings asset. The two walk through what sustainable bitcoin yield actually looks like versus the token-printing schemes that failed in the last cycle and how institutions holding bitcoin on their balance sheet are deploying it. The conversation also covers Arthur's personal philosophy on leverage, Matt's experience financing his house with bitcoin, and why both guests believe people shouldn’t sell your BTC, just borrow against it. Arthur Hayes: Instagram - https://www.instagram.com/cryptohayes/ LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/ Substack - https://cryptohayes.substack.com/ Web: https://www.cryptohayes.com X - https://x.com/cryptohayes Maelstrom Fund: LinkedIn: https://www.linkedin.com/company/maelstromfund Web - https://www.maelstrom.fund X - https://x.com/maelstromfund TIMESTAMPS (00:00) Intro (01:37) Why Matt built Mezo and what drew Arthur in with his big picture thesis (02:23) Arthur on Maelstrom, his family office, and why bitcoin needs to be useful (03:16) The state of bitcoin in 2026 (05:57) Bitcoin as a liquidity alarm: why it rises and falls with global money printing (08:47) Governments choosing bailouts over consequences, and how bitcoin can win (15:04) How to think about risk before going max long bitcoin (20:39) What macro patterns Arthur and Matt actually track (23:41) What sustainable bitcoin yield looks like versus token-printing schemes (25:24) Why a lot of bitcoin holders have never had access to standard DeFi (32:36) How institutions with BTC on their balance sheet are thinking about yield today (34:26) Why every DeFi exploit sets institutional adoption back and what changes that (37:03) Bitcoin as collateral: what it actually unlocks for holders (38:25) How Matt and Arthur each got into crypto (44:41) Is it too late to buy bitcoin? The conversations people are actually having now (45:55) Market outlook and price predictions ESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.
How Sky Is Building the Future of Stablecoin Yield With USDS | Rune Christensen
In this episode of Talking Tokens, Jacquelyn Melinek speaks with Rune Christensen, founder of Sky (formerly MakerDAO), about how the protocol is connecting hundreds of billions in idle stablecoins to institutional-grade yield through its Sky Agent Network. Rune explains why Sky evolved from MakerDAO, how USDS offers a native 3.75% savings rate with no lock-ups or fees, and why the protocol generated $338 million in annualized revenue with $158 million in net profit during recent market volatility. He walks through the Sky Agent Network enabling decentralized capital allocation across players like Spark, BlackRock, and Janus Henderson, why Sky deployed $1 billion into the first tokenized CLO, and how the protocol's seven-year track record makes it the only project institutions trust at scale. The conversation covers Sky's 74% USDS supply growth, why DeFi and TradFi will merge into one system, and how AI agents will drive the next phase of financial automation through blockchain-native stablecoins. TIMESTAMPS 00:00 – Intro 02:08 – Why Sky evolved from MakerDAO: rethinking DeFi for real-world scale 04:00 – Sky as infrastructure for global capital markets and capital formation 05:34 – How Sky Savings Rate works with 3.75% yield 07:06 – Sky Agent Network: decentralized businesses competing for best risk-adjusted returns 08:16 – Why Sky is different from Ethena and other yield-bearing stablecoins 11:49 – Spark protocol reaching $3 billion TVL as it grows in the lending market 14:03 – How real cash-flowing assets are coming onchain for the first time 18:32 – Why institutions like BlackRock and Janus Henderson work with Sky 27:18 – Sky’s Grove deploying $1 billion into first tokenized CLO by Janus Henderson and Centrifuge 30:10 – When DeFi and TradFi merge: stablecoins can act as super capital 34:13 – AI agents driving blockchain-native financial automation 37:35 – Sky's revenue: $338M annualized with $158M net profit during market volatility 39:05 – Growing stablecoin supply as the main opportunity ahead 50:18 – Rune's endgame: fully automating Sky through AI to finally step away ESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps. Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZ Apple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141 Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokens Follow us on Instagram https://www.instagram.com/_talkingtokens/ Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.