Advertise on podcast: Inflection Point

DeFi faces a defining stress test as a wave of exploits exposes hidden fragilities and forces a rethink of how decentralized systems actually operate. This week, we unpack the KelpDAO exploit, exploring what went wrong and what it reveals about infrastructure, risk, and market structure. We discuss single points of failure, contagion across lending markets, AI-driven exploits, evolving risk pricing, and whether DeFi must choose between true decentralization and practical safeguards. Enjoy! TIMESTAMPS: 00:00 Intro 01:41 Kelp Hack Overview 09:28 DeFi’s Single-Point Failure 13:34 AI and Mythos Risk 17:26 DeFi Mispriced Lending Risk 23:53 Silver Linings After Kelp 31:17 Circuit Breakers or Bust 40:24 Arbitrum Freezes Stolen Funds 45:02 Tokenized Securities Stress Test 49:19 RWAs Gain Through Chaos 53:27 Lazarus, DeFi, and Recovery FOLLOW THE SHOW › Inflection Point – https://x.com/BWInflection › Marc – https://x.com/marcarjoon › Matt – https://x.com/Matt_Hougan › David – https://x.com/dlawant › Michael – https://x.com/marcryptonio › Blockworks – https://x.com/Blockworks RESOURCES Aave: Cracks in the Monolithic Thesis – https://app.blockworksresearch.com/research/aave-cracks-in-the-monolithic-thesis DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Crypto is quietly rebuilding the financial system from the ground up, but what happens when traditional structures like yield, regulation and creative financial engineering get reassembled onchain? This week, we explore new financial primitives, focusing on Strategy’s STRC product and the evolving DeFi regulation shaping institutional adoption. We discuss synthetic yield products, Bitcoin treasury strategies, DeFi front-end rules, and how policy shifts could unlock tokenized securities and accelerate crypto’s integration into mainstream finance. Enjoy! TIMESTAMPS: 00:00 Intro 01:46 Vault Insurance Arrives 04:21 STRC Explained 10:14 Why STRC Works 16:45 Why Others Cannot Copy 25:19 The Real DAT Debate 30:05 Would You Buy STRC? 34:22 SEC Opens DeFi Front Ends 45:08 Routing Rules Get Messy 52:03 Genius Act Rulemaking 56:03 Stablecoin Insurance Debate 01:00:38 Hyperliquid Founder Profile FOLLOW THE SHOW › Inflection Point – https://x.com/BWInflection › Marc – https://x.com/marcarjoon › Matt – https://x.com/Matt_Hougan › David – https://x.com/dlawant › Michael – https://x.com/marcryptonio › Blockworks – https://x.com/Blockworks RESOURCES › Colossus Jeffrey Yan Profile – https://colossus.com/article/beyond-the-sky-jeffrey-yan-hyperliquid/ DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Vaults promise to rebuild asset management from scratch and do it faster, cheaper, and fully programmable, but the path from niche DeFi product to institutional backbone is far from straightforward. We sit down this week to unpack how vaults are evolving from crypto-native yield tools into a serious contender for institutional capital. We explore programmable funds, institutional adoption, risk and regulation, recent DeFi hacks, and what still needs to happen before vaults scale into a multi-trillion dollar opportunity. Enjoy! TIMESTAMPS: 00:00 Intro 02:45 Why Bitwise Likes Vaults 05:16 What Vaults Actually Are 09:02 Vaults As Smart Funds 14:13 Transparency And Customization 20:18 Are Vaults Securities? 27:12 Ads (Blockworks Investor Relations) 28:01 What Curators Actually Do 35:22 Beyond Yield Strategies 40:17 Why Institutions Lag 43:21 DeFi Hack Risks 51:18 Centralization Or DeFi FOLLOW THE SHOW › Inflection Point – https://x.com/BWInflection › Marc – https://x.com/marcarjoon › Matt – https://x.com/Matt_Hougan › David – https://x.com/dlawant › Michael – https://x.com/marcryptonio › Blockworks – https://x.com/Blockworks DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

A quiet but accelerating threat is forcing crypto to confront its biggest vulnerability yet: what happens if quantum computing breaks the foundations of digital security sooner than expected? Marc and David explore this very threat, bringing an institutional lens to the growing urgency around quantum risk, Bitcoin’s governance constraints, and how different ecosystems may respond to a potential “Q-Day.” The discussion also covers crypto’s entry into 401(k)s, the impact of passive capital flows, market structure shifts, and whether long-term adoption or sudden technological disruption will ultimately define crypto’s future. Enjoy! TIMESTAMPS: 00:00 Intro 04:17 Crypto In 401Ks 09:14 Passive Flows Will Change Crypto 19:22 Quantum Threat To Crypto 27:07 Q-Day Is Closer 31:25 Bitcoin’s Upgrade Problem 36:50 Freeze The Lost Coins? 40:03 Bitcoin’s Governance Crisis 46:37 Final Thoughts FOLLOW THE SHOW › Inflection Point – https://x.com/BWInflection › Marc – https://x.com/marcarjoon › David – https://x.com/dlawant › Blockworks – https://x.com/Blockworks DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Crypto may be nearing a critical inflection point, but one foundational problem still lacks consensus: how do you actually value a blockchain network? We sit down live from the Digital Asset Summit in New York to unpack crypto valuations through institutional and market structure lenses. We explore cash flow vs. scarcity, network effects, revenue limitations, market share dynamics, and why a shared valuation framework may be the final hurdle for crypto maturity. Enjoy! TIMESTAMPS: 00:00 Intro 04:16 Crypto Valuation Models Are Broken 09:22 Revenue Isn’t the Answer 15:21 One Asset Class or Many? 17:40 Blockworks Investor Relations 18:28 Network Effects Need Revenue 24:13 Blockspace Isn’t A Commodity 29:31 Institutions Need Intellectual Permission FOLLOW THE SHOW › Matt – https://x.com/Matt_Hougan › David – https://x.com/dlawant ›Michael – https://x.com/marcryptonio › Marc – https://x.com/marcarjoon › Inflection Point – https://x.com/BWInflection › Blockworks – https://x.com/Blockworks DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this special episode, we introduce Blockworks’ new investor relations platform for onchain businesses. As institutional capital continues to enter crypto markets, expectations around transparency, standardization, and professionalism are rising. But instead of replicating legacy systems, Blockworks IR takes a different approach, leveraging real-time, onchain data to create a more transparent, data-driven, and low-friction investor relations model. The platform combines curated analytics, branded investor portals, and white-glove advisory support into a single solution, helping teams tell a clearer, more credible story while giving investors a more efficient way to evaluate opportunities. Launched at the Digital Asset Summit in New York, Blockworks IR aims to fill a critical gap in the industry. Listen to learn more about the vision behind the product and what it means for the future of investor relations in crypto.

Crypto’s long-standing regulatory fog is beginning to lift, raising a deeper question about what the industry actually becomes once clarity arrives. The team discusses a major sea change in regulation and institutional adoption, unpacking how new SEC and CFTC guidance is reshaping the institutional crypto landscape. We explore token classification, Hyperliquid’s S&P license, stablecoin adoption in emerging markets, and why brand, structure, and regulation may matter more than technology alone. Enjoy! TIMESTAMPS: 00:00 Intro 01:40 LATAM's Booming Crypto Market 07:30 Stablecoins & Chain Competition 12:49 Hyperliquid & S&P License Decision 27:35 New SEC Securities Guidance 40:10 What About Revenue-Generating Tokens? 56:00 Staked ETH ETFs & LIVE DAS Recording FOLLOW THE SHOW › Matt – https://x.com/Matt_Hougan › David – https://x.com/dlawant › Michael – https://x.com/marcryptonio › Marc – https://x.com/marcarjoon › Inflection Point – https://x.com/BWInflection › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 in NYC (March 24–26) › Use code INFLECTION200 for $200 off https://blockworks.co/event/digital-asset-summit-nyc-2026 DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, we explore a major turning point in crypto’s relationship with the traditional financial system and why a single banking approval could reshape the future of the industry. Marc is joined by David, Michael, and Matt to unpack Kraken securing a “skinny” Fed master account and what it signals about crypto’s growing integration with the U.S. banking system. We also discuss crypto market resilience, DeFi yield signals, stablecoin regulation battles, and why banks may be pushing back as crypto-driven financial infrastructure begins challenging traditional finance. Enjoy! TIMESTAMPS: (00:00) Intro (01:20) Sentiment Turning A Corner? (10:56) Price Disovery Shifting To Crypto Venues (14:10) Kraken "Skinny" Fed Master Account (37:25) Passing Interest Through Stablecoins (40:54) Mismatch Between Price & Fundamentals (46:44) Banks Competing with Stablecoins & Neobanks (55:42) Final Thoughts FOLLOW THE SHOW › Matt – https://x.com/Matt_Hougan › David – https://x.com/dlawant › Michael – https://x.com/marcryptonio › Marc – https://x.com/marcarjoon › Inflection Point – https://x.com/BWInflection › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 in NYC (March 24–26) › Use code INFLECTION200 for $200 off https://blockworks.co/event/digital-asset-summit-nyc-2026 DISCLAIMER Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this first episode of Inflection Point, we explore the accelerating convergence between traditional finance and crypto as institutional adoption begins reshaping the foundations of global financial infrastructure. The conversation examines ETFs, DeFi innovation, market structure shifts, institutional flows, and how evolving investor behavior is changing Bitcoin and digital asset markets. Along the way, we discuss regulation, credit markets, technology limitations, and the broader implications of finance moving onchain. Enjoy! — Follow Matt: https://x.com/Matt_Hougan Follow David: https://x.com/dlawant Follow Michael: https://x.com/marcryptonio Follow Marc: https://x.com/marcarjoon Follow Inflection Point: https://x.com/BWInflection  Follow Blockworks: https://x.com/Blockworks_   — Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code INFLECTION200 for $200 OFF! https://blockworks.co/event/digital-asset-summit-nyc-2026 — Timestamps (00:00) Intro To Inflection Point (06:48) The Convergence Between TradFi & Crypto (22:20) Crypto's Biggest Advantages & Hurdles (36:15) Crypto's Changing Market Structure (41:00) Prices, Sentiment & Long-Term Allocators (46:00) Evolution Of Crypto Options & Yield (51:30) Is The 4-Year Cycle Dead? (01:02:00) Final Thoughts — Disclaimer: Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Crypto #DeFi #Bitcoin #Blockchain #DigitalAssets #CryptoPodcast #Stablecoins

In this episode, novelist Tibor Fischer joins Supply Shock to discuss why Bitcoin finally found its way into fiction, using satire and storytelling to explore crypto culture, Austrian economics, and the human motivations behind speculation, belief, and escape. Fischer reflects on Bitcoin’s ideological roots, the difference between Bitcoin and broader crypto, and why markets, not narratives, ultimately decide what endures. Enjoy! — Follow Tibor: https://shorturl.at/NwniK Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx Supply Shock Newsletter: https://blockworks.co/newsletter/supplyshock Supply Shock Survey: https://bitcoinhistorynl.beehiiv.com/forms/979475d9-fb4b-4c13-99af-5037dd5718c6 — Timestamps: (00:00) Introduction (01:33) The Journey to Writing a Bitcoin Novel (02:44) Challenges of Writing About Bitcoin (05:44) Bitcoin’s Economic Argument (09:05) The Appeal and Future of Crypto (11:25) Character Development and Storytelling (29:04) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Don Bei joins the show to discuss how Bitcoin is moving from the fringes into institutional portfolios, from pensions and endowments to corporate treasuries, while also spreading at the grassroots level through workers and local politics. We dig into market dynamics, adoption hurdles, and what comes next. Enjoy! — Follow Don: https://x.com/Beiwhatch Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx — Timestamps: 00:00 Intro 06:07 Endowments, Credit, and the Institutional Playbook 11:46 MicroStrategy and the Institutional Wake-Up Call 21:01 Grassroots Bitcoin From Workers to Unions 29:27 Local Politics and What Comes Next 37:56 Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Director of Digital Asset Research at Franklin Templeton Christopher Jensen discusses why quantum computing is a real threat to Bitcoin, why the topic is resurfacing now, how institutions are pricing and managing that risk, and what potential upgrade paths could look like. Enjoy! — Follow Franklin Templeton: https://x.com/FTI_Global Follow Rizzo: https://x.com/pete_rizzo_. Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_. Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx — Timestamps: 00:00 Introduction 01:15 Quantum Computing Risks & Concerns 03:55 Institutional Perspective on Quantum Threat 07:28 Quantum Computing and Bitcoin Security 10:46 Market Impact and Risk Assessment 16:23 Future Outlook and Institutional Strategies 27:31 Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, we dig into one of Bitcoin’s strangest early stories; the time a group of OG Bitcoiners pooled BTC to buy a real racehorse. We explore early crypto finance experiments, on-chain sleuthing, unanswered questions about the investment, and what this forgotten episode reveals about Bitcoin’s earliest believers. Enjoy! — Follow Satshoshi Daemon: https://x.com/SatoshiDaemon Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx — Timestamps: (00:00) Introduction (01:20) The Crazy Story of Satoshi’s Damon (18:03) Investigating the Names Behind the Story (23:21) Richie’s Journey into Bitcoin (27:57) Reviving the Original Website (29:19) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Charles Edwards joins the show to discuss why quantum computing has become a real market risk, the valuation impact, upgrade paths, and what could unlock the next move. We also explore why Bitcoin’s classic cycle may be breaking, how institutional flows and liquidity are reshaping price action, and more. Enjoy! — Follow Charles: https://x.com/caprioleio Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx — Timestamps: (00:00) Introduction (02:34) Bitcoin’s Quantum Risk (09:19) Expert Opinions on Quantum Timelines (12:48) Potential Quantum Attacks on Bitcoin (18:55) Evaluating Bitcoin’s Vulnerability to Quantum Computing (28:38) Debating Bitcoin’s Long-Term Security and Value Proposition (34:32) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock

In this episode, Michael Terpin returns to the show to discuss whether Bitcoin’s four-year cycle still holds, how whales and institutions shape market tops and bottoms, what signals matter most during drawdowns, and why the next bull market may look very different from the last. We also dig into regulation, altcoin narratives, and cycle timing. Enjoy! — Follow Michael: https://x.com/michaelterpin Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ Supply Shock Telegram: https://t.me/+SpmLg6P_QcgxNDcx — Timestamps: (00:00) Introduction (04:56) Impact of Whale Activity on Bitcoin (07:57) Regulatory Challenges and Market Sentiment (10:59) DATs, Institutions and CLARITY Act (20:32) Bottom Predictions and Trading Strategies (25:19) Market Cycles and Bitcoin Dominance (32:40) Challenges in Token Investments & New Narratives (39:02) Market Predictions and Strategies (41:46) Final Thoughts — Disclaimer: Nothing said on Supply Shock is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Bitcoin #Crypto #SupplyShock