The Big Brain Podcast

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. OUTLINE 00:00 [https://www.youtube.com/watch?v=ul-h2RQFvdQ] - Introduction 01:09 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=69s] - LMAX Overview 05:29 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=329s] - Stocks vs FX 08:23 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=503s] - 24/7 Markets 11:03 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=663s] - Omnia Strategy 17:05 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=1025s] - Institutional Future 23:21 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=1401s] - Adoption Reality 30:45 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=1845s] - Credit Markets 33:02 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=1982s] - Tokenization Debate 38:21 [https://www.youtube.com/watch?v=ul-h2RQFvdQ&t=2301s] - Prediction Markets Guest links: David Mercer - https://www.linkedin.com/in/mercerdavid/ LMAX Group - https://x.com/LMAX Host links: Larry Cermak - https://x.com/lawmaster [https://x.com/lawmaster] Namik Muduroglu - https://x.com/NamikMuduroglu [https://x.com/NamikMuduroglu] The Block - https://x.com/TheBlockCo [https://x.com/TheBlockCo] MegaETH - https://x.com/megaeth [https://x.com/megaeth] -------------------------------------------------------------------------------------- Subscribe to The Block's Newsletters! 🚨 Breaking News 👨‍🔬 Expert Analysis 📈 Market Insights Subscribe now 👉 https://www.theblock.co/newsletters [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqazdJSjRTeHlJbDBSdTFZTjlTbXc0RHRjdWFMUXxBQ3Jtc0tuNjI5ZlhxbUdVX09KTlpEdkJyUGRiZTYxTmg2SHVVdDFCSlBRVDFNVVg2b0w0V0cydEJJUXFiZlc0T0cxOHhEeU82TzI2WkU2Vm5ZVDRLVUlYUFI0TWxUZVdLZlUyYkR5Z004elRjX210Z2xDMlRHYw&q=https%3A%2F%2Fwww.theblock.co%2Fnewsletters&v=5WRQnAXVDc8] -------------------------------------------------------------------------------------- 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 [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbjVBZlVjLUVlLWlabVIwcUZhY05jVzBaemR5Z3xBQ3Jtc0trWXpXUjc0dTJPSVp2VTh3bFFrWDI1WE9SNUpLUFcyOUpvVVd3UGZqeWdrcWdMemhiVHl0cms4cDNaLTEyWThOZlkwRGdpUXFVYUhtenNiQUY5VWRFa1phMU5melN4Y3Q0ZlkyTHRsTHF4REN2Tk9LMA&q=https%3A%2F%2Ftheblock.co%2Fcampus&v=5WRQnAXVDc8]

Inside Plasma with Zaheer: The Future of Stablecoins

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. OUTLINE 00:00 [https://www.youtube.com/watch?v=5WRQnAXVDc8] Introduction 01:18 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=78s] Plasma Pivot 10:08 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=608s] Verticalization Thesis 16:31 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=991s] Plasma USP 19:30 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=1170s] Whop Announcement 21:20 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=1280s] Token Value Accrual 28:40 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=1720s] Token Transparency 31:48 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=1908s] Role of Community 35:30 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=2130s] ETH vs. SOL 44:00 [https://www.youtube.com/watch?v=5WRQnAXVDc8&t=2640s] Market Outlook Guest links: Zaheer Ebtikar - https://x.com/zaheerebtikar [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbms0S1ZDNFZtWWhaOWZDbFhiZFpkeXIydFFLQXxBQ3Jtc0trQ3JiVUEwVmtqZjJlNWNJdjhuZ2Y3VlhFT0V5Zy0zV2g5WDZrQmhfMGpUdDUxNWx2dmU2OFVWZDZrejFlRXYyZWk2Ny1JUkY4SjA2NGhJc2loRWVsYlFnMTloa2xlanBlaS1VWlRYOWtrQWJaaXR3OA&q=https%3A%2F%2Fx.com%2Fzaheerebtikar&v=5WRQnAXVDc8] Plasma - https://x.com/plasma [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqa2NyQ0NMRE9TMmV2X1k3ZGdoejBKb3AwRWV6d3xBQ3Jtc0trdnU3WTBtNExoOXVOWjRsYUsxWE5pSlI1X0pRU2dGbjRKYjczTHJCYXJVMVpCN1djTkQzaGFxS0FybkJTek9xTE1MNmZES2tXR19pTkx5WkJJbFpoeDFhX0FpOEhQaGxNeENjcnM5c1JXbW5zUHVUUQ&q=https%3A%2F%2Fx.com%2Fplasma&v=5WRQnAXVDc8] 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 [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqazdJSjRTeHlJbDBSdTFZTjlTbXc0RHRjdWFMUXxBQ3Jtc0tuNjI5ZlhxbUdVX09KTlpEdkJyUGRiZTYxTmg2SHVVdDFCSlBRVDFNVVg2b0w0V0cydEJJUXFiZlc0T0cxOHhEeU82TzI2WkU2Vm5ZVDRLVUlYUFI0TWxUZVdLZlUyYkR5Z004elRjX210Z2xDMlRHYw&q=https%3A%2F%2Fwww.theblock.co%2Fnewsletters&v=5WRQnAXVDc8] -------------------------------------------------------------------------------------- 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 [https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbjVBZlVjLUVlLWlabVIwcUZhY05jVzBaemR5Z3xBQ3Jtc0trWXpXUjc0dTJPSVp2VTh3bFFrWDI1WE9SNUpLUFcyOUpvVVd3UGZqeWdrcWdMemhiVHl0cms4cDNaLTEyWThOZlkwRGdpUXFVYUhtenNiQUY5VWRFa1phMU5melN4Y3Q0ZlkyTHRsTHF4REN2Tk9LMA&q=https%3A%2F%2Ftheblock.co%2Fcampus&v=5WRQnAXVDc8]

Gauntlet CEO Tarun Chitra on Why Exchange ADL Mechanisms Need an Update

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

Inside Infinex: Kain Warwick on building a 'superapp' to solve crypto's UX problem

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

Lighter CEO on 'Democratizing Finance' with a zero-fee, ZK perp DEX

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