Jason Yanowitz

Jason Yanowitz × Santiago Roel Santos

After eight months across 20-plus sectors, Santos says Inversion’s crypto-embedding thesis failed to clear the return hurdle, shifting focus to quality, cash-flowing businesses.On-chain B2B borrowing costs 8–12%, while crypto FX quotes sit 20–50 basis points above mid-market; Robinhood Chain’s more than $500 million in Uniswap volume and roughly 150,000 new active wallets show verticalization, though P&L value remains disputed.

Jason Yanowitz × Santiago Roel Santos

Crypto venture is splitting into a weak early-stage market and improving later-stage payments, stablecoin, tokenized-asset and M&A activity.Stablecoin transfer volume remains distorted by bots, but adjusted metrics, card swipes and about 30 public-company implementations offer stronger adoption evidence.Kalshi’s reported $40B raise remains unconfirmed as fee compression looms, while institutional clearing and block trades could expand prediction markets.

Jason Yanowitz × Ryan Watkins

Hyperliquid launched at roughly $200M in annual revenue without extreme unlocks, making it one of few crypto assets to clear Watkins’ global-capital-allocator test.Its Binance-like product, community-led expansion, and 70-75% on-chain-perpetuals share support an “everything exchange” ambition.Tokenized-asset spot trading could hinge on regulatory clarity, while decentralization remains unresolved as the protocol scales.

Avichal Garg × Jason Yanowitz

AI’s dominance makes early-stage entry difficult, pushing Electric Capital toward cold spots such as crypto.Certora’s formal verification could become critical as AI-powered attacks target DeFi securing billions.Stablecoin rails may let 5-6 billion people with limited U.S. market access pay higher P/E multiples for on-chain cash flows, though token re-rating depends on durable revenue and buybacks.

Jason Yanowitz × Santiago Roel Santos

Stablecoins are emerging less as peer-to-peer payments than as a settlement layer, with a LatAm AP and bill-pay company at $80–90M run-rate revenue and growing 40% month-over-month.Rain is adding roughly 20% monthly growth and Visa-settled volume is doubling every few months, but Santi remains bullish only on less than five names and questions transfer economics.

Jason Yanowitz × Santiago Roel Santos

Hyperliquid’s SpaceX pre-IPO market has become a mainstream price oracle, with SpaceX around $2.1T versus indicated pricing of $1.5–1.75T and hedge funds using it to handicap the open.HYPE’s roughly $700M revenue and HIP-3’s 45% non-crypto volume support a differentiated growth case, but at roughly 60x run-rate earnings it is “fully valued”; CFTC regulation and the SpaceX IPO remain key tests.

Jason Yanowitz × Santiago Roel Santos

Crypto trading is contracting even as stablecoins dominate earnings calls, with Robinhood volumes down 40% and Hyperliquid perp volume down 30%.Yano’s deal flow shows fintechs quietly moving infrastructure to stablecoins, while Visa’s related card volume rose 200% YoY across 160 programs.Value capture remains contested: Santi says Tempo has little flow, and Pump Fun’s $370M burn failed to lift its token.

Jason Yanowitz × Santiago Roel Santos

Kelp DAO’s roughly $290M rsETH exploit exposed compromised LayerZero security, a one-of-one DVN, and 93% LTV on Aave—not a smart-contract bug.Aave fell 14–15% as isolated lending gained ground, with Morpho up 10% and Spark 140%.Kalshi’s perps, Polymarket’s expansion, and fading Clarity Act odds remain catalysts, while USDai tests GPU-backed credit.

Jason Yanowitz × Santiago Roel Santos × Logan Jastremski

Logan Jastremski revises the Frictionless thesis: value L1s like exchanges through volume and take rate, since throughput without execution produces no revenue.Solana’s $2.5B daily volume signals exchange-scale TAM, while Hyperliquid’s product and commodities traction, decentralization question, and unresolved perps execution remain key watchpoints.

Jason Yanowitz × Santiago Roel Santos

Hyperliquid is emerging as Wall Street’s crypto entry point, as one hedge fund bought its DAT after being unable to hold HYPE, seeking an uncorrelated position.Weekend commodities trading gives TradeXYZ a price-discovery role, while US approval could rerate the asset and Kraken’s Deutsche Börse investment and possible SpaceX-linked IPO add catalysts.