Santiago Roel Santos

Jason Yanowitz × Santiago Roel Santos

Memecoin–stock-token pools are forcing tokenized equities to confront real liquidity and infrastructure constraints.In the BONER/HIMS pool, roughly 60,000 HIMS tokens and limited weekend minting drove the wrapper to an implied $132, or three-to-four-times Friday’s close, without squeezing HIMS itself.The experiment could accelerate 24/7 markets, but custody, backing, redemption, and token-holder rights remain unresolved.

Jason Yanowitz × Santiago Roel Santos

Anthropic’s Fable was released around June 9 and blocked from export three or four days later, turning AI’s job-loss narrative into a regulatory and political liability.Jordy calls MicroStrategy panic way overblown as Saylor raises about $200M weekly, while Santi sees eventual Monte Carlo failure; open-source models and smart routing may matter more than privacy maximalism, but government restrictions remain an unresolved risk.

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

DeFi yields no longer compensate for risk: Santiago wants private-credit-style 12%–16% before returning on-chain, versus Treasuries near 4%.Morpho’s $11.4B vaults earn 2%–4%, while Aave pays 1.81% on ETH and 2.61% on USDC; stacked protocol risk remains disputed.Claude Mythos’s thousands of zero-days and Drift’s alleged six-month con expose security spending and loss severity as key unresolved risks.

Jason Yanowitz × Santiago Roel Santos

Delphi is tactically long on Iran’s ceasefire, but Yan’s base case is that negotiations break down, while Jason urges defense.Iran potentially charging tanker tolls in Bitcoin or yuan could strengthen BTC’s neutral-store-of-value narrative, though the room called it mostly a headline.Possible SpaceX, Anthropic and OpenAI IPOs could compete for finite dry powder, while private/public marks warrant scrutiny.

Jason Yanowitz × Santiago Roel Santos

Santi is redeploying less than 10% of his cash into equities down 30-50%, while Rob sees near-$120 oil favoring patience.Crypto venture is consolidating around runaway winners, with sensible $20-25M seeds alongside $50-100M+ stablecoin froth.Drift’s $280M hack exposed operational-security risk, while Google’s 20x qubit reduction points to a maybe-2029 wallet threat and Jason predicts a Bitcoin hard fork this year.