Chain Reaction

Join José as he hosts a special edition of the Emerging Manager series on the Delphi Podcast, sitting down with Andrew Kang, founder of RoboStrategy. After managing personal capital through Mechanism Capital across both public and venture markets, Andrew turned his focus entirely to the under appreciated robotics industry a space he identifies as being at a critical inflection point reminiscent of AI in 2022 or crypto in 2014.  They dive deep into the underlying method behind finding asymmetric bets, sizing positions, and distinguishing a true contrarian play from simply being the sucker at the table. Andrew breaks down the multidisciplinary engineering breakthroughs that sparked his initial bullishness on humanoid robotics and why he believes the industry is poised to become a multi-decade, trillion-dollar powerhouse.

In this episode of The Delphi Podcast, Tommy sits down with Travis Good, co-founder of Ambient, to discuss why open-source AI may ultimately beat the closed labs and what that shift means for developers, businesses, and the broader AI economy.Travis explains how Ambient is building a decentralized marketplace for AI inference, matching demand with underutilized GPU capacity while verifying that users receive the exact model quality they paid for. They also explore the risks of building on closed AI infrastructure, China's growing advantage in open-source models, and why OpenAI and Anthropic may be creating long-term distrust among their own customers.The conversation also goes deeper into what would happen if OpenAI achieved AGI first, why prompt injection remains one of AI's most important unsolved problems, and how the current AI infrastructure spending boom could eventually trigger a broader funding shock or AI winter.Timestamps00:00 Intro03:20 What Ambient Is and How It Works18:40 Verified AI Inference40:20 China and the Open-Source AI Race49:00 Why Closed AI Is Making a Mistake1:03:00 What Happens If OpenAI Reaches AGI?1:17:10 The AI Bubble and a Possible AI WinterTommy: https://x.com/Shaughnessy119Travis: https://x.com/IridiumEagle

Join José as he hosts the first episode of the Emerging Manager series, sitting down with Jordan from Nomads—the fund-of-funds arm of the legendary VC firm Hummingbird. Together, they break down what truly separates elite venture investors from the rest of the market and how small, nimble emerging managers can outmaneuver multi-billion dollar tech funds.They dive into the concept of "pre-consensus" versus non-consensus investing, the art of tracking down hidden talent pools, and the unique psychological traits of great capital allocators. From Lord of the Rings analogies to the mechanics of a total South African real estate wipeout, Jordan shares raw, unfiltered insights into the reality of picking the ultimate GPs

What makes a great founder?Sandy Kory has spent decades trying to answer that question. As the founder of Horizon, he's backed companies like Palantir, BillionToOne, Canva, BaseTen, and SendCutSend long before they became breakout successes.In this episode, Sandy shares the unconventional framework he uses to identify exceptional founders, why he ignores most pitch decks, why talent density matters more than almost anything else, and how he developed conviction in companies years before the market recognized them.KEY HIGHLIGHTS-Why Sandy invested in Palantir before the company had a clear business model-The founder traits he looks for before reviewing a pitch deck-How he discovered BillionToOne at a $4 million valuation-Why talent density is the most important metric in a startup-Missionary vs. mercenary founders-The role of intellectual honesty in building great companies-How Sandy evaluates founders in the first 20–60 minutes-Why he believes early-stage investing remains highly inefficient-The SendCutSend story and backing an overlooked manufacturing company-How AI may change venture capital—and what won't changeTIMESTAMPS00:00 Introduction08:46 The Palantir Investment Story23:22 Finding BillionToOne Early36:00 Sandy's Founder Evaluation Framework47:07 Missionaries vs. Mercenaries53:18 Hiring, Talent Density & Red Flags01:09:25 AI, Investing & The Future01:19:29 The SendCutSend Story01:34:03 Advice for Founders & Closing ThoughtsFollow Tommy: https://x.com/Shaughnessy119Follow Sandy: https://www.linkedin.com/in/sandykory/

Join Yan Liberman and Can Gurel as they speak with Samed Düzçay, founder of Tori, a yield protocol bringing institutional-grade delta-neutral strategies on-chain. Samed shares his journey from mining Bitcoin as a child to building and exiting a successful SaaS company, eventually identifying a massive gap in the stablecoin yield market. They dive into the mechanics of the "carry trade," exploring how Tori captures spreads in emerging markets while hedging out local currency risk. Samed explains the protocol's multi-layered security approach, its real-time auditability through ZK-proofs, and how tokenization unlocks yield-enhancing "loops" that were previously impossible in traditional finance. 

Join the Delphi team for an inside look at their Montenegro retreat as Anil Lulla, José Maria Macedo, Yan Liberman, Tommy Shaughnessy, and Kevin Kelly discuss the evolution of Delphi's three main companies. From consulting and applied research to venture investments and AI acceleration, the team shares their strategic vision, recent wins, and how they're building competitive advantages across crypto and AI.

Join Tommy Shaughnessy as he speaks with Logan, Managing Partner of Frictionless Capital, about the high-stakes race to build a global blockchain-based financial system. Logan shares his updated thesis on why monolithic, high-throughput architectures like Solana are winning the battle for real revenue and trading dominance over modular designs.They dive deep into the "Global Exchange" vision, the physics of time-to-inclusion, and how innovations like Proprietary AMMs (PropAMMs) are redefining market making. Logan also explores the broader implications of AI, from the compounding power of Grok to the societal impact of a robot-led workforce.

Join Tommy Shaughnessy in San Francisco for the first podcast from the new Coliseum office. In this episode, Clay Robbins, Co-Founder of Coliseum, discusses how his team manages the world's largest online hackathons and why they chose to double down on the Solana ecosystem.They dive into the mechanics of sourcing 80,000 builders, the transition from remote to a massive in-person accelerator, and the shift from an infrastructure-focused crypto world to a new era of diverse consumer applications. From sub-3-hour marathons to "grenade" interview questions, Clay reveals what it truly takes to survive and win in the arena.

Join Tommy Shaughnessy as he speaks with Nic Carter, partner at Castle Island Ventures, about his deep dive into the existential threat quantum computing poses to Bitcoin. After six months of intensive research and discussions with Nobel Prize-winning physicists, Nic breaks down why the "quantum threat" has moved from theoretical FUD to a material risk that the Bitcoin community is currently unprepared to face.They explore the "Q-Day" timeline, the vulnerability of Satoshi's 2 million BTC, and the urgent need for a migration to post-quantum cryptography. Can Bitcoin's rigid governance survive the most significant technical challenge in its history, or will sovereign nations and private firms reach the coins first?

Join Tommy Shaughnessy as he speaks with Mike McCormick, founder of Halcyon, about the urgent intersection of AI acceleration and safety. Mike shares his path from venture capital to launching a hybrid nonprofit–fund model focused on securing advanced AI systems. They dive into mechanistic interpretability, global competition for AGI, and what a safe superintelligence future could look like. Can we build superintelligence safely? How do we balance innovation with existential risk? And what happens to humanity when AGI arrives?Halcyon Futures: https://halcyonfutures.org

Join Ashwath Balakrishnan and Neel Daftary as they explore the future of DeFi infrastructure with Connor Howe, co-founder of Enso. After nine years of building in crypto, Connor has created what he calls "the shortcut to building on-chain applications" - a developer tool that abstracts away the complexity of integrating with hundreds of DeFi protocols. From powering Berachain's $3.1 billion launch to enabling developers to reduce build times from seven months to just days, Enso is positioning itself as the Unity engine for Web3.Enso: https://www.enso.build

Join Alex Golding as he sits down with Austin Federa, Co-founder of DoubleZero, to explore how they're building permissionless high-performance fiber infrastructure that could revolutionize blockchain performance. Austin shares the technical vision behind creating a parallel internet for distributed systems, starting with Solana validators as their initial market.DoubleZero: https://doublezero.xyz

Join José Maria Macedo as he co-hosts with Matt O'Connor from Legion and Filip Wielanier from Cookie3 to explore "Attention Capital Markets" - revolutionizing token distribution by linking social influence with capital commitment. Fresh off Legion's funding from VanEck and Brevan Howard, discover how they're moving beyond airdrops to merit-based investing that rewards genuine community builders.Legion: https://legion.ccCookie3: https://www.cookie3.com

Join Tommy Shaughnessy as he sits down with Mike Dudas, Managing Partner at 6th Man Ventures, to discuss one of the most successful seed investments in crypto history. Mike shares the inside story of backing Pump.Fun years before it became a cultural phenomenon, generating over $800 million in fees and reaching a $5.5 billion FDV. From cold DMs to billion-dollar outcomes, this conversation explores venture capital strategy, founder evaluation, and navigating the intersection of AI and crypto investing.6th Man Ventures: https://6thman.ventures

Join José Macedo and Yan Liberman as they host Michael Egorov, co-founder of Curve Finance and one of DeFi's original pioneers. Michael introduces Yield Basis — his ambitious new protocol that aims to solve one of DeFi's biggest problems: impermanent loss. Learn how this innovation could finally unlock natural, sustainable yield on Bitcoin at scale, creating the long-sought "holy grail" of yield-bearing Bitcoin without the downsides of traditional AMM strategies.Curve Finance: www.curve.financeYield Basis: https://yieldbasis.com

Anil Lulla and Yan Liberman host Sapijiju, co-founder of Pump.fun. Sapijiju shares Pump.fun's bigger vision: beyond meme coins, it's aiming to be the most rewarding social platform, revolutionizing creator monetization, and building a $2B-backed financial ecosystem.Pump.fun: https://pump.fun

Join Tommy Shaughnessy as he hosts Pondering Durian (Lead at Delphi Intelligence) and José Macedo (Co-Founder at Delphi Labs & Founding Partner at Delphi Ventures) to introduce Delphi Intelligence — Delphi's new open research initiative focused on artificial intelligence. Learn why Delphi is going deep into frontier models, robotics, reinforcement learning, and the intersection of crypto and AI, and how this initiative aims to uncover transformative opportunities across emerging tech.Delphi Intelligence: https://www.delphiintelligence.io/

Join Tommy Shaughnessy as he dives into the world of Dev.Fun with founders Devlord and Robi. Dev.Fun is revolutionizing app creation by enabling anyone — regardless of technical background — to build and launch applications using AI-powered vibe coding. Learn how the team is merging Web3, tokens, and consumer apps to create a decentralized ecosystem of user-generated tools, games, and communities. They cover technical architecture, distribution strategies, monetization paths, and why Solana is their chain of choice.Explore how Dev.Fun is pushing the boundaries of app creation, developer incentives, and decentralized attention markets — and why streaming, tokens, and memes might be the next big unlock.Dev.Fun: https://dev.fun/

Join Can Gurel as he hosts Harry Dewhirst, co-founder and CEO of 375ai, to discuss their ambitious real-world application of DePIN. Learn how they're building a decentralized network of sensors to capture and monetize physical data at scale.375ai: https://www.375.ai/

Join Tommy Shaughnessy as he hosts Mitch and Mikel, co-founders of Taofu and TPN, to discuss Taofu, a launchpad for Bittensor subnets. Learn about how they're democratizing subnet funding and their first subnet launch.Taofu: https://www.Taofu.xyz/Taofu Funding Form: https://form.typeform.com/to/KmvNfUg5

Join Jordan Yeakley as he hosts David Choi and Conor Moore from USD.AI to discuss their innovative synthetic dollar backed by AI and DeepEnd hardware assets. Learn about USD.AI's unique approach to on-chain infrastructure financing.USD.AI: https://usd.ai

Join Tommy Shaughnessy as he hosts Logan Allen, founder of Zorp and Nockchain, to discuss Nockchain, a new proof-of-work L1 blockchain. Learn about its ZK Powell consensus mechanism, where miners generate ZK proofs.Zorp: https://zorp.ioNockchain: https://nockchain.org

Join Piers Kicks as he hosts BEN.ZZZ, founder of Cambria, for an insightful conversation about building high-stakes, risk-to-earn MMOs inspired by Runescape. Cambria is pioneering unique game worlds like Duel Arena and Gold Rush, recently concluding a season with a $1.5 million prize pool.Cambria: https://cambria.gg

Join Tommy Shaughnessy from Delphi Ventures as he hosts Sam Lehman, Principal at Symbolic Capital and AI researcher, for a deep dive into the Reinforcement Learning (RL) renaissance and its implications for decentralized AI. Sam recently authored a widely discussed post, "The World's RL Gym", exploring the evolution of AI scaling and the exciting potential of decentralized networks for training next-generation models.

The World's RL Gym: https://www.symbolic.capital/writing/the-worlds-rl-gym

Join Kevin Kelly from Delphi Digital as he hosts Guilhem Chaumont, CEO and co-founder of Flow Desks, for an insightful conversation about institutional-grade trading services in the crypto space. Flow Desks has established itself as a full-service digital asset trading and technology firm, pioneering a unique "market making as a service" approach.

Join Tom Shaughnessy as he hosts Travis Good, CEO and co-founder of Ambient, for a deep dive into the world's first useful proof-of-work blockchain powered by AI. Fresh out of stealth, Ambient reimagines the intersection of crypto and AI by creating a decentralized network where mining secures the chain through verified AI inference on a 600B+ parameter model.

Join Tom Shaughnessy as he hosts Ben Fielding, co-founder of Gensyn Network, for an in-depth exploration of decentralized AI infrastructure and the future of machine learning. From Gensyn's evolution as a low-level infrastructure platform to its revolutionary approach with RL Swarm, the conversation covers transformative developments in distributed computing, model training, and the philosophical implications of AI development.

Join Piers Kicks as he hosts Jeffrey "Jiho" Zirlin of Sky Mavis for an exploration of Ronin's evolution from Axie Infinity's scaling solution to becoming the premier gaming chain, now on the cusp of going permissionless with an impressive ecosystem of curated titles.

Join Piers Kicks as he hosts Daryl Xu, founder of B3, for an exploration of how they're building the optimized Layer 3 solution for gaming on Base, creating the homepage for on-chain gaming, and revolutionizing gaming infrastructure through innovative economic incentives.

Join Anil Lulla as he hosts Krish Jagirdar and Jordan Lejuwaan, co-founders of RekTech (formerly Internet Game), for an exploration of their vision to create the world's biggest game show, revolutionizing interactive entertainment through simple yet engaging games with significant prizes.

Join Tom Shaughnessy and Pondering Durian as they host Jeff Emanuel, founder of Pastel Network and author of the viral "Short Case for NVIDIA Stock" thesis, for an exploration of AI infrastructure disruption, open-source model innovation, and the societal implications of accelerating AGI development.

Join Piers Kicks as he hosts Kam Punia, founder of Pixion Games, for an in-depth exploration of building Web3 gaming experiences and the journey behind Fableborn. From Kam's extensive background at Konami and Yu-Gi-Oh! to Pixion's innovative approach to Web3 gaming, the conversation covers crucial developments in game design, community building, and the future of blockchain gaming.

Join Piers Kicks as he welcomes back James Zhang, co-founder and CEO of JAMBO, for an exploration of how they're revolutionizing Web3 accessibility through mobile infrastructure. From selling over 700,000 phones across 100+ countries to ambitious plans for satellite launches, discover how JAMBO is building the "on-chain Apple" for emerging markets.

Join Piers Kicks as he hosts Tin Nguyen, founder of Sipher, for a deep dive into the convergence of gaming, AI, and blockchain. From his unconventional journey starting in real estate development to building a 140-person gaming studio, Tin shares insights on creating immersive digital experiences and pioneering AI integration in gaming.

Join Tom Shaughnessy and Pondering Durian as they host Jansen Teng, CEO and co-founder of Virtuals, for an in-depth exploration of AI agents and the future of decentralized AI. From Virtuals' evolution as a gaming DAO to becoming the leading crypto AI platform, the conversation covers crucial developments in agent autonomy, tokenization, and the path toward an agentic economy.

Join Tom Shaughnessy from Delphi Digital and Ejazz from 26 Crypto Capital as they host Shaw, founder of Eliza Labs and AI16Z, for an in-depth discussion on the evolution of AI agents and frameworks. The conversation explores Shaw's remarkable journey, the development of the Eliza framework, and his vision for decentralized AGI. The discussion covers crucial topics from agent development and tokenomics to the future of blockchain-based AI platforms.

Join Ceteris and the Delphi Research team for an in-depth exploration of AI and decentralized infrastructure heading into 2025. The discussion examines the evolution of AI capabilities, agent platforms, identity solutions, and the growing intersection of AI with crypto. The team analyzes emerging DePIN sectors including wireless networks, fixed bandwidth infrastructure, and the future of decentralized data networks.

Join Ceteris and the Delphi Research DeFi team for an in-depth analysis of decentralized finance trends heading into 2025. The discussion explores the evolution of consumer DeFi applications, examining innovative spending solutions, stablecoin developments, and emerging wallet infrastructure. The team unpacks major shifts in DEX architectures, privacy-preserving technologies, and the growing importance of front-end value capture in the DeFi ecosystem.

Join Ceteris and the Delphi Research infrastructure team for an extensive analysis of blockchain architecture trends heading into 2025. The discussion delves into the evolution of high-throughput chains, examining Solana's influence on performance-focused architectures and the emergence of competitors like Sui and Monad. The team explores key developments across major ecosystems, from Ethereum's scaling efforts and BeamChain proposal to Bitcoin's ZK innovations and Solana's state compression initiatives.

Join Piers Kicks as he sits down with Neill Blomkamp, acclaimed filmmaker and co-founder of Gunzilla Games, to discuss his groundbreaking work on Off The Grid (OTG)—a visionary AAA Battle Royale game. In this captivating conversation, Neill shares insights into his transition from Hollywood to gaming, the creative process behind OTG's cyberpunk universe, and how his cinematic storytelling expertise shapes immersive game design. The discussion also explores the challenges of blending film-like narratives into games, the technological innovation driving OTG, and the future of transmedia storytelling.

Join Piers Kicks as he sits down with Vlad Korolev, founder and CEO of Gunzilla Games, to discuss their groundbreaking Battle Royale title "Off The Grid." In this fascinating conversation, Vlad shares the journey from his early days in FinTech to creating one of gaming's most ambitious projects, backed by legendary filmmaker Neill Blomkamp. The discussion covers everything from the game's unique cyber-limb mechanics and console launch success to their innovative approach to blockchain integration and community-driven economics. With insights into AAA game development, creative direction, and user retention strategies, this episode provides a compelling look at the future of gaming and what it takes to build a potential industry titan.

Join Ceteris and the Delphi Research markets team for a comprehensive look into their predictions and analysis for 2025. The discussion covers the dramatic shifts in the crypto landscape throughout 2024, from the impact of Bitcoin ETFs to the rise of meme coins and Solana's remarkable performance. The team explores key themes including the return of market optimism post-election, the evolution of stablecoin adoption and credit markets, and animated debates about the future market dynamics between Bitcoin, Ethereum, and Solana. With insights from multiple market experts, this episode provides valuable perspective on both the structural and psychological factors shaping crypto markets heading into 2025.

Join Piers Kicks and the Delphi Research team for an in-depth analysis of Web3 gaming's trajectory and what lies ahead in 2025. In this comprehensive discussion, the team unpacks the major developments of 2023-2024, from Off The Grid's groundbreaking console launch to the rise of mobile gaming successes like FableBorn. The conversation explores crucial market dynamics, including funding trends, ecosystem developments, and the evolving relationship between gaming projects and exchanges. The panel dives into the emergence of new distribution models, the impact of AI on gaming, and the potential of user-generated content (UGC) in Web3. With insights from multiple experts, this episode provides a balanced view of both the challenges and opportunities ahead, offering valuable perspective for anyone interested in the intersection of blockchain technology and gaming.

Join José Maria Macedo as he dives deep with the Almanak team to explore how AI agents are revolutionizing DeFi and democratizing access to sophisticated trading strategies.

Join Shaw (Ai16z), Karan (Nous Research), Ethan (MyShell), Somewheresy (CENTS), EtherMage (Virtuals) and Delphi's Tom Shaughnessy for an unprecedented roundtable featuring the brightest minds in crypto AI agents, discussing the evolution of autonomous digital beings and the future of human-AI interaction.

Discover how AI is revolutionizing crypto as Yan Liberman sits down with Dylan Zhang, co-founder of Pond AI, to explore the intersection of AI and blockchain technology. Learn about graph neural networks, dynamic DeFi structures, and the future of decentralized AI infrastructure!

Join Pondering Durian as he explores the future of multi-agent systems with David Minarsch, co-founder of Valory AG and core contributor to OLAS. This deep dive covers: - Why autonomous agents will drive blockchain adoption before humans - The case for decentralized multi-agent systems over monolithic AI - How OLAS enables user-owned vs rented AI capabilities - The unique "Proof of Active Agent" mechanism for coordinating agent activity - Building open agent economies from DeFi to prediction markets - Creating data flywheels between agent activity and model training - The path toward general-purpose autonomous AI agents The discussion provides valuable insights into how decentralized networks could enable user-owned AI agents that do valuable work autonomously, rather than just serving as co-pilots. "We want to give people general purpose, autonomous AI agents that do valuable things for them as they define." - David Minarsch Watch more sessions from Crypto x AI Month here: https://delphidigital.io/crypto-ai --- Crypto x AI Month is the largest virtual event dedicated to the intersection of crypto and AI, featuring 40+ top builders, investors, and practitioners. Over the course of three weeks, this event brings together panels, debates, and discussions with the brightest minds in the space, presented by Delphi Digital. Crypto x AI Month is free and open to everyone thanks to the support from our sponsors: https://olas.network/ https://venice.ai/ https://near.org/ https://mira.foundation/ https://www.theoriq.ai/ --- Follow the Speakers: - Pondering Durian on Twitter/X ► https://x.com/ponderingdurian - David Minarsch on Twitter/X ► https://x.com/david_enim --- Chapters 0:00 Sponsor introduction: OLAS and others 0:49 Guest intro: David Minarsch, co-founder of Valerie Ag 1:21 Future shape of AI: Million models vs hyperscale models 3:03 David's background and OLAS team 6:26 Multi-agent systems explained: Agents vs Models 11:50 Web architecture evolution and data silos 21:00 Agent frameworks' impact on blockchain ecosystems 24:59 Rapid fire: Overrated vs Underrated 29:06 OLAS vs Competition: Key differentiators 34:12 Are agent protocols winner-take-all? 39:26 Current and future OLAS use cases 45:11 Infrastructure gaps and challenges 47:25 Closing remarks and how to try OLAS Disclaimer All statements and/or opinions expressed in this interview are the personal opinions and responsibility of the respective guests, who may personally hold material positions in companies or assets mentioned or discussed. The content does not necessarily reflect the opinion of Delphi Research, which makes no representations or warranties of any kind in connection with the contained subject matter. This content is provided for informational purposes only and should not be misconstrued for investment advice or as a recommendation to purchase or sell any token or to use any protocol.

Join Anil Lulla (Delphi Digital) and Ninad Naik (Mira) as they explore how to move AI from co-pilot to autonomous systems through enhanced reliability. Key topics include: - Why current AI is limited to low-consequence tasks and human oversight - How Mira's decentralized verification network reduces error rates from 30% to sub-5% - Using crypto incentives to build trustworthy, autonomous AI systems - The journey from batch processing to real-time verification - Targeting education and medical sectors as initial use cases - Building Web3 infrastructure that solves real Web2 problems This conversation examines Mira's vision for making AI reliable enough to move beyond human supervision and into production-grade autonomous systems. "When you think about the key challenges from any builder's perspective... we're trying to solve for how do you make AI more reliable?" - Ninad Naik Watch more sessions from Crypto x AI Month here: https://delphidigital.io/crypto-ai --- Crypto x AI Month is the largest virtual event dedicated to the intersection of crypto and AI, featuring 40+ top builders, investors, and practitioners. Over the course of three weeks, this event brings together panels, debates, and discussions with the brightest minds in the space, presented by Delphi Digital. Crypto x AI Month is free and open to everyone thanks to the support from our sponsors: https://olas.network/ https://venice.ai/ https://near.org/ https://mira.foundation/ https://www.theoriq.ai/ --- Follow the Speakers: - Anil Lulla on Twitter/X ► https://x.com/anildelphi - Ninad Naik on Twitter/X ► https://x.com/_ninadn --- Chapters 0:00 Sponsor introduction: OLAS and other sponsors 0:50 Introduction with Anil Lulla from Delphi Digital 2:21 Ninad's background: Experience at Amazon and Uber 3:30 Current state of AI and its challenges 7:21 Core issues with AI reliability 9:15 Approaches to reducing AI error rates 13:10 Discussion of latency challenges and batch processing 17:56 Using crypto concepts for AI verification 20:44 Risks and challenges in crypto-AI integration 22:53 Go-to-market strategy and target sectors 24:49 Future of AI models: Foundation vs Fine-tuned 29:50 Handling subjective information verification 34:16 Model consensus and bias management 37:13 Partnerships and future outlook for Mira 40:11 Bridging Web2 and Web3 in AI 42:30 Crypto adoption challenges in AI industry 45:51 Discussion of Web2 demand confidence 46:48 Closing remarks and how to follow Mira Disclaimer All statements and/or opinions expressed in this interview are the personal opinions and responsibility of the respective guests, who may personally hold material positions in companies or assets mentioned or discussed. The content does not necessarily reflect the opinion of Delphi Research, which makes no representations or warranties of any kind in connection with the contained subject matter. This content is provided for informational purposes only and should not be misconstrued for investment advice or as a recommendation to purchase or sell any token or to use any protocol.

Are Crypto AI tokens just vapourware? Join Jose Maria Macedo (Delphi) for this high-stakes debate with Kyle Samani (Multicoin Capital) and Emad Mostaque (Stability AI) to explore: - The current state of decentralized GPU marketplaces - The role of data DAOs and IP rights in AI development - Viability of decentralized training and inference - The future of AI agents and identity systems - Which crypto AI verticals show real promise vs hype This candid discussion separates signal from noise in the rapidly growing crypto AI sector, examining where true value creation is happening and which areas may be getting ahead of themselves. "I think we're seeing a weird nexus of crypto hype and AI hype happening at the same time...they're not going through the standard development process." - Emad Mostaque Watch more sessions from Crypto x AI Month here: https://delphidigital.io/crypto-ai --- Crypto x AI Month is the largest virtual event dedicated to the intersection of crypto and AI, featuring 40+ top builders, investors, and practitioners. Over the course of three weeks, this event brings together panels, debates, and discussions with the brightest minds in the space, presented by Delphi Digital. Crypto x AI Month is free and open to everyone thanks to the support from our sponsors: https://olas.network/ https://venice.ai/ https://near.org/ https://mira.foundation/ https://www.theoriq.ai/ --- Follow the Speakers: - José Macedo on Twitter/X ► https://x.com/zemariamacedo - Emad Mostaque on Twitter/X ► https://x.com/emostaque - Kyle Samani on Twitter/X ► https://x.com/kylesamani --- Chapters 00:00 Introduction and Sponsor Acknowledgments 00:50 Introducing Panel and Debate Setup 01:58 Kyle on GPU Marketplaces and Infrastructure 04:23 Evaluating Different Crypto AI Sectors 06:41 Current State of the Crypto AI Market 10:37 Core Benefits of Crypto for AI Development 14:41 Talent Migration into Crypto AI 20:25 The Mimetic Value of Crypto AI 24:36 Deep Dive: Decentralized GPU Marketplaces 33:13 Game Theory of Open Source AI 41:38 Discussion on Data and Data DAOs 48:40 Private Data and Expert Knowledge 52:11 Rapid Fire: Key Sectors Analysis 54:33 The Future of AI Agents 58:11 Identity and Final Thoughts Disclaimer All statements and/or opinions expressed in this interview are the personal opinions and responsibility of the respective guests, who may personally hold material positions in companies or assets mentioned or discussed. The content does not necessarily reflect the opinion of Delphi Citadel Partners, LLC or its affiliates (collectively, “Delphi Ventures”), which makes no representations or warranties of any kind in connection with the contained subject matter. Delphi Ventures may hold investments in assets or protocols mentioned or discussed in this interview. This content is provided for informational purposes only and should not be misconstrued for investment advice or as a recommendation to purchase or sell any token or to use any protocol.

Dive deep into IOnet, the world's largest decentralized AI compute network, with Pondering Durian (Delphi Digital) and Torrey Green, CEO of IOnet. This engaging discussion covers: - How IOnet is disrupting the $2.5 trillion cloud computing market - IOnet's unique "decentralized clustering" approach enabling global supercomputers - Growth strategies and roadmap to become the leading AI compute provider The conversation explores how decentralized networks like IOnet provide cheaper, more flexible compute without the constraints of centralized cloud providers. Discover why execution is key as IOnet aims to replace AWS through demand generation, upgraded offerings, and a world-class team recruited from web2 giants. Watch more sessions from Crypto x AI Month here: https://delphidigital.io/crypto-ai --- Crypto x AI Month is the largest virtual event dedicated to the intersection of crypto and AI, featuring 40+ top builders, investors, and practitioners. Over the course of three weeks, this event brings together panels, debates, and discussions with the brightest minds in the space, presented by Delphi Digital. Crypto x AI Month is free and open to everyone thanks to the support from our sponsors: https://olas.network/ https://venice.ai/ https://near.org/ https://mira.foundation/ https://www.theoriq.ai/ --- Follow the Speakers: - Pondering Durian on Twitter/X ► https://x.com/ponderingdurian - Tory Green on Twitter/X ► https://x.com/mtorygreen --- Chapters 00:00 Introduction and Sponsor Acknowledgments 00:50 Introduction of Tory Green, CEO of IO.net 01:29 Tory's Background and Path to IO.net 04:07 Competitive Advantage vs Incumbents 06:48 The Theory of Disruption 08:40 IO.net's Differentiation: Decentralized Clustering 11:47 Growth and Customer Acquisition Strategy 14:37 Enterprise Adoption and Security 17:18 Supply Chain and GPU Market Analysis 20:11 Rapid Fire: Overrated vs Underrated 25:32 Future of Decentralized Training 27:09 Edge Computing and Network Flexibility 31:31 IO.net's Future Roadmap 35:18 Long-term Vision and Goals 38:01 Closing Thoughts on AI's Impact Disclaimer All statements and/or opinions expressed in this interview are the personal opinions and responsibility of the respective guests, who may personally hold material positions in companies or assets mentioned or discussed. The content does not necessarily reflect the opinion of Delphi Research, which makes no representations or warranties of any kind in connection with the contained subject matter. This content is provided for informational purposes only and should not be misconstrued for investment advice or as a recommendation to purchase or sell any token or to use any protocol.

The Six Year Window: Making Money in the Exponential Age - A wide-ranging conversation between Kevin Kelly (Delphi Digital) and Raoul Pal exploring investment frameworks for an AI-driven future. In this thought-provoking discussion, macro investor Raoul Pal shares his thesis on why we have roughly six years until AI and other exponential technologies fundamentally reshape the economy and society. Key insights: - Traditional macro investing frameworks may become obsolete as AI reshapes economic fundamentals - The next 6 years represent a critical window to position for the new economic paradigm - Technology and crypto represent the primary vectors for capturing value in the exponential age - The intersection of AI and blockchain could enable new forms of economic activity and value creation "We've got about six years, I put 2030 as a rough date when we don't begin to understand how anything works. And so therefore I would like to be on the other side of that protected." — Raoul Pal Watch more sessions from Crypto x AI Month here: https://delphidigital.io/crypto-ai --- Crypto x AI Month is the largest virtual event dedicated to the intersection of crypto and AI, featuring 40+ top builders, investors, and practitioners. Over the course of three weeks, this event brings together panels, debates, and discussions with the brightest minds in the space, presented by Delphi Digital. Crypto x AI Month is free and open to everyone thanks to the support from our sponsors: https://olas.network/ https://venice.ai/ https://near.org/ https://mira.foundation/ https://www.theoriq.ai/ --- Follow the Speakers: - Kevin Kelly on Twitter/X ► https://x.com/ Kevin_Kelly_II - Raoul Pal on Twitter/X ► https://x.com/Raoulgmi --- Chapters 00:00 Introduction and Sponsor Acknowledgments 00:49 Introduction with Raoul Pal 01:53 The Exponential Age Thesis 04:28 Impact of AI on Economic Growth 08:05 Future of Markets and Investment Returns 11:47 AI, UBI, and Economic Transformation 14:10 The Future of Money in an AI World 17:41 Blockchain and AI Integration 21:43 Traditional Investors' Understanding of AI 24:43 Government and Regulatory Response 30:02 Investment Framework Evolution 34:12 High Conviction Investment Bets 39:43 Personal Portfolio Strategy 41:15 Tesla and Tech Stock Analysis 44:49 Elon Musk's Master Plan 49:06 Rapid Fire: Underrated vs Overrated 54:26 Future of Media and Personal AI 59:45 Closing Thoughts and Contact Information Disclaimer All statements and/or opinions expressed in this interview are the personal opinions and responsibility of the respective guests, who may personally hold material positions in companies or assets mentioned or discussed. The content does not necessarily reflect the opinion of Delphi Research, which makes no representations or warranties of any kind in connection with the contained subject matter. This content is provided for informational purposes only and should not be misconstrued for investment advice or as a recommendation to purchase or sell any token or to use any protocol.