Logan is an Investor, Writer, and Podcast Host. Investing: https://www.frictionless.fund Thoughts: https://frictionlesscapital.substack.com Twitter: @LoganJastremski
My conversation with Tarun Chitra.As a co-founder of Gauntlet and GP at Robot Ventures, Tarun has one of the sharpest frameworks for understanding market structure across both crypto and AI. In this episode we dig into why open-source AI is unbundling faster than most people expect, and how the resulting stack looks surprisingly similar to DeFi.We spend a lot of time mapping the AI infrastructure layers directly onto crypto primitives and examining where value is actually going to accrue as models, harnesses, routers, and inference providers separate.At the center of the conversation is the belief that AI's unbundling is creating a new competitive order-flow market (data centers competing like nodes, MEV-like dynamics for tokens/GPUs) while crypto itself has settled into a more mature “TradFi plus+” phase focused on trading, payments, and bringing real assets on-chain.We discuss:- The current state of crypto as TradFi+ and the decline of speculative narratives- Why AI is killing Bitcoin mining economics and weakening ETH value accrual- The architectural parallel between AI stacks and DeFi Harnesses = WalletsRouters = DEX aggregators,Models = ProtocolsInference Providers = LPs- Why open-source models are unbundling faster than traditional software- Agents as the next interface layer and the potential unbundling of ETFs- Cryptography, verifiable compute, and turning GPUs into digital assets- Onchain compute trading as the real crypto × AI opportunity- Sustainable business models and where value will ultimately captureTimestamps:0:00 – Introduction & State of the Crypto Market (TradFi+)2:00 – Speculative Narratives Fade, Trading & Payments Remain7:00 – AI's Impact on Bitcoin Economics & Data Center Opportunity Cost9:00 – ETH Value Accrual, Solana Positioning & DeFi Token Sustainability15:00 – Trading Design Space & On-Chain Volume Upside25:00 – AI Unbundling Thesis: Open-Source Models vs Data Centers35:00 – The DeFi Mapping (Harnesses, Routers, Models, Inference)48:00 – Agents, Preference Expression & Unbundling Traditional Products1:00:00 – Real-Time Harness Generation & Active Learning1:05:00 – Cryptography, Verifiable Compute & On-Chain GPU Markets1:10:00 – Closing Thoughts: Where Value Accrues NextEnjoy!
DoubleZero is the High-Performance Global Network of network of dedicated high-performance links engineered to bring low-latency networking to everyone, everywhere.Austin's Twitter: https://x.com/Austin_FederaMateo's Twitter: https://x.com/mateowardDoubleZero's Twitter: https://x.com/doublezeroShelby's Website: https://doublezero.xyz/Logan Jastremski's Twitter: https://x.com/LoganJastremski Frictionless's Twitter: https://x.com/FrictionlessVCFrictionless's Website: https://frictionless.capital
The first decentralized hot storage network, being built on a dedicated fiber network. Designed for content streaming, AI inference, and real-time apps.Pranav's Twitter: https://x.com/rpranavShelby's Twitter: https://x.com/shelbyservesShelby's Website: https://shelby.xyz/Logan Jastremski's Twitter: https://x.com/LoganJastremski Frictionless's Twitter: https://x.com/FrictionlessVCFrictionless's Website: https://frictionless.capital
Titan is building Crypto's Interactive Broker providing the national best bid and offer (nbbo) in the Solana Ecosystem. Titan's Twitter: https://x.com/Titan_ExchangeAndrew's Twitter: https://x.com/defythepancakeTitan's Website: https://titan.exchangeLogan Jastremski's Twitter: https://x.com/LoganJastremski Frictionless's Twitter: https://x.com/FrictionlessVCFrictionless's Website: https://frictionless.capital
Chris Heaney is the Lead Engineer of Drift Protocol which brings on-chain, cross-margined perpetual futures to Solana.Drift Protocol's Twitter: @DriftProtocolChris Heaney's Twitter: @crispheaneyDrift's Website: https://www.drift.trade/Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_Frictionless's Website: https://frictionless.fund/
Nick White is the COO of Celestia Labs. In this podcast we talk about Debunking the Celestia FUD.Celestia is a modular consensus and data network, built to enable anyone to easily deploy their own blockchain with minimal overhead and the first modular blockchain network.Nick White - COO of Celestia LabsNick's Twitter: @nickwh8teCelestia's Website: https://celestia.org/Logan Jastremski - Co-Founder at Frictionless Capital:Logan's Twitter: @LoganJastremskiFrictionless Capital: https://www.frictionless.fund/
Cindy Leow is the Co-Founder of Drift. Drift Protocol is the largest open-sourced perpetual futures exchange built on Solana, the fastest L1 blockchain. Cindy Leow's Twitter: https://x.com/cindyleowtt Drift's Twitter: https://x.com/DriftProtocol Drifts Website: https://www.drift.trade/ Logan Jastremski - Co-Founder at Frictionless Capital Logan's Twitter: https://x.com/LoganJastremski Frictionless Capital: https://www.frictionless.fund/
Rune Christensen is the Founder of Sky. Sky enables users to get rewarded for non-custodial saving. Rune's Twitter: https://x.com/RuneKek Sky's Twitter: https://x.com/SkyEcosystem Sky's Website: https://sky.money/ Logan Jastremski - Co-Founder at Frictionless Capital Logan's Twitter: https://x.com/LoganJastremski Frictionless Capital: https://www.frictionless.fund/
Alireza Ghods is the Founder of Natix - a global mapping network of smart cameras. Alireza Ghods Twitter: https://x.com/AlirezaGhods2 Natix's Twitter: https://x.com/NATIXNetwork Natix's Website: https://www.natix.network/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Alex Gluchowski is the CEO and Co-Founder of Matter Labs building ZkSync. ZKsync is an ever expanding verifiable blockchain network, secured by math. Alex Gluchowskis Twitter: https://x.com/_pgauthier Ledger's Twitter: https://x.com/zksync Ledger's Website: https://zksync.io/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Pascal Gauthier is the CEO of Ledger. Crypto security made easy. Ledger is the easiest and safest way to secure crypto, digital assets, and your peace of mind. Pascal's Twitter: https://x.com/_pgauthier Ledger's Twitter: https://www.ledger.com/ Ledger's Website: https://x.com/Ledger Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Jason Choi is the Co-Founder of Tangent: Evergreen prop investors for crypto founders. Jason Choi's Twitter: https://x.com/mrjasonchoi Tangent's Twitter: https://x.com/Tangent_xyz Tangent's Website: https://www.tangent.ventures/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Avery Ching is the CTO of Aptos Labs and the one of the Co-Founders of Aptos. Avery's Twitter: https://x.com/AveryChing Aptos's Twitter: https://x.com/Aptos Aptos's Website: https://aptosfoundation.org/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Meltem Demirors is the Founder of Crucible Capital. Meltem's Twitter: https://x.com/Melt_Dem Crucible Capital's Twitter: https://x.com/cruciblevc Crucible Capital's Website: https://www.cruciblecap.xyz/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Anatoly Yakovenko is the Founder of Solana. Anatoly's Twitter: @aeyakovenko Solana's Twitter: https://x.com/solana Solana's Website: https://solana.com Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Santiago R Santos is one of the top angel investors within Crypto and one of the industries best thinkers. Santiago's Twitter: https://x.com/santiagoroel Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___ Timecodes: 0:00 - Intro 1:30 - Thinking clearly 7:30 - Santiago's investing journey 12:50 - Managing emotions 16:15 - Playing infinite games 27:30 - ParaFi 32:30 - Know what game you're playing 41:00 - Underwriting & process 55:00 - Better products, not crypto products 59:00 - Changing your mind 1:08:00 - Accepting criticism 1:14:00 - Solana & MegaETH 1:22:30 - DePIN and DeFI 1:44:00 - The next decade of innovation
Lei Yang is the CTO of MegaETH Labs. MegaETH is real-time Ethereum, streaming transactions at lightning speed: sub-millisecond latency and over 100000 transactions per second. Lei Yang's Twitter: https://x.com/shayonsengupta MegaETH's Twitter: https://x.com/megaeth_labs MegaETH's Website: https://megaeth.systems/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Shayon Sengupta is a Investment Partner at Multicoin Capital. A thesis driven investors that make long-term, high-conviction investments in category defining crypto companies and protocols across public and private markets. Shayon Sengupta's Twitter: https://x.com/shayonsengupta Multicoin's Website: https://multicoin.capital/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Felipe Montealegre is the Co-Founder of Theia Capital. Theia invests in companies building the Internet Financial System, a global financial system based on cryptography that anybody can access from a phone or laptop, Felipe Montealegre's Twitter: https://x.com/TheiaResearch Theia's Website: https://www.theiablockchain.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Ryan Watkins is the Co-Founder of Syncracy Capital: A thesis-driven hedge fund making high conviction, concentrated investments in the secular winners of the crypto economy. Ryan Watkins's Twitter: https://x.com/RyanWatkins_ Syncracy's Twitter: https://x.com/SyncracyCapital Syncracy's Website: https://www.syncracy.io/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Jake Brukhman is the the Founder and CEO of CoinFund. CoinFund is where web3 capable meets web3 capital: cryptonative technologists who invest in the future before it's a trend. Jake Brukhman's Twitter: https://x.com/jbrukh CoinFund's Twitter: https://x.com/coinfund_io CoinFund's Website: https://coinfund.io/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Quinn Thompson is the CIO of Lekker Capital a Digital Asset and Macro Hedge Fund. Quinn's Twitter: https://x.com/qthomp Lekker Capital's Twitter: https://x.com/Lekker_Cap Lekker Capital's Website: https://quinnthompson.substack.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Alonso de Gortari is the Chief Economist at Mysten Labs. At Mysten Labs, they're building critical infrastructure to enable a more decentralized internet Alonso de Gortari's Twitter: https://x.com/alonsodegortari Mysten Labs's Twitter: https://x.com/Mysten_Labs Mysten Labs's Website: https://mystenlabs.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Zano Sherwani is the CTO at Jito. Jito Labs is a leading Solana MEV Infrastructure Company. We build high-performance systems to maximize the performance of the Solana blockchain. Zano's Twitter: https://x.com/segfaultdoctor Jito's Twitter: https://x.com/jito_sol Jito's Website: https://www.jito.network/staking/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Drake Evans is the CTO at Agora. The dollar belongs in the world's hands. Billions of people across the globe can now enjoy a more secure, inclusive financial system—built on the world's most widely recognized currency, the US dollar. Drake's Twitter: https://x.com/DrakeEvansV1 Agora's Twitter: https://x.com/agoradollar Agora's Website: https://www.agora.finance/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Salvador Gala is the Managing Partner at Escape Velocity Salvador's Twitter: https://x.com/DAnconia_Crypto Escape Velocity's Twitter: https://x.com/EV3ventures Escape Velocity's Website: https://ev3.xyz/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Andrena's believes the Internet is for everyone. Neil Chatterjee's Twitter: https://x.com/neilc_dawn Andrena's Twitter: https://x.com/andrena_wifi Andrena's Website: https://andrena.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
The GEODNET mission is to gather dense real-time geospatial data using a highly reliable web3.0 RTK (Real-Time Kinematics) Network powered by blockchain. Mike Horton's Twitter: https://x.com/mikeahorton Geodnet's Twitter: https://x.com/GEODNET_ Geodnet's Website: https://www.geodnet.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
IO.net is building The Internet of GPUs. This is a conversation with the new CEO Tory Green. Tory Green's Twitter: https://x.com/MTorygreen IO.net's Twitter: https://x.com/ionet IO.net's Website: https://io.net/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Sei V2 takes the proven advantages of Sei and makes it accessible to a global base of EVM developers. This allows Sei to get the best of Solana and Ethereum - a hyper optimized execution layer that benefits from the tooling and mindshare around the EVM. Jay Jog's Twitter: @jayendra_jog Sei Network's Twitter: @SeiNetwork Sei Network's Website: https://www.seinetwork.io/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Eric Chen is the Founder of Injective - The blockchain built for finance. Eric Chen's Twitter: https://twitter.com/ericinjective Injective's Twitter: https://twitter.com/injective Injective's Website: https://injective.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Matty Taylor is the Co-Founder and Managing Partner of Colosseum - the world's most competitive online hackathons, where elite crypto builders launch startups on Solana. Matty Taylor's Twitter: https://twitter.com/mattytay Colosseum's Twitter: https://twitter.com/ColosseumOrg Colosseum's Website: https://www.colosseum.org/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Anurag Arjun is the Co-founder Avail. Anurag's Twitter: https://twitter.com/anuragarjun Avail's Twitter: https://twitter.com/AvailProject Avail's Website: https://www.availproject.org/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Rob Solomon is the Co-founder DIMO. Rob's Twitter: https://twitter.com/robmsolomon DIMO's Twitter: https://twitter.com/DIMO_Network DIMO's Website: https://dimo.zone/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Ben Fisch is the Co-founder & CEO of Espresso Systems. Ben's Twitter: / benafisch Espresso Systems's Twitter: / espressosys Espresso Systems's Website: https://www.espressosys.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Robinson Burkey is the Co-Founder of Wormhole Foundation. Robinson's Twitter: https://twitter.com/RobinsonBurkey Wormhole's Twitter: https://twitter.com/wormholefdn Wormhole's Website: https://wormhole.foundation/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Brendan Farmer is the Technical Co-Founder of Polygon. Polygon is Enabling an infinitely scalable web of sovereign blockchains that feels like a single chain. Powered by ZK tech. Brendan's Twitter: https://twitter.com/_bfarmer Polygon's Twitter: https://twitter.com/0xPolygon Polygon's Website: https://polygon.technology/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Dan Albert is the Executive Director of Solana Foundation. The Solana Foundation is a non-profit foundation based in Zug, Switzerland, dedicated to the decentralization, adoption, and security of the Solana ecosystem. Dan's Twitter: https://twitter.com/DanPaul000 Solana Foundation's Twitter: https://twitter.com/SolanaFndn Foundation's Website: https://solana.org/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Alex is the Founder of Econia Labs. Econia: the high-performance on-chain order book for the Aptos blockchain. Built for equitable, global market access and engineered for composability, Econia provides trading infrastructure for Aptos DeFi. Econia Labs's Twitter: https://twitter.com/EconiaLabs Econia Labs's Website: https://www.econialabs.com/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Andrej Radonjic is the Founder of Grass Network. Grass is the easiest way to get paid for your unused internet. Andrej's Twitter: https://twitter.com/0xdrej Grass's Twitter: https://twitter.com/getgrass_io Grass's Website: https://www.getgrass.io/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Rabeel & Ahmad are the co-founders of Bluefin an On-Chain Trading Decentralized perpetuals platform with up to 20x leverage. Rabeel's Twitter: https://twitter.com/rabeelj_ Ahmad's Twitter: https://twitter.com/ahmadjawaid_ Bluefin's Twitter: https://twitter.com/bluefinapp Bluefin's Website:https://bluefin.io/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Tekin Salimi is the founder of dao5, a $125 million experimental cryptocurrency venture fund that will convert into a decentralized autonomous organization. Tekin Salimi- Founder of dao5 Tekin's Twitter: https://twitter.com/tekinsalimi dao5's Twitter: https://twitter.com/daofive dao5's Website: https://dao5.com/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Dan Hughes is the Founder of Radix Dan's Twitter: https://twitter.com/fuserleer Radix's Twitter: https://twitter.com/radixdlt Radix's Website: https://www.radixdlt.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Dominic Williams is the Chief Scientist of the DFINITY project Step into the era of blockchain as a limitless smart contract cloud that hosts everything on-chain: data, content, computations, and user experiences. Forget legacy IT and build tamperproof and unstoppable Web3 social media, gaming, virtual reality, decentralized finance, and enterprise infrastructure. Join the movement and realize the game-changing Internet Computer paradigm of full stack decentralization and seamless multi-chain today. Dominic Williams - Chief Scientist - Dominic's Twitter: https://twitter.com/dominic_w - Internet Computer's Website: https://internetcomputer.org/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Nick White is the COO of Celestia Labs. In this podcast we talk about the end game of Solana and Celestia. Celestia is a modular consensus and data network, built to enable anyone to easily deploy their own blockchain with minimal overhead and the first modular blockchain network. Nick White - COO of Celestia Labs - Nick's Twitter: @nickwh8te - Celestia's Website: https://celestia.org/ Logan Jastremski - Co-Founder at Frictionless Capital: - Logan's Twitter: @LoganJastremski - Frictionless Capital: https://www.frictionless.fund/
Nicholas Mussallem is the Head of Product at AvaLabs building AvaCloud Nicholas's Twitter: https://twitter.com/_nMoose AvaCloud's Twitter: https://twitter.com/AvaCloud Avacloud's Website: https: https://avacloud.io/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/
Jayant Krishnamurthy is the Co-founder and CTO of Douro Labs (Pyth) Jayant's Twitter: https://twitter.com/jayantkrish Pyth's Twitter: https://twitter.com/PythNetwork Pyth's Website: https://pyth.network/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Meow is the Founder of Jupiter Meow's Twitter: https://twitter.com/weremeow Jupiter's Twitter: https://twitter.com/JupiterExchange Jupiter's Website: https://jup.ag/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Avery Ching is the CTO of Aptos Labs and the one of the Co-Founders of Aptos. Avery's Twitter: / averyching Aptos's Twitter: / aptos_network Aptos's Website: https://aptosfoundation.org/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
Sam Blackshear is the CTO of Mysten Labs and the one of the Co-Founders of Sui. Sam's Twitter: https://twitter.com/b1ackd0g Mysten's Twitter: https://twitter.com/Mysten_Labs Mysten's Website: https://mystenlabs.com/ Logan Jastremski's Twitter: @LoganJastremski Frictionless's Twitter: @_Frictionless_ Frictionless's Website: https://frictionless.fund/ ___
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