The Big Brain Podcast features conversations with crypto's most influential thinkers, builders, and traders.
Co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu, these interviews challenge ideas, dig into mental models, and push guests beyond the headlines.
This show isn't about predicting the future of crypto—it’s about spotlighting the big brains shaping it.
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)
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22 Apr 2026
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
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👨🔬 Expert Analysis
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16 Dec 2025
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
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🚨 Breaking News
👨🔬 Expert Analysis
📈 Market Insights
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27 Nov 2025
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
25 Nov 2025
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
4 Nov 2025
ZCash Co-Founder: 'The World is Demanding More Privacy'
In this episode of The Big Brain Podcast, Eli Ben-Sasson – co-founder of Zcash and Starknet – joins The Block President Larry Cermak and MegaETH CSO Namik Muduroglu.
The conversation delves into the challenges of ensuring integrity in privacy payments on decentralized public blockchains, highlighting the role of ZK proofs in validating computations without compromising sensitive information.
OUTLINE
00:00 Introduction
03:48 From Academia to Crypto
08:52 Zcash Privacy Overview
13:06 Monero vs. Zcash
15:05 The Future of Privacy
16:50 Quantum Threats
24:13 Zcash's Evolution
28:23 Starknet & BTCFi
33:13 Bitcoin's Future
41:08 Why Privacy Matters
43:14 The Future of Starknet
Guest links:
Eli Ben-Sasson - https://x.com/YZiLabs
Starknet BTCFi - https://www.starknet.io/blog/starknet-x-bitcoin-the-next-step-btcfi-on-starknet/
Show links:
Larry - https://x.com/lawmaster
Namik - https://x.com/NamikMuduroglu
14 Oct 2025
Breaking down crypto's biggest ever liquidation event with Wintermute founder Evgeny Gaevoy
In this episode of the Big Brain Podcast, Larry and Namik are joined by Wintermute Founder and CEO Evgeny Gaevoy to discuss the recent historic crypto crash, explaining how extreme leverage, exchange failures, and forced ADL liquidations led to market chaos and liquidity breakdowns across the ecosystem.
OUTLINE
00:00 Introduction
00:45 What Happened?
04:46 Understanding ADL
12:25 Transparency and Privacy on Hyperliquid
16:35 Circuit Breakers
19:16 Occam’s Razor
21:25 Assessing the Damage
25:24 Lessons learned
28:39 Looking Ahead
30:21 A Maturing Market
32:13 Dealing with Extreme Volatility
35:19 Impact on DeFi
37:28 Wintermute as the Crypto Villain
41:47 What else does Wintermute do?
44:11 Conclusion
GUEST LINKS
https://x.com/evgenygaevoy
https://x.com/wintermute_t
This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.
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25 Aug 2025
Venture trends, regulatory wins, and consumer innovation: Tom Schmidt and Alok Vasudev on crypto's new era
In this episode of the Big Brain Podcast, Larry and Namik are joined by Dragonfly's Tom Schmidt Alok Vasudev of Standard Crypto. They dive into current trends in venture capital within the crypto space, touching on how market conditions have evolved since 2021, the role of treasury companies, and the evolving regulatory landscape.
OUTLINE
00:00 Introduction 01:06 Alok's Background 04:45 Tom's Background 06:21 Cap Table Competition 07:53 Crypto 'Metas' 13:09 Copycat Crypto Projects 15:26 Brand Positioning 17:45 Web3 Moats 19:29 Crypto Treasury Companies 27:28 Regulatory Tailwinds 30:38 Consumer Adoption
GUEST LINKS
https://x.com/tomhschmidt
https://x.com/AlokVasudev
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7 Aug 2025
How the US buying Bitcoin will rebuild American strength
Jack Mallers recounts his bitcoin journey, and explains how the US government could expunge its debt by dumping USD into gold and bitcoin.
OUTLINE:
00:00 Introduction
06:55 Mallers Family Office
09:50 Founding Strike
14:53 Orange-Pilling El Salvador
22:23 Bitcoin & Tether
26:18 International Bitcoin Policies
32:39 US Bitcoin Policy
53:30 Twenty One
23 Jun 2025
Infinite Money Glitch: Paolo Ardoino shares Tether's vision for building a stable society
Paolo Ardoino, Tether's CTO, shares insights into USDT's rise as the leading stablecoin and Tether's investments in AI, energy, and biotech, revealing their vision for a stable society in this interview.
11 Jun 2025
Rune Christensen and Guy Young on the past, present, and future of DeFi
Rune Christensen and Guy Young explore the evolution of decentralized finance, highlighting its shift towards sustainable business models and away from initial hype in this interview.
23 May 2025
Winning the Crypto Long Game
Haseeb Qureshi and Jordi Alexander explore the parallels between poker and crypto, discussing Bitcoin's economics and the fusion of AI with cryptocurrency in an interview with Larry Cermak and Namik Muduroglu.
20 May 2025
The Big Brain Podcast: Teaser
This episode teases the launch of "The Big Brain Podcast" without revealing specific content or guests.
Who has been a guest on The Big Brain Podcast
Names identified in recent episode analyses. Showing up to five guests.
Paolo Ardoino
Rune Christensen
Guy Young
Haseeb Qureshi
Jordi Alexander
Reach and audience
Public platform figures. Ratings count people who left a rating, not total listeners.
YouTube views
499,498
Score snapshot 15 Sept 2025
Apple Podcasts (US)
5.0 / 5
2 ratings
Podcast Authority Score: 27 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
6
Social presence
0
YouTube
86
Engagement
32
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