Noah Goldberg, Partner at Theia Research, talks about the shifting dynamics of the crypto market in 2025. We chat about why crypto funds are facing attrition, the "Spac-like" collapse of recent projects, and the pivot toward fintech rails. Noah breaks down the fundamentals of Hyperliquid, the reality of token overhang, and the challenges for venture capital in an environment of compressed returns. Subscribe to the newsletter! https://newsletter.blockspacemedia.com Notes: → Funds should be up 50% annualized in 2023-24 → Binance TGE tokens down 80-90% after 90 days → Robinhood margin rates: Sofr plus 700 Timestamps: 00:00 Start 00:35 Market overview 03:50 Liquid vs equity funds 06:43 What edge does a crypto fund have now? 12:37 Venture fund revenue prospects 18:15 Thoughts on HYPE 22:42 Quality of earnings 28:46 Taking on Wall Street 39:23 ellipsis labs 40:11 Morpho 52:07 Figure 55:51 Collaterized lending is growing 59:32 Early stage financing 1:03:34 Avici 1:06:00 MetaDAO & futarcy 1:10:25 Prediction markets The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers. Learn more about your ad choices. Visit megaphone.fm/adchoices