Lucas Schuermann is the founder and CEO of Variational, a peer-to-peer derivatives protocol built on Arbitrum. Former Genesis executive, former quant, and someone who went to Columbia at 12 and started a hedge fund at 20.

Today we get into why variational charges zero trading fees, how it's aggregating liquidity from traditional finance to list hundreds of assets on chain, why perps have a funding rate problem most traders don't understand until it costs them, and what happens to old-school brokers once this liquidity actually moves.

___________

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/ 

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/ 

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT 

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/ 

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/ 

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com 

🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto

___________

FOLLOW VARIATIONAL 👇

• Twitter: https://x.com/variational_io

• Linkedin: https://ky.linkedin.com/company/variational

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

Timestamps 

0:00 Intro

2:20 Merch, Travel & Being Back in Singapore

5:13 Who Is Lucas Sherman?

5:24 How Lucas Thinks About Building Trust

6:03 Starting College at Age 12

8:26 How Do You Actually Skip That Many Grades?

9:45 Making Friends Six Years Younger Than Everyone Else

10:40 Are You Still a "Weirdo" at 30?

11:40 Starting a Hedge Fund at 20 - "Hubris of the Young"

14:09 From Paper-Reading Group to a Real Fund

16:50 Acquired by Digital Currency Group at 21

18:59 Why Sell the Fund to DCG?

19:54 Sponsors: Variational & Bitwise

20:47 Did You Regret Selling That Early?

21:51 The Money DCG Made Off Their Work

22:38 Starting a Market Making Firm

24:46 Explain Variational Protocol to Your Mom

26:49 Biggest Mistake Building Variational

28:13 The "Holy Sh*t, We Built Something Massive" Moment

29:54 Reason #1: Zero Fees

32:59 How Do You Trust the Price With Only One Market Maker?

34:33 Are Trading Fees a Scam?

35:29 How Much Do Fees Actually Cost Traders?

36:33 Reason #2: Asset Selection & What "Liquidity" Really Means

40:20 Why Hasn't Crypto Solved This Already?

42:39 Where On-Chain Order Books Break at Scale

46:04 Sponsor: KAST

1:07:30 Sponsor: Jupiterexchange & Ethena

Guy Young built Ethena from zero to billions in under two years. 

In this conversation, we talk about the one crypto product he believes can reach 100 million users: a yield-bearing dollar in a mobile app. 

The goal is for it to feel like a normal fintech app where users don't even know crypto is powering it underneath. Just save, spend, and send to anyone in the world. 

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/ 

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/ 

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT 

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/ 

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/ 

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com 

🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto

___________

Follow Guy Young

• Twitter: https://x.com/gdog97_

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

2:37 Which Of Guy’s Plans Didn’t Work Out

5:37 Where Are The Users People Are Trying To Obtain

7:10 What Excited Guy About Crypto

9:20 Differences Between PayPal, Revolut, & Neo Banks

12:43 Partnerships: @Variational @BitwiseInvest

13:36 Revolut vs Stable Coin Neo Banks 

15:58 Is Swapping To Neo Banks A 10x Improvement

18:00 Ethena Pay Explained Simply

21:21 Why Another Crypto Neo Bank

23:53 Will A Fight For The Pie Happen With Crypto Banks 

25:55 How Ethena Gets Users When It Can Help Everyone

32:47 What Makes Ethena Different

36:51 Ethena’s Cashback System Revealed

38:32 Guy’s Thoughts On How Ethena Reduces Fees 

39:39 How Ethena Gets The Best Yield 

45:16 Guy’s Opinion On Dealing With FUD

48:35 Why Guy Doesn’t Communicate A Lot

49:29 Partnership: @KASTxyz

50:17 What KPI Is Ethena Looking To Hit In 2026

51:55 The Holy Grail For A Stable Coin Neo Bank

52:31 Partnerships: @JupiterExchange @Ethena

53:14 If Everyone’s Doing The Same Thing, Who Wins

55:23 The Next Big Thing For Ethena After Ethena Pay

56:36 Is Ethena Pay Like USDE

58:04 Closing Thoughts

Trezor's CTO, Tomáš Sušánka, breaks down how AI is changing the scam landscape and why even security experts are getting fooled. 

From AI deepfake Microsoft Teams calls to voice cloning and phishing sites that nearly caught the CTO himself, this conversation covers the modern security playbook everyone needs for 2026.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

___________

Follow Tomáš Sušánka

• Twitter: https://x.com/tsusanka

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

2:07 Does Tomas Like To Talk

4:15 What Does Tomas Do & Why

5:15 How Much Does Bitcoin Matter To Tomas

6:28 Why Should People Still Care About Bitcoin

8:25 Who Is Tomas Sushanka

10:10 Why Humans Are So Bad With Security

12:58 Tomas’s Thoughts On People Downplaying Risk

14:27 How Should One Think About Risk

15:25 Does Intelligence Play A Role In Risk

16:54 Why Do Smart People Fall For Scams

23:39 How Do We Fix This Scam Problem

25:12 Partnerships: @Variational @BitwiseInvest

26:05 Which Security Mistake Would Tomas Remove

28:57 How Tomas Protects His Assets 

29:49 What’s The Craziest Hack Tomas Has Seen

31:24 A Security Habit That Makes Tomas Look Crazy

32:27 Why Someone Should Care About Self-Custody

36:05 When Should People Look Into A Hardware Wallet

37:48 A Strategy For Hardware Risk Management

44:16 How Does One Manage The Inheritance Problem

46:29 Should People Keep Assets On An Exchange

47:32 Partnership: @KASTxyz

48:20 What Security Setup Should Kevin’s Grandma Use

50:08 Things To Can Do To Prevent Hacks & Scams

1:01:57 Should People Upgrade Their Trezor Wallets

1:05:28 How Self-Custody Will Evolve & Not Be Archaic

1:08:07 Partnerships: @JupiterExchange @Ethena

1:08:50 The Biggest Problem With Self-Custody

1:09:52 Is Quantum Computing A Worry For Crypto

1:14:48 Who’s Taking Quantum Computing Seriously

1:20:41 Who’s Securing Bitcoin Against Quantum Risk

1:23:58 A Crypto Belief That Tomas Disagrees With

1:26:12 Is There A Future For Digital Identity 

1:27:56 Could Self-Custody Become Too Complicated

1:28:42 Dangerous Advice Tomas Had Heard Before

1:29:43 Does AI Make You Safer Or Vulnerable

1:31:25 Closing Thoughts

Jupiter COO, Kash Dhanda, breaks down the real playbook for building wealth in crypto without luck, memecoins, or moonshots. 

He explains why we're still in the early majority phase of crypto adoption, why Solana is becoming the everything chain, and why he personally keeps over 50 percent of his portfolio in stablecoins earning yield.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto

___________

CONNECT WITH KASH DHANDA

Twitter:https://x.com/kashdhanda

Twitter: https://x.com/jupiterexchange

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

2:10 Crypto Middleman Discussion

4:46 Where Crypto Currently Sits Within TradFi

7:59 Who Is Kash Dhanda

9:26 What Was Kash’s Role On SuperTeam

11:42 Why Kevin Became So Bullish On Solana & ZCash

13:02 What Is The Concept Of Infinite Capitalism

16:07 Partnerships: @Variational @BitwiseInvest

19:15 Kash’s Opinion On Memecoins

21:27 Why Even Hold 10% For Random Investing

24:15 How Can People Get Rich In Crypto Without Luck

27:25 The One Way To Compound Wealth In Crypto

28:33 Isn’t Yield Not Worth It For Crypto Investing

31:14 Why Go All In On Stablecoins

40:10 Partnership: @KASTxyz

43:21 Is Solana Rising From The Ashes

47:09 What’s Solana Bad At Toda

51:01 Solana’s Thesis In 2026

52:23 Is SOL Becoming Future-Proof

54:07 What Is Jupiter Today

56:13 Why JUP Token Is Powered By Ethena

57:19 Why Does Jupiter Need A Stable Coin 

1:00:05 How JUP Is Able To Give Yield

1:03:20 What Is Jupiter Spend

1:04:58 Partnerships: @JupiterExchange @Ethena

1:05:42 The Advantages Of Using Jupiter Spend

1:07:39 Gum Global Unified Markets Explained Simply

1:10:20 What Other Things Will Gum Help With

1:12:30 Does Solana Doing Well Benefit Jupiter Heavily

1:14:45 Why JUP Didn’t Do Well Last Cycle

1:17:21 The Changes Jupiter Is Making To Stand Out

1:19:23 Should We Be Bullish On JUP Token

1:23:28 One Takeaway From This Conversation 

1:24:15 Closing Thoughts

Jordi Visser, macro strategist at 22V Research and former Weiss Multi-Strategy CIO, breaks down why Bitcoin is his hedge against a coming age of AI-driven abundance and why he holds no interest in ever selling. 

He also dives into longevity, heart rate variability, and why chasing money and status like buying a house may be the wrong game to play.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto

___________

CONNECT WITH JORDI

Twitter: https://x.com/jvisserlabs

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

2:10 Was Jordi Happy With His Weekend & Activities

3:49 How Does One Live Until 100 Years Old

4:31 Why Jordi Is Fascinated With Longevity

5:44 What Kills The Habit Of Living Healthy

7:20 Jordi’s Thoughts On Supplements & Meds

9:51 Partnerships: @Variational @BitwiseInvest

12:17 How Distribution Of Wealth Affects Longevity

14:03 Jordi’s Opinion On Peptides & Hormones

17:47 What Is Heart-Rate Variability

21:21 How Can You Track Heart-Rate Variability

25:12 Jordi’s Findings Within The Finance World

29:10 When Jordi Learned The Concept Of Money

31:58 Partnership: @KASTxyz

32:47 What’s The Point Of Making More Mone

38:20 Does Abundance = More Affordable 

38:54 Why Would We Still Need To Build Wealth

41:22 How Jordi Became Fascinated With Bitcoin

47:44 Jordi’s Thesis On Bitcoin Explained Simply

50:10 How Much Of Jordi’s Portfolio Is Bitcoin

50:48 Would Jordi Ever Sell His Bitcoin

51:52 Partnerships: @JupiterExchange @Ethena

52:38 How Big Does Bitcoin Get

54:00 Jordi’s Thoughts On “Bitcoin Is Too Expensive”

55:28 Why Have A Channel About Crypto & Not Bitcoin

56:25 Does Jordi Invest In Other Crypto Assets

57:24 Other Scarce Assets Jordi’s Invested In

58:41 Should 20 Year Olds Work Towards Buying A House

1:02:00 The Difference Between Routine & Unique

1:03:57 Why You Should Prioritize Longevity

1:07:02 Closing Thoughts

Scott Melker, host of The Wolf of All Streets, explains why most people chasing quick wins in crypto never make it, and why his own strategy is deliberately boring: mostly Bitcoin, bought on a schedule and left alone. 

He also opens up about being a top creditor in the Voyager collapse, his first interview with Michael Saylor, and why he thinks crypto Twitter is actively hurting mainstream adoption.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto

___________

CONNECT WITH RAAGS

Twitter: https://x.com/raagulanpathy

LinkedIn: https://www.linkedin.com/in/raagulanpathy/

Twitter: https://x.com/kastxyz

Website: https://www.kast.xyz/

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

1:51 Dressing Up Discussion

2:51 What Helps Scott Stay Optimistic

3:43 Scott’s Thoughts On Failure

4:43 Who Is Scott Melker?

7:00 Why Do DJ’s Go Down The Crypto Rabbit Hole

8:48 What Scott’s Trading Life Was Like

9:56 When Did Scott Go All In On Building In Crypto

11:46 Partnerships: @Variational @BitwiseInvest

12:38 Is Crypto Still Relevant In 2026

16:15 What Scott Invests In

18:50 How Scott’s Opinion On Crypto Gets Influenced

19:58 Scott’s Thoughts On Yield

23:42 How To Improve A Crypto Media Business 

26:26 How Scott Stays Excited Even When It’s Boring 

28:12 Partnership: @KASTxyz

31:46 Scott’s Advice On Trading Bitcoin

34:17 How Average People Get Rich From Crypto

35:40 A Few Lessons Scott Learned In 2022

38:08 What Other Assets Is Scott Interested In

39:23 Scott’s Most Unexpected But Best Interview

43:06 The Biggest Myth About Investing Debunked

44:13 Partnerships: @JupiterExchange @Ethena

44:57 Scott’s Goal With His Media Company

47:22 What About Scott’s Goal In Life

50:39 Scott’s Learnings From Behind The Scenes 

51:59 How Scott Stays Motivated Despite The Bear Market

53:33 Why People Should Be Optimistic About Crypto

57:26 Closing Thought

Raags, founder of Kast, breaks down the massive crypto opportunity he bet his career on, why he scrapped Kast’s token for tokenized equity, and what really happens to your money if a crypto bank collapses.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

🚀 Kalshi is a US regulated financial exchange that allows users to trade on the outcomes of real-world events : https://kalshi.com/category/crypto

___________

CONNECT WITH RAAGS

Twitter: https://x.com/raagulanpathy

LinkedIn: https://www.linkedin.com/in/raagulanpathy/

Twitter: https://x.com/kastxyz

Website: https://www.kast.xyz/

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

1:58 How Raagulan Prioritizes What’s Done At Kast

4:35 Kast Employees Deal With Major Chaos

5:38 Raagulan’s Theory About Hiring For Kast

7:02 Why Firing People Can Be More Difficult

8:35 An Error That Could Kill Kast

9:52 Convincing A Stable Coin Skeptic 

12:06 Why Kast Has To Build Different Departments

18:32 Partnerships: @Variational @BitwiseInvest

19:24 Raagulan’s Thoughts On Fees

21:55 Kast’s Best Customer Type

23:53 Something Raagulan Shouldn’t Say Publicly

29:04 Raagulan’s Experience With GLP-Ones

34:05 Kast Is On Track For $100 Million In Revenue

36:55 Why Kast Hasn’t Blown Up Due To Misspending

41:04 Why Is Everyone Trying To Build Neo Banks

42:52 What’s Difficult About Building Neo Banks

49:14 Kast Isn’t A Card Business

50:43 How Kast Is Building Momentum

56:29 Partnerships: @KASTxyz @Trezor

57:33 Kevin’s Thoughts On Kast

58:59 What Does Kast Do With $80 Million

1:01:55 Would Raagulan Consider Selling Equity

1:08:39 Is Your Money Truly Yours When Inside Kast 

1:10:49 What Happens To Your Money If Kast Fails

1:17:38 Pros & Cons Between Non & Self Custodial

1:22:42 Partnerships: @JupiterExchange @Ethena

1:23:26 Should The Kast Community Feel Cheated

1:34:13 What’s This Tokenized Stock Based On?

1:35:25 The Hill Raagulan Is Willing To Die On

1:37:59 Is The Worse Behind Us In Crypto

1:42:57 One Thing To Remember From This Conversation

1:45:16 Closing Thoughts

Mert Mumtaz, co-founder and CEO of Helius, breaks down why he sees Solana and Zcash as two of crypto's most undervalued bets heading into 2026, using his "physics and incentives" framework to separate real conviction from trader noise. 

He also debunks the recent Zcash security scare, explains why AI is forcing crypto toward "spaceflight-level" security standards, and weighs in on Near's high-upside, low-conviction potential.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

⚖️ Variational aggregates liquidity to offer industry-leading depth on crypto, equities, commodities, and more: https://www.variational.io/

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

___________

Follow Mert Mumtaz

• Twitter: https://x.com/0xMert_

• Twitter: https://x.com/heliuslabs

• Website: https://www.helius.dev/

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

1:57 Coffee, Zyns, & Sleep Discussion

3:26 Is It Better To Work At Night With ADHD

4:05 How Mert Has A Relationship Despite His Schedule

6:45 Mert On Being A Parent

7:30 How Mert Grew On X So Fast

8:51 Partnerships: @Variational @BitwiseInvest

9:44 Mert’s Experience With SOL’s Price Drop 

15:48 The Behind The Scenes With Solana

18:22 How Solana’s Future-Proofing Its Ecosystem

25:47 Why Businesses Will Build On Solana

28:05 Why Solana Isn’t Seen As The Obvious Choice

30:38 Partnerships: @KASTxyz @Trezor

31:43 Mert’s Thesis Behind Solana In 2026

36:42 Solana Will Become The Biggest Financial Economy 

42:45 The Timeline On Solana’s Changes Going Live

44:23 Is Solana Making Its Comeback?

47:31 Partnerships: @JupiterExchange @Ethena

48:14 The Zcash Drama Explained

55:39 AI’s Advancement Means Crypto Must Evolve

59:24 What Is Zcash’s Potential

1:04:40 How Is NEAR Special Like Solana & Zcash

1:09:32 Closing Thoughts

Tushar Jain, Managing Partner at Multicoin Capital, breaks down why he believes the crypto market has already bottomed and is entering a new turning point, walking through his conviction plays on Solana, Hyperliquid, and Zcash. 

He also opens up on Multicoin's biggest shakeup yet: co-founder Kyle Samani's exit from the firm and the industry.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

___________

Follow Tushar Jain

• Twitter: https://x.com/tushar_jain

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 - Intro

1:31 - Who is Tushar Jain

3:44 - Are we at a crypto turning point?

4:57 - Buying into bad news before confirmation

6:24 - Buying vs. selling: which is harder

7:13 - Still bullish on Solana?

9:15 - TradFi issuers and credible neutrality

11:47 - Sponsors: Variational Bitwise

12:39 - How to size two competing bullish bets

14:13 - Category leader vs. "better play"

17:00 - Most obvious trade for 2026: Zcash

19:39 - What Zcash represents

22:27 - Valuing an asset with no revenue

24:18 - Trading framework vs. buy-and-hold

26:40 - Valuing Solana and Hyperliquid 

31:45 - Sponsors: Kast, Trezor

32:54 - Timing entries in volatile assets

36:26 - Why Multicoin doesn't trade, only manages

39:25 - The four sources of investing edge

41:14 - Edge examples: Zcash, Hype, Ethena

43:21 - What Ethena represents

45:37 - How much founder quality matters

47:09 - When to take profits

49:50 - Thoughts on Ethereum

51:44 - Kyle leaving Multicoin

53:03 - Sponsors: Jupiter, Ethena

53:46 - Why Tushar is still in crypto

58:26 - Wrap-up and thanks

1:00:37 - Bonus segment intro - Zcash drama + Hyperliquid report

1:00:39 - What happened with the Zcash bug

1:04:13 - Zcash's fix: the Ironwood pool

1:05:50 - How long it took to decide to buy more

1:08:13 - Multicoin's Hyperliquid ($HYPE) report

1:09:55 - Base case: $319 price target, key assumptions

1:15:21 - Is the crypto bottom in?

1:18:11 - Closing thanks

Haseeb Qureshi, Managing Partner at Dragonfly, breaks down the one rule that separates investors who actually get rich from those who don't: staying in the market when everything says to get out. 

A former professional poker player turned VC, he shares how he survived 2018 and FTX without selling, and why he defended Ethereum and Solana when nobody else would.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 

Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

___________

Follow Haseeb Qureshi

• Twitter: https://x.com/hosseeb

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Instagram:  https://www.instagram.com/kevinfollonier_ 

TikTok: https://www.tiktok.com/@kevinfollonier_

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

1:55 Studio & Show Discussion

3:30 How Hasseb Feels In Life

4:51 Why All The Og’s Are Leaving Crypto

7:39 How Do You Last In Crypto

9:39 Biases That Crypto Investors Try To Trick You With

11:20 Partnerships: @Trezor @BitwiseInvest

12:06 Major Lessons Haseeb Learned At Silicon Valley

17:51 Why Haseeb Compares Crypto To Tech

21:29 What Crypto Is All About

24:35 Haseeb’s Meaning Behind Believing In Exponentials

30:51 Partnership: @KASTxyz 

31:39 How Haseeb Sees Crypto’s Future Becoming Huge

40:54 Does Haseeb Ever Sell Major Tokens

41:28 More Oh Haseeb’s Personal Finances

42:04 Haseeb’s Thesis On Bitcoin + Exponential Growth

48:29 What Does Bitcoin Look Like Once Saturated

51:10 Partnerships: @JupiterExchange @Ethena

51:53 Why Haseeb Defends ETH & SOL

58:07 When Has This Growth Story Thesis Been Wrong

1:02:31 Where HyperLiquid Fits: Growth Or Revenue

1:04:05 Should People Stay In Crypto?

1:08:31 Closing Thoughts

Eric Larchevêque, co-founder of Ledger, shares why everything you've been told about owning money is wrong - and how losing his savings to a corrupt bank, having his gold seized, and watching his co-founder get kidnapped for €10 million in Bitcoin proved it.

THE SHIFT NEWSLETTER

💡Go beyond the mic - subscribe to The Shift, my new weekly newsletter where I share the uncut stories, raw takes, and behind-the-scenes notes from When Shift Happens: https://www.kevinfollonier.com/crypto-web3-newsletter

___________

PARTNERS

🚀 Jupiter is the most used Decentralized Exchange in Crypto and the largest DEX by volume on Solana: https://jup.ag/

💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries - Get $20 Signup Bonus - https://go.kast.xyz/VqVO/SHIFT - promo code: SHIFT

🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.

 Buy with 10% off - promo code: WSH10 - https://affil.trezor.io/SH12h

🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/

⚖️ Ethena is a synthetic dollar protocol on Ethereum, offering a crypto-native, non-bank-dependent stablecoin called USDe. It uses a delta-neutral hedging strategy with staked ETH to maintain a $1 peg. https://ethena.fi/

🔒Sumsub is the leading full-cycle verification platform for the crypto industry, chosen by 8 out of 10 of the world’s largest exchanges. From instant KYC and KYB to automated crypto transaction monitoring, they help VASPs, exchanges, and DeFi platforms prevent fraud, stay compliant, and scale globally. 

Download the Sumsub Crypto Industry Report 2026 here: https://sumsub.link/osb

♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. https://www.coinsilium.com

___________

Follow Eric Larchevêque

• Twitter: https://x.com/ericlarch

FOLLOW WHEN SHIFT HAPPENS

Twitter (X): https://x.com/KevinWSHPod  

Linkedin: https://www.linkedin.com/in/kevinfollonier/

Website: https://kevinfollonier.com/

DISCLAIMER

The info contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice. The content of this video is solely the opinions of the speakers who are not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speakers do not guarantee any particular outcome.

0:00 Introduction

2:00 Eric’s First Podcast In English

2:32 Where Does Eric’s Optimism Come From

3:31 The First Thing Eric Thinks Of Every Morning

4:03 What Eric’s AI Agents Do

4:57 How Eric Uses These AI Agents

5:47 What Does Eric Do & Why

8:01 Why People Need To Hit A wall

12:39 Who Is Eric Larcheveque

13:21 Eric’s First Major Leap For His Company

18:21 Going From Building Websites To Bitcoin

27:31 Partnerships: @Trezor @BitwiseInvest

28:17 Why Eric Went All In On Bitcoin

34:37 Did Eric Question The Volatility Of Bitcoin

40:24 100% Of Eric’s Liquid Networth Is In Bitcoin

49:59 You Should Build A Bitcoin Strategy

53:07 Where Does Bitcoin Go In 10 Years

54:47 What Does A Bitcoin Dominant World Look Like

59:24 Partnership: @KASTxyz 

1:00:12 Why Bitcoin Will Never Hit 0

1:10:47 What Eric Learned While Building Ledger

1:16:03 Co-Founder Kidnapping Discussion & Advice

1:25:56 Why Eric Stays In France

1:27:23 Partnerships: @JupiterExchange @Ethena

1:28:07 What Is The Bitcoin Society

1:32:25 Who’s Backing Bitcoin Society

1:32:51 What Does A NBA Player Do With Bitcoin

1:33:46 Eric’s View On Learning To Learn

1:34:38 Why Eric Creates Videos When He Could Chill

1:37:19 Is Eric Building A Personal Brand

1:39:00 Does Eric Feel Happier Now With Money

1:40:04 Being An Entrepreneur Requires Sacrifice

1:41:22 Experiences > Buying Extra Bitcoin

1:44:06 Do Everything To Achieve This One Thing

1:45:11 Closing Thoughts