Proof of Coverage

Multicoin Capital's Shayon Sengupta on why crypto is the most underpriced opportunity in tech, the firm's $319 HYPE base case, Solana vs Hyperliquid, and whether DePIN is dead.
In one of his first interviews since being promoted to General Partner & Co-Head of Venture, Shayon joins Connor in New York to explain why Multicoin recommitted to crypto while peer funds expand into AI and robotics. They cover the two forces he believes the market is mispricing (infrastructure maturity and regulatory clarity), the everything exchange thesis behind Hyperliquid, why dual token-equity structures fail, the coming financialization of compute, and a candid Helium post-mortem. On DePIN: "You can call me delusional if you want. We are even stronger believers right now."

Timestamps:
00:00 - Cold Open00:42 - The Pod Returns with a Bang01:38 - What Changed Since the March Promotion03:25 - Inside Multicoin: Tushar, Spencer, Hedge Fund vs Venture06:08 - Favorite Memory: Breakpoint 2021, SOL at $25009:17 - Lessons from Three Cycles13:38 - AI in 2026 Is Crypto in 202114:19 - Why Multicoin Recommitted to Crypto18:35 - The Regulatory Unlock the Market Is Mispricing21:47 - Is Decentralization Still a Core Tenet?24:49 - Token Holder Rights and the Revenue Meta28:16 - The HYPE Thesis: $319 Base Case, the Everything Exchange30:53 - Are 99% Buybacks the New Standard?33:10 - Why Dual Token-Equity Structures Go to Zero37:33 - Solana vs Hyperliquid: Spot vs Perps42:10 - Request for Startups: Financializing Compute46:30 - Shayon Flips the Mic: Is AI Topping?48:53 - The Four-Year Cycle and Where the Bottom Is51:46 - Where the Next Bull Market Flows Go53:08 - Is DePIN Dead?56:40 - The Helium Post-Mortem59:14 - GEODNET, Grass, and DePIN's Next Five Years01:01:45 - Bear Market Wisdom: "Founders Remember"

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Proof of Coverage is tech's creative agency. We make launch videos, brand films, founder stories, and event recaps for teams like Kalshi, MoonPay, and Solana.
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Although our guest is a General Partner of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin's investment advisory services or should otherwise be confused for investment, tax, legal or other financial advice. The hosts and guest, and the firms they represent, may hold positions in the companies and tokens mentioned in this episode and stand to gain in the event that the price of the tokens increase.  Multicoin's HYPE valuation report discussed in this podcast can be found as a link in the show notes.  The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.
Multicoin's Hype Analysis and Valuation report can be found HERE. The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.
Multicoin and the host may have interests in companies and tokens mentioned during the episode.

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https://x.com/henrymcphie_

In this episode, Connor talks with Henry McPhie, co-founder and CEO of Streamex (NASDAQ: STEX), about bringing the gold market on-chain through regulated tokenization. They discuss the launch of GLDY, a yield-bearing gold-backed token that pays holders 3.5% APY through gold leasing, how it stacks up against Tether Gold and Pax Gold, Streamex's revenue model, and the roadmap to tokenize silver, copper, oil & gas, and beyond.

Timestamps:
02:05 - Launch Day Overview
03:07 - How Gold Yield Works
04:43 - Risk and Insurance Layers
06:13 - Chains and Early Demand
07:33 - Bitcoin Vs Gold
09:16 - Henry's Origin Story
11:49 - Why Go Public
13:38 - Team and Advisors
16:50 - Treasury and Seeding Liquidity
18:43 - Revenue Model Breakdown
22:42 - GLDY Versus Other Gold Tokens
27:58 - Retail and Institutional Access
30:04 - Where to Learn More
Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode, Connor talks with John Deaton, a trial lawyer and prominent legal voice in the crypto space known for representing XRP holders in the SEC's case against Ripple. John discusses his fight against regulatory overreach and his recent entry into politics, running for the US Senate in Massachusetts. They delve into John's stance on issues like crypto regulation, healthcare, housing, energy, and the American Dream. The conversation provides insights into John's transformative journey from law to politics, his campaign platform, and his proposals for economic and social reforms.

Timestamps:
00:00 - Introduction
03:12 - John Deaton's Senate Campaign
10:55 - Healthcare and Economic Challenges
13:49 - John's Crypto Journey
17:39 - The Ripple Lawsuit and XRP
25:17 - Future of Crypto Regulation
27:39 - Conclusion

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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Connor Lovely and Connor King sit down with Soju and Pranave from Meteora to break down how they’re turning token ownership into something that actually looks like equity. From their 48% float TGE to monthly investor recaps and $12M in discretionary buybacks, they’re building a shareholder base on Solana’s everything exchange, one that values fundamentals over speculation. We cover the pre-TGE roadshow, why there’s no equity entity (only the token), and what real crypto investor relations looks like from the inside.

Timestamps:
00:00 - Introduction
00:59 - Meteora's Role in Solana
06:12 - Meteora's Business Model
09:23 - Pre-TGE Roadshow and IR
15:11 - Token Entity vs. Equity Entity
19:26 - Pre-TGE Roadshow Insights
24:48 - TGE Strategy
25:53 - Launch Strategy and Market Position
28:21 - Communication Strategy with Investors
30:46 - Post-TGE Practices
36:07 - Buyback Strategy and Founder Autonomy
40:24 - Ownership Models in Crypto
46:18 - Future Plans and IR Innovations
47:55 - Conclusion

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

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In this episode, Alireza Ghods from NATIX sits with Connor and shares exciting updates about the company's data collection and technological advancements. They discuss the company's new partnership with Valeo to develop one of the largest open-source multi-camera world foundational models, designed to simulate real-world driving environments for autonomous vehicles. Alireza explains how their technology can generate complex, human-readable search results and how vision language models (VLMs) are revolutionizing data search in autonomous driving. The conversation also explores NATIX's progress with the VX360 Tesla dongle for multi-camera data collection, future plans for data monetization, and the potential impact of synthetic data in the autonomous driving industry.
Timestamps:
00:00 - Introduction
01:14 - Updates on VX360 and Data Sales
02:09 - Vision Language Model and Its Applications
04:39 - Importance of Diverse Data for World Models
06:20 - Details on the Valeo Deal
08:15 - Use Cases and Future Plans for World Models
10:45 - Synthetic Data and Real-World Applications
19:37 - Future of Physical AI and Autonomous Driving
23:51 - Conclusion

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.