When Shift Happens Podcast

Changpeng Zhao (CZ), founder of Binance, opens up on why he's always bullish on Twitter, how a single tweet lined up with Bitcoin's 20% pump right before Trump's crypto speech, and why he believes crypto is still nowhere near saturated with less than 1% global penetration. 

He also gets candid about growing up a second-generation immigrant in Canada, surviving the FTX collapse and a Binance hack, and his contrarian take on why the traditional education system is broken.

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
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PARTNERS
⚖️ Variational aggregates liquidity to offer industry-leading depth on stocks, commodities, and more digital assets: https://www.variational.io/
🚀 Jupiter is a leading platform for digital asset trading and the largest of its kind on Solana: https://jup.ag/
💳 KAST lets you manage and spend digital dollars 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+ digital asset investment products - ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
⚖️ Ethena is a synthetic dollar system built on Ethereum's network, offering a digitally-native, non-bank-dependent price-stable digital currency 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 exchange for trading on the outcomes of real-world events: ⁠https://kalshi.com/⁠
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FOLLOW CHANGPENG ZHAO (CZ)👇
Twitter: https://x.com/cz_binance
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.
#CryptoNews, #JupiterDEX, #SolanaEcosystem, #DeFiInsights, #DEXAggregator, #CryptoTrading, #Web4, #BlockchainFuture, #TokenEconomics, #CryptoCommunity, #DeFiGrowth, #CryptoAdoption, #FintechRevolution, #CryptoMistakes, #FoundersStory, #CryptoBuilders, #DeFiRevenue, #CryptoVolume, #CryptoCulture, #Web3ToWeb4, #CryptoInnovation, #SolanaDEX, #CryptoProduct, #BlockchainStrategy
0:00 Introduction
2:01 Life on the Road
3:33 Who Are You?
4:07 Becoming a Top-20 Billionaire
5:14 Growing Up Poor in Canada
6:45 His Sister's Career
7:35 Avoiding "Third Gen Degenerate"
8:07 Binance's First Day
10:05 Sponsor: Variational & Bitwise
10:58 The Early Team
12:32 What Hardworking Means
13:35 Misconceptions About Binance
14:24 Why Listed Projects Disappoint
16:54 Can Retail Ever Win?
18:58 Origin of the "4" Meme
20:55 Tweeting "4" and Meaning It
21:29 The FTX Tweet, Full Story
25:13 Hardest Period of His Life
26:05 Prison, Not Knowing When
27:48 Did Anyone Disappear?
28:31 Sponsor: Kast
29:18 The Pardon Process
32:20 Pardon: Politics or Justice?
34:32 Advice for Elon
35:44 Bybit Hack: Was Ben Right?
36:42 2019 Hack and the Red Button
41:18 Hyperliquid as a Threat?
45:07 Why Hype Isn't on Binance
46:31 The 10/10 Crash Villain
50:47 Tweeting "4" on the Crash?
51:31 Sponsor: Jupiter & Ethena
52:14 His Crypto Legacy
53:56 Giggle Academy
1:00:56 Can CZ Move the Market?
1:03:30 Outro

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.
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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