When Shift Happens Podcast

Xiao-Xiao is the President of Jupiter, the leading DeFi super app on Solana, and former digital assets lead at KKR, one of the world's top private equity firms. 
In this episode, he reveals why he left Wall Street to go all-in on crypto - and how Jupiter is building zero-fee global payments that could disrupt a $5 trillion market. 
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: https://go.kast.xyz/VqVO/SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=102...
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
🔒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. https://sumsub.com/
💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure.
 https://sui.io/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. 
https://www.coinsilium.com
___________
Follow Xiao-Xiao 
• Twitter: https://x.com/xxjzhu
• Twitter: https://x.com/jupiterexchange
• Website: https://jup.ag/
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
1:26 Please Subscribe
1:52 Xiao’s Personal Thoughts On Dubai
3:11 Kevin Working For Luxury Brands
3:47 Working, Chaos, & A Delicate Balance Within Jupiter
5:16 How Xiao’s Previous Job At KKR Compares To Jupiter
6:01 Coming From TradFi Means Less Structure More Output
7:35 What Is Jupiter Global
8:29 Siloed Point Solution vs The Network Effect & Aggregation 
10:09 Who Is Xiao Xiao
11:26 Partnerships: @JupiterExchange @KASTxyz
12:06 Tell Us More About The Musical Part Of Your Life
13:49 Xiao’s Realization About What He Wanted To Pursue
16:22 What Was This BCG Project About?
18:00 Xiao’s Big Crypto Aha Moment
22:10 What Happens At A Big Firm Like KKR In Terms Of Market Cycles
27:00 Did You Feel FOMO In Regards To FDX Around 2022
31:01 How Advanced Is This Institutional Adoption Within Crypto Now vs Future
37:14 Partnerships: @ethena, @sumsub
38:16 The Fantasy/FOMO Of Going All In On Crypto With Your Job
48:25 What Xiao’s Trying To Prove Within This Jupiter Chapter 
51:13 Are You The Reason KKR & ParaFi Invested In Jupiter?
52:48 Why Concretely Did ParaFi Invest $35 Million Into Jup Token
57:31 Partnerships: @Trezor @BitwiseInvest @SuiNetwork
58:28 What Does Onchain Finance Look Like In 5 years
1:07:25 One Thing That Makes You Proud To Be Apart Of Jupiter
1:10:42 Kevin’s One Thing He’s Proud Of With Jupiter
1:14:24 What Shift Is Happening That Most People Don’t See
1:18:18 Closing Thoughts

Bobby Ong is the co-founder and CEO of CoinGecko, the crypto data platform he bootstrapped with $200 over 12 years - no VC money, no shortcuts.
In this episode, Bobby reveals why most crypto founders are destined to fail, how he caught employees taking bribes for listings, and what it really takes to survive in an industry designed to destroy you.
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: https://go.kast.xyz/VqVO/SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=102...
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
🔒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. https://sumsub.com/
💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure.
 https://sui.io/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. 
https://www.coinsilium.com
___________
FOLLOW BOBBY ONG
• Twitter: https://x.com/bobbyong
• Twitter: https://x.com/coingecko
• Website: https://www.coingecko.com/
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
1:40 Please Subscribe
2:06 Kevin’s Transition Into When Shift Happens
4:36 Who Is Bobby Ong?
5:34 The Decision Process Around Switching CEOs
7:27 What Attracted Bobby To Bitcoin In 2013
13:36 Partnerships: @JupiterExchange @KASTxyz @sumsub
14:47 Where Bobby’s Fire In The Belly Comes From
16:26 Where This Risk Taking Attitude Comes From
18:37 The Tech Guys Bobby Was Following To Learn About Crypto
20:13 How Do You Explain Your Co-Founder Sticking Around 12 Years Later
22:45 Where Do You Think Good Values Vibe From?
23:59 What’s The Deal With Pudgy Penguins
25:05 Bobby’s View On NFTs In 2026
27:14 Who Would Be The Future Winners On Asset Appreciation
29:15 What Did The First $200 CoinGecko Look Like
30:26 Partnerships: @Trezor @BitwiseInvest @SuiNetwork
31:23 History Of Bobby’s Work While Building CoinGecko
33:03 Short Term vs Long Term Thinking In Crypto Discussion 
35:12 2017 You Went All In On CoinGecko
36:22 Four Year Bitcoin Cycle & Surviving
50:16 Explain CoinGecko To Your Mom
50:45 Why Is CoinGecko Called CoinGecko
1:26:44 Is #1 CoinMarketCap Not Playing The Trust Game
1:27:13 How Does A User Decide Between Coin Market Gap & CoinGecko
1:28:51 Where Does CoinMarketCap Excel
1:30:00 Why Didn’t Zash The Company You Acquired Work Out
1:35:31 Red Flags In Acquisitions Founders Miss
1:39:10 Best Moment To Sell
1:40:10 Closing Thoughts

Evan Cheng co-founded SUI after leading Facebook's Libra project -  then threw away everything they built because it wasn't good enough. 

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/
🅿️ Paradex is building the future of open finance - an intuitive, permissionless trading platform giving users full control, ultra-low costs, fast execution, and access to global markets in one place.  https://app.paradex.trade/wl/resilien...
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries: https://go.kast.xyz/VqVO/SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=102...
💰 Zashi is the easiest self-custody wallet for private transactions - send, receive, and spend Zcash (ZEC) without middlemen or surveillance, built by the team that launched Zcash in 2016.
https://z.cash/ecosystem/zashi-wallet/
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
🔒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. https://sumsub.com/
💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure.
 https://sui.io/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. 
https://www.coinsilium.com
___________
FOLLOW EVAN CHENG
• Twitter: https://x.com/EvanWeb3
• Twitter: https://x.com/SuiNetwork
• LinkedIn: https://www.linkedin.com/in/chengevan/
• Website: https://t.co/S0laxwqTPP
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.
Timestamps:
0:00 Introduction
1:36 Please Subscribe
2:02 Evan’s Move To New York Explained
3:20 So Much Has Shifted In The Last Year
5:03 How Do You Deal With Unpredictability
8:59 How Evan Feels About These Changes
10:59 Partnerships: @JupiterExchange @KASTxyz
18:11 Has SUI Officially Proven This Way To Be Correct
19:22 Considering Tokens Dropping In Value - What Has SUI Proven Despite This
23:10 How Do You Define “Product Market Fit”
24:53 Partnerships: @paradex @zashi_wallet @sumsub
26:05 What Does A Much Bigger Adoption Look Like
30:29 The Dynamic Between Institutions & The Chains They Build On
32:06 How Different Is It To Build For An Institutional User vs A Retail User
34:23 Building The “Better” Technology Is Never Enough
37:05 Do All Major Chains Converge Or Specialize
40:00 Partnerships: @Trezor @BitwiseInvest @SuiNetwork
40:57 What Is SUI Doing Differently From Ethereum Or Solana Explained Simply
43:10 An Example Of Assets That Are The Same vs Not The Same
46:11 SUI Didn’t Build Something Limited Like Facebook Libra Or DM, They Built Something Better
48:11 Closing Thoughts

Anand Gomes, CEO of Paradex, exposes how most crypto token launches really work, reveals the red flags that separate serious builders from teams that cash out and disappear, and explains why Paradex locked 80% of its own team tokens to public performance milestones.

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/
🅿️ Paradex is building the future of open finance — an intuitive, permissionless trading platform giving users full control, ultra-low costs, fast execution, and access to global markets in one place.  https://app.paradex.trade/wl/resilientrogueqv
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries: https://go.kast.xyz/VqVO/SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=1026f18ed46409e495c6db4bff90ab&offer_id=133&affiliate_id=35356
💰 Zashi is the easiest self-custody wallet for private transactions - send, receive, and spend Zcash (ZEC) without middlemen or surveillance, built by the team that launched Zcash in 2016.
https://z.cash/ecosystem/zashi-wallet/
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure.
 https://sui.io/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. 
https://www.coinsilium.com 
___________

Follow Anand Gomes
• Twitter: https://x.com/fiddybps1
• Twitter: https://x.com/paradex
• Website: https://app.paradex.trade/

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
1:29 Please Subscribe
1:55 25 Day Fast & The Benefits
9:25 - Partnerships: @JupiterExchange @KASTxyz
14:04 Fixing Your Health Makes You Unstoppable When Building A Business
15:20 The Playbook To Survive & Become Stronger In Crypto
18:52 The Key To Staying Motivated No Matter What
21:02 How Difficult Is It To Run A Crypto Exchange
23:14 Anand's Stance On Hiring People Who Execute
28:48 Partnerships: @paradex @zashi_wallet @sumsub
33:48 What Do You Want Crypto To Be?
35:12 Paradex’s Privacy Aspect Explained
36:58 Has Anand Ever Thought Of Building Paradex On Solana
41:12 Do You Ever Regret Or Doubt Yourself With Anything?
44:45 Why Anand Is Extremely Bullish On The Perp Space
47:35 Partnerships: @Trezor @BitwiseInvest @SuiNetwork
48:32 What Happens To The Perp Space In One Years Time
55:34 Crypto’s “Bad Rep” Comes From These Non-Serious Token Creators
56:50 Paradex Stands Out Because Of The Transparency, Alignment, & Governance Framework
59:30 How You Ensure People Won’t Use Options As An Instrument To Sell 
1:01:19 What’re You Trying To Prove Here?
1:03:31 Why You’re Confident Launching A Token In A Bear Market
1:05:22 Can You Be Transparent With Us Now?
1:05:50 What Does The Little Voice In Your Head Tell You Every Day & Night
1:08:08 Closing Thoughts

Jeff Yan, founder of Hyperliquid Labs, returns after one of crypto's most extraordinary moments - a $1 billion community airdrop that grew to $10 billion, built by a team of just 11 people who didn't stop to celebrate.

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/
🅿️ Paradex is building the future of open finance — an intuitive, permissionless trading platform giving users full control, ultra-low costs, fast execution, and access to global markets in one place.  https://app.paradex.trade/wl/resilientrogueqv
💳 KAST lets you manage and spend stablecoins or crypto with a Visa Card or Apple Pay. Live in 100+ countries: https://go.kast.xyz/VqVO/SHIFT
🔓 Trezor offers the safest cold-storage wallets for crypto and true financial independence.
 Buy with 10% off (promo code in video): https://trezor.io/?transaction_id=1026f18ed46409e495c6db4bff90ab&offer_id=133&affiliate_id=35356
💰 Zashi is the easiest self-custody wallet for private transactions - send, receive, and spend Zcash (ZEC) without middlemen or surveillance, built by the team that launched Zcash in 2016.
https://z.cash/ecosystem/zashi-wallet/
🌱 Bitwise Asset Management manages $15B+ across 30+ crypto investment products — ETFs, index funds, alpha, staking, and more. https://bitwiseinvestments.com/
💧 Sui is a next-gen Layer 1 making digital asset ownership fast, private, and secure.
 https://sui.io/
♾️ Coinsilium provides vital funding and expert advice to Web3 and AI-powered early-stage technology companies. 
⁠https://www.coinsilium.com⁠ 
___________
FOLLOW JEFF YAN
• Twitter: https://x.com/chameleon_jeff
• Website: https://app.hyperliquid.xyz/trade
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
1:35 Please Subscribe
2:01 Jeff’s Thoughts On Singapore
11:10 Partnerships: @JupiterExchange @KASTxyz
11:51 How To Make HyperLiquid A Cult For Those Outside Crypto To Come In
22:05 What Jeff Looks At For Reliable Teammates
24:51 Celebrations Or Right Back To The Grind
26:45 How Do You Test For High Integrity
28:31 How About Sleep? Is That A Thing At HyperLiquid
30:05 The Fear Of $300 Million Worth Of Token Hitting The Market Monthly Explained
31:41 Handling FUd, Criticism, & PR At HyperLiquid
32:28 How Does Jeff Personally Handle FUD
35:02 What’s The Problem With Buying Back Tokens When The Price Is High vs Low?
37:20 The Importance Of No Discretionary Element For HyperLiquid
39:04 Hyper EVM Explained Simply
40:00 Partnerships: @paradex @zashi_wallet
40:41 Jeff’s Take On The Success Of Hyper EVM So Far
44:05 HyperLiquid Improvement Proposal 3 Explained Simply
48:19 Why Should People Care?
51:33 Why Is It So Important To Bring All Finance On Chain
52:08 Why Is The HyperLiquid Approach Better
1:08:01 Partnerships: @Trezor @BitwiseInvest @SuiNetwork
1:08:58 Housing All Of Finance Meaning
1:12:23 Why Does HyperLiquid Have A Stablecoin USDH
1:14:39 What Is Kinetic & Why Does It Matter For The HyperLiquid Ecosystem
1:23:39 Where Did Fairness Cost Jeff The Most?
1:24:47 What Do You Want HyperLiquid To Be Remembered For
1:28:10 Closing Thoughts