Web3 with Sam Kamani

In this episode, I sit down with Marko, Co-founder of Tapir Protocol, to break down one of the most underappreciated risks in DeFi , depegging. We dig into how stablecoins and yield-bearing assets can lose their peg, what the real financial damage looks like (spoiler: up to $3.3 billion in losses between 2020 and 2025), and how Tapir is building a smarter, fully automatic, non-custodial solution to protect investors without sacrificing yield or capital efficiency. Marko walks me through how Tapir splits a single asset into a depeg-protected version and a yield-boosted version, letting the market price the risk rather than a committee deciding your claim. Whether you manage a treasury, run a fund, or just want safer DeFi yields, this conversation is packed with practical insight.
Disclaimer
Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.
Be a guest on the podcast or contact us - https://www.web3pod.xyz/
--- CONNECT ---
Tapir Protocol Website: https://tapir.money/ 
Marko on Twitter/X: https://x.com/markoinether 
Tapir X/twitter: https://x.com/Tapir_Protocol
--- KEY POINTS WITH TIMESTAMPS ---
• [00:00] Sam introduces Marko from Tapir Protocol and the focus on safer DeFi for institutional and retail investors
• [01:19] Marko shares his background , from e-commerce to crypto in 2015, winning ETH Global hackathons in 2020 and 2021, building Marinate Finance (first liquid staking on Solana), and leading developer ecosystems at SSV Network
• [04:15] Discussion on the explosive growth of stablecoins and why stablecoin yield products are the focus for Tapir
• [07:02] Deep dive into what a depeg is and a live case study of APX USD trading at 80 cents on the dollar
• [08:48] How Tapir splits one asset into three: a base version, a depeg-protected version, and a yield-boosted version , all 100% capital efficient
• [13:02] Tapir's business model , a marketplace that earns a small fee on minting and redeeming assets
• [13:59] Where Tapir is in its lifecycle , live on mainnet, running with internal funds, opening to launch partners and private mainnet users very soon
• [16:05] Who Tapir is built for , DAO treasuries, fund managers, and any DeFi investor who understands that risk is real
• [19:07] Sam and Marko discuss the drop in DeFi TVL from $180B to ~$69B and how AI-assisted bug finding is increasing vulnerability concerns
• [21:23] Tapir has completed two independent audits and keeps its entire codebase under 1,000 lines of code to minimise attack surface
• [24:36] Marko's take on algorithmic stablecoins , most fail because of positive feedback loops that collapse under stress
• [26:22] Breakdown of Tapir's depeg analysis: long-term depeg losses estimated at $1.5B to $3.3B between 2020 and 2025
• [30:46] How Tapir differentiates from Nexus Mutual, Y2K Finance, and other risk protection protocols , fully automatic resolution, no claims committees, and no capital inefficiency
• [39:48] Will USD-denominated stablecoins keep dominating? Marko shares his view and gives a shoutout to Vifi (Virtual Finance) building for smaller currencies
• [44:00] What's next for Tapir , opening to external users, launching higher-yield pools targeting ~15%, and looking for feedback from funds on which assets to list next

EPISODE DESCRIPTION 
I sat down with Pasha from Igra Labs in Berlin to dig into one of the most contrarian bets in Web3 right now , EVM on proof of work. Pasha walks me through why he left the Ethereum ecosystem, what drew him to Kaspa's BlockDAG architecture, and why he believes proof of work offers something proof of stake simply cannot: real fairness. We get into MEV resilience, censorship resistance, and why 10 blocks per second with no centralized sequencer changes everything for DeFi builders. We also cover Multitude, their brand new sovereign execution zones product, and why AI agents might finally be the user experience layer that makes Web3 click for everyone. If you're a founder, a builder, or just someone curious about where the next wave of adoption is coming from, this one is packed. 

 CONNECT 
Igra Labs Website: https://igralabs.com/hero
Deploy your sovereign finance chain infrastructure https://igralabs.com/multitude
Igra Labs Twitter/X: https://x.com/Igra_Labs
Pavel LinkedIn: https://www.linkedin.com/in/emdin/
Web3 with Sam Kamani Podcast: https://www.web3pod.xyz/
 KEY POINTS WITH TIMESTAMPS 
• [00:30] Introduction to Pasha from Igra Labs and what the episode covers
• [01:51] Pasha's backstory , from Delivery Hero and Auto One to falling into crypto in 2017
• [03:24] The core problem Igra Labs is solving: bringing EVM to proof of work via the Kaspa BlockDAG
• [05:53] Why proof of work still makes sense , decentralization, security, and hardware commitment
• [07:47] MEV resilience and front-run resistance as the killer property of EVM on proof of work
• [09:44] Real use cases: stablecoins, DeFi, RWAs, and AI agentic settlement on Igra
• [12:39] How EVM makes it easy for developers , Solidity tooling, SDKs, and AI coding agents
• [14:26] Developer onboarding in minutes using a single GitBook link and an AI agent
• [16:26] Introducing Multitude , sovereign execution zones allowing teams to launch their own Igra
• [18:52] How Multitude differs from parachains, appchains, and L2 models like OpStack
• [21:25] Where Web3 goes next , AI agents as the UX layer that finally unlocks mass adoption
• [24:48] An agentic marketplace being built on Igra , like Upwork, but for AI agents
• [27:02] What Pasha would do differently if starting Igra Labs today
• [27:52] Current asks: design partners for Multitude, a small strategic round, and ambitious builders
DISCLAIMER
Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. 
Be a guest on the podcast or contact us - ⁠https://www.web3pod.xyz/

EPISODE DESCRIPTION 
I sat down with Danny from Trezor at BTC Prague to dig into everything they've built over the last 12 years , from pioneering the hardware wallet industry to shipping over 2 million devices without ever taking a cent of venture capital. We talked about the growing tension between Bitcoin institutionalisation and self-custody, why AI agents are actually the strongest argument yet for owning a hardware wallet, and what makes the Trezor Safe 7 a genuinely different product. Danny also opened up about the brutal realities of running a hardware startup through crypto's wild bull and bear cycles, and where Trezor is headed next , from inheritance solutions to everyday Bitcoin spending. If you care about truly owning your crypto, this one is for you. 
DISCLAIMER
Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. 
Be a guest on the podcast or contact us - https://www.web3pod.xyz/
 CONNECT 
Trezor Website: https://trezor.io/
Trezor Twitter/X: https://x.com/Trezor
Danny Twitter/X: https://x.com/Dantoshi
Trezor LinkedIn: https://www.linkedin.com/company/trezor
Danny LinkedIn: https://www.linkedin.com/in/dsand/
Trezor YouTube: https://www.youtube.com/@TrezorWallet
Web3 with Sam Kamani: https://www.web3pod.xyz/
  KEY POINTS WITH TIMESTAMPS 
• [00:00] Trezor pioneered the hardware wallet industry in 2014 and has never taken venture capital money
• [01:59] Overview of the hardware wallet landscape and how Trezor balances security with usability
• [04:24] Only about 50 million people are in self-custody out of 500-600 million in crypto , education is key
• [06:48] Why Trezor is based in Prague and how Czech culture shaped the Bitcoin-native mindset behind it
• [08:58] Danny's honest take on Bitcoin's institutionalization and why peer-to-peer self-custody still matters
• [11:23] What drove Trezor to 2 million users , open source, transparency, and community trust
• [13:49] A breakdown of the Trezor Safe 5 and what makes it the most premium hardware wallet they've built
• [16:01] Why hardware is harder than software and how Trezor manages supply chain in a cyclical market
• [18:30] How Trezor manages cash flow , stacking Bitcoin instead of chasing VC and staying conservative
• [19:40] Trezor's revenue model: hardware, accessories, and software services like swapping and staking
• [20:52] Inheritance planning, SLIP39 Shamir backup, and why multi-share is a game changer for security
• [23:19] Why Trezor's 2 million users are some of the most valuable people in crypto and the responsibility that comes with it
• [25:23] Why the AI agent wave is the biggest argument yet for owning a hardware wallet
• [27:44] Could the Trezor become a general-purpose security device beyond crypto , 2FA, digital identity, and more
• [30:09] Trezor's vision for the next two to five years and what partnerships they are looking for

EPISODE DESCRIPTION 
In this episode, I sit down with Milos, Lead Engineer at Enso, live at Berlin Blockchain Week. We dig into the real problem holding back DeFi builders, complexity. Audits cost hundreds of thousands of dollars, bridges are a nightmare, and integrating protocols is a full-time job on its own. Enso is tackling all of that with a single API that handles routing, security, and DeFi actions across 100-plus protocols, so developers and agents can just build. We also get into the RWA boom, the current state of AI agents in Web3, and why Milos thinks we should never forget where DeFi came from. 
DISCLAIMER
Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. 
Be a guest on the podcast or contact us - https://www.web3pod.xyz/
 CONNECT 
Enso Website:https://www.enso.build/
Enso Twitter/X: https://x.com/EnsoBuild
Enso LinkedIn: https://www.linkedin.com/company/enso-build/
Milos LinkedIn: https://www.linkedin.com/in/miloscostantini/
Web3 with Sam Kamani: https://www.web3pod.xyz/
 KEY POINTS WITH TIMESTAMPS 
• [00:00] Milos explains the core problem Enso solves: complexity for DeFi developers
• [01:33] Milos's personal journey from mining Bitcoin as a student in 2016 to writing his thesis on Ethereum
• [03:13] How smart contract development has and hasn't changed over the years
• [06:00] How Enso's API removes the need for developers to deploy integration contracts or manage bridges
• [07:00] Built-in security defaults, like MEV protection on DEX swaps, that come with Enso
• [07:53] Why using Enso means you don't need your own smart contract audit
• [09:36] The biggest trend Enso is seeing: RWA and tokenized stocks
• [10:43] How Enso lets users buy tokenized stocks using any token from any chain
• [11:40] Flash loan aggregator and looping positions, what's coming next
• [12:05] How Enso makes money through fee-split partnerships with integrators
• [13:00] The long-term vision: becoming the most composable orchestration layer in DeFi
• [14:29] Milos's take on the current hardening era for DeFi and the rise of hacks
• [16:38] His most contrarian view: don't forget Web3's roots in permissionless experimentation and values
• [18:23] Notable projects built on Enso including Yearn, EtherFi, and the Boiko Layer 0 migration
• [20:44] Advice for builders: don't give up, explore on-chain options protocols
• [22:28] Enso is profitable and actively hiring

EPISODE DESCRIPTION 
I sat down with André Dragosch, European Head of Research at Bitwise Investments, live at Bitcoin Prague in the Czech Republic. Bitwise manages over $11 billion in AUM and Andre breaks down exactly why institutional investors are quietly rotating capital out of AI stocks and into crypto assets right now. We dig into why Bitcoin behaves more like a CDS on sovereign bonds than an equity hedge, how ETPs solve the custody headache for family offices and pension funds, and why the K-shaped economy in the US is actually one of the most bullish setups Bitcoin has ever seen. Andre also shares where Bitwise is expanding next, including staking on Ethereum and Solana and curated vault strategies. This is one of the most grounded, data-driven macro conversations I have had on the show and I think you will get a lot out of it.
DISCLAIMER
Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/
 CONNECT 
Bitwise Investments Website: https://bitwiseinvestments.eu/
Twitter/X - Bitwise: https://x.com/Bitwise_Europe
LinkedIn - André Dragosch: https://www.linkedin.com/in/andredragosch/
Web3 with Sam Kamani: https://www.web3pod.xyz
 KEY POINTS WITH TIMESTAMPS 
• [00:00] Bitcoin acts as a CDS on sovereign bonds and is trading in the lowest 10% of valuations across multiple metrics
• [02:05] Andre's journey from Dogecoin in 2013 to European Head of Research at Bitwise, including his time at Union Investment
• [04:28] How ETC Group was acquired by Bitwise in summer 2024 and became Bitwise Europe
• [06:52] Why ETPs solve custody, regulatory, and cost problems for institutional investors and pension fund holders
• [09:14] Capital rotation already happening from expensive AI stocks into cheap crypto assets
• [11:40] Why Bitcoin's correlation with Nasdaq has risen since the US ETF launch but it showed resilience during the recent AI correction
• [14:02] Bitcoin as a macro canary in the coal mine, signalling liquidity deterioration before it hits equities
• [16:18] Risks in private credit financing AI CapEx and the comparison to Cisco during the dot-com era
• [20:57] Why the Fed's reaction function would be far more aggressive today given how politically dependent the economy is on rising stock prices
• [23:15] The K-shaped economy in the US and why 90% of the population is being left behind
• [24:41] Bitwise's next growth areas: staking on Ethereum and Solana, and curated vault strategies
• [25:41] How flows into ETPs are both cyclical and sentiment-driven, but strategic allocators invest regardless of price