The Delphi Podcast

Join Yan Liberman and Can Gurel as they speak with Samed Düzçay, founder of Tori, a yield protocol bringing institutional-grade delta-neutral strategies on-chain. Samed shares his journey from mining Bitcoin as a child to building and exiting a successful SaaS company, eventually identifying a massive gap in the stablecoin yield market. 

They dive into the mechanics of the "carry trade," exploring how Tori captures spreads in emerging markets while hedging out local currency risk. Samed explains the protocol's multi-layered security approach, its real-time auditability through ZK-proofs, and how tokenization unlocks yield-enhancing "loops" that were previously impossible in traditional finance. 

💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔

🧠 Follow the Alpha

▸ Yan's Twitter: @YanLiberman
▸ Can's Twitter: @cannngurel
▸ Sam's Twitter: @eth_nox

🔗 Connect with Delphi

🌐 Portal: https://delphidigital.io/
🐦 Twitter: https://twitter.com/delphi_digital
💼 LinkedIn: https://www.linkedin.com/company/delphi-digital

Watch on youtube:
https://www.youtube.com/@Delphi_Digital

Timestamps

00:00 — Samed’s background: From mining BTC to SaaS exits 
03:00 — The yield gap: Why recycling crypto-native capital isn't enough
04:45 — Carry Trade 101: Borrowing low, lending high 
06:30 — Covered Interest Parity (CIP) and why spreads still exist 
09:30 — Security of the hedge: Counterparty risk and credit risk 
12:30 — Tail risk scenarios: How hedged positions survive 30% currency drops 
15:30 — Execution Mandates: Why Tori separates design from implementation 
20:30 — The "Access Edge": Why you need an 8-9 figure balance sheet to play 
23:45 — Tokenomics: The two-token model (T-R-U-S-T and receipt tokens)
26:30 — NAV Oracles vs. DEX Market Price: Preventing debt spirals 
31:30 — Transparency: Real-time on-chain balance sheets via Accountable
35:30 — Unwinding scenarios: Fixed yields vs. new capital risk 
41:30 — Lessons from Drift, Resolve, and AU hacks 
46:30 — Stress Tests: Handling mass exits and secondary market de-pegs
50:30 — The Drawdown Protocol: Reserve funds and redemption controls
53:30 — Roadmap: Ethereum mainnet launch and audits

Disclaimer

This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

Join the Delphi team for an inside look at their Montenegro retreat as Anil Lulla, José Maria Macedo, Yan Liberman, Tommy Shaughnessy, and Kevin Kelly discuss the evolution of Delphi’s three main companies. From consulting and applied research to venture investments and AI acceleration, the team shares their strategic vision, recent wins, and how they're building competitive advantages across crypto and AI.

🎯 Key Highlights

▸ Retreat philosophy: building context and bonding across Research, Ventures & Labs
▸ Evolution from consulting 1.0 → applied research & economic design
▸ Labs’ journey post-Terra to new incubations like Legion & Metal X
▸ Ventures’ fund-to-fund strategy for AI deal flow & expertise
▸ Delphi Intelligence: bridging the crypto–AI knowledge gap
▸ 21 AI investments totaling $25M+ before major rounds
▸ SPV strategy for late-stage AI & deep tech opportunities
▸ “Hive mind” advantage: cross-company collaboration & shared insight
▸ From speculation → savings: crypto’s evolution via stablecoins & tokenized assets

💡 Subscribe for more crypto & infrastructure insights! 🔔

🧠 Follow the Alpha

▸ Anil's Twitter: @anildelphi
▸ José's Twitter: @ZeMariaMacedo
▸ Yan's Twitter: @YanLiberman
▸ Tommy's Twitter: @Shaughnessy119
▸ Kevin's Twitter: @Kevin_Kelly_II

🔗 Connect with Delphi

🌐 Portal: https://delphidigital.io/
🐦 Twitter: https://x.com/delphi_digital
💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/
🧠 Intelligence: https://www.delphiintelligence.io

🎧 Listen on

Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082
Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q

Timestamps

00:00 — Intro: Montenegro retreat overview
01:00 — Retreat philosophy: context & bonding
02:00 — Research & Consulting: from subs → applied research
04:30 — Economic design & GTM strategy
06:00 — Design studio: from cost center → client services
07:00 — Labs origin & Terra lessons
09:15 — Incubation vs. acceleration models
10:30 — Highlights: Legion, Metal X & Oro
11:00 — Fabricio’s path: hackathon → founder
13:30 — Ventures: bootstrapping & concentrated bets
15:00 — Fund 1 → Fund 3 evolution
16:00 — SPV strategy revival
17:30 — Delphi Intelligence launch & monetization
18:15 — Crypto–AI convergence & learning
20:30 — From zero AI edge → advantage
21:45 — Tommy’s AI journey
22:30 — 21 AI investments (Nouse, Ambient, Grass & more)
24:00 — Internal AI tools: 6 Delphi bots
24:45 — The need for a US open-source AI lab
25:00 — Strongest company connectivity yet
27:00 — Next phase: maximizing collective impact
28:00 — Crypto’s shift: speculation → parallel finance
29:30 — Patience & perspective: beyond CT’s noise
31:00 — Ventures’ collaborative deal flow
32:00 — Backing emerging AI managers
33:30 — 200+ annual deal exposures
35:00 — Diversifying beyond crypto
36:30 — Finding the next “Magnificent Seven”
37:00 — Closing reflections

Disclaimer

This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

Join Tommy Shaughnessy as he speaks with Logan, Managing Partner of Frictionless Capital, about the high-stakes race to build a global blockchain-based financial system. Logan shares his updated thesis on why monolithic, high-throughput architectures like Solana are winning the battle for real revenue and trading dominance over modular designs.They dive deep into the "Global Exchange" vision, the physics of time-to-inclusion, and how innovations like Proprietary AMMs (PropAMMs) are redefining market making. Logan also explores the broader implications of AI, from the compounding power of Grok to the societal impact of a robot-led workforce.🎯 Key Highlights▸Analyzing the Frictionless chart showing that crypto apps on Solana are the fastest to reach $100M in revenue globally.▸ Why Logan remains bearish on the "incorrect" modular design and Layer 2 scaling solutions. ▸ How the speed of light and server location prevent current centralized exchanges from being truly global. ▸ A look at the next engineering frontier. ▸ The "crypto-native" evolution of order books that uses massive Oracle updates to eliminate stale quotes. ▸ Why Logan believes the market will split into either fully regulated exchanges or fully decentralized global engines. ▸ Why Elon Musk's Grok is positioned to be the smartest model over time. ▸ The "freaky" transition to humanoid automation and the potential for a 20-day "atom-moving" data center revolution.💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Logan's Twitter: @LoganJastremski▸ Frictionless's Twitter: @FrictionlessVC🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: https://twitter.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital🎧 Listen onSpotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43QTimestamps00:00 — Logan’s return to Miami & Fund 1 vs. Fund 2 thesis04:00 — The $100M revenue chart and acting on alpha08:00 — Why throughput alone isn't enough: execution as the North Star 11:00 — Solana’s parallel execution and the 2021 NFT "gas wars" 13:30 — Being "bearish decentralization" for its own sake 17:00 — The Global Exchange vs. New York physics limitations 22:00 — Multi-Leader design: 20ms inclusion and regional information 30:00 — Blockchains as the leading indicator for price discovery 34:00 — Rebuilding modern finance: efficient 24/7 global markets 38:30 — The hollowing out of regional, non-KYC exchanges 42:00 — Estimating the $20 trillion daily global trading market 45:00 — From AMMs to PropAMMs: the crypto-native order book 52:00 — Hyperliquid vs. Solana: product-led vs. engineering-led 59:00 — Retail order flow and the "payment for order flow" win-win 01:05:00 — Timeline for the multi-leader world (2027/2028) 01:11:00 — Returning to fundamentals: cash flows and PE ratios 01:15:30 — Bullish Grok: the vector of compute and real-world atoms 01:21:00 — Automation anxiety: Uber, gig work, and surgical robots 01:26:00 — Dystopian gambling, inflation, and the Zillow reality 01:29:00 — Financing the $30k robotDisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, se

Join Tommy Shaughnessy in San Francisco for the first podcast from the new Coliseum office. In this episode, Clay Robbins, Co-Founder of Coliseum, discusses how his team manages the world's largest online hackathons and why they chose to double down on the Solana ecosystem.They dive into the mechanics of sourcing 80,000 builders, the transition from remote to a massive in-person accelerator, and the shift from an infrastructure-focused crypto world to a new era of diverse consumer applications. From sub-3-hour marathons to "grenade" interview questions, Clay reveals what it truly takes to survive and win in the arena.🎯 Key Highlights▸The Numbers of Coliseum▸Clay shares the endurance training secrets that helped him clock a sub3-hour marathon in both Oakland and New York.▸How Coliseum distills 2,000+ global submissions down to a cohort of 10–15 elite investments.▸Why Coliseum moved from all-remote batches to a 75-desk physical hub in San Francisco.▸Why Clay believes Solana’s performance is the only viable infrastructure for the coming "application era".▸Why the Coliseum team now over-indexes on high-agency founders.▸The 15-minute "pressure test" interview used to suss out a founder’s conviction and humility.▸A new funding vehicle designed for companies launching on MetaDAO.▸A look at grand prize winners like Unruggable and Ore.💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Clay's Twitter: @clayrobbins ▸ Coliseum's Twitter: ‪@Colosseum‬ 🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter:   / delphi_digital  💼 LinkedIn:   / delphi-digital  🎧 Listen onSpotify: https://open.spotify.com/show/62PR1Ri...Apple Podcasts: https://podcasts.apple.com/us/podcast...Youtube:    / @delphi_digital  Timestamps

Join Tommy Shaughnessy as he speaks with Nic Carter, partner at Castle Island Ventures, about his deep dive into the existential threat quantum computing poses to Bitcoin. After six months of intensive research and discussions with Nobel Prize-winning physicists, Nic breaks down why the "quantum threat" has moved from theoretical FUD to a material risk that the Bitcoin community is currently unprepared to face.They explore the "Q-Day" timeline, the vulnerability of Satoshi’s 2 million BTC, and the urgent need for a migration to post-quantum cryptography. Can Bitcoin’s rigid governance survive the most significant technical challenge in its history, or will sovereign nations and private firms reach the coins first?🎯 Key Highlights▸Why Nic stepped away from podcasts and TV to focus on precise technical writing.▸The 2025 Quantum Inflection: Why 2025 was a record year for quantum investment.▸The Trillion Dollar Bug Bounty: The "unsolvable" problem of Satoshi’s P2PK addresses.▸Why Bitcoin developers implemented Taproot without making it quantum-resistant.▸Defense in Depth for BTC: The technical hurdles of implementing post-quantum signature schemes and the potential for a mandatory "migration" period.▸How the U.S.–China rivalry mirrors the 1939 race for the atomic bomb.▸Applying maritime law to the potential "theft" of ancient Bitcoins by private firms like IBM or Microsoft.▸Scoring the Bitcoin core developers’ preparedness at a 1/100.💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Nic Carter Twitter: @nic_carter🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter:   / delphi_digital  💼 LinkedIn:   / delphi-digital  🎧 Listen onSpotify: https://open.spotify.com/show/62PR1Ri...Apple Podcasts: https://podcasts.apple.com/us/podcast...Youtube: