Proof of Coverage

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131

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Aug 2026

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Home of the best crypto conversations Hosted by Connor Lovely and EV3 Ventures | Built by Proof of Coverage

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August 10, 20261 hr 3 min

Crypto Is the Most Underpriced Opportunity in Tech | Shayon Sengupta, Multicoin Capital

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" Follow Shayon: https://x.com/shayonsengupta Follow Multicoin Capital: https://x.com/multicoin Follow Connor: https://x.com/richhomiecon Follow Proof of Coverage: https://x.com/Proof_Coverage 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. Work with us: https://proofofcoverage.xyz 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.

March 2, 202630 min

This NASDAQ Company Pays You 3.5% to Hold Gold | Henry McPhie

Follow Proof of Coverage Media: https://x.com/Proof_Coverage Follow Henry McPhie: 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.

February 3, 202629 min

From Crypto Legal Advocate to US Senate Candidate | John Deaton

Follow Proof of Coverage Media: https://x.com/Proof_Coverage 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.

January 28, 202649 min

Leading Investor Relations for the Solana Ecosystem | Meteora

Follow Proof of Coverage Media: https://x.com/Proof_Coverage 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.

January 22, 202625 min

DePIN’s Biggest New Deal: Valeo x NATIX | Alireza Ghods

Follow Proof of Coverage Media: https://x.com/Proof_Coverage 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.

January 13, 202642 min

Providing Token holders with Real Economic Rights with SOAR | Thomas Curry

Follow Proof of Coverage Media: https://x.com/Proof_Coverage In this episode Connor sits with Thomas Curry, founder of SOAR, to discuss how SOAR is rethinking crypto capital formation. They explore the platform's novel approach of using token issuance as senior debt to create clearer value claims while preserving founder autonomy. Thomas shares the inspiration behind SOAR, which aims to unify equity and tokens, addressing the lack of real economic rights for token holders. They also talk about SOAR's transparent and legally sound structure that provides intrinsic value to token holders, allowing seamless buybacks and further fundraising. The discussion further includes the vision for SOAR's platform, aiming to provide retail investors access to early-stage startups, the potential solutions it offers and the importance of effective investor relations (IR) in the crypto industry. Timestamps: 00:00 - Introduction 00:25 - The Problem with Current Token Models 01:09 - The Importance of Branding in Crypto 03:05 - Thomas Curry's Background and Journey 04:41 - Token Buybacks and Market Dynamics 09:28 - SOAR's Innovative Approach to Token Issuance 14:17 - Case Study: CPT and SOAR's Debt Mechanism 20:40 - Understanding Token Dynamics 22:38 - Debt Mechanics Explained 26:01 - Founder Incentives and Market Dynamics 31:38 - Platform Launch and Vision 35:21 - Challenges in Crypto Investor Relations 37:10 - Future of Token and Equity Integration 41:17 - Final Thoughts and Contact Information Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

December 2, 202539 min

Behind the Scenes of Solana’s First DAT with DFDV | Parker White

Follow Proof of Coverage Media: https://x.com/Proof_CoverageIn this episode Connor sits down with Parker White, COO & CIO at DeFi Development Corp to discuss the strategies and future plans of DFDV, a pioneer in Solana-based Digital Asset Trusts (DATs). The founders, primarily former Kraken employees, discuss the initial inspiration and rapid development of their company. They delve into the significant advantages of Solana over other asset classes, such as Ethereum and Bitcoin, and emphasize the importance of being a first mover in the market. Key strategies include leveraging capital markets for growth, deploying assets on-chain to generate yield, and potential international expansions. The conversation also explores the market dynamics of DATs, comparing them to ETFs, and underlines a commitment to long-term ecosystem support and growth. The founders assert that the four-year cycle is dead, positing that cryptocurrencies now move in alignment with mega high beta tech stocks, driven by liquidity conditions.Timestamps: 00:00 - Introduction00:48 - The Rise of DFDV: From Idea to Public Company04:02 - The Founding Team: Ex-Kraken Knights05:28 - Why Solana?09:03 - The Proliferation of DATs13:42 - Active Management Strategies for Solana20:13 - Reflecting on the Galaxy FTX Estate Deal20:54 - International Treasury Accelerator Program23:20 - Challenges of Mergers and Acquisitions in DATs26:31 - Maintaining MAV Multiples Amid Market Compression29:48 - The Death of the Four-Year Cycle34:34 - Adapting Strategies for Bull and Bear Markets37:41 - Future Plans and Integration in DeFi Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

November 18, 202535 min

The Future of Credit Underwriting On-Chain with Qiro Finance | Akshay Poshatwar & Nishikant Bahalkar

Follow Proof of Coverage Media: https://x.com/Proof_Coverage In this episode Connor & Mahesh sit down with Akshay Poshatwar & Nishikant Bahalkar, founders of Qiro, to discuss their ground-breaking platform aimed at tackling adverse selection through a unique credit risk underwriting protocol. Akshay shares his journey from the FinTech industry in India, highlighting the potential for global capital access through decentralized finance. Nishikant adds his insights on the evolution of blockchain and DeFi, emphasizing the benefits and challenges in Real World Assets (RWA) lending. The discussion includes how Qiro aims to bridge TradFi and DeFi, offering solutions for different asset classes and the promising future of decentralized infrastructure networks (DePIN). The episode wraps up with a look towards the company's rapid growth and their search for strategic hires, particularly in business development within the U.S. and Europe. Timestamps: 00:00 - Introduction 00:46 - Meet the Qiro Team 01:53 - Founders' Backgrounds and Journey 09:35 - Understanding Qiro's Unique Platform 13:30 - Challenges and Innovations in RWA Lending 24:36 - DePIN Networks and Future Prospects 31:13 - Hiring and Growth at Qiro 33:52 - Conclusion and Contact Information Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

November 11, 202558 min

DePIN Roundtable: October 2025 | Santiago Santos, Jason Badeaux, Mahesh Ramakrishnan, Connor Lovely

Follow Proof of Coverage Media: https://x.com/Proof_Coverage Santiago Santos, Jason Badeaux, Mahesh Ramakrishnan, and Connor Lovely explore the intersection of politics, technology, and the future of energy infrastructure. The conversation begins with reflections on New York politics and the power of authentic storytelling before shifting to the energy crisis, rising electricity prices, and the misalignment of traditional utility models. Jason discusses Daylight’s mission to decentralize energy markets, empowering individuals to participate in energy production and finance through distributed energy resources and tokenized financial products. The hosts draw parallels between marathon running and long-term commitment, contrasting this with modern shortcut culture, while examining how AI, electric vehicles, and DeFi are reshaping energy demand and financing. The episode offers insightful commentary on innovation, capital markets, and the future of sustainable power. Timestamps: 00:00 - Introduction 01:45 - New York City Challenges 02:30 - The American Dream Debate 04:55 - New York Marathon 07:51 - DePIN and Daylight Announcement 08:25 - Electricity Pricing Issues 11:01 - Infrastructure Challenges 12:36 - Market Dynamics and Demand Growth 13:53 - Daylight App Features 15:32 - Distributed Energy Resources 17:42 - Future of Energy Prices 19:22 - Australia's Solar Market Success 22:55 - Customer Uptake and Market Expansion 25:46 - Tokenized Yield Products 27:43 - Capital Market Dynamics 29:27 - Duration Risk Management 31:09 - Quality of Underwriting in Solar Loans 33:38 - Daylight Pitch to Traditional Allocators 35:09 - Market Size and Opportunities 40:45 - Potential Collaboration with Base Power 47:23 - Challenges and Risks in the Token Market 50:44 - Speculative Capital & Revenue 54:08 - Helium's Market Position and Comparisons 56:35 - On-Chain Revenue and Governance Dynamics Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.

October 29, 202521 min

(Real World) Data is the New Oil with 375ai | Harry Dewhirst

Follow Proof of Coverage Media: https://x.com/Proof_Coverage Connor talks with Harry Dewhirst about 375ai’s recent $10 million raise led by Delphi and Strobe, and their upcoming Token Generation Event (TGE) featuring the EAT token. They explore 375ai’s cutting-edge hardware — the 375edge mini data center and 375go mobile app with over 250,000 users — and discuss how the company’s buy-and-burn model, partnerships, and expansion plans are driving growth. Connor and Harry also touch on new devices like the 375street and Vault, and 375ai’s role within the DePIN and Solana ecosystems, showcasing how it’s reshaping the future of decentralized data. Timestamps: 00:00 - Introduction 01:09 - Motivation Behind the Recent Fundraise 02:36 - Overview of Supply Side Devices 03:48 - Details on 375edge and 375go 08:28 - Deployment Strategy for 375edge 10:37 - Exploring Fractals and Crowdfunding Options 12:21 - Future Hardware: 375street and Vault 15:04 - Demand Side Use Cases and Partnerships 17:34 - Token Economy and Value Accrual 18:51 - Building on Solana and Community Support 20:28 - Closing Thoughts and Future Outlook Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.