Expansion

Latest Episodes:

USDT0's Impact, Base-Ink L2 Divide, and The Return of ICOs | Roundup Jan 17, 2025

Show notes

In this episode, Jill Gunter and Zon join us to dive into US President Elect Trump's potential US crypto strategic reserve and what it means for US-launched tokens. We then shift gears to examine USDT0's launch with LayerZero, exploring how it could transform cross-chain liquidity and challenge USDC's dominance. We also unpack the complex dynamics between Base and Ink L2s, questioning whether interoperability between major exchange L2s makes sense. We wrap up with a critical look at Echo's success and the revival of ICO mechanisms.

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Timestamps:

(00:00) Introduction

(02:08) US Crypto Strategic Reserve

(15:26) Tether's USDT Zero

(23:28) USDC vs USDT

(30:22) Ink vs Base Interop

(34:08) App Chains vs Gen Purpose

(38:42) Do Bitcoiners Want L2s?

(50:12) Solana's Market Share

(54:29) Coinbase USDC Loans on BTC

(59:58) Unwarranted Bankless Fire

(01:03:57) Crypto's Funding Mechanisms

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

Nothing said on Expansion is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Rex, Jon, and our guests may hold positions in the companies, funds, or projects discussed.

Bitcoin's L2 Opportunity and Evolving Crypto Beyond Asset Ledgers | Roundup Jan 10, 2025

Show notes

In this episode, we explore the evolving landscape of Bitcoin L2s and debate the fundamental question of crypto's use case. We dive into the technical and cultural challenges facing Bitcoin L2s, examine how different L2 ecosystems might develop unique characteristics, and unpack a pivotal ideological divide between those who see blockchain as primarily asset ledgers versus those who envision unlimited innovation potential. We close out by discussing continued blockchain experimentation and the vision of a verifiable internet. Thanks for tuning in!

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(01:48) Bitcoin L2 Demand?

(20:31) Absolute vs Relative Security

(31:03) Based Rollups on Celestia

(43:11) Lazy Chains & Community Chains

(48:43) Usecase of Blockspace

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

L1 Scaling Failures, Growth of Rehypothecation & Mass Stablecoin Adoption | 2025 Predictions Dec 27, 2024

Show notes

In this episode, Mike and Nick discuss three major trends they expect to shape crypto in 2025: the inevitable scaling challenges facing monolithic L1s like Solana and Ethereum, the expansion of rehypothecation across DeFi protocols and bridges, and massive growth in stablecoin adoption driven by regulatory tailwinds and institutional issuers. They explore technical constraints around L1 scaling, analyze the business dynamics pushing protocols toward rehypothecation, and examine why stablecoin market cap could exceed $450B. The conversation also covers complementary predictions around ZK proofs, TEEs, and the American crypto renaissance. Thanks for tuning in and happy holidays!

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Follow Nick: https://x.com/nickwh8te

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Subscribe on YouTube: https://www.youtube.com/@expansionpod

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(01:48) Solana & Eth Scale Fails

(07:25) American Crypto Renaissance

(11:28) Institutions Launching Chains

(19:58) Stablecoin Marketcap Exceeds $450B

(24:30) 2025 is zk Year

(29:24) TEE Growth

(39:04) Fee Switches, Rehypotheticating Assets

(45:23) Celestia 20mbps Throughput

(50:26) AI & Crypto Bubble

(1:00:23) New Media Models

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

Inside the Cosmos Hub's Great Reset | Zaki Manian & Barry Plunkett Dec 16, 2024

Show notes

In this episode, we dive deep into Skip Protocol's acquisition by the Cosmos Hub and what it means for the future of ecosystem. Barry and Zaki join to discuss the evolution of Cosmos, the challenges of blockchain standardization, and Skip's vision for unifying the ecosystem. They then discuss the implications of IBC Eureka, the launch of Commonware, and broader industry trends around execution environments and settlement layers. Thanks for tuning in!

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Follow Zaki: https://x.com/zmanian

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Subscribe on YouTube: https://www.youtube.com/@expansionpod

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(01:17) Skip Protocol Acquired by Cosmos Hub

(06:42) Cosmos Hub Origin Story

(12:01) Role of Cosmos Hub & Skip

(29:22) Goals of Cosmos Hub

(34:44) Avalanche vs Cosmos

(44:06) Impact of IBC Eureka

(50:08) Movement & VM Diversity

(56:55) Network Effects of Execution vs Settlement

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

The Case for Application Specific Sequencing | Ben Livshits & Terry Chung Dec 10, 2024

Show notes

In this episode, we dive deep into the architecture and philosophy behind Eclipse with CTO Ben Lipschitz and Head of Strategy Terry. The conversation explores why applications need control over their own sequencing, challenging the traditional model where validators capture all the value. Learn about Eclipse's unique position bridging Ethereum and Solana ecosystems, their approach to local fee markets, and why the future of L2s may depend more on user/liquidity networks than settlement assurances. Thanks for tuning in!

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Follow Terry: https://x.com/0xtaetaehoho

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Subscribe on YouTube: https://www.youtube.com/@expansionpod

Subscribe on Apple: http://apple.co/4bGKYYM

Subscribe on Spotify: http://spoti.fi/3Vaubq1

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(03:51) Network Effects of Settlement vs Execution

(18:12) Who has Leverage?

(25:03) Application Specific Sequencing

(38:55) L1 or L2 MEV Split

(49:06) How do L1s Impact L2s

(54:39) Selecting an L1

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

Exploring the Hidden Costs of Decentralization and Bitcoin's ZK Revival | Roundup Dec 07, 2024

Show notes

In this episode, we dive into deep into the emerging landscape of Bitcoin L2s as it crosses $100k. With Uma Roy of Succint and Jill Gunter of Espress Systems joining us, we explore ZK's impact on crypto's scaling future. To close out we debate Ethereum's strategic direction and the complex relationship between L1s and L2s as Solana continues gaining adoption. Thanks for tuning in!

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Follow Uma:https://x.com/pumatheuma

Follow Jill: https://x.com/jillrgunter

Follow Nick: https://x.com/nickwh8te

Follow Mike: https://x.com/MikeIppolito_

Follow Expansion: https://x.com/ExpansionPod_

Subscribe on YouTube: https://www.youtube.com/@expansionpod

Subscribe on Apple: http://apple.co/4bGKYYM

Subscribe on Spotify: http://spoti.fi/3Vaubq1

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(01:48) $100k Bitcoin Sentiment

(05:55) Bitcoin L2 Horizon

(10:01) Modularity in Bitcoin

(15:48) Over Indexing Decentralization

(28:59) Succient Decentralized Prover Network

(43:43) Competing with Intents Model

(48:13) State of Ethereum

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

(00:00) Introduction

(01:48) $100k Bitcoin Sentiment

(05:55) Bitcoin L2 Horizon

(10:01) Modularity in Bitcoin

(15:48) Over Indexing Decentralization

(28:59) Succient Decentralized Prover Network

(43:43) Competing with Intents Model

(48:13) State of Ethereum

Gelato's Vision for Abundant Blockspace & Sovereign Rollups | Luis Schliesske Dec 03, 2024

Show notes

In this episode, Luis, founder of Gelato and Abundance, presents a compelling argument for sovereign rollups while challenging composability. We explore how traditional L2 bridge designs may be holding back scalability, diving deep into Abundance's achievement of 1 giga gas throughput through a sovereign rollup approach. Luis makes the controversial case that liquidity fragmentation is a "skill issue" rather than a technical problem, and examines why the future of scaling may not require the complex bridge architecture common in today's L2s. We close out by diving into the evolving relationship between rollup frameworks and RaaS providers. Thanks for tuning in!

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Follow Luis: https://x.com/luis_0x

Follow Mike: https://x.com/MikeIppolito_

Follow Expansion: https://x.com/ExpansionPod_

Subscribe on YouTube: https://www.youtube.com/@expansionpod

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Subscribe on Spotify: http://spoti.fi/3Vaubq1

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(02:39) Abundance Overview

(08:26) What is Actually a Rollup?

(12:17) Benefits of Sovereign Rollup

(30:19) Giga Gas Production Ready

(33:47) Abundant Blockspace Thesis

(41:05) Rollup Framework Business Model

(47:29) Benefit of Interop

(54:51) RaaS vs Framework

(1:02:14) Convergence of Solutions

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

The Value of Verification and Rethinking Bitcoin's Block Size War | Mustafa Al-Bassam, Celestia Nov 29, 2024

Show notes

In this episode, Celestia co-founder Mustafa Al-Bassam dives deep into how lazy bridging and data availability sampling are rethinking crypto's scalability. Starting with the historical context of Bitcoin's block size wars, Mustafa explains how Celestia's architecture finally resolves the tension between bigger blocks and decentralization. The conversation explores the trade-offs between modular and integrated blockchain designs, the role of ZK proofs in scaling, and why light nodes may be more crucial than validators for true decentralization. Thanks for tuning in!

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Subscribe on YouTube: https://www.youtube.com/@expansionpod

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

00:00 Introduction

01:46 Modular vs Integrated Tradeoffs

05:33 L1 Bottlenecks

21:25 Time to Finality Constraint

35:11 1 GB Block Roadmap

47:31 Unbundling Consensus & Verification

53:52 Checks and Balances

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

Finding Crypto's Infra Limits and a Builder's Conviction Dilemma | Roundup Nov 23, 2024

Show notes

In this episode, Mike and Nick explore two critical challenges facing crypto as we enter the bull market: the looming stress test of crypto infrastructure and the psychological challenge of maintaining builder conviction. They dive deep into how Celestia's lazy bridging and Gelato's sovereign rollup are preparing for the scaling challenges ahead, while discussing staying true to your vision when competitors take shortcuts seem to be winning. They also share their biggest insights from DevCon and Ethereum's latest moves to nationalize rollups. Thanks for tuning in!

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Follow Nick: https://x.com/nickwh8te

Follow Mike: https://x.com/MikeIppolito_

Follow Expansion: https://x.com/ExpansionPod_

Subscribe on YouTube: https://www.youtube.com/@expansionpod

Subscribe on Apple: http://apple.co/4bGKYYM

Subscribe on Spotify: http://spoti.fi/3Vaubq1

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Timestamps:

(00:00) Introduction

(01:09) DevCon Takeaways

(08:53) Finality vs Blocktimes

(10:38) Lazy Bridging

(27:09) RaaS Provider Conflict

(31:14) Espresso Mainnet

(44:05) Sequencing Layer on Celestia

(53:41) Market Timing

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Disclaimer

Expansion was kickstarted by a grant from the Celestia Foundation.

Why Base Layer Wars are Ending & The Race Against Ossification | Josh Bowen and Jon Charbonneau Nov 11, 2024

Show notes

In today's episode Josh Bowen, founder of Astria, and Jon Charbonneau join Mike to discuss the recent launch of Astria and its role in the Celestia ecosystem. The conversation explores how different blockchain architectures are converging toward similar designs. They examine the economics of L1 tokens, the challenges of achieving true decentralization, and debate the future of blockchain L1 differentiation. They close out by discussing how technical constraints and market forces will continue to shape the end game of crypto infrastructure.

Resources:

Josh Bowen @ DBA Research Day

https://www.youtube.com/watch?v=5809YJpbhFg

Jon Charb

https://dba.mirror.xyz/UTPfxWe65dYrUu_RJX-5VkAJypFRyw3AZh6m0dRXYZk

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