What Crypto VCs Want Now | Aryan Sheikhalian
The Defiant - DeFi Podcast10 Loka 2025

What Crypto VCs Want Now | Aryan Sheikhalian

Crypto’s next chapter isn’t a shinier coin—it’s invisible rails. In this episode, we sit down with Aryan Sheikhalian, Research Lead at CMT Digital, to unpack the shift from “crypto as an asset” to crypto as infrastructure: 24/7 markets, instant clearing and settlement, and new structured products that couldn’t exist before.

We talk about tokenized equities (wrappers vs. native tokenization and why dividends/governance matter), how identity layers and ZK proofs unlock mainstream distribution through banks and fintechs, and where regulation is pushing builders toward partnerships and licensed rails.


Chapters

00:00 Hook: crypto as infrastructure, not asset

01:15 Guest intro and research focus

02:06 Incentives, psychology, and mechanism design

04:03 ICO lessons, maturity, and red flags

07:09 CMT Digital’s thesis and “strictly better”

10:27 Tokenized equities drivers and demand

13:40 Wrappers vs native: dividends, governance

16:06 Fintech rails, velocity, cost efficiency

18:26 Banks, distribution, and competitive incentives

20:29 New assets: GPUs, data, energy tokens

23:23 Identity layers and ZK proofs for scale

25:55 State of crypto VC and fund trends

27:51 Overlooked sectors: DePIN and decentralized data

31:26 Prediction markets and resolution design

34:18 Regulation, licenses, and partnerships

39:45 Market outlook: TVL, stables, volatility

42:45 Founder advice: conviction and user focus

Jaksot(325)

Rebuilding Global Payments with Stablecoins | Circle & USDC with Nikhil Chandhok

Rebuilding Global Payments with Stablecoins | Circle & USDC with Nikhil Chandhok

Stablecoins have quietly become the most successful use case in crypto.In this episode, Nikhil Chandhok, Chief Product & Technology Officer at Circle, explains why USDC is more than a digital dollar —...

6 Helmi 45min

Crypto’s Point of No Return: Institutions are Finally Here, with Brett Tejpaul

Crypto’s Point of No Return: Institutions are Finally Here, with Brett Tejpaul

2025 marked a turning point for crypto.In this episode, Brett Tejpaul, head of Coinbase Institutional, sits down with Camila Russo to explain why institutional adoption accelerated last year. From ETF...

4 Helmi 49min

Why OG DeFi Failed | Kain Warwick, Founder of Synthetix

Why OG DeFi Failed | Kain Warwick, Founder of Synthetix

Kain Warwick—DeFi OG and founder of Synthetix and Infinex—is back on The Defiant Podcast with Camila Russo for a no-BS conversation at a pivotal moment: Infinex just ran its INX token sale and is head...

30 Tammi 54min

Ethereum is for Institutions: Danny Ryan Says Tokenization Isn't Enough

Ethereum is for Institutions: Danny Ryan Says Tokenization Isn't Enough

In this interview, Camila Russo sits down with Danny Ryan — former Ethereum Foundation researcher and a key leader behind Ethereum’s shift to proof of stake — now Co-Founder & President at Etherealize...

29 Tammi 26min

How Stablecoins Are Rewiring Global Payments | Borderless CPO Alex Garn

How Stablecoins Are Rewiring Global Payments | Borderless CPO Alex Garn

In this episode of The Defiant Podcast, Chris Storaker sits down with Alex Garn, Chief Product Officer at Borderless, to unpack how stablecoins are quietly transforming cross-border payments — and wha...

9 Tammi 25min

The Rise of the Fan Economy | Consumer Crypto | Avalanche Ecosystems Ep. 4

The Rise of the Fan Economy | Consumer Crypto | Avalanche Ecosystems Ep. 4

For consumer crypto to thrive it needs to embrace financialization to deliver a better experience, and maker sure crypto disappears everywhere else. Projects doing this right sit in an emerging sector...

5 Tammi 18min

Uniswap is about to “turn on the switch.” with Hayden Adams

Uniswap is about to “turn on the switch.” with Hayden Adams

In this episode of The Defiant Podcast, Uniswap founder Hayden Adams joins us right as the UNIfication (Unification) proposal has moved to a final governance vote—a sweeping plan from Uniswap Labs + t...

22 Joulu 20251h 8min

Ethereum’s “HTTP Moment” with Marissa Posner & Yoav Weiss

Ethereum’s “HTTP Moment” with Marissa Posner & Yoav Weiss

In this episode of The Defiant podcast, Camila Russo sits down in Buenos Aires (Devconnect) with Marissa Foster (Product, Ethereum Foundation) and Yoav Weiss (security researcher, Ethereum Foundation)...

19 Joulu 202540min