Layer One · November 20, 2025, 6:22AM EST · 1:09:01
The Block is proud to introduce our newest podcast: Layer One — created in collaboration with Avalanche.
Hosted by The Block’s Kelvin Sparks and Hypha Founder Steven Gates, Layer One explores the people, ideas, and cutting edge technologies shaping the future of crypto.
In this inaugural episode, Kelvin and Steven are joined by Haseeb Qureshi, Managing Partner at Dragonfly, and Sean Lippel, General Partner at Fintech Collective.
Together, our guests dive into their origins in the world of poker — and how the decision-making frameworks, risk management skills, and psychological insights they developed at the table carry over into crypto, trading, and investing.
Haseeb Qureshi –
Sean Lippel –
Steven Gates –
Kelvin Sparks –
OUTLINE
0:00 Introduction
1:07 Poker-to-Crypto Pipeline
5:36 Biggest Risks & Bad Beats
11:38 Poker Brains, VC Games
17:08 Reading the Market Regime
21:54 Betting on 2029
25:09 DeFi Growing Pains
31:44 Institutions Meet DeFi
37:17 Stablecoins, RWAs, Alts
46:13 DATs, Staking & Yield
54:47 The Avalanche Thesis
1:00:44 Vertically Integrated Moments
1:06:52 Pump.Fun & Sign-Off
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