Token Launches are Broken

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The latest Talking Tokens podcast 🎙️

On today’s Talking Tokens episode, I sat down with Stephen Hess, founder of Metaplex and director of the Metaplex Foundation — the protocol that powers 99% of tokens and NFTs created on Solana. What ERC-20 is to Ethereum, Metaplex is to Solana — but it’s also much more than that.

We discuss how Metaplex helped define the NFT era, what the new Genesis platform brings to onchain token launches, and why memecoins, stablecoins, and real-world assets are converging into a single unstoppable wave. Stephen shares insights from his early Solana Labs days, breaks down the hard lessons from its Candy Machine protocol, and explains why true transparency and permissionless innovation are the keys to the future of crypto capital markets.

⏱️ Timestamps

0:00 – Metaplex's Dominance on Solana: 99% of NFTs and Tokens
1:26 – Stephen's Background: Solana Labs, NFTs, and Infrastructure
5:00 – Candy Machine Era → Genesis: Evolving Token Launch Standards
7:03 – Standardizing Onchain Token Offerings with Transparency
10:00 – Why Most Token Launches Are Broken — and How to Fix Them
14:00 – Tokenomics, Project Types, and Launching With Integrity
17:13 – Metaplex By the Numbers: 10M Wallets, $10B in Value
18:22 – Beyond Memecoins: DeFi, Stablecoins, and App Layer Growth
20:15 – Startups Will Launch Onchain — Here's What That Looks Like
24:26 – Token Market Oversaturation? Why He’s Bullish Anyway
26:04 – IPO vs Permissionless: What 'Onchain' Really Means
29:25 – Regulation, Timeline, and Real Assets Coming to Crypto
30:43 – NFTs: Rebuilding After Fatigue, One Community at a Time
33:06 – Why NFTs Still Matter and the Hidden Strength of Their Ecosystems
34:52 – What Makes a Good Crypto Product — and a Better Founder
37:09 – Final Advice: Stay Scrappy, Stay on Day One, Stay Building

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Money and people moves

The biggest updates regarding new hires or teams that raised capital, moved money or did a little bit of both.

1. PayPal Blockchain Lead José Fernández da Ponte Joins Stellar (CoinDesk)

2. Ephemera raises $20M in a Series B round to expand its decentralized messaging network XMTP

3. US ‘Crypto Week’ Drives Record Inflows, Volume for Ether Funds (Bloomberg)

4. Crypto infrastructure giant Talos acquires Coin Metrics for more than $100 million (Fortune)

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.