Why This L1 Still Believes in Proof of Work

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The latest Talking Tokens podcast 🎙️

For this week’s Tuesday episode, I interviewed with Annelise Osborne, Chief Business Officer at Kadena — a proof-of-work Layer 1 built by former JP Morgan blockchain leads. Kadena isn’t just another chain; it’s an ambitious bet that regulation, decentralization, and enterprise-grade tooling can live in the same ecosystem.

They dive into Annelise’s Wall Street background, her work on the SEC’s ICO task force, and why she sees tokenization, smart contracts, and privacy as the keys to bridging TradFi with crypto. From building Kadena’s BD, grants, and ecosystem playbook to running fan tokens for the Croatian football team, Annelise shares what it takes to build a business layer on top of chain infra — and how she’s positioning Kadena for long-term adoption.

⏱️ Timestamps

0:00 – Intro: Why Proof-of-Work Still Matters in 2025

1:26 – Annelise’s Background: From Moody’s to Crypto and the ICO Task Force

5:12 – Why Kadena Chose Multi-Chain Proof-of-Work

8:13 – Merging TradFi & DeFi: Tokenization and Real-World Assets

12:34 – Institutional Adoption: What They Want (and Don’t)

17:12 – Building a Business Layer on Top of Kadena

20:05 – Fan Tokens, Fashion NFTs & Global Consumer Use Cases

24:01 – Who Kadena Funds and Why

27:23 – The Challenge of Regulated DeFi and the U.S. Compliance Angle

30:00 – The Future of DeFi: Access, Collateral, and Mortgages

34:04 – M&A in Crypto and Where Kadena Is Looking

37:35 – How L1s Are Competing: Devs, Regulation, and TVL

40:18 – Why Private Chains May Struggle vs Public Chains

42:26 – Final Advice: Stay Curious, Be Resilient, Build in Public

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 8AM EST every Tuesday and Thursday. Listen in!

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Money and people moves

1. Ricardo de Arruda joins Paradigm as an investment and research partner

2. Eigen Labs Founder Sreeram Kannan shared the team is restructuring, laid off 25% of staff

3. Tiffany Huang departs Magic Eden after serving as head of marketing for four years

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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.