Leo Zhang (Alkimiya) on creating a market for Bitcoin blockspace (EP.542)
Episode publishedPodcast: On The Brink with Castle Islan...On The Brink with Castle Island
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Nick: Hello. This is Nick. Welcome back to On the Brink. Today, we're sitting down with Leo Zhang, the founder of Alkemia. Alkemia is a block space market infrastructure company allowing users to take a view on, for instance, Bitcoin transaction fees, Ethereum gas fees, things like that.
Today, we're talking about Alchemy's Bitcoin fee exposure product. I think there's a lot of reasons why consumers of blockspace might wanna take a view on Bitcoin fees. If there is a mint or ruins or ordinals that they expect to drive up fees, or if they are structural buyers of block space and wanna lock in a consistent price for their fees. This is a market that I think needs to exist, and I'm glad that Alchemy is doing it. Leo is 1 of the smartest thinkers in this domain, and has written a huge amount on the topic, so I'm very glad we're finally able to get him on the show.
We talk about the effect that Alchemia might have on Bitcoin fees, the effect of l twos and non fungibles on the Bitcoin fee market and the general out long term outlook for Bitcoin fees and how that affects the security budget. And as a disclaimer, Castle Island is an investor in Alkamia, and, nothing said on this show should be considered as investment advice. Let's dive right into it. I'm sitting down here with, Leo Zhang, founder of Alkimia. Leo, welcome to the show.
Leo: Thanks for having me.
Nick: We've, known each other for a very long time since, I wanna say 2017, 2018. We haven't had you on the show yet, which is kinda surprising.
Leo: Yeah.
Nick: We first met, you were doing, you're doing Bitcoin mining. And, you know, you're kind of still adjacent to that today. Still kind of the same theme.
Leo: Yeah. It's pretty close. I mean, the, the Alkimia has gone through several iterations at this point, but, there's always some relevance to it. Actually, when in 2020, when I when I was not sure if I wanted to start this project, I consulted quite a few people. And if you remember, you were 1 of them.
And, the conversation I I think we had at least 3 rounds of conversations. And, you gave me a lot of confidence. You were sort of 1 of the reasons that I decided to, like, okay. Let's do this.
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