DePIN Roundtable: October 2025 | Santiago Santos, Jason Badeaux, Mahesh Ramakrishnan, Connor Lovely

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Santiago Santos, Jason Badeaux, Mahesh Ramakrishnan, and Connor Lovely explore the intersection of politics, technology, and the future of energy infrastructure. The conversation begins with reflections on New York politics and the power of authentic storytelling before shifting to the energy crisis, rising electricity prices, and the misalignment of traditional utility models. Jason discusses Daylight’s mission to decentralize energy markets, empowering individuals to participate in energy production and finance through distributed energy resources and tokenized financial products. The hosts draw parallels between marathon running and long-term commitment, contrasting this with modern shortcut culture, while examining how AI, electric vehicles, and DeFi are reshaping energy demand and financing. The episode offers insightful commentary on innovation, capital markets, and the future of sustainable power.

Timestamps:

00:00 - Introduction

01:45 - New York City Challenges

02:30 - The American Dream Debate

04:55 - New York Marathon

07:51 - DePIN and Daylight Announcement

08:25 - Electricity Pricing Issues

11:01 - Infrastructure Challenges

12:36 - Market Dynamics and Demand Growth

13:53 - Daylight App Features

15:32 - Distributed Energy Resources

17:42 - Future of Energy Prices

19:22 - Australia's Solar Market Success

22:55 - Customer Uptake and Market Expansion

25:46 - Tokenized Yield Products

27:43 - Capital Market Dynamics

29:27 - Duration Risk Management

31:09 - Quality of Underwriting in Solar Loans

33:38 - Daylight Pitch to Traditional Allocators

35:09 - Market Size and Opportunities

40:45 - Potential Collaboration with Base Power

47:23 - Challenges and Risks in the Token Market

50:44 - Speculative Capital & Revenue

54:08 - Helium's Market Position and Comparisons

56:35 - On-Chain Revenue and Governance Dynamics

Disclaimer: The hosts and the firms they represent may hold stakes in the companies mentioned in this podcast. None of this is financial advice.