Monitoring the Situation with @0xLTR | November 20, 2025

LTR is back for a live sleuthing session, sits down with Whail, a seasoned on-chain “trencher” who recently joined the Ink team. They explore the rapid rise of Ink, an L2 backed by Kraken, and its mission to build a thriving ecosystem of consumer applications that rival established players like Base.
Whail shares alpha on the launch of Nato, a new perpetual DEX bringing unified margin and gamified progression to the Ink chain. They dive into the “startup vibe” at Ink, the importance of building infrastructure before culture, and why 2026 is set to be the breakout year for the ecosystem.

🎯 Key Highlights

▸ Whail’s journey from DeFi Summer and Telegram trading bots to joining the Kraken-backed L2 team.
▸ Why this cycle is defined by applications rather than just infrastructure, citing the success of Hyperliquid and Pump.fun.
▸ The launch of a new Perp DEX on Ink featuring unified margin for spot/perps and a hybrid order book plus AMM design.
▸ How Nato plans to use RPG-style badge systems and achievement progression to make trading more engaging and “sticky”.
▸ Why Ink is focusing on locking down engineering and bridging before a massive retail push to avoid common “bricked” chain launches.
▸ A brief look at points accruing on Tyro and their relationship to the future Ink ecosystem.
▸ How Ink is owning its stack with core protocols like Tyro (DeFi) and Nato (Perps) to ensure a seamless prosumer experience.
▸ The importance of chains staying in touch with “power users” and the unique insights of on-chain trenchers.

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🧠 Follow the Alpha

▸ LTR’s Twitter: @0xLTR

🔗 Connect with Delphi

🌐 Portal: https://delphidigital.io/
🐦 Twitter: https://x.com/delphi_digital
💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/

🎧 Listen on

Spotify: https://open.spotify.com/show/62PR1RigLG2YN5Pelq6UY9?si=18ac7ccf36ab4753&nd=1&dlsi=50105fd66e6c4124
Apple Podcasts: https://podcasts.apple.com/us/podcast/the-delphi-podcast/id1438148082
Youtube: https://www.youtube.com/channel/UC9Yy99ZlQIX9-PdG_xHj43Q

Timestamps

00:00 — Introduction to the stream and guest Whail from the Ink team
03:00 — Whail’s background: DeFi Summer, UniBot, and consumer apps
05:30 — Transitioning from the trenches to a corporate-backed startup environment
07:30 — Defining Ink: The Kraken-backed L2 vision
09:00 — The “Base” Blueprint: Learning from Friend.tech and Aerodrome
12:00 — Forming Culture: Why infrastructure must precede the community identity
15:00 — Nato Private Alpha: Building on user feedback and market maker onboarding
20:00 — Arranged Marriages in Crypto: Mismatched chain-culture launches
22:30 — Nato Technicals: Unified margin, incentives, and HLP-style liquidity
25:00 — The Ultimate Game: Bringing RPG achievements to perp trading
29:00 — Getting Early Exposure: Borrowing/Lending on Tyro and joining waitlists
31:30 — Builder Initiatives: Grants, developer docs, and the “Ink Token” points
35:30 — Integration Strategy: Why Ink is vertically integrating its stack
37:30 — Power Users: Staying in touch with the “trenches” and Crypto Twitter
39:00 — Closing thoughts and where to follow Whail

Disclaimer

This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast.