VanEck's AVAX thesis: product-market fit, economic clarity & institutional distribution

In episode six of Layer One, The Block's Kelvin Sparks and Hypha Founder Steven Gates were joined by Ava Labs's VP of Business Development of Onchain Finance, Morgan Krupetsky and VanEck's Head of Digital Asset Research Matthew Siegel. Together, the group discussed what actually drives institutional conviction in crypto. Siegel explained why VanEck chose Avalanche for its first alt-L1 ETF, citing product-market fit, economic clarity, and an active BD team onboarding real institutions. The conversation covers DATs vs ETFs, the innovator's dilemma facing banks, and why market downturns are exactly when serious builders separate from tourists.Host/Guest links: Matthew Siegel - twitter.com/matthew_sigelVanEck - twitter.com/vaneck_usMorgan Krupetsky - twitter.com/MorganKrupetsky Ava Labs - twitter.com/AvaLabsSteven Gates - ⁠⁠⁠twitter.com/stvngts⁠⁠⁠Kelvin Sparks - ⁠⁠⁠twitter.com/imyoungsparks⁠⁠⁠ ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨‍🔬 Expert Analysis📈 Market InsightsSubscribe now 👉 ⁠⁠⁠https://www.theblock.co/newsletters⁠⁠⁠--------------------------------------------------------------------------------Hiring in crypto?🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teamsStart your free trial today 👉 ⁠⁠⁠https://theblock.co/campus