Ethena Pay: Building the Next Billion-Dollar Neobank
Lito Coen, go-to-market lead at Ethena, on his path from PayPal to crypto, the Indexed Finance hack and how he is taking Ethena Pay to market.
Watch episodeFrontier GTM / AI Gaming
Hosted by Julian Stafford (author page)
Inside the conversation
Verse8 is an AI native creation platform that turns a text prompt into a playable 2D or 3D game in the browser. Kevin Lee, co-CEO and co-founder, joined Julian Stafford on Frontier GTM to explain how it works and where it is going. The creation tool, Agent 8, takes natural language and builds the game, including art, code, animation and publishing. The platform also hosts the result. More than 8,000 games are live, so a creator can go from idea to a shareable link without writing code.
Verse8 is a subsidiary of Planetarium Labs, a game developer and publisher that has worked in web3 since 2017 and published Nine Chronicles, one of the first fully onchain RPGs. Kevin said the team kept hitting the same wall: every new title took too much time, capital and manual coding. They started with a user generated content engine, turned it into a WebGL game engine that took about two and a half years to build, and then connected it to the latest LLMs. A prompt could suddenly produce a working game. The agent uses Google's generative models through MCP integrations, and Verse8 is featured in a Google Cloud case study.
The go-to-market choice is the interesting part. Verse8 went to Web2 users first instead of leading with a token or a crypto story. Kevin said the platform reached about 3 to 3.5 million monthly active users within its first 19 weeks live, with more than 100,000 players a day and more than 3,000 active creators. Web3 shows up on the creator side. Revenue from a game is settled in stablecoins to a wallet created at sign up, so creators learn wallets by getting paid. Kevin said an average game costs about $10 in credits to make, and even heavy experimentation rarely passes $40 or $50, so creators can test many ideas until one earns.
Monetization is built into the agent. A creator can ask for a shop and the agent connects Stripe, add subscriptions to a game or channel, and later in 2026 sell ad inventory inside games. A Spin button lets any player fork a game and keep building, with creators setting licensing terms for remixes. Kevin also described a Kaito campaign launched about a week before the recording, with leaderboard badges for playing, creating and referring friends. The aim is to turn people who post about the platform into people who build on it. Next on the road map are well-known game IPs from Korea, Japan and China, an iOS app after the Android release, game jams and IRL events. The open challenges, in Kevin's words, are going more global, retaining creators and keeping game quality high.
“Anyone can become a creator, and they can build whatever they want.”
Keep listening
Lito Coen, go-to-market lead at Ethena, on his path from PayPal to crypto, the Indexed Finance hack and how he is taking Ethena Pay to market.
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