UNBOUND FOUNDERS 🎙️ w/ @KeithSchmidt_ Dr, Ironman Athlete, & DEGEN building $AXOL on Sui 🔥

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MikeNielsen
@HavenMediaCoOct 24, 2025

The Spaces featured a deep-dive conversation with Keith (Axel founder on Sui), hosted by Mike with co-host Capo and guest remarks from Eisenhower. Keith shared his unconventional path to medicine—growing up in a blue-collar family, hacking the system to study in Saint Lucia, specializing in anesthesia and pain medicine—while staying financially disciplined through scholarships, multiple jobs, and early investing (Roth IRA/401k). He described the study systems and work ethic that propelled him to top residency honors and how triathlon/Ironman challenges balanced the post-training void. Keith’s crypto journey moved from BTC/ETH to NFTs (Proof Collective, Moonbirds), a major social-engineering theft he pursued with the FBI, and then back via Solana memes and Twitter community building. Axel on Sui emerged from a desire to do memes “the right way,” weathering launch missteps, a Cedis pool hack, team theft, and exchange costs while prioritizing holders and community. Looking forward, Keith is pursuing IP/trademarked brand-building, a gaming studio, and potential Nintendo engagement with royalty-driven buybacks. He sees Sui’s DeFi-first positioning, collaboration across projects, prediction markets as the next retail unlock, cautions on perps risk/regulation, and targets 2026 for broader Sui adoption.

Unbound Founders x Keith (Axel on Sui): Medicine, Memes, and a Long-Term Builder’s Playbook

Participants and Roles

  • Mike (Host): Leads the Unbound Founders series; long-time Sui community advocate; promotes sponsors and manages the flow and audience engagement.
  • Capo (Co-host): Regular co-host; drives deeper market/strategy questions; focuses on trading, perps dynamics, and onboarding.
  • Keith (Guest): Anesthesiologist and pain medicine subspecialist; Ironman triathlete; founder of Axel (meme project on Sui); active community builder across Sui; prior NFT investor and Proof Collective member.
  • Eisenhower (Guest commenter): Founder/operator in the Sui ecosystem (notably LoFi); comments on building resilience and collaboration; public support for Keith.
  • Sponsors: Potato Finance (whitelist for New Hero mint), Bluefin (perps venue referenced during market discussion).

Executive Summary

  • Origin story and values: Keith grew up in a blue-collar family without a college roadmap, self-financed education through scholarships and multiple jobs, and pursued medicine via a non-traditional, cost-efficient path (Saint Lucia medical school, residency in Chicago). He attributes success to resourcefulness, systemized discipline, and long time horizons.
  • Discipline and learning approach: From competitive board exam prep to triathlon training, Keith emphasizes building systems (multi-pass study loops, audio repetition while exercising), attacking weaknesses head-on, and normalizing failure as part of growth.
  • Crypto journey: Entered in 2017, fell in love with Ethereum and NFTs (Proof Collective, Moonbirds), suffered a major social-engineering hack draining NFTs from a Ledger (FBI case ongoing), briefly left crypto, then re-entered via Solana memes and discovered Twitter-native community dynamics.
  • Founding Axel on Sui: Motivated by inconsistent founder behavior he observed elsewhere, Keith chose Sui for a cleaner slate, better alignment, and long-term potential. Early launch hurdles included tooling gaps, contract missteps, exchange complications, a Cetus-related liquidity incident, internal theft, and a forced relaunch. He persisted, rebuilt, and doubled down on community-led growth and cross-project collaboration.
  • Current strategy and roadmap: Keith acquired IP and US trademark rights for the Axel character, is working with a gaming studio, and aims to pitch to Nintendo. If royalty streams materialize, he plans controlled buybacks for Axel—prioritizing sustainability over founder subsidy.
  • Market and Sui outlook: Keith sees Sui still in early innings—USDC pairings, wallet integrations, and ongoing “perps wars” as momentum markers. He forecasts a longer cycle with Sui’s stronger bid materializing in 2026, urges cohesion over PvP, and stresses that new users won’t carry legacy baggage.
  • Consumer onboarding thesis: Prediction markets could be the killer app to bring retail on-chain (politics, sports, pop culture). Keith views this as low-hanging fruit for Sui builders (adaptation of existing voting mechanics into broader prediction rails).
  • Practical advice: For newcomers (even with only $500), pick a lane (spot/perps, memes, or NFTs), start with very small size, protect gains via DeFi yield, and build social capital by providing value to credible builders before launching your own.

Opening Context and Tone

  • Light banter set a human tone: family life (multiple October birthdays), costs of kids and extracurriculars, Chicago vs. sunny weather, Bears/Cubs nostalgia, and triathlon vs. pro sports viewership. Community shout-outs and sponsor acknowledgements anchored the space in Sui’s grassroots culture.

Keith’s Background: Upbringing, Education, and Financial Discipline

  • Family and early environment:
    • First in family to pursue higher education; parents worked blue-collar jobs and were laid off mid-career; siblings faced early independence.
    • Grew up without financial literacy at home; developed resourcefulness and frugality by necessity.
  • Path to medicine and cost efficiency:
    • Community college on scholarship while living at home; juggled two to three jobs (inpatient/outpatient pharmacies, retail) and saved aggressively.
    • Found a non-traditional, accredited path to med school in Saint Lucia (approx. $40k/yr vs. significantly higher US costs) and started at age 20.
    • Residency in anesthesia (4 years) plus pain medicine fellowship (1 year). Total training: ~11–12 years.
  • Study and performance systems:
    • Transitioned from “doing just enough” to rigorous routines; modeled habits after the hardest workers (e.g., classmates in the library open-to-close).
    • Built multi-pass learning systems: write answers, record them, replay while exercising; created an attack plan for weak spots rather than avoiding them.
    • Results: Resident of the Year for four consecutive years; elected chief resident; pursued the toughest anesthesia fellowship (pain medicine).

Financial Literacy and Long-Term Mindset

  • Self-taught via web resources (e.g., White Coat Investor, FIRE principles). Early adopter of Roth IRAs/401k, compounding mindset.
  • Emphasis on long horizons: think 10 years ahead, not the next 12–24 months; remain conservative until you don’t have to be.
  • Mentorship: deliberately sought mentors across socio-economic and cultural backgrounds; focused on extracting best practices and avoiding others’ mistakes (“cheat code”).

Life After Training: Triathlons and Work-Life ROI

  • After the training “mega mode” and hitting career goals, Keith sought new challenges to avoid post-achievement stagnation.
  • Ironman as structured challenge and mental training: completed a full Ironman (first half at ~35 years old), now does 70.3 races for fitness and joy; uses endurance training to crowd out bad habits and sharpen focus.
  • ROI recalibration: shifted away from frequent travel/teaching (cadaver workshops) to prioritize family time; crypto’s remote-first ethos fit better with that goal.

Crypto Journey: From NFTs to a Social-Engineering Hack and Back

  • Early exposure: heard about BTC around 2014–2015 (Silk Road context), started dabbling seriously by 2017. Initially treated altcoins like penny stocks (spray-and-pray across LTC, ADA, ETH).
  • NFT phase: joined Proof Collective; participated in Moonbirds and broader NFT ecosystem with prominent artists. Leveraged, learned, and flipped through the 2021 cycle.
  • Major setback: a sophisticated social-engineering scam drained his NFTs (including high-value assets) despite Ledger use during a “trusted” OTC scenario. He engaged law enforcement (FBI) and doxxed one party; ongoing case with partial recoveries.
  • Re-entry via Solana memes and Twitter: discovered the power of web3-native social graphs and regained conviction in asymmetric opportunity—treating web3 like learning a second language.

Founding Axel on Sui: Rationale, Missteps, and Lessons

  • Motivation to found:
    • Frustration with unreliable execution (missed spaces, unpaid contests, exchange hype without follow-through) at other meme projects.
    • Desire to “do it right”: accountability, consistent delivery, and community-first ethos.
  • Choosing Sui and early launch reality:
    • Bridged capital from Solana; early Sui meant limited tooling (pre-hop/launchpad conveniences), Move-language nuance, and reliance on contract devs.
    • Admits multiple early errors (supply controls, liquidity, launch mechanics) and paid real tuition in both time and capital.
  • Adversities faced and overcome:
    • Cetus hack impact on liquidity positioning; a teammate stealing funds; CEX listing/regulatory frictions; competitive pressure (e.g., sudden meme launches elsewhere); loss of exchange listings after a relaunch.
  • Community and collaboration as force multiplier:
    • Ran daily spaces (global coverage), onboarded and elevated contributors who later became ecosystem leaders across Sui projects (memes, NFTs, tools).
    • Product feedback loops: contributed practical requirements and UX ideas to Potato Finance (portfolio tracking in USDC/SUI, LP visibility, multi-wallet reporting) and to other builder teams (e.g., Full Sail liquidity migration post-Cetus issues).

Brand and Roadmap: From Mascot IP to Sustainable Economics

  • Family-friendly, chain-aligned brand: Axolotl character positioned for the “water chain” (Sui) with broad appeal (kids to adults), avoiding edgier Degen-only imagery.
  • IP and licensing strategy:
    • Purchased IP rights and US trademarks for the character/name; collaborating with a gaming studio; aiming for a Nintendo pitch.
    • If royalties materialize, direct a portion toward controlled buybacks—seeking sustainability rather than constant, personal capital infusions.
  • Time horizon and market stance:
    • Detached from day-to-day price fixation; focused on building the flywheel (utility, brand, distribution) and preparing for Sui’s broader adoption.
    • Sees Sui’s breakout more likely in 2026 than 2025; content to keep laying foundations through the current cycle.

Sui Ecosystem: State, Strategy, and Culture

  • Still early: USDC pairings, wallet integrations (e.g., Phantom), and the ongoing “perps wars” signify traction but not maturity.
  • Strategic positioning: Sui may evolve into “the DeFi state of Bitcoin”—less flashy than meme narratives but potent for long-term capital.
  • Culture and cohesion:
    • Newcomers don’t carry the baggage of past hacks or setbacks; first impressions will be branding, market caps, and surface-level signals.
    • Resist PvP and public mudslinging—Sui is too young for infighting; success in one vertical/project attracts users who spill over into others.
    • Practical collaboration example: Axel’s community relationships helped migrate LP from Cetus to Full Sail; cross-project talent mobility benefits all.

Markets and Perps: Risk, Liquidity Events, and Institutional Flows

  • Perps dynamics (discussion with Capo):
    • Large, coordinated liquidations recently wiped out extensive positions across chains; Keith himself was affected on Sui exposure.
    • Lower leverage and frequent margin top-ups are defensive tactics, but the systemic risks and incentives of perps venues (CEX/DEX) persist until regulation matures.
  • Macro view:
    • “Bad actor cycles” are persistent in crypto history (Mt. Gox, Celsius, FTX, etc.). Ease of access to perps has amplified both participation and risk.
    • Institutional adoption via ETFs (Fidelity, Vanguard, etc.) will likely dwarf perps activities and be sticky, long-term money—allocators setting 5–10% portfolio sleeves and holding through cycles.
    • If perps feel too manipulated, be a spot + DeFi yield participant and focus energy on building.

Consumer Onboarding: Prediction Markets as the Killer App

  • Keith’s thesis: Prediction markets (politics, sports, pop culture) are intuitive, mobile-friendly, and configurable for any bankroll. They can be the gateway for mainstream users to adopt on-chain behavior beyond ETFs/spot.
  • Sui opportunity:
    • Adapt existing voting mechanics (e.g., Full Sail’s emission votes) into fully-fledged prediction markets with modular pools.
    • Early builders could capture outsized upside; low technical barrier compared to full-scale gaming; faster iteration cycles.
  • Skepticism on gaming timelines: Personal delays around SuiPlay hardware and broader friction signal slower payoff vs. prediction markets in the near term.

Practical Guidance for Newcomers and Builders

  • If you have an idea:
    • Be a “fly on the wall”: listen to many spaces, map credible operators, study community sentiment.
    • Provide value first: surface bugs, offer content, compile research, stress-test tools; build reputation before asking for help.
    • When ready, ask specific, respectful questions; seek mentorship; pressure-test the idea with operators who’ve shipped.
  • With $500 to start:
    • Pick your lane: (1) spot/perps, (2) memes, or (3) NFTs. Start with very small sizes (e.g., $10–$20 per try) to learn the rails and your risk tolerance.
    • Favor risk controls: use low leverage, add margin proactively if you perps; consider DeFi yield for accumulated gains; avoid all-in bets.
    • Protect capital like it’s irreplaceable; iterate and scale only as your process proves itself.

Community Remarks and Q&A Highlights

  • Eisenhower: Commended Keith’s consistency through three “black swan” shocks (CEX listing drama, meme exogenous events, Cetus hack) and emphasized ignoring timeline negativity from uninformed voices. Reaffirmed the importance of showing up for fellow founders on Sui.
  • Capo:
    • Perps market structure: posited that high-frequency, in-and-out traders might be “healthier” for perps ecosystems than large, low-leverage size that market makers eventually hunt; asked Keith’s view (Keith agreed incentives drive liquidations and advised defensive leverage/risk sizing until regulation stabilizes).
    • Macro uncertainty: raised concerns about coordinated actions and headline risks; Keith placed them in the historical context of repeated cycles of bad actors and emphasized focusing on durable strategies.
    • Onboarding: aligned with Keith that prediction markets are the near-term unlock; expects strong ROI for early builders/liquidity providers in this sector on Sui.

Announcements, Calls to Action, and Logistics

  • Potato Finance whitelist: Mike offered spots for the New Hero mint—DM wallet address and retweet the space to participate.
  • Follow and collaborate: Keith invited DMs from other Sui projects for collabs and community cross-pollination; reiterated openness to co-build (e.g., prediction markets).
  • Series and recordings: This was approximately the 35th Unbound Founders episode; recordings to be hosted on a new site running on Walrus. Bluefin and Potato Finance thanked as ongoing sponsors.

Risks and Lessons Acknowledged

  • Social engineering risk: Ledger hardware alone is not sufficient; wallets linked to high-profile NFTs increase attack surface; OTC safety procedures matter.
  • Exchange and liquidity risks: CEX listing relationships, fee structures, and reliance on single DEX venues create fragility; plan for migrations and custody.
  • Organizational controls: Team access, treasury controls, and partner diligence must be formalized early—even in meme projects.
  • Narrative drift and sentiment shocks: Meme narratives, market fatigue, and timeline negativity can damage morale; consistent delivery and community care counterbalance this.

Notable Insights and Highlights

  • Systems beat talent: Multi-pass learning (write, record, replay) and structured weakness attacks turned Keith from “bare minimum” to award-winning resident and fellow.
  • ROI beyond price: Keith derives tangible value from advancing Sui tooling (e.g., productized feedback to Potato Finance, LP migrations with Full Sail), not just Axel’s price.
  • Long-game conviction: Projects sustained through hacks, relaunches, and market resets earn deeper, stickier communities—especially when brand and values resonate across family-friendly lines.