Kevin Lepsoe is a financial engineer and technology entrepreneur with a background in derivatives markets and decentralized finance (DeFi). He is the founder of the blockchain infrastructure initiative ETHGas and the DeFi protocol Infinity Exchange, after holding roles in structuring and financial engineering at Morgan Stanley, Barclays, and ING Barings. ^[1]​

Education

Lepsoe graduated from the University of British Columbia in 2000 with a degree in Math and Finance. In 2010, he attended the Hypnotherapy Training Institute, where he became a certified clinical hypnotherapist. ^[2]​

Career

Lepsoe began his career in traditional finance in 2001 at ING Barings, where he worked across Hong Kong and Singapore on foreign exchange options, interest rate products, and structured credit. In 2003, he joined Barclays Capital as an associate director, where he focused on structured credit and rates and led regional structuring for asset-side structured products. Lepsoe moved to Morgan Stanley in 2006, serving as the head of structuring and financial engineering in Hong Kong. In this role, he led a team that advised financial institutions, funds, and government entities on the structuring, regulation, and trading of complex financial risks.

In 2014, Lepsoe transitioned into technology entrepreneurship, founding Notey Ltd., a Hong Kong–based technology holding company with operations in New York, Hong Kong, and London. He founded the enterprise cloud technology company Chinafy in 2018, which focused on enabling connectivity between the Chinese internet ecosystem and global websites. He served as its chief executive officer until 2022.

Lepsoe entered the decentralized finance industry by founding Infinity Exchange in 2022, a protocol focused on institutional lending and interest rate markets. In 2024, he founded ETHGas, a blockchain infrastructure platform for the Ethereum network that transforms transaction fees and blockspace into structured, tradable assets.. ^[3]​

Interviews

Realtime Ethereum

On the 11AM w/ Seed Club show in March 2026, Lepsoe discussed the evolution and potential of Ethereum's Layer 1 (L1) and Layer 2 (L2) technologies. He expressed excitement about advancements in L1 scalability, noting that by 2026, transaction capacity could increase significantly, enhancing user experiences. Lepsoe addressed the longstanding debate between L1 and L2 solutions, advocating that L1 should regain focus due to its technological improvements, which could enable faster transactions without sacrificing decentralization or security. He detailed how ETHGas commoditized blockspace, enabling more efficient transactions and improving operational frameworks for decentralized applications like Uniswap. The conversation also touched on the challenges of integrating ETHGas into Ethereum's existing ecosystem, the need for clear governance in their model, and the importance of community collaboration to move forward. Lepsoe concluded with optimism about the future of Ethereum and its potential to meet market demand, expecting significant growth in its utility and performance over the next year. ^[5]

Ethereum Future

On the Talking Tokens podcast in January 2026, Lepsoe described how Ethereum evolved to support a yield curve and facilitate real-time transactions, enhancing its functionality beyond traditional financial systems. He shared insights from his extensive background in traditional finance, explaining how his experiences led him to embrace the potential of cryptocurrencies and decentralized finance during the DeFi summer. Lepsoe emphasized that the existing issues in Ethereum’s blockspace, particularly related to miner extractable value (MEV), hindered institutional adoption and efficiency. He outlined ETHGas's innovations, which reduced Ethereum's transaction confirmation time from 12 seconds to 50 milliseconds, presenting a solution that could unlock new trading mechanisms and liquidity. Lepsoe also discussed the importance of creating a marketplace for blockspace, allowing users to buy and trade it, and introduced the idea of a governance token that would empower users and validators alike. As he reflected on the future of ETHGas, he expressed optimism that these advancements would attract traditional financial players and facilitate a more inclusive and efficient ecosystem. ^[6]

Staking

At the Staking Summit in November 2025, Lepsoe discussed the innovative role ETHGas played in creating block space markets. He explained how ETHGas aimed to introduce tools to the crypto world that would help manage risk and reduce cartel formations in blockchain networks by allowing validators to sell their blocks in advance and traders to buy and manipulate those blocks for profit. This approach not only democratized access to block space but also enhanced the Ethereum network by enabling transactions in much shorter timeframes. Lepsoe highlighted the immediate success of his venture, noting that it had facilitated nearly 20 billion ETH in just a few months of operation, and shared his vision for developing fixed-rate staking products to attract more institutional investors to Ethereum in the future. He concluded by inviting interested parties to visit the ETHGas website for more information. ^[7]

Presentations

Preconfs & Blockspace

At Sequencing Day 2024 in November, Lepsoe elaborated on the relevance of pre-confirmations and blockspace products in Ethereum's ecosystem. He described pre-confirmations as agreements in which validators sell blockspace to traders in advance, enabling quick and efficient transactions. Lepsoe noted the complexities of establishing a fair pricing system for this blockspace, drawing parallels with options trading and emphasizing how market dynamics change when considering multiple blocks. He mentioned the potential for fixed-rate markets, which could provide greater stability and certainty for participants, comparing them to traditional commodity and interest-rate markets. Throughout the talk, he expressed a vision for Ethereum to evolve into a more structured financial ecosystem, providing greater opportunities for all participants, including solo stakers and larger validators. The conversation highlighted the importance of reducing volatility and fostering a transparent marketplace to facilitate long-term growth and stability within the Ethereum network. ^[8]

Fixed Income

At a November 2023 meetup hosted by BCW and Galaxy, Lepsoe discussed the convergence of crypto and fiat financial markets, with a focus on fixed income. He shared his early experiences in the crypto space, starting in 2010, initially viewing Bitcoin as a currency and proposing its integration into traditional financial structures through products such as interest rates and cross-currency swaps. Lepsoe emphasized the importance of tokenizing real-world assets, particularly bonds and money market funds, to bridge the gap between traditional financial systems and the crypto world. He illustrated how the tokenization of treasuries could create arbitrage opportunities that would logically bind these two ecosystems together, facilitating a more integrated market. Throughout the talk, he underscored the importance of understanding credit in relation to money and highlighted that establishing robust infrastructure for fixed income in crypto was crucial for the industry’s future growth. ^[4]