Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 26 September 2025

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How do stablecoin-first blockchains win distribution? Does TVL actually map to value? And why speculation may become the default language of online culture. In this 3-part episode, we explore three different important stories. Segment 1: CoinFund’s Seth Ginns explains how newly launched stablecoin chain Plasma aims to compete, plus why the “stablecoin race” with Circle and Stripe is just beginning. Segment 2: Solana Foundation president Lily Liu lays out why revenue—not TVL—should be crypto’s north-star metric, whether TVL can be easily gamed, and what a better DeFi metric stack looks like. Segment 3: Figment Capital’s James Parillo makes the case for Pump.fun and “AudienceFi”: how creator coins can financialize streaming, whether token collapses are a feature, and why both perps and memecoins rhyme with gambling. Thank you to our sponsors! TOKEN2049 - Get 15% off with code UNCHAINED Binance Guests: James Parillo, General Partner at Figment Capital Lily Liu, President of Solana Foundation Seth Ginns, Managing Partner and Head of Liquid Investments at CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everyone. Today's episode is a little different. It's a three-part special. First, we hear from
0:10.3	coin funds Seth Gins on plasma, the first stable coin-focused blockchain that just launched. Then
0:17.0	Salonah Foundation president, Lily Leo, explains why she believes revenue, not TVL,
0:22.7	is the best way to measure real value in crypto.
0:26.1	And finally, Figma Capital's James Perillo joins to share his provocative thesis on Pump Fund
0:31.7	and how streaming itself could be financialized.
0:35.1	Three conversations, three very different fronts of crypto's future.
0:38.8	Let's dive in. The crypto world is buzzing. On October 1st and 2nd, 25,000 people will be at
0:45.0	Token 2049 Singapore, the largest crypto event in the world, featuring headline speakers like
0:50.7	Eric Trump, Vlad Tenev, Tom Lee, Bologi Srinivason, and Arthur Hayes.
0:56.6	Visit asia.tokin249.com now to get 15% off tickets with the code unchained.
1:04.5	Finance is the world's number one crypto exchange, trusted by over 290 million users.
1:10.7	With industry leading liquidity, security, and a wide range of digital asset products,
1:14.6	finance is the place to buy, sell, trade, and earn crypto.
1:18.6	Download Binance today to get started.
1:21.6	Being out there probably two, three, four months ahead of the mainnet launches from the other
1:30.9	stablecoin focus chains. I think it's going to be a huge competitive advantage. I'm again joined
1:37.4	with Seth Ginn's managing partner and head of liquid investments at Coin Fund. Welcome, Seth.
1:42.2	Hey, Lara. Thanks for having me.
1:48.9	So Stable Coin Focus, Layer 1, blockchain, Plasma, launched its mainnet today.
1:55.3	Its native XPL token, also went live, and is at roughly a $2 billion market cap. I saw a tweet saying investors from the XPL sale on Echo are up already 220X.
2:00.7	So why is the market and why is
	...

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