meta_pixel
Tapesearch Logo
Log in
Unchained

The Chopping Block: Zcash +400%, Tempo’s $500M Shock, EF Pay Firestorm & AWS/Base Meltdown feat. Mert - Ep. 929

Unchained

Laura Shin

Tech News, Business News, News

4.61.3K Ratings

🗓️ 22 October 2025

⏱️ 60 minutes

🧾️ Download transcript

Summary

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Helius’s Mert returns to defend Zcash’s ~400% run and the “encrypted Bitcoin” framing, digging into anonymity sets, privacy UX, and why Bitcoiners are so riled up. We then tackle the Tempo bombshell — a ~$500M raise at a ~$5B pre, Stripe/Paradigm ties, Dankrad’s move from the EF — alongside Péter Szilágyi’s letter on EF culture and compensation: public goods priesthood vs. market incentives. Next up: Mert’s “USD Manlet” rethink (why coordinating Solana around one stable is hard, and why pushing USDT to compete with USDC may be the sharper play) plus a gripe-fueled tour of today’s DeFi trading UX. Finally, an AWS-outage autopsy: Coinbase downtime, Base sequencer hiccups, Infura/MetaMask ripple effects, and the case for multi-region/multi-cloud redundancy when real money — and sometimes safety — are on the line. And no, despite the memes, Mert is not launching a DEX. For more links and Show Hilights - https://unchainedcrypto.com/podcast-chopping-block/the-chopping-block-zcash-400-tempos-500m-shock-ef-pay-firestorm-aws-base-meltdown-feat-mert/ ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Mert, Co-founder & CEO at Helius Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Mert, Co-founder & CEO at Helius “One Long Memo” [A Letter To The EF] by Péter Szilágyi https://gist.github.com/karalabe/a2bc53436f29e0711fe680d59e180f6c  Timestamps 00:00 Intro 01:22 Mert a Madman of Solana and now Zcash 05:20 Bitcoin vs. Zcash: A Philosophical Clash 14:35 Tempo Fundraise and Ethereum's Talent Exodus 33:05 Ethereum's Social Layer & Public Goods 34:45 The Importance of Religious Priesthood in Crypto 41:01 The USD Manlet Proposal & Stablecoin Coordination 49:32 AWS Outage & Its Impact on Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

And part of that is the fact that Zcashers have just been sitting in a dumpster for the last like five years where like the price action has been going nowhere. It's been like slowly bleating down. And then all of a sudden there's this, you know, opening of a meadow and, you know, trumpets blaring and a light shining on you. And all of a sudden, oh, Zcash is the best trade in crypto. I can understand why it feels threatening to a Bitcoiner to have Zcash, have that be the philosophy behind this price movement.

0:28.6

Not a dividend.

0:29.6

It's a tale of two pawn.

0:30.6

Now, your losses are on someone else's balance.

0:33.6

Generally speaking, air drops are kind of pointless anyways.

0:36.6

I'm into trading firms who are very involved

0:39.0

i like that eat is the ultimate puffy protocols are the antidote to this problem

0:45.1

hello everybody welcome the chopping block every couple weeks the four of us get together and give

0:48.3

the industry insider perspective on the crypto topics of the day took your control first you got tom the

0:52.6

defy maven and master of memes hello everyone, we've got Robert, the Cryptoconosur and Tsar of Super State. He is currently cosplaying as Turun, so he is late, but he will be rolling in shortly. Joining us today, we've got special guest, Mert, the main manlet at Helius. Welcome back, Mert. Hello, hello. Yes, thank you. Yes, and I am a Cib, the head hype man at Dragonfly. We are early-stage investors in crypto, but I want to caveat that nothing we say here is investment advice, legal advice, or even life advice. Please see chopping block that X, Y, Z for more disclosures. So, Mert, you very generously offered to come on the show, because I think last episode we were talking about the crazy run-up in Zcash

1:30.0

and I think last episode, we were talking about the crazy run-up in Z-cash.

1:40.4

And I think the boys were saying that they had some skepticism about how organic and or orchestrated this run-up in Z-Cash was or how fundamentals driven it is, let's say.

1:43.2

And you did not seem to take to that too kindly.

2:18.0

So we thank you for your very generous offer to come on the show and to bash our heads in. I think last time you came on, this was, I think it was like at, it was in person that we did a podcast in Dubai. It was in Dubai. I was in Singapore or Dubai? Singapore. It was in Singapore. That's right. And I think at that time I called you the mad dog of Solana. Because anytime anybody is wrong about Solana, you would just come at them like a ghost. And it does feel like you have softened, but the Zcash thing now has become like your new animating thing that you're haunting people over. Talk to me,

2:24.7

talk to me how you think about that. Yeah, it's essentially the meme, you know, not now,

2:29.0

babe, somebody's wrong on the internet. It's basically just my personality in some sense.

2:34.3

But yeah, I certainly softened up on Solana specifically. And one reason is just the physics of it, which is to say as you get more successful as an ecosystem, it starts to look more and more ridiculous to like punch down, basically.

2:45.6

And I was helping Solana much more when they were the underdogs.

2:49.1

But once you're already near the top,

2:51.9

I'm not going to say they're the top of everything.

2:53.4

It starts to look like you're bullying people, literally.

2:56.6

And also, I feel like a lot of the things that we said for Salana, like, for example,

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Laura Shin, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Laura Shin and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2026.