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Unchained

Two VCs on Why the 4-Year Cycle Is Dead, DATs & Hyperliquid vs. Binance - Ep. 892

Unchained

Laura Shin

News, Tech News, Business News

4.61.3K Ratings

🗓️ 27 August 2025

⏱️ 68 minutes

🧾️ Download transcript

Summary

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Is crypto no longer moving in predictable four-year waves?  From the rise of DATs and stablecoin-specific chains, to Hyperliquid challenging Binance itself, the industry is fracturing into segments with  winners and losers.  In this episode, Hack VC’s Peter Hans and DBA’s Jon Charbonneau debate whether Solana is next in line for a TradFi pump, why ETH suddenly flipped from dead to indispensable, and how onchain exchanges could finally free projects from Binance’s grip. Thank you to our sponsors! Re Mantle Guests: Peter Hans, Partner and Global Head of Business Development at Hack VC Jon Charbonneau, co-founder and general partner of DBA Links: Rob Hadick’s tweet on the DAT trend  Vinny Lingham’s tweet on the locked SOL in DATs Unchained:  Hyperliquid Surpasses Robinhood in Trading Volume for Three Months Straight Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain Timestamps: 🎬 0:00 Intro 🎯 2:44 Whether the DAT trend is peaking or just getting started 🧾 10:57 Whether SOL DATs include locked funds from the FTX estate 🙅‍♂️ 11:52 Why Jon hasn’t touched any of these products 📈 16:28 Why Peter still sees long-term value in these vehicles 🔥 20:24 Why ETH is suddenly hot in TradFi and how SOL could follow 🏦 28:49 What makes a stablecoin-specific chain attractive 😶‍🌫️ 32:42 How crypto overlooked privacy for far too long 🔗 38:48 What it’ll take for stablecoin chains to win the payments game ⚠️ 45:39 Whether stablechains could hurt Ethereum, Tron, or Solana 🔍 47:46 Which stablechain has the best shot at success 💸 52:07 Why Hyperliquid beat Robinhood in trading volume 🧨 56:00 How Hyperliquid could break Binance’s listing chokehold 🕵️‍♂️ 59:23 What makes anonymous, no-KYC products appealing 📉 1:01:30 Whether the 4-year crypto cycle is officially dead Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

I don't think there's a lot of edge to be had in predicting when this kind of like dat mania or whatever we want to call it will like start to lose steam. Because most of it is inherently rooted on just like strictly irrational behavior of people, you know, having this conception of I could put you know a dollar in a box and like it will be worth, you know, $1.20. And then like I'm just going to keep doing that. And then like eventually it's going to be worth 90 cents at some.

0:21.6

People like to put things in boxes and it makes them, you know, comfortable. But in reality, like, that's not the way any financial market works. There's like very clearly different segments that act like very, very differently, which is why you've seen for the past like two years in a row, Bitcoin just keeps going to all-time highs.

0:38.3

And like most of crypto Twitter is like depressed most of the time because like they don't own the Bitcoin.

0:43.3

Hi everyone, welcome to Unchained, your no-hype resource for all things crypto.

0:51.3

I'm your host, Laura Shin.

0:53.3

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1:01.0

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1:07.8

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1:15.8

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1:22.6

at the intersection of Tradfai and Web 3. Follow Mantle underscore official to learn more.

1:29.7

Hands up, everyone.

1:30.8

We've got exciting news.

1:32.5

Bits and Bips, our Macro Meets Crypto Show, is officially spinning off into its own

1:36.7

podcast feed, YouTube channel, and X account.

1:40.1

If you've been enjoying the deep dives into interest rates, monetary policy, and how they

1:44.8

intersect with the crypto markets, make sure to follow Bits and Bips wherever you get your

1:48.9

podcasts on YouTube and on X. You'll find the links to YouTube, X, and other podcast platforms

1:55.0

in the show notes. If you're watching this, there's a QR code on screen. We'll be posting here

2:00.5

for a few more weeks,

2:01.7

but starting in September, Bits and Bips will launch on its own feed. For now, we will publish

2:07.3

longer clips from the show on those accounts. Remember, go to the show notes now and subscribe

2:12.2

to Bits and Bips, that's Bits, plus sign Bips spelled BIPS on YouTube X and wherever you get your podcasts.

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