Unchained

Hyperliquid is one of the most talked-about platforms in crypto right now. It’s an onchain perpetuals exchange that sidestepped VCs, built a deeply loyal user base, and launched with transparency most rivals avoid. But it’s also staring down some massive challenges—from incoming competitors like Coinbase and Robinhood, to the technical hurdles of decentralizing its core exchange engine. Arthur Hayes, CIO of Maelstrom and one of crypto’s most iconic traders, and Hanson Birringer of Flowdesk discuss: What actually drove Hyperliquid’s success How a user-first approach is outpacing venture-backed models Whether the James Wynn saga was legit Why the HIP-3 proposal could be the “holy grail” for DEXes And whether Hyperliquid can survive its next big test: the entrance of giants Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guests: Arthur Hayes, CIO of Maelstrom Hanson Birringer, Head of US Sales at Flowdesk Links Stats: CoinGlass: Total BTC Futures Open Interest Hyperliquid Stats James Wynn Unchained: Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five James Wynn’s address  Transparency Hyperliquid’s founder’s post on X saying that he felt like transparency results in better execution for whales compared to on private venues. Hyperliquid vs Binance: Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism Arthur Hayes’ tweet on whether $HYPE perp volumes will flip Binance’s this cycle. CZ’s tweet on dark pool DEXs Cointelegraph: Binance co-founder CZ proposes dark pool DEXs to tackle manipulation Tokenomics: DL News: Hyperliquid’s token buyback machine just hit $1b — is it sustainable? HIP-3: Hyperliquid Docs: HIP-3: Builder-Deployed Perpetuals Timestamps: 🎬 0:00 Intro 🔥 3:25 Why Arthur says the future of perps is onchain—and what that changes 🚀 6:58 How Hyperliquid managed to climb the ranks without VCs 🧱 9:45 Whether being its own L1 gives Hyperliquid an edge 🔍 12:44 How Hanson adapts market making in a fully transparent environment 🕵️‍♂️ 16:40 Why Arthur doesn’t buy the James Wynn story 💸 20:56 Whether the types of traders on Hyperliquid are different than on other venues ⚔️ 22:14 How Hyperliquid could defend itself when Coinbase and Robinhood enter the arena 🔐 26:18 What Arthur and Hanson think about Jeff Yan’s post saying transparency benefits users 🐙 32:59 Did Binance and OKX try to sabotage Hyperliquid during the $JELLY event? 📊 38:24 Arthur answers his own question of whether Hyperliquid takes on Binance’s trading volume 🌘 42:20 Whether dark pool DEXes can fix transparency without killing decentralization 🔧 47:15 Why Hanson thinks the security FUD around Hyperliquid is overblown 🌏 50:20 Whether Asia’s crypto communities care less about decentralization 🧠 52:34 How Hyperliquid’s ecosystem play with HyperEVM could reshape its future 🏆 55:52 Why Arthur calls HIP-3 the “holy grail” for DEXes 🪙 1:00:01 Whether the HYPE buyback program is a good idea 📈 1:02:49 What Hyperliquid must get right as Coinbase and Robinhood show up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 17 June 2025

Stablecoins are having a moment. From Stripe’s acquisition of crypto wallet startup Privy, to Shopify integrating USDC, to Plasma raising $500 million for its stablecoin-optimized sidechain, stablecoins are having a moment. And at the center of it all is Circle, which had one of the most successful IPOs in decades. But what’s really happening under the surface? And who’s best positioned as stablecoins go mainstream? Vicky Fu, co-founder at Yala and former engineering director at Circle, joins Unchained to explain: How she saw Circle as deeply undervalued before the IPO buzz What Stripe’s crypto moves signal for the broader market Why retail payments could become stablecoins’ breakout use case How network effects give Circle a serious edge, even as banks circle the space Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Ledn FalconX Human Rights Foundation Guest Vicky Fu, co-founder at Yala  Links Unchained: GENIUS Stablecoin Bill Advances in U.S. Senate Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin The Block: Payment giant Stripe to buy crypto wallet firm PrivyMarket Payment giant Stripe to buy crypto wallet firm Privy CoinDesk: Crypto startup Plasma’s XPL Token Sale Hits $500M as Investors Chase Stablecoin Plays The Block: Plasma doubles its deposit cap, clarifies it is eyeing $50M public sale at $500M FDV Reuters: Societe Generale becomes first major bank to launch dollar-pegged stablecoin The Information: Financial Markets Giant DTCC Explores a Stablecoin  Timestamps: 🎬 0:00 Intro 🔍 2:40 Why Vicky believed Circle was deeply mispriced BEFORE the IPO hype 🏗️ 11:336 How Circle’s quiet infrastructure play is more powerful than it looks 🛒 17:40 Why the Shopify–USDC integration could be a turning point 💼 19:14 What Stripe’s acquisition of Privy signals 🔥 23:42 What the Plasma ICO reveals about surging interest in the sector 🏦 29:50 Whether crypto-native issuers can really compete with banks entering the stablecoin race 📰 34:10 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 13 June 2025

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, we’re joined by a special guest: Laura Shin, host of Unchained! The crew unpacks Circle’s explosive IPO, Tether’s threat to exit the U.S., and the meme-stock logic powering the rise of “crypto treasury companies.” From Coinbase’s grip on USDC to Wall Street’s sudden enthusiasm for stablecoins, we explore how public markets are reshaping crypto’s power centers. Is Circle overvalued—or the last compliant winner left? And are ICOs really back? We debate whether crypto’s just maturing—or if it’s being hijacked by the suits. Show highlights 🔹 Circle’s IPO Shocks Wall Street – One of the biggest two-day pops in IPO history: Did bankers misprice, or did crypto just break TradFi? 🔹 Stablecoin Season or Meme Stock Mania? – Circle hits 160x earnings, 15x revenue—Tarun calls it “CoreWeave for finance” 🔹 Tether Threatens U.S. Exit – New regulation looms: Will Circle rule America while Tether dominates abroad? 🔹 The Coinbase Cut – Why Coinbase might be the real winner behind USDC—and the hidden economics of stablecoin margins 🔹 Banking Consortium Incoming? – JPMorgan and Wells reportedly plotting their own stablecoin play. Is Circle racing against the banks? 🔹 The Rise of Treasury Tokens – From MicroStrategy to Solana clones: Are “crypto holding companies” the new ETF? 🔹 Copycats or Cult Leaders? – Why everyone wants to be Saylor—and why most won’t survive 🔹 Are These Companies Just Meme Stocks? – Laura and Tarun debate whether tradable crypto firms have real value—or just vibes 🔹 The Return of the ICO – Plasma raises $500M on Sonar, sparking a new wave of pre-token speculation 🔹 Is This Financial Innovation or Regulatory Theater? – Haseeb asks: Are we maturing—or just dressing TradFi in crypto clothes? ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained Timestamps 00:00 Intro 01:25 Circle's IPO: A Historic Event 03:16 Market Reactions & Implications 06:49 Stablecoin Legislation & Tether's Response 08:56 Circle's Market Position & Future 23:12 Crypto Treasury Companies: The New Trend 32:09 Understanding Convertible Arbitrage in Crypto 37:02 Potential Risks and Market Dynamics 41:36 The Influence of Michael Saylor 43:57 The Need for Charismatic Leaders in Crypto 50:07 The Rise of ICOs and Market Trends 55:04 Concluding Thoughts on ICOs HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 12 June 2025

This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle’s triumphant IPO, ETH’s institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini’s IPO ambitions tell us about the state of exchanges, and whether Ram’s call for a BTC breakout is about to hit. Also on the docket: Is Circle really worth its sky-high valuation? Why exchange fees are stuck in the 1970s ETH: the quiet trade that might be heating up Oh, and yes, they talk about the Trump–Elon feud too 😅 Sponsors: Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guest: Sal Ternullo, Managing Partner at A100x Ventures The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast? Unchained: Stablecoin Giant Circle Raises $1.1 Billion in Its IPO Early Circle Backer Slams IPO in Expletive-Filled Letter  BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B  Blockworks: Gemini files confidential S-1 with SEC in road to IPO The Block:  Trump’s Truth Social files S-1 with SEC for Bitcoin ETF 15-day streak brings Ethereum ETFs to record high cumulative inflow value Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels CoinDesk:  MSTR Boosts Stack Again Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings. Timestamps: 👋 0:00 Intro 🧠 1:28 Why the market is ignoring the Trump-Elon “break up”  📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for  crypto VC) 🏦 30:25 Why Circle may struggle to compete with traditional banks 🚀 38:34 Why exchanges should rush to go public 🌐 46:40 Why Ram thinks that the market is immune from more bad news 🔥 57:16 The secret signs of a coming bitcoin supply shock 🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 June 2025

In part 2 of Jeff Park’s interview with Unchained, he describes ways that both everyday investors and the U.S. government can use various crypto assets to come out on top as old models and strategies become outdated.  He reveals the three personal stories that led him to develop his radical portfolio theory, puts himself in the shoes of Treasury Secretary Scott Bessent, and explains why Japan is the linchpin in the transition to this new world order. In this episode, we explore: Why Jeff believes the future belongs to wholecoiners The social mission behind owning bitcoin How the U.S. could leverage stablecoins to maintain global dominance Why the new American dream might not involve a house at all And why, in Jeff’s words, we may already be “living in a Bitcoin-only world.” Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Bitwise Guest: Jeff Park, Head of Alpha Strategies at Bitwise Part 1 of Jeff on Unchained: Jeff Park Says the 60/40 Portfolio May Be Dead. Here’s His Radical Fix  Timestamps: 👋 0:00 Intro 📌 3:14 The 3 life events that shaped Jeff’s radical portfolio vision 🌍 7:58 Why crypto’s value is clearer outside privileged financial systems 🚀 15:18 Why Jeff is so bullish on STRK and what it represents 🌐 20:56 What it means to be “living in a Bitcoin-only world” 💥 27:42 Why the U.S. is vulnerable and what’s the new American Dream 🤝 32:36 What Jeff would do if he were in Treasury Secretary Scott Bessent’s position  🇯🇵 39:16 Why Jeff sees Japan as a critical piece of the global financial order 💵 48:36 Why stablecoins could be the U.S.’s most powerful financial weapon 🤔 54:50 Why Jeff is skeptical about a U.S. bitcoin reserve 🏛️ 59:14 Whether Bitcoin treasury companies are here to stay Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 10 June 2025

On Tuesday, a pseudonymous X account claimed that Pump.fun, Solana’s breakout memecoin launchpad, would raise $1 billion via an ICO at a $4 billion valuation. The potential deal? Multiple CEX listings, a 10% community airdrop, and maybe even a launch by the end of the month. The community reaction? Not great. In this episode, Syncracy Capital’s Ryan Watkins joins to break down the backlash, whether the raise makes sense, and what this kind of fundraising says about the current state of crypto. He discusses: Whether Pump needs $1 billion and what they’d even do with it Why some people are furious, even as Pump prints revenue If this is bullish or bearish for Solana Why an airdrop was not pursued Whether the $4 billion valuation makes sense Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Human Rights Foundation Ryan Watkins, Co-founder of Syncracy Capital Unchained: Pump.fun Mulls $1B Token Sale Nextfckingthing’s tweet breaking the news  Ansem’s tweet on “pump fun raising $1B at $4B after Trumpcoin launch is like the second plane hitting the towers” Ansem’s poll Ryan’s tweet on “Pump anger”  Solojay tweet on Pump’s top 25 wallets Mosi’s tweet on why “Pump's ICO seems like an asymmetric bet (skewed to the downside)” Timestamps: 👋 0:00 Intro 🤔 4:03 Why skepticism around Pump.fun’s $1B raise is valid 💰 7:06 What Pump would even do with $1 billion 📈 21:17 Whether a $4B valuation actually holds up 🔥 24:08 Will this ICO hurt SOL? 🎁 27:05 Why Pump chose not to do a big airdrop 📱 28:56 Whether Pump.fun can hold its ground as SocialFi competition heats up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 6 June 2025

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. In this episode, the crew tackles a triple-header of crypto’s growing pains: the bizarre saga of James Wynn—a memecoin gambler whose billion-dollar positions on Hyperliquid ended in public ruin; the Ethereum Foundation’s surprise rebrand into “Protocol” and its sudden embrace of hierarchy; and a bold manifesto from Miles Jennings calling for the end of crypto foundations as we know them. Is radical transparency a feature or a trap? Is Ethereum finally prioritizing execution over vibes? And are foundations just offshore theater—or necessary guardians of decentralization? The gang debates all this and more in a conversation that asks: who’s really in control of crypto—and should they be? Show highlights 🔹 James Wynn: From $1B to $16 – The infamous Hyperliquid trader wipes out, then begs for donations… and opens new positions days later 🔹 Liquidation Theater – Was Wynn’s downfall market manipulation, a psyop, or just crypto doing what it always does? 🔹 Hyperliquid Transparency Debate – CZ, Jump, and Hyperliquid clash over whether radical openness helps or harms 🔹 Stop-Hunting Season – Tarun explains why onchain liquidation is more deterministic—but not necessarily more malicious 🔹 Ethereum Foundation Rebrands – Meet “Protocol”: a new structure, a new strategy, and maybe… a new hierarchy 🔹 The End of Purge & Surge – Is Ethereum finally abandoning the meme roadmap and focusing on shipping? 🔹 Tim Beiko’s New Role – A surprising centralization of coordination—and why the ETH community seems to like it 🔹 DUCS vs. DUNA – The crew proposes a new Ethereum acronym—and debates Miles Jennings’ push to end the foundation model 🔹 Are Foundations Just Offshore Theater? – Haseeb argues it’s time to kill the Cayman entity and rethink DAO legal structures 🔹 The Legal Marketing Wars – Tarun and Tom debate whether crypto’s governance evolution is genuine—or just “intellectual shilling” ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  The end of the foundation era in crypto by Miles Jenningshttps://a16zcrypto.com/posts/article/end-foundation-era-crypto/ Announcing Protocol by Barnabé Monnot, Tim Beiko, Alex Stokes https://blog.ethereum.org/2025/06/02/announcing-protocol Timestamps 00:00 Intro 02:12 The Saga of James Wynn 06:20 Market Manipulation vs. Transparency 17:37 57, Tarun’s Favorite Number 20:12 EF's “Protocol” 33:45 DUCS! Decentralization, UX, Censorship Resistance, and Scaling 36:55 The End of the Foundation Era 45:04 The Role of Legal Structures in Crypto 52:49 Final Thoughts and Wrap-Up Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 5 June 2025

The Bitcoin Conference in Vegas is getting more political. Crypto treasury companies are exploding across the globe. And macro markets are flashing mixed signals, with geopolitics entering the chat. In this episode of Bits + Bips, the panel dives into: Key takeaways from Bitcoin 2025 The possible bubble forming around Bitcoin treasuries How the SEC is fighting back against staking in ETFs Whether Ethereum is finally catching up How Ukraine just redefined trade risks Why ETFs have seen so much inflows since the market bottom How AI will impact growth and the job market And … why James hates Las Vegas 😀 Thank you to our sponsor! Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  WSJ: Bitcoin Goes All In on MAGA, Shedding Its Antigovernment Slant Unchained:  Pakistan Sets up Strategic Bitcoin Reserve Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse? Decrypt: Another Bitcoin Buyer? Nasdaq-Listed Reitar Logtech Plans $1.5 Billion BTC Purchase The Defiant: Trump Media Closes Roughly $2.4 Billion Financing to Establish Corporate Bitcoin Treasury Bloomberg: SEC Flags Concerns on Crypto ETFs Offering Staking Rewards The Guardian: Ukraine launches major drone attack on Russian bombers, security official says   Timestamps: 0:00 👋 Intro 2:02 🎰 - Why James hates Vegas, but was impressed with Bitcoin 2025 4:48 🐘 - Has bitcoin moved too far right politically? 10:02 📈📉 - If bitcoin treasuries are all the rage, why isn’t the price moving? 13:26 🌍 - One big reason why the treasury bubble differs from SPACs 18:26 📉 - Are these companies destined to implode? 22:55 🤔 - One big (but hidden) opportunity to profit from this market 34:23 🏦 - How some ETF issuers tried (and failed) to pull one over on the SEC 43:19 🤐 - Why James sees one quiet, but bullish, trend in ETF flows 47:48 🌎 - Why Noelle thinks that numbers don’t matter - it's all about geopolitics 58:10 🐂 - Ram sees a secretly bullish setup. Here’s how he says to play it 1:07:33 💻 - How AI is going to eat the world, and turn markets upside down Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 4 June 2025

Jeff Park thinks the most popular investing strategy of the last decades — the 60/40 portfolio — is dead. Jeff has spent his early career inside the traditional system. But now, after two years in finance, he’s calling for a full rethink of the modern portfolio: from what counts as “safe” to how inflation actually works to why Bitcoin may be the real anchor asset in a world that’s spinning off its axis. In this episode, the first in a two-part series, he and Laura dig into: Why the 60/40 portfolio is quietly failing What the rise of “resistance” assets says about trust in institutions Why STRK and BTC are the distillation of Jeff’s radical portfolio How traditional finance may be more correlated to crypto than you think Why “time is liquid energy” and bitcoin is so valuable Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Bitwise Jeff Park, Head of Alpha Strategies at Bitwise The Radical Portfolio Theory by Jeff Park Unchained: DeFi Leverage on Apollo’s $1.3 Billion Credit Fund Timestamps: 👋 0:00 Intro 🧠 2:19 How entering the workforce in 2008 pushed Jeff to question everything, even the dollar 🏛️ 14:31 Jeff’s role as head of alpha strategies at Bitwise 📉 17:27 Why the classic 60/40 portfolio may be dead 🌍 34:10 How crypto fits into the new financial world ⚡ 40:58 Why “time is liquid energy” and bitcoin captures it best 📊 41:52 The core of Jeff’s radical portfolio theory 🛡️ 54:44 What goes into the “resistance” asset bucket 🎯 59:00 Why prediction markets could diversify your income 💎 1:09:52 Why Jeff is betting big on Strategy’s STRK and BTC 👑 1:14:31 The rise of crypto treasury companies and whether they pose systemic risk Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 3 June 2025

Public crypto treasury companies are in the news right now. Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital. But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb? Pantera Capital’s Cosmo Jiang joins Unchained to unpack: The structures and strategies behind these companies Why Solana is appearing more than Ethereum (and what that says) How XRP’s brand power could matter more than its adoption The risks these vehicles pose to investors and to markets Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off Focal by FalconX Guest Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Previous coverage of Unchained on bitcoin treasury companies: Why Twenty One Capital Is More About Volatility Than Bitcoin Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Unchained:  Trump Media Confirms $2.5B Capital Raise to Buy Bitcoin Consensys Leads $425M Raise for SharpLink Gaming’s ETH Treasury Plans The Block: GameStop buys 4,710 bitcoin for corporate treasury: filing CoinDesk: VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing Bloomberg:  Cantor’s $2 Billion Bitcoin-Backed Lending Arm Makes First Deals The Stock Market Loves Bitcoin Timestamps: 👋 0:00 Intro 📈 1:57 Why crypto treasury companies are suddenly everywhere 🏗️ 5:03 How these vehicles are structured to raise and deploy capital 🎲 8:36 Which strategies carry more risk for investors 🔍 9:57 Pure-play crypto vs. operational businesses: what works better 💰 12:40 Why these companies often trade at a premium to their crypto 🔥 16:56 Why there’s more buzz around SOL than ETH in these structures 📣 19:44 How XRP treasury plays are unique … but tied to marketing, not tech 🙋‍♂️ 21:31 Why some investors prefer these stocks over holding actual tokens ⚠️ 24:12 Could these companies pose systemic risks to crypto markets? 📊 27:58 The key metrics to watch when valuing crypto treasury companies Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 30 May 2025

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. In this episode, the gang reunites to confront a troubling pattern: we’re making the same mistakes all over again. From the $223 million Sui hack and validator-led censorship to Coinbase’s insider data breach and the Trump token dinner spectacle, this week feels like a remix of the industry’s most painful lessons. The crew reflects on how decentralization is being quietly redefined, why newer chains ignore crypto’s origin story, and what it means when memecoins are the new access pass to political influence. Also: James Wynn’s billion-dollar trades, fading cypherpunk values, and a creeping sense that the crypto future looks a lot like its past. Show highlights 🔹 Sui’s Ethereum Classic Moment – Why freezing a hacker’s funds reopened an old decentralization wound 🔹 The Same Mistake Again – Tarun and Robert reflect on the crypto industry’s short memory and long consequences 🔹 Coinbase’s KYC Breach – How bribed support agents exposed a broken identity system 🔹 The Trump Token Dinner – Steak, disappointment, and the illusion of access in crypto’s weirdest political stunt 🔹 The Death of Cypherpunk Values – Haseeb asks: are decentralization and censorship-resistance just legacy slogans now? 🔹 Validator Power Creep – The panel debates whether emerging L1s are becoming de facto states 🔹 James Wynn’s Trading Circus – A $1.25B long, 40x leverage, and the thin line between marketing and madness 🔹 Hyperliquid Stress Test – Robert wonders: is Wynn just a trader, or a protocol’s canary in the coal mine? 🔹 The KYC Iceberg – Why crypto keeps leaking private data—and why nobody’s fixing it 🔹 Chopping Boomers Mode – When no one gets your Ethereum Classic jokes, maybe the revolution’s over Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Timestamps 00:00 Intro  01:15 Cetus x Sui Hack 07:56 Ethereum Classic & Crypto History 21:37 Trump Token Dinner Controversy 29:56 Coinbase Ransom Hack 33:49 KYC Data Vulnerabilities 43:02 James Wynn's High-Stakes Trading Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 29 May 2025

A debate has been heating up on crypto Twitter about Real Economic Value (REV) — a metric meant to measure the value blockchains accrue from user activity. REV includes transaction fees and MEV tips, but excludes issuance — the inflationary rewards paid to validators. Some say it’s the clearest window into genuine usage. Others argue it’s a flawed and misleading proxy. So we brought the argument to Unchained. Tom Dunleavy, Head of Venture at Varys Capital, says fees are headed to zero, and blockchains shouldn’t be valued like companies. Meanwhile, Austin Federa, Co-founder of DoubleZero, believes REV offers a real lens on activity, maturity, and demand. The conversation covers: Whether REV is a meaningful metric (and how to game it) Whether L2 tokens are fundamentally broken What happens to security when fees (and MEV) go to zero If high REV signals product-market fit or just economic noise How to value blockchains, if not with REV Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guests: Tom Dunleavy, Head of Venture at Varys Capital Austin Federa, Co-founder of DoubleZero Timestamps: 👋 0:00 Intro 📊 2:50 What REV actually measures and why it’s sparking so much debate 💸 4:33 Why fees that don’t go to the protocol are included in this metric 🪙 14:43 Whether L2 tokens are fundamentally worthless 🧮 15:53 How to factor Ethereum L2s into the REV equation 📉 18:15 Why Tom thinks all fees are going to zero and what that means for value accrual 📈 34:06 Austin defends REV and explains why it reflects real user demand ⚠️ 37:07 MEV debate: is it a feature or a flaw? 🔀 42:59 Why Solana might not follow Ethereum’s REV path 🛡️ 44:18 Who secures the network when MEV goes to zero 🤔 53:46 Whether high REV means success 🚫 59:46 Why Austin calls out Jesse Pollak’s “no sandwiching” claim on Base 🌄 1:02:30 Whether Solana’s Alpenglow proposal could reshape MEV 🔄 1:03:43 How REV might rise even as MEV declines 👑 1:07:11 Why Bitcoin lives in its own reality when it comes to metrics 🎮 1:09:57 How protocols can game the REV metric 📐 1:15:19 What other metrics matter when valuing blockchains Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 27 May 2025

Yield-bearing stablecoins have had decent growth, now topping $6 billion in supply and paying out nearly $600 million to users, according to data from Stablewatch. But just as these products go mainstream, the U.S. Senate is moving forward with a stablecoin bill that could ban them outright in America. In this episode, NYU professor and Zero Knowledge Consulting founder Austin Campbell joins Laura to break down: Why yield-bearing stablecoins are under fire in Washington Why Dems are pushing for the ban and who stands to benefit How this bill could give foreign issuers an edge over U.S. ones Whether yield-bearing stablecoins are securities under U.S. law And what the future holds for projects like Ethena, Sky, and others Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off Focal by FalconX Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Unchained:  How the Senate Stablecoin Bill Enriches Corporations at the Expense of Consumers Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance Timestamps: 0:00 Introduction 💣 1:29 Why the new stablecoin bill takes direct aim at yield-bearing stablecoins 🗳️ 3:36 How Democrats are driving the push for a ban and what their motivations might be 🏦 6:28 Why calling stablecoins “banks” leads to major policy confusion 🌍 13:49 How the bill could hand an advantage to offshore stablecoin issuers 🎒 19:31 Whether Tether is warning about risk or just protecting its own interests ⚖️ 21:09 Are yield-bearing stablecoins actually securities under U.S. law? 💰 23:40 What real benefits yield-bearing stablecoins offer to users 🚫 29:54 Why Austin opposes the proposed 10% interest cap 📚 32:04 Why Ethena would likely be regulated under market structure rules instead 📰 35:04 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 23 May 2025

U.S. credit got downgraded. Fed policy expectations are flipping. And Coinbase hit the S&P 500 (while also being extorted). But what does all of this mean for crypto? On this week’s Bits + Bips, James Seyffart, Alex Kruger, Ram Ahluwalia, and Noelle Acheson break down: Why the Moody’s downgrade doesn’t mean much for markets Whether Fed rate cuts are now further off than expected Why Alex says Coinbase is a “horrible product” despite S&P inclusion How stablecoins tie into U.S. geopolitical strategy Whether Circle should sell to Coinbase And what the altcoin ETF delay really tells us Plus: unemployment, yield curve control, the “Consensus vibes,” and Ram’s wild anecdote about workers gaming unemployment benefits. Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Macro Reuters: Moody's downgrade intensifies investor worry about US fiscal path USNews: Trump Tells Walmart to 'Eat the Tariffs' Instead of Raising Prices Coinbase Unchained: How the Attack on Coinbase Shows the Dangers of Centralized Exchanges Fortune: Circle pursues IPO—but talks with Coinbase and Ripple could mean a sale, sources say CNBC: Coinbase joining S&P 500, replacing Discover Financial Stablecoin bill Unchained: Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win Timestamps: 👋 0:00 Intro 💳 2:18 A big reason why the U.S. credit downgrade matters for investors 📉 7:49 Contrarian take: why souring U.S. debt could also hurt crypto 🛡️ 15:30 Do tariffs work against the U.S. military and national security?  🔁 20:14 Why the crew flipped on Fed rate cut expectations 📊 28:35 Is the U.S. about to introduce yield curve control? 🧾 35:04 Are the Mag7 stocks the new safe havens in a recession? 📈 38:54 What if the “Goldilocks” scenario is priced in, and it's wrong? 💼 44:26 Why hedge funds are secretly in a vulnerable position 🫱 49:15 What the “vibes” at Consensus 2025 revealed 💵🇨🇳 50:44 A secret threat that the stablecoin bill poses to China? 📈 57:43 What Coinbase’s S&P 500 inclusion means and why Robinhood is its biggest threat 🌀 1:07:17 Should Coinbase acquire Circle? Here’s what the panel thinks ⏳ 1:13:38 Why altcoin ETF approvals are delayed and wen staking in ETFs? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 21 May 2025

Legacy social media platforms lock you in, control your audience, and exploit your data. Farcaster aims to fix those problems. But how can it attract developers and users in an already saturated media environment?  Developer Ecosystem Lead Linda Xie joined the show to explain: How Farcaster addresses social media’s structural flaws How Farcaster’s mini-app ecosystem is helping to grow the user base The most popular apps taking off on the platform How the whole crypto community could benefit from gathering on Farcaster Why she believes crypto communities belong on open, portable networks And why her family’s history helped her grasp the significance of Bitcoin in 2011 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Linda Xie, Developer Ecosystem Lead at Farcaster Previous coverage of Unchained on Farcaster and social media: Farcaster Wants to Win Over Crypto. Here’s How It’s Different From ‘Crypto Twitter’ Ethereum Accounts to Post on Social Media More After Criticism How Decentralized Social Network Farcaster Hopes to Eventually Get to One Billion Users What is Warpcast Wallet? Farcaster’s Snapchain Farcaster’s mini-apps Understanding Farcaster: A Sufficiently Decentralized Social Graph Protocol Timestamps: 🤝 0:00 Introduction 🤯 3:55 How an unusual situation in her family got Linda crypto-pilled ⚖️ 7:57 How building legitimacy at Coinbase was crucial for the industry 🪜 10:20 Xie’s journey from VC to founder 🌐 13:04 How crypto’s adoption has evolved around the world 🔍 16:44 Why Linda decided to build and focus on Farcaster 🔧 23:31 How Farcaster addresses social media’s structural flaws 👀 31:14 How mini-apps build Farcaster’s user base 💲 37:32 Why Warpcast Wallet is a “game changer,” according to Linda ❓ 40:19 How Snapchain is used for storing data 👷 44:29 What types of developers the Farcaster ecosystem attracts 💡 45:20 How Linda aims to make Farcaster easy to understand ✨ 49:50 Linda’s favorite Farcaster mini-apps 😀 55:10 Attracting the whole crypto community to Farcaster Thank you to our sponsors!Guest:Links Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 20 May 2025

Coinbase revealed on Thursday that cybercriminals bribed overseas customer support contractors to steal sensitive customer data as part of a $20 million extortion scheme. While no funds or private keys were compromised, customer names, addresses, and ID documents were exposed for nearly 1% of the company’s 8+ million “monthly transacting users,” according to a blog post. The story raises tough questions for the entire industry. Is KYC making users more vulnerable? Can human error ever be fully eliminated? And is crypto’s real security problem… people? Security experts Jameson Lopp, James Wester and Alexander Leishman delve into: What went wrong at Coinbase Why human vulnerabilities are still crypto’s biggest risk Whether KYC makes the problem worse What companies should do next to protect their users Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Guests Jameson Lopp, Co-founder and CTO at CASA James Wester, Research Director at Javelin Alexander Leishman, CEO and CTO at River Links Coinbase’s blog post: Protecting Our Customers - Standing Up to Extortionists Coinbase’s SEC filing Commentary:  Vance Spencer’s tweet Armani Ferrante’s tweet Timestamps: 🎙️ 0:00 Introduction and ads 🔓 2:30 How hackers tricked Coinbase’s offshore support and why humans remain security’s weakest link 🗂️ 6:49 What customer data was leaked and how hackers use it 🎯 13:14 How attackers prey on targets at weak moments 🌍 20:47 Should Coinbase move customer support back to the U.S.? 🛑 26:35 Why KYC protocols might be making users more vulnerable, not safer 🛡️ 28:48 The best defenses companies can implement to protect users 📰33:49 Weekly News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 16 May 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra break down the biggest stories in crypto. This week, we’re joined by one of the most iconic anons on Crypto Twitter: Mosi, aka @vanacharma. Known for calling out sketchy tokenomics and vaporware valuations, Mosi joins the crew for a ruthless teardown of market maker games, OTC dumps, and the “hallucination yield” driving this cycle’s worst bets. From the $60M Movement Labs fiasco to OTC pump schemes and the collapse of community trust, the gang goes deep on why crypto’s market structure is broken—and what it’ll take to fix it. If you’ve ever wondered how the sausage gets made in crypto token launches, this one’s for you. Show highlights 🔹 $60M Movement Meltdown – How a token deal gone wrong became crypto’s latest fiasco and dragged down one of the cycle’s most hyped L1s. 🔹 Anon vs. Everyone – Iconic CT anon @vanacharma breaks down the float games, OTC dumps, and tokenomics illusions plaguing the industry. 🔹 Market Makers or Middlemen? – When is liquidity real, and when is it just backdoor exits? We unpack how MM incentives are getting abused. 🔹 Hallucination Yield & Vapor Valuations – Why funds chase tokens with the fakest traction — and what happens when reality hits. 🔹 Are VCs to Blame? – The crew debates whether investors are complicit in these token games or just bad at picking founders. 🔹 Pump, Dump, Repeat – How OTC discounts, fake float, and circular trading fuel a Ponzi-like system hiding in plain sight. 🔹 Why Retail Gets Burned – Most people never stood a chance. We walk through how asymmetric info and hidden unlocks wreck public buyers. 🔹 Can This Be Fixed? – Haseeb and Mosi clash on the path forward: enforceable disclosures, exchange oversight, or do-nothing chaos? 🔹 Self-Regulation Is the Only Way Out – Before the SEC nukes everything, the industry must grow up. Here’s where that starts. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Mosi, Just a Kid from Africa Timestamps  00:00 Intro 01:22 Mosi’s Crypto Philosophy 03:13 Market Structure Issues in Crypto 08:07 OTC Deals & Market Manipulation 15:36 Fixing the Market Structure 23:56 Self-Correcting Market Dynamics 29:19 VC Incentives and Market Impact 36:08 Retail vs. Institutional Investors 52:26 Superstate's Vision for Onchain Equities HostsDisclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 15 May 2025

After the U.S. and China announced a 90-day pause on tariffs, signaling a massive de-escalation of the trade wars, markets rallied.  In this week’s Bits + Bips, the panel covers the biggest macro and crypto forces in motion right now: Will US-China tariff reset reshape the global economy, or just kick the can down the road? America’s ballooning deficit and why politicians are spending like it’s wartime. Why some think ETH has a unique lane to outperform. How policymakers ignore the power of the crypto community at their own risk. Plus: Saylor copycats, Solana’s risk-reward balance, and whether stagflation or recession is still in the cards. Sponsors: Bitwise Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive editor at Unchained Guests: Peter Tchir, Head of Macro Strategy at Academy Securities Zach Pandl, Head of research at Grayscale POLITICO: Trump: The EU is ‘nastier than China’ David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD® to Establish Bitcoin Treasury Unchained: Michael Saylor Copycats Rush to Win the Solana Rat Race. Can Lightning Strike Twice? Reuters: Brokerages Scale Back Recession Odds After U.S.-China Trade Truce White House: Joint Statement on U.S.-China Economic and Trade Meeting in Geneva McKinsey: Chinese Consumption Amid the New Reality CBS: U.S. Could Face Default by August if Congress Doesn't Address Debt Ceiling, Bessent Says Stablecoin bill drama Unchained: Why the Senate Stablecoin Bill Stalled & What It Means for Crypto Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill  Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance A House Hearing on Crypto? More Like a Big, Partisan Fight Timestamps: 👋 0:00 Intro 🇨🇳🇺🇲 3:27 The significance of the U.S.-China tariff pause 🌎 8:55 Is this a global economic reset or just kicking the can down the road? 🧑‍💼 20:23 Has Bessent beaten Navarro in the Trump trade tug of war? 💔 23:11 Whether the U.S.-China relationship is heading for a permanent split 🏦 30:22 Is the U.S. heading for a debt default in August? 🎭 38:37 Why more are copying Strategy’s bitcoin playbook 🚀 44:53 ETH’s explosive short squeeze caught traders off guard. Can it continue? 🏛️ 52:47 How stablecoin policy suddenly became major political battleground ⚠️ 1:00:20 Are there still stagflation and recession risks? Hosts:Links Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 14 May 2025

The Movement Labs scandal exposed more than just one bad deal –  it pulled back the curtain on a widespread problem in crypto: how some market makers, founders, and VCs play games to make money — whether the project succeeds or not. In this episode, Laura speaks with José Macedo of Delphi Labs, Omar Shakeeb of SecondLane, and Taran Sabharwal of STIX to explain: How market makers are supposed to work, and how they operate in crypto Why insider selling is more common than you think How projects like Movement, Mantra, and others exploit launch day hype Whether VCs often enable this behavior with side deals that retail never hears about And what the industry needs to do to fix this broken system Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise José Macedo, founder at Delphi Labs Omar Shakeeb, cofounder of SecondLane Taran Sabharwal, founder and CEO of STIX. Movement Labs: Unchained: How MOVE’s Contracts Put a Pump and Dump Into a Legal Agreement CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen Market making: The Chopping Block: Can Crypto Clean Itself Up? Market Structure, Trust, and Regulation  Mantra Founder Is Burning 150 Million Tokens. Would He Try to Get Them Returned? ZachXBT Ties REEF Founders to OM Token Crash Timestamps: 👋 0:00 Intro 🤝 1:51 What Omar’s and Taran’s companies do 🎭 3:40 How market making works and how crypto twists the model ⚠️ 9:35 Why crypto’s market maker incentives are broken by design 🛠️ 16:25 What it would take to fix shady market maker behavior 🚩 26:20 How some founders exploit launch day hype to dump on retail 🧠 38:11 Did Mantra’s JP pull off a “genius” move or manipulate the market? 🔍 42:22 Whether crypto traders do any research before apeing in 💸 52:48 How founders are incentivized to dump their own tokens 🏦 59:09 Why VCs may be fueling this problem with insider deals 📉 1:02:37 What crypto needs to learn from traditional finance ✅ 1:06:13 The biggest fixes the industry must prioritize to stop these scams Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 13 May 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Evgeny Gaevoy of Wintermute break down the biggest stories in crypto. This week: the $38M Move token dump exposes the shady side of market making, with shocking incentives that blurred the line between liquidity support and pure exit liquidity. We dig into what really happened, why major VCs looked the other way, and how the entire token launch playbook might be broken. Evgeny joins to give the market maker’s perspective — and to answer the question: how many more of these sh*t shows are still lurking beneath the surface? Show highlights 🔹 $38M Token Dump Exposed – How Movement Labs’ shady deal with Web3Port revealed the dark side of crypto market making. 🔹 Market Makers or Exit Liquidity? – Inside the incentive structure that let a market maker dump tokens and split profits with the foundation. 🔹 VCs Looked the Other Way – Why top investors backed Movement Labs despite red flags — and what it says about crypto due diligence. 🔹 Rushi Gets Fired – The Movement Labs CEO is out after weeks of denial. But was the rest of the team complicit too? 🔹 Wintermute’s Evgeny Speaks Out – The biggest market maker in crypto weighs in on shady deals, dump mechanics, and transparency failures. 🔹 Airdrops, Float Games, and Retail Rugging – We dissect how token launches get manipulated behind the scenes — and who really pays. 🔹 The Case for Disclosure – Why Haseeb argues crypto needs mandatory public disclosures for market making agreements — before regulators step in. 🔹 Self-Regulation or SEC Crackdown? – Can the industry grow up on its own… or are we begging for another wave of securities enforcement? 🔹 Crypto’s Trust Crisis – Without transparency, the entire token model risks collapse. This episode lays out how to fix it. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Evgeny Gaevoy, Founder and CEO at Wintermute Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen by Sam Kessler  🔗https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen  Timestamps 00:00 Intro 01:19 Movement Labs Scandal: Inside the Market Maker Mess 06:26 How Crypto Market Making Really Works 10:54 Rigged from the Start? 17:25 Who Knew What? Movement Labs and the Industry Fallout 25:57 Why Crypto Needs a Market Maker Disclosure 34:45 Transparency vs. Manipulation 38:02 Do Market Makers Control Token Prices? 51:51 The Crypto Market Structure Bill: What’s at Stake 59:18 Can We Fix Crypto Before It Breaks? HostsDisclosuresLinks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 10 May 2025

The crypto industry is fixated on the U.S. Senate. On Thursday, lawmakers failed to advance the GENIUS Act, the most significant federal stablecoin bill to date. But the story isn’t over.  Behind the process is a drama about potential presidential conflicts, shifting political alliances, and unresolved policy questions. In this episode, Kristin Smith, CEO of the Blockchain Association and Amanda Tuminelli, executive director and CLO of the DeFi Education Fund, break down: Why the bill stalled but isn’t dead yet The role Trump’s crypto ties are playing Whether Democrats who once backed crypto are turning away Why advocates are still pushing for a deal this year Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Kristin Smith, CEO of the Blockchain Association Amanda Tuminelli, executive director and CLO of the DeFi Education Fund Timestamps: 👋 0:00 Intro 📉 2:01 Why the Senate blocked the vote but the bill isn’t dead yet 🔄 5:17 Why some pro-crypto Democrats suddenly flipped ⚖️ 8:08 Key differences between the two competing GENIUS Act proposals 🔄 14:18 Whether lawmakers are starting to shift their crypto stances 🤝 16:05 Can the Senate overcome divisions and get this across the finish line? 🏛️ 18:14 How Trump’s crypto ties are shaping the legislative battle ⏳ 20:46 Is the August deadline already slipping out of reach 📝 22:39 Combining stablecoin and market structure bills  🎉 25:59 Why Kristin says it’s a relief not to have to deal with Gensler anymore Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 9 May 2025

The crypto industry is fixated on the U.S. Senate. On Thursday, lawmakers failed to advance the GENIUS Act, the most significant federal stablecoin bill to date. But the story isn’t over.  Behind the process is a drama about potential presidential conflicts, shifting political alliances, and unresolved policy questions. In this episode, Kristin Smith, CEO of the Blockchain Association and Amanda Tuminelli, executive director and CLO of the DeFi Education Fund, break down: Why the bill stalled but isn’t dead yet The role Trump’s crypto ties are playing Whether Democrats who once backed crypto are turning away Why advocates are still pushing for a deal this year Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Kristin Smith, CEO of the Blockchain Association Amanda Tuminelli, executive director and CLO of the DeFi Education Fund Timestamps: 👋 0:00 Intro 📉 2:01 Why the Senate blocked the vote but the bill isn’t dead yet 🔄 5:17 Why some pro-crypto Democrats suddenly flipped ⚖️ 8:08 Key differences between the two competing GENIUS Act proposals 🔄 14:18 Whether lawmakers are starting to shift their crypto stances 🤝 16:05 Can the Senate overcome divisions and get this across the finish line? 🏛️ 18:14 How Trump’s crypto ties are shaping the legislative battle ⏳ 20:46 Is the August deadline already slipping out of reach 📝 22:39 Combining stablecoin and market structure bills  🎉 25:59 Why Kristin says it’s a relief not to have to deal with Gensler anymore Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 9 May 2025

On Thursday, Coinbase announced its acquisition of Deribit in a $2.9 billion deal, the largest merger in the crypto industry to date. In this episode, Owen Lau, executive director and senior analyst at Oppenheimer, delves into why Deribit was such a coveted prize, what this deal means for the global derivatives landscape, and how Coinbase is using its position as a public company to cement its dominance. Plus: The importance of Coinbase paying mostly in stock and barely touching its cash How the derivatives market dwarfs spot trading, and is only getting bigger What this means for CME and smaller crypto exchanges And how Base, Coinbase’s L2, fits into the long game Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Guest Owen Lau, Executive Director and Senior Analyst at Oppenheimer Timestamps: 👋 0:00 Intro 📢 2:26 What this record-breaking $2.9B deal really means for crypto 🔥 4:39 Why Deribit was the most sought - after acquisition target in the space 📊 5:59 How the derivatives market became bigger than spot — and what’s next ⚔️ 10:16 What this move signals for CME and how the competitive landscape shifts 🛡️ 12:08 Will this deal make crypto safer for everyone? 💸 16:28 Why Coinbase used mostly stock and why that matters 📈 18:59 How the deal changes Coinbase’s revenue outlook going forward 🚀 22:15 Whether Coinbase is building the “WeChat of the U.S.” financial system 🔗 24:32 The role of Base in Coinbase’s future  🤝 25:48 Why M&A is heating up across crypto right now ⚖️ 27:35 How ongoing regulatory uncertainty still casts a shadow 🧠 28:12 What investors should keep in mind when evaluating the risks and rewards 📰 30:40  Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 9 May 2025

Crypto doesn’t reward fundamentals. It rewards attention. So what does that say about how investors, like Warren Buffett, would fare today? In this week’s Bits + Bips, the crew dissects what’s really behind this rally, why Ethereum’s sentiment problem may run deeper than roadmap delays, and how the stablecoin bill turned into a political tug of war. Plus: Apple and NFTs: why this matters more than people think Whether tariffs are about politics or actual policy Why Bessent is “the best” in the Trump administration And why Buffett’s era may be ending, with Portnoy rising in his place 😬 Sponsor: Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Katalin Tischhauser, Head of Research at Sygnum Bank Macro  Bloomberg: Trump Suggests Some Trade Deals May Come as Soon as This Week -  Asymmetric Market Update™️ #29 May 2025 Newsletter: A Trade Breakdown - Lyn Alden Stagflation bears are wrong? Reuters: Dollar slips as Taiwan dollar surge sparks revaluation talk WSJ:  Tariffs Threaten Semiconductor Supply Chains, Chip-Equipment Maker Warns Bessent’s oped: Trump’s Three Steps to Economic Growth Buffett on Tariffs Buffet: The Natural Course of Government is to make Currency worth less overtime ETH pivot Unchained:  Ethereum Gave Away Too Much for Too Long. Will Its Pivot Be Enough? Ethereum Ecosystem Shifts Toward User Focus Ethereum Developers Vote EOF Out of Fusaka Hard Fork Vitalik Buterin Proposes Replacing Ethereum Virtual Machine The Block:  Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025 CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal Simplifying the L1 by Vitalik Buterin Stablecoin bill: POLITICO: Why the Senate crypto bill is in turmoil Latest on the Senate's "GENIUS Act" by Alex Thorn, head of research at Galaxy  Timestamps: 🚪 0:00 Intro 👋 1:01 Katalin’s background 📦 3:40 The real motive behind tariffs, according to Katalin 😬 11:43 What the market is forgetting to price in 🇪🇺  18:57 How Europe views Trump’s trade moves 🤝 21:33 Trump thinking that U.S. companies are cutting bad deals with China 🧠 26:04 Why Bessent’s op-ed made waves, and why Alex calls him the smartest in Trump’s crew 📉 29:13 The collapse in U.S. manufacturing employment, despite a surge in production 🧓 33:12 Buffett’s exit and his old-school take on tariffs in a new-school market 🌀 39:46 Will Ethereum’s pivot actually improve the price? ⚖️ 51:28 The impact of the political mess around the stablecoin bill 💸 53:53 Ripple’s attempted Circle acquisition and why Ram wouldn’t touch XRP 🍎 1:00:43 Importance of Apple quietly opening the door to NFTs and crypto sales 💱 1:03:34 What’s up with the Taiwanese dollar 💻 1:06:05 Why adding tariffs to chips could backfire big time Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 7 May 2025

After years of underperformance, Ethereum is trying to change course, from scaling the layer 1 to potentially dumping the EVM. In this episode, Tarun Chitra and Max Resnick break down each of these new changes, analyzing the good, the bad, and the ugly.  Is this a reset that can save Ethereum’s market position and price? Or has the protocol given away too much for too long? They dive into: Whether the gas limit increase changes everything What went wrong with Ethereum’s economics and solo staking politics Max’s view on “the single most important” change Ethereum needs to make How ETH could claw back value from layer 2s What Max would do if he ran Ethereum Whether this pivot is too little, too late Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise https://bitwiseinvestments.com/ciomemo Tarun Chitra, CEO and Co-Founder of Gauntlet Max Resnick, Lead economist at Anza Unchained:  Ethereum Ecosystem Shifts Toward User Focus Ethereum Developers Vote EOF Out of Fusaka Hard Fork Vitalik Buterin Proposes Replacing Ethereum Virtual Machine The Block:  Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025 CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal Simplifying the L1 by Vitalik Buterin Timestamps: 👋 0:00 Introduction 🛠️ 2:05 Why Ethereum had to pivot and what triggered the urgency 📈 7:16 Why raising the gas limit could actually be a big deal 💻 9:12 Whether Ethereum devs are too idealistic ⚡ 19:02 How Solana managed to outperform Ethereum at the base layer 👨‍🏫 24:09 Why Max feels Vitalik’s proposals focus on outdated technology  🔧 27:57 The growing gap between Ethereum research and its execution clients 👍 35:02 The ONE thing Max thinks Ethereum is doing well ⚖️ 40:38 Did “credible neutrality” push Ethereum down the wrong path? 🌀 48:23 Will the new Ethereum R1 rollup succeed?  🔀 52:53 What the new updates mean for layer 2s and their value proposition 📉 1:02:58 Whether ETH is finally due for a price reversal 🎯 1:09:12 Why Ethereum should take a page from Trump’s strategy playbook Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 6 May 2025

The MOVE token collapse sparked one of the most damning investigations in the industry this year. In this episode of Unchained, investigative journalist Sam Kessler joins Laura Shin to walk through the contracts, questionable market-making deals, and finger pointing inside Movement Labs. From Binance’s ban to a Trump-affiliated crypto deal, this story unearths how the MOVE token collapse was the product of what looks like a pump-and-dump plan written out in legal contracts. Plus: How insiders structured deals to profit from artificial price spikes How this could have happened with a project backed by some of crypto’s most reputable VCs What this saga says about token launches, regulation, and market integrity And whether Movement Labs can (or should) be trusted to investigate itself Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Sam Kessler, Deputy Managing Editor for Tech and Protocols at CoinDesk CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen Trading for MOVE will be suspended on Coinbase Timestamps: 👋 0:00 Introduction 🕵️‍♀️ 1:52 Initial details of the scandal ⚖️ 6:20 Conflicts of interest at Movement Labs and who knew what 💥 8:42 Why 5% of tokens = 50% of supply and why that’s wild 🧾 13:14 How a lawyer called the deal “the worst agreement I’ve ever seen” 🚫 18:41 Why Binance banned Web3Port after suspicious trading 🧩 20:38 The web of key players: founders, shadow advisors, and middlemen 🧠 25:51 A theory on treasury selling and token price manipulation 🔍 27:49 Can Movement Labs investigate itself, and will anyone trust the outcome? 📉 29:39 Why Coinbase is suspending MOVE and what that signals 🇺🇸 30:47 How Trump’s crypto arm is tangled up in the MOVE ecosystem 📰34:15 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 2 May 2025

While it’s been a calmer week in the markets (thank God!), there’s a lot to talk about! This week on Bits + Bips, hosts James Seyffart, Ram Ahluwalia, and Steven Ehrlich, along with guest Charles Edwards of Capriole Investments, dive into: Whether it’s time to be bullish on all crypto assets Whether a Trump put actually exists The risks behind bitcoin treasury companies like the new Twenty One Capital Why Solana ETFs might not be the smash success people expect The controversial invite to the White House for $TRUMP holders Why there’s a big disconnect in the markets Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Charles Edwards, Founder of Capriole Investments Twenty One: Recent coverage of Unchained on Twenty One:  Why Twenty One Capital Is More About Volatility Than Bitcoin Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Does The Market Still Control Trump? Donald Trump’s chaos has left investors with frayed nerves 4 of the Mag7 Reporting This Week Big Tech’s Earnings Problem Is Estimates May Be Way Too High $TRUMP Trump's Meme Coin Dinner Contest Earns Insiders $900,000 in Two Days Other:  ​​Apollo slides Timestamps: 👋 0:00 Introductions 🧠 3:22 Is the market controlling Trump or is Trump controlling the market? 📈 8:51 Can investors trust it if there’s a positive earnings season? 🚚 14:13 How tariffs are hitting supply chains and consumer goods 🏛️ 19:25 Is Twenty One Capital a threat to MicroStrategy? ⛏️ 31:19 What is the future of bitcoin miners? ⚡ 34:42 Will the Bitcoin corporate flywheel eventually break? 🔥 43:31 Can Solana holding companies follow MSTR?  🇨🇦 48:19 Wen Solana ETFs? \Poor early trading trends in Canada 🤔 53:50 Is there a silver lining to $TRUMP? 📊 1:06:30 Bitcoin strength: time to be bullish? 🌍 1:14:24 Macro wrap-up with tariffs, rate cuts, and global market risks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 30 April 2025

The race for Bitcoin supremacy just got more complicated. Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can.  But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles? This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss: Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin How volatility, not bitcoin itself, might be the real asset investors are buying What Cantor’s involvement says about Wall Street’s readiness for crypto Why the launch timing matters Whether Twenty One could repeat MicroStrategy’s mistakes Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs Plus, is SoftBank getting into crypto a top signal? 👀 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Jeff Park, Head of Alpha Strategies at Bitwise Mark Palmer, Senior Analyst at Benchmark Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Jeff Park’s post on X Timestamps: 📰 0:00 Introduction 🚀 2:07 Why Jeff sees the Twenty One Capital launch as a huge development 🧠 6:09 How Twenty One might learn from MicroStrategy’s playbook 🏦 11:59 Risks of turning into the next Celsius, Voyager or Genesis 💸 18:52 Why Bitcoin needs income-generating activities to evolve 📊 21:17 How metrics like bitcoin per share bridge crypto and TradFi  🤝 30:16 Whether Tether’s participation makes sense 💍 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match” 🚩 42:29 Is SoftBank entering crypto a top signal? 🏛️ 46:32 Why Cantor’s involvement shows Wall Street is serious 📈 50:24 Why bitcoin vehicle stocks trade at a premium 🗓️ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut 🧮 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs 🌊 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 29 April 2025

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest David Hoffman break down the biggest stories in crypto. This week: MicroStrategy clones are popping up, with Bitcoin-backed SPACs trying to replay Saylor’s playbook. Meanwhile, Trump launches a memecoin for dinner invites, Zora kicks off a new era of “content coins,” and Ethereum faces an existential pivot. David Hoffman joins the crew to debate whether crypto’s future is real innovation—or just financial theater. Show highlights 🔹 Bitcoin vs Ethereum: Who Wins the Future? – Breaking down why Bitcoin could outgrow Ethereum… or why Ethereum might still be crypto’s last hope. 🔹 Can Content Coins Save Crypto? – Zora’s pivot and the rise of “content coins” spark a full-blown identity crisis for the industry. 🔹 Are We Just Rebranding Memecoins? – The crew debates whether “content coins” are innovation… or just the same casino with better UX. 🔹 The Culture Clash – Why crypto’s new apps feel like they’re built for millennials — and why Gen Z might just not care. 🔹 SoftBank, SPACs, and the Top Signal – 21Capital’s Bitcoin MicroStrategy clone is here. Are we seeing the beginning of the end… again? 🔹 Vitalik’s Existential Pivot – Ethereum is trying to save itself. But can it change fast enough to stay relevant? 🔹 Bitcoin’s Macro Moment – In a world of tariffs, inflation, and chaos, Bitcoin might accidentally become the next Federal Reserve. 🔹 Crypto’s Morality Crisis – Vitalik’s attack on “bad apps” raises a deeper question: what should crypto even be building anymore? ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ David Hoffman, Co-owner at Bankless   HostsDisclosures Timestamps 00:00 Intro 01:55 MicroStrategy Clones and Market Impact 13:40 Trump Coin and Its Controversies 20:35 Zora’s Content Coin vs. Jesse's Coining Controversy 26:56 Zora’s Market Position 32:29 Generational Divide in Crypto 39:32 Ethereum's Strategic Pivot Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 27 April 2025

A new company called Twenty One is making waves—with a launch strategy that echoes Strategy (formerly MicroStrategy), a cap table that includes Tether, SoftBank, and Cantor Fitzgerald, and a plan to acquire more Bitcoin than anyone else. They’re starting with 42,000 BTC, worth nearly $4 billion, and they’ve hinted they’ll use convertible debt, equity raises, and other market mechanics to buy more. But is this just a smarter MicroStrategy? Or a recipe for financial reflexivity gone wrong? In this episode, Matthew Sigel, head of digital assets research at VanEck, digs into: How the strategy works and why it could break What happens if the stock trades below NAV Why timing the market may be a feature, not a bug And whether this signals a new phase in corporate Bitcoin exposure Sigel also shares a bold idea for “BIT Bonds” that could let the U.S. Treasury issue Bitcoin-linked government debt. Could it work? Plus, Unchained regulatory reporter Veronica Irwin talks about her scoop that we might see a crypto market structure bill as early as this week.  Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off FalconX Mantle Guest Matthew Sigel, Head of Digital Assets Research at VanEck Links Unchained:  Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners The Block: Strike founder Jack Mallers to lead Tether-backed multi-billion bitcoin buying venture, Twenty One Capital Ryan Watkins’ post on X Jeff Park’s post on X Timestamps: 👋 0:00 Introduction 🚀 4:59 How Twenty One plans to buy more bitcoin than anyone else ⚠️ 7:23 The key risks behind the reflexive BTC acquisition strategy 📈 12:38 Why more companies are copying the MicroStrategy playbook 👔 16:17 Jack Mallers’ role and why the CFO matters even more here 💥 17:55 Could one bad move blow these companies up? 💰 22:28 The types of investors this model attracts ⏳ 25:40 Did Twenty One launch at the worst possible time? 🤔 26:58 How to think about investing in BTC vs. these BTC-heavy stocks 🇺🇸  28:23 Unchained regulatory reporter Veronica Irwin on why a market structure bill might be on its way relatively soon 📰 35:31 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 25 April 2025

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. In this episode, the crew is joined by special guest Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum’s value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto’s big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin’s orb-pilled vision might actually make sense. Show highlights 🔹 Bitcoin = Safe Haven? – Why BTC is acting like gold in a crisis while ETH and altcoins are tanking 🔹 Ethereum’s Value Leak – Joe questions why ETH hasn’t captured any upside from stablecoins or NFTs 🔹 The MicroStrategy Clone Wars – Solana copycats are trying the Saylor playbook… but will it work? 🔹 Worldcoin’s Creepy Appeal – Joe is orb-pilled: privacy is dead, but proof-of-personhood might just work 🔹 The Freeport Theory of Bitcoin – Could BTC be the decentralized answer to offshore gold storage? 🔹 Are Stablecoins the Eurodollars of Crypto? – Haseeb lays out how stables quietly rewrote the financial system 🔹 Ethereum’s L2 Gamble – The panel debates if Ethereum’s scaling strategy caused value to bleed out 🔹 The DePIN Dilemma – Is decentralized infrastructure a dead-end or just early? Joe wants receipts 🔹 Crypto Social Media? – Joe’s skeptical: why decentralized comms hasn’t clicked yet 🔹 Utopia or Bust? – If crypto’s gonna be this expensive, Joe says it better deliver a better world Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Joe Weisenthal, Editor at Bloomberg Disclosures Timestamps 00:00 Intro 01:57 Bitcoin's Market Behavior 06:53 Bitcoin as a Safe Haven 15:56 Economic Value in Crypto 19:51 Stablecoins, NFTs, and Worldcoin 36:00 Blockchain's Value in Social Networks 41:20 Reality of Crypto Utopias 49:19 The Future of Stablecoins and Regulation 54:54 MicroStrategy and Bitcoin Investments Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 24 April 2025

An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken? In this week’s episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump’s suggestion that he could fire Fed Chair Jerome Powell. It’s not just political theater, it’s a potential major blow to the credibility of the U.S. dollar and the independence of the world’s most important central bank. Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin. Plus: Why the Fed’s independence is so crucial The telltale signs of a structural capital rotation out of the U.S. Whether bitcoin has officially decoupled from equities How young crypto HODLers will react to their first bear market And why this moment may look more like Argentina than America Show highlights: Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Zach Pandl, Head of Research at Grayscale Links Trump Threatening Powell New York Times: Risk of Financial Panic Tempers Trump on Firing Powell Barrons: Trump Calls Powell a ‘Major Loser.’ 3 Ways He Could Sideline the Fed Chair Inconsistencies in Hard v. Soft Data Wall Street Journal: Trump Is Everywhere Except in the Economic Data Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions Dropping Dollar CNBC: U.S. Dollar Falls to Three-Year Low as Trump’s Powell Threats Further Dent Investor Confidence New York Times: The Dollar Keeps Falling as Its ‘Safe Haven’ Status Is Questioned Bitcoin Decoupling CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon Timestamps: 👋 0:00 Intro 👀 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility 👷13:01 Why the Fed is seeing conflicting signals from the economy 📈📉 20:07 If Trump keeps Powell for now, how will the market react? 🚪 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin.  🤕 31:37 How much further the dollar could fall in this cycle? 🔗 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency? 🧑‍💻 50:11 How the young age of crypto holders could reshape market dynamics 🧠 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 23 April 2025

The U.S. is rattled by tariffs, economic uncertainty, and political U-turns on crypto. But across Asia, the response has been … different. In this episode of Unchained, we check in with two of the sharpest observers of Asia’s crypto landscape: Emily Parker, China and Japan advisor of the Global Blockchain Business Council, and Yat Siu, chairman of Animoca Brands. They unpack how Asia views the Trump crypto pivot, what’s actually happening inside China, why Hong Kong may be the most important jurisdiction in crypto right now, and how Japan and Korea are quietly shaping the future of regulation, stablecoins, and DeFi. Plus: Is crypto really banned in China? Why Korea is lifting its “shadow ban” Why crypto gaming is thriving in Asia And what the West can learn from it all Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guests: Emily Parker, China and Japan Advisor at the Global Blockchain Business Council Yat Siu, Chairman of Animoca Brands Links WSJ: Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway. Timestamps:  🌏 0:00 Introduction 😌 5:43 Why Chinese sentiment around tariffs is calmer than in the U.S. 🗣️ 8:24 What crypto conversations are really about in China right now 🔁 11:28 How Asia reacted to the U.S. crypto U-turn under Trump 🏦 20:13 Are Asian nations quietly building up bitcoin reserves? 📜 23:19 How Asia has more regulatory clarity than the U.S. 📈 25:13 Why crypto adoption in Asia is outpacing that of other regions  🇰🇷 30:22 Why DeFi hasn’t taken off yet in South Korea – Don’t miss this! 🌐 38:05 The potential rise of non-USD stablecoins in Asia 👀 43:52 Is crypto actually banned in China?  💴 55:51 Whether the digital yuan is being adopted 🔓 1:00:28 Korea potentially lifting its “shadow ban” on institutional crypto investment? 📊 1:05:15 Why some Asian companies choose to IPO in the U.S. and whether more are coming 🎮 1:10:21 What’s really happening with Web3 gaming in Asia right now Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 22 April 2025

This week on Unchained: two big stories, one episode. First, Jesse Pollak, head of Coinbase’s L2 Base, joins to unpack the chaos behind the viral “Coined It” memecoin moment, a tweet-turned-token that hit $17M in an hour, crashed, then rebounded, igniting a firestorm on Crypto Twitter. Was it a media experiment or a botched launch? Was there insider trading? And why does Jesse think coins are the future of creator monetization? Then, we dive into Converge, the recently announced chain backed by Ethena and Securitize, aiming to bridge TradFi and DeFi. Carlos Domingo and Guy Young explain what makes Converge technically novel, why they’re building on Arbitrum and Celestia, and how it could reshape the onchain landscape for institutions. Also in this episode: Whether Jesse regrets greenlighting the Base post The future of creator coins and tokenized assets How Converge plans to prevent hacks and improve UX And why Converge isn’t just about migrating existing assets, but “expanding the pie” Thank you to our sponsors! Bitkey: Use code UNCHAINED for 20% off FalconX Mantle Part 1 Jesse Pollak, Head of Base and Coinbase Wallet On Wednesday, Coinbase’s layer 2 network Base posted a tweet that read: “Base is for everyone,” followed by a tweet: “Coined it.” That second tweet linked to a page where the post had already been turned into a coin. Within an hour, the coin hit a $17 million market cap, then dropped to under $2 million, then went back up to over $13 million. Crypto Twitter exploded. Some called it a rug. Others accused insiders of sniping the launch. Coinbase later issued a statement saying that Zora auto-tokenizes content, but Jesse Pollak, head of Base, tweeted that he personally greenlit the post. So what really happened? In this episode, Jesse sits down with Laura to discuss: Whether this was a memecoin launch or a media experiment Why he thinks the crypto community overreacted Whether insider trading occurred And why he believes coins, not NFTs, are the future of creator monetization Plus, he explains why he’s okay being the “punching bag.” Part 2 A month ago, Converge was announced as the new chain backed by Ethena and Securitize, aiming to become a home for tokenized assets and institutional capital. On Thursday, the teams behind it released the full technical specs. From validator-triggered circuit breakers to 100ms block times and support for yield-generating private credit, Converge is pitching itself as the chain for both TradFi and DeFi. In this episode, Securitize’s Carlos Domingo and Ethena’s Guy Young join Unchained to explain what’s actually novel in this architecture, why they chose Arbitrum and Celestia, and what it will take for institutions to get comfortable onchain. Plus:  What Converge means for Ethereum and other L2s Whether gas tokens like USDe and USDtb solve real UX problems How they plan to prevent bridge-based hacks And why this isn’t just about migrating existing assets, but “expanding the pie” Guest Carlos Domingo, co-founder and CEO of Securitize Guy Young, founder of Ethena Labs Links Previous coverage of Unchained on Ethena: After an Incredible 2024 for USDe, Ethena Plans to Supercharge Growth Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? How Ethena’s USDe Challenges Traditional Stablecoin Models Unchained:  Tokenized T-Bills Grow Despite Trump Tariffs Causing U.S. Treasuries Sell-off Tokenized Treasuries Grow 20X Faster Than Stablecoins as Crypto Market Languishes Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 18 April 2025

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. In this episode, the crew dives into the drama surrounding the OM token crash, the murky world of fake market caps, and Binance’s role in fueling questionable projects. They unpack Trump’s tariff chaos and whether Bitcoin could emerge as the real winner in a broken economic order. Plus, Vitalik stirs the pot by calling out “bad apps” like Pump.fun—igniting a moral war over what crypto should be building. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 OM Token Implodes – How a top-25 token collapsed 90% in 90 minutes and why it exposed deeper issues with fake float 🔹 Market Cap Manipulation – Haseeb breaks down how teams game CoinGecko, and why circulating supply might be mostly fiction 🔹 Binance Listings = Domain Squatting? – The crew explores how projects “reverse-merge” into dead tokens to skip the line 🔹 Coffeezilla Strikes Again – The panel reacts to OM founder’s bizarre interview and what it reveals about crypto’s accountability gap 🔹 Should Exchanges Demand Disclosures? – A fiery debate on whether market making agreements should be public 🔹 Tarun Goes Full Macro – Why Trump’s tariffs could actually boost Bitcoin—and what capital flight means for crypto 🔹 Vitalik’s App Morality Test – Did he go too far calling Pump.fun a “bad” app? The panel isn’t so sure 🔹 Ethereum’s Vibe Crisis – Solana and Base push back as Vitalik gets philosophical about the soul of crypto 🔹 Is Railgun the Real Hero? – Tarun questions Vitalik’s taste in apps and whether ideological projects matter if no one uses them 🔹 Regulation Without Regulators – Can the industry police itself, or is it time for a new kind of crypto SRO? Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Disclosures Links Use Code CHOPINNOVATE, for tickets to the U.S. Innovation in Crypto conference at Cornell Tech on Roosevelt Island (NYC): cbc25.eventbrite.com Timestamps  00:00 Intro 02:47 Trump's Tariff Turmoil 15:48 Mantra's OM Token Controversy 29:42 Crypto Disclosures & Market Making Agreements 31:49 Debate on Exchange Incentives & Market Maker Costs 33:57 The Role of Self-Regulation in Crypto Exchanges 44:15 Vitalik's Views on Blockchain Ethics 56:33 Upcoming Live Event Announcement Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 17 April 2025

Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best. In this week’s Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump’s high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising. Plus: What would trigger a “Trump put” Will crypto finally benefit from the global chaos? Whether the devaluation of the yuan could be a big moment And how animal spirits might return… if they’re properly incentivized Show highlights: Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Links Newsweek: Steve Bannon's 'Flood the Zone' Strategy Explained Amid Trump Policy Blitz Cointelegraph: Senator Tim Scott is confident market structure bill passed by August CoinDesk: Donald Trump's Memecoin Faces Massive $320M Token Unlock Amid Record Low Price Decrypt: Canada to Launch 'World First' Spot Solana ETFs With Staking This Week: Balchunas YouTube: The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein Bloomberg: Investors Fear Another Big Blowup of Basis Trade as Treasuries Lose Haven Status Wall Street Journal: China’s March Lending Jumped on Government Stimulus Push CoinTelegraph: Bitcoin Shows Growing Strength During Market Downturn — Wintermute  Timestamps: 👋0:00 Intro 🥊 1:54 Who won the All-In Sacks vs. Summers debate? 🌍 8:01 Why Trump’s 130-country strategy might reshape global trade 💧 18:32 Does the market have a creeping liquidity crisis? 📈 26:15 What might actually make Trump pivot before the midterms 📉 32:18 How hedge funds are quietly bracing for more chaos 🥇 36:52 Why gold and crypto are standing out in this macro mess 🎭 40:15 How Trump’s love of media attention impacts his strategy 🚀 48:02 What might finally reignite serious crypto interest 🧠 53:01 Can investor confidence return without real economic momentum? 💣 1:08:27 Why the yuan’s devaluation could be a major crypto inflection point 🐉 1:14:02 Ram’s strategy to disrupt China’s power plays Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 16 April 2025

The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal. In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives. Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Human Rights Foundation Guest: Matt Hougan, CIO of Bitwise Previous appearances on Unchained: How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Matthew Sheffield, Senior Trader at FalconX Links Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe Recent coverage of Unchained on the economy and tariffs:  Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing? Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence  Recession incoming? Ray Dalio’s remarks on Meet the Press Timestamps: 📍 0:00 Introduction 🧠 3:48 “An extraordinary moment to live in,” says Matt ⚖️ 5:21 The growing disconnect between long-term belief and short-term pain 🔍 7:40 Why fundamentals are finally taking center stage in investor analysis 🐻 12:34 Solana’s memecoin reputation… can it shake the stigma? 🏛️ 14:29 How ETFs permanently changed crypto market dynamics 📉 15:27 What the 10-year treasury is telling us about bitcoin’s next move 📊 20:28 What crypto options are revealing about investor sentiment 📈 22:33 Whether Ray Dalio is right about where the U.S. economy is headed 💵 28:16 What a weaker dollar means for bitcoin’s value 🚀 31:17 Is $200K bitcoin coming? And who will drive it there? 🌊 38:55 What has to happen for alt season to actually return 🔄 44:40 What light ETF outflows since “Liberation Day” mean 📈 51:10 Why crypto IPO demand is heating up ⚖️ 54:37 DeFi’s big regulatory moment and why the market might be missing it Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 15 April 2025

Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause.  The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next. Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building. In this episode, Seth breaks down: Why tariffs hit crypto harder than most investors expected The metrics that could signal the next macro moves and their impact on digital assets Why he’s still cautiously bullish, even amid volatility Whether an altcoin season is coming Why Bitcoin’s safe haven narrative might finally be tested Why the Trump administration’s policies, despite the turbulence, boost crypto Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX  Mantle  Guest Seth Ginns, Managing Partner at CoinFund Links Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe Recent coverage of Unchained on the economy and tariffs:  Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing? Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence  Timestamps: 👋 0:00 Intro 🔁 3:23 Why Trump reversed course on the sweeping tariff announcement 📉 6:33 How tariffs ripple through crypto harder than most expect 🔍 8:38 What CoinFund is watching in macro — and where the silver linings might be ⚖️ 13:48 Why Seth urges short-term caution but sees long-term tailwinds 🚀 16:14 Could altcoins actually run? Here’s how Seth defines a real “alt season” 🏦 19:13 Is this the moment Bitcoin becomes a true safe haven asset? 💰 21:56 Will new stimulus hinge on tariffs — or something else entirely? ✅ 25:11 Why Seth is surprisingly optimistic about Trump’s crypto policy so far 📰 28:27 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 11 April 2025

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. In this episode, the crew is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto. Show highlights 🔹 Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos 🔹 Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance 🔹 Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value 🔹 Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure 🔹 Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield 🔹 Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain 🔹 The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win 🔹 The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role 🔹 Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets 🔹 The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management Disclosures Links Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm  Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/  Timestamps -  0:00 Intro 02:49 Impact of Tariffs on Crypto 03:27 Bitcoin's Role in Investment Portfolios 06:14 Retail vs. Institutional Investors 07:29 Bitcoin's Sensitivity to Interest Rates 12:31 Altcoins & Institutional Interest 15:02 MicroStrategy: The Altcoin of TradFi 23:25 Geopolitical Implications of Tariffs 36:55 Global Currency Models & Bitcoin's Role 38:20 Bitcoin's Performance in Different Economic Scenarios 45:12 Circle's IPO & Business Viability 57:31 Ripple Labs' Acquisition of Hidden Road Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 10 April 2025

The markets are rattled. Tariffs are rising. Investors are pulling back. In this week’s Bits + Bips, the panel digs into what’s really driving the selloff, why the Fed may be stuck, and how Trump’s tariff logic could trigger deeper economic shocks than anyone expects. Plus: Whether Bitcoin becomes a safe haven What makes this downturn different from 2022 and 2020 Why a potential recession still isn’t priced in Whether Congress can take the tariff button away from Trump And yes, Ram coins a new term: FAFO tariffs 😀 Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Links Tariffs: Recent coverage of Unchained on the economy and tariffs:  Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing? Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets 10-year yield and the Fed CNBC: 10-year Treasury yield rises back above 4% despite tariff threat to growth Reuters: No Fed 'put' when it's unclear which way the economy may pivot 2008 Market Crash Federal Reserve: The Great Recession and Its Aftermath CNN: Bailout Plan Rejected - Supporters Scramble Can Congress Step In? Economist: How Donald Trump’s Tariffs Will Probably Fare in Court Politico: Trump Threatens Veto of Bill to Curb Tariff Power Timestamps: 👋 0:00 Intro 📉 3:30 Why this selloff feels nothing like 2022 or 2020 🪞 8:41 Why buying signals could be a mirage 🤔 11:28 Is the bear market already priced in? What investors are missing. 🏚️ 14:35 Could this turn into a fall “2008 scenario”? And what real buyers are doing now 🧮 25:57 Why Trump’s tariff math is wrong, and how it will create problems for the administration 📈 36:15 Why Trump wants the 10-year yield down, and why he’s failing 🛟 39:59 What counts as a safe haven right now, and is bitcoin one of them? 🏦 52:42 Can the Fed stand up to Trump’s pressure to cut rates? 🚫 57:56 Trump thinks that the trade deficit is a profit/loss statement. Why that’s a problem.  ⚖️ 1:01:19 Can Congress pull Trump’s tariff authority? 💵 1:06:32 Can stablecoins save dollar demand? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 9 April 2025

TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way. Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including: Trump’s rationale for tariffs The possibility of a “fiat liquidity bonanza” and what it means for crypto What the Hyperliquid brouhaha reveals about decentralization dreams How Ethena might be an attack on Ethereum The value prop of Circle’s IPO Future price expectations for BTC, ETH, and SOL Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise HRF Guest: Arthur Hayes, CIO of Maelstrom Previous appearances on Unchained: How Arthur Hayes Has Prepared His Portfolio for the Elections Links Previous coverage on Unchained: Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven Tariffs, Hyperliquid, and $1 million Bitcoin Arthur Hayes on X: Tariffs = money printer goes brrrr Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis? Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge Trump pardon: CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022) Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025)  CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee  Timestamps: 👋0:00 Intro 😰 4:07 Does Trump’s tariff rationale make sense? 💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto 🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve? 💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream 💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work ⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago 👀 46:27 How Ethena’s Converge chain affects Ethereum 🤼‍♀️ 52:58 SOL vs ETH: Which is a better buy right now? 😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO 🤔 1:00:18 How does Hayes suss out potential investments? 📈 1:03:11 Price predictions on BTC, ETH and SOL Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 8 April 2025

USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition.  The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation. Omar Kanji, Partner at Dragonfly, joined the show to explain: How Circle can get USDC into the hands of users Circle’s staggering regulatory compliance costs vs. the likes of Tether Circle’s S-1 valuation of $5 billion Forthcoming regulatory clarity and how it changes the stablecoin game The potential impact of tariffs on Circle’s success Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX Mantle Guest Omar Kanji, Partner at Dragonfly Links Previous coverage on Unchained:  Congress Bickers Over Whether to Bail Out Stablecoins How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress Stablecoin Bills Could Squeeze Out $140 Billion Tether Circle files an initial public offering SEC: Circle’s S-1 Filing Coindesk: Circle is going public Fortune: 5 key takeaways X @dom_kwok: Circle’s IPO is historic Bloomberg: Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs Timestamps: 🤝 0:00 Introduction 🫰 4:04 Circle’s shockingly high distribution costs for USDC 💲 7:11 How much does Circle’s revenue depend on interest rates? 🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether 📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle 🫤 23:11 Is Circle’s $5 billion valuation realistic? ⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law 😰 28:14 How will Trump’s tariffs affect Circle’s IPO? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 4 April 2025

After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble.  Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed: How markets reacted Whether tariffs can bring middle-class jobs back to America Who will end up paying the most Future possibilities of war, recession and stagflation How it all affects crypto Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Steven Ehrlich, High Scribe of the Unchained Kingdom Quinn Thompson, Master of Macro at Lekker Capital Links Trump Tariffs Shake Markets New York Times: A Stunned World Reckons With Economic Fallout From Trump’s Tariffs Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans New York Times: A Timeline of Trump’s On-Again, Off-Again Tariffs US Tariff History CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934 Brookings: Did Trump’s tariffs benefit American workers and national security? Impact on Bitcoin and Crypto Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven Unchained: How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin The Concerned Consumer and CEO CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private 🤝 00:00 Introductions + Quinn’s background 📕 4:09 Trump’s take on U.S. tariff history 📉 6:11 The market’s tumultuous reaction 🏭 11:13 Will tariffs bring manufacturing back to America? ▶️◀️ 12:47 The contradictions in Trump’s policies and the threat of stagflation ⏳ 18:53 Why Trump doesn’t have as much time as he thinks 🥵 24:12 Will American consumers bear the burden? 💥 26:05 Taking a wrecking ball to market psychology ❓ 28:02 Whether Trump inherited a healthy or faltering economy 🫸 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing ❌ 35:11 “This is not the way you go do it.” 🇹🇼 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist? 🪖 47:55 Why the current geopolitical climate is especially dangerous 😱 55:51 Is America heading for a recession? 🤔 01:02:00 How will this affect Bitcoin? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 3 April 2025

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. In this episode, the crew is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like. Show highlights 🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach 🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash? 🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole 🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates 🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules 🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer 🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer? 🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around 🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable? 🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in again Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Hester Peirce, SEC Commissioner Disclosures Links Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625  Timestamps 00:00 Intro 05:35 The Role of Regulation in Innovation 09:54 Crypto Task Force & Future Plans 18:47 Global Perspectives on Crypto Regulation 23:26 Self-Regulation in the Crypto Industry 27:27 SEC's Role & Potential Adjustments 35:04 Evaluating Memecoins & Their Regulatory Status 36:48 The Howey Test & Its Application to Crypto 43:55 Future of Crypto Regulation & SEC's Approach 47:10 Insights on SEC Leadership & Regulatory Philosophy 51:35 Advice for Aspiring Securities Lawyers Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 2 April 2025

As DeFi continues to evolve, the challenge of finding a balance between decentralization and protection from all manner of exploits persists. The founder of Infinex, Kain Warwick, joined the show to talk about: How crypto market makers have at times veered into “all-out crime” What market making looks like today Playing chart games with token allocations What Kain looks at when evaluating tokens Why Binance kicked a MOVE market maker off its platform The $JELLY attack on Hyperliquid and the problem of centralization in DeFi What problems in crypto Kain is attempting to solve with Infinex Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guest: Kain Warwick, founder of Infinex App and Synthetix Previous appearances on Unchained: 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback? Links: Crypto Market Making Kain Warwick: Discussion about market makers Binance: What happened with MOVE on Binance Coindesk: Binance Offboards Market Maker That It Said Made $38M Profit on MOVE Listing Bloomberg: Citadel Securities Plots Jump Into Crypto Trading After Trump’s Embrace Hyperliquid Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism Infinex The Block: Synthetix founder Kain Warwick launches Infinex The Block: Peter Thiel's Founders Fund invests in Infinex's Patron NFT sale as total amount raised hits $67.7 million Timestamps: 👋 0:00 Intro  💭 03:30 Thoughts on crypto market makers 🙊 05:54 ICO-era market makers engaging in ‘all-out crime’ 🦹 09:33 Extracting value in an inefficient market 💸 11:28 How crypto market making has evolved in recent years 😨 16:53 The low float meta problem 📊 19:49 Why Kain evaluates tokens on FDV rather than market cap ⁉️ 25:06 What happened with MOVE on Binance 😱 31:14 Citadel as a market maker? 🥷 35:48 The $JELLY attack on Hyperliquid and the problem of centralization 🔧 44:59 The problems Kain is trying to solve with Infinex 🌎 54:13 Building a web vs. mobile app 👂 56:17 Echo group integration with Infinex Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 1 April 2025

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. In this episode, the crew dives into the Hyperliquid controversy and what it reveals about decentralization theater in DeFi. Then, things get weirder: the Say Foundation wants to buy 23andMe and put your genetic data onchain. We break down the backlash and privacy concerns. Finally, we look at the new Stable Act making its way through Congress and whether stablecoin regulation is headed toward bank-only control. Show highlights 🔹 Hyperliquid’s JELLYJELLY Debacle – How a DeFi darling nuked its credibility by bailing out its own vault at a fake oracle price 🔹 The Exchange Wars Heat Up – Why Binance and OKX listing JELLYJELLY perps looked like an assassination attempt on Hyperliquid 🔹 Are DEXes Just CEXes in Disguise? – What the Hyperliquid saga reveals about decentralization theater and validator capture 🔹 23andMe on the Blockchain – Say Foundation wants to token-gate your DNA; is this privacy-preserving or dystopian? 🔹 The Great DeSci Grift – Tarun revisits his war on DeSci and why putting genetics onchain is worse than memecoins 🔹 Stablecoin Regulation Showdown – The Stable Act vs. The Genius Act and who’s really winning in D.C. 🔹 Stablecoins as Narrow Banks – How crypto may finally force the Fed to accept a 20-year-old idea they’ve long resisted 🔹 Red Bull & Ratio Bets – The hosts make a real-money wager on whether HLP deposits will rise or fall after the meltdown 🔹 Memecoins and the Return of Olympus – Are the robbers now just quietly collecting rent from their broken treasuries? 🔹 Tarun’s Aesthetic Death Rankings – Why JELLYJELLY is a worse way to die than MobileCoin, but at least it’s on brand Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Disclosures Links Kevin Zhou (Galois Capital) Tweet: https://x.com/Galois_Capital/status/1904942458666094932  Steil and Hill Introduce STABLE Act Press Release: https://steil.house.gov/media/press-releases/steil-and-hill-introduce-stable-act  Timestamps 00:00 Intro 01:29 Hyperliquid Drama Unfolds 10:49 Debating the Bailout Decision 18:28 OKX & Binance Join  23:05 An FTX Moment? 31:45 Future of 23andMe & SEI 44:20 Stablecoin Legislation: Genius Act vs. Stable Act 51:45 Are Stablecoins the Trojan Horse? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 29 March 2025

Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy. The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain: How perp swaps work How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc. Criticisms of and justifications for the team’s decisions What can be done to prevent similar attacks in the future Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX Mantle Guest Doug Colkitt, Founder and CEO of Ambient Finance Links  Accounts of the $JELLY whale attack on Hyperliquid and its response  X: The story X: Nuking the vault X: How Hyperliquid responded Arguments for and against Hyperliquid’s solution: ZachXBT: ZachXBT calls out alleged hypocrisy Jordi Alexander: Shorting on a perp is not robust Jose Maria Macedo: How do they override the oracle price?  Doug: Closing positions at an arbitrary price Gracy Chen: Casting doubts on integrity Steven.hl: In defense of HL Kam: Of course quorum was reached easily What precedent Hyperliquid’s actions set Kevin Zhou: Binance and OKX set a precedent Timestamps: 👋 0:00 Intro 🤔 02:59 What is Hyperliquid? 🐳 05:16 How a whale used $JELLY to attack ⛔ 09:19 How Hyperliquid responded 📈 11:59 Why did Binance and OKX suddenly list the memecoin? 🤔 16:32 How did Hyperliquid ‘change the rules’ to protect themselves? ⚖️ 19:25 ‘Losses for thee, but not for me’: Hyperliquid’s hypocrisy? 💡 24:39 Doug’s ‘cleaner’ solution 👀 28:35 Will this have positive or negative knock-on effects? 🧹 31:20 Tidying up illiquid markets 📰 32:46 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 28 March 2025

Investors are still licking their wounds from this month’s corrections. But just as Trump’s tariffs are about to move into full-force, our experts are seeing silver linings and causes for optimism. With conflicting signals coming from all corners of the map, hosts Noelle Acheson, Ram Ahluwalia, Alex Kruger, and Felix Jauvin break down: What to expect from Trump on April 2nd Takeaways from last week’s FOMC meeting If the White House and Powell are actually on the same page  Why tech stocks are taking off again Why BlackRock is bullish on bitcoin during bear markets If ether is about to get its groove back Sponsors: Bitwise Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Felix Jauvin, Director and Host - Forward Guidance Links Incoming Trump Tariffs Bloomberg: Trump Plans His Tariff ‘Liberation Day’ With More Targeted Push WSJ: White House Narrows April 2 Tariffs FOMC Meeting Unchained: Bitcoin Drops as Fed Leaves Rates Unchanged, as Expected NYTimes: Citing Tariffs and Uncertainty, Fed Sees Higher Inflation and Lower Growth Animal Spirits Return Barron’s: Don’t Count Out the Mag 7. They Could Lead a U.S. Stock Comeback. CNBC: ‘Magnificent 7’ has a notable up day after struggling for 3 months BlackRock Decrypt: BlackRock Digital Assets Head Criticizes Narrative of Bitcoin as a Risk-On Asset Bloomberg: BlackRock to List Bitcoin Exchange-Traded Product in Europe Fidelity Tokenization CoinDesk: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race Timestamps: 👋 0:00 Intro 📉 2:16 Why investors are nervous about April 2nd 🌎 4:40 Two ways to think about tariffs ☯️ 6:56 The difference between retail and professional traders 🏦 8:44 Why the Fed is predicting a worst-case scenario 📈 12:08 Why the correction is largely done 💰 19:20 How the Mag7 got its groove back 🏛️ 20:42 Are Bessent and Powell more aligned than thought? 🚀 22:54 BlackRock says a recession is good for bitcoin? 🥇 24:54 Altcoin ETF race about to start? 🎌 28:41 Why Japan is irrelevant right now 🐂 30:42 Why animal spirits are back ⛓️ 35:03 The great financial unshackling 📈 38:02 Is ether ready for a comeback? ✅ 42:09 Why Fidelity is tokenizing on Ethereum 📈📉 44:32 Are pump and dumps over? 🇪🇺 49:32 Dumb money coming to Europe? 🐙 52:35 Why Kraken made a smart buy this week Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 26 March 2025

As Ethereum deploys Pectra, it faces stiff competition and community criticism. Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot map out the chain’s direction. Ethereum is well on its way to some major upgrades, with Pectra and Fusaka introducing a number of performance improvements in the near future. But will it be enough to stay ahead of the competition? Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot join the show to discuss: How Pectra and Fusaka will improve Ethereum’s performance What it means that its launch on two testnets failed Ethereum’s “north star” — decentralization Whether Ethereum can retain its top spot in the smart contract space As Ethereum adopts native rollups and data availability, does it create competition with existing L2s and DA providers? The new direction for the Ethereum Foundation leaders and whether Etherealize can bring Wall Street Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guest: Alex Stokes, Co-Lead, Ethereum Foundation Research Barnabe Monnot, Co-Lead, Ethereum Foundation Research Previous appearances on Unchained: 5 Things to Know About Coinbase’s 2021 Links Previous coverage on Unchained of: Etherealize advocates for Ethereum Why Ethereum’s New Marketing Arm Is Convinced Wall Street Will Adopt ETH Ethereum Foundation contemplates comeback Ethereum Is Lagging. Here’s How It Could Finally Shake Off Rival Solana 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback? What Ethena means for Ethereum Ethena’s L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols? The Chopping Block w/ Guy Young: Lessons from USD0, Ethena’s Bold Vision, and DeFi’s Future The Pectra Upgrade Ethereum.org: Pectra Testnet Announcement | Ethereum Foundation Blog tim.mirror.xyz: AllCoreDevs Update 17 Ethereum.org: EIP-7691: Blob throughput increase Ethereum.org: Holesky and Hoodi Testnet Updates | Ethereum Foundation Blog Coindesk: Hello, Hoodi: Ethereum Welcomes a New Testnet  Fusaka on the horizon Github: EIP-7805 proposed for Fusaka Native rollups versus non-native rollups Youtube: The Future of Ethereum Scaling: Native Rollups Explained Reddit: Native rollup debates L1 and L2 debates Vitalik.eth.limo: Reasons to have higher L1 gas limits even in an L2-heavy Ethereum Vitalik.eth.limo: Scaling Ethereum L1 and L2s in 2025 and beyond Ethereum Foundation Leadership changes X: Barnabe Monnot and Alex Stokes announcement X: New EF titles X: Fixing the Core Dev process Ethena’s Converge news  John Wang’s tweet Camila Russo’s comment Timestamps: 👋 0:00 Intro 🪝 2:05 How Barnabe and Alex got hooked on Ethereum development ⚙️ 6:37 How Pectra will change Ethereum 🪴 10:35 How does increasing blobs boost Ethereum? 🪲 13:22 Pectra fork bugs on Holeski testnet 🔮 18:38 What’s in the upcoming Fusaka upgrade? 🤯 22:42 How decisions get made in Ethereum and which groups are involved 📈 30:34 Can Ethereum keep up with the competition? 🏁 39:16 Can Ethereum compete by scaling the L1? 🤓 44:02 What are native roll-ups and how do they help Ethereum compete? 🤺 49:26 Native rollups and expanded data availability on Ethereum vs. non-native options ⚰️ 52:22 Is Ethena building its own blockchain the “nail in the coffin” for Ethereum? 👬 1:00:05 Shaking up the EF’s leadership 🤔 1:06:14 Will Etherealize fix Ethereum’s problems? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 25 March 2025

Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong? For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks. Are we watching the rise of “Fat Apps” instead? On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about:  Why the biggest apps are generating more revenue than many layer 1s Why Ethena is launching its own blockchain What this means for Ethereum, Solana & other L1s How blockchains can compete on value capture Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX Mantle Guest Ryan Watkins, Co-founder at Syncracy Capital Links Unchained: Ethena Labs and Securitize to Launch New EVM Blockchain for DeFi Syncracy Capital: Applications Capture Fees, Blockchains Store Value Hansolar’s tweet  Pump.fun launches its own DEX  Timestamps: 👋0:00 Intro 💰 2:12 Why apps are out-earning the blockchains they run on 🔗 5:44 Ethena’s move: why it’s launching its own chain 📈 8:33 The rise of “Fat Apps” and what it means for crypto 🚀 12:50 How today’s crypto founders think differently from past builders 🏆 15:51 The blockchain architectures that will dominate ⚖️ 22:32 Whether L1s can compete in this new environment 📊 241:27 How blockchains accrue value and why MEV isn’t the best metric 📰 31:00 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcribed - Published: 21 March 2025