Unchained

4h ago

Thank you to our sponsor, Multichain Advisors !What rights do token holders have? Is everyone getting rugged? In this episode of Uneasy Money, Ethena founder Guy Young joins hosts Kain Warwick, Luca Netz and Taylor Monahan to interrogate the lack of clarity around token expectations and rights as Aave DAO goes against Aave Labs and Circle acquires the Axelar team. Do centralized exchanges hold the solution? Plus, does MOVE's Rushi Manche deserve a second chance? And how can you stay safe from the fake Zoom scam? Hosts: Luca Netz , CEO of Pudgy Penguins Kain Warwick , Founder of Infinex and Synthetix Taylor Monahan , Security at MetaMask Guest: Guy Young , CEO & Founder of Ethena Labs Links: Unchained: AAVE Holders Question if DAO Quietly Redirected Revenue Away From Treasury SEC Ends Four-Year Probe Into Aave ‘Poison Pill’ Proposal Calls for Aave DAO to Take Over Aave Labs Jump Crypto’s Firedancer Goes Live on Solana Mainnet How to Trade Prediction Markets Without an Opinion on the Event MetaMask Adds Native Bitcoin Support Timestamps: 🚀 00:00 Introduction 👀 01:39 Who owns Aave? 🤔 5:42 Is the DAO and Foundation model faulty? ⚡️ 11:29 Why tokens need clarity ⁉️ 16:23 Is the SEC to blame for the lack of token clarity? 💡 20:03 How lack of regulatory clarity arounds tokens boosts scams ⚔️ 22:00 The Solana client diversity debate 📍 25:48 How Circle's Axelar acquisition highlights the lack of token rights 💥30:20 How centralized exchanges can help secure rights for token holders 🧠 33:25 Luca explains why some tokens should not confer rights ⁉️ 39:48 Should Rushi Manche get a second chance? 🫨 47:01 Taylor unpacks messy details of Movement Labs’ MOVE token deals 💫 50:28 How the debate between Tarun Chitra and Dan Robinson provides a base for unraveling 10/10 ⚠️ 53:10 How Guy believes the crypto industry can prevent another 10/10 🚨 1:00:20 Why new fake Zoom scams are particularly dangerous 📽 1:04:04 Kain reveals how his domain registrar was socially engineered 🧏‍♀️ 1:08:20 What to do if you are a victim of the fake Zoom scam 👀 1:09:41 Is adding leverage to Polymarket “pure insanity?” ⚡️ 1:11:47 What to know about MetaMask's Bitcoin support Learn more about your ad choices. Visit megaphone.fm/adchoices

1d ago

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Figure Uniswap Robinhood is moving toward offering a full suite of crypto services and overhauling the infrastructure underpinning its stock trading services with blockchain technology. In this episode of Unchained, Robinhood Crypto Senior Vice President and General Manager Johann Kerbrat discusses the company's “super app ambitions” and potential competition with Coinbase. He also discusses the platform's entry into prediction markets and resistance from state regulators. Could state opposition to prediction markets drive businesses offshore? Plus, will tokenized stocks make IPOs redundant? And where are we in the crypto market? Guest: Johann Kerbrat , Senior Vice President and General Manager of Robinhood Crypto Links: Previous appearances on Unchained: Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally Unchained: Robinhood Is Building Its Own Layer 2 Blockchain Perps Are Coming to America. Will Coinbase and Robinhood Win the Race? OpenAI Says Robinhood’s Stock Tokens Are Not Equity Coinbase Expands Into Tokenized Stocks and Prediction Markets Coinbase Launches Digital Token Sales Platform Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal Timestamps: 🚀 00:00 Introduction 🤔 1:33 What drove Robinhood's 3x year-on-year crypto revenue growth in Q3? 💡 5:34 Why Johann says we are still far from a bear market 💥 7:49 How the crypto users on Robinhood have evolved overtime ⚔️ 11:08 How Robinhood views competition from Coinbase 🧏 14:30 What Robinhood's Susquehanna deal for prediction markets brings to the table 👀 18:48 Could state opposition to prediction markets drive businesses offshore? 💡 20:34 Why Robinhood chose Ethereum over Solana 🤔 25:19 When will Robinhood bring perps to other jurisdictions? 📍 27:00 Why Robinhood chose to invest in Lighter over the competition ⚠️ 29:17 Why Johann says the crypto industry needs to build resilience after 10/10 📈 33:50 How Robinhood's tokenized stock offering might come to the US 💥 39:16 Why Johann says private companies would eventually seek retail participation 💡 43:26 What tokenization of physical assets would look like 💫 47:12 How tokenization could impact the financial lives of users 🚨 49:18 Why Johann thinks crypto founders should talk less about the protocol 🧏‍♂️ 51:19 How Robinhood is looking to combine with DeFi 🤔 53:03 Will Robinhood follow Coinbase to launch an ICO platform? ⚡️ 54:22 Why Robinhood is expanding to Indonesia 🗣 56:28 What being a “super app” means for Robinhood 🔮 58:11 Johann reveals his crypto predictions for 2026 Learn more about your ad choices. Visit megaphone.fm/adchoices

1d ago

The SEC this week held a roundtable on financial surveillance and privacy in another sign of the major shift in the regulator's approach to crypto. In this DEX in the City episode, Espresso co-founder Jill Gunter joins hosts Jessi Brooks and Katherine Kirkpatrick Bos to unpack the major talking points and takeaways from the roundtable. And more importantly, what it signals about the SEC’s approach to crypto and privacy. With legacy financial institutions coming onchain, like JPMorgan and DTTC, they discuss how crypto can actually help prevent data breaches and have a better product for users and companies alike. Interestingly, Jill recounts how she lost $30,000 in an exploit involving crypto mixer Railgun and why she didn’t even try to hide it from regulators at the roundtable. Plus, was Do Kwon's sentence excessive? Well, according to Jessi, it’s a complicated question, but she unpacks what people misunderstood about the judge’s decision. Hosts: Jessi Brooks , General Counsel at Ribbit Capital Katherine Kirkpatrick Bos , General Counsel at StarkWare Guest: Jill Gunter , Co-founder and Chief Strategy Officer at Espresso Systems Links: Unchained: Why the Privacy Coins Mania Is Much More Than Price Action Do Kwon Sentenced to 15 Years in Prison Jessi's and Katherine's paper on programmable risk management Timestamps: 🚀 00:00 Introduction ⚡️ 3:23 How SEC privacy roundtable marks a sea change in the regulatory approach to crypto 💡 12:39 Why privacy is also important for legacy institutions moving onchain 📍 17:31 How projects and institutions can be compliant while collecting less data 🤧 24:57 Jill recounts being the victim of a hack and seeing the hackers use a privacy protocol ❕️ 30:36 Why Jill says the hack did not change her perspective on crypto privacy 😎 33:30 How far the crypto industry has come since Tornado Cash ⚔️ 35:54 The debate over proof of innocence ⚖️ 42:09 What everyone misunderstood about Do Kwon's sentence 💫 52:24 Shoutout to Save the Children for their innovative Bitcoin initiative Learn more about your ad choices. Visit megaphone.fm/adchoices

2d ago

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 episode features special guest Vladimir Novakovski, Founder of Lighter, joining the crew to unpack the fallout from October 10’s historic perpetuals liquidation event and the ADL research that sparked a public clash with Hyperliquid. The panel digs into how auto-deleveraging really works, why these failures were long hidden inside centralized exchanges, and what decentralized perps must fix to truly outperform TradFi. The conversation then turns to the intensifying perp wars. With Lighter’s zero-fee trading model, premium tiers for pros, and a looming token launch, the hosts debate whether crypto is headed for a Robinhood-style fee reset, why TVL may matter more than volume, and how RWAs, FX perps, and cross-margining are reshaping market structure. Finally, they tackle the growing divide between tokens and equity as devcos get acquired and tokenholders are left behind. Perps are evolving, incentives are breaking — let’s get into it. Show Highlights 🔹 ADL research ignites a firestorm — Tarun’s paper on auto-deleveraging sparks a public clash with Hyperliquid and Paradigm, exposing how opaque ADL systems really are. 🔹 October 10 liquidation shock — Repeated ADLs during crypto’s largest liquidation day reveal structural fragility long hidden inside both CEXs and DEXs. 🔹 Fairness vs predictability in perps — Why traders care less about perfect algorithms and more about knowing when and how ADLs will hit. 🔹 Lighter’s design tradeoffs — Vladimir Novakovski explains Lighter’s less-aggressive ADL approach, insurance fund buffers, and trader-friendly risk parameters. 🔹 Zero-fee perps debate — Lighter’s free retail tier + paid pro tier raises the question: is crypto headed for a Robinhood-style fee reset? 🔹 TVL beats volume — The panel argues TVL is the most honest signal of trust in perp exchanges, especially during market stress. 🔹 RWAs and FX perps surprise — Euro and index perps outperform expectations, challenging assumptions about which real-world assets actually trade onchain. 🔹 Tokens vs equity explode — Devco acquihires (Axelar, Tensor) leave tokenholders behind, reigniting debates over incentive alignment and crypto M&A. Hosts: ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Vladimir Novakovski , Founder & CEO. Lighter. Links: Tarun Chitra’s Autodeleveraging: $653 million lost to a greedy heuristic? 🔗 https://x.com/kenchangh/status/1994854381267947640 ⁠ Disclosures ⁠ Timestamps 00:00 Intro 01:38 Tarun’s ADL Paper Sparks Backlash 05:24 Research vs Bag Defense 06:27 How ADLs Actually Work 12:27 Fairness vs Predictability 24:14 Tarun’s Inspiration 28:17 Zero-Fee Perps Explained 34:12 Perp Wars Heat Up 38:15 RWAs Trade Onchain 41:49 Token Launch Reality 47:19 Tokens vs Equity Clash Learn more about your ad choices. Visit megaphone.fm/adchoices

2d ago

Thank you to our sponsors, Mantle ! On this episode of Bits + Bips, hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins are joined by Elisabeth Kirby, Head of Market Structure at Tradeweb, for a wide-ranging conversation about the future of crypto markets — and who will control them. They unpack why US market structure legislation stalled, how the SEC’s enforcement-first approach shaped the last cycle, and what it signals that JPMorgan, BlackRock, and others are moving forward with tokenization. The group debates whether Ethereum’s institutional edge is durable, whether Canton can scale beyond early adopters, and why Solana’s “decentralized Nasdaq” vision still faces hard questions. The episode closes with a sober look at macro conditions, risk appetite, and why crypto may be stuck waiting, even as the long-term institutional thesis quietly strengthens. Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Austin Campbell , NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins , Managing Partner and President of CoinFund Guest: Elisabeth Kirby , Head of Market Structure at Tradeweb Links: The S.E.C. Was Tough on Crypto. It Pulled Back After Trump Returned to Office. Timestamps: 🎬 0:00 Intro 🗳️ 1:56 Impact of crypto market structure legislation getting pushed into 2026 📰 12:55 Howthe New York Times articleof the SEC’s regulation of crypto missed crucial context 🏦 22:12 How JPMorgan’s tokenized money market fund on Ethereum changes the tone for TradFi onchain 🏛️ 32:18 Whether Canton can become the real institutional chain and what could derail it 🧑‍💻 45:10 What Solana’s “decentralized Nasdaq” pitch gets right and where it still looks shaky 🌍 49:58 How macro, Fed expectations, and a rotation into “boring” assets are squeezing crypto risk-taking Learn more about your ad choices. Visit megaphone.fm/adchoices

6d ago

Subscribe to Bits + Bips: https://bitsandbips.beehiiv.com/subscribe On this bundled episode of Bits + Bips, Unchained executive editor Steve Ehrlich digs into the less obvious risks shaping crypto returns, from DeFi yield to tax reporting. First, Sebastien Derivaux, co-founder of Steakhouse Financial, explains why chasing high yield can be dangerous, how institutional risk curation works onchain, and why the future of stablecoins won’t be limited to the US dollar. Then, Shehan Chandrasekera, CPA and Head of Tax Strategy at CoinTracker, breaks down what crypto investors need to know heading into 2026, including tax loss harvesting, the wash sale gray zone, hidden tax obligations in crypto ETFs, and why the new 1099-DA form won’t tell the full story. Host: Steve Ehrlich , Executive Editor at Unchained Guests: Shehan Chandrasekera , CPA, Head of Tax Strategy at CoinTracker Sebastien Derivaux , Co-Founder & Partner at Steakhouse Financial Timestamps: 🎬 0:00 Intro 🧾 1:10 How crypto fits into existing tax law 📅 2:14 What investors should be thinking about before year-end—and how tax loss harvesting works 🔁 4:54 The wash sale rule: Is it safe to use in crypto? ⚖️ 9:27 How upcoming legislation could change crypto taxes 💵 11:22 Stablecoins and taxes: Are there any special rules? 📊 13:47 The hidden tax complexity of trading crypto ETPs and ETFs 📄 16:39 What the new 1099-DA form is—and what it will (and won’t) tell the IRS 👀 22:31 The key things Shehan says crypto investors should watch closely 22:32 Intro 22:59 Understanding Steakhouse Financial and its growth rate 24:59 What “risk curation” actually means and why Steakhouse focuses on institutions 27:52 How Steakhouse vaults generate stablecoin yields 30:39 What risk curators can—and can’t—control in a decentralized environment 35:28 What recent volatility revealed about DeFi vaults and the collapse of Stream Finance 39:33 Whether “safe” high yield is even possible 41:33 The liquidity problem with tokenized credit funds onchain 49:48 How Steakhouse is positioning for the stablecoin boom 51:24 How stablechains like Tempo and Plasma could change the game 52:47 Why Steakhouse plans to integrate tokenized deposits 54:55 Steakhouse’s 2026 bet on non-USD stablecoins Learn more about your ad choices. Visit megaphone.fm/adchoices

6d ago

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsor! Walrus The prediction market meta is piping hot and everyone wants a piece of the pie. In this episode of Unchained, 10x Research founder Markus breaks down what the competition boils down to. Plus, will other platforms follow Polymarket's lead and launch a token? He also walks through a “near certain” trade nestled in Polymarket and shares 10 strategies that can be used to trade prediction markets without an opinion. One key nugget: “It's the wisdom within the crowd.” Guest: Markus Thielen , CEO of 10x Research Previous appearance on Unchained: How to Invest in This Bitcoin Downtrend: Bits + Bips Links Unchained: Paradigm Claims Polymarket Trading Figures Are Double Counted Polymarket Opens US App to Waitlisted Users Intercontinental Exchange to Invest $2 Billion in Polymarket Crypto.com and Kalshi Lead Prediction Market Coalition Setup Kalshi Hits $11B Valuation After $1B Raise: Report Timestamps: 🚀 00:00 Introduction 💡 3:07 Why Markus says prediction market adoption is still in its infancy 👀 6:23 Are speculators abandoning bitcoin for prediction markets? 🧏 8:10 How trading prediction markets differ from crypto markets ⚖️ 11:48 How Polymarket and Kalshi compare in strengths and weaknesses ⚡️ 15:12 Why Markus thinks Polymarket and Kalshi are likely to remain the dominant players 📝 19:15 What traders should consider when choosing a prediction market platform 💥 23:05 How the POLY Airdrop could give Polymarket an edge ⁉️ 26:39 Will other prediction markets launch a token? 💡 33:19 How risks in trading prediction markets differ from crypto markets 🧠 36:31 Markus walks through a “near certain” Bitcoin trade paying 63% annualized 🤯 39:58 Strategies to trade prediction markets without having an opinion ❕️ 51:48 Why Markus avoids “moon shot” trades ⚠️ 54:11 How to trade by finding “wisdom within the crowd” 🤺 1:00:17 How prediction markets enable hedging against real world outcomes 📃 1:02:34 Final thoughts on how traders should approach prediction markets Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 12

Thank you to our sponsor, MultiChain Advisors ! The beef between Solana dapps Jupiter and Kamino has taken a new dimension as Kamino has accused Jupiter of lying about contagion risks. In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan dive into whether Jupiter misled users and raise questions about Kamino's response. Plus, after Tarun Chitra’s paper on Hyperliquid’s ADL, they dig deep into the exchange’s design: did they cause unnecessary liquidations on Oct. 10? At the same time, they break down Lighter's 0% fees model. Does it resemble Robinhood? And how smart is it actually? Plus, what Farcaster's big pivot means for the future of Web3 social, and what Taylor says it would take to crack it. Hosts: Luca Netz , CEO of Pudgy Penguins Kain Warwick , Founder of Infinex and Synthetix Taylor Monahan , Security at MetaMask Links: Unchained: Jupiter COO Says Vault’s ‘Zero Contagion’ Claim Was Not Fully Accurate Uneasy Money: Did Solana Dapp Kamino Break the Golden Rule of DeFi? Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users? Linda Xie on How Mini-Apps Are Helping Farcaster Take on Web2 Social Media Timestamps: 🚀 00:00 Introduction 😬 1:18 Did Jupiter mislead users? 🤔 9:19 Did Kamino really block Jupiter over contagion risks? 💡 11:15 Why Kain says Solana is in its “post-DeFi summer growth” era 🧐 12:38 Should Jupiter even care about its lending business line? 👀 18:06 Whether Hyperliquid's algorithm screwed users during the Oct. 10 crash 🎯 21:29 Luca reveals why his Oct. 10 losses on Hyperliquid weren’t so bad 🫨 24:54 Why Taylor says DPRK traders got saved by Oct. 10 💥 30:38 Why Kain is optimistic a rival HL model would emerge ⁉️ 32:02 Are Lighter users the product? 🧠 33:26 Why Kain thinks Lighter's model is genius ⚖️ 39:10 Whether Lighter resembles Robinhood 💁‍♂️ 44:47 Farcaster’s pivot: Is Web3 social DOA? 💡 50:53 What drives VC investment in crypto and why decentralization is not enough 💥 56:46 Kudos to Dan Romero for not launching a token, and whether more founders would be better off abstaining 👀 1:04:46 Whether having too much money is bearish for projects Learn more about your ad choices. Visit megaphone.fm/adchoices