Episodes

2d ago

In this double-header episode of Bits + Bips, Steven Ehrlich first speaks with Figure CEO Mike Cagney about why most tokenization projects fail, how Figure built an onchain mortgage replacement, and why he believes big banks may now be leading blockchain innovation. Then, Jason Brett joins the show to explain how an upcoming crypto market structure bill could expose President Trump’s World Liberty Financial as centralized, and why that matters for DeFi, regulation, and the industry’s credibility. Sponsors: Uniswap Mantle Host: Steve Ehrlich , Executive Editor at Unchained Guests: Mike Cagney , Co-founder and CEO of Figure Technology Solutions Jason Brett , Former Banking Regulator With FDIC Links: Unchained: Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’ Coinbase Launches Stock Trading and Prediction Markets How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens Timestamps: 🚀 00:00 Introduction 🧠 1:48 What is a HELOC? 💡 4:48 How Figure is turning HELOCs into a mortgage replacement ⚡️ 7:58 How Figure issues loans from origination to disbursement 📍 11:28 Why Figure uses a blockchain ⚠️ 12:15 Cagney explains how liquidity poses a challenge for many tokenization projects 🧏‍♂️ 13:10 Why the real value proposition is in DeFi and how Figure is bring $1 billion on-chain 📃 14:14 Cagney reveals Figure's preferred DeFi platforms 💥 16:09 How the GENIUS Act could drive assets onchain ⚡️ 17:46 How Figure is working towards stablecoin settlement of loans 👀 23:40 Why Cagney says the big banks are doing more disruptive work than the likes of Coinbase ⚖️ 27:53 What Cagney is advocating for around DeFi in DC and his litmus test for decentralization ❕️ 31:30 Why Cagney believes anonymity is not necessary for decentralization CLIP 💡 33:32 How Cagney deals with the pressures of going public 🧠 34:32 Why Cagney has taken a different philosophical approach to Robinhood and Coinbase 💥 37:05 Cagney explains what it takes for tokenization projects to succeed 41:55 Intro 45:51 If crypto finally gets rules, what then? 49:39 Frozen wallets: the DeFi dealbreaker 55:51 Has the White House picked a DeFi side? 56:36 Why this goes beyond “ethics” 58:49 If Trump’s DeFi fails the test… then what? Learn more about your ad choices. Visit megaphone.fm/adchoices

3d ago

In this combined episode of Unchained, Steven Ehrlich first breaks down why crypto treasury stocks (DATs) have swung from massive premiums to deep discounts, why comparisons to GBTC can be misleading, and why buying these stocks isn’t a clean arbitrage trade but a long-term, high-conviction bet. You can read Steve’s full report here and you can subscribe for 95% OFF before the end of year! 😱 Then, Figment Capital’s Dougie DeLuca zooms out to the broader shift underway. As fintechs and institutions embrace blockchain infrastructure, he argues that “crypto as we know it” may be fading—and that crypto natives risk being left behind unless they adapt to real users, sustainable products, and mainstream distribution. Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan , allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. Thank you to our sponsor, Figure! Unlock your crypto’s potential today at Figure! Guests: Dougie DeLuca , Investor and Researcher at Figment Capital Steven Ehrlich , Executive Editor at Unchained Links: Unchained: Coinbase Launches Stock Trading and Prediction Markets Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’ Dougie's “ Crypto is Dead ” article Timestamps: 👏 0:00 Intro 📘 1:16 What a DAT actually is and why mNAV matters more than most people think 📉 5:16 How deep the discounts really are and why some of them are optical illusions ⚖️ 7:12 Whether mNAVs should trade back to 1 and when that assumption breaks 🔁 8:59 How this compares to the GBTC discount and why the analogy can be dangerous 🧱 13:44 Why many DATs are stuck below mNAV and what’s structurally holding them down 🔍 16:34 How to pressure test different DATs to see which ones are opportunity and which are traps 19:34 Introduction 21:03 Why Dougie thinks crypto natives could be left behind as the market evolves 24:33 Why Dougie sees the current incentive-heavy crypto strategy fading away 27:13 Is crypto’s high risk market “saturated?” 28:32 Why Dougie sees Robinhood as a shining example of where crypto is going 29:46 How companies are shifting their strategies for this new moment in crypto 31:41 Why Dougie says the crypto label would be baggage in the future 33:13 Which companies are best positioned for the next phase of crypto adoption? 35:42 Which companies would have to evolve to survive? 42:11 Will the DeFi Mullet strategy prove successful? 42:17 Which parts of crypto culture should survive? 43:14 Why Dougie says Coinbase's content coins are still in their early innings 47:34 How crypto becomes mainstream 51:03 Is the four-year Bitcoin cycle over? Learn more about your ad choices. Visit megaphone.fm/adchoices

3d 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

4d 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

4d 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

5d 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

6d 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

Dec 13

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

Dec 13

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

Dec 11

Sponsor: Uniswap Citadel has sparked uproar with a letter calling on the SEC to regulate DeFi protocols as exchanges. But the company's requests may not be totally unreasonable. In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le dig into Citadel's controversial letter and how it is a reminder that “crypto is a bubble.” They also discuss how the CFTC and SEC are in a “race to the top,” plus Jessi explains how AI agents can exploit smart contracts they haven’t been trained on for just $1 apiece. Plus, Vy calls on the crypto community to support Samourai developers. Hosts: Jessi Brooks , General Counsel at Ribbit Capital Katherine Kirkpatrick Bos , General Counsel at StarkWare TuongVy Le , General Counsel at Veda Links: Unchained: Kraken Valued at $20 Billion After $200 Million Raise From Citadel Securities CFTC Approves Spot Crypto Trading on U.S. Exchanges CFTC’s New Pilot Allows BTC, ETH and USDC as Derivatives Collateral Samourai Wallet Founders Could Serve 5 Years for $237 Million Laundering Samourai pardon petition Timestamps: 🚀 00:00 Introduction 💡 3:05 What Citadel's SEC letter on tokenized securities and DeFi says about how TradFi views crypto 👀 6:50 Why Vy says Citadel's suggestions are not unreasonable 🤔 9:31 Is Citadel shooting itself in the foot? ❌️ 11:13 What Jessi says Citadel got wrong 📍 13:42 How crypto is a bubble (or a cult?), but Citadel’s position is more mainstream 🧠 19:39 Why the CFTC greenlighting spot crypto trading on regulated exchanges matters 💡 22:57 Katherine explains Bitnomial’s advantage 💥 26:53 Why Jessi says the CFTC and SEC are in a race to regulate crypto 🧏‍♀️ 31:30 Why KK loves the CFTC’s tokenized collateral pilot 🧠 33:47 Why Anthropic's study on smart contract security is so scary for crypto ⚠️ 36:31 How AI agents could exploit 1,000 smart contracts for $1 apiece 📝 41:42 How community members can support Samourai wallet developers 💫 44:00 Crypto good news shoutout for the week Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 11

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 starts with Farcaster’s pivot and Tarun’s claim that “Web3 is dead,” at least the A16z-style ownership economy. With Web3 social struggling, the crew digs into why spam, airdrops, and weak network effects keep sinking these apps — and why prediction markets may be crypto’s accidental social network. We then jump to the L1 valuation fight. Haseeb recaps his debate with Santiago over whether chains are wildly overpriced or simply early, sparking a broader discussion on PE ratios, L1 “premiums,” and how many chains the world can realistically sustain. Next up: Ken Chan’s viral “I wasted 8 years in crypto.” The team unpacks burnout, sugar-water loops, and why nihilism tends to hit founders right as the market turns. And finally, Tarun walks through his ADL research and how October 10’s cascading liquidations exposed major flaws in current systems. Markets evolving, narratives collapsing — let’s get into it. Show highlights 🔹 Farcaster pivots; Tarun calls A16z-style “ownership economy” Web3 (NFTs, own-your-posts) officially dead. 🔹 Web3 social stalls — Twitter clones drowned in spam, airdrop farming, and weak network effects; prediction markets emerge as the real crypto social layer. 🔹 Users’ revealed prefs — People claim to want decentralization/privacy but consistently choose convenience and incumbents. 🔹 RIP “Web3” — Term traced from Gavin Wood to A16z marketing; panel agrees it no longer reflects where crypto is actually succeeding. 🔹 L1 valuation battle — Santi’s PE-ratio critique vs Haseeb’s long-horizon “onchain finance will be huge” thesis; debate centers on how to value chains post-ICO/NFT era. 🔹 How many L1s survive? — Tarun expects activity to concentrate in a small set due to issuance, liquidity, and coordination costs; L1 “premium” still props up dino chains. 🔹 Burnout + disillusionment — Ken Chan’s “I wasted 8 years” resonates but feels mistimed amid strong fundamentals; panel contrasts sugar-water casino loops with real infra building. 🔹 ADL failures exposed — Tarun’s research shows October 10’s cascading liquidations revealed outdated ADL assumptions; better algorithms could’ve saved hundreds of millions. 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 Links Ken Chan’s “I Wasted 8 Years of My Life in Crypto” 🔗 https://x.com/kenchangh/status/1994854381267947640 Tarun Chitra’s Autodeleveraging: $653 million lost to a greedy heuristic? 🔗 https://x.com/kenchangh/status/1994854381267947640 Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 10

The crypto sector has celebrated a lot of policy wins in 2025, but price wise, it has arguably been a year to forget. In this episode of Unchained, Bitwise Head of Research Ryan Rasmussen and Arca Portfolio Manager David Nage join host Laura Shin to discuss the disappointing crypto markets and why their outlook on 2026 is more positive. They also explained why Vanguard's crypto pivot is a huge deal, questioned whether Bitcoin could ever be unseated by privacy coins, and discussed why they don’t see the bubble in the DAT market hurting crypto. Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan , allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. Thank you to our sponsor, Figure! Unlock your crypto’s potential today at Figure! Guests: Ryan Rasmussen , Head of Research at Bitwise David Nage , Portfolio Manager at Arca Previous appearance on Unchained: The LayerZero-Wormhole Contest Shows How to Value a Crypto Business Links: Unchained: Bitcoin Resets Above $90,000, but Can Bulls Keep the Momentum? Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Franklin Templeton Rolls Out First Tokenized Fund in Hong Kong Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough Grayscale Files to List Zcash ETF What Ethereum Will Look Like When It Implements Its New Privacy Focus Other relevant links: Bank of America Broadens Access to Crypto Funds SEC's Paul Atkins touts 'tokenization’ as key to modernizing US markets Larry Fink and Rob Goldstein on how tokenization could transform finance My Highest-Conviction Bet in Crypto Stablecoin payments on Stripe cost 1.5% of the transaction amount. Credit card fees are as high as 3.5%. Less than half of the cost! Bitcoin’s “Facebook Moment” Timestamps: 🚀 00:00 Introduction 🤔 01:42 Is the four-year cycle dead? 💡 3:50 Why David says Bitcoin is having its “Facebook moment” ⚡️ 11:42 Why Ryan does not believe Bitcoin OGs are disillusioned 💥 14:43 Why David thinks liquidity may be returning to the market ❕️ 17:21 What is driving Vanguard and Bank of America's adoption of crypto 🚨 24:34 The importance of Bitwise 10 Crypto Index Fund's ETF transition 💡 28:30 Why BITW excludes memecoins, stablecoins and, wrapped tokens, etc. 🔮 31:15 What tokenization means for the future of finance 👀 35:56 What the future holds for digital asset treasuries ⚠️ 39:45 How unwinding of DATs could affect Bitcoin 🧏 41:11 What Stripe's 1.5% fees suggest about the future of stablecoin competition 📈 46:43 Why David says stablecoin adoption is similar to email 🤔 48:55 Could Bitcoin be toppled as the privacy meta rises? 🔮 56:45 Ryan and David share their 2026 crypto outlook ✴️ 1:02:01 Ryan’s 2026 Bitcoin price target Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 9

Thank you to our sponsors! Uniswap Mantle Hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins dig into why interest rates may not fall as quickly as markets hope, why oil demand could surprise to the upside, and how retail keeps buying every dip—even while consumer confidence hits new lows. The trio also breaks down the growing collision between TradFi and crypto: whether banks can compete with blockchain-native distribution, how BlackRock’s staked ETH ETF filing could reshape the market, and how yields on Ethereum and Solana represent a brand-new financial primitive. Plus, they examine Ripple’s controversial raise, Citadel’s push to regulate DeFi, and why major incumbents are now in a frantic race to choose their crypto “dance partners.” 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 Links: Unchained: BlackRock Files S-1 for Staked ETH ETF Berachain Kept Secret a $25 Million Refund Right to a Brevan Howard Fund CoinDesk: Citadel Challenges DeFi Framework in Letter to SEC, Sparking Industry Outrage Bloomberg: Wall Street Hedged Big Crypto Bet in $500 Million Ripple Deal (XRP) Bitcoin Options Show Traders Hunkering Down for Crypto Winter Timestamps: 👏 0:00 Intro 📉 2:06 Whether there’s any real path to lower rates 🛢️ 5:07 Why Ram is bullish on oil demand 🤖 6:12 The biggest constraint on AI adoption 🇯🇵 7:02 Is Japan raising rates still a “nothing burger”? 🛍️ 9:57 How retail keeps buying every dip 🏦 12:21 Can crypto beat banks’ entrenched distribution? 📉 18:00 Why Ram thinks you should “sell the Bitcoin rallies” 📼 20:13 Are we reliving the 1970s? ⛓️ 24:47 How BlackRock’s staked ETH ETF filing could reshape the market ⚖️ 30:28 How staking yields will trade against Fed short rates 💼 38:59 Ripple’s controversial “raise” — and the unusual protections granted to Citadel and Fortress 🛡️ 47:52 How Citadel is fighting DeFi to defend its moat Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 5

In this special double-feature episode of Bits + Bips, Unchained executive editor Steve Ehrlich brings listeners two of the clearest investor perspectives on where the crypto markets may be headed next. First, Owen Lau, Managing Director at Clear Street, breaks down why crypto equities remain so tightly correlated to Bitcoin—and what might finally cause that link to break. He unpacks the growing role of stablecoin revenue, Coinbase and Circle’s evolving business models, and why a market structure bill in 2026 could reshape the sector. Then, in the second half, Bob Diamond and David Schamis of Hyperliquid Strategies explain why they believe Hyperliquid and its HYPE token represent one of the most compelling opportunities in digital assets. They walk through the rationale for their DAT, Hyperliquid’s performance during extreme market volatility, and the broader ecosystem being built through HIP-3 and beyond. Sponsors: Mantle Host: Steve Ehrlich , Executive Editor at Unchained Guests: Owen Lau , Managing Director at Clear Street Bob Diamond , Founding Partner and CEO of Atlas Merchant Capital David Schamis , Founding Partner and CIO of Atlas Merchant Capital Timestamps: 0:00 Introduction 1:23 Owen’s outlook on crypto stocks—and what really drives them today 5:19 Why Coinbase’s stock is struggling while revenue goes up 7:47 Why so many crypto companies are spending heavily to expand distribution 10:58 Whether the 10/10 crash changed how analysts evaluate public crypto companies 14:41 Will public crypto companies enter prediction markets next? 17:02 How Coinbase and Circle are positioning themselves in this emerging area 23:00 What Citadel Securities’ push for SEC regulation of DeFi means for the industry 24:55 How a market structure bill could reshape the outlook for altcoins 27:03 Would a public crypto company buy a DAT trading below its NAV? 28:59 Has the window for crypto IPOs already closed? Part 2 32:57 How David and Bob first got into crypto 38:57 Why a DAT for Hyperliquid is necessary 42:40 Why they say their stock is a major opportunity right now 45:55 How running an altcoin DAT differs from doing one for ETH or BTC 48:54 How the DAT deal was structured—and Paradigm’s role 51:38 How they’re avoiding the big sell-offs typical in PIPE deals 53:11 Why there was a gap between announcing the DAT and executing it 55:14 Why Sonnet Therapeutics will remain operational post-transaction 57:51 Why the 10/10 liquidation event made Bob more confident in Hyperliquid 1:04:19 The broader Hyperliquid ecosystem—far beyond the DEX 1:06:42 Why David says perps are far better products than options 1:10:12 Why regulatory clarity is critical for Hyperliquid’s long-term success 1:13:37 What HIP-3 unlocks for builders building around perps 1:14:46 How prediction markets could integrate with perpetuals 1:15:49 How Hyperliquid can compete with major exchanges and crypto giants 1:21:18 Why Hyperliquid’s feed is so much faster than other chains 1:22:28 The $1 billion shelf offering—and how they plan to accumulate more HYPE Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 5

Michael Saylor's Strategy has not had the year it hoped for. Amid an explosion of copycats and Bitcoin price weakness, the company has seen its valuation and so-called mNAV crash. In this special episode of Unchained, Praxos co-founder Vinny Lingham and The Benchmark Company Analyst Mark Palmer join Unchained Executive Editor Steve Ehrlich to debate Strategy's outlook. They discuss the impact of new preferred stocks on common shareholders, the company's new cash reserve and the potential impacts of MSCI exclusion. They also delve into what the Bitcoin digital asset treasury ecosystem could look like in the future and whether Strategy could have employed a better acquisition model. Thank you to our sponsors! ⁠ Uniswap ⁠ ⁠ Mantle Host: Steve Ehrlich , Executive Editor at Unchained Guests: Vinny Lingham , Co-founder of Praxos Capital Mark Palmer , Senior Equity Research Analyst at The Benchmark Company Links: Unchained: Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill Timestamps: 🚀 00:00 Introduction 📈 2:14 Why Mark still expects Strategy to outperform 📉 5:28 Why Vinny says Strategy preferred stocks are “vampiric” 🤔 11:45 Is Strategy's cash reserve a little too late? 👀 17:11 Debating Strategy's preferreds v. common stock 💡 19:44 How preferreds and CLARITY Act could enable Strategy to start buying Bitcoin dips as well 🫠 24:26 What happens if MSCI delists Strategy 🧠 30:34 The implications of Strategy's recent talk of selling and lending Bitcoin ⚠️ 36:25 Why it might be too late when Strategy decides to sell 🔮 39:28 How the Bitcoin DAT ecosystem could evolve as companies differentiate 🤔 44:17 Could Strategy have employed a better Bitcoin acquisition strategy? 💫 45:30 Closing thoughts on Strategy's future Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 4

Thank you to our Sponsor, Uniswap ! Ethereum Fusaka is live, Infinex has embarked on its token sale, Hyperliquid is bolstering its HIP-3 markets and there is drama in Solana’s DeFi land. In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan delve into the significance and implications of the Fusaka upgrade and the controversy surrounding Infinex's token sale. They also take a look at the promise and risks of Hyperliquid's buzzing perp futures markets on tokenized equities and Kamino's controversial response to competition from Jupiter. In addition, they touch on Anthropic's smart contract study and the recent Yearn Finance exploit. Hosts: Luca Netz , CEO of Pudgy Penguins Kain Warwick , Founder of Infinex and Synthetix Taylor Monahan , Security at MetaMask Links: Unchained: Cheaper Fees and No More Free Lunch for Layer 2s? Inside Ethereum’s Fusaka Upgrade Ethereum’s Layer 1 Lacks a Perp DEX. Synthetix Intends to Change That HIP-3 Records $500 Million in Daily Volume Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users? Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped Timestamps: 🚀 00:00 Introduction ⚡️ 01:32 How Ethereum's shipping cadence has changed ⛽️ 9:36 Will Ethereum gas fees spike again? ⚔️ 12:26 Infinex's token sale controversy 💡 12:54 Kain explains the reasoning behind Infinex's ICO model 💥 18:47 What's driving the Infinex ICO controversy 🧏 24:11 How Hyperliquid's HIP-3 upgrade is changing DeFi participation 🤔 25:58 Are Hyperliquid's tokenized equities perps asking for SEC trouble? 🤺 38:48 Kamino v. Jupiter drama 🧐 44:59 Does Solana’s commercial tilt encourage more “gloves off” competition? 👀 50:51 Will Kamino users exit en masse? ❕️51:32 Anthropic's smart contract study coincides with Yearn Finance hack 💡 54:40 How AI can help bolster crypto security Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 4

Welcome to The Chopping Block — where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner cover crypto’s biggest moments. This week we’re joined by Kevin from the Monad Foundation as we dig into the most chaotic token launch of the year. Monad goes live, CT explodes, and the tokenomics wars come roaring back — vesting, float, FDV, and why everything “just keeps going down.” We break down whether the world actually needs another L1, how hype creates impossible expectations, and how Kevin and the Monad team are handling the spotlight — and the hate. Then we shift to security chaos: Yearn’s underflow hack, Anthropic’s AI discovering real smart contract vulnerabilities, and “post-quantum” panic sweeping Crypto Twitter. Plus: BTC volatility, MicroStrategy drama, and prediction markets suddenly going mainstream. Show highlights 🔹 Monad’s explosive token launch — hype, backlash, and why it became CT’s main character of the week. 🔹 Kevin joins to break down the launch mechanics, the expectations, and what the team actually prepared for. 🔹 “Low float, high FDV” returns — why vesting debates reignited and why tokens keep sliding despite higher floats. 🔹 Do we really need another L1? The crew dissects infrastructure fatigue, tribalism, and what counts as real differentiation. 🔹 Why hype almost guarantees disappointment — and why early sentiment rarely predicts long-term outcomes. 🔹 Handling the hate — Kevin explains how the team reframes attention, survives the noise, and stays focused post-launch. 🔹 Yearn Sonic exploit — a simple underflow bug hits an OG DeFi protocol, reigniting security concerns. 🔹 AI finds zero-days — Anthropic’s agents discover new smart-contract vulnerabilities and spark an AI security arms race. 🔹 Quantum panic — why “post-quantum” became CT’s latest engagement meta and what it actually means for chains. 🔹 Macro shakeups — BTC volatility, MicroStrategy flirting with NAV, and equities demolishing crypto returns. 🔹 Prediction markets breakout — Polymarket’s US launch, Kalshi’s mega raise, and Robinhood bringing event contracts in-house. 🔹 Long-tail opportunity — why prediction markets may extend far beyond politics and sports to everything people care about. Hosts: ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tom Schmidt , General Partner at Dragonfly Guest ⭐️ Kevin McCordic , Director of Growth at Monad Foundation ⁠ Disclosures ⁠ Timestamps 00:00 Intro 01:21 Monad: Hype, Hate & Week-One Reality 06:08 Vesting, Float & the “Low Float, High FDV” Meta 17:27 Do We Need Another L1? 25:08 Public Perception, Expectations & Narrative Cycles 35:54 Yearn’s yETH Exploit & Anthropic’s Exploit Agents 44:06 MSTR at NAV & Equities Leaving Crypto Behind 48:06 Polymarket vs. Kalshi vs. Robinhood Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 3

Ethereum for the first time ever has rolled out a second major upgrade within a year. Fusaka has gone live less than six months after Pectra. In this Unchained podcast episode, Offchain Labs Prysm Team Ethereum Cored Developer Preston Van Loon joins Protocol Watch founder Christine D. Kim to unpack how Fusaka would make transactions cheaper, improve the UX for users and impact layer 2 chain operators. They also discuss the relatively short time to deployment and how this is impacting client and layer 2 teams. Preston also explains why he is less nervous about Fusaka than he was about Pectra and the indicators of success. Plus what comes next after the hard fork. Thank you to our sponsors! Uniswap Mantle Guests: Christine D. Kim , Host of Ready for Merge Podcast and writer of ​​ ACD After Hours Preston Van Loon , Ethereum Core Developer working at Prysm by Offchain Labs Previous appearances on Unchained: How Will ETH React to Ethereum’s Shanghai Upgrade? Links: Unchained: Ethereum Fusaka Upgrade Clears Final Test Before December Launch Ethereum Gave Away Too Much for Too Long. Will Its Pivot Be Enough? Timestamps: 🚀 0:00 Introduction 👀 4:39 How Fusaka is scaling Ethereum's data layer without imposing big hardware requirements 💡 11:44 How Fusaka is “a big stepping stone” to Ethereum's proto-danksharding vision 💥 15:08 Why the Fusaka launch timeline is a significant milestone for Ethereum developers 🫆 17:12 How Fusaka will make signing transactions easier 👀 18:37 How Fusaka will impact layer 2 operators 🤔 22:49 Are layer 2 chains ready for Fusaka? ⁉️ 29:30 Can L2s benefit from PeerDAS without features like backfilling? 🤔 32:41 Did developers have enough time to prepare for Fusaka? 🫣 34:31 Do faster development timelines impact client diversity? 🧏 40:24 What should have been done differently with Fusaka preparations 📽 42:27 The best way to watch the Fusaka upgrade in real time 💡 44:20 Why Preston is less nervous about Fusaka than Pectra 🚦46:01 Indicators of Fusaka success 📝 46:45 Preston's risk assessment for blob parameter only hard forks Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 3

Thank you to our sponsor, Uniswap ! Class action lawsuits targeting crypto firms are on the rise. While observers often brush off the cases as opportunistic, they may be more of an existential threat than many think. In this episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare, and Vy Le of Veda unpack what class action suits are and why they may be more of a threat to crypto than enforcement actions. Katherine breaks down the derivative case against Coinbase while Jessi explains why Binance has “bad facts” in the Hamas case. Meanwhile, Vy explains why the tussle over prediction markets like Kalshi by state gambling regulators could make it to the Supreme Court. Plus, China's crypto crackdown and the CME's outage. Hosts: Jessi Brooks , General Counsel at Ribbit Capital Katherine Kirkpatrick Bos , General Counsel at StarkWare TuongVy Le , General Counsel at Veda Links: Unchained: DEX in the City: Insider Trading and Crypto: What the Law Actually Says DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them? Why Crypto Market Structure May Not Pass Until 2027: DEX in the City Mistrial Declared After ‘MEV Brothers’ Accused of $25 Million Exploit Timestamps: 🚀 00:00 Introduction 🤔 3:21 What is a class action? 💥 7:23 Why class action suits may be more dangerous for crypto than enforcement actions 💡 10:27 How the courts are trying to prevent class action abuse 🚦 11:57 The policy aspect to class action lawsuits 👀 14:05 What’s interesting about the Coinbase derivative lawsuit 📝 16:27 Why Binance has "bad facts" in the Hamas suit, per Jessi 👀 21:45 Why Kalshi's Nevada case could make it to the Supreme Court 💡 27:18 Vy highlights Kalshi's strongest argument in the Nevada case 🫠 28:34 Why crypto cases are difficult to try in front of juries 🤔 33:10 What does it mean to ban crypto? ❕️34:42 What is driving the crypto crackdown in India and China 🧏 42:38 How the CME's recent outage highlights the need for decentralization 💥 45:54 Good news pieces for the week Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 2

Monday’s selloff rattled the entire market—Bitcoin, equities, commodities, you name it. But beneath the volatility, something more structural may be happening. In this week’s Bits + Bips , Austin Campbell, Ram Ahluwalia, Chris Perkins, and B+B OG previous host Alex Kruger break down one of the most confusing macro weeks of the year. They debate why high-beta assets snapped, whether a rotation into quality is underway, why institutions seem unfazed even as retail stays skittish, and share initial thoughts on Vanguard finally allowing clients to buy crypto. The crew also unpacks Strategy’s chaotic comments about selling BTC, the Clarity Act’s political hurdles, the CME outage that exposed systemic fragility, and the never-ending debate over Tether—profitability, reserves, and what institutions actually want from a stablecoin issuer. Sponsors: Uniswap Mantle 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: Alex Kruger , founder of Asgard Timestamps: 🎬 0:00 Intro 💥 2:13 What triggered Monday’s selloff—and why Chris is still long-term bullish 🤔 6:57 Why Alex was a bit surprised about this week’s volatility 🔄 12:37 Is there a rotation out of risk and into higher-quality assets? 🗯️ 15:11 The chaos after Strategy CEO floated selling BTC to fund dividends 🏢 18:33 Which types of companies Ram thinks are positioned to win in the near term 📺 22:39 Why Polymarket appearing on 60 Minutes is a positive signal for the industry 🏛️ 25:37 Why passing the Clarity Act will require far more political work 🧠 31:30 Why markets feel like a “Rorschach test”—and whether Fed cuts are actually coming 📉 36:06 Why Alex says we’re entering a new era for the Federal Reserve 💵 42:40 Tether’s balance-sheet drama—and what kind of stablecoin institutions will really choose ⚠️ 52:36 How the CME outage exposed dangerous single points of failure Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 29

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 is a special one: Haseeb reads his new essay, In Defense of Exponentials, a manifesto pushing back against the rising financial cynicism dominating CT. He breaks down why new chains launch into unprecedented hate, why revenue-based valuation models misunderstand the nature of exponential technologies, and why believing in ETH, SOL, and open financial systems still makes sense. It’s a zoom-out moment for the space — a reminder that crypto’s exponential arc is far from over. Show highlights 🔹 Chain Hate Era — New L1s like Monad, Tempo, and MegaETH now launch into hostility, not indifference, reflecting a major psychological shift in crypto. 🔹 Financial Cynicism — CT has moved from “nothing has value” nihilism to “everything is overvalued” cynicism, insisting L1s trade 5–10× too high. 🔹 Revenue Meta = Linear Thinking — P/E ratios, REV metrics, and exchange-style valuation models misprice blockchains by treating exponentials like steady-state businesses. 🔹 Probability Premium — L1s are priced like biotech: a 1–5% chance of becoming the next ETH/SOL rationally supports multi-billion valuations. 🔹 The No-Prize Fallacy — CT’s new belief: even if a challenger chain wins, the prize is worthless because “ETH and SOL won’t be worth $300B anyway.” 🔹 Amazon Regime Misread — Amazon took 22 years to show profit; judging crypto on revenue today is the same error—arguing P/E ratios in an exponential curve. 🔹 Open Always Wins — Crypto turns money into a file format—24/7, global, permissionless—and every industry in history has eventually yielded to openness. 🔹 Believe in the Exponential — The core thesis: zoom out. Crypto’s exponential is still early, and long-term conviction is the edge everyone has forgotten. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly In Defense of Exponentials by Haseeb Qureshi 🔗 https://x.com/hosseeb/status/1994110900454949263 ⁠⁠ Disclosures Timestamps 0:00 In Defense of Exponentials 01:05 The Cure is Worse than the Disease 07:10 Feeling the Exponential 16:23 So what exactly am I arguing? ⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 28

Thank you to our sponsor Uniswap ! Nick O’Neill has become one of crypto’s biggest viral sensations over the past year with his “Choose Rich Nick” persona. But beyond a content creator, he is a business man and developer. In this Thanksgiving/Black Friday episode of Unchained, he discusses how he stumbled into internet fame, the man behind the persona and how he intends to become the Barstool Sports of crypto and NFTs. He also delves into what really happened at the controversial Avalanche yacht party and what it was like being viewed as “gay” for doing theater as a child. Plus how he feels about attacks on his looks and the secret to his success. Guest: Nick O’Neill , CEO & Co-Founder of BoDoggos Links: Unchained: Avalanche’s Unlocked Supply of AVAX Set to Increase by $350 Million Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal Timestamps: 🚀 0:00 Introduction 🧏 1:42 How Nick stumbled into internet fame 🤔 9:16 Who is “Choose Rich Nick” actually? 💡 12:23 Where Nick draws the line with the ‘Choose Rich’ persona 💥 13:22 How Nick wants to create the Barstool Sports of crypto and NFTs 💃16:33 Nick explains the “hot girlfriend” arc and drama 🤯 20:31 What REALLY happened at the Avalanche yacht party 📽 30:06 How Nick got into crypto 😕 35:08 Nick on being viewed as “gay” for doing theater as a child 💡 38:43 How Nick feels about the jabs at his looks 🧠 43:25 The most important ingredient to his success Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 27

Thank you to our sponsor Uniswap ! In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan discuss Monad's mainnet launch performance and how its ICO strategy may have proven solid in the end. They also delve into MegaETH's botched TVL campaign with Kain explaining why scrambling is bad for projects. In addition, they dissect Polymarket's CFTC greenlight, Klarna's stablecoin launch, Cardano's chain split and Berachain's secret Brevan Howard deal. Hosts: Luca Netz , CEO of Pudgy Penguins Kain Warwick , Founder of Infinex and Synthetix Taylor Monahan , Security at MetaMask Links: Unchained: Monad Co-Founder Defends Token Sale After Slow Uptake MegaETH Aborts $1B Cap Raise After Multisig Error Triggers Chaos Polymarket Gets CFTC Green Light to Operate in the US Klarna Launches Stablecoin Built on Stripe’s Tempo Chain Cardano Founder Contacts FBI After Dev’s ‘Careless’ Test Splits Chain Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped Timestamps: 🚀 00:00 Introduction 📈 2:08 Monad's post-mainnet launch performance 🫣 6:57 Will Binance regret not listing Monad? 💡 12:57 How Monad's ICO strategy impacted its launch 🧠 16:00 Lessons from MegaETH's botched TVL campaign 🫠 21:53 How the MegaETH TVL campaign could have been worse 💥 22:32 Why Polymarket's CFTC greenlight is a big deal 🤔 30:32 Why Klarna's stablecoin launch raises eyebrows 🤯 36:35 What happened with Cardano? 👀 39:33 Will AI kill all our chains? 😕 48:24 Why Berachain's Brevan Howard deal is weird Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 26

Insider trading has become a hot topic in crypto in recent months from questionable digital asset treasury stock trades to suspiciously timed asset trades amid news-led market volatility. But do people really know what it means? In this episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare and Vy Le of Veda explore the complexities of insider trading law and how blockchain technology can make it easier to detect. They also delve into how AI agents impact market dynamics, the problem with regulators not being able to hold crypto and how insider trading law would differ from centralized to decentralized platforms. Plus Katherine talks about the future of front running and Vy explains how DATs should approach insider trading policy. Hosts: Jessi Brooks , General Counsel at Ribbit Capital Katherine Kirkpatrick Bos , General Counsel at StarkWare TuongVy Le , General Counsel at Veda Links: Unchained: Why the Black Friday Whale’s $192 Million Crypto Trade Was Legal Insider Trading? Yep, But the Real Story Is Securities The Department of Justice Goes After Its First NFT Insider Trading Case SEC and FINRA Scrutinize 200 Crypto-Treasury Firms: Report How the x402 Standard Is Enabling AI Agents to Pay Each Other Timestamps: 🚀 00:00 Introduction 🌫 01:25 Why insider trading is not as clear cut as many think ⚡️18:21 How blockchain has made insider trading detection easier 💡 20:15 Why Katherine sees the crypto front-running landscape changing as tokenization takes off 🤔 23:35 Do AI agents unfairly affect market balance? 🧱 25:38 The problem with regulators not being able to hold crypto ⚠️ 30:20 How DATs are in a tricky spot as regards insider trading 💡 33:25 Vy explains how DATs should approach insider trading policy 🚨 36:08 How insider trading controls work in TradFi 💥 42:06 How insider trading policy would differ from CeFi to DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 26

Crypto funding rounds often look glamorous from the outside: big name investors, big valuations, big narratives. But behind the scenes, the terms can look very different — and sometimes, radically so. In this episode of Bits + Bips, host Steve Ehrlich sits down with reporter Jack Kubinec, who broke the story about Berachain’s Series B and one of the most unusual terms we’ve seen in a major token deal: a lead investor receiving the right to ask for its entire $25 million investment back, for up to a year after Berachain’s token launched. Jack walks through what the documents show, why lawyers say the clause is extremely rare, and how a refund right like this could impact other investors, and even trigger MFN clauses. They also unpack Berachain’s market struggles since TGE, the state of the Nova Digital fund inside Brevan Howard, and the transparency questions this episode raises across crypto venture investing. Read the full story here on Unchained Thank you to our sponsor Uniswap ! Host: Steve Ehrlich , Executive Editor at Unchained Guest: Jack Kubinec , Crypto Journalist and Podcast Host Timestamps: 0:00 — Start 0:25 — Steve introduces Jack 2:24 — What the documents reveal 5:17 — Why Brevan Howard’s refund is a big problem 9:21 — How refund clauses really work 14:09 — Jack’s interactions with the Bera team and how Smokey responded to the story 19:29 — Why the MFN clause is key 26:19 — How Breva Howard Digital didn’t actually invest in Bera 30:18 — What investors should learn from a deal like this Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 25

In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins dig into a macro environment that’s suddenly turning more supportive: QT ending, institutions stepping in, improving liquidity signals, and major catalysts across global markets. But while the setup may be bullish, one corner of crypto isn’t participating at all: DATs, which Ram calls “a death spiral.” The hosts debate whether altcoins can recover, whether Strategy pushed its structure too far, if banks’ unrealized losses still matter, and why the return of ICO-style launches may say more about regulation than mania. Show highlights: 0:00 Intro 3:16 Why Ram says we are still in goldilocks economy 5:07 What is missing in the markets according to Chris and how retail is so hurt 11:07 Why the dollar has been on an uptrend, contrary to what people think 13:17 The importance of banks sitting on so much unrealized losses 18:24 Nvidia’s earnings and whether we are in a buying opportunity 22:21 Whether banks will be negatively affected by stablecoins growth or they are fine 25:05 What Austin and Ram disagree on whether the 50-year mortgage is good 28:25 Whether MSTR should be excluded from the MSCI index 32:56 Why Ram is “very bearish on DATs” and the importance of their operating businesses 45:19 Why Chris finds it fascinating the revival of the ICOs 51:19 Whether there’s a new operations choke point going on in crypto 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 Links: Unchained: MON Rallies 40% After Mainnet Launch Fortune: Suddenly, the Fed interest rate cut in December looks like it is very much back on the table Nvidia didn’t save the market. What’s next for the AI trade? The Index Exclusion That Ends an Era: How MicroStrategy’s Exile Redefines Corporate Finance Saylor fights back Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 25

The Ethereum Foundation last month said it was taking its privacy efforts a step further. It announced the Privacy Cluster, a group of 47 coordinators, cryptographers, engineers and researchers with one mission: to make privacy “a first-class property of the Ethereum Ecosystem.” At Ethereum DevConnect, the EF's Andy Guzman and Oskar Thorén join Unchained to discuss the formation of the group in the context of Zcash's recent resurgence, why privacy is important for crypto and the motivations behind Ethereum's recent push. They also delve into the difference between the current privacy push and past efforts, as well as how it could unlock new use cases and the reaction of institutions. Additionally, they talk about competition with Zcash, reveal implementation timelines and delve into the impact on crypto data analysis. Thank you to our sponsor ⁠ Uniswap ⁠ ! Guests: Andy Guzman , PSE Lead at Ethereum Foundation Oskar Thorén , Technical Lead of IPTF (Institutional Privacy Task Force) at Ethereum Foundation Links: Unchained: Ethereum Foundation Launches ‘Privacy Cluster’ Vitalik Unveils New Ethereum Privacy Toolkit ‘Kohaku’ Why the Privacy Coins Mania Is Much More Than Price Action With Aztec’s Ignition Chain Launched, Will Ethereum Have Decentralized Privacy? Timestamps: 🚀 00:00 Introduction 🥷1:33 What is the Ethereum Foundation Privacy Cluster? 🤔 3:49 Did Zcash's resurgence inspire the launch of the Privacy Cluster? 📽 6:29 How the Privacy Stewards of Ethereum has grown over the years 🔗 8:39 How the Institutional Privacy Task Force's got started 💡 10:10 Why privacy is important in crypto 🔮 13:54 What is driving Ethereum's recent privacy push 📝 15:21 Andy and Oskar discuss their backgrounds 🤔 16:48 The difference between Ethereum's current privacy efforts and past efforts like Tornado Cash 🤞18:43 How Ethereum's privacy push could unlock new use cases 🛣 25:09 Andy and Oskar outline different approaches to privacy 🤔 29:52 What are private reads and writes? 👀 35:16 Why Andy says adopting onchain privacy is a question of risk for institutions 🫆 36:39 Why private identities are important 🤔 40:13 What happens if identity proofs are stolen 📺 43:27 How the Ethereum Foundation wants to improve privacy experience 🧏 45:44 How the IPTF’s role is unique ⁉️ 47:51 What is Kohaku? 👀 51:02 Is Ethereum competing with Zcash? 💡 1:01:29 The Ethereum Foundation's thoughts on private viewing keys 🗓 1:03:44 Implementation timeline 🔮 1:05:50 How the crypto privacy push could impact blockchain data analysis 💥 1:08:46 Final thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 23

Check out our sponsor Uniswap ! Fresh off the launch of Ignition Chain, Aztec’s co-founders Zac Williamson and Joe Andrews discuss why they’re rolling out a privacy-preserving L2 now, how they’re approaching decentralization from the start, and why they chose a token sale instead of the airdrop model. They also explain why they believe most L2s have evolved into “parasitic” ecosystems, how Aztec plans to avoid those incentives, what the AZTEC token is meant to do, and what’s changed in the broader privacy renaissance across crypto. Guests: Zac Williamson , Cofounder of Aztec Network Joe Andrews , Co-founder and President of Aztec Network Links: Unchained: Vitalik Unveils New Ethereum Privacy Toolkit 'Kohaku' ETH's HTTP Moment? How Ethereum Interop Layer Hopes to Fix L2 Fragmentation Zcash Developer Reveals Q4 Roadmap What’s the Best Way for Ethereum to Grow? Justin Drake and Martin Köppelmann Debate Why the Privacy Coins Mania Is Much More Than Price Action CoinDesk: Privacy-Focused Aztec Network's Ignition Chain Lights Up Timestamps: 🎙️ 0:00 Introduction 🚀 1:30 Why Aztec launched Ignition Chain and how it works 🔒 6:01 How Aztec’s privacy model differs from Ethereum’s efforts — and from Zcash ⏱️ 15:52 Why Aztec has large block times 💸 17:28 Are fees expensive on Aztec? 👥 22:04 Zac & Joe’s backstory — and how Aztec was born 🏗️ 25:21 Why they built an L2 on Ethereum instead of a standalone chain 🤝 28:38 Whether Aztec competes with — or complements — Ethereum privacy tools like Kohaku 🎯 31:40 Who Aztec is for and the use cases they’re targeting 🆔 34:50 What ZK Passport is and why it matters 🌅 35:57 Whether the privacy renaissance surprised them 🕶️ 39:42 What private DeFi on Aztec could unlock ⚡ 43:36 Why Zac says most L2s are “parasitic” and why Aztec isn’t 🛠️ 46:07 How Aztec plans to decentralize from day one 🪙 50:15 The role of the AZTEC token and details on the upcoming ICO 🎯 53:25 How they aim to run a “fair” token sale 🌍 59:20 Why most countries, even the U.S., can participate in the ICO 💻 1:00:22 Why Aztec built its own programming language ⚖️ 1:07:29 Whether the Tornado Cash case made them hesitant to ship privacy tools 📱 1:11:48 The apps Zac and Joe are most excited about on Aztec 🎮 1:16:31 Why Zac is bullish on ZK-powered onchain games Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 22

Thank you to our sponsors! Mantle Walrus President Donald Trump's pick for chair, Mike Selig, has cleared the Senate Agriculture Committee just as lawmakers look set to hand over crypto oversight to the agency. In this episode, former CFTC Chair Chris Giancarlo joins Unchained Executive Editor Steven Ehrlich to unpack Selig's Senate hearing. Chris shares his experience working with Mike, why the CFTC should get more resources to handle crypto and crypto's unique commodity trading structure. He also touches on the challenges the agency could face regulating crypto, whether exchanges should be allowed to continue performing several functions under one umbrella, the timeline for CLARITY and the regulatory path ahead for prediction markets. Host: Steve Ehrlich , Executive Editor at Unchained Guest: J. Christopher Giancarlo , Former Commissioner of the CTFC Links: Unchained: Prospective CFTC Chair Says It’s ‘Vitally Important to Have a Cop On The Beat’ in Crypto Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill The Chopping Block: When Wall Street Meets DeFi — How Equity Perps and RWAs Redefine Leverage On-Chain DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them? Polymarket Quietly Relaunches in U.S. in Beta Mode: Report Timestamps: 🚀 00:00 Introduction ⚡️1:41 Chris details his experience working with Mike Selig 🤔 6:34 Does the CFTC have enough resources to handle crypto? 📽 10:34 Crypto’s unique commodity trading structure 🧱 13:37 The challenges the CFTC could face with crypto's unique trading structure 🤔 15:15 Should crypto exchanges remain vertically integrated? 💡17:25 How DeFi should be regulated 🧏 20:46 Why Chris says crypto perps do not need new laws 🔮 24:49 Mike's confirmation timeline 💥 25:46 Why prediction markets are important 👀 27:57 Why Chris compares the regulatory trajectory of prediction markets to Uber 💡 28:57 What regulations could look like for prediction markets Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 22

Check out our sponsor Uniswap ! Bitcoin keeps drifting lower — and traders are asking the same question: where’s the floor? Host Steve Ehrlich brings on Markus Thielen, CEO of 10x Research, to walk through Bitcoin’s technical setup, ETF flows, institutional positioning, and why the recent selloff looks different from past dips. Markus lays out the metrics he’s watching, the levels that matter, and why the path downward may still be the path of least resistance. He also shares his views on Ethereum, altcoins, digital asset treasuries, and why some investors are stepping away from risk entirely. Host: Steve Ehrlich , Executive Editor at Unchained Guest: Markus Thielen , CEO of 10x Research Timestamps: 🎬 0:00 Introduction 📉 1:39 Why Markus is not optimistic about the current market 🐻 3:23 How he defines a bear market — and why we may already be in one 📊 8:02 The key metric institutions are watching and Bitcoin’s next support level 🔁 13:14 How to spot when a real rebound might be forming 🪙 17:29 Markus’ views on ETH and what catalysts could matter ⚠️ 19:57 Why Markus warns that “you don’t want to be exposed to anything” 🏦 22:10 Digital asset treasuries and what ETF flows are signaling 🧱 28:54How staking inside ETFs threatens DATs 🔮 34:35 What Markus expects to happen by year-end Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21

The Chopping Block unpacks crypto’s DATpocalypse — NAVs collapsing, volumes drying up, and consolidation on the horizon. Plus: Vitalik sparks a wave of quantum panic, what Q-Day really means for Bitcoin and smart-contract chains, and why “qubits per share” might become the next great crypto meme. 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 opens with the DATpocalypse: almost every DAT is now below NAV, volumes have collapsed outside Bitmine and MicroStrategy, and the market is finally confronting what happens when issuances outrun demand. We get into consolidation talk, preferred-share experiments, capital-structure pivots, and whether any DAT should actually be selling crypto to buy back shares at a discount. Then we shift into quantum mania. Vitalik’s “2028” comment lit up Q-Day fears, and we separate genuine hardware progress from pure panic. We discuss why post-quantum upgrades are simple for Bitcoin but brutal for stateful chains, and how hype alone could trigger a wave of “quantum-resistant” speculation. And yes — the running gag: DATs using quantum machines to steal Satoshi’s coins. Tough markets, weird narratives, and institutions quietly holding the line. Let’s get into it. Show highlights 🔹 DATpocalypse — Most DATs now trade below NAV; Bitmine and MicroStrategy dominate the only real volume. 🔹 Supply & Demand — Issuances outpaced buyers; M/NAV compresses toward 1 across the entire class. 🔹 Consolidation watch — Sub-scale DATs may merge to form multi-billion-dollar vehicles that can compete. 🔹 New financing era — Preferreds, debt, and MicroStrategy-style capital engineering become the next playbook. 🔹 Buyback dilemma — Trading at 0.5× NAV suggests selling crypto to buy shares—if liquidity exists. 🔹 Retail gone, institutions steady — Tokens follow the 4-year retail cycle; equity deals reflect institutional conviction. 🔹 Token vs equity split — Depressed token markets contrast with mega equity raises like Kraken’s $20B round. 🔹 AI distraction — Retail rotates into Nvidia/AI stocks, starving page-2 tokens of attention. 🔹 Quantum mania — Vitalik’s “2028” comment triggers Q-Day fears, despite quantum still being far from breaking ECC. 🔹 Post-quantum headaches — Bitcoin is easy to migrate; Ethereum/Solana transitions will be complex and messy. 🔹 Q-Day = Y2K energy — Expect years of hype and “quantum-resistant” pumps before reality catches up. 🔹 Qubits-per-share meme — DATs running quantum computers to steal Satoshi coins becomes the episode’s running gag. 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 Timestamps 00:00 Intro 01:14 BTC Breaks Down 02:52 DATpocalypse Begins 05:01 DAT Playbooks & Buybacks 20:48 Equity Boom, Token Bust 28:00 Retail vs. Institutions 34:01 Quantum Panic Hits Crypto 41:45 Post-Quantum Problems 46:32 Road to Q-Day & Y2K Vibes Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monohan explore how the recent ICO boom compares with the 2017 era. They share stories of some of the big names from the past, including Kain's struggles after raising 30,000 ETH at the cycle top. Plus Luca shares what it takes for founders to thrive in crypto. They also unpack the “FUD” surrounding Hyperliquid following the infamous Oct. 10 crypto crash. Moreover, they discussed what Multicoin's investment in Ethena revealed about Kyle Samani, and potential black swan risks facing the project. Hosts: Luca Netz , CEO of Pudgy Penguins Kain Warwick , Founder of Infinex and Synthetix Taylor Monahan , Security at MetaMask Links: Unchained: Monad ICO on Coinbase Fizzles 12 Hours After Launch Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped The Chopping Block: Tokenomics Reset — ICOs Rise, UNI Turns On Fees, MEV Goes to Court Hyperliquid Founder Denies Claims That DEX Prioritizes Revenue Over Traders The Chopping Block: Inside the $19B+ Perp Crash, ADL Explained, Binance’s USDe/Staked-Token Depeg, and the Hyperliquid Whale Debate Ethena Labs Expands to Support Two New Products Timestamps: 🚀00:00 Introduction 🎞 1:12 How the new ICO meta compares to the old days ❕️13:48 Why Luca would still airdrop PENGU despite the ICO craze 📽 16:19 New v. Old ICO meta cont'd 😬 26:00 Kain talks about raising 30,000 ETH at the 2017 top 💡27:49 Luca explains what it takes for founders to thrive in crypto 🤕 31:01 Hyperliquid “FUD” and why some of its celebrity whale traders are leaving ➰️45:18 The tension that Hyperliquid faces: protecting the protocol over users 🤔 47:32 Will a new perp DEX champion emerge? 📈 54:03 Multicoin goes long Ethena 🥊54:27 Kain's beef with Multicoin 🎞 59:52 Luca's history with Multicoin ⚠️ 1:01:43 The real black swan scenario for Ethena Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 20

Thank you to our sponsors! Uniswap Mantle The rise of Ethereum layer 2s has created a need for interoperability. While several solutions have emerged over the years, Ethereum Interop Layer promises to be trustless. At Ethereum Devconnect, the EF’s developers Yoav Weiss and Marissa Posner join Unchained to explain why trustlessness is necessary for interoperability. They also delve into how EIL differs from NEAR Intents and how it could unlock new use cases and spark an explosion of activity on Ethereum. Guests: Marissa Posner , Product on the Account and Chain Abstraction Team at the Ethereum Foundation Yoav Weiss , Research on the Account and Chain Abstraction Team at the Ethereum Foundation Links: Unchained: Zcash Developer Reveals Q4 Roadmap What’s the Best Way for Ethereum to Grow? Justin Drake and Martin Köppelmann Debate Why the Privacy Coins Mania Is Much More Than Price Action Timestamps: 🚀00:00 Introduction 🤔4:11 What is Ethereum Interop Layer? 🤷‍♂️5:20 What Ethereum Interop Layer is trying to solve 📍7:08 Marissa explains why trustlessness is necessary for interoperability ⛓️8:21 Yoav describes the current state of L2 fragmentation 🔮9:17 How Yoav and Marissa came to work on EIL ⚙️11:53 How EIL works 🔬18:10 How EIL compares to NEAR Intents 🤔22:19 Does EIL bring new security risks? 🚀23:12 Can EIL unlock Ethereum’s HTTP moment? 📌28:26 What EIL wouldn’t make sense for 💭30:09 How EIL can supercharge wallets 📆34:18 EIL’s mainnet timeline 💥35:51 Whether EIL could lead to an explosion of Ethereum activity ⛓️39:06 Why chain security matters 🤔41:17 Does EIL increase attack vectors? 🔮43:20 The future of bridges 📜45:31 The trustless manifesto Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 19

In the second episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare and Vy Le of Veda discuss the recent spat between former Securities and Exchange Commission Chief of Staff Amanda Fischer and the cryptocurrency community over changes to Uniswap's model. They also delve into the return of Initial Coin Offerings now branded as “public token sales.” At the same time, they dissect the legal uncertainties plaguing prediction markets and discuss the state of mainstream crypto adoption despite recent market volatility. Hosts: Jessi Brooks, Ribbit Capital Katherine Kirkpatrick Bos , General Counsel at StarkWare TuongVy Le , General Counsel at Veda Links: Unchained: Uniswap Fee Switch Proposal Sparks 50% UNI Rally The Chopping Block: Tokenomics Reset — ICOs Rise, UNI Turns On Fees, MEV Goes to Court MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience? Coinbase Launches Digital Token Sales Platform UFC Partners With Polymarket to Launch Real-Time Fan Prediction Scoreboard in Live Fight Broadcasts Crypto Liquidations Top $500 Million as Bitcoin Dips to $93,000 Timestamps: 🚀 00:00 Introduction ⚔️ 2:00 CT v. Amanda Fischer 💥 13:41 The return of ICOs 🧱 21:34 How the SEC botched crypto and lost oversight to the CFTC 🤔 26:43 Are prediction markets gambling? 📈 41:04 Crypto market sentiment heading into the holidays Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 19

Hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins sit down with Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets at the White House, to break down the latest updates in the crypto market structure bill and the political calculus behind it. Patrick discusses how Democrats have started to listen more actively, why DeFi remains one of the most complicated pieces of the bill, and how the administration is thinking about innovation versus incumbency. Later, the group turns to markets: whether the Fed is shifting regimes, why institutions move slowly but decisively, and what catalysts could matter most in the months ahead. Sponsors: Walrus 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: Patrick Witt , Executive Director of the President's Council of Advisors for Digital Assets at the White House Timestamps: 🎬 0:00 Intro 🚀 2:45 Why Patrick calls the Senate Ag draft a “big step forward” 🧩 4:43 How the bill tackles DeFi—and why it’s so complex 🏛️ 5:28 Why the presidency is putting so much weight on crypto policy 📜 7:01 What happens behind the scenes to move a bill like this 🔪 9:39 Whether the bill could get modularized (including pulling DeFi out) 💡 11:22 Why Chris says crypto is simply a better product 📈 13:37 The short- and long-term implications of passing a market-structure bill 🔐 15:22 The KYC/AML problem in permissionless systems 🕵️‍♂️ 22:12 Privacy: finding the balance between user protection and public ledgers 🗳️ 24:08 How Democrats have increasingly joined the conversation 🌅 25:27 Why Patrick is optimistic we’ll get a Senate vote this year 🤖 29:56 How Patrick sees AI + crypto converging into a major opportunity 📊 32:23 What’s happening in markets, and whether a regime shift is underway 🏦 36:40 How institutions are entering, and what keeps them up at night 🎤 38:46 Why Ram calls the Cantor Conference the best for digital assets 💥 41:53 What Paolo Ardoino revealed about the future of Tether 📉 44:43 Signals that typically mark a market top and why spotting winners is so hard ⚡ 51:38 Ram’s key catalysts to watch for the next market leg 📺 54:39 Whether 60 Minutes misrepresented CZ Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15

Bitcoin continues to look weak, falling through the psychologically important $100,000 level. Is the cycle over? In this episode, Fairlead Strategies founder Katie Stockton joins Unchained Executive Editor Steve Ehrlich to break down the charts. She explains how the Bitcoin market has changed and Ethereum's potential trajectory. She also takes a look at the state of the DAT sector and Zcash's steep rise. Thank you to our sponsors! Mantle Uniswap Guest: Katie Stockton , Founder and Managing Partner of Fairlead Strategies Links: Unchained: Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K A Musk-Style Reward? Anthony Pompliano Could Earn $400 Million From ProCap Canary XRP ETF Set for Nasdaq Launch as Shutdown Ends Why the Privacy Coins Mania Is Much More Than Price Action Timestamps: 🚀 0:00 Introduction 📊 3:56 How liquidity impacts crypto market analysis 🎞 5:44 How much history a token needs to do proper market analysis 🎯 7:31 Key market indicators used by Katie 💡 14:19 Why the character of the Bitcoin market has changed 📉 18:36 What to watch as MSTR diverges from Bitcoin 🧱 20:22 Ethereum's next major support level 📈 23:21 The outlook for ETH DAT Bitmine long term 📍25:10 What to watch as spot XRP ETFs go live 🔎 27:54 Does $ZEC still have room to run? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15

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, the crew dives into the shift from airdrops to ICOs as Monad, MegaETH, and Coinbase’s new sale format spark a rethink of how tokens should be distributed. They discuss ICO Beast’s hedging fiasco, why most airdrops fail to create real users, and whether fixed-price ICOs are a better path for long-term alignment. The gang also unpacks Uniswap’s major “unification,” the end of Labs vs. Foundation, and UNI finally becoming the protocol’s value-accrual asset. In the back half, they touch on the “low carb crusader” MEV trial, the hung jury, and the broader question of whether MEV games belong in criminal court at all. A concise, high-signal look at where tokenomics, distribution, and crypto’s legal boundaries are heading next. Show highlights 🔹 ICOs vs Airdrops, Again — Monad & MegaETH reignite the debate: should teams stop airdrop farming meta and lean fully into ICOs? 🔹 The ICOBeast Meltdown — Hedging tweets, revoked allocations, and “airdrop farmers are parasitic” spark a broader conversation about good vs. bad buyers. 🔹 Airdrops = Bad CAC — Most airdrops fail to create real users; the crew argues they’ve become toxic, easily gamed, and deliver almost no retention. 🔹 When Airdrops Actually Work — Only linear, DeFi-native “pay-for-performance” drops (Hyperliquid/Ethena style) reliably build product moats. 🔹 ICOs as the Cleaner Model — Fixed-price, IPO-style sales may be the better path for decentralization, long-term alignment, and selecting real holders. 🔹 Uniswap’s Great Unification — Labs + Foundation merge, fees turn on, 100M UNI burned; UNI becomes the single value-accruing asset at last. 🔹 Post-Lawfare Tokenomics — With Gensler-era pressure gone, protocols can finally ship real economic models without regulatory fear. 🔹 Simple Capital Structures Win — Tokens + companies with split incentives are a trap; unified value flow is the new meta. 🔹 MEV Showdown: Low Carb Crusader — Sandwiching the sandwichers leads to a hung jury; prosecutors want a retrial despite jurors in tears. 🔹 Is This Even Criminal? — The crew questions why murky MEV games get charged while blatant rug pulls go untouched. 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 Hayden Adams “UNIfication Proposal” 🔗 https://gov.uniswap.org/t/unification-proposal/25881/1 Timestamps 00:00 Intro 01:01 ICOBeast x MegaETH Allocation 10:40 Farming Airdrops vs. ICOs 21:00 Uniswap's Fee Switch and UNIfication 27:13 Unifying Shareholders: A New Meta 29:05 Legal & Regulatory Challenges 30:51 Celebrating Uniswap's Milestone 36:38 The MEV Bot Trial 48:36 Facing Accusers in Crypto Cases Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15

Thank you to our sponsors! Uniswap Mantle For decades, the internet has worked without a native way to pay for things. Credit cards were bolted on, platforms built their own integrations, and developers had to stitch together complex payment flows to charge even a few cents for anything. But with AI agents now making requests, triggering actions, and needing to pay for data or services instantly, that old patchwork is starting to break. In this episode, Laura Shin speaks with Erik Reppel, Head of Engineering for Coinbase’s Developer Platform, and Sam Ragsdale, founder of Merit Systems, about x402, a new open standard for internet-native payments designed for the AI era. They discuss why AI has revived a decades-old idea, how x402 works under the hood, why devs say the experience is simpler than traditional payments, and how stablecoins make microtransactions economically viable. They also dive into the big debates: no chargebacks, chain-agnostic design, the shift to a foundation, and how this standard could eventually work with fiat as well. Guests: Sam Ragsdale , Founder and CEO of Merit Systems Erik Reppel , Head of Engineering at Coinbase Developer Platform Links: X402 x402scan ERC-8004: Trustless Agents Payments MCP: Bringing Wallets, Onramps, and Payments to Every Agent Google Agentic Payments Protocol + x402: Agents Can Now Actually Pay Each Other Timestamps: 🎙️ 0:00 Introduction 🌐 1:53 What x402 is—and the problem it finally solves for the internet 💳 7:06 How today’s payment rails work vs. how x402 reimagines them 🛠️ 9:06 Why Sam says the developer experience is “fundamentally better” 🔗 10:54 How x402 stays chain-agnostic 🧪 15:25 How Sam got into x402 and what x402scan enables 🚀 19:22 Some of the most interesting early use cases 🪄 23:05 How x402 works on the backend and why users shouldn’t see any of it 🏛️ 26:21 Why x402 is becoming a Foundation + the Cloudflare partnership 🔮 28:10 What the future of payments could look like in an AI-native world 💱 33:05 How x402 could also work with fiat, not just stablecoins 🆓 34:31 How the team is able to charge zero transaction fees ❓ 37:48 Whether x402 can fix the chargeback problem 🔌 42:57 Integrations: Payments MCP and Google A2A 🐶 45:28 How x402 is being used to buy memecoins, and other early apps Sam & Erik love 🤝 50:37 The challenge of reputation and trustless AI agents Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 14

In this first episode of Uneasy Money, hosts Luca Netz, Kain Warwick, and Taylor Monahan dig into the Balancer hack, Berachain’s centralized response, the sudden return of ICO-style distribution, and why some new drops give away so little. Luca explains why he thinks generous airdrops are essential for building a real “army,” Taylor breaks down MetaMask’s own thinking on token incentives, and Kain questions whether any of these models still make sense in a sentiment-driven market. Plus, Uniswap’s fee switch proposal and the tea on Velodrome and Aerodrome. Hosts: Luca Netz , CEO of Pudgy Penguins Kain Warwick , Founder of Infinex and Synthetix Taylor Monahan , Security at MetaMask Timestamps: 👏 0:00 Intro 🛑 1:23 The Balancer hack—and why we need more guardrails beyond audits 🐻 10:18 How Berachain’s centralized response raised deeper questions 🚀 19:19 The return of the ICO meta 💰 21:26 Why Luca says big airdrops are essential to building an “army” 🐧 24:24 How Luca designed the PENGU airdrop—including the goal of surpassing DOGE 📉 37:11 What’s the point of airdrops if everyone just dumps? ⚖️ 39:50 Are ICOs actually better than airdrops? 🦊 43:41 How MetaMask designed its rewards system—and what Taylor thinks about incentives 🦄 47:19 Uniswap’s UNIFICATION proposal and what it showed about what drives prices 🔀 49:42 Velodrome + Aerodrome merge—and why Kain says the move is “weird” Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 14

In this episode, Josh Swihart, CEO of the Electric Coin Company, which created Zcash, and Harry Halpin, co-founder of Nym, join Laura to delve into why privacy coins have taken off, and why technology is suddenly at the center of conversations involving governments, financial institutions, and national security officials. They discuss what’s actually driving the privacy coin renaissance, why transparent ledgers create risks far beyond user behavior, and how technologies like zero-knowledge proofs and mixnets are reshaping what’s possible onchain. Josh and Harry also break down exchange support, institutional interest, the Zcash DAT, upcoming Zcash upgrades, and whether Ethereum or Solana (or others) can realistically add privacy to chains that were never designed for it. Thank you to our sponsors! Mantle Uniswap Guests: Josh Swihart , CEO of the Electric Coin Company Harry Halpin , CEO and Co-founder of Nym Technologies Timestamps: 🎬 0:00 Teaser Clip 🎙️ 1:14 Introduction 🌅 1:29 The reasons why Harry and Josh say we’re in a privacy “renaissance” 🛡️ 11:00 Why privacy matters, and how Harry first got pulled into the space 🔐 15:59 How zero-knowledge proofs and other privacy technologies actually work ⚡ 21:12 Why Josh started Zcash and what his long-term vision looks like 📊 24:48 The real-world ways Zcash is being used 💸 28:40 How the Winklevoss brothers are backing the new wave of privacy projects 🏛️ 30:12 How centralized exchanges should support privacy 🕵️ 35:56 Why financial institutions are suddenly interested in privacy and why governments see it as a national-security issue 🌐 38:42 How Nym aims to protect metadata and network-level privacy 🪙 44:47 Why Nym has a token and what role it plays 🔭 49:53 What’s coming next for privacy tech and for Zcash 🧱 54:55 Whether Ethereum, Solana, or other L1s can realistically add privacy to chains that weren’t designed for it Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 13

In this first episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare, and Vy Le of Veda dig into the questions that DeFi keeps forcing the industry to confront. They debate how projects should respond after exploits like the recent Balancer hack, what “programmable risk management” could look like in practice, and why the idea of “pure DeFi” might be more myth than model. They also cover the MIT Brothers trial (and what its mistrial revealed about the law’s limits in crypto) and end with why the long-awaited crypto market structure bill still isn’t close to the finish line. Hosts: Jessi Brooks, Ribbit Capital Katherine Kirkpatrick Bos , General Counsel at StarkWare Vy Le , General Counsel at Veda Links: Paper: Trust Without Intermediaries: A Programmable Risk Management Framework for the Future by Jessi Brooks and Katherine Kirkpatrick Bos Paper: Blockchain May Offer The Investor Protection SEC Seeks By Tuongvy Le Timestamps: 👏 0:00 Introduction 🌆 0:43 Welcome to DEX in the City — meet the hosts and the mission ⚙️ 6:16 What “programmable risk management” could mean for DeFi’s future 💥 10:38 How the Balancer hack exposed huge differences in how projects respond to exploits 🧩 17:48 Can “pure DeFi” really exist, or is it just a myth? ⚖️ 22:23 The MIT Brothers trial: why no one paid attention and why it matters 🏛️ 28:26 Inside the Senate’s new crypto market structure bill draft 🕒 33:13 Vy’s prediction on when (or if) the bill finally passes Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 12

Follow Unchained On Air on X or YouTube! https://x.com/Unchained_pod https://www.youtube.com/channel/UCWiiMnsnw5Isc2PP1to9nNw Check out our sponsor Walrus! https://www.walrus.xyz/ The government’s about to reopen, but the economic cracks aren’t healing. From runaway debt to DATs trading below NAV, markets are feeling the strain of unsolved macro problems. In this week’s Bits + Bips , hosts Austin Campbell and Chris Perkins are joined by Matt Zhang of Hivemind Capital and Felix Jauvin, head of content at Blockworks and host of Forward Guidance , to unpack what happens when policy meets reality. They discuss why a $2,000 “tariff dividend” could ignite inflation, how America’s ballooning debt is constructive for crypto, and why DATs could still have plenty of potential, despite already showing cracks. Plus: the Bank of England’s £20K stablecoin proposal, whether $3 trillion is too low a target for the sector, and a final provocation: is XRP worth more than Ripple equity? Hosts: Austin Campbell , NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins , Managing Partner and President of CoinFund Guests: Felix Jauvin , Head of Content at Blockworks and Host of the Forward Guidance Podcast Matt Zhang , Founder & Managing Partner at Hivemind Capital Links: CNN: Trump’s shutdown win just landed Republicans with a huge political headache Forbes: A $2,000 Tariff Dividend? Trump’s New Pitch Raises Tax Concerns BeInCrypto: Digital Asset Treasuries Are Collapsing: Lost Confidence Triggers Market Sell-Off FT: Bank of England dilutes planned rules for UK stablecoins CoinDesk: U.S. Fed's Miran Says Policy Needs to Adjust to Stablecoin Boom That Could Reach $3T Timestamps: 🎬 0:00 Intro 🏛️ 2:33 The U.S. government will reopen—but the economic damage lingers 💸 11:02 Could Trump’s proposed $2,000 “tariff dividend” spark inflation? 🧩 16:18 Why no one is fixing America’s long-term fiscal problems 🪙 18:59 How runaway debt should be bullish for crypto 📈 20:52 Finding the “true” risk-free rate 💥 23:00 Why DATs are trading below NAV, and if staking ETFs are the better bet ✅ 31:09 The five ingredients of a successful DAT 📉 38:39 Are DATs fairly priced? 💷 42:45 Why the Bank of England wants to cap stablecoin holdings at £20K per user 🌐 50:45 Is $3 trillion too conservative a forecast for stablecoin growth? ⚖️ 57:41 What’s worth more: XRP or Ripple equity? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 8

Subscribe to the Bits + Bips newsletter: https://unchainedcrypto.com/newsletters/ Check out our sponsor Mantle ! As profitability tightens and competition soars, many Bitcoin mining companies are turning to artificial intelligence and high-performance computing (HPC) to stay relevant. In this week’s Bits + Bips, host Steve Ehrlich sits down with John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & Company, and Kevin Dede, Senior Research Analyst at H.C. Wainwright, to unpack the pivot that’s reshaping an entire corner of the crypto industry. They discuss how miners are courting AI clients, why Wall Street is suddenly valuing them like data infrastructure plays, and what this means for Bitcoin’s long-term security model. The conversation dives deep into hashprice trends, investor signals, power constraints, and whether these companies can truly deliver on the AI promise — or risk stretching too thin. Guests: Kevin Dede, Senior Research AnalystManaging Director of Equity Research at H.C. Wainwright John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & CompanySenior Research Analyst at Needham & Company Timestamps: 💡 0:00 Introduction 🏗️ 3:23 Why investors suddenly care about miners’ HPC capacity 📈 9:08 Why the Bitcoin Mining Index is outperforming BTC itself 🤖 12:49 Can AI demand really live up to the hype? ⚠️ 16:31 The red flags investors should be watching 💰 20:50 Why debt levels could make or break mining firms 🔄 23:14 Can miners truly pivot and deliver on the AI promise? 📊 29:42 Why hashprice is falling even as hashrate rises 🚀 34:02 The long-term potential for Bitcoin mining operations 🏦 42:07 Bitcoin miners vs. holding BTC on balance sheets 🇺🇸 51:10 The future of Bitcoin mining in the United States 🔁 57:08 Could miners pivot to securing other assets? 🧠 59:22 Should the U.S. government buy a stake in Bitcoin miners? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 7

Subscribe to Unchained Daily: https://unchainedcrypto.com/newsletters/ Check out our sponsor Mantle ! Most new blockchains promise to scale. MegaETH promises to feel instant. Fresh off its public sale, for which allocations were revealed on Thursday, the team behind MegaETH joins Unchained to explain why they’re calling it the world’s first real-time blockchain. Co-founder Shuyao Kong and ecosystem lead Amir Almaimani walk through their decision to build as a layer 2 on Ethereum, not a competing layer 1, and why they think the real opportunity is creating onchain experiences that feel like Web2 apps. The pair also dive deep into the tokenomics behind $MEGA, from sequencer rotation to proximity markets, and defend their choice to skip an airdrop in favor of “skin-in-the-game” token distribution. Guests: Shuyao Kong , Co-founder of MegaETH Amir Almaimani , Head of Ecosystem at MegaETH Links: Unchained: Why Protocol-Native Stablecoins May Be Crypto’s Next Big Thing MegaETH Public Allocation Strategy by MegaETH’s CSO Namik Murodoglu Timestamps: 🚀 0:00 Introduction 🧱 1:47 Why MegaETH chose to build as an Ethereum layer 2, not a new layer 1 ⚡ 5:10 How it plans to stand out from Arbitrum, Base, and other successful L2s 🔓 9:53 Why Shuyao says many L2s are actually more decentralized than L1s 🧩 11:16 Whether MegaETH plans to decentralize its sequencer 💰 13:43 The utility of the $MEGA token—and how Tesla and Ethereum inspired it 📍 16:58 How “proximity markets” work ⛽ 18:09 How MegaETH designed its gas model and tokenomics 🎯 21:28 The philosophy behind the public sales 😬 25:13 Why Shuyao says the soulbound NFT sale didn’t go as planned 📊 27:29 How MegaETH decided allocations in its latest sale 🙅‍♂️ 30:39 Why the team rejected the airdrop model entirely 🤝 32:00 How early community members earned 25% of the sale allocation 🕵️‍♀️ 34:46 How MegaETH scored onchain users and detected Sybil clusters 💳 39:36 Why MegaETH has its own native stablecoin, USDm 👷 41:34 How the project hopes to attract the best builders 🔥 46:00 The kinds of apps that are “only possible” on MegaETH 🎯 50:35 What’s next for MegaETH Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 6

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, the crew breaks down DeFi’s Black Friday: a brutal week that saw the $120 million Balancer v2 hack, the collapse of Stream Finance, and a market-wide panic that reminded everyone — nothing in crypto is risk-free. They dive into how one of DeFi’s oldest, most audited contracts failed, why smaller chains froze or rolled back transactions, and what it means for decentralization as Berachain, Sonic, and Polygon took emergency action. The panel debates whether the Balancer attacker used an AI “vibe-coded” exploit, how Ethereum might one day face its own rollback dilemma, and why privacy chains like Zcash may be the last true cypherpunk strongholds. In the second half, they unpack the off-chain losses behind Stream Finance’s XUSD blow-up, the contagion risk across Euler, Silo, and Morpho, and the hard lessons for “yield-chasing” DeFi vaults. The gang closes with advice for founders weathering the storm — from Tarun’s “cockroach mindset” to Haseeb’s reminder that crypto’s long-term fundamentals haven’t changed. Whether you’re building in DeFi, securing smart contracts, or surviving the next credit unwind, this episode lays bare the harsh truths — and enduring resilience — of crypto’s frontier markets. Show highlights 🔹 Market Meltdown Post-“10/10” — The crew dissects October 10’s liquidation shock, lingering rumors about blown-up market makers, and why confidence cratered despite steady fundamentals. 🔹 ADL & Forced Sellers — What auto-deleverage events signaled about thin liquidity and whale-driven order books across perps venues. 🔹 “Nothing Is Risk-Free” — Haseeb’s reminder that there is no crypto “risk-free rate”; even delta-neutral and staking carry hidden smart-contract and market risks. 🔹 Balancer v2 Hack, Explained — Why an OG, heavily-audited E-Pool contract still failed; $120M+ impact across chains and the psychological hit to DeFi’s “battle-tested” narrative. 🔹 AI “Vibe-Coded” Exploit? — The team debates whether attacker logs hint at LLM-assisted discovery vs. expert-guided coding—and why the doomsday “one-shot” scenario isn’t here yet. 🔹 Freeze/Rollback Firestorm — Berachain halted, Sonic froze the attacker, Polygon censored transfers; the panel weighs user protection vs. decentralization purity. 🔹 When Would Ethereum Roll Back? — A thought experiment: is there a loss threshold (e.g., LST or validator-level failure) where even ETH would contemplate extraordinary action? 🔹 Privacy Chains as Last Bastion — Why true no-rollback, censorship-resistant values may persist most credibly on privacy smart-contract chains. 🔹 Builder Mindset in a Doom Cycle — “Be a cockroach”: ignore price, conserve runway, keep shipping; sentiment flips in crypto faster than in any other industry. 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 01:01 Market Carnage & Sentiment 04:42 Speculations & Rumors: Wintermute vs. Binance 08:34 Builders’ Advice: Survive & Ship 23:11 Balancer V2 Hack: Berachain & Sonic Labs 28:28 Defi Confidence Shaken Hard 33:26 AI “Vibe-Coded” Exploit Debate 36:18 Rollbacks, Freezes, & Chain Ethics 40:13 Future of Decentralization 48:55 Stream Finance & XUSD Collapse Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 5

Crypto’s most controversial trading product might be Wall Street’s next obsession. In this interview, Brett Harrison, former president of FTX.US and founder of Architect Financial Technologies, joins to explain how he’s aiming to take perpetual futures — crypto’s 24/7 leveraged trading engine — to traditional markets like stocks, commodities, and FX. Will this be the next big shift in global finance? Thank you to our sponsors! Mantle Guest: Brett Harrison , Founder & CEO of Architect Financial Technologies Links: The Defiant: Former FTX US President Brett Harrison to Launch Perpetuals Exchange Timestamps: 💡 0:00 Introduction 🏗️ 1:43 What problems Architect is trying to solve 📜 4:27 The two licenses Architect holds — with the SEC and CFTC ⚖️ 6:18 The key difference between CFDs and perpetual futures 🌐 8:15 Who Architect’s products are designed for 💥10:02 What crypto learned the hard way from the Oct. 10 liquidation event 📊 15:25 Why reputable benchmarks are critical for pricing assets 💰 18:02 How leverage actually works in these new exchanges 🛡️ 22:03 How Architect’s insurance fund is built 🎯 22:46 Whether prediction markets will ever offer leverage 💵 24:35 Why Architect includes interest rate swaps 🔗 25:27 How tokenization could affect the derivatives trading space 🚀 28:50 How Architect plans to attract users and market makers 🔥 31:50 What Brett is most excited about next Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 5

Bitcoin’s bleeding again and sentiment is collapsing. But if you’ve been around for a few cycles, this kind of pain might look familiar. In this episode of Unchained, Laura sits down with Yann Allemann, Co-founder of Swissblock, and Joe Vezzani, CEO of LunarCrush, to unpack the latest market wipeout, and whether it’s a signal of exhaustion or opportunity. From retail’s record-breaking bearishness to the unwinding of crypto’s DAT mania, they explore why the market feels bearish and what that might mean for what’s coming next. They also dive into the likelihood of a blow-off top, the resurgence of privacy coins, the risk in digital asset treasury companies, and even why some think we could see new all-time highs before the year ends. Thank you to our sponsors! Mantle Guests: Yann Allemann , Co-founder and Chairman of Swissblock Joe Vezzani , Co-founder and CEO of LunarCrush Timestamps: 🎬 0:00 Intro 📉 2:13 Why Bitcoin’s crashing again and whether DATs are to blame 💥 10:43 The consequences of the October 10 liquidation wave 🔄 18:48 Is the four-year crypto cycle finally dead? 📊 25:00 The unraveling of the DAT trend: end of the mania or just a pause? 😶 29:32 Why markets feel eerily quiet and deeply bearish 🐻 32:55 How this became the “most bearish bull market” ever 🥇 40:49 If Bitcoin is digital gold, why hasn’t it followed gold’s rally? 🎯 47:09 Are prediction markets stealing attention from crypto? 🚀 53:30 Why Yann thinks a blow-off top is still coming 🕵️‍♂️ 55:51 The privacy coin comeback led by Zcash 💫 1:02:00 Why ETH’s relative strength could surprise the market ⚠️ 1:07:36 Why Yann says there’s “no reason to hold speculative assets” 💰 1:12:59 Bitcoin price predictions and what smart money’s really doing Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 4

Bitcoin has fallen below $102,000. “Uptober” ended in blood. But while retail traders are terrified, institutional conversations are heating up. In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Teddy Fusaro, President of Bitwise, to unpack the week’s market turmoil. They dig into why institutions are finally comfortable allocating to bitcoin, how Ripple is building an ecosystem that can’t be ignored, and whether Tether’s staggering $500 billion valuation makes sense. Plus: the shrinking odds of the CLARITY Act, the merging of TradFi and crypto rails, and why the competition in the payments space is so hot. Sponsors: Binance Mantle 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: Teddy Fusaro , President of Bitwise Links: Unchained: Ripple Hits $4B Investment Milestone With Palisade Deal Extreme Fear Returns to Market as Bitcoin Breaks $104k Support Solana ETFs Draw $44 Million as Bitcoin Funds Bleed $191 Million Stablecoin Volume on Ethereum Breaks $2.8 Trillion Record in October Bitcoin ETFs Record $470 Million Outflows Amid Fed Rate Decision DL News: Clarity Act has 80% chance of passing by 2026: Bitwise The Block: Tether's annual profits top $10 billion as Treasury holdings swell Timestamps: 🎬 0:00 Intro 📈 3:03 Why Ram is still bullish on markets despite recent carnage 💧 6:03 Why a slingshot economy will soon send liquidity back into risk assets 🏦 9:18 How institutional sentiment now differs sharply from crypto Twitter 🚀 16:43 Inside Bitwise’s clever move to launch BSOL 🌊 21:20 Why Chris says “you can’t sleep on Ripple” 🔗 25:28 How TradFi and crypto rails are starting to merge 💳 29:38 Why every company suddenly wants to own the payments layer 💣 30:53 Exlporing Tether’s biggest challenge —and whether it’s worth $500B 📊 39:52 ETFs vs. digital asset treasuries: Teddy’s take ⚖️ 46:48 Why the CLARITY Act is unlikely to pass in 2025 Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1

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, Kaledora Linn, Co-founder and “Empress of RWAs” at Ostium, joins to break down the rise of on-chain equity perps, the funding-rate chaos that hit 365%, and why she believes the next wave of tokenized assets won’t come from exchanges—but from structured liquidity markets. We dive deep into Ostium’s hybrid CFD model that blends TradFi mechanics with on-chain transparency, explore why most retail traders can’t stomach perp carry costs, and debate what “safe leverage” could look like in an RWA world. The panel also touches on CZ’s presidential pardon and Coinbase’s new Echo platform, connecting the dots between political optics, capital formation, and how crypto’s product design is evolving beyond speculation. Whether you’re building perpetual DEXs, tokenizing RWAs, or just trying to survive the next funding-rate spike, this episode unpacks how market design, UX, and regulation will shape crypto’s next trillion-dollar frontier. Show highlights 🔹 Equity Perps, ADL, and UX Reality — Why funding swings as high as 365 percent make traditional perps unusable for mainstream traders, even if they work for short-term speculators. 🔹 Inside Ostium’s RWA Derivatives Model — Kaledora Linn explains how Ostium re-engineered perps into a CFD-style liquidity system to stabilize funding and attract institutional flow. 🔹 CFDs vs. Options — Why trillions in CFD volume dominate global retail markets and how a linear, simple payoff structure beats the complexity of options. 🔹 Market Microstructure and Path Dependence — How thin liquidity and whale-driven order books make on-chain equity markets fragile in early growth stages. 🔹 Funding-Rate Distortions — Tarun breaks down why “delta-neutral” strategies blow up when funding turns asymmetric and leverage resets too quickly. 🔹 From Perps to Products People Actually Use — Haseeb and Kaledora debate how to make RWAs tradeable without the hidden costs of perps. 🔹 Leveraged ETF Paradox — Despite structural decay, leverage products remain popular because of UX, accessibility, and clear narratives—lessons for on-chain builders. 🔹 Predictable Costs Win Power Users — Why whales and market makers prefer stable, knowable carry over yield-chasing chaos. 🔹 CZ Pardon and Optics — The panel dissects political fallout, public perception, and what “clemency for founders” means for crypto’s reputation. 🔹 Coinbase Echo Launch — A new experiment in on-chain crowd sales, retail capital formation, and the post-airdrop meta. 🔹 From Airdrops to Allocations — Why curated, paid token sales may replace “free money” farming to create long-term aligned communities. 🔹 MegaETH and Luxury Distribution Models — The “sorting hat” approach to allocation mirrors art galleries and luxury brands—scarcity and provenance as value signals. 🔹 Go-to-Market Over Purity — Tom and Robert argue that product distribution and user education matter more than perfect decentralization in early RWA markets. 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 ⭐️ Kaledora , Co-founder at Ostium Timestamps 00:00 Intro 01:39 Kaldora’s Crypto Twitter Controversy 03:43 Debate on Perpetuals & Equities 07:20 Funding Rates & Market Dynamics 16:09 CFDs vs. Perpetuals 29:31 CZ's Pardon & Political Backlash 37:42 Trump's Pardon: Optics and Implications 39:06 Crypto's Midterm Impact 41:50 Echo Acquisition by Coinbase 46:11 Crowdfunding Platforms & MegaETH 55:36 Luxury Goods & Token Sales Analogy Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1

In this episode of Unchained, Laura is joined by Rob Hadick, General Partner at Dragonfly, and Sam MacPherson, Co-founder and CEO of Phoenix Labs, to break down the fast-moving world of stablecoins and stablechains. They discuss Ethena’s USDe $5 billion drop, the rise of “stablecoin-as-a-service” models, the emergence of payment-focused blockchains like Tempo and Codex, and the return of TradFi heavyweights like Visa, Mastercard, and Western Union to the digital dollar race. From liquidity challenges to regulatory shakeups and tokenized deposits, the conversation explores what it really takes to win the stablecoin wars, and, importantly, whether any of these players can even make a scratch to king Tether. Thank you to our sponsors! Binance Guests: Rob Hadick , General Partner at Dragonfly Sam MacPherson , Co-founder and CEO of Phoenix Labs Links: Previous coverage on Unchained: Stablecoins Are Popping Up Everywhere. What’s the End Game? Why Every Chain Suddenly Wants Its OWN Stablecoin - The Chopping Block Timestamps: 🎬 0:00 Intro and ads: Binance 📉 1:09 Why Ethena’s USDe plunged from $15B to $10B 🔮 5:34 Rob’s view on the future of Ethena 💸 7:06 Why Spark exited Ethena despite being an early believer ⚔️ 11:32 Protocol-native stablecoins—and why Rob and Sam disagree about the trend 💡 21:03 What it really takes to win the stablecoin wars + what makes Tempo's strategy “interesting” 💳 32:11 Tether’s USAT launch: can it succeed? 🏦 36:27 How Tether and Ripple are using the same acquisition playbook 🔥 39:40 Plasma’s emissions strategy and whether it’s sustainable 🏛️ 44:10 Inside Circle’s Arc testnet and its 100+ institutional partners ⛓️ 51:08 Codex and the debate: should stablechains be L1s or L2s? 💵 56:42 How Spark aims to stand out in the new wave of stablecoin competition 🏢 1:00:04 Why TradFi players are entering the space with so much strength 🚀 1:06:04 Why Rob remains so bullish on the future of stablecoins Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 30

Gold may have history, but does it have a future? Former Citi Chief Economist Willem Buiter joins Unchained Executive Editor Steve Ehrlich to argue that gold’s “6,000-year bubble” is long overdue to burst. He explains why he thinks central banks should dump their bullion, why Bitcoin isn’t a reliable store of value, and why fully backed stablecoins and central-bank digital currencies could define the next era of money. He also touches on Trump’s influence on the Fed, tokenized deposits and the future of stablecoins. Thank you to our sponsors! Binance Guest: Willem Buiter , Independent Economic Advisor, Previously Global Chief Economist at Citigroup Timestamps: 💰 0:00 Introduction 🏺 0:28 Is gold really in a 6,000-year bubble? 🫧 4:33 Why Willem says some bubbles can last forever 💵 7:16 What to make of the dollar’s debasement and why other currencies aren’t better 🚫 11:56 Why Willem doesn’t believe in Bitcoin as a store of value 🪙 16:32 Why he says fully backed stablecoins could define the future of money 🏦 19:10 Are tokenized deposits a breakthrough or a threat to the monetary system? 🌐 22:36 Why Willem supports central bank digital currencies 🔢 27:51 Will the world end up with hundreds of stablecoins? 📊 31:23 Is the Fed quietly shifting its inflation target to 3%? ⚖️ 33:57 How Trump’s pressure could undermine Fed independence 🚀 37:39 Why Willem is bullish on tokenized assets Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 29

In this episode of Bits + Bips, former BlackRock executive and SharpLink co-CEO Joseph Chalom joins hosts Austin Campbell, Chris Perkins, and Ram Ahluwalia to discuss why the Federal Reserve may move to ease rates despite a “Goldilocks” economy, the growing role of stablecoins in foreign exchange and settlement, and how major banks like JPMorgan and Citi are expanding their use of blockchain. The conversation also explores Japan’s first yen-backed stablecoin, the implications of AI for the labor market, and the generational shift that could make crypto wallets the default interface for finance. Plus, the implications of CZ’s pardon and why it’s “bullish” to have Mike Selig chairing the CFTC. Sponsors: Binance Mantle 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: Joseph Chalom , Co-CEO of SharpLink Gaming, Inc. Links: Reuters: Fed poised to cut rates this week, with more easing likely on tap WSJ: Trump Considers Fed Chair Selection by Year-End From Slate of Five Finalists CoinDesk: Gov. Waller: U.S. Fed to 'Embrace Disruption,' Pitches 'Skinny' Master Account Idea Reuters: World's first yen-pegged stablecoin debuts in Japan EF: ERC-8004: Trustless Agents Bloomberg: JPMorgan to Allow Bitcoin, Ether as Collateral in Crypto Push Unchained: Trump Pardons Binance Founder CZ CNBC: Trump names Michael Selig to chair CFTC; Selig cites crypto capital goal Timestamps: 🎬 0:00 Intro 💸 3:23 Why the Fed will likely still cut rates despite a “Goldilocks” economy 👷‍♂️ 6:47 Why Joseph says the labor market is at a “moment that matters” as Amazon cuts 30,000 jobs 🏛️ 8:26 What Chris shockingly heard at a recent Fed conference ⚖️ 10:15 What could force the Fed to become hawkish 🚀 12:33 How the Fed is “frontrunning innovation” 💴 14:46 Why Japan’s first fully yen-backed stablecoin, JPYC, is significant 🌍 17:36 Why Chris is so excited about stablecoins disrupting FX markets 🔗 22:55 Why L1 tokens may be the next “strategic commodity” 🏦 26:25 How major banks are joining the stablecoin race 👛 31:33 Why retail adoption could explode in the coming years 🤖 33:37 How AI agents could soon manage our payments 💡 36:34 Why JPMorgan decided to accept bitcoin and ether as collateral ⚖️ 44:04 Was CZ’s pardon fair, and what about “pay to play” concerns 🐂 54:55 Why having Mike Selig chair the CFTC is “bullish” for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 28

As crypto markets mature, Kraken is transforming from a trading venue into a multi-asset infrastructure platform. Co-CEO Arjun Sethi joins to break down the exchange’s expansive strategy: building a vertically integrated derivatives business, pioneering tokenized equities with xStocks, and launching a purpose-built layer 2 chain, Ink, to bridge regulated finance and open DeFi. Sethi also explains how Kraken responded to the Black Friday crash, the firm’s ADL and margin policies, and what Kraken wants from U.S. policymakers in 2025. Plus: how Kraken's acquisitions of NinjaTrader and Small Exchange could reshape U.S. derivatives, and why this time, tokenization may finally deliver. Thank you to our sponsors! Mantle https://www.mantle.xyz/ Guest: Arjun Sethi , Co-CEO of Kraken Timestamps: 👍 0:00 Intro ⚡️ 0:15 Kraken’s experience on “Black Friday” and how the team handled the chaos 👥 3:52 Why Kraken uses a co-CEO model and how it works in practice 🧩 7:50 How Arjun and his team kept calm and supported the broader ecosystem during the crash 📈 9:25 What the derivatives boom means for Kraken’s long-term strategy 🛡️ 14:55 Why customer trust and fair risk management are core to Kraken’s DNA 🏛️ 20:26 How the Small Exchange and NinjaTrader deals fit into Kraken’s U.S. expansion plan 🔗 31:44 Why tokenization is finally real this time and how Kraken plans to lead it ⚖️ 53:24 What Kraken hopes to achieve in Washington and what’s next for the company Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 28

Crypto has spent years obsessing over tokens, airdrops, and speculation. But what about the unsexy businesses actually making money? Arthur Hayes and Adam Schlegel join Laura Shin to talk about Maelstrom's $250M private equity fund targeting crypto's most profitable, yet overlooked, companies, $50M revenue businesses with 50% margins that VCs can't touch and exchanges won't pay cash for. But while everyone frames this as just another fund, Hayes and Schlegel argue it's actually the missing piece in crypto's maturation: a cash buyer for founders who've done their time and want out without four-year earnouts. Plus: Why Asian crypto companies with monster margins get ignored by Western capital. Thank you to our sponsors! Binance Guests: Arthur Hayes , Co-Founder of BitMEX & CIO at Maelstrom Adam Schlegel , Head of Private Equity at Maelstrom Links: Previous appearances on Unchained: The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH Arthur Hayes and Hanson Birringer on Hyperliquid’s Success (And What Could Stop It) Bloomberg: Arthur Hayes’ Family Office Seeks $250M for Buyout Fund Coindesk: Arthur Hayes’ Maelstrom Seeks $250M Private Equity Fund to Acquire Crypto Firms: Bloomberg Akshat’s tweet announcing the fund Timestamps: 🎬 0:00 Intro 📰 1:08 Maelstrom’s $250M private equity fund to buy crypto firms 👤 1:42 Adam’s background and path from Morgan Stanley to Haveli to Maelstrom 💼 3:51 Why Maelstrom believes the next crypto boom is in private equity 📈 4:42 Arthur on how crypto investing evolved from beta → VC → PE 🌏 10:05 Geographic focus: Asia and LatAm’s overlooked crypto firms 🧭 11:49 How Maelstrom evaluates targets and performs due diligence 🛠️ 17:02 Inside Maelstrom’s $250M anchor fund and LP co-invest model 👀 26:01 The types of companies Maelstrom is targeting ⚙️ 30:16 Fund structure and Arthur’s role in Maelstrom PE 📊 36:05 “The four-year cycle is dead”: Arthur on today’s crypto market 💰 39:18 Investor requirements and $5M minimum commitment 🏦 42:09 Coinbase’s Echo acquisition and what it means for exchanges ⚔️ 47:59 The perps war, how DEXs are forcing CEXs toward zero-fee trading 💥 52:18 Binance, ADL liquidations, and leverage risk 🔮 56:27 Prediction markets: Polymarket vs Kalshi vs Limitless 💵 59:06 Stablecoins and rates, why Tether and Circle could lose to Ethena 📈 1:04:15 Who wins the next phase of crypto’s evolution 🔚 1:08:14 Closing thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 24

This special two-part episode brings together two very different conversations. In part one, investment manager Lawrence Lepard lays out why he believes the fiat monetary system is structurally unsustainable, what role inflation plays in that system, and how Bitcoin could be the exit ramp, not just from fiat, but from war, debt, and economic manipulation. He discusses gold, stocks, silver, the real estate market, and why he’s betting heavily on Bitcoin. In part two, I speak with filmmaker James Craig, director of the new documentary Code Is Law, which traces the evolution of the phrase from a meme into a legal defense for some of the most infamous smart contract exploits in crypto. From the DAO to Indexed Finance, Mango Markets and KyberSwap, the film explores whether exploiting code is legitimate — or just theft with better PR. Thank you to our sponsor, ⁠ Binance ⁠ ! Guests: Lawrence Lepard , Investment Manager at Equity Management Associates, LLC James Craig , Founder, Director and Producer at Encrypted Films Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 22

Neobanks changed how fintech thinks about money. Now, crypto builders want to do the same, without custody. In this episode, Itamar Lesuisse, CEO of Ready, and Mike Silagadze, CEO of EtherFi, argue the real shift isn't about "crypto cards," it's about who controls your assets. EtherFi’s and Ready’s self-custodial apps merge saving, spending, and investing. The result: faster settlement, lower fees, and more transparency, but also new challenges around compliance, credit, and security. Itamar Lesuisse and Mike Silagadze explain how layer 2 networks made crypto cards economically viable after years of failed attempts and how Africa’s FX markets could become the breakthrough use case for crypto banking. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Binance Guests: Itamar Lesuisse , Co-founder and CEO of Ready (formerly Argent) Mike Silagadze , Founder and CEO of EtherFi, and Founder of Top Hat Links: The Block: Best crypto cards with token rewards in 2025 Bitcoin Starknet Staking Post by Ready (Formerly Argent) Timestamps: 🎬 0:00 Intro 💳 1:57 What crypto neobanks are, and why they’re suddenly booming ⚖️ 6:19 Custody as the real divide between traditional and crypto banking 🏦 8:07 From Argent to Ready, turning wallets into full neobanks 💳 10:05 Why early crypto cards failed, and how L2 settlement fixed them 💰 18:49 Credit without credit scores: the rise of collateralized cards 🔒 32:52 How smart accounts and recovery improve wallet security 🌍 44:29 Onchain FX and the next profit frontier for crypto banks 🚀 55:36 How self-custody could reach mass adoption 🔚 58:19 Closing thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 22

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

Oct 21

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins tackle a packed agenda: from the fairness of Binance’s listing fees to the ways in which DeFi didn’t perform well during the “Black Friday” crash, why Tempo’s $500 million raise might have been a political ploy, and the growing war over stablecoin dominance. The trio debates whether Bitcoin is undervalued compared to gold, why Ethereum’s 10-year track record gives it an edge, and whether today’s Digital Asset Treasuries (DATs) are just froth, or the permanent backbone of institutional crypto. Plus: Austin makes a bold prediction about the stablecoin that will dominate by 2040. Sponsors: Mantle 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 Links: Binance Listing Fee Drama Unchained: Binance Listing Fee Fight: What’s a Fair Price to List on the Top Crypto Exchange? Binance Claims It Does Not Profit From Token Listings Jesse Pollak (Base) chimes in Tempo & Dankrad Fortune: Exclusive: Stripe-backed blockchain startup Tempo raises $500 million round led by Joshua Kushner’s Thrive Capital and Greenoaks Ethereum core dev Dankrad Feist joins Tempo Reactions: Ryan Adams (Bankless): Tempo will optimize for itself, not ETH. Nick Almond: Not a death sentence for ETH Breadguy : Big loss. Dankrad was a major L1 scaling advocate. Black Friday Dan Wilson : 3 big lessons post-crash Gold vs. BTC GOLD/BTC up ‎23.5% in past month Bitcoin Is Undervalued vs. Gold DATs Bloomberg: Huobi Founder Li Lin Set To Launch $1 Billion Ether Accumulator - Bloomberg CoinDesk: Ripple Set to Enter Corporate Treasury Business With $1B Acquisition of GTreasury Timestamps: 🎬 0:00 Intro 💸 3:39 Binance listing fees — fair price for distribution or pay-to-play? 🏛️ 10:19 What is the best way to go public? ⚔️ 11:57 How exchanges really compete behind the scenes 💥 15:00 “Black Friday”: why Chris calls it catastrophic — but with a silver lining 🧱 24:52 What the industry must fix to prevent another meltdown 💵 30:15 How Tempo’s $500M raise represents peak frothiness 🚨 39:12 Is Dankrad’s exit from the Ethereum Foundation a red alarm for ETH? 🔮 43:07 Austin’s bold prediction: which stablecoin wins by 2040 🥇 46:17 Is Bitcoin undervalued compared to gold? 🏗️ 52:21 Why DATs are here to stay despite the market carnage Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 18

Last Friday, billions evaporated in a liquidation cascade—and nobody knows exactly what happened because centralized exchanges won't share the data. In this sponsored episode recorded at Aptos' NYC event, Aptos CEO Avery Ching says if their Decibel perpetual exchange had been live, traders would have seen every order, every spread change, every liquidation in real-time onchain. But while critics argue existing perp DEXs like Hyperliquid are already decentralized, Ching says most still match orders off-chain in black boxes. Avery explains why Decibel (launching Q1 2026) will be different, how 500 million Indian users are coming to crypto through Reliance Jio's Jiocoin, and why Aptos partnered with World Liberty Financial despite VCs calling it "garbage in your living room." Guest: Avery Ching , CEO & Co-Founder, Aptos Links: The Composable Global Exchange Engine , by Avery Ching, CEO Aptos Aptos Post: The fully onchain trading engine built by Decibel Foundation Previous coverage of Unchained on Black Friday: Crypto’s Black Friday Was Its Largest Liquidation Ever. What the Hell Happened? Timestamps: 🎬 0:00 Intro 🧭 0:33 How Aptos evolved from Meta’s Libra/Diem project 💡 2:27 Aptos’ vision for global trading engine and everyday crypto use 💾 10:11 What Shelby is and how it supports AI, creators, and enterprise use. 🎥 12:22 Aptos’ new media partnership with NBCUniversal ⚡ 14:46 Avery’s vision for a future when blockchains are widely used 🧩 16:10 What Decibel is and how it aims to bring perps fully onchain 🔎 17:58 What would have changed if Friday’s crash was onchain 💵 24:12 Why Aptos partnered with World Liberty Financial on USD1 🇮🇳 28:46 How the Reliance Jio deal expands Aptos’ reach in India 🌏 30:46 How Aptos is building enterprise adoption across Asia 🏦 32:59 Why Aave launched its first non-EVM deployment on Aptos 🛡️ 36:42 What Aptos learned from recent market turmoil 🔚 42:18 Closing thoughts and Avery’s vision for onchain transparency Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 17

Kain Warwick, founder of Synthetix and Infinex, is returning to Ethereum Layer 1 with a bold new experiment: a perpetuals DEX built directly on mainnet. In this episode, he joins Laura to explain why Synthetix is taking this contrarian step, how its hybrid “optimistic order book” can run efficiently on Ethereum’s slower block times, and why he believes the future of trading will move fully on-chain. Warwick also discusses the tradeoffs behind using USDT, what it will take to match centralized exchange performance, and his “super app” vision for how DeFi platforms could finally outcompete CEXs. Thank you to our sponsor, ⁠ Binance ⁠ ! Guest: Kain Warwick , Founder of Infinex and Synthetix Links: The Superapp Thesis by Kain Warwick Blockwork’s Dan Smith on Spreads for ETH-USD Timestamps: 🔥 0:00 Introduction and ads: Binance ⚙️ 0:56 Why Synthetix is launching a perps DEX directly on Ethereum mainnet ⏳ 5:18 How a perpetuals exchange can even work on slow Ethereum block times 🔍 10:34 How transparency will differ from other onchain trading venues 🏗️ 13:53 Why Kain believes being on Ethereum mainnet still matters 🧱 17:00 The challenges of operating on L1—margin posting, gas costs, and more ⚔️ 21:43 How Synthetix plans to compete in an overcrowded perps DEX landscape 💣 24:33 How liquidations on an Ethereum perp DEX would play out during a Black Friday-like crash 🕵️‍♂️ 29:32 How traders could maintain privacy while staying fully decentralized 🌐 31:57 Why a perps DEX on mainnet could reshape Ethereum DeFi 💵 34:25 Why Synthetix is using USDT—despite its centralization risks 🏦 37:28 Which premium assets will serve as collateral 📱 39:36 Inside Kain’s “super app” vision for DeFi’s next evolution 🏁 50:31 Why Kain is fired up about Synthetix’s upcoming trading competition Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 17

When CJ Hetherington revealed the token listing terms Binance allegedly offered his startup, the crypto world exploded. In this episode, CJ, founder of prediction market app Limitless, and his investor Nick Tomaino of 1confirmation join Laura to discuss why he went public, how Binance responded, and what the incident reveals about the power dynamics between exchanges and builders. The conversation tackles how retail gets dumped on, why transparency is the next frontier for crypto, and why both guests agree that the “revolution won’t be centralized.” Guests: CJ Hetherington , CEO/CO-Founder at Limitless Labs Nick Tomaino , Founder and General Partner at 1confirmation Links: CJ’s tweet Unchained: Coinbase Adds Rival Binance’s BNB to Listing Roadmap Binance Claims It Does Not Profit From Token Listings Timestamps: 🔥 0:00 Introduction 🗣️ 2:24 Why CJ decided to reveal Binance’s alleged listing terms 🏗️ 8:44 Why he built Limitless on Base 🤝 9:11 Whether Base coordinated with CJ before he went public 💥 13:04 How the crypto world reacted to CJ’s viral tweet 🧨 15:00 Whether Binance exploits projects and founders 💸 18:06 How short-term founders dump on retail investors, per CJ 📢 23:18 Binance’s response—and why they called CJ’s claims false 🔍 25:38 Why CJ and Nick say Binance needs far more transparency ⚠️ 30:42 Whether CJ fears retaliation for calling out the world’s biggest exchange 🤔 33:48 Why he doesn’t buy Binance’s claim that its policies “protect users” 💫 39:36 Why Nick is urging crypto founders and users to “believe in something” 🚀 42:03 CJ’s plan to build an “army of token holders” and make Limitless succeed 🪙 48:25 Inside Limitless’s community token sale 📈 50:34 What Nick learned from Polymarket’s rise as an early investor 👀 54:10 Coinbase adding BNB to its listing roadmap Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 14

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, Doug Colkitt, Founder Ambient Finance & Founding Contributor at Fogo, joins us as one of the wildest weekends in crypto history drags us back on air: a record $19B+ in liquidations, gas spiking toward $400, exchange APIs wobbling, and ADL ripping through perps as hedges vanished. We unpack what ADL actually does, why delta-neutral farmers got nuked, and how Binance’s USDe and staked ETH/SOL pegs snapped amid index design and mint/redeem gaps—followed by refunds. We get into HLP vs. LLP (vaults vs. winning traders), the Hyperliquid “whale” short ahead of the tariff tweet, cross-margin reflexivity that torched alts, and why market makers wore outsized pain. Then we zoom out to infra: sequencers, force-inclusion in practice, and the case for on-chain clearing plus real insurance funds before the next Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Record wipeout — $19B+ liquidations, 1.6M traders rekt, gas spiking to ~$400 while major exchanges wobbled. 🔹 ADL, decoded — What happens when perps run out of counterparties; socialized losses, P&L/leverage ranking, and why hedges vanished. 🔹 Delta-neutral nuked — Cross-venue long/short farmers turned naked as ADL picked off one leg first. 🔹 Binance peg breaks — USDe to ~$0.68 on Binance, staked ETH/SOL snapped; refunds >$250M after index/oracle and mint-redeem gaps. 🔹 Flows vs. “attack” — Earn users rushing to USDT + copy-trade momentum likely amplified the depeg more than cunning index games. 🔹 DeFi vs. CeFi — Perp DEX performance broadly comparable; transparency gaps in ADL policies and liquidation mechanics laid bare. 🔹 Vaults vs. traders — HLP vs. LLP outcomes show who platforms chose to protect in tail events—and the retention risks of clipping winners. 🔹 OI collapse — Hyperliquid open interest ~15B → ~6B; cross-margin reflexivity helped nuke alts far worse than BTC. 🔹 Why it felt one-sided — Market-maker/API failures and risk misallocation made typically “safe” actors eat outsized losses. 🔹 The whale short — A massive Hyperliquid short pre-tariff tweet sparks insider-vs-coincidence debate. 🔹 Infra faceplants — Sequencers down, force-inclusion in theory only, docs offline—while base L1s largely kept ticking. 🔹 What to fix — On-chain clearing, real insurance funds, sane ADL ranking, robust mint/redeem, and better index/oracle design before the next shock. 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 ⭐️ Doug Colkitt , Founder Ambient Finance & Founding Contributor at Fogo ⁠⁠Disclosures⁠⁠ Timestamps 00:00 Intro 01:11 $19B+ Liquidated 04:35 Personal Experiences & Reactions 08:30 Understanding Auto De-leveraging (ADL) 14:37 Binance & USDe Incident 23:19 DeFi vs CeFi Performance 26:05 Zero-Sum & Greedy Algorithms 34:26 Vaults & Trader Protection 39:43 Market Reactions & Trader Sentiments 44:33 Infrastructure Failures & OI Collapse 46:56 Insider Trading Allegations & Market Manipulation 52:14 Future of Perpetual DEXs Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 14

Crypto just went through its biggest crash. In the wake of “Black Friday,” when $19 billion in positions were wiped out in hours, Bits + Bips hosts Steve Ehrlich and Ram Ahluwalia are joined by Carlos Guzman of GSR and YQ of AltLayer to dissect what really happened. Was it a coordinated attack exploiting Binance’s oracles? A failure of market structure? Or simply too much leverage waiting for a trigger? Or some combination of the three? The group breaks down how liquidity vanished, why hedges failed, how this flash crash echoed the worst moments of traditional markets, and why the industry urgently needs reform before it happens again. Sponsors: Aptos Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Steve Ehrlich , Executive Editor at Unchained Guests: Carlos Guzman , Research Analyst at GSR YQ , Co-founder of AltLayer Timestamps: 🔥 0:00 Introduction and ads ⚡ 3:22 First reactions to crypto’s biggest crash ever 💥 5:55 The USDe depeg on Binance. Plus: coordinated attack or market failure? 🧠 12:57 Why Ram calls it a potential “zero-day hack” 📉 15:38 Are perpetuals the riskiest instruments in crypto? 💫 18:38 Huge spreads, no liquidity: where were the market makers? 🏦 22:59 The eerie parallels to a flash crash in U.S. equities 15 years ago 💀 25:01 How both longs and shorts got wrecked, and why perps fail as hedging tools 🔧 29:00 What crypto needs to fix its liquidity problem 🏛️ 33:34 How TradFi solved this years ago, and what crypto can learn ⚖️ 36:25 How systemic leverage makes every crash worse 📜 42:16 Why this proves crypto urgently needs a market structure bill 🚀 47:13 Why Ram says Hyperliquid came out as the winner 🔮 50:14 Outlook for prices and volatility in the coming days 🛡️ 1:00:04 Will insurance funds rise after this? ⏳ 1:02:18 Why YQ says it’ll take a long time to recover from the damage Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 12

When Trump tweeted about 100% tariffs on China, crypto collapsed — $19 billion in liquidations in just hours. Altcoins plunged 95%, exchanges froze, and stablecoins depegged. In this special episode, Diogenes Casares, founder of Klyra Protocol, joins Laura to break down the chain reaction: what really caused the crash, whether insiders knew it was coming, and how infrastructure failures and extreme leverage turned a policy tweet into crypto’s Black Friday. Thank you to our sponsor, ⁠ Aptos ⁠ ! Guest: Diogenes Casares , founder of Klyra Protocol and advisor at Patagon Management Links: Diogenes’s article on X: "Black Friday: What Happened?" Jordi Alexander on "What happened? Stani Kulechov on Aave’s performance Binance co-founder’s statement Timestamps: 💥 0:00 Introduction ⏱️ 1:00 What markets looked like in the hours before the crash 🕵️‍♂️ 3:25 Whether traders on Hyperliquid knew the tariff tweet was coming 📉 5:44 Why altcoins plunged up to 95% and how market makers amplified the move ⚙️ 7:56 How auto-deleveraging kicked in—and why it mattered 💣 13:07 How DATs created hidden leverage that made the system fragile 🏦 14:54 How perps DEXes and CEXes responded differently to the meltdown 🧩 18:09 Was it a coordinated attack—or just market mania? 🤯 25:56 What happened to smaller market makers when liquidity vanished 💥 29:44 How the USDe depeg on Binance triggered cascading liquidations 📊 32:16 Why Ethena “managed it well” and why exchanges don’t ADL their positions ⚠️ 34:04 What caused the USDe “depeg” 🔧 35:22 How infrastructure failures made price feeds unreliable 🚨 37:28 What perps exchanges need to change going forward ⏳ 43:56 Why Diogenes thinks this kind of crash will happen again—and worse 📜 50:20 The “extraordinary rights” LPs hold on exchanges 💱 49:02 How traders should decide where to trade after this 👀 52:19 A rumor about how much Jump lost Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 11

Polymarket scales with Wall Street’s blessing, Kalshi fires up KOLs, and BNB chain melts down as fast as it ran. We dissect Aster’s data drama, the new privacy wave lifting Zcash, and Galaxy One’s glossy yields—what’s smart strategy vs. old mistakes in new clothes? 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 unpack Polymarket’s jaw-dropper: a $2B raise at a $9B valuation led by ICE (parent of the NYSE), the token tease, and whether prediction markets will eat sportsbooks. We get into the KOL wars (Kalshi vs. Polymarket), the line between paid shilling and product marketing, and what “parlays” look like on prediction platforms. Then: Aster vs. Hyperliquid and DeFiLlama’s delist sparks transparency questions, while BNB Chain’s 72-hour meme-coin supercycle goes boom→bust. Privacy takes center stage as Zcash rips and the “privacy meta” returns. We close with Galaxy One’s 8% yield pitch — BlockFi déjà vu or smarter risk management in a post-CeFi world? Show highlights 🔹 Polymarket’s $2B at $9B — led by ICE (NYSE parent): why a TradFi giant is backing prediction markets and what integrations could follow. 🔹 Token tease — the crew debates what a Polymarket token could represent amid a CFTC path and U.S. re-entry. 🔹 KOL Wars: Kalshi vs. Polymarket — disclosed influencer marketing vs. “paid shilling,” and where the ethical line actually sits. 🔹 Product vs. Asset promos — why “use this platform” ≠ “buy this ticker,” and the gray zone of shilling specific markets or sides. 🔹 Do prediction markets influence reality? When odds can sway decisions (Fed, elections), and why markets may self-correct before hitting “99%.” 🔹 Sportsbooks in the crosshairs — parlays on prediction markets, Robinhood funnels, and why DraftKings/FanDuel should care. 🔹 Aster vs. Hyperliquid — incentives, wash-trading risk, and DeFiLlama’s delist after suspicious Binance-correlated volumes. 🔹 BNB’s 72-hour supercycle — memecoins moon, CZ’s “not endorsements” tweet, then a brutal boom→bust as bridgers retreat. 🔹 Privacy supercycle — Zcash rips on Naval/Mert momentum; Zashi UX + NEAR intents cited vs. “it’s just flows” skepticism. 🔹 Old coin, new crowd — why ZEC’s age + thin float can turbocharge moves, even with lower on-chain usage than Monero. 🔹 Galaxy One’s 8% yield — comeback arc for BlockFi’s Zach Prince or smarter, public-company-backed risk management? 🔹 CeFi vs. DeFi lending — on-chain transparency, Coinbase’s approach, 60-day gates, and whether unsecured credit is creeping back. 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 01:08 Polymarket & Shayne Coplan’s Journey to Success 05:28 The Role of Prediction Markets 10:21 Kalshi vs. Polymarket: KOL Wars 23:56 Sports Betting & Prediction Markets 29:19 BNB Chain's Memecoin Boom and Bust 33:55 Aster and Defi Lama: The Delisting Drama 37:04 Privacy Supercycle: The Zcash Bull Run 50:02 Galaxy One: BlockFi's Comeback? Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 10

The stablecoin race is heating up. With the passage of the U.S. stablecoin law the floodgates have opened. Tether still dominates globally, but Circle, Stripe, and a wave of new “stablechains” are making their move. In this episode, Dragonfly partner Rob Hadick and Helius CEO Mert Mumtaz join Laura Shin to map out how this battle could reshape crypto and payments. Will ecosystem apps like Phantom and Jupiter keep their own stablecoins? Can Circle’s new Layer 1, Arc, compete with Tether’s network effect? Don’t miss it! Thank you to our sponsors! Binance Aptos Guests: Rob Hadick , General Partner at Dragonfly Mert Mumtaz , CEO of Helius Timestamps: 🎬 0:00 Intro 🔥 2:50 What Rob and Mert expect from the coming flood of stablecoins and stablechains 🌐 12:06 How network effects could decide the winners in the stablecoin wars 💵 14:09 Whether Tether’s dominance is here to stay 💱 22:45 Why Forex matters—and why everyone still wants dollars 😎 27:15 Whether Tether even cares about its new competitors ⚠️ 33:18 What Rob calls the biggest existential threat to Tether 🏦 36:00 Can Circle’s new payments chain, Arc, really compete in this environment 🧩 40:42 Why Mert says Circle is in a difficult strategic position 🤝 45:17 How new Layer 1s risk pleasing no one by trying to please everyone 💣 52:55 Whether banks are doomed—and why employees might want to start exiting now Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 8

Bitcoin is hitting new all-time highs—but is this real euphoria, or just a prelude to it? In this double-header episode, we bring you a Bits + Bips roundtable and an in-depth interview on the five companies best positioned to bring crypto onchain. First, the Bits + Bips crew, Lumida’s Ram Ahluwalia, FalconX’s Joshua Lim, and NYU professor Austin Campbell, break down what’s really driving this crypto rally. Is it dollar debasement, asset revaluation, or just pure animal spirits? They debate how close we are to a true blow-off top, how to spot a real market peak, and what shocks could shelve bitcoin in an instant. Plus, their takes on Zcash, Japan, Coinbase’s banking ambitions, and more. Then, Unchained’s Steven Ehrlich sits down with Ryan Yi, author of the Onchain 5 series, to discuss the five companies that are leading crypto’s push into real-world adoption. From Coinbase’s Base app and token plans, to Robinhood’s play for tokenized assets, Stripe’s all-in crypto tech stack, Telegram’s TON-powered mini-app ecosystem, and Binance’s BNB-based loyalty empire, this is the playbook for what going onchain really looks like. Thank you to our sponsor, Aptos ! Hosts: Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia , CFA, CEO and Founder of Lumida Guests: Joshua Lim , Co-Head of Markets at FalconX Austin Campbell , NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Ryan Yi , Ex Coinbase, Coinbase Ventures, and CoinFund For links to all the amazing articles, visit https://unchainedcrypto.com/bits-bips/bits-bips-whats-really-driving-bitcoin-and-whos-driving-crypto-onchain/ Timestamps: 0:00 Intro 4:38 What Josh learned at Token2049 about what’s really moving the market 10:12 How the options market is quietly driving bitcoin’s price 13:25 Why Ram says this isn’t a “debasement trade,” despite what everyone thinks 20:29 Whether we’ve hit peak euphoria—or not even close 23:54 Why Zcash suddenly exploded in price 26:45 How political changes in Japan are shaping markets 30:30 How to spot the real market top—and why Austin challenges Ram’s call on stocks beating gold 35:41 How CME’s 24/7 futures could change crypto trading 39:20 The signs Ram thinks would signal when the top is in 43:43 How bitcoin, altcoins, and tech stocks trade together and how they don’t 47:59 What kind of shock could finally take bitcoin down 51:34 What to make of Coinbase applying for a banking license 53:34 Whether Galaxy is trying to become the next crypto super app 57:59 Why this cycle might play out completely differently 1:02:04 Why Ram believes banks are about to crush earnings 1:03:03 The biggest risks investors still aren’t paying attention to 1:07:56 Meet 5 The Firms Poised to Drive the Next Wave of Crypto Adoption 1:08:53 Why distribution is the key battleground for the next wave of crypto adoption 1:12:24 How Coinbase is rearchitecting its platform around Base 1:15:42 What the upcoming Base token and Base app could unlock for users 1:19:13 How Robinhood is competing in crypto—and why it might have an edge 1:25:56 What the tokenization trend means for Robinhood’s future 1:27:52 Why Stripe is building a crypto tech stack of its own 1:35:02 Why Telegram’s TON token is central to its survival and growth 1:41:40 What’s behind TON’s lagging price performance 1:45:13 How Binance uses the BNB token as a cornerstone of its entire ecosystem 1:52:43 Why going fully onchain could be the defining strategy for the next generation of companies Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 7

On Monday, bitcoin hit a new all-time high of over $126,000, but Bitcoin’s biggest fight right now isn’t about price; it’s about purpose. Since 2023, image files and meme tokens have clogged the network, spiking fees and making everyday payments expensive. Bitcoin Core wants to lift an 80-byte data limit that's existed since 2014. Bitcoin Knots disagrees — and has built code to enforce a different limit. Should Bitcoin stay a payments network, or evolve into a platform that stores everything from NFTs to memecoins to experimental layer 2 protocols? Blockstream CEO Adam Back and Bitcoin and Lightning developer Chris Guida debate whether removing limits on OP_RETURN protects Bitcoin from what they call “spam,” or opens the floodgates to it. Plus: the real lesson from 2014 when Vitalik Buterin left Bitcoin, why miners can bypass any filter by renting hash rate, and whether 22% of nodes running different code actually matters in a decentralized network. Thank you to our sponsors! Mantle Aptos Guests: Chris Guida , Bitcoin and Lightning Ecosystem dev and Educator Adam Back , CEO of Blockstream Timestamps: 🎬 0:00 Intro ⚙️ 1:37 What the Core vs. Knots debate is really about 🧩 4:46 Why “spam” filtering and “censorship” aren’t the same 💾 7:28 How NFTs, ordinals, and BRC-20s created the “spam” problem 🧱 8:51 The Genesis block message vs. today’s onchain data 🔍 13:27 What op_return does and why its size limit matters ⚔️ 22:04 Why the proposed change has split the Bitcoin community 📈 26:25 Can Bitcoin stay censorship-resistant while filtering “spam”? 💣 30:26 Do economic incentives make “spam” filters useless? 🧰 34:17 Why some believe filters still work to protect blockspace 💰 36:05 Would higher fees from non-payment data help miners secure Bitcoin? 🧮 42:06 Does more data make it harder to run a node? 🧭 46:04 Can Bitcoin fight storage data without hurting its core principles? ⚡ 50:37 What counts as a “real” layer 2 on Bitcoin 🧱 55:55 How much support the Knots software actually has 🧩 1:00:35 Could this debate cause a Bitcoin chain split? 🔚 1:04:22 Closing thoughts on what’s next for the network Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 4

Arthur Hayes & Tom Lee map the new crypto arms race—Hyperliquid vs Aster, Plasma’s stablecoin rails, and ETH’s DAT-fueled supercycle. 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. Live at Token2049 Singapore, we’re joined by Arthur Hayes (Maelstrom) and Tom Lee (Bitmine) to map two battles shaping the next cycle: the Perp DEX war—Hyperliquid’s moat vs. CZ-linked Aster, zero-fee experiments like Lighter, and whether ~$500M/year token unlocks can stay “bullish”—and the race to own stablecoin rails, from Tether-affiliated Plasma’s zero-fee USDT chain to distribution plays like Tempo and Codex. We dig into DATs, mNAV compression, and Tom’s “ETH supercycle,” plus prediction markets (Polymarket vs. Kalshi) crossing into the mainstream and a surprise Zcash revival. If crypto’s future is being decided in trading venues and in money itself, this is where the battle lines get drawn. Show highlights 🔹 Perp DEX wars — Hyperliquid vs Aster: Binance-linked Aster surges as Hyperliquid’s moat is stress-tested; CEX tie-ups (Bybit–ApeX, Coinbase–Avantis) escalate the fight. 🔹 Arthur Hayes on Hyperliquid: 126x call but sold ahead of ~$500M/yr token unlocks (starting November); “bullish unlocks” depend on sustained dominance + real fees. 🔹 Lighter’s zero-fee perps: Can post-airdrop volume stick, or do profits migrate to HLP/LLP vault strategies as fees compress? 🔹 DATs & ETH “supercycle” — Tom Lee (Bitmine): Communications flywheel, mNAV compression, ~70 ETH DATs with many below NAV; consolidation/unwinds/ETF conversions amid SEC/Nasdaq scrutiny and ZeroG controversy. 🔹 Plasma stablecoin chain (Tether-affiliated): Zero-fee USDT transfers, heavy incentives, Binance Earn distribution—are flows durable vs Ethereum/Tron? 🔹 Prediction markets — Polymarket vs Kalshi: South Park moment; funds cite PMs for shutdown/Fed odds; 2024 election accuracy pushes PMs mainstream. 🔹 Privacy coins & Zcash revival: ZEC rally, Monero 51%-attack mention, and the ongoing listings/compliance tug-of-war. 🔹 Stablecoins to $4T? — Tom Lee: Micropayments + 24/7 rails expand TAM across multiple chains, not just Ethereum. Hosts ⁠ Disclosures⁠ ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Arthur Hayes , CIO at Maelstrom ⭐️ Tom Lee , CIO of Fundstrat Capital & Chairman of Bitmine Timestamps 00:00 Intro 01:15 Token 2049 Reflections 03:55 Tom Lee's Role in Ethereum 08:04 Challenges & Future of DATs 13:09 Plasma: Berachain for Stablecoins 20:06 Perp Dex Wars & Hyperliquid 24:26 Fee Compression 29:59 Kalshi vs. Polymarket 39:52 Zcash & Privacy Coins Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 3

Is gold the ultimate hedge against inflation and sovereign risk? Or are stocks the better long-term wealth builder thanks to innovation and earnings growth? In this heated and highly entertaining episode, Ram Ahluwalia (Lumida Wealth) and Vinny Lingham (Praxos Capital) dive deep into the macro landscape to debate the relative merits of gold vs. the S&P 500. Along the way, they explore: Gold’s decentralization vs. Bitcoin Why share buybacks might be distorting wealth creation The role of inflation, AI, fiscal dominance, and central banks The logic behind each of their portfolios And to make things more interesting? They make a $10,000 bet on whether gold or the S&P 500 will perform better over the 9 months. Token2049 Binance Ram Ahluwalia , CFA, CEO and Founder of Lumida Vinny Lingham , Co-founder of Praxos Capital Timestamps: 🎬 0:00 Intro 📈 4:30 Why Ram argues stocks are the stronger long-term play 🥇 7:18 Why Vinny says gold is more decentralized than even Bitcoin 💵 12:08 Why Ram believes earnings make stocks the superior investment ♻️ 16:37 Why Vinny thinks stock buybacks are harmful for society 🌍 27:30 Is this still the best time in history to be alive? ⏳ 33:23 Whether its too expensive now to buy gold ⚡ 40:40 What Vinny predicts will trigger the next major macro crisis 🤝 42:56 The $10,000 bet: gold vs. the S&P 500 🤖 48:33 Whether we’re still early in the AI boom 🎤 54:15 Closing arguments from Ram and Vinny Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 2

Perp DEXs are on fire, with volumes topping $1 trillion a month for the first time. Aster, backed by YZi Labs (formerly Binance Labs), has suddenly vaulted to the top of volume charts, but is its rise organic, or manufactured? But while everyone frames the battle as Aster vs. Hyperliquid, Syncracy’s Ryan Watkins and Sunny Shi argue the real fight is much bigger: decentralized exchanges versus centralized giants like Binance. Plus: what role Solana will play in the next chapter in the perps DEX wars? And won’t Ethereum even compete? Thank you to our sponsors! ⁠Binance⁠ Token2049 Guests: Ryan Watkins , Co-Founder of Syncracy Capital Sunny Shi , Investor at Syncracy Capital Links: Unchained: Nearly $12 Billion in HYPE Token Unlocks Loom Ahead: Maelstrom Why Hyperliquid Should Cut Its Total Token Supply Nearly in Half Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 2

DoubleZero just launched its mainnet-beta, offering a new type of high-performance fiber network for blockchains, live across 5 continents and already adopted by 20%+ of Solana stake. Co-founder Austin Federa joins Unchained to walk through: How DoubleZero creates a dedicated internet for crypto Who contributes fiber and why they earn the 2Z token What the SEC’s no-action letter means for crypto and DePIN specifically And what this could unlock for L2s, onchain trading, and more Thank you to our sponsors! ⁠Binance⁠ Token2049 Guest: Austin Federa , Co-founder of DoubleZero Timestamps: 🎬 0:00 Introduction and ads: Token2049 and Binance 🌐 0:59 What’s wrong with the public internet—and why crypto needs its own ⚡ 5:28 How DoubleZero is building a dedicated network for blockchains 🌍 7:54 How the physical world gets integrated into the blockchain economy ⏱️ 10:49 Why traders demand more determinism in transaction times 🛠️ 13:09 How anyone can become a contributor to the DoubleZero network 🚫 14:32 Why Ethereum might not be the right fit for this product 💰 16:06 What role the 2Z token plays in the ecosystem 🔥 23:12 Why Jump’s token allocation sparked controversy ⚖️ 27:40 What the SEC’s no-action letter really means for DePIN 🏆 32:59 If DoubleZero succeeds, who will come out on top? Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 1

This week on Unchained, we’ve got a double-header. First, Zach Abrams, CEO of Bridge (acquired by Stripe), unveils Open Issuance, a platform designed to let any company launch its own stablecoin. He explains why the stablecoin duopoly is ending, why fragmentation won’t slow adoption, and how stablecoins could pair with AI to reshape global money movement. Then, Kenny Li, co-founder of Manta Network, joins to reveal why Manta is pivoting away from being just another L2. He argues that the scaling wars are oversaturated, that mercenary users make infra battles a fight for crumbs, and that the real prize is at the application layer. Thank you to our sponsors! Mantle Aptos Guests: Zach Abrams , Co-Founder and CEO of Bridge Kenny Li , Co-Founder and Core Contributor of Manta Network Links: Unchained: How New Stablecoin Startup Bridge Got Acquired by Stripe for $1.1B MetaMask Stablecoin mUSD Goes Live Why JPMorgan and Shopify Are Rolling Out New Products on Ethereum Layer 2 Base Tempo Launch Announcement: The Blockchain Designed for Payments Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 1

Crypto’s bull run may be far from over, but the battleground is shifting. On this week’s Bits + Bips, Bill Barhydt of Abra and Robert Leshner of Superstate join Ram Ahluwalia and Steven Ehrlich to debate: The current state of the markets with a looming government shutdown SWIFT’s move to build on Linea, an Ethereum layer 2 Hyperliquid vs Aster The future of perps vs. spot Why some DATs are starting to look like grifts Whether DeFi billionaires will ultimately eclipse their CeFi predecessors Plus: Binance’s and Tether’s valuation, CZ as the entrepreneur of the decade, and why the industry may be entering an era of “perpification.” Thank you to Xapo for sponsoring this episode! Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guests: Bill Barhydt , Founder and CEO of Abra Robert Leshner , Co-founder & CEO of Superstate Links: Steve’s story on the DAT that claimed it raised much more than it actually did Subscribe to Bits + Bips newsletter here Timestamps: 🎬0:00 Intro 📈 3:26 Why Bill believes the bull run is far from over 🧐 5:10 Why Ram is pushing back on market FUD 🏛️ 9:10 Will a government shutdown impact markets? 🌐 12:48 Why SWIFT building on Ethereum’s Linea layer 2 is such a big deal 🏦 22:15 Whether it even matters if banks embrace crypto ⚠️ 27:50 How one DAT may have been the “ultimate grift” ⚔️ 35:58 Inside the DEX perps wars: Hyperliquid vs Aster 👑 40:32 How valuable Binance and CZ really are to the industry 🚀 50:39 What advantages make Hyperliquid stand out in the perp battle 🤔 53:14 Why picking winners in trading isn’t so simple 🔄 57:29 Winners in stablecoin race plus why perps are better than spot Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 26

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 Farooq Malik, co-founder and CEO of Rain, as two parallel wars erupt across crypto: the Perp DEX war between Hyperliquid and the CZ-backed Aster, and the deepening battle for stablecoin dominance. As Aster rockets to $30B in daily volume, we debate whether it’s real adoption or points-fueled froth — and what it means for Hyperliquid’s lead. Then we dive into Tether’s shocking $500B valuation play, Circle’s shrinking moat, and how Rain is building real-world rails for stablecoin payments. If crypto has two new battlegrounds — trading venues and money itself — this is where the future is getting drawn. Show highlights 🔹 DEX Wars: Aster vs. Hyperliquid – Aster hits $30B daily volume; is it real demand or a points-fueled surge? Hyperliquid’s dominance faces its first real threat. 🔹 CZ’s Return to Form – Aster’s Binance links, aggressive fee model, and possible “James Wynn” conspiracy theory raise the stakes in the perp DEX arena. 🔹 Wash Trading & Open Interest Gaps – Aster’s $2B TVL contrasts with $1.25B open interest vs. Hyperliquid’s $10B, sparking questions about organic traction. 🔹 Incentive Wars – Aster rewards takers 2x over makers; Hyperliquid and Blur praised for long-game design that built sticky liquidity instead of short-term volume. 🔹 The Execution Advantage – Haseeb: “Asia executes better than it innovates”; Aster may stumble now but could out-iterate and outscale its rivals. 🔹 Stablecoin Shockwave: Tether’s $500B Valuation Leak – Tether quietly seeks $15–20B in private funding, aiming for a $500B valuation—matching OpenAI and SpaceX. 🔹 Circle vs. Tether – Circle trades at 0.5x supply, Tether seeks 3x; the panel debates margins, moat, and whether USDC can survive the “reverse momentum.” 🔹 Rain’s Real-World Stablecoin Rails – Farooq Malik shares how Rain powers payroll, P2P, cards, and merchant payments on stablecoins—without touching fiat. 🔹 New Use Cases: Stablecoins in the Wild – On-chain credit cards, just-in-time lending, cross-border Facebook ad funding, and more—all enabled by 24/7 money. 🔹 Global Adoption: LatAm, MENA, Asia – Rain’s data shows stablecoin usage exploding outside the U.S., especially in regions with FX controls and unstable banks. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tom Schmidt , General Partner at Dragonfly Guest ⭐️ Farooq Malik , Co-Founder & CEO of Rain ⁠ Disclosures ⁠ Timestamps 00:00 Intro 01:02 Aster vs. Hyperliquid 14:25 Regulatory Capture: L2s, Sequencers, CFTC 26:08 Tether’s $500B Valuation: Bubble or Bargain? 31:36 Tether vs. Circle: Stablecoin Economics 42:56 Rain: Stablecoin Payments Infra 47:16 Stablecoin Use Cases; Cards, Payroll, P2P 54:04 Global Stablecoin Growth Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 26

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

Sep 24

Crypto investors love to throw around “FDV” as if it’s the ultimate measure of value. But what if that number is more misleading than helpful? In this episode, DBA’s Jon Charbonneau explains his proposal to cut Hyperliquid’s supply by nearly half, why he believes FDV overstates real valuations, and how outdated tokenomics are holding projects back. We also cover whether the Hyperliquid team should take smaller allocations if they cut the token supply and what Jon thinks of Arthur Hayes’ HYPE sale just weeks after saying the token would 10x. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsor, ⁠ Mantle ⁠ ! Guest: Jon Charbonneau , Co-founder and General Partner of DBA Links: Proposal to Reduce HYPE Total Supply by 45% by Jon Charbonneau, Co-founder of DBA Maelstrom post: HYPE's Damocles Sword Unchained: Nearly $12 Billion in HYPE Token Unlocks Loom Ahead: Maelstrom Timestamps: 🎬 0:00 Intro 📉 0:35 What Jon thinks people get wrong when they use FDV as a valuation metric 🧮 4:05 How Jon’s proposal would change Hyperliquid’s supply and valuation 🆘 12:20 If the Assistance Fund is removed, how can emergencies be handled? 📊 15:05 How token supplies should really be evaluated when valuing projects ⏳ 20:44 Why current tokenomics reflect an outdated model ✂️ 24:56 Should the Hyperliquid team be taking a smaller allocation too? 🤔 28:15 What Jon thinks of Arthur Hayes selling HYPE right after calling for the moon 🔮 31:351 How Hyperliquid should move forward with Jon’s proposal Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 23

Markets had a flood of liquidations on Monday, and traders lost over $1.5 billion in positions. So, why are liquidations spiking? Is this a warning or a blip? Also, could a flood of DAT issuance be setting the stage for not just a crypto winter, but a crypto “nuclear” winter? If so, hedge funds and market structure could accelerate the pain. This week on Bits + Bips, Steven Ehrlich, Ram Ahluwalia, Austin Campbell, and Vinny Lingham talk about why mNAVs could compress and whether even MicroStrategy’s stack is more fragile than it looks. They debate the bull case for gold (yes, even at these ATHs), how tokenized stocks and changing reporting cadences could open new insider edges, and what the U.S. macro picture looks like. Thank you to our sponsors! Walrus : Scalable storage that lets you publish, deliver, and program any data, onchain. Xapo : Where Global Banking Meets Bitcoin Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Steven Ehrlich , Executive Editor at Unchained Guests: Austin Campbell , Founder and Managing Partner of Zero Knowledge Consulting Vinny Lingham , Co-founder of Praxos Capital Timestamps: 🎬 0:00 Intro 💥7:39 Why Monday’s liquidations spiked and what triggered $1.5B in losses 📊 11:18 How a shift away from quarterly reporting could change markets 🕵️ 14:16 How tokenized stocks might hand insiders a massive edge 🐻 22:05 Why Vinny is bearish right now and why Ram disagrees 🥇 24:25 Why gold might still have upside, even at record highs 📉 28:59 Whether the flood of DATs will end in brutal consolidation ⚡ 35:49 Could even MicroStrategy blow up under market stress? ✅ 48:17 What SEC clearing the path for ETFs really signals for crypto 📈 54:23 Ram’s stock picks in this environment ⚠️ 56:00 Why Austin sees a looming breakdown in the U.S. economy 😌 58:02 Why Vinny doesn’t feel the need to take big risks right now Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 19

In this episode, Cyber Capital’s Justin Bons and Codex’s Haonan Li challenge the new orthodoxy: whether payments chains should be alt L1s or Ethereum L2s, how “neutrality” and finality matter for real-world transactions, and why fragmentation could make or break onchain dollars. We dig into Stripe’s Tempo (and its permissioned start), what it would take for L2s to reach true decentralization, and whether stablechains undercut general-purpose chains. Plus: the trade-offs of sequencers, paying gas in dollars, and whether protocol-native stables are the future. Thank you to our sponsors! Binance Token2049 – Get 15% off with code UNCHAINED Guests: Justin Bons , Founder and CIO of Cyber Capital Haonan Li , Co-founder and CEO of Codex Timestamps: 🎬 0:00 Intro 💭 1:45 Laying out the first arguments 🛠️ 12:57 What needs to happen for L2s to finally become stage 2 rollups 💵 15:40 Why Haonan chose to launch a stablecoin-focused L2 on Ethereum 🏦 30:17 Does Stripe’s Tempo L1 spell trouble for Ethereum L2s? ⚖️ 38:55 Whether Tempo can position itself as a neutral blockchain 🔗 50:02 Are L2s capable of true decentralization? ⏱️ 53:58 How important finality is for stablecoin businesses 🧩 57:08 Why fragmentation could make or break stablecoins 🔮 1:02:31 What the future of rollups should look like ⚔️ 1:05:58 The case for and against general-purpose chains 📉 1:13:12 Whether protocol-native stablecoins will keep gaining traction Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 18

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 Gordon Liao, Chief Economist at Circle, to dissect the Stablecoin Wars. From Circle’s Arc and Stripe + Paradigm’s Tempo, to Solana’s native stablecoin push and Hyperliquid’s deal, we unpack why everyone suddenly wants their own chain or branded stablecoin. Is this the future of crypto’s monetary layer — or just a fragmentation nightmare? We dig into FX use cases, PMF for stablecoins, collective bargaining power of ecosystems, and whether “stablecoin-as-a-service” is the next killer primitive or a liquidity trap. Show highlights 🔹 Arc vs. Tempo — Circle’s Arc and Stripe + Paradigm’s Tempo: stablecoin-native L1s with permissioned validator sets, stablecoin gas, privacy, and FX engines. 🔹 Will FX Ever Matter? — Gordon: $9T/day FX market is broken; onchain FX could slash costs. Tarun + Haseeb question whether non-USD stables will ever get real traction. 🔹 Solana’s Stablecoin Gambit — Mert & Solana cabal eyeing a native stable to “stop giving Circle all the yield” — can a chain coordinate its way to PMF? 🔹 Collective Bargaining Meta — Hyperliquid deal proves apps/chains can extract economics from issuers; could ecosystems unionize to demand rev share? 🔹 Money Velocity Problem — BUSD worked (until it was banned); Huobi’s KUSD died for lack of velocity; most native stables never circulate beyond mints/redemptions. 🔹 Stablecoin-as-a-Service Gold Rush — Everyone launching a wrapped stable: M^0, Paxos, Agora. Does this dilute liquidity and trust — or unlock new UX? 🔹 Trust & Brand Moat — Users can’t be forced to convert; Circle’s scale, bank rails, and liquidity network remain hard to replicate. 🔹 Network Effects ≠ Monopoly — Stablecoin market evolved into USDC/Tether duopoly with niche players (Athena); future may see more vertical-specific winners. 🔹 Reg + Yield Outlook — GENIUS Act may ban interest payments; as rates fall, mint/redeem fees may replace reserve yield as the main revenue source. 🔹 Stablecoin Future — Will Solana, Tempo, Arc, and others fragment liquidity — or finally bring the next billion users on-chain? Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Tom Schmidt , General Partner at Dragonfly Guest ⭐️ Gordon Liao , Chief Economist & Head of Research at Circle Disclosures Timestamps 00:00 Intro 00:52 Gordon Liao from Circle 01:48 Stablecoin Chains: Arc vs. Tempo 04:40 Memory Lane with Libra 06:33 Will FX Ever Matter for Stablecoins? 12:06 Challenges with Stablecoin Adoption 23:12 Circle’s Strategy & Competitors 26:13 Stablecoin Negotiations & Ecosystem Dynamics 31:39 Launching a Global Scale Stablecoin 37:25 Role of Trust & Branding 41:25 Stablecoin as a Service 57:53 The Future of Stablecoins Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 17

This week on Bits + Bips, hosts Steve Ehrlich and Ram Ahluwalia speak with Blockchain.com’s Nic Cary and Franklin Templeton’s Max Gokhman. We talk about how the potential Base token would alter the L2 landscape, and who should capture the value if Coinbase becomes the backbone for DeFi. Also, whether Web2 and TradFi giants will buy their way onchain, why privacy infrastructure is overdue, and how TON’s superapp strategy could pressure social platforms to follow suit. Plus: how Franklin Templeton is valuing L2s and other tokens, why the FOMC’s decision matters for crypto risk, and how tariff talk could spill into digital assets. Thank you to our sponsor, Xapo ! Hosts: Steve Ehrlich , Executive Editor at Unchained Ram Ahluwalia , CFA, CEO and Founder of Lumida Guests: Nic Cary , Co-Founder and Vice Chairman at Blockchain.com Max Gokhman , Deputy Chief Investment Officer for Franklin Templeton Investment Solutions Links: Unchained: Base Will Likely Have a Token: Why Now, Who Wins, and How Big It Gets Base Starts to Explore a Native Token Timestamps: 🎬 0:00 Intro 🪙 5:13 The reason for Coinbase’s flip flop on a Base token 🌉 18:33 Should Blockchain.com launch its own L2? 🏗️ 22:05 Is Coinbase becoming the infrastructure layer for DeFi? 📊 25:13 How $1.5 trillion Franklin Templeton builds valuation frameworks for L2s and tokens 📱 30:33 Nic’s case for TON and its superapp strategy 🏦 34:00 Whether Web2 and TradFi giants will buy their way onchain 🕵️ 40:21 Why privacy infrastructure is overdue for crypto but never seems to work 📉 51:03 Surprising predictions regarding the next Fed rate cut 🇺🇸 57:45 Why Trump has a tariff backup plan, and what it means for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 16

Base just crossed its own Rubicon. After months of saying “no token,” Jesse Pollak now says Base must decentralize and is “exploring” a token. What changed? On this episode, Proof of Play’s ICO Beast and former Coinbase Ventures investor Ryan Yi unpack why “exploring” is the operative word, how policy (the Clarity Act) could shape the rollout, and what a points-driven airdrop might look like. We dig into governance realism (what Coinbase will and won’t give up), token utility and valuation math, and how a Base↔Solana bridge could ignite a fight for DeFi liquidity while Solana keeps winning Gen-Z consumers. Mantle is pioneering "Blockchain for Banking" — a revolutionary new category at the intersection of TradFi and web3. Thank you to our sponsor Mantle! Follow Mantle to learn more. Guests: Ico Beast , Merchant of Narratives at Proof of Play Ryan Yi , Ex Coinbase, Coinbase Ventures, and CoinFund Links: Unchained: Base Starts to Explore a Native Token LayerZero Fought the Sybils and Airdropped Its Token. Did the Team Win? Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto Timestamps: 🎬 0:00 Intro 😲 1:32 Why Ryan says this step feels right but is also “shocking” 🧐 3:21 Why Base announced it was exploring a token rather than just launching one 🛠️ 5:19 How Ryan views Base’s decision to stay committed to Ethereum 📊 7:43 What Ryan thinks a fair token allocation would look like ⚖️ 13:43 How the Clarity Act could shape a Base token rollout 🎁 16:23 Will Coinbase distribute through an ICO, an airdrop, or something else? 📈 23:32 Why ICO Beast has a different take on the right allocation 🛡️ 26:10 Why sybil filters will be critical for Base 💡 27:50 What the Base token’s utility could be—and how to value it 🌉 37:24 What the announced Base ↔ Solana bridge could mean ⚔️ 42:08 Whether Ethereum and Solana are heading for a DeFi liquidity war 🔥 45:25 How competition across crypto companies is heating up Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 13

Hyperliquid’s USDH ticker set off the most dramatic “RFP” in recent memory. The crew breaks down why Native Markets ran away with validator support, whether the process was theater or strategy, and how the Bake-off became a marketing masterstroke—and potential leverage on Circle. We dig into Polymarket odds, the last‑minute Paxos bribery allegation (denied), and what this means for future “native” stables on Solana, app chains, and beyond. 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 Guy founder of Ethena as a special guest, as a single ticker (USDH) sparked a weeklong spectacle: Hyperliquid’s “Bake-off” to award the USDH stablecoin brand. Native Markets surged ahead as validators signaled support, Paxos rallied late with partners and incentives, and Ethena ultimately withdrew. Was this always a vibes‑based beauty contest, or a deliberate move to pressure Circle and re‑route bridge yield? We parse the incentives, the governance, and the market microstructure — and peek at what happens if every big chain/app tries the “native stablecoin” playbook. Show highlights 🔹 Hyperliquid RFP, Explained — Validators signaled early; stakers could migrate; the USDH “ticker” confers no explicit fee rights, yet bidders offered huge economics. 🔹 Why Native Won — “Vibes-based beauty contest”: homegrown team fit the HL ethos; speed, alignment, and community trust trumped external credentials. 🔹 Paxos Allegation — Late claim of validator bribery surfaced; Paxos denied; no receipts provided; underscores governance fragility to extra‑protocol incentives. 🔹 The Real Prize — Bridge control & yield capture (+ tail‑risk management) mattered more than a brand: even a “just a ticker” beachhead can evolve to real economics. 🔹 Masterstroke Marketing — The public Bake-off dragged every major issuer onstage, boosting HL mindshare and potential leverage in any USDC negotiation. 🔹 Open vs. Closed — If you want a native team, say so; calling it an “RFP” for service providers while preferring insiders created dissonance and drama. 🔹 Odds vs. Votes — Polymarket odds rapidly converged on Native despite splashy rival bids—perception and validator reality diverged from Twitter takes. 🔹 Issuer Margins Compress — Public bids commoditize stablecoin issuance; expect 5–15 bps “asset‑manager” style economics unless you’re Tether‑scale. 🔹 App/Chain Rent Wars — Who captures the float? Apps, wallets, and chains will increasingly demand economics for distribution; UX and liquidity fragmentation loom. 🔹 Liquidity Gotchas — Forcing a nonstandard stable can impair quotes vs. USDT pairs elsewhere; exchanges risk killing their golden goose to save a few bps. 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 ⭐️ Guy Young , Founder & CEO of Ethena Labs Disclosures ⁠⁠ Timestamps 00:00 Intro 01:27 Hyperliquid USDH Stablecoin Proposal: Setup & Stakes 03:25 USDH “Bake-off”: Native Markets vs. Paxos, Ethena, Frax 06:21 Early Signals, Rumors, and Bribery Allegations 13:33 Validator Decisions, Community Reactions & Market Fallout 28:53 Polymarket Odds & Onchain Sentiment 29:47 Liquidity, Bridge Yield, & Market Microstructure Explained 31:46 Hyperliquid’s Strategic Playbook 34:28 Governance Design 37:45 Stablecoin Ecosystem 39:25 Exchange Liquidity Challenges, Maker Behavior & Fee Dynamics 55:28 Final Takeaways & Lessons for Chains, Exchanges & Issuers Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 12

Stablecoins are supposed to be boring, but the fight for the USDH ticker on Hyperliquid has turned into one of the most dramatic battles in crypto. From Ethena suddenly pulling out, to Paxos revamping its bid, to whispers of favoritism, the contest has put protocol-native stablecoins in the spotlight. In this episode, MegaETH co-founder Shuyao Kong, who just announced their own stablecoin USDm, speaks about why they chose Ethena as a partner, and why alignment with Hyperliquid matters more than short-term incentives. She also explains why ecosystems need both yield-chasing and yield-agnostic stablecoins — and whether Circle and Tether could be pushed aside in the next wave of competition. Thank you to our sponsor, ⁠ Token2049 ⁠ ! Get 15% off your tickets with the code UNCHAINED! Guest: Shuyao Kong , Co-founder of MegaETH Links: Unchained: The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken Ethena Joins Race to Issue Hyperliquid’s USDH Paxos Unveils USDH Proposal V2 With PayPal, Venmo Integrations Sky Joins Bidding War to Launch Hyperliquid’s USDH Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Ethena withdraws its proposal The Block: MegaETH launches native USDm stablecoin with Ethena to subsidize sequencer fees Polymarket bet: Who will win the USDH ticker? Timestamps: 🎬 0:00 Intro 🔥 3:02 Why Shuyao is so energized by the USDH ticker war 🔄 4:52 How the USDH drama reshaped MegaETH’s USDm launch 🤝 5:27 What convinced MegaETH to choose Ethena as its partner 🌐 11:20 What it really means to be aligned with an ecosystem 🚪 15:36 How Shuyao views Ethena’s sudden withdrawal from the contest 📣 18:22 Whether public governance decisions will keep gaining influence 🏗️ 20:16 Will protocol-native stablecoins be the winners of the next wave? 💵 21:22 Could Circle and Tether actually get pushed aside on Hyperliquid? Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 11

Pump.fun rocketed to revenue, ran a blockbuster token sale, and then hit turbulence: rivals took share, the token slid, bots spammed launches, and critics cried “casino.” Now the team is fighting back with a dynamic creator-fee model, a liquidity foundation for cult communities, and an unapologetic push into live streaming and mobile. In this episode, co-founder Noah Tweedale lays out how Project Ascend aims to align creators and communities, why buybacks aren’t a long-term business model, what they’re doing about bots and user losses, and how Pump plans to compete not just with crypto apps, but with YouTube, Twitch, and TikTok. It’s a candid look at whether a crypto product can become a mainstream platform. Thank you to our sponsor ⁠ Token2049 ⁠ ! Get 15% off with the code UNCHAINED Guest: Noah Tweedale , Co-founder of Pump.fun Timestamps: 🎬 0:00 Intro ⚡ 2:09 Why the past few months have been so turbulent for Pump 💸 4:47 How the new dynamic fee model works for creators 🔍 9:40 How Pump’s discovery algorithm surfaces tokens ♻️ 10:45 Will Pump’s buybacks become programmatic? 🐶 15:33 Why LetsBonk was able to grab so much market share ⚔️ 18:20 Whether Noah sees Zora as a competitor 🌍 20:09 Why Noah wants to build a world-changing app, not chase small wins 👥 25:02 Whether Pump is prioritizing specific demographics 🔧 27:14 What the team is focused on improving in the app 🔗 30:32 How Pump is building interoperability with the broader crypto ecosystem 🤖 32:21 What the team is doing about bots launching tokens 💔 34:48 Whether they’re worried about so many users losing money 🛡️ 36:15 Why Noah doesn’t see apps like Zora or Believe as real competitors 📱 38:38 How mobile usage differs from desktop on Pump ⚖️ 40:03 How Pump approaches regulation and compliance 🎲 41:02 Why Noah insists Pump is not gambling, it’s trading 🎥 42:49 The strategies to compete with YouTube and Twitch 🌐 48:30 How Pump fits into a world with a widening wealth gap 🎰 53:29 How Noah responds to critics calling Pump a casino 🗺️ 57:56 Why Noah says roadmaps are a fallacy 🛠️ 59:41 Whether Pump will evolve into an “everything app” Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 10

The fight for Hyperliquid’s USDH stablecoin is more than a ticker battle—it’s a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market. In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund’s Kavita Gupta, Galaxy Digital’s Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins? Sponsors: Xapo Walrus Host: Steve Ehrlich, Executive Editor at Unchained Guests: Kavita Gupta , Founder & Managing Partner of Delta Blockchain Fund Alex Thorn , Head of Firmwide Research at Galaxy Digital Sam Kazemian , Founder of Frax Finance Links: Unchained: The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Sky Joins Bidding War to Launch Hyperliquid’s USDH Timestamps: 🎬 0:00 Intro 🔥 4:17 The bidding war for Hyperliquid’s USDH 🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized ⚠️ 29:22 Are DATs already broken as a product? 🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money 📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates 💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be 🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 9

The battle for Hyperliquid’s USDH ticker is a referendum on what crypto wants to be: a community-first public good, or a globally scaled, institution-ready product. With the clock ticking toward the proposal and voting deadlines, Agora’s Nick van Eck and Paxos Labs’ Bhau Kotecha lay out their cases—100% revenue back to users vs. 95% with enterprise distribution, “Hyperliquid alignment” versus “bring it to the masses,” and what each would build on day one if they win. We also dig into liquidity, slippage claims, validator dynamics, and how a single ticker could shape the future of onchain markets. Thank you to our sponsors ⁠⁠ Mantle ⁠⁠ ! Guests: Nick van Eck , CEO and Co-founder of Agora Bhau Kotecha , Co-founder of Paxos Labs Links: Unchained: Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Sky Joins Bidding War to Launch Hyperliquid’s USDH Timestamps: 🎬 0:00 Intro ⏱️ 0:45 How Laura breaks down the background of the proposals 💵 2:12 Why the USDH ticker matters so much for Hyperliquid 🌊 4:04 Why Hyperliquid is an ecosystem “you need to be in” 📜 5:38 How Agora explains its proposal to return all revenue 🏦 10:08 How Paxos makes its case for enterprise distribution 🤝 14:03 Why “Hyperliquid alignment” is central to this debate 🎁 17:05 Why Agora says it’s willing to give back 100% of revenue—what’s in it for them 💸 19:26 Why Paxos is pushing for 95% revenue back instead of 100% 🚀 24:03 What each side would build on day one if they win ⚖️ 31:49 How to characterize the differences between the two proposals ❓ 34:11 What it would mean if neither Agora nor Paxos wins 📉 39:23 Whether Paxos’s PYUSD suffers from slippage and liquidity issues 🗳️ 42:08 What voters should really consider when choosing a proposal Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 5

Pokémon cards are no longer just collectibles stuffed in a binder. They’re becoming liquid, tradable assets onchain. In this episode, Collector Crypt CEO Tuom Holmberg and Bitwise’s Danny Nelson explain how the project is reimagining the $100 billion trading card industry. From slashing eBay’s 13% fees to near-zero, to solving decades-old authentication problems with vaulting and NFTs, to launching a token that surged 700% in weeks, Collector Crypt is pushing trading cards into crypto rails. We also explore whether this is the start of a “Polymarket moment” for collectibles, how these cards could be used in DeFi, and if mainstream investors might soon allocate to Pokémon decks alongside BTC and ETH. Thank you to our sponsors! Re Walrus Guests: Danny Nelson , Research Analyst at Bitwise Asset Management ⁠ Tuom Holmberg ⁠ , CEO of Collector Crypt Timestamps: 🎬 0:00 Intro 🛒 2:35 Why eBay’s fees are so high and how Collector Crypt cuts them down 🎴 7:50 How a Pokémon card collector would actually trade onchain 🔒 9:40 What security measures protect vaulted cards 👤 11:13 How Tuom’s background led him to build Collector Crypt 📉 13:14 The highs and lows of launching the app over time ⚖️ 21:24 How the company navigates copyright issues with Pokémon 💰 23:05 Why the $CARDS token surged 700% in weeks 🏦 28:28 How Collector Crypt makes money ⚡ 29:43 Why the team chose to build on Solana 🌍 31:43 How big the trading card market could get onchain 🔮 35:03 What’s next in Collector Crypt’s roadmap 🔥 39:25 Why Danny Nelson calls this a “Polymarket moment” 🖼️ 41:31 What makes digital trading cards different from other tokenized assets 👀 45:06 Why Collector Crypt grabbed so much attention last week 📊 49:22 How traditional funds could start investing in trading cards 🌐 52:04 Whether trading cards are about to go mainstream 🔗 53:40 How Pokémon decks could even be used in DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 4

DATs aren’t done. They may just be getting started. In this episode, CoinFund’s Chris Perkins and Upexi’s Brian Rudick join Ram Ahluwalia and Steven Ehrlich to dissect why some DATs could outcompete ETFs for certain investors, the bullish accretion math behind premiums, and what makes a winning vehicle. We also dig into whether this is altcoin season or a head fake, why Galaxy’s tokenized-share move matters, and the one market unlock Perkins says could change everything. Use this episode to pressure-test your assumptions: are DATs “just banks,” or the best product-market-fit crypto has found for TradFi capital? Thank you to our sponsor ⁠ Xapo Bank ⁠ ! Xapo offers Bitcoin-backed loans of up to $1 million, so eligible members can access liquidity without selling their BTC. Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Steve Ehrlich , Executive Editor at Unchained Guests: Christopher Perkins , Managing Partner and President of CoinFund Brian Rudick , Chief Strategy Officer at Upexi Links: DATs: How Crypto Treasury Companies Are Turning to DeFi and TradFi to Juice Yields How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever These 4 Crypto Treasury Companies Are Primed for a Price Crash Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse? Tokenization: Federal Reserve to hold conference discussing crypto stablecoins, tokenization, and AI GLXY tokenized stock Ondo Finance launched over 100 tokenized U.S. stocks and ETFs on Ethereum CZ-owned Trust Wallet launches tokenized stocks and ETFs Timestamps: 🎬 0:00 Intro ⏱ 3:00 Are markets set for another September swoon? 📈 6:03 Why the bull case for DATs isn’t over 🏦 12:41 Why Brian says “DATs are banks” 💡 18:20 Are DATs better products than ETFs for investors? 🧮 21:00 How the math behind premiums shows DATs create value 🪙 28:01 Whether this is the time for altcoins to shine 🌍 35:10 Where macro is heading and what investors should watch 🚨 37:48 Why Galaxy’s tokenized-share move on Solana is such a big deal 🔑 49:25 What the key market unlock is for altcoins Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 4

Altcoin froth meets political theater. The team dissects World Liberty Financial’s explosive debut: a $22B token backed by the Trump family, a disputed Aave partnership, insider buybacks, and a “gold paper” instead of a whitepaper. We break down Justin Sun’s role, why critics call it crypto’s “garbage moat,” and how WLFi could become the Thanksgiving dinner debate of 2025. Plus: Gavin Newsom’s meme coin tease, GDP data going on-chain, and the CFTC reopening U.S. markets to global exchanges. 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, the crew dives into the wild debut of World Liberty Financial — Trump’s $22B DeFi token that launched with a “gold paper,” insider allocations, and buybacks despite no product. We break down the Trump family’s $5B paper fortune, the disputed Aave deal, and whether WLFi is a serious stablecoin project or just another garbage fire in crypto’s moat. From Justin Sun’s backing to Thanksgiving dinner debates, we unpack what WLFi means for politics, memes, and markets. Then we zoom out to Gavin Newsom’s meme coin tease, the U.S. Commerce Department posting GDP on-chain, and fresh CFTC moves that could reshape crypto exchanges and ETFs. Show highlights 🔹 World Liberty Financial Launch — Debuted at $22B FDV, $6B circulating cap; price fell 34% on day one with $2.5B in trading volume. 🔹 Trump Family Windfall — 22% of WLFi supply + 75% of presale; $440M presale cash and $5.6B in token wealth now exceeds Trump’s real estate. 🔹 The “Gold Paper” — No whitepaper, but a gold paper signed by Trump’s sons; co-founder emeritus title given to Trump himself. 🔹 Aave Deal Denied — WLFi initially promised 7% supply + 20% fees to Aave; governance ratified, then team denied it ever happened. Snapshot vs. “fake news.” 🔹 Token Buybacks — Team began buying back WLFi with $3M despite no sustainable revenue streams; price rallied but raised doubts. 🔹 Justin Sun’s Role — Largest backer, holding >3% of circulating supply; reignites debate over credibility. 🔹 Fastest Growing Stablecoin Claim — USD1 touted as the fastest-growing stablecoin in history; critics call it unsustainable hype. 🔹 Speculative Mania — Hosts compare WLFi to Bored Apes: meme-driven, high valuation, little product substance. 🔹 Garbage in the Living Room — Haseeb: WLFi is “crypto’s garbage moat” breaking into mainstream consciousness. 🔹 Thanksgiving Talking Point — The coin destined to dominate family dinner debates, regardless of legitimacy. 🔹 Gavin’s Meme Coin Response — Newsom teases “Trump Corruption Coin”; Polymarket odds at 36%. Hosts doubt Democrats can meme. 🔹 GDP On-Chain — Dept. of Commerce posts GDP data on 9 blockchains via Chainlink; useful innovation or pointless theater? 🔹 CFTC Path for Foreign Exchanges — Revives FBO registration to re-open US markets to offshore exchanges; Binance/OKX implications. 🔹 ETFs vs. Spot on CME — New rules may allow CME/Nasdaq to sell spot crypto; could undercut ETFs. 🔹 The Everything App Debate — Coinbase, Robinhood, and brokerages converge on offering stocks + crypto. Hosts spar over whether ETFs belong on Coinbase. 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 Timestamps 00:00 - Liberty Financials & The Chopping Block Intro 01:21 - World Liberty Financial 05:15 - Tokenomics, Buybacks, and WLFI Drama 08:54 - Memecoins, Bored Apes, and Speculation 11:42 - Memecoins vs. Real Products 19:07 - Gavin Newsom & Beyond 25:43 - GDP Prints Onchain & Blockchain Use Cases 35:06 - CFTC, Regulation, and Global Crypto Markets 42:15 - The Everything App: Crypto, Stocks, and the Future of Finance 51:28 - Security, Trust, and the Future of Financial Platforms Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 3

Behind some of the biggest token launches of the past year — from Trump’s $TRUMP coin to the recent Kanye West’s $YZY, to the collapse of $LIBRA and this week’s launch of $WLFI — the same insider names keep popping up. In this episode, Bubblemaps CEO Nicolas Vaiman explains how figures like Hayden Davis of Kelsier Ventures, celebrity promoter Sahil Arora, Naseem, and even Justin Sun have profited from chaotic launches. We dig into the mechanics of insider “snipes,” one-sided LPs that hide selling, and why celebrity and political tokens so often collapse right after launch. Finally, Nick asks: if “no one is coming to save us,” what real protections can the industry build? Thank you to our sponsors! Mantle Re Guest: Nicolas Vaiman , CEO and co-founder of Bubblemaps Links: Previous coverage of Unchained on these token launches: Why Would Argentine President Javier Milei Protect Kelsier's Hayden Davis? How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage Why Lyn Alden Isn't a Fan of Trump’s Memecoin Unchained: LIBRA Facilitator Sniped $12M of Kanye West’s YZY Token: Bubblemaps YZY Sniper Wallet Traced to LIBRA Scheme Kanye West’s YZY Token Launches With ‘Class Action Waiver’ Trump Family Grows $5 Billion Richer After WLFI Token Sale Circle Freezes $57M of USDC Linked to Libra Scandal Timestamps: ⏱ 0:00 Introduction 🔍 0:56 How Nick verified Trump’s memecoin was legit but Melania’s looked fishy, and how that led to Hayden Davis 🕵️ 8:00 What role Davis played in other shady memecoin launches 🎤 10:51 How Davis was tied to Kanye West’s $YZY token ⚡ 15:48 How sophisticated snipers find tokens onchain before everyone else ❓ 21:28 How Davis recovered frozen funds, and does this mean “crime is legal” in crypto? 👑 27:16 Why do celebrity memecoins almost always collapse 🎯 31:30 How are snipers plaguing the industry 😈 37:14 What tactics has Sahil Arora, the “crypto villain,” been accused of 🛠 40:51 How should the industry respond to these kinds of token launches 📈 46:07 How Justin Sun made a 10x on WLFI 👨‍💻 49:27 What’s Nick’s background and why he created Bubblemaps 🔮 53:32 How Bubblemaps plans to stand out from competitors Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 29

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Coinbase’s L2 Base is quickly becoming the most powerful distribution funnel in crypto — and two builders are betting everything on it. In this episode, Aerodrome’s Alex Cutler and Moonwell’s Luke Youngblood explain why they aligned early with Base, how Coinbase’s strategy could transform token launches by offering “one-click distribution” to 100M+ users, and why they believe Coinbase is set to become the world’s largest “crypto bank.” They also debate whether exchanges should decide which assets people can trade, how DeFi must evolve to reward token holders sustainably, and whether Uniswap’s push to keep liquidity fragmented is a moat or a weakness. Finally, they unpack the future of sequencing — and why Flashbots could deliver Solana-level speed while making trading fairer for everyone. Thank you to our sponsors! Walrus Guests: Alexander Cutler , Co-founder of Aerodrome Finance Luke Youngblood , founder of Moonwell Finance Links: Unchained: Companies Are Competing to Bring Crypto to the Masses. Who Is Best Positioned? Crypto Firms, Fintechs and Banks Hope to Dominate Stablecoins. Who Will Win? Moonwell stats Aerodrome stats Timestamps: 🎬 0:00 Intro 👥 2:56 Why Alex and Luke aligned early with Base, and how their backgrounds shapes that decision 📢 6:32 How Coinbase is positioning itself as the distribution partner of the onchain economy ⚖️ 21:12 Whether exchanges should be the ones deciding what assets people can trade 🌱 33:15 How DeFi needs to evolve to reward token holders sustainably and focus on long-term growth 💧 41:32 Whether liquidity fragmentation is actually a feature, not a bug, for Uniswap 💸 57:50 How Moonwell and Aerodrome justify issuing more incentives than they currently earn in revenue Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 28

DAT mania meets market reality. Tom Lee becomes the face of ETH as BitMine amasses 1.5% of supply and mNAV premiums start to collapse. We break down Japan’s MetaPlanet tax arbitrage, SharpLink’s buyback tactics, and the coming wave of DAT M&A. Plus: Robinhood launches tokenized stocks in Europe using Arbitrum, the WFE fires a warning shot, and Stylus lets fintech devs go Rust-first onchain. 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, Arbitrum’s AJ Warner (Chief Strategy Officer at Offchain Labs) joins to unpack the rise (and potential fall) of Digital Asset Treasuries (DATs), as Tom Lee emerges as Ethereum’s public face and BitMine amasses 1.5% of ETH. We dive into the collapse of mNAV premiums, Japan’s MetaPlanet tax arbitrage, and the looming consolidation of subscale DATs. Plus: Robinhood launches tokenized stocks in the EU on Arbitrum, AJ shares the roadmap for Robinhood Chain, and we debate whether token wrappers, buybacks, and DAT M&A mark the next era of crypto capital markets. Show highlights 🔹 Tom Lee’s ETH Blitz – How BitMine amassed 1.5% of the ETH supply, why Tom Lee says ETH could flip BTC, and how he’s become the “face of Ethereum.” 🔹 mNAV Compression Across DATs – Big-name DATs (BitMine, MicroStrategy) hold premiums; smaller ones trend toward par or discounts. 🔹 Japan’s MetaPlanet Tax Arbitrage – Why MetaPlanet trades at 2.5–3× NAV: stock taxation loopholes vs. crypto income tax rates in Japan. 🔹 DAT Buybacks, Activism & M&A – SharpLink’s buyback plan, potential for hostile takeovers, and speculation around “DAT piracy.” 🔹 One-DAT-per-Alt Endgame – Why most new DATs are failing, the shift to consolidation, and why each token may only support one treasury long-term. 🔹 Staking ETFs vs DATs – DATs can stake nearly 100% of assets; ETFs are constrained by redemptions and liquidity windows. 🔹 Corporate Tax Drag & Onchain Yield – Trade-offs between tax efficiency and flexibility in corporate vs. ETF structures. 🔹 WFE vs. Tokenized Stocks – Global exchange lobby attacks third-party wrappers as misleading “tokenized stocks” lacking shareholder protections. 🔹 Robinhood’s Tokenized Stock Rollout – Launching in the EU under MiCA, built on Arbitrum One, with a full Robinhood Chain to follow. 🔹 Stylus & Arbitrum Stack Strategy – Why Rust/C/C++ compatibility on Arbitrum helped win the Robinhood deal; flexibility for fintech devs. 🔹 Hyperliquid’s Bridge to Arbitrum – $5B+ in assets sourced via Arbitrum; why Arbitrum’s partner-first posture beats chasing L3s. 🔹 DATs as the New CMOs – How charismatic leaders like Tom Lee and Saylor act as public-facing evangelists for their ecosystems. HOSTS: ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tom Schmidt , General Partner at Dragonfly Guest: ⭐️ A.J. Warner , Chief Strategy Officer at Offchain Labs Links: Disclosures ⁠ DAT Mania Potential & mNAV Compression on the Chopping Block https://youtu.be/rF8TGVWWRTU?list=PLySrw1Nvf-srh6ZnJ033Jb440VKUjVNgX&t=2249 Timestamps 00:00 Intro 01:10 Ethereum's Market Performance 03:02 Tom Lee's Media Blitz 06:37 Digital Asset Treasuries in Crypto 08:47 Tax Arbitrage and Premiums in Different Markets 10:58 Challenges of Digital Asset Treasuries 16:20 Corporate Form vs. ETFs for Staking 19:25 The Role of Spokespersons in Digital Asset Treasuries 27:59 Equity Heavy Strategies and MicroStrategy's Leverage 29:10 Market Signals and Liquidity Challenges 31:29 Adversarial M&A and Stock Buybacks 33:57 WFE letter to SEC: attack on “tokenized stocks” 45:32 Robinhood & Arbitrum Partnership 53:51 Hyperliquid vs. Arbitrum's Ecosystem Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 27

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

Aug 22

Altcoin froth meets real-asset rails. Vlad explains why Robinhood built an L2, how tokenized stocks—and even private shares like OpenAI/SpaceX—could trade on-chain, and what that means for accreditation, access, and the public/private wall. Plus: DATs, DTCC in a tokenized world, and AI that formally proves smart contracts. 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, Robinhood co‑founder/CEO Vlad Tenev joins to explain Robinhood Chain, why they chose a Layer 2 over a Layer 1, and the plan to bring tokenized stocks — including private shares — on‑chain. We get into the OpenAI/SpaceX kerfuffle, accreditation rules, and whether permissionless tokenization erodes the public/private boundary. Then we zoom out to 24/7 trading, Digital Asset Treasuries, and how formal verification (Lean proofs) could make smart contracts safer. Show highlights 🔹 Robinhood Chain L2 vs. L1 – Why Vlad Tenev chose a Layer 2 over a Layer 1 for tokenized stocks and real-world assets. 🔹 Tokenized Stocks & Private Shares – How Robinhood could put U.S. equities and private company equity (OpenAI, SpaceX) on-chain via SPVs and secondaries. 🔹 OpenAI/SpaceX Tokenization Debate – Issuer consent vs. permissionless exposure: what the kerfuffle reveals about private markets on-chain. 🔹 Retail Access & Accreditation Reform – Moving from wealth-gated accreditation to disclosure + self-certification so more investors can participate. 🔹 Ex-US Rollout for Tokenized Equities – Stablecoin-style playbook with KYC/geofencing and permissionless assets where allowed. 🔹 24/7 Trading for Stocks – From 24/5 to 24/7 markets; what this means for DTCC, transfer agents, and market plumbing. 🔹 Wallet + Chain + Custody Stack – Vertical integration advantages: pricing, UX, and liquidity when Robinhood owns more of the rails. 🔹 Digital Asset Treasuries (DATs) – Yield dynamics, mNAV compression, and how DATs stack up against staking ETFs. 🔹 Memecoins vs. Real Assets – “You can buy memes but not OpenAI” paradox and why investor-protection rules feel backward. 🔹 AI-Verified Smart Contracts – Lean proofs, formal verification, and reducing smart-contract risk beyond manual audits. 🔹 Harmonic’s “Aristotle” – Vlad’s AI hitting IMO gold-medal-level math performance and what that means for code safety. 🔹 Robinhood’s Next Decade – Retail super app → B2B/institutional rails and ex-US expansion for tokenized finance. 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: ⭐️ Vlad Tenev , CEO & Co-founder of Robinhood Timestamps 00:00 Intro 01:52 L2 vs. L1 Trade-Offs 04:19 Tokenized Stocks on Robinhood Chain 07:56 Private Markets Onchain 16:10 Accreditation Reform & Compliance 21:47 24/7 Trading for Equities 31:05 Public vs. Private Boundary 32:59 Memecoin Paradox vs. Real-Asset Tokenization 35:27 Digital Asset Treasuries (DATs) 37:50 Robinhood’s Business Mix 41:38 Retail to Institutions: Global Expansion 46:44 Harmonic AI & Lean Proofs 54:48 Safer Smart Contracts Beyond Manual Audits Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 22

The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer. This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto. Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Sui Xapo Bank Guests: David Nage , VC Portfolio Manager at Arca Lawson Bae , Founder of Relayzero Links: Unchained: Wormhole Foundation to Counter LayerZero’s Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens Timestamps: 🎬 0:00 Intro 🧱 2:57 Why LayerZero wants to buy Stargate, the bridge it launched 💸 8:36 Whether the $110 million offer from LayerZero was actually fair 🕵️‍♂️ 14:07 How Wormhole may be trying to make things difficult for its biggest rival 📊 16:35 Why David thinks the $110 million number can be justified 📈 21:07 How the number of daily active users factors into valuing crypto projects 🔢 27:07 What a “reasonable multiple” for Stargate could look like 🗳️ 30:34 How the Stargate DAO should approach this pivotal decision 🤝 34:49 Why this deal shows that crypto M&A is booming Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 21

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Crypto is moving past speculation — and into the battle for mass adoption. In this episode, Phantom CEO Brandon Millman and Pudgy Penguins CEO Luca Netz join Unchained to debate who will own the next hundred million users. Will it be product-led startups, Web2 giants like X and Meta, or crypto-native apps like Phantom? From payments to trading wars to the “everything app” dream, they unpack where the real value will accrue — and why the easy money era for entrepreneurs is over. Thank you to the sponsors who make this show possible! Re Mantle Guests: Brandon Millman , CEO and co-founder of Phantom Luca Netz , CEO of Pudgy Penguins Timestamps: 🎬 0:00 Intro 🚧 3:34 Why Brandon still thinks it’s a great time to build in crypto ⚡ 5:55 How Luca sees this moment as an “inflection point” for the industry 👥 9:36 What Brandon and Luca’s personal journeys reveal about building in Web3 🌍 18:07 Who’s best positioned to onboard the next wave of users into crypto 💸 25:05 How distribution is key and why Luca desperately wants to invest in Phantom 😀 💳 37:00 Who might win the payments race and what gives them the edge 📱 51:26 Whether Solana’s Seeker phone has any real shot at breaking through 🔗 58:32 How Robinhood might use Privy and Bridge to dominate the crypto stack ⚔️ 1:01:17 What the new crypto trading wars say about Robinhood, Coinbase, and Kraken 🤔 1:06:05 Whether Coinbase lacks a good product team 📲 1:10:36 Whether the “everything app” dream actually makes sense Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 15

Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets? Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn’t even on the field today. Thank you to our sponsors! Walrus Xapo Bank Guest: Austin Campbell , NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Links: Unchained: Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain: Report Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm Timestamps: 🎬 0:00 Intro 💸 4:23 Whether the world really needs stablecoin-specific blockchains 🧪 9:45 How Stripe’s Tempo chain could gain an edge in the payments game 🌐 12:25 Why Circle’s Arc might struggle to stand out 🏆 15:19 Who could emerge as the winner of the stablecoin payments race 🗺️ 20:35 What the broader stablecoin chain landscape looks like right now 🏦 23:36 Whether crypto companies have a real shot at disrupting traditional finance 🙋‍ 27:51 Who could end up being the biggest winners 🧱 31:52 Why Ethereum may not be ready for the RWA moment 🔮 34:52 Who’s best positioned to capitalize on the next wave of blockchain-based payments Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 14

Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania. 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 surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs. Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin’s security decades from now. Also: Trump’s executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we’re only halfway to mania. Show highlights 🔹 ETH vs. Alts – Is Ethereum still an altcoin, or has it graduated to “major” status? 🔹 Circle’s Arc & Stripe’s Tempo – Why are fintech giants launching their own L1s instead of using Ethereum L2s? 🔹 Crypto Twitter Backlash – The ethos clash between “public goods” culture and corporate profit motives. 🔹 Monero’s 51% Attack – Qubic’s AI Garth mines enough hash power to take over Monero as a “proof of concept.” 🔹 Game Theory & Chain Security – Why PoW is fun (and dangerous) to reason about, and how PoS differs. 🔹 Bitcoin’s Future Risk – How tail emissions (or lack thereof) could leave BTC open to similar attacks. 🔹 401(k) Goes Crypto – Trump’s executive order allows digital assets in retirement accounts. 🔹 GPU Debt Crisis Fanfic – Tarun’s prediction for a future financial meltdown. 🔹 DATs Debate – Are Digital Asset Treasuries sustainable, or primed for a spectacular unwind? 🔹 Yield Edge over ETFs – Why DATs may outperform staking ETFs in capturing on-chain yield. ⭐️ 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 Democratizing Access To Alternative Assets For 401(K) Investors https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/ Timestamps 00:00 Intro 01:01 Crypto Market Sentiments 02:29 Circle’s Arc & Stripe's Tempo 07:34 Corporate Chains vs. L2 Solutions 17:57 Monero's 51% Attack by Qubic 27:11 Real-World & Protocol Incentives 29:33 Monero's Tail Emission & Bitcoin's Future 34:39 Trump’s Executive Order: Crypto in 401(k)s 37:15 Next Financial Crisis? GPU Debt Crisis 41:15 DAT Mania Potential & mNAV Compression Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 13

Ethereum’s rally has captivated the market, but is it really about the GENIUS Act and stablecoins, or just raw flows? In this episode of Bits + Bips, Alex Kruger, Ram Ahluwalia, Steven Ehrlich, and special guest Sid Powell of Maple Finance, dive deep into what’s driving ETH, the macro forces shaping crypto’s next leg up, and whether traders are completely wrong about the Fed’s next moves. From the potential flood of TradFi capital onto the blockchain, to the battle for stablecoin dominance, to whether Solana is about to get a major boost, the conversation dissects the signals in today’s market. Hosts: Alex Kruger , Founder of Asgard Ram Ahluwalia , CFA, CEO and Founder of Lumida Steven Ehrlich , Executive Editor at Unchained Guest: Sid Powell , CEO & Co-Founder of Maple Finance Links: Unchained: Custodia Patent for Bank Stablecoin Challenges Big Banks Entering the Field CBS News: CPI rose in July by 2.7% on an annual basis. Here's what that means. CNBC: Circle shares rise as second-quarter revenue jumps 53% on strong stablecoin growth Fed board contenders Miran, Bullard say Trump's tariffs are not causing inflation CoinDesk. ETH Transaction Volume C Much as $20 limbs on Price Rally, Cheaper DeFi Costs Tom Lee's BitMine Immersion Aims to Raise asB for More ETH Buys Cointelegraph: SharpLink Gaming shares dip after $400M deal to boost Ether holdings Bloomberg: Godfather of the Mar-a-Lago Accord Goes to the Fed Timestamps: 🎬 0:00 Intro 🚀 2:52 Why ETH has been rallying so aggressively 💪 10:14 Why Alex says the ETH rally will continue 📉 12:53 How BitMine and SBET ended up with such wildly different mNAVs 🧾 14:07 How treasury companies are planning to deploy their crypto onchain 🏛️ 18:45 What TradFi institutions are looking for in Maple and other onchain finance apps 📊 28:07 What Alex is watching to signal the next breakout in crypto prices ⛏️ 32:57 Who really makes money during this new gold rush? 🔥 42:15 Why SOL could be on the verge of a big announcement 🧠 44:58 What Ethereum’s core purpose is in this new market cycle 🌍 47:34 How macro indicators are sending mixed signals 🤖 54:31 What the NVDA and AMD revenue shares with the U.S. government mean for the future of capitalism could mean for the broader market 🏆 58:13 Who stands to win big in crypto if the Fed cuts rates 💵 1:03:26 What Circle’s earnings reveal about its business model right now 🛡️ 1:04:33 Whether Custodia Bank’s patent could block big banks from launching stablecoins 📉 1:11:35 Why markets might be totally mispricing the Fed’s next moves Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 12

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter In this episode of Unchained, Guy Young, founder of Ethena Labs, and Rob Hadick, general partner at Dragonfly, unpack the emerging wave of Digital Asset Treasuries (DATs) and why altcoins may be the next to follow Bitcoin and Ethereum onto public markets. They explain why StablecoinX, a new infrastructure company within the Ethena ecosystem, is merging with a SPAC to go public on Nasdaq under the ticker “USDE,” anchoring its treasury with Ethena’s ENA token. With $360 million in backing from investors like Dragonfly, Ribbit, Galaxy, and Polychain, the deal is testing whether public equity markets are ready for altcoin-native treasuries. Guy and Rob also discuss why some crypto wrapper stocks are trading at massive premiums, how capital gets misallocated in crypto, and whether ETH staking rewards represent real yield or just inflation. They debate whether this trend is creating lasting infrastructure or just new packaging for old narratives. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Re Guests: Guy Young , founder of Ethena Labs Rob Hadick , General Partner at Dragonfly Timestamps: 🎬 0:00 Intro 🧠 3:29 Why Ethena worked with a team launching an ENA corporate treasury company 💰 10:38 Ways to structure public crypto treasury vehicles 🕵️‍♂️ 16:53 Whether treasury vehicles are just a flashy wrapper for vaporware 📉 22:28 Why Guy says there’s way more VC capital than good ideas in crypto right now 📈 31:20 How some DATs are trading at eye-popping premiums 🤔 37:15 Why Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays 🏗️ 40:24 How the structure of these public vehicles shapes their value 🔄 47:39 What makes convertible debt different from SPACs or PIPEs 🧾 49:20 How investors should think about these new crypto treasury companies 📊 55:43 How Wall Street is being pitched on Ethena and USDE 💥 59:16 Whether this trend is legit or just another bubble waiting to pop Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 8

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. With special guests: Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation. This week we get into one of the most pivotal moments in Ethereum’s history — from the Tornado Cash verdict and its chilling implications for developers, to Wall Street’s growing embrace of ETH through the launch of ETHZilla. The crew unpacks how this trial could redefine developer liability, why Ethereum’s narrative is shifting toward institutional adoption, and what the next decade could look like for the world’s most versatile blockchain. Whether you’re here for the legal drama, the market moves, or the inside scoop from Ethereum’s top builders and investors, this episode delivers the sharp analysis, big-picture context, and unfiltered hot takes you’ve come to expect from The Chopping Block. Show highlights 🔹 Tornado Cash Verdict Breakdown – Haseeb explains the mixed outcome: a conviction on one count, hung jury on the most serious charges, and what it means for Roman Storm’s future. 🔹 Developer Liability in the Spotlight – Why the case sends a chilling signal to open-source and privacy protocol builders across the U.S. 🔹 Inside the Appeal Strategy – How contradictions between DOJ arguments and FinCEN guidance could shape Roman’s path forward. 🔹 Avichal’s Optimistic Take – Why he believes the American legal and political system will ultimately land on the right side of crypto innovation. 🔹 Historical Parallels – Comparing today’s battles over smart contracts and AI to the legal fights over corporations and cryptography in centuries past. 🔹 ETHZilla Unveiled – Avichal introduces Electric Capital’s new Ethereum treasury vehicle, how it’s designed to work, and its potential impact on DeFi. 🔹 Wall Street Meets Ethereum – The crew explores how institutional capital could become a massive “supply sink” for ETH. 🔹 Potential Shakeouts Ahead – Why some public ETH vehicles may face activist investor pressure, M&A, or liquidation if they stay subscale. 🔹 Ethereum Foundation’s Vibe Shift – Tomasz shares how the EF is engaging more openly with the community, leaning into finance, and guiding ecosystem coordination. 🔹 Ethereum’s Resurgence – From legal fights to market dominance, why ETH feels unstoppable heading into its next decade. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly Guests ⭐️ Avichal Garg , Managing Partner at Electric Capital ⭐️ Tomasz K. Stańczak , Co-Executive Director at the Ethereum Foundation ⁠ Disclosures ⁠ Links Beyond Stablecoins: The Case for Ethereum by Maria Shen and Sanjay Shah (Electric Capital) https://electriccapital.substack.com/p/beyond-stablecoins-the-case-for-ethereum Timestamps 00:00 Intro 01:36 Tornado Cash Trial Verdict 06:16 Legal and Industry Reactions 09:25 Future of Crypto Legislation 21:13 Smart Contracts & AI Legislation 27:58 Introduction to ETHZilla 31:47 Community-Oriented Ethereum Initiatives 32:38 Wall Street Money in DeFi 35:08 Activist Investors & Market Dynamics 39:25 TradFi vs. DeFi 44:12 Ethereum Foundation's Cultural Shift 54:13 The Role of Ethereum Foundation Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 8

Solana Mobile’s Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week’s episode features two big stories. 📱 First, Solana Mobile has begun shipping the Seeker, its second-generation crypto smartphone. Emmett Hollyer, GM of Solana Mobile, joins to explain: What’s new in the Seeker and how it compares to the Saga Why he says it’s the most secure phone for crypto How Seed Vault, Seeker ID, and the SKR token could reshape crypto identity, incentives, and adoption ⚖️ Then, we unpack the Roman Storm verdict. The Tornado Cash co-founder was found guilty on just one of three charges. Former prosecutor Sam Enzer explains: Why the outcome is seen as a partial win for crypto Why Storm has strong grounds to fight the verdict What this means for developers building privacy tools and open-source software And whether the remaining conviction might be overturned Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Walrus Xapo Bank Focal by FalconX Guests: Emmett Hollyer , General Manager of Solana Mobile Sam Enzer , partner at Cahill Gordon & Reindel Links: Solana Begins Shipping Seeker Phone Tornado Cash Co-founder Roman Storm Found Guilty on One Count Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 6

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Last week’s macroeconomic data came with a twist: a massive job downward revision from the Bureau of Labor Statistics. But is it a recession signal, or just statistical noise? In this episode of Bits + Bips, Ben Werkman, chief investment officer at Swan Bitcoin, joins hosts Ram Ahluwalia, Noelle Acheson, and Steve Ehrlich to examine why markets shrugged off the data, and what it means for crypto. The panel also discusses: Whether markets are mispricing macro risk How Strategy’s latest capital raise may reflect rising treasury company risk The future of tokenized equity and how Coinbase could unlock private market value New regulatory signals suggesting the U.S. may allow banks to hold crypto The rise of “super apps” blending payments, trading, and custody Thank you to our sponsor! Mantle Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Steve Ehrlich , Executive Editor at Unchained Guest: Ben Werkman , Chief Investment Officer at Swan Bitcoin Links: Macro BLS Drama CNN: Trump says the Bureau of Labor Statistics orchestrated a ‘scam.’ Here’s how the jobs report really works NYT: Big Downward Jobs Revisions Could Be a Warning Sign for the Economy CNBC: 'The revisions are hard evidence': White House struggles to justify firing of BLS chief over weak jobs numbers Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets PCE Reuters: US inflation warms up in June as tariffs boost some goods prices Tariffs NYT : Trump’s Tariffs Are Making Money. That May Make Them Hard to Quit. FT: Donald Trump to raise tariffs on India over Russian oil purchases CNBC: EU will delay planned U.S. tariffs for six months to allow for trade talks Crypto earnings season Coverage of $COIN and $MSRT on Bits + Bips: Strategy Had a Massive Quarter: Impressive Numbers, But Are They Sustainable? Coinbase Missed Earnings, But the Bull Case Is Still Intact, Analyst Says Unchained articles: Coinbase Veered From Its Neutral Stance With Base. Could That Bet Go Wrong? How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever Coinbase Expands Into Tokenized Stocks and Prediction Markets How Robinhood's New Crypto Strategy Could Help Its TradFi Ambitions Timestamps: 🎬 0:00 Intro 📉 4:25 Why Noelle thinks we’re looking at the job numbers all wrong 🍔 16:23 Whether the BLS revision is actually a nothing burger 🧊 19:33 How investors are managing to shrug off all the macro noise 🏢 32:37 What surprised Ben about corporate bitcoin adoption and how earnings are shifting the narrative 💰 37:57 Why Strategy is raising capital at sky-high premiums 📊 44:40 How Robinhood and Coinbase stack up by the numbers 📜 51:11 What new signals reveal about the U.S. rewriting financial rules 📱 57:43 How “super apps” are changing the game for crypto and TradFi 📈 1:05:18 Where the panel sees markets heading next 🏛️ 1:13:17 What it might take for governments to start holding crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 5

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Has the Fed entered a new era? In this episode of Unchained, macro strategist Jim Bianco of Bianco Research lays out why the current economic cycle is fundamentally different from what came before. He explains the implications of sticky inflation, why 0% interest rates and money printing may be relics of the past, and how the COVID-era economy created lasting structural shifts. Bianco also gives his candid take on how retail investors have changed markets, why the payments system is still stuck in the 1950s, and how stablecoins and tokenized assets could fix that—if regulators allow it. He breaks down the threats facing major players like Coinbase and Robinhood, and shares a bold theory on what really happened during the GameStop short squeeze. Bianco also assesses what could happen if the Fed is politicized — and whether Chair Powell is likely to be replaced. Thank you to our sponsors! Bitwise Ledn Mantle Guest: Jim Bianco , President and Macro Strategist at Bianco Research, L.L.C. Timestamps: 🎬 0:00 Intro 📉 3:36 Why Jim called the latest economic revisions “extraordinary” 🔥11:56 Whether we’ve entered a post-COVID “new normal” of sticky inflation 👔 18:14 Could Trump really fire Powell — and what would that mean for the Fed? 📉 23:36 What happens to markets if Trump pushes through aggressive rate cuts 🛍️ 29:45 How retail investors flipped the power dynamic on Wall Street 💳 26:04 Why Jim says outdated payment rails are holding back stablecoins 🧩 46:17 Jim’s bold theory on how the GameStop halt was really about saving Schwab 🚫 50:12 Why he’s skeptical of the SEC’s “Project Crypto” ⚔️ 57:17 Why Coinbase and Robinhood are bracing for a new wave of challengers ⚠️ 59:28 What could happen to crypto treasury companies in a bear market 🏛️1:01:43 What’s still broken in tokenized stocks — and how to fix it Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 2

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, things get personal as Haseeb and Tom break their silence on the DOJ’s shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm’s trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: Samourai Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC’s new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Dragonfly Named in Court – Haseeb and Tom break their silence after the DOJ threatens criminal charges over Dragonfly’s Tornado Cash investment. 🔹 Roman Storm on Trial – The Tornado Cash co-founder faces up to 45 years as the government tests the limits of crypto developer liability. 🔹 DOJ Walks It Back – After a media firestorm, prosecutors publicly reverse course and say Dragonfly is not a target. 🔹 Samourai Wallet Pleads Guilty – Another privacy project folds under pressure — and possibly to bolster the Tornado Cash case. 🔹 Privacy Protocols Under Siege – The crew asks: Is building immutable software now a criminal act in the U.S.? 🔹 Tarun Breaks Down Autonomous Code – Why the government’s case against smart contracts reveals a deep misunderstanding of how DeFi works. 🔹 Robert’s Liquor Store Saga – CT’s favorite meme investor explains how he tried to take over a public company… and got mega-diluted. 🔹 SEC’s Project Crypto Leaks – Paul Atkins lays out a sweeping vision for crypto-friendly regulation and software protections. 🔹 Crypto’s Legal Future Hangs in the Balance – From subpoenas to policy pivots, this episode explores what’s next for developers, investors, and privacy itself. 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: American Leadership in the Digital Finance Revolution, by Paul S. Atkins, SEC Chairman https://www.sec.gov/newsroom/speeches-statements/atkins-digital-finance-revolution-073125 Timestamps 00:00 Intro 01:58 Background on Tornado Cash 03:50 Legal Challenges & Sanctions 06:36 DOJ's Actions & Dragonfly's Response 11:25 Implications for Privacy & Crypto 27:06 Samourai Case & Broader Implications 33:37 Robert's Liquor Store Saga 37:17 LQR House Challenges & Legal Issues 46:05 Lessons Learned from the LQR House 50:01 SEC's New Crypto Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 2

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza , Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau , Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 1

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever. In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon. If you want to understand where DeFi is going, you’ll want to hear what Stani has to say . 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 Xapo Bank Guest: Stani Kulechov , founder and CEO of Aave and ETHLend Links: Recent episode of Unchained with EF’s co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates DefiLlama: Aave stats Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdings Timestamps: 🎬 0:00 Intro 🎉 4:58 What Ethereum’s 10-year milestone means to Stani 🏗️ 9:09 How Aave became the top lending protocol on Ethereum 🧐 13:02 Why Stani has been critical of the Ethereum Foundation 🏦 17:16 How TradFi institutions could quietly run on Aave infrastructure 💸 25:08 What Stani thinks about the complaints over Ethereum revenues and fees 🌉 30:27 Why Aave hasn’t launched on Solana 💼 35:32 How Ethereum treasury companies are putting Aave to work 🔧 41:15 What Aave V4 is bringing to the protocol and why it matters 🌍 48:18 How Horizon could bridge DeFi and real-world assets 🤝 50:43 Why DeFi might thrive even as TradFi and fintech move onchain 🗳️ 57:57 Whether DAO governance is fundamentally flawed Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 31

Subscribe to the new Bits + Bips channels! 📺 YouTube 🎧 Podcast → Apple Podcasts , Spotify , Pocket Casts , Fountain 🐦 X / Twitter Ethereum turned 10 on Wednesday, capping off a decade of trials and travails — but also triumphs. After years of being the heart of crypto’s onchain economy, Ethereum stalled last year, losing mindshare and market share to Bitcoin and Solana. During that time, some long-time supporters publicly aired frustrations with the Ethereum Foundation. Now, there’s a palpable shift in energy. In this episode, Tomasz Stanczak, the co-executive director of the Ethereum Foundation, reflects on the 10-year anniversary and talks about what’s ahead. From internal strategy overhauls to his plans to tackle Ethereum’s UX and developer experience, Tomasz shares how the Foundation is trying to re-center Ethereum — and why he’s betting on it for the next decade. He also lays out what he calls a “secondary roadmap,” including bold ambitions like building Ethereum into a platform for AI, machines, and even a new kind of open-source society. Thank you to our sponsors! Ledn Mantle Guest: Tomasz K. Stańczak , Co-Executive Director at the Ethereum Foundation and Founder of Nethermind Links: Unchained: Ethereum Turns 10 Years Old Tomasz’s tweet about the roadmap Timestamps: 🎬 0:00 Intro 🎉 7:46 How Tomasz is reflecting on Ethereum’s 10th birthday and its recent struggles 🧠 10:41 What Ethereum means to Tomasz and how he explains it to the normies 🏗️ 17:28 Why the Ethereum Foundation plays a different kind of role in crypto development 👔 22:59 How Tomasz ended up as co-executive director of the EF 🗣️ 27:25 What he learned from hundreds of conversations about how Ethereum could improve 🎯 29:47 Why the Foundation is now focused on three core goals 💼 36:34 How and why the EF is also embracing business development 🪙 42:40 Why Tomasz wants people minting directly on Ethereum Layer 1 📣 46:14 How the Foundation’s communication strategy has changed and why it matters 📉 52:48 Why the EF isn’t focused on ETH’s price—at least not directly 🧾 57:50 Whether the Foundation is worried about Ether’s shifting asset narrative 🔗 1:03:34 How the EF is working to fix interoperability issues within Ethereum 🏦 1:05:59 Why the Foundation sold ETH to SBET and how its treasury strategy is evolving 🏛️ 1:14:09 How Ethereum became the chain of choice for institutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 29

What’s fueling crypto’s market surge? This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure. Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! Bitwise Mantle Hosts: Steve Ehrlich , Executive Editor at Unchained Ram Ahluwalia , CFA, CEO and Founder of Lumida Guests: Katalin Tischhauser , Head of Research at Sygnum Bank Jake Ostrovskis , Head of Sales Trading (OTC) at Wintermute Links Markets: Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million DATs: Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% Trump and Powell Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats Timestamps: 🎬0:00 Intro 🔥 6:03 Why ETH’s comeback is reigniting crypto markets 🧠 11:23 Why Ram says “animal spirits are back” 💸 15:06 When tariffs could finally start pushing prices higher 📉 18:06 Whether BTC dominance is fading—and if alt season is finally here 🏭 22:27 How tariffs are already hurting some businesses ⚖️ 27:49 Whether Strategy’s new preferred share class adds risky complexity 🏚️ 32:32 Why many new treasury-backed projects might not survive 📊 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums 🔮 51:28 What the real endgame is for all these DATs ⚔️ 59:00 How the Powell-Trump tension could shake up markets 🔗 1:12:44 Why tokenization is gaining momentum across finance 📈 1:18:55 Whether stablecoins could revive global demand for the US dollar Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 25

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity 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! Xapo Bank Focal by FalconX Guests: Simon Smockey , Researcher at Delphi Digital Yan Liberman , Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures Jason Pagoulatos , Head of Markets at Delphi Previous coverage on the ICO: Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More Timestamps: 🎬 0:00 Intro 💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired 🔓 11:07 Whether the lack of investor lockups hurt confidence in the token 😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming 📉 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash 🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum 💸 34:19 Whether buybacks or business reinvestment is the better path forward 📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it 🌍 47:16 What strategies could finally bring normies onchain 🧵 53:22 Whether the PUMP launch proves that decentralization is dead Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 24

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 Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry’s been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum’s bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market’s reaction to it all. Show highlights 🔹 Clarity Act Passes the House – Landmark crypto bill advances with bipartisan support, aiming to limit SEC power and define digital asset classifications. 🔹 Stablecoins Get a Path Forward – The Genius Act passes alongside Clarity, offering long-awaited regulatory rails for U.S. stablecoin issuers. 🔹 Congress Goes Full Crypto – Three major bills pass the House in one week, marking a historic show of political support for the industry. 🔹 Rebecca Rettig Returns – Jito Labs Chief Legal Officer breaks down what the legislation really means — and what still isn’t clear. 🔹 SEC in the Hot Seat – With CFTC gaining ground, the SEC’s regulatory grip is questioned across policy circles and crypto Twitter. 🔹 Bitcoin Breaks $120K – Markets rally on regulatory momentum and renewed optimism, with BTC setting a new local high. 🔹 Altcoins Catch Fire – SOL, PENGU, and meme tokens explode as traders rotate into risk-on narratives post-legislation. 🔹 Ethereum’s Silence Raises Eyebrows – Despite being at the heart of stablecoin infrastructure, Ethereum’s core voices stay unusually quiet. 🔹 DeFi’s Legal Gray Zone Remains – Tarun argues the bills may shift political winds, but don’t resolve the underlying protocol risk or enforcement ambiguity. 🔹 Crypto Week Becomes a Real Thing – What started as a Trump slogan turns into one of the most consequential weeks in U.S. crypto history. ⭐️ 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 ⭐️ Rebecca Rettig , Jurisprudential Genius at Jito Labs Disclosures Timestamps 00:00 Intro 01:06 The Genius Act 04:38 Tech Companies & Stablecoins 08:38 Predictions for the Future of Stablecoins 26:25 The Clarity Act Breakdown 32:27 Important Definitions 34:38 New Exemptions for Token Sales 41:12 Mature Blockchain Certification Process 45:27 Defi Activity Exemptions & Regulations 48:03 New Categories for Spot Crypto Registrants 55:52 Solana's Block Assembly Marketplace (BAM) Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 23

Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation. But is this just the beginning? In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast. They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates. Sponsors: Bitwise Mantle Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Steve Ehrlich , Executive Editor at Unchained Guest: Cosmo Jiang , General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Stablecoins Unchained: GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Trump to Unblock Crypto Access in America’s $9 Trillion 401(k) Market: Report The Block: GENIUS Act is helping Ethereum ‘have its moment,’ Bernstein says WSJ: Why Banks Are on High Alert About Stablecoins Digital Asset Treasuries WSJ: Blank-Check Company Strikes Cryptocurrency Deal Unchained: SBET to Raise Additional $5B to Grow ETH Position Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan CoinDesk: DeFi Development Nears $200M Solana Treasury DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury Timestamps: 🎬 0:00 Intro 🚀 3:01 Why Noelle believes the stablecoin law is just the beginning 😒 5:25 How Ram explains his disappointment with the market’s reaction 💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption 🏆 17:00 Who stands to gain the most from the new stablecoin law 🏦 20:08 How tokenization could hurt investment banking 📉 22:26 Whether regional banks are on the brink 📈 27:42 What’s fueling ETH’s latest rally 🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum 💥 36:14 Where markets are heading as retail FOMO ramps up 💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies 🥱 43:52 Why Ram is spotting signs of market fatigue 📊 45:15 Whether upcoming crypto IPOs can match early successes 💸 47:21 Why VC activity is still lagging despite bullish narratives 🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment 🧃 58:08 Everyone’s unexpected or contrarian take this week Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 22

Bitcoin is up over 25% year-to-date, but what if this is still the beginning? Udi Wertheimer joins the show to share a thesis that’s grabbing attention across crypto: that we’re entering a generational Bitcoin rotation, where old holders are out, new institutional buyers are in, and price targets like $400K may arrive faster than anyone expects. He explains why the emergence of “forced buyers” like Michael Saylor’s Strategy changes everything, why he thinks the altcoin cycle is already lost, and how the biggest mistake Crypto Twitter is making today is thinking this is the top. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Mantle Udi Wertheimer , long‑time Bitcoin advocate and customer support intern at Taproot Wizards Udi’s article: This Bitcoin Thesis Will Retire Your Bloodline Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains Timestamps: 🎬 0:00 Intro 🐶 5:19 How Dogecoin’s 2021 run mirrors what could happen with Bitcoin today 🧠 21:31 Why Udi says most people misunderstood the rise of DATs 📈 30:38 Where bitcoin could be headed next, and how fast it might reach $400K 🏦 33:49 What makes this new wave of BTC buyers so different ⚠️ 39:52 Whether bitcoin-holding companies pose hidden risks 🪦 45:06 Why Udi believes altcoins, including ETH, may be finished this cycle ⏳ 51:50 Why Udi thinks Bitcoin’s next runup is “imminent” Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 18

After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry. The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language. Now that it’s through, what will this law actually do? And who stands to benefit—or lose ? In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain: How the bill won bipartisan support despite political tensions Why banks may think twice before issuing stablecoins And why Circle is applying for a national trust bank charter Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank FalconX Dante Disparte , Chief Strategy Officer and Head of Global Policy and Operations at Circle Unchained: GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? ​​ House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves Fortune: JPMorgan Chase’s new fees for data could ‘cripple’ crypto and fintech startups, executives warn Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations Timestamps: 🎬0:00 Intro 🇺🇸 2:23 Why Dante says this “crypto week” went better than anyone expected 🤝 3:44 How the GENIUS Act won bipartisan support despite major political friction 📜 6:10 Why Dante believes the bill is bigger than just crypto 🏦 9:02 How Circle plans to compete with the banking giants 🪪 15:22 What Circle hopes to achieve with its national trust bank application 🔐 18:28 Why financial privacy matters so much in the U.S. system 💵 19:34 How deposit tokens differ from stablecoins 📈 22:34 What Circle might do when interest-bearing stablecoins are finally allowed 👛 27:43 How this new law could impact everyday Americans and their money Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 17

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 breaks down the return of the ICO — but with a twist. Pump.fun’s $500 million token sale sells out in 12 minutes, sparking a heated debate about forward markets, new market structure design, and whether we’ve entered a smarter, more institutionalized fundraising era—or just rebranded 2017 chaos. Hyperliquid becomes the surprise king of pre-launch liquidity, exchanges buckle under demand, and a new class of crypto treasury vehicles raises eyebrows (and capital). Meanwhile, Trump declares “Crypto Week” as Congress moves forward with the most sweeping legislation the industry’s seen in years. Is crypto finally growing up—or just getting better at dumping on retail? The gang dissects the narratives, the numbers, and the fallout. Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Pump.fun’s ICO Raises $500M in 12 Minutes – The largest token sale in recent memory, with 25,000+ KYC’d participants and CEX/DEX syndication. 🔹 Forward Markets & Hedging Games – Kraken and Bybit face issues as sophisticated traders attempt to arb between ICO allocations and perps. 🔹 New Market Design – Pump introduces a novel multi-venue, API-synced launch structure; future ICOs may follow suit. 🔹 CT Has Negative Alpha – Crypto Twitter sentiment was wildly bearish… right before the most oversubscribed sale in years. 🔹 Hyperliquid Hits $11.5B OI – Becomes the dominant venue for pump trading, eclipsing even CEXs; pre-launch volume milestone. 🔹 Treasury Vehicle Controversy – $888M raised for hype via a new structure; Tarun questions whether it’s a liquidity gateway or retail dump machine. 🔹 Trump Declares Crypto Week – Genius Act (stablecoins), Clarity Act (market structure), and Anti-CBDC Act all hit the House floor. 🔹 Polymarket Vindicated – DOJ and CFTC drop their probe into Shane Coplan’s prediction market platform. 🔹 Altcoin Momentum Returns – $PENGU +270%, $SUI +60%, $UNI +43%; narrative shifts from “revenue meta” to “meme meta.” 🔹 Solana vs. Hyperliquid – Hype replaces SOL as the go-to high-beta asset? The team debates competing ecosystems. ⭐️ 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 01:18 Pump ICO Breakdown 06:54 Pump's Unique Market Design 10:57 Future of ICOs and Market Trends 21:36 Hyperliquid's Role in Pump Launch 32:26 Crypto Week and Legislative Updates 41:23 Polymarket Investigation Dropped 47:29 Altcoin Rally and Market Sentiment Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 16

Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg. In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what’s really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits. And with crypto ripping, is it time to ride the rally, or take some risk off the table? Thank you to our sponsor! Bitwise Steve Ehrlich , Executive Editor at Unchained Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Guest: Austin Campbell , founder and managing partner of Zero Knowledge Consulting Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Grayscale Files Confidential IPO Paperwork Timestamps: 🎬 0:00 Intro 🚀 2:22 Why bitcoin is hitting new highs and what’s really driving it 🧘‍♀️ 5:29 Why Noelle says market complacency can’t last forever 🌍 9:06 The surprising way bitcoin looks when you stop measuring it in USD ⚖️ 11:49 Whether this is the moment to de-risk your crypto exposure ⛏️ 16:50 How bitcoin mining stocks are made to be traded, not held, according to Ram 📜 18:57 Austin’s thoughts on the odds of crypto legislation passing this summer 🏆 20:48 Who the winners and losers will be if the GENIUS Act becomes law 💳 24:51 Whether payment giants like Visa are under threat from stablecoins 🚧 29:15 What kinds of firms could actually disrupt the U.S. financial system 💰 34:00 The pros and cons of deposit tokens compared to stablecoins 🌐 37:06 How stablecoin legislation could reshape global macro and finance 🧪 44:32Whether Pump.fun’s ICO was extractive or necessary 🏛️ 56:55 Why Grayscale wants to go public and what that move could unlock 🏦 1:04:15 Whether traditional banks have the talent to win the stablecoin race 🌠 1:08:15 Why Stellar might be the blockchain dark horse in this cycle Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 15

The weeks leading up to Pump.fun’s ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations. In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes. The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated. In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down: Whether this marks the return of ICOs The objections to the small ($10 million) airdrop to creators How Pump.fun’s ambitions could reshape memecoins, and maybe Solana itself And why TikTok might not need to worry just yet Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Haseeb Qureshi , Managing Partner of Dragonfly Joe McCann , Founder, CEO & CIO of Asymmetric Previous coverage on the ICO: Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO SolanaFloor’s tweet on LetsBonk’s stats The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan Dune Analytics Twitter thread on the PUMP ICO stats Timestamps: 🎬 0:00 Intro 🚀 3:43 Why Joe says Pump.fun is one of the best crypto businesses he’s seen 📈 6:04 Whether this heralds the return of ICO mania 😤 7:11 Why the raise triggered backlash from parts of the crypto community 💸 8:32 Whether PUMP’s valuation can really be justified ⚙️ 12:10 How the exchange-first design created issues—and why others may copy it 📊 16:15 Whether PUMP’s distribution model helped or hurt its credibility ⏳ 21:43 Why the decision to have no token lockups sparked debate 👾 24:40 What kind of traders actually bought into the ICO ⚡ 32:56 Whether Solana’s performance makes it the new home for ICOs 🏦 37:50 Why Coinbase sat this one out 🔮 44:07 Where PUMP’s price might be headed in the medium term 📉 48:37 How Pump.fun lost some momentum—and what that says about the space 🧠 55:14 How Pump.fun plans to spend its $600 million war chest 📵 57:21 Whether Pump.fun can really take on Facebook 🔥 1:01:46 Why Joe still believes memecoins are just getting started Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 11

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 is joined by Paul Grewal, Chief Legal Officer at Coinbase, for a wide-ranging conversation on crypto’s next big frontier: tokenized stocks. From Robinhood’s controversial attempt to tokenize SpaceX and OpenAI shares to the legal and structural hurdles around pre-IPO derivatives, the crew dives deep into what it really takes to bring Wall Street on-chain. They also unpack the regulatory momentum behind the Genius and Clarity Acts, the return of ICO mania with Pump.fun’s $1B token raise, and the absurdly viral drama of Suitgate on Polymarket. Is this a new era of regulated innovation—or are we just recreating old problems on new rails? Tune in for sharp takes, legal insight, and a few laughs along the way. Show highlights 🔹 Tokenized Stocks Take Center Stage – Robinhood, SoFi, and Republic dive into pre-IPO trading; is this a financial revolution or regulatory chaos? 🔹 Coinbase’s Legal Strategy – Paul Grewal reflects on Coinbase’s battles with the SEC and what it took to survive crypto’s darkest legal hour 🔹 Pre-IPO Derivatives vs. Real Ownership – The crew debates whether retail is getting access or getting played 🔹 Robinhood vs. OpenAI – The tokenized equity stunt that triggered a corporate backlash and raised eyebrows across the industry 🔹 24/7 Markets, Finally? – Why crypto-native trading hours could break traditional finance 🔹 Pump.fun’s $1B ICO – The return of ICO mania? The team dissects crypto’s most profitable meme machine 🔹 Are Tokenized Stocks Useful Yet? – Tarun challenges the hype: where’s the real utility? 🔹 The Clarity & Genius Acts – Crypto legislation heats up in Washington—can the industry lock in meaningful reform? 🔹 Suitgate Explained – Zelensky’s outfit spawns a scandal on Polymarket: was it a suit or not? 🔹 Market Manipulation, Oracles & Meme Justice – Prediction markets meet internet chaos in the wildest crypto dispute of the week ⭐️ 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 Special Guest ⭐️ Paul Grewal , Chief Legal Officer at Coinbase Timestamps 00:00 Intro feat. Paul Grewal 01:23 How Coinbase Beat the SEC 04:49 Robinhood, OpenAI & the Pre-IPO Stock Craze 19:38 Crypto Regulation in 2025: Clarity & Genius Act 24:39 Why the Clarity Act Could Define Crypto’s Next Decade 27:10 Pump.fun’s ICO: Memecoin Mania or Market Maturity? 32:25 Suitgate on Polymarket: A Wild Crypto Scandal 39:19 The Future of Prediction Markets Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 11

In the first half of this dual episode, Phantom co-founder Brandon Millman joins Unchained to break down why his Solana-first wallet is launching perpetual swaps, and why it chose to integrate with Hyperliquid over any Solana-native option. Then, Bit Digital’s Sam Tabar explains why the public company ditched its profitable Bitcoin mining business, went all-in on ETH, and what happened when he told Michael Saylor. FalconX Sam Tabar , Chief Executive Officer of Bit Digital, Inc Brandon Millman , CEO and co-founder of Phantom Phantom Unchained: Phantom Wallet Launches Direct Perpetual Trading With Hyperliquid Phantom blog post: Introducing Phantom Perps Dragonfly’s Austin Marrazza tweet Bit Digital The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Treasury companies Unchained: These 4 Crypto Treasury Companies Are Primed for a Price Crash BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH Timestamps : Phantom 🎬 0:00 Intro ⚡ 1:36 Why Phantom is launching perps—and why now was the moment to do it 💥 6:08 How they landed on 40x leverage 💸 7:48 How Phantom plans to make money from its new trading product 🚫 8:50 Why U.S. users are left out (for now) 🔗 10:36 Why Hyperliquid won out over Solana-native DEXes ⚔️ 12:55 Whether wallets and dapps are headed for a showdown 🪪 17:22 Why Brandon believes wallets will be the new gateway to crypto 📱 18:45 How social features could redefine the wallet experience 🌅 22:45 What Brandon hopes Phantom becomes over the next five years Timestamps : Bit Digital 💥 26:35 Why Bit Digital ditched Bitcoin for Ethereum—and how Gary Gensler played a role 💰 28:31 How they walked away from a profitable BTC mining business 🪙 32:58 Why Sam says there’s no better home for stablecoins than Ethereum 🗣️ 34:09 What came out of Sam’s surprising conversation with Michael Saylor about crypto treasuries 🤔 37:10 Whether ETH’s value accrual model needs a fundamental rethink 📈 42:21 How Bit Digital plans to ramp up its ETH accumulation 🧠 44:40 What their new AI venture is really aiming to do Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 9

In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed’s next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed. We then look at what’s happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction. Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge. Sponsor: Bitwise Joe McCann , Founder, CEO, and CIO of Asymmetric Ram Ahluwalia , CFA, CEO and Founder of Lumida Steve Ehrlich , Executive Editor at Unchained Rob Hadick , General Partner at Dragonfly LINKS: WSJ: Trump Faces Crucial Week for Reaching Trade Deals EU Still Hopes for Initial U.S. Trade Deal Before Deadline Reuters: Japan, South Korea face 25% tariffs as Trump ramps up trade war in letters to 14 nations CNN: Trump announces new tariffs of up to 40% on a growing number of countries University of Washington: OBBB Signed Into Law Unchained: OpenAI Says Robinhood’s Stock Tokens Are Not Equity Tron Is Now More Expensive Than Ethereum. Will That Hurt Justin Sun’s New Company? AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High CoinDesk: CoreWeave to Acquire Core Scientific in $9B All-Stock Deal The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Timestamps: 🎬 0:00 Intro 🎭 2:05 Why Ram sees the tariff drama as more theater than substance 🎌 7:09 Whether Trump is leveraging tariffs ahead of Japan’s elections 📉 8:17 How low inflation is pressuring Jerome Powell and the Fed’s next move ⚠️ 12:06 Why Rob says the market feels “fragile” right now 🪙 14:52 Whether bitcoin has truly matured into a macro asset 🛡️ 22:16 How to hedge in an uncertain landscape, and what to make of Elon’s political pivot 💵 30:05 Whether Elon Musk is preparing to launch a stablecoin on X 📊 32:26 Why digital asset treasury companies are so volatile, and how these deals really work 🧱 39:44 How the tokenization race is unfolding, and whether innovation is keeping up 🧠 47:47 How to think about investing in the tokenized assets and stablecoin narrative 🕳️ 1:01:47 Whether tokenized equities have any real killer use ⛏️ 1:03:54 What the CoreWeave-Core Scientific deal signals for bitcoin mining 📈 1:13:08 Whether we’re still in a bull market, and if now’s the time to take advantage of dip opportunities Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 8

The race to bring users onchain is heating up, but the competitors couldn’t be more different. Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails. Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply. In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack: How these two companies will compete What levers they have to increase their profits How Base became a liquidity black hole for Ethereum Why Coinbase may have already won the “flows” game And how stablecoins, social, and tokenization could decide the winner Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Ledn Diogenes Casares , founder of Klyra Protocol and advisor at Patagon Management Ryan Yi , ex Coinbase, Coinbase Ventures, and CoinFund Unchained: Hyperliquid Reignited Interest in Crypto Perps. Can Coinbase and Robinhood Capitalize? Robinhood Is Building Its Own Layer 2 Blockchain Why the Arbitrum Stack Won in the Race to Support Robinhood Chain Why Perps Will 'Eat the World' + Tokenized Stocks - Bits + Bips Timestamps: 🎬 0:00 Intro 🏦 4:17 What really separates Coinbase and Robinhood’s strategies 🛠️ 6:43 How Robinhood’s new chain should try to compete with Base 🔥 14:49 Why the competition between Robinhood and Coinbase is heating up fast in the U.S. 🤔 16:44 Whether Robinhood can catch up to Base’s head start and network effects 🧱 23:48 Why both companies chose to build on Ethereum—and what that signals 📉 36:04 How launching perps in the U.S. could reshape the landscape for both companies 🎮 44:43 How social features and gamification could give one app an edge 🎯 51:31 Why Robinhood is already working with prediction markets and Coinbase isn’t 💰 55:40 How their product differences impact profits and positioning 🤝 1:05:11 Why Ryan believes Coinbase should’ve acquired Circle 🔌 1:10:48 Why Stripe might be eyeing a crypto integration 📊 1:13:57 How Base benefits with small-cap tokens 🚀 1:18:46 Why Ryan says we’re at a real inflection point for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 4

Today, we’ve got two very different stories in one episode. First, Steven Goldfeder, co-founder of Offchain Labs, joins Unchained to explain why Robinhood is rebuilding its product on the Arbitrum tech stack, what it says about crypto’s evolution, and how this could finally bridge Web2 and Web3. Then, Calvin Hamilton breaks down the bizarre $59 million bet on whether President Zelensky wore a suit — and why vague rules, a fateful tweet, and one protocol’s vote could damage Polymarket’s reputation. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Focal by FalconX Ledn Steven Goldfeder , co-founder and CEO of Offchain Labs Calvin Hamilton , Polymarket bettor on the ‘yes’ of the Zelensky dispute. Unchained: Robinhood Is Building Its Own Layer 2 Blockchain Robinhood’s presentation at ETHcc: To Catch A Token Rob Hadick’s tweet on tokenized stocks Timestamps: 🎬 0:00 Intro 🚀 1:44 Why Robinhood chose Arbitrum and how much control they really have 🧑‍💻 6:38 How Arbitrum Stylus could power better UX for Robinhood and beyond 🌊 10:26 Why liquidity fragmentation is still a major unsolved problem 🧲 11:41 What makes MEV capture so attractive to big players like Robinhood 🏆 13:48 Why tokenized stocks might be the “big prize” on Arbitrum 🌐 16:12 What it means to be part of the Arbitrum ecosystem 📊 18:02 How tokenized equities could change investing and what the risks are 🏛️ 21:11 Why the Arbitrum DAO stands to gain from this partnership 🔧 22:17 How Steven thinks fragmentation can be fixed more easily than most believe 🌉 25:52 Where the crypto-TradFi convergence is headed next 💬 29:40 Why Steven defends Ethereum and calls out the critics of L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 3

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 Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana’s first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto’s decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next. Show highlights 🔹 Robinhood Chain Revealed – Why the trading-app giant paid up to launch an Arbitrum-based “Robinhood Chain,” starting with 24/5 perpetuals and tokenized U.S. stocks, plus a rumored $500 K–liquidity cap that has Crypto Twitter howling. 🔹 Tokenized-Stock Gold Rush – From Tesla and SpaceX pre-IPO shares to on-chain S&P stalwarts: does 24/7 trading finally make equity tokens stick, or is it just another CFD in disguise? 🔹 Perps Arms Race – Coinbase’s 5-year “quasi-perp” futures vs. Robinhood’s 3×-leverage launch vs. Hyperliquid’s 20× turbo deck—who wins the battle for retail flow? 🔹 Solana ETF First-Mover – RexShares files a staked-SOL C-Corp ETF, beating BlackRock to the punch and testing Wall Street’s appetite after ETH’s lukewarm debut. 🔹 Proof-of-Stake Reality Check – The crew dismantles the “economic security” myth, asks whether validator cartels make inflation rewards pointless, and floats proof-of-governance as the next model. 🔹 Hyperliquid vs. The World – Why a single Tokyo data center is eating CLOB volume, what zk-rollup challengers are planning, and how latency games redefine “decentralized exchange.” 🔹 $2 B Prediction-Market Beef – Paradigm-backed Kalshi clashes with PolyMarket after a viral “little rats” tweet; inside the influencer war and the CFTC license flex. 🔹 Conference FOMO No More – New-York-privileged hosts roast ETH CC in Cannes and declare the age of fly-to-France crypto tourism officially over. 🔹 Reg-Tech vs. Fin-Tech – From transfer agents to T+1 settlement: why outdated TradFi plumbing, not blockchains, still blocks global access to U.S. securities. 🔹 Super-App Skepticism – The panel pokes holes in “super-app” buzzwords and explains why sequencing—product-first, chain-later—matters more than catchy slogans. ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly Guests ⭐️ Ryan Watkins , Co-Founder of Syncracy Capital ⭐️ Jon Charbonneau , Co-founder & General Partner at DBA Timestamps 0:00 Intro 02:59 Robinhood Chain 15:05 Debate on Tokenized Stocks 27:18 Perpetuals (Perps) in the Crypto Market 37:15 Robinhood's New Crypto Traders 39:26 The Solana ETF Approval 41:17 Understanding Staking and ETFs 43:36 The Future of Proof of Stake 46:20 Governance in Ethereum and Other Chains 56:26 Corporate Chains and Validator Selection 01:04:31 Polymarket vs. Kalshi Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 2

Crypto is bleeding into traditional finance faster than anyone expected. In this episode of Bits + Bips, the hosts dig into Robinhood’s move into tokenized stocks and perps, what’s actually holding back tokenized equities, and why perps might “eat the world.” Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock. Sponsors: Bitwise Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Guest: Thomas Uhm , Chief Commercial Officer at the Jito Foundation Timestamps 🎬 0:00 Intro 👔 2:25 Tom’s path from Jane Street to crypto 💸 5:50 Why Jito’s yield model works + the importance of market makers 📊 12:47 Whether tokenized U.S. stocks actually solve anything for investors 🌍 31:47 Why Tom says “perps are going to eat the world” 🏦 39:25 How perps could sneak their way into traditional finance 📉 41:43 Whether perps are a better instrument than futures 🧠 50:51 Why James thinks we’re heading into an altcoin ETF summer 📥 56:01 How liquid staking is critical in the context of ETFs with staking 📈 1:05:06 Why the S&P 500 keeps hitting all-time highs ⚠️ 1:07:43 Ram lays out the risks of 1% interest rates Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 1

Fill out our short Unchained survey and earn a chance to win a FREE one-year subscription to Bits + Bips Premium 😏 ------------------------------------------------- Lido just rolled out one of the most ambitious governance overhauls in DeFi: a dual governance system designed to give power back to stakers—and make it harder for malicious proposals to pass. But what does it actually do? And could it make Lido the safest place to stake ETH? Hasu, a strategic advisor at Lido, and Lido co-founder Vasiliy Shapovalov join Unchained to break it all down. How the dual governance model works Whether this dilutes LDO token value What this means for DeFi, and if others will follow Whether this might get institutions off the sidelines 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: Hasu , Strategic advisor to Lido and Strategy lead at Flashbots. Vasiliy Shapovalov , Co-founder of Lido Unchained: Lido DAO Enables Dual Governance, stETH Holders Can Trigger ‘Rage-Quit’ Mode Learn more about the topics discussed: How Liquid Staking Works What Are Externally Owned Accounts (EOAs) in Ethereum? What Is Multi-Party Computation (MPC) and How Does It Work on Blockchains? What Is Distributed Validator Technology? Timestamps: 🎬 0:00 Intro 🧩 2:07 What problem Lido’s new governance model is actually solving ⚙️ 7:33 How dual governance works—and why it’s such a big shift 🚀 15:32 Why Hasu says this changes everything for Lido 🧠 22:20 What the team had to weigh when designing the system 🛡️ 30:26 How Lido built in resistance to attacks 📉 32:02 Whether this system weakens the value of the LDO token 🗳️ 38:58 How they’re thinking about fixing DeFi’s voter apathy problem 🏦 45:29 Whether institutions will see this as a positive sign and embrace stETH 🌐 48:01 How this compares to Sky’s “emergency shutdown”—and whether DeFi will follow suit Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 27

Win a free one-year subscription to Bits + Bips Premium by completing our survey! The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve. Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what’s next for public Bitcoin ownership in the U.S. We get into: The logic behind the $10 million number Why custody and compliance are key Whether California or Illinois could ever do something similar And how other states are reacting 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 Ledn Guest: Lee Bratcher , President and Founder of the Texas Blockchain Council Links: Texas Blockchain Council Bloomberg: Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve Unchained: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support Timestamps: 🎬0:00 Intro 🏛️ 2:12 How the idea for a $10M strategic Bitcoin reserve became law in Texas 💰 5:42 Why lawmakers settled on $10 million—and what that number really means 🔐 8:59 How Texas plans to custody its bitcoin, and why it matters 📉 10:59 Why the bill includes language about using derivatives for BTC 🏦 12:12 What exchange the state might use to actually buy the bitcoin 🗳️ 14:59 Who owns crypto in Texas—and whether politics play a role 🤝 18:05 Why Bitcoin isn’t such a partisan issue in the Lone Star State 🧡 22:20 How Lee Bratcher got orange-pilled into Bitcoin 📜 24:38 Why Lee thinks the Lummis-Gillibrand bill could pass, and the future of bitcoin bonds 🌎 27:45 Which state might be next to adopt a Bitcoin reserve law Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 26

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 Vlad, the leverage legend behind Lighter, a zk-powered DEX taking aim at Hyperliquid in the rising CLOB wars. We unpack the new Token Transparency Framework from Blockworks and whether self-regulation can fix crypto’s disclosure problem. Should VC wallets be public? Are market-making deals legally risky? And why do most projects still say nothing? Plus: Vlad explains how Lighter uses zero-knowledge proofs to enforce fairness and fight toxic flow—without harming retail. And Circle’s stock goes full meme mode, TikTok retail piles in, and Robert reveals he’s short. Is crypto finally growing up—or just evolving its chaos? Show highlights 🔹 Token Transparency Framework Debated – Blockworks’ 40-point voluntary disclosure system sparks industry-wide discussion on what teams and investors should reveal 🔹 Disclosures vs. Reality – Most projects don’t lie—they just don’t publish. The real problem isn’t fraud, it’s silence 🔹 VC Wallets Stay Dark – Debate over whether investor wallet addresses and cost bases should be disclosed; consensus: team vesting should be public, investor holdings still a gray area 🔹 Exchange Listings & Disclosures – Exchanges are considering using the transparency framework to prioritize listings, creating pressure for teams to comply 🔹 CLOB Wars Continue – Lighter joins the battle against Hyperliquid with zk-proven verifiability and zero-fee trading for retail 🔹 Lighter’s Architecture Edge – Built as a ZK L2 on Ethereum, Lighter pitches composability + security vs. Hyperliquid’s standalone stack 🔹 Fighting Toxic Flow – Instead of cancel-order tricks, Lighter adds subtle latency and fee mechanics to penalize HFT bots without harming retail 🔹 Dark Pools for DeFi? – Vlad teases ZK-based private order flow as a future feature, merging institutional behavior with onchain guarantees 🔹 DEX Future = Specialization – Vlad predicts no single winner: future DEXs will specialize in niches—memecoins, structured products, prediction markets 🔹 Circle Becomes a Meme Stock – Robert discloses his short position as retail pumps Circle to an $80B FDV off TikTok hype and the Genius Act tailwinds ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate⭐️ Tom Schmidt , General Partner at Dragonfly Guest ⭐️ Vladimir Novakovski , CEO & Founder of Lighter Token Transparency by Blockworks: https://blockworks.co/token-transparency Timestamps 00:00 Intro 01:49 Token Transparency Report by Blockworks 04:17 Token Disclosures 08:52 Challenges and Future of Token Transparency 23:22 Circle Mania Continues 25:06 Circle Valuation and Market Reactions 30:15 CLOB Wars 36:52 Technical Architecture and Verifiability 47:04 Market Structure and Future of DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 25

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle’s IPO is being treated more like a meme stock than a fintech play. Plus: Why Scaramucci says we’re all living in a surveillance state Whether stablecoins are being kneecapped by U.S. regulation When altcoin ETFs are coming And what BlackRock’s Larry Fink secretly told Scaramucci about Bitcoin in 2021 👀 Sponsor: Bitwise James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Anthony Scaramucci , Founder of SkyBridge US-Iran-Israel war Unchained: Bitcoin Dips Below $100K as U.S.–Iran Tensions Trigger $627M in Liquidations Polymarket: Will Iran close the Strait of Hormuz before July? WSJ: What Israel’s Soaring Markets Are Saying About the Iran War Macro WSJ: Fed’s Bowman Says She Could Support a July Interest-Rate Cut CNBC: Fed Governor Waller says central bank could cut rates as early as July FT: Jay Powell to push back on calls for Federal Reserve rate cuts as soon as July Stablecoins WSJ: Stablecoin World Opens Up to Main Street Banks The Block: Circle's post-IPO stock surge pushes market cap near Coinbase and USDC ETFs James upped the odds on a bunch of altcoin spot ETFs Timestamps: 🎬 0:00 Intro 🌍 2:51 Are there lessons in how the markets shrugged off the Iran-Israel conflict? 🔥 9:37 What flashpoints in the Middle East could ignite next 🛢️ 14:40 Will oil supplies remain safe? 💸 22:13 Are cracks finally forming in the Fed’s resistance to rate cuts? 📉 28:08 Why Anthony believes that Fed Chair Powell is playing politics with rates 🇺🇸 33:55 Whether TACO Trump or tough Trump will show up on tariff day 🎯 36:26 What Anthony says that people get wrong about Trump’s economic strategy 🏦 43:52 Why Circle’s IPO feels more meme than fintech and what Larry Fink once secretly told Anthony about bitcoin 👀 🚫 50:27 One thing that Anthony HATES about the GENIUS Act 📊 56:17 Why James is upping his odds on a wave of altcoin ETFs, but doesn’t expect many to be successful products Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 24

Take the Unchained 2025 survey! unchainedcrypto.com/survey ------- Cross-border payments. Mobile money. Stablecoins. Crypto. Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets. Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast. In this episode, she talks about: How stablecoins are powering 24/7 commerce in emerging markets Why new entrants keep failing to gain traction And how liquidity, not tech, will determine who wins this new game All that, plus the inside story of AZA’s journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Human Rights Foundation Xapo Bank Elizabeth Rossiello , CEO and Founder of AZA Finance Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island Links dLocal announces intention to acquire AZA Finance to strengthen AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities Bloomberg: Uruguay’s DLocal to Buy AZA Finance in Africa Push American Banker: What experienced payment execs can pass to a new generation The Startup Leap: Building A Remittance App for Africa’s $1tr Market | Elizabeth Rossiello | Aza Finance Jack Zhang of Airwallex tweet saying he doesn’t see “a single use case” for crypto Timestamps: 🎬0:00 Intro 🌍 3:30 What Africa’s early payments scene looked like and how Elizabeth launched the first Bitcoin exchange there 📲 10:54 How the continent’s payment rails evolved 🔥 16:15 How Western Union dropped its pricing after her company launched 💸 20:42 Why stablecoins became a game-changer for cross-border payments 📊 25:24 What the real volume drivers are 🌐 28:53 How crypto adoption in Africa shifted post-COVID 🤝 37:00 Why AZA decided to acquire two companies ⚠️ 38:46 How the FTX partnership hurt AZA 💼 41:37 How the dLocal deal came together behind the scenes 🔄 45:08 Why crypto and fintech are on a fast path to convergence 🏁 50:58 Which players Elizabeth thinks will win in the new payments race 📵 53:47 Why “mobile money” is still tough competition for crypto 💥 56:48 How USDT has an edge in emerging markets 🇨🇳 58:50 How China’s deep ties to Africa have shaped the game 🚀 1:01:37 What it’s been like to build AZA as a young woman founder in crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 20

On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That’s right: the world’s biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain. JPMD isn’t quite a stablecoin, but it’s close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval. To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains: Why JPMorgan (and Shopify) chose Base What deposit tokens are, and how they differ from stablecoins Why infrastructure is finally “ready” for institutions How Base scaled from 2.5 million to 35 million gas/sec What’s next for Coinbase users who’ll have one-tap access to onchain assets And Jesse’s response to the critics who said that Coinbase doesn’t give enough credit to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Jesse Pollak , Head of Base and Coinbase Wallet Unchained: JPMorgan to Pilot ‘JPMD’ Token on Base Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Comments on Bloomberg by Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan Timestamps: 🎬 0:00 Intro 🏦 1:49 What JPMD actually is 🔧 4:26 Why Jesse believes infrastructure is finally ready for institutional adoption 📊 7:03 Whether Base can handle global scale 💵 9:24 How JPMorgan plans to use deposit tokens in real-world blockchain transactions ⚖️ 11:22 Whether deposit tokens are a better model than stablecoins 🛠️ 16:59 Why JPMorgan chose to launch on Base instead of other chains 📉 19:00 How recent events served as a wake-up call for fintech and commerce 📲 22:22 Why Jesse is hyped about seamless access to onchain assets inside Coinbase 📈 25:47 How Coinbase plans to manage the chaos of token pumps and dumps 🌐 27:54 Jesse’s take on the criticism that Coinbase doesn’t show Ethereum enough love Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 20

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 Hyperliquid founder Jeff Yan, the quiet powerhouse behind DeFi’s fastest-growing exchange. With 75% of onchain perp volume, no VC money, and a $1B airdrop, Hyperliquid is rewriting what crypto protocols can be. We dive into Jeff’s minimalist strategy, the cancel wars with toxic flow, and the JellyJelly controversy that sparked a feud with CZ. Plus: HIP-3 and the future of permissionless perps, SPAC-style hype vehicles taking over Wall Street, and why stablecoin regulation just triggered a 40% rally in Circle stock. Is crypto evolving—or just getting financialized to death? Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Jeff’s $1B Airdrop Playbook – How Hyperliquid bootstrapped dominance with no VC, no marketing, and the most beloved founder in crypto 🔹 75% of Onchain Perps? – Hyperliquid now controls 3/4 of all perp volume across chains—Jeff explains how they did it 🔹 Cancel Wars & Toxic Flow – The inside logic behind prioritizing cancels over taker orders—and why HFTs are mad about it 🔹 CZ vs. Jeff – JellyJelly drama, transparency debates, and a subtle protocol war with Binance 🔹 HIP-3 and the Future of Markets – Perps on anything? Jeff breaks down why HIP-3 is the biggest unlock yet for Hyperliquid 🔹 “We Don’t Track KPIs” – Jeff’s radical philosophy on metrics, token price, and building products without back-propping for growth 🔹 Real Users vs. Predators – Who Jeff thinks actually matters onchain—and why some flow shouldn’t be welcome 🔹 Crypto SPAC Mania Begins – Tron, Tether, and Trump-adjacent vehicles bring public market chaos to token land 🔹 Genius Act Passes, Stocks Explode – Coinbase +20%, Circle +40%—but crypto tokens barely move: Why is Wall Street frothier than DeFi? 🔹 Are Perps the New Casino? – The crew debates why people love zero-DTE options, and if perps can replicate the lottery thrill ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures⭐️ Tom Schmidt , General Partner at Dragonfly Guest ⭐️ Jeff Yan , CEO and co-founder of Hyperliquid Timestamps 00:00 Intro 02:51 Hyperliquid's Market Dominance 05:14 The Philosophy Behind Hyperliquid's Success 07:44 Challenges with Decentralized Exchanges 09:34 Metrics and Success in Hyperliquid 12:59 Addressing Market Dynamics and User Types 22:50 Competitive Pressures and System Resilience 25:28 Exploring Hyperliquid's Future and HIP 3 36:08 Complexity in Zero-Day Options 38:40 Perpetual Contracts vs. Options 41:24 The Role of User Interfaces in Trading 45:08 Crypto SPACs and Market Trends 57:21 The Genius Act and Market Reactions Hosts Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 18

In this week’s episode of Bits + Bips, the panel digs into why Tron’s rumored IPO is more than a headline, what Wall Street’s quiet shift into stablecoins signals, and how exchanges are racing to control token flow, even as regulation hangs in the balance. They also explore: What the Israel–Iran conflict means for global markets, oil prices, and crypto positioning Whether banks can adopt stablecoins without threatening their own deposits If regulatory clarity will come fast enough to shape the next crypto phase How to tell if ETH’s revival has staying power Sponsors: Bitwise Hosts: Ram Ahluwalia , CFA, CEO and Founder of Lumida Steve Ehrlich , Executive Editor at Unchained Guests: Christopher Perkins , President of CoinFund Vishal Gupta , Cofounder and CEO of True Markets. Links Tron and Justin Sun FT: Crypto group Tron to go public after US pauses probe into billionaire founder Unchained: Eric Trump Claims No Public Involvement in Tron’s Nasdaq Entity The Guardian: Crypto entrepreneur eats banana art he bought for $6.2m Israel - Iran WSJ: Israel Takes Control of Iran’s Skies—a Feat That Still Eludes Russia in Ukraine How Israel’s Mossad Smuggled Drone Parts to Attack Iran From Within Stablecoins and TradFi Unchained: JPMorgan Files ‘JPMD’ Trademark, Hints at Bigger Crypto Offering Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin Market . WSJ: Walmart and Amazon are considering launching U.S. dollar-pegged stablecoins Reuters: French Societe Generale became the first major bank to launch a dollar-pegged stablecoin The Information: Financial markets giant DTCC is exploring a stablecoin, according to The Information Regulation Unchained: White House Rejects Ban on Conflicts of Interest in Crypto’s CLARITY Act Timestamps: 🎬 0:00 Intro 📰 4:18 Why Tron’s potential IPO creates a dilemma for investors, and how Justin Sun’s Trump ties play into it 🛡️ 15:58 Should exchanges like Coinbase let investors trade whatever they want? 🏦 20:47 The reason why crypto treasury companies even exist 📊 25:59 What is driving the fierce competition among exchanges 💵 34:18 Can JPMorgan, Bank of America, and other TradFi giants succeed with stablecoins? 🤔 37:58 Will stablecoins cannibalize banks’ own deposit bases? 🌍 45:51 How the Iran–Israel conflict could shake macro markets and crypto sentiment 🚀 55:37 Why Ram and Chris are calling for an ETH breakout 📜 57:47 What are the risks if crypto regulation fails? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 17

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

Jun 13

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 Privy Market 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

Jun 12

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 Hosts Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 11

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

Jun 10

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

Jun 6

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

Jun 5

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 Jennings https://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

Jun 4

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

Jun 3

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

May 30

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

May 29

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

May 27

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

May 23

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

May 21

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

May 20

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

May 16

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

May 15

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 Hosts Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

May 14

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

May 13

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

May 10

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? Hosts Disclosures Links Learn more about your ad choices. Visit megaphone.fm/adchoices

May 9

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

May 9

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

May 7

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

May 6

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

May 2

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

Apr 30

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

Apr 29

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

Apr 27

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 Hosts Disclosures 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

Apr 25

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

Apr 24

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

Apr 23

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

Apr 22

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

Apr 18

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

Apr 17

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

Apr 16

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

Apr 15

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

Apr 11

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

Apr 10

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

Apr 9

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

Apr 8

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

Apr 4

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

Apr 3

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

Apr 2

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

Apr 1

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

Mar 29

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

Mar 28

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

Mar 26

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

Mar 25

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

Mar 21

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

Mar 20

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 unpacks Ethereum’s existential crisis and whether the rollup-centric roadmap is backfiring. Plus, AI is rapidly changing how crypto is built, traded, and secured—so what happens when blockchain and AI collide? We also dig into Solana’s controversial ad, Ethereum Foundation’s leadership shake-up, and why macro forces are still running the show. Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 AI’s Invasion of Software Engineering – Why AI is replacing developers & what it means for crypto startups 🔹 Ethereum’s Rollup Reckoning – The “rollup-centric roadmap” was supposed to save Ethereum, but is it actually weakening it? 🔹 The Solana Ad Disaster – How Solana’s political ad backfired & alienated both sides of the aisle 🔹 Is Ethereum Becoming IBM? – Why Ethereum risks getting stuck as the slow-moving corporate giant of crypto 🔹 The Great AI Pivot – Why top engineers are abandoning language models for robotics & what it means for the future 🔹 AI Trading Bots & Crypto Security Risks – How prompt injections could turn AI-powered wallets into honeypots 🔹 Ethereum’s New Leadership – Does the Ethereum Foundation finally have a plan to fix its credibility problem? 🔹 The XRP Bartender Index – The unexpected bar tab metric that tracks XRP market sentiment 🔹 Will AI Replace VCs? – The case for AI-led investment strategies & automated due diligence 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 Solana Ad repost by @basedkarbon: https://x.com/basedkarbon/status/1901809992514052319 Timestamps - 00:00 Intro 01:48 Solana's Controversial Ad Campaign 08:14 Memorable Crypto Ads 11:27 AI's Impact on Research & Crypto 18:33 Future of AI in Crypto and Beyond 29:29 Security Concerns with AI 36:49 EF's Leadership Changes 40:20 The Future of Ethereum and Rollups Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 19

The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise? With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down: Why markets are struggling—and whether a recession or stagflation is coming Whether the Fed has become irrelevant How the stablecoin bill could rescue sales of treasuries Why bitcoin isn’t following gold’s rally The factors that could kickstart the next crypto boom The latest on all the dozens of crypto ETFs in the works 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 The stagflation trade Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout Reuters: Fed's Powell gets chance to address trade war, stagflation fears Tweet by Noah Smith Budget bill Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects Stablecoin bill: Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill Solana futures Cointelegraph: Solana futures finish first trading day on CME Solana ad Unchained: Solana Deletes ‘Cringe’ Ad After Crypto Community Backlash Timestamps: 👋 0:00 Intro 📉 1:39 Stagflation fears and which tariffs actually matter for the economy 🌎 6:11 Why the outlook for commodities is so uncertain 📊 10:49 Is the Trump administration sabotaging itself? 🐶 16:57 Why DOGE’s role in the market is bigger than you think 📉 23:51 Why the 10-year yield isn’t dropping as expected 💰 28:04 Will shrinking liquidity grind the market to a halt? 🏛️ 32:37 Why the Fed has become irrelevant 🔄 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get ⚠️ 41:13 Why a recession is not a foregone conclusion 🥇 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following? 🏦 51:24 How the stablecoin bill could save US government finances 🚀 1:01:47 How bitcoin gets its next rally 📉 1:07:16 The hidden benefit of CME SOL futures ✅ 1:12:15 The latest on pending crypto ETF approvals 📣 1:17:26 Reactions to the controversial Solana ad Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 18

The memecoin trade might be over. And Joe McCann says that’s just the beginning. The founder of Asymmetric has been at the intersection of crypto, macro, and tech for years. He called the $BONK trade early, made moves before most saw the opportunity, and now? He’s shifting his focus. Meanwhile, the crypto markets are a bloodbath, with bitcoin, ether, and solana down 10%, 41%, and 35%, respectively, year-to-date. In this episode, Joe joins Unchained to discuss: Why memecoins won’t work the way they used to How institutions are approaching crypto in this cycle Why prices are down so much Why Bitcoin might be so hard to outperform Whether Solana is still the fastest horse 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 Bitwise Guest: Joe McCann , founder of Asymmetric Links Unchained: Solana Rejected Inflation Reduction—Here’s Why Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes Bitcoin Has Declined 20%. How Soon Could the BTC Price Revive? Timestamps: 👋 0:00 Intro 🚀 2:19 How Joe’s background shaped his crypto investing approach 🐶 10:25 Spotting the $BONK opportunity before the crowd 📉 17:38 Why the memecoin trade might be over 💰 21:51 Why Joe believes Pump.fun is NOT extractive 📊 33:11 Why crypto prices have struggled despite a pro-crypto shift in Washington 🎯 42:34 The moment Joe “finally” gives credit to Arthur Hayes ⏳ 45:15 Could having no catalyst actually BE the catalyst? 🔥 49:22 Why Joe wasn’t convinced by the SOL inflation proposal ⚡ 56:45 Wait—no altcoin season? ⚙️ 1:01:34 What still excites Joe about Solana 🏦 1:04:57 Why Asymmetric is betting on Bitcoin DeFi 🤖 1:07:29 How AI is helping Joe’s team optimize its strategy Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 14

The Solana ecosystem just completed a critical governance vote. SIMD-228, a proposal to tie Solana’s inflation rate to its staking participation rate, was put forward by Multicoin Capital and Anza, but despite a majority voting in favor, it failed to meet the required supermajority to pass. Tushar Jain, co-founder and managing partner at Multicoin Capital, who co-authored the proposal, joins the show to discuss: Why he believes the proposal was necessary Whether inflation is too high for Solana’s long-term health If some validators voted against their own interests The silver lining of the governance process Why a smaller proposal focused on fee sharing did pass Whether Multicoin Capital will resubmit a revised proposal 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 Mantle Guest Tushar Jain , Co-founder and Managing Partner at Multicoin Capital Links Unchained: Proposal to Cut SOL Inflation by 80% Fails After ‘Close Call’ SIMD Vote Status Kayuza’s tweet Timestamps: 🤝 0:00 Intro 🗳️ 3:09 Why Solana’s inflation rate was initially an afterthought 💰5:20 Why inflation became untenable ⚙️ 6:23 What does it take to right-size inflation for Solana ⚙️ 7:18 How SIMD-228 would have worked 🤯 11:00 Why Tushar “does not want to bet on people being dumb” 💰 15:48 How this could have strengthened DeFi on Solana 😕 17:49 Why Tushar was disappointed with the outcome but sees a silver lining 📚 19:49 Could the vote have been fairer? ⚖️ 22:06 Whether smaller validators would be unfairly hurt by SIMD-228 🔐 27:37 Does Solana pay too much for security? 📈 27:55 Would this have boosted the price of SOL? ✔️28:19 Whether validators should ask stakers how to vote ✅ 30:13 What the passing of SIMD-123 means for the network 🔄 32:40 Will Multicoin resubmit the proposal? 📰 34:50 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 13

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Quinn Thompson, Master of Macro at Lekker Capital, to dissect Trump’s Bitcoin Reserve. The US government is now officially hodling Bitcoin —Trump’s executive order creates a BTC reserve using seized funds. But markets didn’t buy the hype. Bitcoin tanked, and traders are still questioning what this means for crypto’s future. Meanwhile, the global macro picture is a disaster—stocks are down, trade wars are escalating, and recession fears are mounting.Is this controlled demolition of the economy, or just a side effect of Trump’s economic agenda? And most importantly, what does this mean for crypto? Let’s dive in. Show highlights 🔹 Trump’s Bitcoin Reserve Announcement – The US government officially holds BTC, but it’s not buying more. No new demand—just a change in optics. 🔹 Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet. 🔹 Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC. 🔹 Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap. 🔹 Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion? 🔹 Crypto’s Liquidity Crunch – The Fed isn’t stepping in (yet), but the macro backdrop is grim. Rate cuts may be the only way out. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate Guest ⭐️ Quinn Thompson , Founder & CIO at Lekker Capital Disclosures Timestamps 00:00 Intro 02:36 Trump’s Bitcoin Reserve 05:17 Bitcoin Tanks 14:30 How This Affects Crypto & Traditional Finance 19:36 Trade Wars Escalate 31:30 Corn Twitter Is Mad 35:16 Why Stocks & Crypto Are Dumping in Sync 41:39 Trump's Historical Stance on Tariffs 54:57 Government Spending and Crypto Market Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 12

The markets are a bloodbath. If you’re feeling lost in the markets right now, you’re not alone. Stocks are getting crushed, bonds are sliding, and crypto isn’t escaping the carnage. The question is: why is everything selling off—and where does it go from here? One thing is clear: the next market move is extremely hard to predict. Between Trump’s economic policies, inflation worries, and DOGE’s cuts, there’s a storm of conflicting signals. So, is this pain temporary? Or are we looking at a long trend downward? Sponsors: Bitwise Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Ram Ahluwalia , CFA, CEO and Founder of Lumida Guest: Travis Kling , CIO of Ikigai Asset Management Links Recession? Bloomberg: Trump Says US Economy Faces ‘Transition,’ Avoids Recession Call Inflation Bloomberg: Inflation-Linked Bonds Rebound on Trump Tariffs: Credit Weekly DXY FX Empire: US Dollar Forecast: DXY Sinks as Weak Jobs Data Fuels Rate Cut Bets, EUR/USD Surges Powell’s comments: CNN: Fed Chair Powell says he’s not worried about the economy amid Trump’s tariff chaos FT: Federal Reserve chief Jay Powell plays down growth worries after jobs report disappoints Bonds: Bloomberg: The Bond Market’s Trump Trade Is Looking Like a Recession Trade CNBC: 10-year Treasury yield rises after weaker-than-expected jobs growth Bond yields in Europe and elsewhere are rising Tariffs: Bloomberg: Lutnick Says Trump Sticking to US Aluminum-Steel Tariff Timeline Japan and the carry trade: Japan's 20-Year Government Bond Yield rises to its highest level since 2008. Jeff Park tweeted “Bitcoin is Japan’s game now whether you like it or not” - thoughts? FT: Japan seeks tariff reprieve after Donald Trump questions long-standing defence pact China’s deflation: Bloomberg: China’s Inflation Declines Below Zero for First Time in Year Ukraine War talks: FT: Ukraine seeks to persuade US to resume aid in high-stakes talks Timestamps: 👋 0:00 Intro 📉 3:05 What’s behind this brutal market selloff 🤔 7:26 Why making a market prediction right now is nearly impossible 🇺🇸 13:41 How Trump’s economic moves drive uncertainty ⚠️ 19:37 Is the Trump administration intentionally triggering a recession? 💰 20:30 The real impact of “austerity” on the economy 📉 22:59 What must happen before the market bottoms out 🔥 26:52 Where inflation might head next 📊 36:21 What the VIX is saying about the market 📉 39:00 How markets will react to today’s CPI numbers 🚀 43:40 When might Trump push for tax cuts? 🏦 49:19 Will ETF buyers create a bitcoin floor? 💴 55:12 What a declining Japanese yen reveals about demand for risky assets ₿ 1:00:35 Why BTC is the furthest that it has ever been from altcoins 🛍️ 1:11:00 What new groups might step in and buy bitcoin?📉 🤦‍♂️ 1:20:25 Whether the Trump administration “fucked up” the economy Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 11

The election of Donald Trump marked a sea change for U.S. crypto policy. The symbolism of that transformation was on full display at the White House’s first-ever Crypto Summit, at which President Trump met with several crypto business leaders. But what was actually said behind closed doors? And does this mark the beginning of a truly pro-crypto shift—or just another short-lived political move? In this episode, BitGo CEO Mike Belshe and former CFTC Chairman Chris Giancarlo break down what really happened at the summit, whether the proposed Bitcoin reserve is a smart idea or a political gimmick, and why some believe the U.S. dollar could one day be backed by BTC. 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: Mike Belshe , CEO at BitGo Chris Giancarlo , Senior counsel at Willkie Farr & Gallagher and former CFTC chairman Links Recent coverage of Unchained on the Bitcoin Reserve and the White House Crypto Summit : Trump Says He Is Ending Operation Choke Point 2.0 Trump Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile Trump's Surprise Crypto Reserve Announcement Iced Out D.C. Insiders How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA Chris’s article: Crypto neo-privateers could be the solution to hacks Nic Carter’s tweet on Trump’s crypto endeavours Omid Malekan’s analogy of the SBR with buying a shirt Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 7

Trump’s latest crypto moves have sent the market on a rollercoaster. First, he posted on Truth Social that a U.S. crypto reserve would include XRP, Solana, and Cardano. A couple hours later, he had to clarify that Bitcoin and Ethereum would also be included. The market jumped 12%—only to crash the next day. Meanwhile, the White House crypto summit is happening Friday, and not everyone is happy with the guest list. Some say it’s a step toward real regulation, while others argue that without DeFi voices, it’s just a meeting of centralized players. So what does it all mean? David Nage, VC at Arca, joins Unchained to talk about: 4:55 Why David is unfazed by crypto’s swings around Trump’s reserve posts 9:03 David’s take on Cardano and XRP being named for the crypto reserve list 18:11 Why he thinks Bitcoin is a strong candidate for a national reserve asset 22:52 Why David isn’t impressed with the guest list at the White House Crypto Summit 26:26 Why the markets have been struggling—and what could finally turn things around 28:52 News Recap Will real crypto policy changes emerge from this? Or is this just another distraction in a year full of big promises? 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 Mantle Guest David Nage , VC Portfolio Manager at Arca Links Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Cardano Founder Charles Hoskinson Is Not Invited to White House Crypto Summit How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana Trump Is Having Second Thoughts About His Crypto Council David’s tweet on Cardano and Ripple Eleanor Terrett’s tweet with the Crypto Summit guest list David Sacks’ tweet saying that the government lost almost $17 billion Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 6

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Laura Shin to dissect Trump’s Strategic Crypto Reserve fiasco. Why did he name-drop XRP and Cardano first? Was this real policy or just a market pump? Meanwhile, Crypto Twitter is melting down over Trump’s crypto summit guest list—who made the cut, and who got snubbed? Plus, another SEC lawsuit bites the dust, and memecoins look deader than ever. Let’s get into it. Show highlights 🔹 Trump’s Crypto Reserve Announcement – Trump proposes a U.S. Crypto Strategic Reserve, initially boosting XRP, ADA, SOL, BTC, and ETH—only for markets to fully reverse in 48 hours. 🔹 Who Picked These Coins? – XRP & ADA make the list despite having lower adoption than SOL or ETH. Was this a serious policy move or just pay-to-play politics? 🔹 Trump’s 5D Chess or Just a Meme? – Did the Trump team just pick random coins off CoinMarketCap? Or was this an orchestrated move to pay back donors? 🔹 The Crypto Council Drama – Trump’s Crypto Council implodes before launch due to infighting over seats. First summit features Ripple’s Garlinghouse, Michael Saylor, Chainlink’s Nazarov, Brian Armstrong, and Jesse Powell—but no actual protocol founders. 🔹 Is Crypto Being Used for Politics? – Nic Carter calls the plan a grift, saying the U.S. government should not buy altcoins with taxpayer money. Even Bitcoin maxis are skeptical. 🔹 Trump’s Obsession With Bitcoin Prices – Reports claim Trump personally tracks Bitcoin price movements and wants BTC to hit $150K during his presidency—is he manipulating markets? 🔹 The SEC Softens on Crypto? – Enforcement pivots as the SEC drops cases against Cumberland and Kraken. Will the Coinbase lawsuit be next? 🔹 Market Exhaustion Sets In – Despite the noise, traders are tired. The market isn’t buying into Trump’s crypto plans—was this just another empty promise? Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Laura Shin , Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained Disclosures Timestamps 00:00 Intro 01:05 Market Reactions to Trump's Announcement 03:25 Skepticism of the Crypto Reserve 07:02 Strategic Value of Crypto Reserve 11:11 Political and Market Implications 18:52 Security Concerns & Future Speculations 31:30 Government Control of Crypto 39:50 Potential Forks & Government Influence 45:37 Crypto Summit & Council Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 5

A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves? Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry? On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins? Plus: What could be the real next catalyst for the crypto market. Show highlights: 6:13 - Whether a strategic crypto reserve makes sense for the U.S. 14:50 - How this reserve could actually give people outside of crypto second thoughts 24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted 27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit 32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities 42:22 - James’ insights into the avalanche of altcoin ETFs 47:10 - The significance of BlackRock adding IBIT to its model portfolio 54:02 - How macro news drove risk assets to such a selloff on Monday 58:12 - Why the 10YT is such a significant chart to watch 1:10:21 - Whether the war in Ukraine is coming to an end 1:16:20 - What the next catalyst for crypto is 1:19:07 - Whether stablecoins are a good business for banks Thank you to our sponsors! RockWallet Bitwise Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Guests: Steve Hou , Quantitative Researcher at Bloomberg LP Steven Ehrlich , Executive Editor at Unchained Links Crypto reserve: Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve Bloomberg: Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says Crypto roundtable: CoinDesk: Trump to Host First Crypto Roundtable at White House Next Week Crypto Czar David Sacks says he sold crypto holdings before administration began Memecoins: SEC: Staff Statement on Meme Coins ETFs: SOL: CME Group to launch Solana futures on March 17 as ETF momentum builds BlackRock Adds Its Bitcoin ETF to Model Portfolio for First Time Macro: Trump’s tariff post on Truth Social ​​Atlanta’s negative 2.8% GDP projection CNBC: 10-year Treasury yield falls to lowest since December on latest signs of slowing economy Reuters: Inflation, growth may be in conflict but Fed seen restarting cuts in June US weekly jobless claims post largest gain in five months; weather blamed Stablecoins: CoinDesk: Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 4

A new consensus model. A bear-themed brand. And one of the most debated token launches in recent memory. Berachain is trying something radically different. Instead of just rewarding validators, it pays liquidity providers—turning the traditional blockchain incentive model on its head. But not everyone is convinced. Some critics say too much of the token supply went to VCs. Others question whether “proof of liquidity” can actually work at scale. In this episode, Smokey, Chief Smokey Officer at Berachain, joins Unchained to break it all down. Why did Berachain choose to make itself EVM-identical? What really happened with the token launch? And what’s next? Show highlights: 1:47 How Smokey got into crypto and how that led to the founding of Berachain 7:24 What proof of liquidity is and what problems it solves 12:06 Whether there’s an incentive problem in how BGT and BERA are designed 16:03 Why Smokey believes the EVM has the “largest capital base” 21:12 How Berachain leveraged culture to accrue network effects 26:23 How Berachain achieved so much TVL growth 30:01 What Smokey thinks about the big allocation of BERA to VCs 35:38 How the bear-themed NFTs were born 39:26 How the project was able to buy back a portion of the tokens sold to VCs 40:58 Whether Smokey should have done things differently when launching the token 43:21 Smokey’s response to the criticism of private participants staking BERA 46:57 Why Smokey believes that the inflation will be useful for ecosystem growth 52:23 What’s next in Berachain’s roadmap 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: Smokey the Bera , Chief Smokey Officer at Berachain Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 2

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Recapping how Bybit lost $1.5B to North Korea’s Lazarus Group—how did it happen, and why did they use THORChain to launder the money? Meanwhile, Ethereum is facing an identity crisis at ETH Denver, with the Foundation’s bizarre “Silviculture Society” raising eyebrows across the ecosystem. And if that wasn’t enough, memecoins are in freefall, with Hayden Adams admitting the game was rigged all along. It’s a wild week—let’s break it all down. Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Bybit’s $1.5B Hack – Largest crypto heist ever, pulled off by North Korea’s Lazarus Group. Attack exploited Gnosis Safe’s front end, not Bybit itself. 🔹 THORChain: The New Laundromat? – Lazarus Group uses THORChain to launder stolen funds, sparking backlash. Some THORChain members celebrated the volume spike. 🔹 Memecoins Declared ‘Collectibles’ – SEC says memecoins aren’t securities—right as the bubble bursts. New token launches are down 60%, and pump.fun is drying up. 🔹 InfoWars Bought With a Memecoin?! – Alex Jones supporters use Wars token to outbid The Onion for InfoWars.com in a bankruptcy auction. 🔹 Ethereum’s Cultural Crisis – EF’s ‘Silviculture Society’ announcement triggers community backlash. Hayden Adams calls it “peak Ethereum dysfunction.” 🔹 SEC’s Crypto Pivot – Enforcement shift: Uniswap, OpenSea, and Consensys investigations dropped. Is the SEC losing its war on crypto? 🔹 Richard Heart’s Case Dismissed – The SEC’s lawsuit against the HEX founder gets tossed on procedural grounds, but the agency has a chance to refile. 🔹 The Hyperliquid Question – Is Hyperliquid the next frontier for crypto liquidity, or a regulatory time bomb waiting to go off? 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 Timestamps 00:00 Intro 00:48 ETH Denver 06:16 Bybit Hack & Its Aftermath 14:52 Lazarus Group Has Skills 16:52 THORChain and Ethics of Decentralization 24:49 Role of KYT Services in Crypto Security 28:40 SEC's Stance on Memecoins 37:19 EF Silviculture Society 46:43 Ethereum Scaling Bet Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 28

Crypto derivatives exchange Bybit just became the latest victim of North Korea’s elite hacking unit, the Lazarus Group. They didn’t brute-force their way in. They didn’t exploit some obscure vulnerability. Instead, they tricked a trusted developer, slipped in malicious code, and took off with a fortune. How did this happen? Why was $1.5 billion sitting in a single wallet? What mistakes did Bybit and Safe make? And, more importantly, what needs to change to stop this from happening again? This week, Mudit Gupta, chief information security officer at Polygon, joins Unchained to expose the security failures, the sophisticated tactics Lazarus used, and why crypto still hasn’t learned its lesson. Show highlights: 2:11 Mudit’s experience with North Korea’s Lazarus 3:24 How Lazarus perpetrated the $1.5 billion hack 5:55 Why Lazarus relies on social engineering over technical exploits 7:34 Why Bybit was so specifically targeted by the hackers 10:02 What Bybit should have done to prevent the exploit 13:12 Why Mudit believes there was “no reason” to hold so much ETH in one single wallet 15:57 Who should be a signer in multisigs 17:46 How to prevent using a malicious website 19:13 Why Safe should have done things differently, according to Mudit 19:55 How Bybit and Safe handled crisis communication 24:20 Mudit’s must-know security tips for protecting your 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! Mantle Guest Mudit Gupta , Chief Information Security Officer at Polygon Links Recent coverage of Unchained on the Bybit hack: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? The Chopping Block: Crypto’s Worst Week? Bybit Hack, Libra Scandal, & The Memecoin Reckoning Bits + Bips: Markets Are Down Bad. When Will Crypto Recover? Unchained: Bybit Flows Return to ‘Normal’ After Biggest-Ever Crypto Hack Bybit Hack Forensics Report "Safe{Wallet} Statement on Targeted Attack on Bybit " Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 26

Crypto markets are down bad—but is this just a rough patch, or are we looking at something bigger? After a brutal sell-off in Solana, the $1.5 billion Bybit hack, and macro uncertainty weighing on Bitcoin, investors are searching for answers. Some think the worst is over, while others believe more pain is coming before the market turns around. In this episode of Bits + Bips, Noelle Acheson, Alex Kruger, and Ram Ahluwalia are joined by Eliézer Ndinga of 21Shares to break it all down. They discuss how institutions are approaching this downturn, why Solana has been hit harder than the rest, and what catalysts could bring crypto back to life. Is this the start of a new accumulation phase, or are we in for another leg down? Show highlights: 2:36 How the ByBit team responded so well to the hack 17:43 Why the market selloff was not specific to crypto 29:09 How institutions have become more sophisticated about crypto 31:10 Why SOL has been down so much and whether it has bottomed 34:37 Whether tariffs keep having an effect on the markets 37:23 Why the state of the markets makes Eliézer think the crypto asset class has matured 41:27 Whether bitcoin can be a safe haven and the role of diversification 45:26 What the next catalysts for crypto are 49:33 Why Eliézer is so optimistic about the long-term outlook of crypto 53:33 Alex’s spicy opinion on DOGE and Elon Musk Sponsors: Somnia Network RockWallet Bitwise Hosts: Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Alex Kruger , Founder of Asgard Ram Ahluwalia , CFA, CEO and Founder of Lumida Guest: Eliézer Ndinga , Head of Strategy and Business Development at 21.co; the parent company of 21Shares Links Unchained: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them? Reuters: Trump says Canada, Mexico tariffs on schedule despite border, fentanyl efforts Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 25

$1.5 billion gone in an instant. And what’s worse, to fund a nuclear weapons program. The largest crypto hack in history just hit Bybit, and the culprit is the infamous North Korean hacking group, Lazarus. Known for some of the most sophisticated cyber heists ever, they often use social engineering tactics and start by tricking low level employees. Although they can often wait to launder funds, in the case of Bybit they started right away. How did this happen? Could it have been prevented? And what does this mean for the security of the entire crypto industry? Taylor Monahan, security at MetaMask, and Jonty, a senior investigator at zeroShadow, talk all about it. Show highlights: 2:53 Taylor’s and Jonty’s backgrounds and why they are relevant to this discussion 6:06 What the mechanics of the hack were 13:03 How Lazarus usually operates and the tactic of blind signing 17:11 Jonty’s important tips for people handling large amounts of crypto 23:45 How Bybit was able to say almost immediately that their other assets were secure 29:02 How much exchanges typically hold in each cold wallet 32:00 Why the evidence of the hack points to North Korean group Lazarus 41:01 Why North Korean hackers don’t care if their attack is linked to them 49:30 How Lazarus typically social engineers its hacks 53:48 Why Jonty thinks the industry needs a serious upgrade in terms of security 58:08 How the funds get laundered in such cases and what the industry can do 1:09:54 The chances Lazarus actually makes money from the hack 1:15:34 How DeFi protocols should approach this problem Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Bitwise Guests: Taylor Monahan , Security at MetaMask Jonty , a senior investigator at zeroShadow Links Previous coverage on Unchained about North Korean hackers: How North Koreans Infiltrated the Crypto Industry to Fund the Regime Why North Korea Is Interested in Cryptocurrency Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp GitHub - pcaversaccio/safe-tx-hashes-util: bash script that checks that the Safe transaction that you are signing is the one that you intend to sign Cointelegraph: Crypto exchange eXch denies laundering Bybit’s hacked funds Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 23

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Bybit’s $1.5B hack, likely by North Korea’s Lazarus Group, and the Libra scandal, where Hayden Davis exposes the memecoin playbook. Meanwhile, Dave Portnoy rugs Greed and Greed 2, Kanye’s YZY token leaks, and the LA Vape Cabal collapses. But crypto markets hold strong, and the SEC just dropped its lawsuit against Coinbase. Is this the end of the memecoin era? We break it all down. Show highlights 🔹 Bybit’s $1.5B Hack – Largest crypto hack in history, linked to North Korea’s Lazarus Group. CEO Ben Zhou handled it masterfully, securing a bridge loan to cover outflows. 🔹 Hayden Davis & the Memecoin Playbook – Argentina’s Libra token scandal exposed the insider trading behind celeb-backed coins. Hayden Davis spills the playbook on Coffeezilla. 🔹 Portnoy’s Pump & Dump – Barstool’s Dave Portnoy rugs his own followers with Greed and Greed 2, then mocks them. 🔹 The Memecoin Bubble is Popping – Sentiment shift: retail realizes the game is rigged. Memecoins may finally be out of steam. 🔹 Kanye’s YZY Coin? – West’s team accidentally leaks a memecoin plan. Will it even launch, or is it DOA after the Libra scandal? 🔹 The LA Vape Cabal Collapses – Once a driving force in memecoins, this underground group falls apart after links to Kelsier Ventures are exposed. 🔹 Regulatory Winds Shift – SEC drops its lawsuit against Coinbase. Crypto enforcement pivots from good actors to actual fraud. 🔹 Crypto Holds Up – Despite chaos, the market remains resilient. Infrastructure tokens are seeing renewed interest. 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 Timestamps 00:00 Intro 01:41 The Largest Crypto Hack in History 03:03 Bybit's Response and Industry Reactions 04:51 North Korea's Involvement and the Aftermath 18:06 Hayden Davis & LIBRA 30:50 Meteora & the Solana Universe 33:34 Downfall of Memecoins 39:58 Hypocrisy of Celeb Coins 47:00 Regulatory Changes and the Future of Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 21

What started as another scammy memecoin launch has spiraled into one of Argentina’s biggest political scandals. The $LIBRA token, promoted by President Javier Milei and tied to Hayden Davis of Kelsier Ventures, is now at the center of multiple investigations—with allegations of bribery, insider trading, and political corruption. Some are calling it “CryptoGate.” Did Davis really have influence over Milei? Was the president’s sister involved in pay-to-play politics? Could Davis and Milei face legal action? This week, Danny Nelson, managing editor for data & tokens at CoinDesk, joins to reveal what his reporting uncovered, from secret deals to political fallout—and why this scandal could change how people see memecoins forever. Show highlights: 1:47 How Hayden Davis was bragging about his connection to the Argentine presidency 9:15 Why Karina Milei holds the keys to her brother 11:31 Whether Milei is trying to protect Davis 16:22 Whether Milei was an ignorant victim or a more knowledgeable participant in $LIBRA 18:46 What charges Davis could face in the U.S. 22:00 Why Danny thinks Jupiter is taking the right step 24:34 Whether a memecoin such as $LIBRA could be considered a security 29:32 What Davis should do with the $100 million in his possession 33:40 Whether memecoins are now dead 38:41 What the future of Pump.fun looks like Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Guest Danny Nelson , Managing Editor for Data & Tokens at CoinDesk Links Previous coverage of Unchained on the LIBRA scandal: How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage Bits + Bips: Could the LIBRA Scandal End the Memecoin Craze? Unchained: LIBRA Insider and Argentinian President Holding Secret Calls Meteora Co-Founder Resigns Amid LIBRA Scandal Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes CoinDesk: Libra Token's Hayden Davis Bragged of Influence Over Argentina's Milei Coinbase CEO Brian Armstrong’s post on memecoins Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 19

The $LIBRA token launch was a disaster—insider trading, price manipulation, and yet another memecoin scandal. But does this mean the memecoin era is over? This week, James Seyffart, Joe McCann, Ram Ahluwalia, and Noelle Acheson break down the fallout from the $LIBRA launch, what it means for Solana and the broader market, and whether the crypto community is finally waking up to the risks of insider-driven tokens. They also dig into macro trends impacting crypto—including whether institutions are secretly loading up on bitcoin, the role of DOGE in the broader market, and why some traders are starting to position for a bounce. Plus, what’s next for SOL after weeks of bleeding? Show highlights: 2:45 - How everyone was so surprised by the $LIBRA scandal 10:40 - Why the likes of Hayden Davis are admitting to fraud 12:47 - Why Joe thinks that Solana is not affected by these debacles 15:26 - What Davis should do with the $100M in his power 20:21 - Whether the memecoin cycle is over 25:48 - The irony of people who now want regulations 33:31 - How big institutions have been loading up on bitcoin ETFs 38:20 - Why the U.S. government should modernize its technology 44:39 - Whether DOGE will have a big impact on macro 51:24 - What the Fed will do in the near future 55:29 - Why ETH outperformed this week and why the broader market tanked 1:04:33 - Why Ram believes that Solana will have to get through the “psychological damage” 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 18

Was Argentina’s president used to pump a memecoin? The launch of $LIBRA has turned into a political and financial scandal, with accusations of insider trading, bribes, price manipulation, and government ties to crypto influencers. In this episode, Diogenes Casares, a crypto trader with deep connections in both memecoins and Argentina’s crypto scene, exposes what really happened behind the scenes. He details how a network of market makers, influencers, and political insiders orchestrated the launch, how the price was manipulated from the start, and why he believes the entire operation was illegal. Casares also explains the potential legal consequences for those involved, the impact on President Javier Milei’s administration, and what all this means for the future of Solana memecoins. Show highlights: 3:06 How Dio heard about the launch of an Argentina-related memecoin two weeks in advance 8:09 Whether Argentines were the ones who actually lost money on the coin 40:50 How Kelsier Ventures’ Hayden Davis crashed the price of the token 14:51 How the story is being perceived in Argentina 16:38 Why Dio believes Argentine President Javier Milei was naive 22:38 Who the insiders were and what role they played 26:56 Why Dio says that insider trading is illegal even in crypto 30:31 How some of the insiders are “pathological liars,” according to Dio 34:57 Why Dio doesn’t believe Jupiter’s statement and is skeptical about the Meteora founder’s statement 40:50 Why Dio says Davis’ “strategy” was actually price manipulation 44:32 What should be done with the $100 million that Davis holds 45:24 How Milei could suffer politically because of the situation 51:48 What Dio thinks about Dave Portnoy’s refund 57:09 How it was disappointing that this scandal happened in a place with so much crypto adoption 1:00:53 What’s next for Milei and whether he’ll go through impeachment Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! RockWallet Mantle Bitwise Guest: Diogenes Casares , a crypto trader from Argentina Links Unchained: Crypto Community Incensed by Insider Activity on LIBRA Memecoin Promoted by Argentina’s President Coffeezilla interview: Argentina’s memecoin creator interview (LIBRA) Bribes, Insiders and a Manipulated President | What Really Happened with $LIBRA by Diogenes Casares Jupiter Exchange’s statement Meteora’s Ben Chow’s statement Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 14

Crypto sentiment is extremely low, but is the market completely wrong? While X is flooded with doomsday takes, Jeff Dorman, CIO of Arca, argues that the real fundamentals of crypto are stronger than ever. In this episode, Jeff breaks down why investors are overlooking key signals—like growing regulatory clarity, the tokenization of real-world assets, and institutional interest—and how memecoins have hijacked the broader market narrative. He pushes back on claims that there are no fresh narratives and explains why the current climate reminds him of previous market mispricings that turned into massive opportunities. He also dives into the potential of tokenized assets, why crypto adoption is way ahead of where people think, and why he believes the industry keeps making the same mistakes when it comes to marketing its breakthroughs. Show highlights: 2:03 - How dishonest takes are flooding the crypto sentiment , according to Jeff 4:04 - Why he pushes back against the sentiment that there are no fresh narratives 6:13 - Whether memecoins are to blame for the poor market sentiment 13:17 - Why Jeff feels that the crypto investment thesis is still very strong 19:23 - Why Jeff says that the launch of $TRUMP and $MELANIA was a good thing for the industry 26:55 - Why layer 1s are very hard to invest in 30:57 - Laura and Jeff’s disagreement about what would it take for a blockchain to win Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Somnia Network Guest Jeff Dorman , Chief Investment Officer and Co-Founder at Arca Previous appearance on Unchained: Crypto Prices Are Way Down. Is It Time to Buy the Dip? Links Unchained: Arca: “That’s Our Two Satoshis” - I’m Fed Up with the Misinformation by Jeff Dorman, CFA Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 13

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, we’re joined by Laura Shin, host of the Unchained Podcast, for a no-holds-barred discussion on the current state of the crypto landscape. We dive into Berachain’s shaky launch, dissecting its tokenomics, insider allocations, and why the hype didn’t hold. Then we uncover the rise of celebrity memecoin scams—how influencers are cashing in while their followers get rugged. Finally, we tackle the Ethereum vs. Solana debate: is Ethereum losing its edge, or is Solana’s growth just a speculative bubble? It’s an episode full of bold takes and sharp insights you won’t want to miss. Show highlights 🔹 Berachain’s Big Faceplant: Launched with $10B hype, now scraping $2.5B FDV. There are too many VCs and not enough vibes to keep it afloat. 🔹 Memecoin Madness: Celebs faking hacks to rug followers? The dark side of crypto grifts gets exposed. 🔹 Is Ethereum Lost? Once the king of culture, it is now weighed down by L2 sprawl and fading relevance. Has Solana stolen the spotlight? 🔹 Solana’s Winning the Youth Vote: Fast, fun, and flooded with memecoins—exactly what Gen Z craves. 🔹 Peak Memecoin Energy: When the scams get this blatant, are we hitting the top—or just getting started? 🔹 Cramer vs. Meme Lords: Who’s worse for your wallet—a clueless TV pundit or a shameless influencer? 🔹 Regulators, Where You At? Chasing good actors while real frauds run wild. Classic crypto chaos. Hosts ⭐️ 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 Disclosures Timestamps 00:00 Intro 01:53 Berachain Launch and Community Sentiment 05:23 Market Sentiment and Crypto Cycles 18:03 Kanye West Leaks Scam Playbook 32:17 Cramer’s Curse vs. Portnoy’s Pump 39:23 Ethereum & Solana Drama 49:06 Ethereum's Existential Crisis (Again?) Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 12

Crypto markets are at a crossroads. Is Ethereum primed for a short squeeze, or is its dominance fading? Are the SOL unlocks a real risk, or is the panic overblown? And did we already have an alt season without realizing it? In this episode, hosts James Seyffart, Alex Kruger and Ram Ahluwalia sit down with Sal Ternullo, managing partner at A100x Ventures, to break down the biggest questions facing traders today. They discuss whether Trump’s tariffs are impacting ETH, why the market might be misreading SOL’s unlocks, and how traders keep falling into the same traps—losing money despite crypto’s explosive gains. They also debate the real reason altcoins haven’t performed as expected, why memecoins might finally be dying off, and what the Growth Value Ratio reveals about the market’s future. Plus: the implications of Elon Musk’s bid for OpenAI, and whether Arweave’s AO can seriously challenge ICP. Show highlights: 3:33 - Why Ram likes what Trump is trying to accomplish with the tariffs 10:35 - Why ETH got hit so hard with the tariffs and whether there’s a squeeze coming 15:24 - Whether the market will see an alt season 21:47 - Why Sal believes that the SOL unlocks are not a big deal and why he’d like to see a shift away from memecoins 25:09 - Why Ram thinks that crypto markets don’t have a clear narrative in the near future 27:28 - Why Alex is concerned about the SOL unlocks 32:19 - What the growth value ratio is teaching us about the state of the markets 40:59 - How the potential Kanye West memecoins is another example of why Sal doesn’t like this space 46:39 - Whether Arweave’s new project AO can compete with ICP 48:04 - How Elon Musk is running so many projects, plus bidding for OpenAI 55:26 - James’ analysis on the likelihood of various crypto ETFs being approved 1:03:01 - Why Alex thinks this is the perfect time to “be patient” in the markets Sponsor: Somnia Network Bitwise Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Ram Ahluwalia , CFA, CEO and Founder of Lumida Guest: Sal Ternullo , Managing Partner at A100x Ventures Links Unchained: Grayscale Files for Cardano ETF Central African Republic launches memecoin Reuters: Trump raises tariffs on aluminum, steel imports in latest trade war salvo Elon Musk-led group makes $97 billion bid for control of OpenAI The Block: SEC delays decision on BlackRock's Ethereum ETF options trading until April 9 Kanye West, after disclosing he was offered $2 million to launch a token, asks to speak with Coinbase CEO 'concerning crypto' Kanye West quashes memecoin launch rumors, says coins 'prey on the fans' James’ and Eric Balchunas’ tweet on the odds of crypto ETFs Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 11

Despite the ups and downs of the Ethereum ecosystem, two of its most influential builders—Aave’s Stani Kulechov and Sky’s Rune Christensen—remain bullish. In this episode, they discuss whether we’re witnessing a DeFi renaissance, the challenges of building on Ethereum vs. Solana, and why DeFi adoption isn’t growing as fast as some expected. They debate stablecoins, whether Solana is truly innovating, and how AI could transform DeFi by automating governance and risk management. They also respond to some hot takes—including whether Aave is falling behind Solana-based Kamino, and why Sky deployed its USDS stablecoin on Solana despite Rune’s long-standing Ethereum advocacy. Show highlights: 02:33 Whether Sky and Aave are experiencing a “DeFi renaissance” 11:49 How Stani and Rune are trying to appeal to a simpler audience 23:00 Whether developers overlook how easy it is to build DeFi on Ethereum 27:40 Why Stani believes there is not a lot of innovation in Solana 32:17 What would need to happen for Aave to be in Solana 33:27 Why Sky deployed USDS on Solana 40:30 Whether the Ethereum ecosystem should be worried about users going to other chains 49:19 Why Rune praises Solana’s culture 51:38 How USDS’s growth on Base happens organically, contrary to Solana 59:35 Why they believe that the combination of AI and DeFi will be so powerful Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle RockWallet Kelp DAO Guest: Stani Kulechov , Founder and CEO of Aave Previous appearances on Unchained: Stani Kulechov on Why Aave Is So Successful - Unchained The Chopping Block w/ Stani Kulechov: Operation Chokepoint 2.0, Ethereum Innovation Push, & Polymarket Whales - Unchained Rune Christensen , Co-founder of Sky Previous appearances on Unchained: Can Maker’s Rune Christensen Fix the Sad State of DAO Governance? Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85 The Chopping Block: How to Manage MakerDAO, With Hasu and Rune Rune Christensen of MakerDao on Its $15 Million From Andreessen Horowitz Why It’s so Hard to Keep Stablecoins Stable Links Aave 2030 roadmap Alex Svanevik of Nansen tweeted : “When Aave on Solana?” Qiao Wang of Alliance DAO commenting on why he recommends people build on Solana The First Non-EVM Deployment of Aave Protocol: Aave V3 on Aptos - General - Aptos Forum Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 7

Sign up for our free regulatory newsletter! Silvergate Bank was once crypto’s most important banking partner, handling billions in deposits from the biggest players in the industry. Then, FTX collapsed—and everything changed. In this episode of Unchained, Mike Lempres, former chairman of Silvergate, talks about how Silvergate grew into a banking giant for crypto, why Washington suddenly turned against them—even after they survived the FTX crisis, and whether Operation Choke Point 2.0 was real. Plus, did short sellers and politicians work together to tank Silvergate’s stock? And what does the future look like for banks that want to serve crypto? This is part of the inside story of one of the biggest banking collapses in crypto history. Show highlights: 2:08 How Mike’s background in banking led him to work in crypto 4:10 Why banking has always been a challenge for crypto companies 5:14 How Silvergate Bank got involved so much with the industry and how it achieved “ tremendous growth ” 8:10 The “magic” of the Silvergate Exchange Network (SEN) 14:19 Why Mike believes Silvergate’s problem was not banking regulators, but D.C. politics 17:49 How everything changed after the FTX collapse 24:45 Whether SEN is a valuable asset for a bank to have 28:39 Why Mike believes that Operation Choke Point 2.0 is real 30:48 Whether short sellers worked with politicians to tank Silvergate 34:21 How Mike thinks that banks could service the crypto industry Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! RockWallet Somnia Network Quai Network Mantle Guest Mike Lempres , Former Chairman of Silvergate Bank Links Unchained: Why the new FDIC Leadership Isn’t Convinced Operation Chokepoint 2.0 Exists Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? Rep. French Hill Says He’d Investigate Operation Choke Point 2.0 as Financial Services Chair Are Regulatory Failures to Blame for Crypto Banking Issues? Caitlin Long on Why Operation Choke Point 2.0 Has Bankers Nervous Ahead of Debanking Hearings, Industry Is Divided on Political Strategy Caitlin Long on Why the Fed’s Rejections of Custodia Bank Seem Politically Motivated How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 6

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, we dissect the chaos triggered by Trump’s trade war, which sent Ethereum and alts into freefall while Bitcoin held strong. Why are alts struggling, and is this just a flight to quality—or something deeper? We also dive into the LA Vape Cabal phenomenon and its bizarre influence on memecoin culture, debate whether the SEC’s new leadership is truly a game-changer for crypto, and analyze Binance’s latest scandal. Plus, is the memecoin cycle really over, or is this just another phase in crypto’s endless casino? Show highlights 🔹 Trump’s Trade War Wrecks Crypto – Ethereum and alts nosedive as Trump’s surprise tariffs shake markets. Is this just macro panic or a deeper shift in investor sentiment? 🔹 Biggest Liquidation Day Ever? – Crypto saw its largest mass liquidation in history, with Bybit’s CEO estimating real losses closer to $8-10 billion—more than the FTX collapse. 🔹 LA Vape Cabal & Memecoin Mania – A bizarre Twitch-fueled trading cult is shaping the memecoin meta. Is this the future of crypto speculation, or just another fleeting grift? 🔹 The Great Altcoin Capitulation – Alts are bleeding while Bitcoin holds strong. Has the market finally given up on everything that isn't BTC? 🔹 Hester Peirce’s Crypto Reset – The SEC’s new approach could rewrite the rules for token issuers. Will the industry finally get the regulatory clarity it’s been begging for? 🔹 Binance Under Fire (Again) – CZ’s former empire faces backlash over insider listings, alleged bribes, and a wave of vaporware projects that tanked after launch. 🔹 Pump.fun = The New NFT Casino? – Memecoin speculation is bigger than 2021’s NFT boom. But is it sustainable, or is the exit liquidity running dry? 🔹 The Memecoin Endgame? – Some claim the bubble has burst, but if history tells us anything, a new wave of degens will always find a way to keep the casino open. 🔹 Bitcoin’s Macro Dominance – BTC’s macro story is unstoppable, with talk of a U.S. sovereign wealth fund investing in Bitcoin. Will the market ever rotate back to alts? 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 Hester Peirce’s Blog Post – “The Journey Begins”: https://www.sec.gov/newsroom/speeches-statements/peirce-journey-begins-020425 David Sacks' Plan for Digital Assets Press Conference: https://youtu.be/LqTsyTuLSSI Timestamps 00:00 Intro 01:08 Market Turmoil and Trade Wars 07:10 Bitcoin's Dominance & Altcoin Struggles 10:33 Memecoins & Market Sentiment 25:05 Cultural Phenomena in Crypto 33:54 The L.A. Vape Cabal 40:45 Millennials and Memecoins 44:51 Binance & the Chinese Community 50:45 Regulatory Developments in Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 5

Subscribe to our newsletter! https://unchainedcrypto.beehiiv.com/subscribe Trump’s new wave of tariffs has reignited the debate: Are they good for the economy or a disaster waiting to happen? Some say tariffs will crush trade, boost inflation, and slow growth—but others argue they could weaken the dollar and send bitcoin soaring. On this episode of Bits + Bips, Jeff Park of Bitwise, along with James Seyffart, Alex Kruger and Noelle Acheson, battle it out over the real impact of Trump’s tariffs, whether they could spark a new Plaza Accord 2.0, and why ETH took a harder hit than BTC in the latest selloff. Plus, is Trump’s economic strategy really about making America great again—or just about keeping his own real estate empire afloat? Jeff makes a bold claim outlining Trump’s #1 goal—one that his personal wealth depends on. Show highlights: 2:38 - Why Jeff believes that people’s reaction to tariffs was bizarre 7:09 - Why Jeff is convinced that tariffs are good for bitcoin 10:18 - Why Alex is so against tariffs 21:37 - How tariffs actually affect consumers 27:36 - What’s Trump’s number one priority is, according to Jeff 36:26 - Whether inflation will eventually come back to previous levels 41:05 - Why ETH got hit the hardest on Sunday night 49:56 - Whether the ETH/BTC ratio has bottomed 51:03 - How Hyperliquid’s HYPE held up so strongly 53:02 - The significance of Tether adding USDT to the Lightning Network Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Alex Kruger , Founder of Asgard Guest: Jeff Park , Head of Alpha Strategies at Bitwise Previous appearance on Bits + Bips: The Real ‘Trump Trade’ & Why Trump's World Liberty Financial Was a Flop Links AP: Canada and Mexico agree with Trump to postpone tariffs by at least 30 days Eric Trump on X: "In my opinion, it’s a great time to add $ETH." Unchained: USDT Integrates With Bitcoin and Lightning Network ETH Crashes After Trump Imposes Tariffs Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 4

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. The success of any blockchain isn’t just about scalability, security, or decentralization—it’s about attracting developers. The easier it is to build, the more innovation happens. Or at least, that’s the thesis of Movement Labs co-founder Rushi Manche and Olaf Carlson-Wee, CEO of Polychain Capital. In this episode of Unchained, Rushi explains why Move, originally developed by Meta, is a fundamentally better programming language for crypto than the Ethereum Virtual Machine (EVM). He breaks down how Move’s unique approach to security and asset management improves developer experience and why the Movement Network is bringing Move to Ethereum as a layer 2 solution. Olaf shares his thoughts on how alternative programming environments like Move could challenge the dominance of the EVM, why Ethereum is at a critical moment, and how AI-powered financial agents could change how investments work. Show highlights: 2:32 What problems Move solves for crypto and how it got started 8:57 How the programming language is safer than others, specifically for crypto finance 21:00 What’s the thesis behind the Movement network 23:12 Why Movement chose to become an Ethereum L2 30:08 Where ETH is headed and what it needs to succeed 32:25 Why Rushi is so bearish on EVM layer 2s 34:59 Whether Ethereum is going through an existential crisis 37:47 Why Rushi believes that modularity will save Ethereum 39:28 How Movement differs from Aptos and Sui 41:36 The importance of developer experience in crypto’s growth 44:48 How tokens can signal the significance of content in social media 52:04 Why Olaf thinks we’ll soon see an explosive growth of financialized agents 57:19 Whether AI will replace VC investors and other jobs 1:01:38 What Rushi has to say about the Trump team buying MOVE 1:04:09 The significance of the U.S. making crypto a national priority Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsor! Mantle Guest: Rushi Manche , Co-founder of Movement Labs Olaf Carlson-Wee , CEO of Polychain Capital Previous appearances on Unchained: OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever Olaf Carlson-Wee: ‘If There Is a Money-Losing Exploit, the Money Is Gone’ Why The First Employee Of Coinbase Launched A Hedge Fund To the Moon and Back With Polychain’s Olaf Carlson-Wee Special Episode with CNBC’s Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital Links Unchained: Trump’s Crypto Project Bought MOVE Tokens as DOGE News Leaked How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024 Chris Dixon on Why We Will Finally See New App Innovation in Crypto 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback? With AI Agents Now Trading Crypto, What Does Their Future Look Like? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 31

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, we dive into Ethereum’s growing identity crisis as frustration mounts over the Ethereum Foundation’s leadership, vision, and sluggish innovation. Is Ethereum losing its edge while Solana, Base, and Tron take over? We also break down the Second Foundation drama, discuss Justin Sun’s wild L2 taxation proposal, and debate whether Ethereum needs a CTO-style overhaul to stay competitive. Plus, Vitalik Buterin’s unexpected embrace of the Milady NFT movement and what Gary Gensler’s exit from the SEC means for the future of crypto regulation. Show highlights 🔹 Ethereum Civil War? The Ethereum Foundation (EF) faces internal and external backlash as Vitalik defends its “WEF soy boy” ethos. Critics call for leadership changes, faster innovation, and a more aggressive growth strategy. 🔹 Second Foundation Fakeout: Rumors spread that Lido’s founder was launching a rival EF, briefly pumping ETH before being debunked. The buzz reignites calls for governance changes. 🔹 L2 Taxation Debate: Justin Sun proposes a 5B ETH tariff on rollups to fund buybacks, sparking debates on Ethereum’s fragmented ecosystem and lack of value accrual. 🔹 Vitalik Goes Milady: Ethereum’s co-founder embraces the Milady NFT subculture, changes his profile pic, and adopts the meme’s signature sign-off, fueling speculation about crypto’s shifting cultural landscape. 🔹 Ethereum’s Identity Crisis: With Solana, Base, and Tron dominating user adoption, is Ethereum too slow and academic to compete? Calls for an Ethereum “CTO” or more centralized execution grow louder. 🔹 Gensler’s Next Move: Gary Gensler exits the SEC and returns to MIT to teach AI & finance. Crypto celebrates his departure, while an AI-generated rap video mocks his legacy. 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 Hayden Adam’s Tweet: https://x.com/haydenzadams/status/1884134669265891433 Justin Sun’s EF Plan Tweet: https://x.com/justinsuntron/status/1881999625990836229 Scaling Ethereum L1 and L2s in 2025 and Beyond by Vitalik Buterin: https://vitalik.eth.limo/general/2025/01/23/l1l2future.html Zen and the Art of Shifting Mindsets in Technology: Aya Miyaguchi interview in Wired Magazine: https://wired.jp/article/the-next-innovators-4-aya-miyaguchi-en/ Timestamps 00:00 Intro 01:47 Ethereum Foundation's Civil War 05:53 The Bronze Age Mentality 07:32 Community Criticism and Governance 10:03 Vitalik's New Persona: Embracing Milady 14:33 Future of Ethereum and L2s 37:39 L1 vs L2: Do People Really Care? 42:12 Ethereum's Strategy and Colonialism Analogy 46:10 The Role of the Ethereum Foundation 58:34 Gary Gensler's Move to MIT and His Legacy Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 31

The kidnapping of Ledger co-founder David Balland in France sent shockwaves through the crypto community, raising urgent questions about security for high-profile crypto holders. How do you protect yourself when criminals are willing to go beyond digital attacks and resort to violence? In this episode of Unchained, Jameson Lopp, co-founder and Chief Security Officer of Casa, speaks about the growing trend of “wrench attacks”—physical assaults aimed at forcing crypto holders to transfer their assets. Lopp explains how these attacks are evolving, what makes someone a target, and which geographies are seeing the most attacks. Plus, he shares what behaviors put you most at risk, how criminals are getting more organized, and why relying on exchanges for security is not as safe as you think. If you hold significant crypto wealth, this is an episode you can’t afford to miss. Show highlights: 2:02 How a Ledger co-founder was kidnapped and how the situation was resolved 6:46 Who tends to be targeted and which geographies see the most physical attacks 14:15 The riskiest behaviors that are likely to lead to wrench attacks 16:01 How attackers decide who to target 20:37 How the attacks have been accelerating lately 22:16 How the Ledger team ensured the kidnappers couldn’t access the ransom money 23:44 Jameson’s top tips on how crypto holders can stay safe 29:30 News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Polkadot Quai Network Guest Jameson Lopp , co-founder and Chief Security Officer of Casa Links Previous coverage of Unchained on crypto security: Here’s How to Protect Your Crypto and Seed Phrases From Natural Disasters Reuters: Kidnapped co-founder of French crypto firm Ledger had his hand mutilated Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 29

From AI shaking up Big Tech to bitcoin’s role in the macro landscape, Jim Bianco delivers insights on the DeepSeek-triggered market selloff, memecoins, and the challenges facing traditional systems. In this episode, the macro strategist shares why DeepSeek’s AI model is reshaping competition, how crypto reserves might evolve, and what happens to MicroStrategy if bitcoin’s price takes a hit. Plus, hear his take on why stablecoins are a threat to banks, and why memecoins could be more than speculation. Show highlights: What of crypto attracted Jim so much 0:49 What of crypto attracted Jim so much 6:15 Why the DeepSeek new model was so disruptive 12:47 Whether the biggest loser is OpenAI, not all the Mag 7 16:14 Whether we’ll see a major macro response from U.S. companies and government 26:06 What will happen next with the price of bitcoin 28:54 What would happen to MSTR if bitcoin goes 30% lower 34:11 How Trump was able to move so fast since the inauguration 39:30 Why the Fed should not do QE, according to Jim 49:02 How memecoins could be designed to be much more than speculative assets 53:03 Why James hopes the SEC doesn’t approve all the memecoin ETF applications 58:06 Whether banks will start onboarding crypto companies 1:05:52 Why stablecoins poise an existential threat to the current banking system 1:11:19 Whether it’s a bad idea for the U.S. to acquire other cryptos that are not bitcoin Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Guest: Jim Bianco , President and Macro Strategist at Bianco Research Links CNN Business: Trump announces a $500 billion AI infrastructure investment in the US Unchained: Tuttle Capital Files for 10 Leveraged Crypto ETFs CoinDesk: Nasdaq Files for In-Kind Redemptions for BlackRock Spot Bitcoin ETF Reuters: US, Colombia reach deal on deportations; tariff, sanctions put on hold Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 28

Chris Dixon, founder and managing partner of a16z crypto, joins Unchained to share why he believes crypto innovation is about to explode. From Ethereum’s potential to new crypto legislation, Chris delves into why the industry is poised for a major break out. He also discusses why the Biden administration’s “lawfare campaign” led to the memecoin craze, how AI and crypto together could transform technology, and why bad tech policy stifled the industry for years. Plus, he shares his take on the executive order signed by President Donald Trump and its significance for the industry. Show highlights: 2:51 Why Chris feels like the Biden administration was trying to destroy crypto 7:16 Chris’s take on the Trump announcements and executive orders 14:18 What Chris would like to see in upcoming crypto legislation 21:37 How he compares the intertwining of AI and crypto with mobile, cloud and social 26:24 Whether an investing AI agent like ai16z could ever compete with A16z 32:05 How technologies usually evolve exponentially and how the AI x crypto craze will evolve 39:21 Why Chris doesn’t think the debate about whether Ethereum L2s are ‘parasitic’ is important 47:24 Chris’s opinion on whether Vitalik should be doing more marketing for ETH 51:29 Why Chris thinks native rollups on Ethereum could be valuable and promising 55:43 What he believes is important to pitch blockchain to Wall Street 59:39 Chris’s vision for a future multichain world 1:04:20 How the Biden administration’s “lawfare campaign” enabled the memecoin craze in 2024 1:08:08 Why Chris says that Coinbase has been very innovative 1:14:11 Whether ICOs are a recipe for fraud and scams 1:17:39 What apps and innovations Chris is excited about Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Somnia Network Guest: Chris Dixon , Founder and Managing Partner of a16z crypto Previous appearances on Unchained: A16z Crypto’s Chris Dixon on How Blockchains Can Save the Internet Chris Dixon on How Trust Is the Best Lego Links Unchained: President Trump Declares Crypto a National Priority in Executive Order 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025? Chris’ tweet on the executive order Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 25

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, and Tom Schmidt chop it up about the latest in crypto. This week, we're joined by special guest Peter Van Valkenburgh, Executive Director of Coin Center, to tackle one of the most pivotal moments in crypto policy. In this episode, we dive into the groundbreaking Fifth Circuit ruling on Tornado Cash, unpack its implications for blockchain privacy, and discuss the challenges noncustodial developers like Roman Storm are facing. We also break down Trump’s crypto executive order, the SEC’s new direction under Hester Peirce, and speculate on what a U.S. strategic Bitcoin reserve might mean for the future. Show highlights 🔹 Crypto as a Public Good: Why open, permissionless technologies need protection—and how Coin Center defends them. 🔹 Tornado Cash Ruling: The Fifth Circuit overturns OFAC sanctions—what this means for blockchain privacy and freedoms. 🔹 Roman Storm Case: DOJ’s controversial crackdown on noncustodial developers and its implications for innovation. 🔹 Trump’s Crypto EO: Breaking down the ban on CBDCs and the push for U.S. leadership in digital assets. 🔹 SEC’s New Direction: Hester Peirce’s crypto task force and the future of enforcement and regulation. 🔹 CFTC vs. SEC: Will Congress resolve the jurisdiction battle over crypto markets? 🔹 Senate Banking’s Subcommittee: How Senator Lummis could lead a new era of crypto-friendly policy. 🔹 Strategic Bitcoin Reserve: Speculating on what a U.S. Bitcoin reserve might look like. 🔹 2025 Regulatory Outlook: How shifting policies could redefine crypto’s future. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly Guest: ⭐️ Peter Van Valkenburgh , Executive Director of Coin Center Disclosures Timestamps - 00:00 Intro 01:34 Coin Center & Crypto as a Public Good 05:04 Crypto Policy Shifts & Trump's Executive Order 16:11 Senate Banking Digital Assets Subcommittee 20:20 SEC Crypto Task Force 32:10 Hester Peirce's Safe Harbor Proposal 35:43 Strategic Bitcoin Reserve: Expectations and Realities 41:12 Tornado Cash & OFAC Sanctions 45:28 Legal Implications for Noncustodial Developers 57:51 Future of Crypto Regulation & Coin Center's Role Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 24

Ethereum has had a tough year, losing ground to Solana in price performance, developer activity and as the home to the latest crypto trends. Yet, Vivek Raman, founder and CEO of Etherealize, is doubling down on Ethereum’s future. In this episode, Vivek explains how Etherealize, a “marketing arm for the ETH ecosystem,” was in the works long before the current criticisms of the Ethereum Foundation’s marketing, and how it got funding from Ethereum creator Vitalik Buterin and the foundation. He discusses why he believes layer 2 solutions make Ethereum a better fit for Wall Street than Solana. Plus, Vivek shares his thoughts on Ethereum’s value accrual, the state of its ecosystem, and how Etherealize plans to bridge the gap between Wall Street and Web3. Show highlights: 2:50 Why Vivek thinks that it’s an opportune time to launch Etherealize 7:32 How the project has been in the works for longer than people might think 13:28 How Etherealize secured funding from Vitalik Buterin and the Ethereum Foundation 15:11 Why Vivek says they got “lucky” with the timing of the announcement 19:03 How Vivek plans to drive the narrative of ETH as an asset 22:17 Why he believes corporations will launch their own L2s on Ethereum 29:13 How he pitches Ethereum to TradFi 31:42 Why Vivek believes Ethereum is better suited for Wall Street than Solana 34:08 What he has to say about L2s being centralized 38:24 News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Quai Network Polkadot Guest Vivek Raman , founder and CEO of Etherealize Links Etheralize’s announcement Unchained: Lido Founder Says No ‘Second Foundation’ Exists Yet 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025? 2025 Will Be a Year of Crypto Competition. Can ETH Make a Comeback? Ethereum Foundation to Fund New DeFi MultiSig Wallet With 50,000 ETH The Block: Vitalik Buterin details 'large changes' to Ethereum Foundation leadership amid calls for new leadership Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 22

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, we dive into one of the wildest weeks in crypto history, unpacking the unprecedented launch of Trump’s memecoin and its explosive $70 billion valuation. We discuss how it broke every record imaginable, the fallout from Melania’s token, and the chaos it unleashed across the Solana network. From the ethics of a sitting president launching a coin to the implications for retail investors and the future of memecoins, we’re covering it all. Plus, we debate whether this marks a new chapter for crypto adoption or a troubling precedent for political grift. Stay tuned for this jam-packed emergency episode! Show highlights 🔹 Trump’s Memecoin Craze: Breaking down the historic launch of $Trump, its unprecedented $70B valuation, and how it shattered every record in crypto history. 🔹 Melania’s Memecoin Fallout: What went wrong with the $Melania token launch? Exploring its disastrous impact on the market and $Trump coin’s rapid crash. 🔹 DeFi’s Ultimate Stress Test: How Solana infrastructure held up against unprecedented volumes, Moonshot’s rise to the top, and why this reshaped the memecoin landscape. 🔹 Retail FOMO vs. Institutional Doubts: Examining retail’s overwhelming rush to $Trump coin and why some insiders remain skeptical of its long-term implications. 🔹 Crypto Meets Politics: The ethics and implications of a sitting president launching a memecoin—and how it could distort the future of crypto regulation and perception. 🔹 The Memecoin Economy Evolves: Could Trump and Melania coins signify the end—or a new era—of memecoins? A debate on the future of speculative tokens. 🔹 Solana’s Big Moment: Why Trump coin positioned Solana as the go-to chain for memecoins, and how it outperformed competitors during this chaos. 🔹 On-Chain Innovation or Grift? Is this a turning point for crypto adoption, or just the latest example of right-wing opportunism? The crew debates the broader implications. 🔹 Adversarial Predictions: What happens when other world leaders witness Trump’s success? The panel speculates on who could be next in the memecoin race. 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 Timestamps - 00:00 Intro 02:23 The Crypto Ball 07:11 Trump's Memecoin: $TRUMP 13:21 Market Reactions & Infrastructure Challenges 26:25 Melania Token: $MELANIA 38:52 Solana's User Surge, Start of Ethereum Civil War? 45:12 Speculation: Crypto's Killer Use Case 49:59 Partisan Divide in Crypto 54:22 Trump's Crypto Strategy 01:07:32 Crypto's Social and Political Implications Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 22

This week, Trump’s memecoin launch had everyone talking—and scrambling for Phantom wallets. But was it a strategic masterstroke or just another speculative frenzy? On this episode of Bits + Bips, the hosts unpack the wild moments of the Crypto Ball, where $TRUMP made its surprise debut. They discuss how Bitcoin maxis were forced to embrace Solana wallets, why Multicoin Capital emerged as the biggest winner, and whether the memecoin launch signals a local market top. Plus, they debate whether Trump’s crypto-friendly stance could shape policy in 2025, why Litecoin might beat Solana to a spot ETF, and what Trump’s inauguration speech reveals about his crypto game plan. Show highlights: 0:58 What Ram can tell us about his experience at the Crypto Ball 3:39 How Ram was so surprised when the $TRUMP coin dropped in the middle of the event 7:51 What will happen with the 80% of $TRUMP that Trump holds 8:51 Why Ram believes Multicoin Capital was the biggest winner of $TRUMP dropping 10:14 Whether the coin was “gift or grift” 17:07 How the $Melania coin was the Trumps shooting themselves in the foot 19:37 How the launch of the coin is a “major win” for Solana 22:49 Whether ETH can have a comeback as the “TradFi chain” 35:28 How the market would react to the lack of a strategic bitcoin reserve mention 43:28 What executive orders Trump could deliver for the crypto industry 48:47 Alex’s experience with the pump and dump of a fake Barron Trump memecoin 53:41 What was notable from Trump’s inauguration speech 56:28 Whether rate cuts in December were a mistake and whether more are coming 1:05:51 Why James believes that Litecoin has more chances than Solana for a spot ETF 1:08:41 Whether the launch of $TRUMP will mark a local top for the markets 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 Saylor’s parody account’s tweet recounted by Alex Meme recounted by Noelle Vitalik on changing the EF leadership Josh Stark’s tweet on how the EF “uses Ethereum” Paper on DeFi that Alex talked about: Christopher J Waller: Centralized and decentralized finance - substitutes or complements? Polymarket: Will Trump create Bitcoin reserve in first 100 days? Unchained: Trump Appoints Crypto-Friendly Mark Uyeda as Acting SEC Chair Trump-Backed World Liberty Financial Goes on Token Buying Spree Trump Picks Pham as Acting CFTC Chair Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 21

The crypto world was shaken this weekend when Donald Trump and Melania Trump launched their own memecoins, ahead of Trump’s inauguration as president. Financial analyst Lyn Alden joins Laura to explain why she’s not a fan of memecoins, neutral on a U.S. strategic bitcoin reserve, and doubtful the U.S. can disrupt itself even as Bitcoin, crypto and blockchain technology hold the possibilities of upending the geopolitical world order. Discussing everything from rising tariffs to reshoring strategies, Lyn offers a sharp analysis of the U.S. fiscal and monetary outlook and explains why she believes fiscal policy now overshadows monetary policy. Plus, hear her take on the TikTok ban debate, her skepticism that Bitcoin’s future security could be at risk as the block subsidy decreases, and her Bitcoin projection for 2025. Show highlights: 02:13 Why Lyn is not supportive of the launch of Trump’s and Melania’s memecoins 10:01 Whether Trump should airdrop his memecoin to U.S. citizens 11:47 Why a U.S. strategic bitcoin reserve sparks debate over its potential to devalue the dollar, reshape trade deficits, and challenge the global reserve currency system 25:09 How bitcoin’s rise as a neutral reserve asset could shape a multi-polar world 27:23 Why she thinks addressing U.S. fiscal issues may require the reshoring of industry and rethinking the dollar system 31:22Why Lyn thinks rising tariffs could disrupt global trade, but might also make the government less able to rely on taxation in a world of portable capital and growing privacy tools 35:16 Whether DOGE will be bearish for bitcoin 39:39 Why Lyn feels that Scott Bessent’s “3-3-3 Plan” faces challenges 42:29 Why fiscal policy now overshadows monetary policy, according to Lyn 48:21 What the TikTok ban debate reveals to Lyn about government control and the push for decentralized social media 52:31 Lyn’s take on MSTR’s plan to increase the number of shares 54:56 Lyn’s view on OP_CAT and bitcoin soft forks 57:20 Why Lyn doesn’t think that declining subsidies pose a problem for bitcoin’s security 1:05:59 Why Lyn doesn’t see value in other sectors of crypto, such as DeFi, aside from Bitcoin and stablecoins 1:09:15 Lyn’s projection for the price of bitcoin in 2025 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Somnia Network Polkadot Guest: Lyn Alden , founder of Lyn Alden Investment Strategy Previous appearances on Unchained: Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate How Will Inflation Impact Crypto? Is Ethereum a Good Investment? Why Bitcoin Now: Meltem Demirors and Lyn Alden on the Perfect Conditions for Bitcoin Links Trump’s announcement of a memecoin Unchained: TRUMP Memecoin Soars Then Sinks as MELANIA Launches Balaji’s tweet on the proposal of airdropping $TRUMP Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill Bloomberg: MicroStrategy May Soon Rival Amazon, Alphabet in Common Shares - Unchained: What Is the OP_CAT Bitcoin Improvement Proposal? - Unchained Unchained: Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 17

This week, Sony launched the mainnet for Soneium, its Ethereum Layer 2 blockchain built on the OP Stack from Optimism. Soneium is designed to support creators, developers, and fans through tools like Sony’s NFT-based Fan Marketing Platform and Soneium Spark. However, Soneium’s launch has sparked controversy. Its decision to blacklist some memecoins—over intellectual property concerns—has raised questions about the balance between decentralization and protecting creators’ rights. Even Ethereum co-founder Vitalik Buterin weighed in, highlighting the tradeoffs businesses face in Web3. Sota Watanabe, CEO at Startale, took a quick interview to clear up the misunderstanding about IP infringement. He also explains the vision for the platform and what’s next for Soneium in entertainment and finance. Plus, at the end of the episode, Laura speaks to Ari Gore, head of communications at Zengo Wallet, about protecting your private keys and your cryptocurrencies from natural disasters. Show highlights: 01:52 Why Sony decided to launch a layer 2 on Ethereum 05:39 How Soneium will work with creators to support them 11:29 Sota’s response to the backlash about blacklisting memecoins 18:46 How Soneium’s technical implementation protects IP rights 23:56Why Soneium attracts people from certain demographics 27:05 What the L2 blockchain will focus on next 27:05 Tips to protect your crypto safe from natural disasters 34:47 News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Stellar Build Better Quai Network Polkadot Guests Sota Watanabe , CEO at Startale Ari Gore , head of communications at Zengo Wallet Links Soneium Mainnet: Invoking Emotion And Empowering Creativity Tweet by PopPunkOnChain Tweet by 0xKawz Tweet by Vitalik Tweet by donnoh_eth Soneium's Philosophy for Responsible Innovation Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 16

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, we’re joined by Guy Young, CEO and founder of Ethena Labs, to break down the hard truths behind DeFi’s most recent chaos. We dive into the USD0++ depeg and its ripple effects across the ecosystem, exploring what went wrong and the critical lessons for the future of stable assets. Plus, we discuss Ethena’s meteoric rise, Guy’s vision for synthetic dollars, and how innovative yield strategies are reshaping DeFi. Stay tuned as we debate, analyze, and uncover the hidden forces shaping crypto today. Show highlights 🔹 USD0++ Depeg Drama: A deep dive into what caused the USD0++ depeg, the mechanics behind the chaos, and the broader implications for DeFi. 🔹 Lessons on Risk Transparency: Why sudden rule changes eroded trust and how protocols can improve communication to avoid similar fallout. 🔹 Ethena’s Rise and Vision: Guy Young shares the story of Ethena’s explosive growth, its innovative synthetic dollar model, and its role in DeFi’s evolution. 🔹 The Yield Dilemma: Exploring how Ethena’s yield model works, its appeal, and the risks it carries for users and the ecosystem. 🔹 DeFi’s Distribution Problem: Why centralized exchanges remain the key to scaling synthetic assets and stablecoins like Ethena’s USD. 🔹 Transparency vs. Overconfidence: Drawing lessons from Luna’s downfall and how Ethena’s approach to clear communication sets a new standard. 🔹 Athena’s 2025 Roadmap: From DeFi integrations to TradFi adoption, what’s next for Ethena as it scales synthetic dollars globally. 🔹 Reflections on Building in DeFi: Guy Young opens up about the challenges, surprises, and rewards of leading one of DeFi’s fastest-growing projects. 🔹 2025 Predictions: The crew debates who might become this year’s “main character” in crypto and what that could mean for the market. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tom Schmidt , General Partner at Dragonfly Guest ⭐️ Guy Young , CEO & Founder of Ethena Labs Disclosures Timestamps 00:00 Intro 01:30 Changes to Usual Money’s Protocol 06:05 Reactions & Analysis 09:12 Lessons from USD0 18:35 Transparency vs. Miscommunication 22:42 Ethena: A DeFi Success Story 32:12 Demand for Stablecoins & Yield 36:40 Custody & Market Structure Post-FTX 43:58 Handling Negative Yields and Market Corrections 48:22 Ethena's Roadmap and Future Plans 55:53 Reflections on Building Ethena Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 15

This week, Bloomberg’s James Seyffart, Lumida’s Ram Ahluwalia, and guest Tom Dunleavy explore whether the “Fed pivot” is officially dead, how AI will impact the job market, and what Tether’s move to El Salvador means for U.S. stablecoin policy. They also debate whether bitcoin could ever be a risk-off asset, how sovereign nations might already be accumulating BTC, and what the Coinbase legal win against the SEC signals for the future. Plus, why volatility is still king in crypto and what lies ahead for the global markets. Show highlights: 02:12 Whether the “Fed pivot” is officially dead and whether rate cuts are coming 08:37 What the impact of AI will be on the jobs market 13:27 Why the markets have been chopping so much and whether it’s the bottom 18:00 What Trump could achieve for the crypto industry in his first 100 days 23:02 Whether the US sold the Silk Road bitcoin 25:27 Why bitcoin will not be a risk-off asset in the near term according to Tom and Ram 31:08 Whether sovereign nations have already started buying bitcoin 36:49 Why Tether moving to El Salvador is a loss to the U.S., according to Ram 40:26 How the L.A. fires will have an impact on the political landscape in the U.S. 52:06 How Coinbase just achieved a “huge win” against the SEC Sponsors: Stellar Build Better Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Ram Ahluwalia , CFA, CEO and Founder of Lumida Guest: Tom Dunleavy , Partner at Master Ventures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 14

In October, the crypto industry saw a jaw-dropping acquisition: Bridge, a stablecoin-focused company, was bought by Web2 payments giant Stripe for $1.1 billion. Now, three months later, Bridge co-founder Zach Abrams opens up about the wild journey that led to this moment, from navigating collapses like Terra’s UST and USDC’s depegging, to securing compliance and fraud prevention as core priorities. Zach also delves into his vision for the future of stablecoins, whether the U.S. dollar will continue to dominate, and why global financial infrastructure needs an upgrade. Plus, he recounts how timing and resilience helped Bridge stand out amidst massive industry challenges. Show highlights: 01:49The problems of the payments system and how stablecoins could solve them 13:35 What Bridge is, how it works and what types of consumers it serves 19:33 What significant inconveniences Bridge found throughout its journey 25:56 How Zach’s background in Coinbase influenced the launch of Bridge 30:20 Whether there will be multiple stablecoins or just a couple of winners 33:49 How Bridge worked with their customers to improve its product 39:35 The story of how Bridge was acquired by Stripe for $1.1 billion 46:37 Whether its dependence on banks is a problem for Bridge 53:02 How Bridge deals with fraud and compliance 59:50 What Zach thinks about the competition in the stablecoin landscape 1:04:37 Why Zach believes that the fiat infrastructure landscape is still Bridge’s main competitor 1:10:08 Whether the U.S. dollar will remain the overwhelmingly predominant currency in stablecoins Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Stellar Build Better Polkadot Guest: Zach Abrams , Co-founder of Bridge Links Recent coverage of Unchained on stablecoins: How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto, Stablecoins, and Prediction Markets CNBC: Stripe's $1.1 billion deal for crypto firm Bridge marks much-needed win for VCs Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 10

It’s been a tough week for the markets, with bitcoin gyrating from $102,400 to $92,000. Travis Kling, CIO of Ikigai Asset Management, shares his thoughts on the selloff, whether this market dip is a cause for alarm, and how macro factors like the Fed’s rate policy and ETF dynamics are shaping the landscape. Plus, he dives into the explosive growth of AI agents and why crypto investors should start paying attention to this new frontier. Could AI agents revolutionize crypto, or are we witnessing another bubble? Show highlights: 01:49 Why Travis believes this market selloff was “abnormal” 04:31 Whether he thinks the DOJ will sell Silk Road’s $6 billion worth of BTC from Silk Road 07:36 Why Travis is supportive of a US bitcoin strategic reserve 17:15 Why inflation and policy shifts might keep Fed rates steady 22:30 What explains the significant outflows from bitcoin spot ETFs on Wednesday 24:37 Whether Travis thinks the AI agent rise is a bubble Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Stellar Build Better Polkadot Guest Travis Kling , Chief Investment Officer of Ikigai Asset Management Previous appearances on Unchained: With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto? With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold Links Previous coverage of Unchained on AI agents: 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback? With AI Agents Now Trading Crypto, What Does Their Future Look Like? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 9

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 deep into the FDIC’s alleged vendetta against crypto, whistleblower revelations, and the evolving dynamics of token distribution on platforms like Echo. Plus, we analyze the rise of crowdsales, explore the intersection of policy and crypto innovation, and reflect on our 2024 podcast stats with some friendly competition. Show highlights 🔹 FDIC Scandal Unveiled: The panel discusses the whistleblower claims against the FDIC, allegations of a vendetta against the crypto industry, and the fallout from newly unredacted FOIA documents. 🔹 Echo Crowdsale Platform: A deep dive into Echo’s rise as a preferred crowdsale platform, its competition with CoinList, and its innovative token distribution model. 🔹 Regulators Under Scrutiny: Insights into systemic issues within regulatory agencies like the FDIC and parallels drawn with other organizations like the FTC. 🔹 VC Sentiment and Crowdsales: The crew explores the tension between venture capitalists and crowdsale platforms, examining fairness, community building, and strategic distribution. 🔹 KOL Rounds vs. Community Fairness: A comparison of KOL rounds and Echo’s syndicate model in balancing fairness and hype in token distribution. 🔹 Token Distribution Dynamics: Analysis of how platforms like Echo incentivize participation and create new avenues for community engagement. 🔹 2024 Podcast Stats Recap: Fun insights into which hosts spoke the most, used the most filler words, and referenced Ethereum, Solana, or Bitcoin the most in 2024. 🔹 Predictions in Review: Early check-ins on 2025 predictions and how trends like DeSci and crowdsales are already shaping the year. 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 8

Bitcoin crossed the $100,000 mark, only to slump back down on Tuesday, sparking debates about what’s next for the crypto markets. In this episode, James Seyffart and Alex Kruger are joined by Charles Edwards of quant fund Capriole Investments to break down the macro trends shaping Bitcoin’s trajectory. From Trump’s inauguration to the Fed’s looming decisions on quantitative tightening, they analyze the key factors influencing risk assets. Plus, they unpack the premium on MicroStrategy’s BTC holdings, the future of AI agents in crypto and whether AI agent swarms might someday hire humans, and their bold predictions —supercycle? SOL ETFs?—for 2025. Show highlights: 01:54 Why bitcoin broke the $100K level again 07:28 How the markets will react to the inauguration of Donald Trump as President 19:09 What factors will affect the Fed’s next decision on rates 26:38 What the premium of MSTR to its BTC holdings should be 34:37 Why they all hate the current version of AI agents 43:19 Why Charles likes Ethena and ENA 45:49 Alex’s and Charles’ thoughts on what to expect in 2025: supercycle incoming? 50:01 Alex’s analysis on the market corrections and what they teach us 57:34 Whether James believes the spot Solana ETF will be approved this year Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Guest: Charles Edwards , founder of Capriole Investments Links Capriole Investments | Update #58 MicroStrategy just bought another $100m in Bitcoin on path to $2bn spree – DL News With AI Agents Now Trading Crypto, What Does Their Future Look Like? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 7

Ethereum, once the undisputed leader in the smart contract ecosystem, is facing intense competition from Solana, which has outpaced Ethereum on key metrics such as developer growth. Meanwhile, debates rage within Ethereum’s community over governance, scalability, and the Ethereum Foundation’s leadership. Adding to the disruption, AI agents are rapidly reshaping DeFi and token launches, reducing barriers to entry and creating new opportunities—and risks—for founders and investors. Is this the next big leap for crypto or just the latest bubble? In this episode, Marc Zeller of Aave Chan Initiative and Kain Warwick of Infinex discuss Ethereum’s future, the role of AI in DeFi, and whether Solana’s momentum will continue. They also share bold predictions for crypto in 2025 and debate whether Ethereum’s fragmented ecosystem can still deliver on its promise. Show highlights: 03:35 Why 2024 became a turning point for the crypto ecosystem 07:02 How AI agents could reshape onchain innovation and public discourse in 2025 14:47 Whether AI agents might soon compete with VCs 22:10 Why fundamentals-driven crypto projects will gradually dominate the market, according to Marc 26:05 Whether Solana will continue to steal Ethereum’s thunder 37:56 Is Base cannibalistic to Ethereum? Can Base or Ethereum compete with Solana? 42:53 Where the ETH ecosystem is headed and whether it can overcome issues of fragmentation, lack or interoperability, so many L2 tokens detracting from the ETH price 52:30 Whether Coinbase's deep commitment to Ethereum is causing it to discriminate against Solana 1:00:10 How Ethereum's reputation rises and falls with its price action, not its fundamentals, per Kain 1:08:43 What the purpose is of the Ethereum Foundation and whether it should change its approach 1:24:57 Why Kain doesn’t think the native rollups proposal is tenable 1:31:12 Whether Ethena is depressing the price of ETH 1:34:00 What Kain and Marc think about crypto-specific phones, especially the Solana Seeker 1:42:07 Kain’s and Marc’s predictions for 2025 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Stellar Build Better Robinhood & Arbitrum Kelp DAO Polkadot Guests: Marc Zeller , founder of Aave Chan Initiative Kain Warwick , founder of Infinex Links Unchained: Why Robinhood CEO Vlad Tenev Is Betting Big on Crypto and Stablecoins Unchained: 2024 Was Solana's Best Year Yet. Can It Sustain the Momentum in 2025? Unchained: What's the Best Way for Ethereum to Grow? Two Ethereans Debate The Block: Long-running Ethereum newsletter shutting down, cites lack of funding Unchained: How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024 Evan Van Ness’ tweet on the newsletter shutdown EF’s Josh Stark’s reply to Van Ness Unchained: Vitalik Has Gone 'Founder Mode.' Is This Just What Ethereum Needs? Marc’s proposal about the EF 0xMawuko’s tweet on ETH governance Unchained: Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s Ben Lilly’s tweet on Ethena possibly suppressing the price of ETH Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 4

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 Jansen, co-founder of Virtuals, the leading AI agent launchpad. Together, they dive into the $5 billion Virtuals craze, explore the explosive rise of tokenized AI agents like AIXBT, and debate how AI is reshaping DeFi and blockchain. From the clash between scarcity and abundance to the emergence of agentic societies and decentralized economies, this episode unpacks the key trends driving the next phase of crypto innovation. Show highlights 🔹 AI and Crypto Convergence: The panel explores how AI agents are revolutionizing blockchain, tokenomics, and decentralized finance (DeFi). 🔹 Virtuals AI Launchpad: Jansen discusses Virtuals, a platform for tokenizing and crowdfunding AI-driven blockchain agents. 🔹 Autonomous AI Evolution: The rise of AI agents from basic chatbots to self-improving tools for crypto and DeFi applications. 🔹 Tokenized AI Agents: How agents like AIXBT generate revenue through trading, attention, and blockchain commerce. 🔹 Managing AI Risks: Insights into policy-based wallets and infrastructure to mitigate risks in autonomous crypto agents. 🔹 Decentralized Agent Societies: A vision for specialized AI agents collaborating in blockchain ecosystems. 🔹 Scarcity vs. Abundance in Crypto: Contrasting crypto’s scarcity-driven models with AI’s abundance and economic disruption. 🔹 AI Agent Backlash: Predictions of anti-AI sentiment as agents dominate Crypto Twitter and online communities. 🔹 Blockchain Verifiability: The role of cryptographic proofs in ensuring trust and security in AI-driven tokenized economies. 🔹 Future of AI in Crypto: Debates on sustainable applications for AI agents in trading, DeFi, and digital economies. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Special Guest ⭐️ Jansen Teng , Co-Founder and CEO of Virtuals Protocol Disclosures Timestamps 00:00 Intro 02:19 What Are AI Agents? 07:23 AI Agents in Crypto 13:04 AI-Driven Societies Emerge 15:53 Challenges of AI Agents 24:47 Tokenizing AI Revenue Models 35:13 AI Crypto Predictions 43:26 AI Influencers and Trust 53:54 Perception of AI Content 01:04:44 Humans vs. AI Roles Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 3

In this episode, Shaw Walters, founder of Eliza Labs, takes us through his journey of launching ai16z, a decentralized AI-driven investment DAO, and the explosive growth of the Eliza open-source framework. Shaw explains how AI agents are evolving beyond "reply bots" to serve as powerful tools for financial autonomy, community investment, and user empowerment. He shares the challenges of building trust between humans and AI, the possibilities of agents trading across multiple blockchains, and his vision of a world where financial freedom drives human progress. Show highlights: Why Shaw decided to launch ai16z What he believes AI agents are useful for What the Eliza framework is and the role it plays being an open-source project Whether AI agents can be good at trading Why the Eliza framework works on every chain, even though there’s a focus on Solana How and why the AI version of Marc Andreessen was launched Whether ai16z will launch its own layer 1 and the details on the future launchpad How agents on social media could be really useful instead of being “reply bots” What Shaw thinks overall of the AI space and how it’ll impact human society Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Kelp DAO Guest Shaw Walters , Founder of Eliza Labs Links Unchained: The Backstory of How 3 AI Agents Led to the Rise of the Hottest Memecoin, GOAT AI Meme Tokens Like FARTCOIN Dominate Crypto Markets, Suggesting Powerful 2025 Trend The Block: AI agent platform ai16z considers tokenomics overhaul and launching Layer 1 blockchain Chain of Thought: Ai16z: The Bazaar of Agents Cygaar: How the Eliza Framework works Timestamps: 00:00 Intro 03:01 Shaw’s inspiration for launching ai16z 08:45 How AI agents are evolving beyond simple tasks 10:28 The Eliza framework and its open-source impact 13:22 Can AI agents excel at trading? 21:19 Why Eliza works seamlessly across multiple blockchains 24:08 The story behind launching Marc Andreessen as an AI character 35:18 Plans for ai16z’s layer 1 and its future launchpad 40:23 Transforming AI agents into more than just “reply bots” 43:26 Shaw’s vision for AI’s role in shaping human society 49:26 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 31, 2024

2024 was nothing short of transformative for the crypto world. From bitcoin’s relentless climb amidst macroeconomic shifts to Solana’s continued rise amidst meme coin mania, this year saw narratives unfold that no one could have predicted. In this special episode that has become a tradition at Unchained, Laura revisits the biggest moments of the year, featuring insightful clips from the standout guests who joined Unchained and Bits + Bips in 2024. Whether it was further institutional adoption, debates over decentralization, the victory over Gary Genser’s regulation by enforcement strategy, or the taking off of AI agents, this year marked a turning point for crypto. Tune in for a reflective journey through the year that was—and a glimpse of what lies ahead in 2025. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum Highlights and Timestamps: 03:15 | Matt Hougan on the significance of spot bitcoin ETFs 04:31 | Jesse Pollak explains the impact of Ethereum’s Dencun upgrade 05:43 | Eric Balchunas on the rapid adoption of bitcoin ETFs 07:53 | Kyle Davies reflects on 3AC’s collapse 10:11 | Carlos Domingo discusses BlackRock’s BUIDL fund 11:13 | Sam Enzer on the reasoning behind SBF’s sentencing 13:04 | Arthur Hayes debates the potential of a bitcoin supercycle 15:44 | Ansem breaks down the memecoin craze 16:42 | Eric Balchunas and Matt Hougan on ether ETF approval 18:18 | James Seyffart on SEC politics and ETF decisions 19:51 | Laura Brookover on the end of the Ethereum 2.0 probe 21:08 | Bryan Pellegrino on tackling Sybil attacks with LayerZero 23:42 | Iggy Azalea on her fascination with memecoins 24:31 | Joe McCann on how the assassination attempt influenced Trump’s win 25:47 | Ro Khanna on the democratic party’s stance on crypto 26:44 | George Selgin critiques a U.S. bitcoin reserve proposal 28:35 | Nick Tomaino on the truth-finding power of prediction markets 29:50 | Jack Booth on TON’s viral growth strategies 31:58 | Jeff Dorman on why the ETH sell-off was a buying opportunity 32:29 | Caitlin Long and Michelle Kallen on their lawsuit against the Fed 33:52 | Justin Bons on why layer 2s might be parasitic to Ethereum 35:13 | Taylor Monahan on how North Koreans infiltrated crypto companies 36:42 | Taylor Monahan recounts a failed North Korean job interview 39:13 | Teng Yan on how truth terminal redefined AI and crypto 40:36 | Ryan Salame on DOJ dealings and his guilty plea 42:40 | Alex Kruger on Trump’s election and its crypto impact 43:44 | Jeff Park on Uniswap and Solana’s post-election gains 44:57 | Faryar Shirzad on the success of the FairShake PAC 46:15 | Eric Balchunas on the importance of bitcoin ETF options 47:26 | Cody Carbone on Paul Atkins’ nomination as SEC chair 48:19 | Mike Selig on David Sacks as crypto and AI czar 49:27 | French Hill on token standards under FIT21 50:33 | Maria Shen on Solana’s rise in new developer activity Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 27, 2024

Low float and high fully diluted valuation (FDV) coins have been a hot topic in crypto this year. Yet, understanding these coins' unrealized gains is critical for truly grasping their pricing. In this episode, Jose Macedo of Delphi Digital and Ari Paul of BlockTower Capital dive deep into metrics that help assess a coin’s true value. They discuss why upcoming token unlocks may put downward pressure on the market, how token unlocks could be better structured for long-term success, and whether VCs are extracting more value than they contribute. Show highlights: Why upcoming token unlock events are creating anxiety in the crypto market The role unrealized gains play in token price volatility How certain projects manipulate circulating supply metrics to influence perceptions Tips for everyday investors to uncover accurate token information The impact of secondary market trading on anticipated token unlock events Why short-term token strategies often prevail over those focused on sustained success Jose’s insights into why simple, time-based unlock models may outperform complex systems Ari’s thoughts on the SEC’s investigations into VCs and their parallels to pump-and-dump schemes Why many crypto projects face a bearish outlook due to pending token unlocks How the intersection of memecoins and VC involvement could shape the next market cycle Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Jose Macedo , founder at Delphi Labs Ari Paul , CIO of BlockTower Capital Previous appearances on Unchained: Ari Paul on Why Bitcoin Is a Good Value Buy Ari Paul of BlockTower Capital on the Crypto Downturn and Why It Could Change Direction Links High FDV and unlocks: Unchained: How ‘Fully Diluted Valuation’ Can Be a Very Dangerous Metric for Crypto Markets to Rely On Who’s to Blame for the Underperformance of Low Float, High FDV Tokens? 80% of Tokens on Binance Are Down Since Listing Date: SwissBorg Researcher Cobie newsletter: New launches (part 1) - private capture, phantom pricing Rocknblock: Token vesting explainer CoinDesk: 'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting Jose’s thread that inspired the episode Ari’s post responding to Jose’s thread Token.unlocks.app : Token vesting tracker Solutions: Hack VC: Potential Solutions to Crypto's Unlock Problem Colony Lab: Early-Stage Program & Liquid Vesting Imran Khan’s tweet on Blast https://x.com/lmrankhan/status/1806040646433522149 Timestamps: 00:00 Intro 02:46 Token unlocks creating market concerns 11:06 Unrealized gains to market cap ratio impact 13:06 Token supply manipulation tactics 21:11 How investors can verify token projects 24:21 Secondary market trading and unlock impacts 35:36 Current token launch strategy persistence 41:46 Short-term vs long-term project decisions 47:21 Time-based vs metric-based token unlocks 53:51 SEC investigations into VC practices 59:56 Bearish outlook for upcoming token unlocks 1:06:36 Investor risks in current cycle 1:13:11 Future of VCs in crypto and memecoins Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 24, 2024

2024 has been a transformative year for Solana. With a surge in developer activity, bold innovations in DePIN, and its ambitions to become a “decentralized Nasdaq,” the ecosystem is making waves. But are these changes enough to differentiate it from competitors like Ethereum and L2 solutions such as Base? In this episode, Lily Liu, president of the Solana Foundation, and Mert Mumtaz, CEO of Helius, join Unchained to discuss how Solana is carving out its niche. They debate whether Base is a serious contender, why they’re not concerned about the 2025 token unlocks, and how Solana’s unique approach to MEV could shape its future. Plus, they tackle the ecosystem’s broader challenges and why they believe Solana’s vision will endure. Show highlights: Why Mert feels paranoid but also vindicated Why Lily started working on Solana after being known as a hardcore bitcoiner How Mert’s background in Coinbase led him to found Helius and become the voice of Solana online Whether Solana can become a place where unique innovations are built, rather than copying Ethereum Whether Solana can achieve its vision of a “decentralized Nasdaq” Why the ecosystem has attracted so many developers in 2024 Why Lily believes that Base is no competitor to Solana What network extensions actually mean, according to Mert How Mert responds to the criticisms around Solana’s MEV Why Mert and Lily are not worried about the token unlocks of 2025 How the Solana mobile phone will compete with the giants Why DePIN showcases the real value of blockchain technology Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Kelp DAO Robinhood & Arbitrum Polkadot Guests: Lily Liu , President of the Solana Foundation Mert Mumtaz , CEO of Helius Links Unchained: Pudgy Penguins See NFT Floor Price Drop Almost 50% After PENGU Launch - Pump.fun Becomes First Solana DApp to Top $100M in Monthly Revenue How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024 Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name? What Are DePINs in Crypto? A Beginner’s Guide Timestamps: 00:00 Intro 02:34 Mert’s mix of paranoia and vindication about Solana 07:08 Why Lily shifted from Bitcoin to working on Solana 09:43 Mert’s journey from Coinbase to becoming Solana’s online advocate 14:47 Can Solana foster unique innovations rather than mimic Ethereum? 19:47 Solana’s vision of a “decentralized Nasdaq” vs. center of memecoin mania 27:54 What’s driving Solana’s surge in developer activity 30:26 Why Lily sees Base as no real competitor 33:04 The meaning and implications of network extensions 37:07 Mert’s take on criticisms of Solana’s MEV approach 42:11 Why they aren’t worried about the 2025 token unlocks 44:26 Competing with tech giants through the Solana mobile phone 50:48 How DePIN highlights blockchain’s true potential Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 20, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. In this episode of Unchained, Robinhood CEO Vlad Tenev offers a rare glimpse into the company’s strategy. How did memes like Dogecoin become one of Robinhood’s biggest assets, onboarding millions of users? What drove its decision to embrace stablecoins, staking, and a dedicated crypto wallet—and what risks do these moves carry? As Europe’s MiCA regulations set the stage for a global crypto framework, Vlad discusses how Robinhood is positioning itself for growth, the role of prediction markets, and why blockchain could dramatically lower costs for investors. He also shares personal insights from his own experiences with hyperinflation, revealing how stablecoins might safeguard wealth for millions around the world. With crypto ETFs, regulatory shifts, and a new administration looming, here’s what he thinks is next for Robinhood—and the crypto industry. Show highlights: How Robinhood has been experiencing growth in the crypto retail market The effect of election night and Robinhood’s event contracts on trading volumes What Robinhood saw happened with the launch of spot ETFs in the U.S. How the exchange was able to attract crypto investors The role of MiCA in Robinhood allowing users to stake ETH and SOL How the company aims to enhance the user experience with the Robinhood wallet Why Robinhood decided to invest in Global Dollar Network, which has stablecoin USDG What’s on Vlad’s crypto regulation wish list under the new administration and Congress Whether the criteria to list crypto assets on Robinhood will change under a crypto-friendly Trump administration Why Vlad is so excited about prediction markets Why he sees blockchain technology as a tool that will ultimately help 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! Polkadot Kelp DAO Guest Vlad Tenev , CEO of Robinhood Links Unchained: Why Robinhood, a TradFi Hub, Is Growing Its Crypto Business Globally Reuters: Robinhood's top attorney Gallagher rules out SEC chair role Robinhood Reports Third Quarter 2024 Results Robinhood to Acquire Bitstamp Spot Bitcoin ETF Options: Why You 'Can't Overstate' Their Importance The Legend Awakens: Introducing Robinhood Legend, Futures Trading, and Index Options Finimize: Robinhood, Kraken, And Partners Launch New Stablecoin USDG - Decrypt: Robinhood Launches US Presidential Election Prediction Market—For Americans Only Timestamps 00:00 Intro 02:43 Robinhood’s growth in the crypto retail market 05:05 Election night’s surprising impact on trading volumes 07:11 What Robinhood observed after U.S. spot ETF launches 11:56 How the platform attracted millions of crypto investors 16:49 MiCA’s role in enabling ETH and SOL staking on Robinhood 19:09 Enhancing user experience with the Robinhood wallet 21:32 Why Robinhood is betting on stablecoins 25:37 Vlad’s crypto regulation wish list from the new administration 30:05 Will Robinhood change its crypto listing criteria? 32:18 Vlad’s excitement about prediction markets 36:12 How blockchain could lower costs and empower users 41:21 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 19, 2024

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 special end-of-year episode, they recap 2024's key moments and forecast what's ahead in 2025. The team debates Bitcoin's potential to hit $180K, the impact of AI on crypto security, and upcoming U.S. crypto legislation. They also predict the rise of viral blockchain games. Join the crew as they unpack these predictions and more, offering unique insights into what the new year might bring for crypto enthusiasts. Show highlights 🔹 Bitcoin Hits New Highs: The crew debates Bitcoin's potential to reach $180K, with predictions of a significant rally and subsequent corrections. 🔹 AI Turns Crypto Scammer: A bold prediction that an AI system will become a crypto scammer makes waves, highlighting the intersection of artificial intelligence and blockchain security concerns. 🔹 Crypto Legislation Breakthroughs: Anticipation grows for groundbreaking crypto-specific legislation in 2025, reflecting a major shift in regulatory landscapes. 🔹 Consolidation in Crypto's Infrastructure: Predictions surface about mergers among AppChains and Layer 2 solutions due to economic pressures, signaling a major consolidation trend. 🔹 Viral Blockchain Games: The panel foresees blockchain-based games going viral, capturing mainstream attention and potentially becoming a cultural phenomenon. 🔹 DeFi's Continued Evolution: Discussions center around DeFi's comeback, its impact on the crypto market, and the evolving challenges it faces as it grows in popularity and complexity. 🔹 Surprising Crypto Predictions for 2025: The episode wraps up with each host sharing their most surprising predictions for the coming year, setting the stage for a dynamic and unpredictable future in crypto. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Timestamps - 00:00 Intro 03:00 Biggest Winner 8:30 Biggest Loser 14:04 Biggest Surprise 20:50 Best New Mechanism 27:03 Best Meme 31:02 Best/Worst Pivot 38:57 Biggest Flop 44:08 Comeback Story of 2024 48:42 Favorite TCB Guest 51:18 Predictions for 2025 Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 18, 2024

Bitcoin’s 2024 rally has been explosive, but is the next phase just beginning? In this episode of Bits + Bips, hosts Noelle Acheson, Ram Ahluwalia, and Alex Kruger are joined by Ledn’s Mauricio di Bartolomeo to unpack the forces shaping the crypto market as the year comes to a close. Mauricio explains how Ledn has grown amidst regulatory and economic shifts, and shares insights on why the “Trump put” is creating a new trading setup for crypto. The panel dissects the undercurrents behind Bitcoin’s surge, explores how MicroStrategy’s presence on the NASDAQ creates unique market dynamics, and debates how much higher BTC could climb. But they warn not to expect “buy” ratings on MSTR. Plus, they dive into why Solana underperformed in recent weeks, how Bitcoin enables capital flight (and how they may be happening from China), and what 2025 could hold for crypto. Packed with data, opinions, and a few book recommendations (well, except from Alex), this episode offers sharp analysis as 2024, a pivotal year for crypto, wraps up. Show highlights: Mauricio’s background and how Venezuela’s regime led him to crypto How Ledn works and how it’s seen substantial growth since the elections What’s driving this wave of growth in the price of bitcoin How much higher BTC will go and what the effects of the end-of-year portfolio rebalancing will be What the risks are for the U.S. economy How BTC is the easiest way to trade the Trump bump Whether the Chinese macro matters for crypto How MicroStrategy has become a Trojan horse Why Alex likes XRP and ENA and why SOL has been underperforming recently 2024 wrap-up: what everyone was most surprised about Book recommendations from everyone, except Alex, who’s only focused on shitcoins Hosts: Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Alex Kruger , Founder of Asgard Ram Ahluwalia , CFA, CEO and Founder of Lumida Guest: Mauricio di Bartolomeo , cofounder & CSO of Ledn Links Unchained: Bitcoin Hits New All-Time High MicroStrategy Joins Nasdaq-100, Expanding Bitcoin Exposure to Billions Trump’s Crypto Project Spent Nearly $45M Onchain in 2 Weeks FTX Distributions to Start in Under 2 Weeks Timestamps: 00:00 Intro 01:38 Mauricio’s journey from Venezuela to crypto 07:37 How Ledn thrived post-elections and saw major growth 15:16 Key drivers behind Bitcoin’s explosive rally 20:30 How high could BTC climb – and might year-end rebalancing affect the price? 25:22 Risks facing the U.S. economy heading into 2025 32:47 BTC as the go-to trade for the Trump bump 36:13 The significance of Chinese macro trends for crypto 47:32 MicroStrategy’s role as a Trojan horse for Bitcoin adoption 53:20 Why Alex likes XRP and ENA, but SOL is lagging 1:02:35 Biggest surprises from 2024’s crypto market 1:06:33 Book picks from everyone—except Alex, who’s all about shitcoins Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 17, 2024

USDe shattered expectations in 2024, emerging as the largest decentralized stablecoin in circulation and a game changer for DeFi. Ethena’s founder, Guy Young, joins the show to reveal how the protocol surpassed long-established giants, generating billions in fees and setting new benchmarks for yield generation. Guy also breaks down the mechanics behind Ethena’s innovative strategies, including “Aavethena,” a yield-boosting approach that’s changing how users interact with synthetic dollars. Plus, he addresses the risks: what happens when leverage goes too far, and how Ethena mitigates volatility at its core. Will Ethena bridge DeFi and TradFi, leveraging the disconnect between crypto and traditional interest rates to tap into a $100 trillion fixed-income market? Show highlights: Why Guy was surprised to see the rapid rise of USDe Why Guy is spending 80% of his time on bringing Ethena to TradFi The launch of Ethena’s UStb How regulation comes into play and the challenges in different jurisdictions Whether USDe could launch in the U.S. with a friendlier administration Why Ethena hasn’t needed to utilize the reserve fund Why Guy believes Ethena has been able, at times, to surpass OG protocols like Ethereum and Uniswap in fees How USDe is being used across the board in DeFi applications What the “Aavethena” strategy is and how it generates yield for users Whether USDe has brought considerable risks of liquidations How allowing Pendle’s PT tokens on Aave could supercharge growth How Ethena counters the centralization risks around exchanges Why Guy thinks that Ethena’s cross-chain strategy has been “pretty poor” How ENA has performed well despite airdrops not doing well in 2024 Why Guy believes this bull cycle is different Why he’s expecting USDe to reach at least $15 billion in 2025 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum Guest: Guy Young , Founder of Ethena Labs Previous appearances on Unchained: Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? How Ethena’s USDe Challenges Traditional Stablecoin Models Links Unchained: Ethena’s USDe Becomes Third-Largest Stablecoin UStB announcement How BlackRock, the World's Largest Asset Manager, Took Crypto Mainstream Blockworks Research thread on how USDe is used Aavethena tweet by Guy Young “androlloyd’s” tweet on the level of exposure USDe has Unchained: Circuit Breakers: Is ERC-7265 the Solution dApps Were Waiting For? Seraphim’s tweet on the Ethena endgame Timestmaps: 00:00 Intro 01:52 The rapid rise of USDe and what surprised Guy about its ascent 05:11 Ethena’s growth plans for 2025 07:36 Ethena’s role in launching UStb 11:52 Regulatory challenges across different regions 16:24 Could a U.S. launch for USDe happen with a friendlier administration? 20:56 Why Ethena’s reserve fund hasn’t been tapped yet 22:22 How Ethena surpassed OG protocols, including Ethereum, Uniswap, etc., in fees 25:14 USDe’s growing role in DeFi applications 27:17 The “Aavethena” strategy and how it generates yield 30:38 Risks of liquidations tied to USDe 33:48 Supercharging growth with Pendle’s PT tokens on Aave 36:15 How Ethena mitigates centralization risks with exchanges 40:39 Guy’s thoughts on Ethena’s cross-chain strategy struggles 43:19 Why ENA has performed well despite airdrop fatigue 48:42 Why this bull cycle feels different 52:44 Guy’s target for 2025 Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 15, 2024

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, the crew explores the resurgence of ICOs through Echo sales, diving into MegaEth’s record-breaking sale and the shifting meta of token launches. They also discuss Google’s quantum computing breakthrough with the Willow chip and its potential implications for cryptographic security in crypto. Tarun doubles down on his critique of Decentralized Science (DeSci), sparking a lively debate on its viability and accountability. Finally, the team unpacks Electric Capital’s developer report, highlighting Solana’s dominance in India and the global trends shaping crypto development. Show highlights 🔹 ICOs and Echo Sales Resurgence:The crew debates the return of ICOs, now rebranded as Echo sales, and their impact on token launches. Is the shift from airdrops to pre-sales a sustainable new meta for crypto? 🔹 MegaEth’s Record-Breaking Sale on Echo: A detailed analysis of MegaEth's $4.2M Echo sale that sold out in seconds. With a $200M FDV, the sale sparked discussions about community involvement and valuation dynamics. 🔹 Airdrops vs. Echo Sales: The panel dissects the shift in sentiment around airdrops, questioning their fairness and efficiency compared to community presales. Are Echo sales the new paradigm for engaging retail investors? 🔹 Quantum Computing and Crypto’s Future: Google’s breakthrough with the Willow chip sparks a discussion on quantum computing’s implications for cryptocurrencies. Is public key cryptography under threat, or do we have time to adapt? 🔹 The Satoshi Dilemma: Speculations about Satoshi Nakamoto’s coins and what would happen if they were ever moved. Could quantum computing make those coins vulnerable? 🔹 Decentralized Science (DeSci) Debate: Tarun doubles down on his criticism of DeSci projects, arguing they lack accountability and meaningful use cases. The team explores whether DeSci can evolve into something impactful. 🔹 Electric Capital’s Developer Report: Reactions to Electric Capital’s 2024 developer report, highlighting Asia overtaking North America in crypto developer activity, Solana’s dominance in India, and the growing trend of multi-chain developers. 🔹 Developer Efficiency in Crypto: Despite the plateauing number of developers, crypto projects demonstrate incredible efficiency. Fewer hacks, more battle-hardened code, and a shift toward higher-quality deployment signal a maturing space. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Timestamps 00:00 Intro 01:52 The Return of ICOs 07:29 Airdrops vs. Community Sales 19:27 Quantum Computing and Crypto 28:18 Bitcoin Addresses & Quantum Computing 32:24 DeSci Debate 42:56 Electric Capital Developer Report 51:35 Developer Efficiency in Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 13, 2024

The 2024 Developer Report from Electric Capital reveals many shifting dynamics. For starters, for the first time in eight years, Ethereum was not the top chain for new developers—Solana was. Meanwhile, Asia has emerged as the leading hub for crypto development, taking the top spot from North America, which dropped to third. In this episode, General Partner Maria Shen explores how Ethereum's Layer 2 solutions are bolstering its position despite fierce competition, why the Bitcoin developer ecosystem remains steadfast, and how emerging projects like EigenLayer are capturing builders’ attention. She also delves into the top crypto technologies that are fascinating devs, and how their usage and development activity differ across the globe. Show highlights: Maria’s top takeaways from the report Whether the developer migration from the U.S. will stop under a friendlier regulatory environment How Ethereum has maintained its dominance despite its high fees and the rise of Solana What the steadiness of the Bitcoin developer ecosystem shows Which other smaller ecosystems are growing the most How ZK contract usage has been increasing over time Why, despite what one could think, NFT minting activity is higher than ever How stablecoin usage differs from token to token and also across countries Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guest Maria Shen , General Partner at Electric Capital Previous appearance on Unchained: Why Crypto Developer Activity Continues to Grow Despite the Bear Market Links Unchained: A Big 2024 Crypto Trend: Solana Attracts More New Developers Than Ethereum Timestamps: 00:00 Intro 02:02 Key findings from Electric Capital’s Developer Report 08:28 Could a friendlier U.S. regulatory environment reverse the developer migration? 12:54 How Ethereum could stay dominant amid rising competition from Solana 17:48 Insights from the Bitcoin developer ecosystem 21:33 Emerging smaller ecosystems gaining traction 23:41 The steady growth in ZK contract usage 27:39 Why NFT minting activity is at an all-time high 32:31 How stablecoin usage varies across tokens, chains and countries 36:22 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 11, 2024

In this episode of Bits + Bips , hosts James Seyffart, Ram Ahluwalia, and Noelle Acheson are joined by Jamie Coutts to analyze Ethereum’s breakout and its improving fundamentals, how China’s “moderately loose” policy stance is changing the global liquidity landscape, and the pro-market implications of Paul Atkins leading the SEC. They also explore Jerome Powell’s and Putin’s takes on Bitcoin, the controversial CBOE withdrawal of the Solana ETF filing, and the role of Bitcoin in geopolitics. Show highlights: How the employment data showed some mixed reactions in regard to next steps for the Fed Whether China will start a new era of augmented liquidity Why the U.S. dollar getting stronger is bad for crypto prices How bitcoin is not a competitor to the U.S. dollar The significance of David Sacks as Crypto & AI Czar Why everyone believes that Atkins in the SEC is very positive for markets Whether China will pivot and adopt friendlier crypto regulation Putin’s remarks on the role of bitcoin Why CBOE withdrew its SOL ETF filing Jamie’s analysis on how liquidity affects prices and where we’ll see a top Why Ram thinks that MSTR has peaked Why Jamie believes that ETH will continue its momentum and perform better than the broader market Why Microsoft and Amazon might adopt bitcoin on their balance sheet Whether the breakthrough in quantum computing will disrupt Bitcoin How Solana’s daily fees have grown to a significant percentage of the L1 landscape Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Guest: Jamie Coutts , Chief Crypto Analyst at Real Vision Links China Rally: China Politburo policy shift spurs surge in stocks, bonds | Reuters China Eases Overall Monetary Policy Stance for First Time in 14 Years Fed and Powell: Decrypt : Fed Chair Jerome Powell Likens Bitcoin to Gold, Says It’s Not Dollar Rival Timestamps: 00:00 Intro 01:42 Mixed signals from employment data and the Fed’s next steps 07:33 China’s “moderately loose” policy and its liquidity impact 13:32 Why a stronger U.S. dollar spells trouble for crypto 23:49 Bitcoin’s role alongside the U.S. dollar, not against it 27:49 David Sacks as Crypto & AI Czar: What it means for the industry 29:40 Why Paul Atkins at the SEC is a win for markets 34:00 Whether China could adopt a pro-crypto stance 37:53 Putin’s surprising take on Bitcoin’s geopolitical role 41:39 What’s behind the SOL ETF filings 43:25 Jamie’s take on crypto’s potential upside 46:49 Why Ram believes MSTR may have peaked 49:59 Jamie’s bullish outlook on ETH outperforming the market 56:26 Could Microsoft and Amazon add Bitcoin to their balance sheets? 59:05 The quantum computing breakthrough 1:01:05 Solana’s fees climb significantly—what does it mean? Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 10, 2024

With Paul Atkins as the incoming SEC Chair, David Sacks as the AI & Crypto Czar, and potential CFTC leadership changes, the Trump administration is signaling a major shift for crypto, AI, and financial regulation. Guests Mike Selig and Jake Chervinsky break down what this means for token launches, enforcement actions, inter-agency collaboration, and the fate of Operation Chokepoint 2.0. Could this mark the end of the U.S.’s regulatory hostility toward innovation? Show highlights: 02:18-What changes to expect under an Atkins-led SEC 08:58-Who could lead the SEC in the period between Gensler resigning and Atkins assuming 11:54-Whether the Democrats will nominate SEC Commissioner Crenshaw again 15:50-Elizabeth Warren's influence on the non-Republican SEC commissioner picks 23:39-Whether Atkins’ leadership at the SEC might shift crypto regulation away from aggressive enforcement 28:26-Whether Gensler’s recent promotion of people in enforcement roles will further his SEC’s regulation-by-enforcement strategy 38:52-Whether the SEC and Coinbase will reach a settlement 41:47-Why Mike and Jake think it’s not likely that the SEC will pursue litigation in the Ripple case 46:03-How the SEC might clarify securities laws around token sales, airdrops, and exemptions 55:14-Whether Atkins’ leadership could fast-track Hester Peirce’s Safe Harbor 59:53-How the CFTC's potential lead on crypto regulation might redefine how it splits duties with the SEC 1:03:03-Whether it even makes sense to have two financial regulatory agencies 1:11:00-Who might lead the CFTC 1:13:59-Why Jake and Mike believe combining AI and crypto under one ‘czar’ makes sense 1:20:31-How the appointment of Scott Bessent for Treasury secretary will affect the crypto industry 1:25:47-How the likely end to Operation Chokepoint 2.0 will create a “sea change” Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum Kelp DAO Guests: Mike Selig , Partner at Willkie Farr & Gallagher Previous appearance on Unchained: Is Gary Gensler on a Mission to Put Crypto Down for Good? Jake Chervinsky , Chief Legal Officer at Variant Previous appearances on Unchained: The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility All Things Crypto Regulation With Jake Chervinsky Everything You Need to Know About the Looming Battle Over Privacy in Crypto Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky Links Trump’s Office Picks: Unchained: Why Trump’s SEC Chair Pick, Paul Atkins, Is So Positive for Crypto David Sacks as A.I. & Crypto Czar? Why the Industry Was Surprised Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens Tracking Trump’s Cabinet and Staff Nominations Congressional Results John Reed Stark’s tweet :“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave” Operation Chokepoint 2.0 Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 8, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the crew to tackle a whirlwind of major market trends and policy shifts.They dive into Bitcoin’s historic leap to $100K, the unexpected "dino coin renaissance" with legacy tokens like XRP and ADA soaring, and the NFT market’s surprising revival. Ripple’s DeFi ecosystem and its place in the broader crypto landscape spark a spirited debate on "chain biases" and decentralization. On the policy front, the team unpacks Trump’s pro-crypto administration, featuring bold regulatory appointments that could redefine the industry. Plus, a look at the dynamics of memecoins, token launch strategies, and the future of ICOs versus airdrops. Show highlights 🔹 Bitcoin Hits $100K: The crew celebrates Bitcoin crossing into six-figure territory, discussing market reactions and the volatility surrounding this milestone. 🔹 Dino Coin Renaissance: Legacy tokens like XRP, ADA, and HBAR are skyrocketing, signaling retail’s return and sparking debate about the sustainability of these "boomer coin" rallies. 🔹 Memecoin Mania: Memecoins as "crypto gaming 2.0" are dissected, with insights on their role in market dynamics and their surprising impact on Layer 1 ecosystems. 🔹 Ripple's DeFi Evolution: Robert shares his deep dive into Ripple’s AMM features and emerging DeFi capabilities, addressing "chain biases" and decentralization concerns. 🔹 Trump’s Crypto Revolution: The panel analyzes the implications of Trump’s pro-crypto administration, featuring key appointments like SEC Chair Paul Atkins and Crypto Czar David Sacks. 🔹 NFT Revival: A surprising rebound in NFT markets sees CryptoPunks, Bored Apes, and Pudgy Penguins soaring, with speculation on what's driving the renewed interest. 🔹 Regulatory Shifts Ahead: Predictions on how new SEC leadership might redefine crypto policy and the industry's hopes for a safer, more transparent regulatory environment. 🔹 ICOs vs. Airdrops: Exploring token launch strategies, the conversation evaluates the potential for a new wave of innovative fundraising models. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Laura Shin , journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained Disclosures Timestamps 00:00 Intro 01:06 100K Bitcoin & Dino Coin Renaissance 04:11 Unit Bias and Retail Investors 12:05 XRP, Ripple & DeFi 24:53 Trump's Pro-Crypto Administration Picks 37:53 Does Laura Own Crypto? 41:18 Regulatory Surprises and Nominations 45:05 NFT Market Revival 51:41 Memecoins and Market Dynamics 56:48 Future of ICOs and Airdrops Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 6, 2024

With the nomination of the pro-crypto Paul Atkins to be the next SEC chair, the crypto industry is potentially facing a 180 from the agency. As co-chair of The Digital Chamber’s Token Alliance initiative and a board member of Securitize, Atkins is not only pro-crypto, but also against the type of “regulation by enforcement” strategy of current Chair Gary Gensler. In this episode, Cody Carbone, president at The Digital Chamber, explains why Atkins is likely to start reassessment of the agency’s lawsuits against crypto firms, why Trump might break with protocol to fill one of the commissioner seats that would typically be filled by a Democrat, and who he thinks might make for a good “crypto czar.” Show highlights: Why Cody that Atkins leading the SEC would be a massive transformational shift What can be expected from Atkins given his prior experience What crypto cases might be dropped under his leadership Whether Atkins could provide rulemaking before Congress passes legislation Cody’s hard criticism of Gary Gensler’s modus operandi Why Cody thinks Trump could surprise people when it comes to replacing Democratic Cmr. Jaime Lizárraga How long it could take for Congress to confirm Atkins Why Cody believes that Atkins will support Hester Peirce’s Safe Harbor proposal Whether the CFTC will be the primary regulator of the crypto industry in a Trump administration Whether the U.S. will have a crypto czar and who it could be What crypto legislation Cody thinks is likely to be passed in 2025 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot iYield Guest Cody Carbone , President at The Digital Chamber Links Trump’s Office Picks: Unchained: Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises Democratic SEC Commissioner Is Stepping Down, but That Doesn’t Mean Trump Will Get 2 Outright Picks Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary Trump’s Plans for a ‘Crypto Czar’ and a Crypto Advisory Council: Here’s What We Know A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens Tracking Trump’s Cabinet and Staff Nominations Congressional Results John Reed Stark’s tweet :“current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave” Buckley LLP Infobytes Blog: SEC commissioner proposes cryptocurrency safe harbor Fox Business: Perianne Boring among contenders to lead agency involved with crypto in Trump admin Timestamps: 00:00 Intro 02:19 Why Cody believes Atkins would be a transformational SEC chair 03:13 Insights from Atkins’ past experience and what it means for crypto 07:19 SEC/crypto cases likely to be dropped under Atkins’ leadership 14:31 Potential for SEC rulemaking before Congress passes legislation 18:19 Cody’s critique of Gary Gensler’s regulatory approach 21:13 Why Trump might break with protocol to replace Democratic commissioner Jaime Lizárraga 23:27 Expected timeline for Congress to confirm Atkins 26:52 Support for Cmr. Hester Peirce’s Safe Harbor proposal 28:18 An expanded role for the CFTC in crypto regulation? 31:37 Speculation on the potential for a U.S. crypto czar 35:03 Key crypto legislation to watch for in 2025 38:24 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 4, 2024

In this episode of Bits + Bips, hosts James Seyffart, Noelle Acheson, and Ram Ahluwalia are joined by Alex Thorn, head of research at Galaxy Digital, to discuss the surprising mainstream buzz around XRP’s latest rally, dubbed the “most hated rally in crypto.” They also analyze the new Treasury Secretary’s ambitious economic plan and what it could mean for inflation, fiscal discipline, and market stability. Meanwhile, Ethereum struggles to reclaim its narrative as the go-to blockchain, even as its ETH/BTC ratio shows signs of life. And in a moment that captures the personal side of crypto’s rise, the team reflects on Thanksgiving table conversations, where bitcoin and digital assets became unexpected stars. Show highlights: Why the newly appointed Treasury Secretary might be the right person for the job Whether the December rates cut is unnecessary How Marc Andreessen brought Operation Chokepoint 2.0 to the spotlight How Facebook’s project Libra would have benefited the US Dollar hegemony Whether the U.S. Congress will pass stablecoin legislation in 2025 Why Ram believes Ryan Selkis would be a good Crypto Czar How people have been asking more about bitcoin during Thanksgiving Whether the XRP rally is a negative indicator What James thinks about the filings for news ETFs, such as WisdomTree’s XRP Why Alex thinks that ETH could continue its recent rally The impact of MicroStrategy being added to the Nasdaq-100, aka the QQQ ETF Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Guest: Alex Thorn , Head of Firmwide Research at Galaxy Digital Links Politics Unchained: Trump Taps Hedge Fund Manager Scott Bessent to Be Treasury Secretary The Trump-Connected Brad Bondi Is A New SEC Chair Contender and Pro-Crypto Investing: How Scott Bessent Plans to Reshape the US Economy with His 3-3-3 Rule Macro Investing: US manufacturing improves in November as orders rebound, input price gains slow Operation Chokepoint 2.0 Forbes: How ‘Debanking’ Tech And Crypto Companies Could Kill Businesses Marc Andreessen and the CFPB: Debunking the Debanking Debunkers by Nic Carter Unchained: Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law? Unchained: Killed By Politics, Ex-Diem Boss Says of Meta’s Stablecoin XRP Unchained: XRP Becomes the Top Traded Token on Binance and Coinbase, Hits Almost 7-Year High XRP Rallies 70% in a Week to Top Solana, Tether Market Cap The Block: WisdomTree files with SEC for spot XRP ETF Ethereum Unchained: Ether Gains 19% Against Bitcoin in a Week After Months of Underperformance Timestamps: 00:00 Intro 02:15 Why the new Treasury Secretary could reshape the economy 06:28 Is a December rate cut unnecessary? 15:18 How Marc Andreessen spotlighted Operation Chokepoint 2.0 19:54 The missed opportunity of Facebook’s Libra for USD dominance 26:48 Will stablecoin legislation finally pass in 2025? 31:28 Why Ram thinks Ryan Selkis should be the “Crypto Czar” 34:45 Bitcoin conversations taking over Thanksgiving dinner 39:48 Is the XRP rally a red flag for the market? 48:15 James’s take on new ETF filings like WisdomTree’s XRP 55:48 Why Alex believes ETH could extend its recent gains 1:01:37 What MicroStrategy’s NASDAQ addition means for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 3, 2024

Last week, the crypto world celebrated a major legal victory when a federal appeals court struck down OFAC’s sanctions on Tornado Cash’s immutable smart contracts in a Coinbase-funded lawsuit. While this decision is a significant win for crypto, its implications go far beyond the industry—it challenges the very limits of U.S. sanctions authority on open-source code. In this episode, Coinbase’s Chief Legal Officer Paul Grewal and VP of Legal Leah Bressack discuss the case, the reasoning behind the court’s decision, and its broader implications, especially given that other cases are still in court. They address whether they think the government will appeal, how this ruling impacts other privacy tools and the other lawsuits, and why the case is a critical precedent for the intersection of code, law, and innovation. Plus, what does this mean for Tornado Cash developer Roman Storm? Show highlights: Why the decision was so significant, according to Paul What reasons the judge used in the ruling The basics of Tornado Cash and why OFAC sanctioned it in 2022 Why Coinbase decided to get involved in the case Why a District Court had previously agreed with OFAC Whether the government will appeal and what the implications of the case are outside of crypto When users could start using the protocol Whether users will be safe to use relayers, which add privacy Why Paul believes that the 11th Circuit, where the Coin Center Tornado Cash lawsuit was filed, will not ignore this ruling from the 5th Circuit Whether the judges were encouraging Congress to update IEEPA to make it possible for OFAC to sanction smart contracts Whether there’s a risk that under new legislation OFAC could sanction smart contracts How the case of Tornado Cash developer Roman Storm could be impacted by this decision Paul’s and Leah’s take on Balaji’s proposal to build privacy-preserving zero knowledge smart contracts on ZEthereum Whether the judges’ opinion will have an impact on existing privacy projects What types of sanctions and regulations the government can impose to prevent money laundering Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum Guests: Paul Grewal , Coinbase’s chief legal officer Previous appearances on Unchained: Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ - Unchained Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown Leah Bressack , VP of legal at Coinbase Links Previous coverage of Unchained on Tornado Cash: Did OFAC Overstep by Sanctioning Tornado Cash? Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? Unchained: Treasury Overstepped With Tornado Cash Sanctions, Rules U.S. Appeals Court Balaji’s tweet on Zatoshi and Zethereum Bankless: Roman Storm Speaks - Tornado Cash Developer on What’s at Stake Timestamps: 00:00 Intro 01:39 Why this ruling is a major milestone for crypto 02:50 The judge’s key reasoning in striking down the sanctions 04:00 Why Tornado Cash was sanctioned in 2022 06:43 How Coinbase became involved in this landmark case 13:05 Why the District Court initially sided with OFAC 15:55 Whether the government will appeal, and what’s at stake beyond crypto 21:22 When Tornado Cash could be used again 25:07 Are users safe to use relayers for added privacy? 33:53 Why the 11th Circuit might uphold this ruling 38:28 Whether Congress is being nudged to rewrite sanctions laws 40:52 Could new legislation let OFAC target smart contracts again? 44:46 What this means for Tornado Cash developer Roman Storm 48:34 Thoughts on Balaji’s idea for ZEthereum 50:53 How the ruling could influence other privacy projects 54:08 What sanctions might look like in the fight against money laundering Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 1, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, special guest Casey Caruso from Topology joins the crew to tackle the latest in crypto and tech. They explore the rise of AI memecoins like Freysa, blending gamified AI agents with blockchain mechanics, and the fallout from a major hack. The discussion also highlights Hyperliquid’s $1.9 billion airdrop and its no-VC funding model, signaling new trends in token launches. The crew critiques decentralized science (DeSci), questioning its accountability and funding models, with a spotlight on Pump.Science’s tokenized longevity experiments. Finally, they examine the success of Base’s incentive-light approach and the impact of frameworks like Eliza on crypto’s evolution. Tune in for a dynamic take on innovation, trends, and challenges shaping the crypto world. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 The Rise of AI Memecoins: Exploring the explosive trend of AI memecoins like Freysa, their gamification, and unique mechanics. The crew delves into how these coins combine on-chain activity with AI, creating a new layer of engagement and speculation. 🔹 Freysa’s AI: A detailed look at how Freysa’s prize pool was jailbroken, the mechanics behind the attack, and what it reveals about the vulnerabilities of AI agents connected to smart contracts. 🔹 AI Agents and Crypto Innovation: An overview of AI-enabled agents and their crossover into crypto applications, with insights on current limitations, gamification trends, and how AI integrates with Web3 frameworks like Eliza. 🔹 Airdrop Trends and Hyperliquid: Breaking down Hyperliquid’s $1.9 billion airdrop, its innovative “no VC funding” model, and the market impact of launching into a bull market with a high float percentage. 🔹 The Decentralized Science Debate: Analyzing the potential and pitfalls of decentralized science (DeSci), including critiques of funding mechanisms, accountability, and the practicality of crowdfunding drug discovery through tokenized models. 🔹 Base’s Community-Led Success: Examining how Base has attracted top developers and projects without heavy incentive programs, reshaping the playbook for L1 and L2 ecosystems. 🔹 Pump.Science and Longevity Tokens: A closer look at Pump.Science’s tokenized longevity experiments, the mechanics of its funding model, and the aftermath of its private key leak. 🔹 Challenges of Token-Based Funding: Comparing decentralized incentive models for projects like DeSci with the successes and lessons learned from DeFi, highlighting the difficulty of creating effective accountability mechanisms. 🔹 The DAO Debate: Examining the viability of DAOs for deploying funds in high-stakes environments, with skepticism about their long-term effectiveness in innovation. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest: ⭐️ Casey Caruso , Founder Topology Disclosures Timestamps 00:00 Intro 01:24 AI Memecoins & Freysa Challenge 07:07 Open Source Models & Security 21:15 Hyperliquid Airdrop 31:16 Blur vs. Blast Points 37:16 Decentralized Science (DeSci) 40:04 Criticisms of DeSci 48:18 Potential & Future of DeSci Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 29, 2024

Farcaster-based social media app Anoncast has quickly grabbed the crypto community’s attention—especially after Ethereum creator Vitalik Buterin jumped in. The platform allows users to speak freely while ensuring no one—not even the platform itself—can trace their identity. And in its short week-and-a-half lifespan, it’s already generated thousands of posts. In this lighter, Black Friday edition of Unchained, developer Kartik Patel joins to discuss how Anoncast works and why the platform has taken off so quickly. He shares insights on the challenges of maintaining anonymity in a connected world, how AI intersects with these developments, and what it was like to “nerd-snipe” Buterin. Show highlights: What sparked the rise of Anon and how it evolved into a ZK-powered anonymous posting platform Kartik’s favorite casts and what he likes about the platform Why the platform has evolved so quickly How users can make casts How Anoncast completely protects the anonymity of all posters Kartik’s background in crypto and how he came to be involved in Anoncast Why it felt like a “dream” when Vitalik Buterin bought the ANON memecoin How AI is intersecting with this new era of social media Why Anoncast moderates the posts The new feature that was designed to give credit back to 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! Polkadot Guest Kartik Patel, developer of Anoncast Links Decrypt: Vitalik Buterin Buys Anon, Token Surged 350%—What's It All About? Viral cast possibly about the Ethereum Foundation selling ETH Timestamps: 00:00 Intro 01:13 How Anoncast became a ZK-powered anonymous platform 05:02 Kartik’s favorite casts and why they stand out 06:44 Why Anoncast has caught on so quickly 07:32 How Anoncast technically enables anonymous posting 11:40 How anonymity is protected on Anoncast 13:28 Kartik’s story and future plans for app development 15:19 Vitalik Buterin’s surprising interaction with Anoncast 16:56 The role of AI in the new era of social media 20:03 Why Anoncast moderates the posts 21:45 A new feature so users can take credit 23:42 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 26, 2024

Ethereum has been left behind in this bull market. As rivals like Solana gain ground in metrics such as speed, cost, and developer mindshare, questions are being raised about whether Ethereum’s reliance on Layer 2 solutions is the right path forward—or if it needs a more fundamental redesign. In this episode, Martin Köppelmann, co-founder of Gnosis, and Justin Drake, researcher at the Ethereum Foundation, discuss the trade-offs of native and based rollups, execution capacity, and Ethereum’s ability to maintain its dominance. They debate how Ethereum should address fragmentation across rollups, whether ETH has strayed from its ultrasound money narrative, and whether its deliberate pace of innovation could make it vulnerable in an increasingly competitive landscape. Whose ideas will lead Ethereum out of this dark forest? Show highlights: 03:10 Why Justin is so optimistic about pre confirmations and Ethereum scaling its throughput 06:15 Whether Ethereum could reach “maintenance mode” within 5 years 08:20 Whether Ethereum can solve the problem of fragmentation 20:21 The difference between based rollups and native rollups 25:29 Why Martin believes that Ethereum is not building for developers 34:21 What real-time proving is and why it is relevant 37:46 How programmable native rollups could have different business models from Ethereum but the same security 44:51 Why most assets on L2s might not actually be secured by Ethereum 50:24 Whether Ethereum’s consensus layer might see a “clean slate” redesign with the Beam Chain 58:59 Whether Ethereum’s slow pace of change could leave it vulnerable to competition 01:06:55 How Ethereum's shift to rollups and blob data has reshaped its ultrasound money narrative by transforming the primary sources of fee burn Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum iYield Guests: Martin Köppelmann , Co-founder and CEO of Gnosis Previous appearances on Unchained: Are Layer 2s Failing Ethereum? A New Proposal Advocates for Native L2s Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Justin Drake , Researcher at the Ethereum Foundation Previous appearances on Unchained: Why MEV Will Always Be Controversial Did the Merge Make Ethereum ‘the Most Secure Blockchain in the World’? Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake Links Previous coverage of Unchained on Ethereum layer 2s: ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum? Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Are Solana’s ‘Network Extensions’ Just Like Ethereum’s Layer 2s But by a Different Name? Ethereum Has Had a Banner Year in Most Areas. Except Price. Should Ethereum Layer 2s Urgently Decentralize Their Sequencers? Ethereum Scaling With L2s Has Damaged Its Tokenomics. Is It Possible to Fix It Beam Chain: Unchained: Ethereum Researcher Justin Drake Proposes Beam Chain Redesign, but Not All OGs Are Onboard Bankless: You’re Not Bullish Enough! Ethereum Roadmap & Beamchain with Justin Drake Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 22, 2024

On Tuesday, options on BlackRock’s bitcoin ETF, IBIT, launched, seeing $1.9 billion worth of those options changing hands on the first day. The launch of these options could mark a turning point for crypto markets, with implications for liquidity, volatility, and institutional adoption. Eric Balchunas, senior ETF analyst at Bloomberg, explains why these options are so significant, who they’re designed for, and how they could impact the broader ecosystem. Plus, he offers some cautionary advice to bitcoiners, gives insight into whether spot ether etf options are on their way, and discusses the odds of SOL ETFs launching. Show highlights: What bitcoin ETF options are and why they are relevant for traders and investors Whether options will reduce the volatility of BTC Why Eric offers caution after seeing bitcoin surging so much recently What Eric thinks about the possibility for Bitcoin ETF options to spark a “gamma squeeze” What type of investors Eric thinks typically trade options Whether regulators treat Bitcoin differently and with prejudice What he would like to see from a new SEC Why IBIT options will likely dominate the market, according to Eric Why Eric was surprised that options on futures ETFs was so low compared to the spot ETFs How the launch of options will affect Deribit, the main exchange for trading options Whether options for ether spot ETFs are coming as well His thoughts on the news that spot SOL ETFs may be moving to the next phase Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle’s FBTC Guest Eric Balchunas , Senior ETF Analyst at Bloomberg Previous appearances on Unchained: Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Will a Spot Bitcoin ETF Finally Get Approved? Links Previous coverage of Unchained on bitcoin ETFs options: Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto Unchained: Bitcoin Hits New All Time High as IBIT’s First-Day Volume Nears $1.9 Billion Timestamps: 00:00 Intro 01:15 Why Bitcoin ETF options are a game-changer for traders 07:35 How options could impact Bitcoin’s volatility 11:38 Eric’s cautionary take after Bitcoin’s recent surge 13:13 Whether price rises will be due to gamma squeezes or a lack of resistance 16:04 Insights into the typical investors trading ETF options 16:58 Perceptions of bias against Bitcoin in traditional markets 18:53 What Eric hopes for under new SEC leadership 20:47 Why IBIT options might dominate the market 23:05 Comparison between futures and spot ETF options 25:20 What IBIT options mean for Deribit’s dominance 28:58 Are ether spot ETF options on the horizon? 29:25 What Eric thinks of the filings for SOL ETFs 32:37 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, special guest Vance Spencer of Framework Ventures joins the crew to explore Ethereum’s Beam Chain proposal, a bold yet contentious vision for Ethereum 3.0. With promises of quantum resistance, faster transactions, and decentralized staking, is this five-year roadmap a revolutionary leap or an unachievable ambition? The team dives into the tension between Layer 2s and Ethereum’s base chain, alongside Solana’s growing dominance as a UX benchmark. On the political front, the conversation breaks down Trump’s pro-crypto administration. From speculation around key cabinet picks to the potential establishment of a national Bitcoin reserve, they analyze what this new era could mean for regulation, innovation, and the broader market. Tune in for a lively discussion of the forces shaping Ethereum’s evolution and crypto’s role in America’s future. Show highlights 🔹 Polymarket CEO Raided: The crew discusses the FBI’s raid on Polymarket founder Shayne Coplan following the election, raising questions about politically motivated actions and the future of prediction markets. 🔹 Trump’s Crypto Administration: Trump’s pro-crypto agenda, including cabinet picks and a proposed Bitcoin strategic reserve, signals a potential shift in U.S. crypto policy. 🔹 D.O.G.E. and Dogecoin: The Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy, ignites a Dogecoin rally and highlights crypto’s rising cultural impact. 🔹 Bitcoin’s Surge: Bitcoin hits $94,000, sparking predictions of $250K or more during Trump’s presidency, while the crew debates whether a long-awaited altseason is imminent. 🔹 Ethereum’s Challenges: Ethereum’s Layer 2 friction and Solana’s growing UX dominance fuel concerns over Ethereum’s long-term competitiveness. 🔹 Solana and memecoins: Solana’s connection to memecoin markets strengthens its position as a key rival to Ethereum. 🔹 Crypto Regulation Outlook: The potential for sweeping pro-crypto legislation under Trump’s administration raises hopes for innovation but also risks overexuberance. 🔹 Ethereum 3.0 Skepticism: The Beam Chain proposal reflects Ethereum’s struggle to balance long-term visions with immediate market pressures, drawing comparisons to Solana’s rapid growth. 🔹 Future Price Predictions: Vance and the crew share bold price predictions for Bitcoin and Ethereum, exploring the political and technological forces driving market momentum. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest: ⭐️ Vance Spencer , Co-Founder Framework Ventures Disclosures Timestamps 00:00 Intro 01:36 Trump's Election and Market Reactions 03:14 Polymarket CEO FBI Raid 13:37 DOGE or the Department of Government Efficiency? 16:10 Memecoin Meta Update? 23:17 Trump's Pro-Crypto Administration 33:23 Market Sentiments and Predictions 42:00 Ethereum 3.0 and Beam Chain 52:17 Ethereum's Future and Competitors Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 20, 2024

Bitcoin and SOL are flirting with all time highs, Ethereum is lagging behind, and the next six months could define the trajectory of crypto markets. In this episode of Bits + Bips, James Seyffart, Alex Kruger, and guest David Grider unravel the key stories driving the space: What could a meeting between Trump and Coinbase’s Brian Armstrong mean for crypto policy? Could a new Treasury Secretary pick become the industry’s biggest ally? And is Ethereum’s underperformance hiding a major comeback? Plus, what crypto categories might be winners in the near future. Show highlights: What the potential meeting of Trump with Brian Armstrong shows Which pick for the Treasury Secretary position would be most positive for crypto Whether Michael Saylor has been driving the bitcoin market Whether rate cuts are coming in December and what impact it’s having on the markets How tariffs are not as bad as people think, but massive deportation is, according to Alex Why a potential Treasury General Account (TGA) rundown would be bullish for the markets Whether traders will be taking profits at the $90,000 bitcoin level How ETH has been underperforming and why David sees a silver lining How the lack of institutional interest in ETH has changed dramatically since the election Why David is so optimistic about restaking across different ecosystems What the outlook for crypto regulation looks like in the near future and what will benefit the industry Why James believes that we’ll have in-kind creations and redemptions for bitcoin ETFs under new SEC leadership What the future trajectory of bitcoin’s price is and the role of a strategic bitcoin reserve How different categories within crypto will perform in the markets Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Guest: David Grider , Partner at Finality Capital Links Trump and politics: Unchained: Donald Trump to Meet Coinbase CEO Brian Armstrong: Report Truth Social in Talks to Acquire Crypto Platform Bakkt Who Might Trump Pick for S.E.C. Chair? This Is Who Jay Clayton Hopes to See The Trump-Connected Brad Bondi Is a New SEC Chair Contender and Pro-Crypto A Degen Administration? Why the Crypto Czar May Be Allowed to Own Tokens Markets: Unchained: Spot Ether ETFs See Record $515 Million Weekly Inflows Solana dApps See Massive Fees Amid Memecoin Frenzy Bitcoin ETF options: Unchained: Bitcoin Hits New All Time High as IBIT’s First-Day Volume Nears $1.9 Billion Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto Timestamps: 00:00 Intro 02:31 What a Trump-Brian Armstrong meeting means for crypto 07:36 Who could be crypto’s biggest ally as Treasury Secretary 12:43 Is Michael Saylor driving bitcoin’s rally? 14:46 Whether December rate cuts will shake the markets 19:33 Tariffs vs. deportation: What’s worse for crypto? 26:03 Whether a Treasury General Account rundown would be bullish for markets 30:19 Whether traders will take profits at $90K Bitcoin 35:50 Why ether’s underperformance might hide a comeback 47:15 Whether institutional interest in ETH has turned around 51:49 Why David is bullish on restaking across ecosystems 54:09 What’s next for crypto regulation and industry growth 1:06:55 Whether new SEC leadership would greenlight better bitcoin ETF structures 1:09:10 Whether strategic Bitcoin reserves could drive its price higher 1:17:25 Which crypto categories could lead the next rally Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 19, 2024

Martin Köppelmann, co-founder of Gnosis, has proposed that Ethereum should have native rollups—a vision aimed at addressing scalability and decentralization. Köppelmann critiques the current state of layer 2 solutions, highlighting their limitations in fully inheriting Ethereum’s security and composability. He proposes a bold alternative: 128 Ethereum-native rollups designed to expand block space, strengthen alignment with Ethereum’s core principles, and ensure long-term viability for developers and users. Plus, Martin tackles the controversies: Are L2s parasitic? Could native rollups spell the end for existing solutions? And why should they rely on zero-knowledge proofs instead of Optimism? Show highlights: Whether the Ethereum scaling roadmap is accomplishing its goals Why based rollups are not a full solution, according to Martin What Martin proposes instead Why Martin is proposing these rollups to be ZK-rollups instead of optimistic Whether the proposed solution would focus on privacy What it is about chain abstraction that Martin doesn’t like How he envisions that these native rollups will solve many composability issues across L2s Whether the community has embraced this proposal and how likely it is to be implemented What would happen to current L2s if native rollups get implemented Why despite being against the current state of L2s, Martin says that they are not parasitic to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum iYield Guest: Martin Köppelmann , Co-founder and CEO of Gnosis Links Previous coverage of Unchained on Ethereum layer 2s: ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum? Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Are Solana’s ‘Network Extensions’ Just Like Ethereum’s Layer 2s But by a Different Name? Ethereum Has Had a Banner Year in Most Areas. Except Price. Should Ethereum Layer 2s Urgently Decentralize Their Sequencers? Blockworks: Gnosis founder argues Ethereum needs native L2s Martin’s tweet on USDC yields Timestamps: 00:00 Intro 01:47 Is Ethereum’s scaling roadmap meeting its goals? 04:07 Why Martin believes based rollups aren’t the full solution 08:11 Martin’s bold proposal for native rollups 12:07 Why ZK-rollups over optimistic rollups 15:56 Whether these rollups should also preserve privacy 17:11 Martin’s issue with chain abstraction 22:35 How native rollups could solve L2 composability problems 26:49 Has the community embraced Martin’s vision? 30:52 What happens to existing L2s if native rollups win 36:06 Whether Martin thinks L2s are parasitic to Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 15, 2024

BlackRock’s entry into crypto through its bitcoin ETF (and later on the spot ether ETF) has rewritten the record books, driving massive inflows and reshaping the narrative for institutional crypto adoption. Robbie Mitchnick, head of digital assets at BlackRock, unpacks the story behind this monumental shift. He shares the journey from skepticism to success, how BlackRock’s ETF has changed the market, and the surprises even he didn’t expect. Plus, he explains why he believes people mistake bitcoin for a risk-on asset, what the investment case is for Ethereum, and what’s next for crypto in 2025. Show highlights: 01:31 What and who is driving this massive amount of activity in bitcoin trading 05:05 Why Robbie offers some caution about the future of digital asset regulation 08:35 What about crypto captivated Robbie 13:32Whether Robbie was the one who “orange pilled” BlackRock CEO Larry Fink 14:37 Why Robbie thinks that bitcoin is not a risk-on asset 18:08 The backstory of how BlackRock ended up filing for a spot bitcoin ETF 20:15 How inflows into ETFs surprised Robbie, even considering fairly optimistic projections 24:14 Why BlackRock’s clients always ask about bitcoin’s correlation with other assets 27:22 Robbie’s take on the critique that BlackRock could centralize a decentralized ecosystem 29:34 What his thesis is on stablecoins, payments, and tokenization 31:25 The reasons why Ethereum ETFs have not been as successful as bitcoin 34:14 How Robbie pitches the ether ETF to clients 35:26 Why BUIDL is built on Ethereum, a public blockchain, rather than on a private one 36:48 Why DeFi’s potential is “immense,” according to Robbie 41:56 How bitcoin ETF options will impact the behavior of investors 43:57 What features BlackRock would love to see under a new SEC regime 45:32 What it’ll take for regulators to approve staking in ether ETFs 46:33 Why Robbie is not sure which crypto ETFs might come next 48:16 Whether BlackRock will develop proof of reserves for its ETFs 52:21 Robbie’s outlook for the markets in 2025 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle’s FBTC Guest: Robbie Mitchnick , Head of Digital Assets for BlackRock Links Previous coverage of Unchained on Bitcoin ETFs: Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock Unchained: BlackRock’s Spot Bitcoin ETF Eclipses Firm’s Gold ETF in Net Assets CNBC: BlackRock CEO Larry Fink: I believe bitcoin is a legit financial instrument CoinDesk: BlackRock Sees Sovereign Wealth Funds, Pensions Coming to Bitcoin ETFs Forbes: A Trump U.S. Strategic Bitcoin Reserve ‘Game-Changer’ Is Suddenly Hurtling Toward The Bitcoin Price Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 12, 2024

The 2024 elections have reshaped the future of crypto in Washington. With almost $200 million in donations, the Fairshake Super PAC not only backed pro-crypto candidates but also took bold risks by challenging entrenched incumbents. This strategic gamble appears to have paid off, leading to the most crypto-friendly Congress in U.S. history. In this episode, Coinbase’s Faryar Shirzad and Kara Calvert reveal the behind-the-scenes decisions that drove this unprecedented effort, discuss why crypto needs to transcend partisanship, and explain how this election could usher in long-awaited regulatory clarity. They also delve into the global stakes of blockchain adoption and whether the U.S. can reclaim its leadership as other nations surge ahead in Web3 innovation. Show highlights: 01:48 The journey of how crypto became so important in this election 04:16 The differences between Fairshake and Stand With Crypto 08:48 How Fairshake decided which candidates to support 12:48 How Washington reacted to the massive influx of money to support pro-crypto candidates 15:51 Why Fairshake stayed out of the Presidential race 18:23 How hard it was for Fairshake to handle its non-partisan stance with both parties 22:32 How the U.S.’s approach to crypto can be compared to how it lost on the cutting-edge technologies of 5G and semiconductors 26:41 What drove the decision to attempt to unseat Sherrod Brown, which ended up giving Sen. Warren more power on the Senate Banking Committee 32:54 Whether Sen. Warren’s anti-crypto stance has been diminished after the elections 35:28 How the industry got past the fiasco of Sam Bankman-Fried and FTX 42:07 Why Faryar believes that “anyone would be an upgrade” from Gary Gensler as Chair of the SEC 46:45 How blockchain technology allows for instant settlements, a feature so needed in capital markets 49:36 What could happen with the SEC’s legal actions against crypto companies now that Gensler will lose his position as SEC chair 53:22 What Faryar and Kara expect the new administration to do around crypto 56:47 How DeFi can be regulated in the U.S. and whether Trump will support the motto “code is free speech” 1:01:37 The perception of Washington insiders about Polymarket 1:04:28 Whether the technology sector will be on the Republican side from now on Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Robinhood & Arbitrum iYield Guests: Faryar Shirzad , Coinbase Chief Policy Officer Kara Calvert , Coinbase Head of US Policy Links Previous coverage of the elections on the podcast: Under Trump, the First Crypto President, Where Will Markets Go? Bits + Bips: Trump Won and the Question Is: Do You Have Enough Crypto? How Arthur Hayes Has Prepared His Portfolio for the Elections The Chopping Block: 2024 Election Debate feat. Mike Novogratz & Shaun Maguire It’s Not Just the Presidency. Congressional Races Matter a Lot for Crypto Unchained: DeFi Tokens Jump on Hopes That Trump Will Provide Crypto Regulatory Clarity What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair Elizabeth Warren Will Be the Top Democrat on the Senate Banking Committee Stand With Crypto Says These Races Are Crucial for Crypto. But Why? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 8, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, Laura Shin joins the squad to help break down the aftermath of the 2024 U.S. presidential election and its impact on the crypto landscape. With a new pro-crypto administration on the horizon, they explore what Trump’s stance on blockchain regulation could mean for the industry, from ETFs and stablecoin legislation to the potential of a national Bitcoin reserve. They also dig into the power of prediction markets, which outperformed mainstream media in election coverage, signaling a shift in trust and transparency. From the populist appeal of crypto to the challenges facing a divided Democratic Party, this episode uncovers the political dynamics that could drive innovation or stifle growth in the U.S. crypto market. Expect insights on the forces shaping America’s crypto future and the role of policy in crypto’s place on the global stage. Show highlights 🔹 Prediction markets outpaced mainstream media in calling the 2024 election, marking a shift in how people track election outcomes. 🔹 Trump’s pro-crypto stance signals potential changes for the industry, from new ETFs to a possible federal Bitcoin reserve. 🔹 The Democratic Party’s anti-crypto stance highlights a disconnect between progressive values and blockchain innovation. 🔹 As prediction markets gain popularity, more Americans rely on them over traditional media for real-time election insights. 🔹 One high-stakes bettor’s multi-million-dollar wager on the election paid off, thanks to a unique strategy involving the "neighbor effect." 🔹 The Democratic Party’s focus on "woke" issues may have contributed to a historic loss, raising questions about the future of these policies. 🔹 With pro-crypto Republicans in control, sweeping legislative changes are expected, from stablecoin laws to crypto tax reforms. 🔹 Crypto’s anti-elite appeal is resonating with populist movements, indicating a potential path for mass adoption. 🔹 The idea of Bitcoin on the U.S. national balance sheet is gaining traction as a pro-crypto administration takes office. 🔹 Political choices could propel or stifle America’s standing as a global leader in blockchain innovation and technology. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Laura Shin , journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained Disclosures Links Kamala Harris Shouldn’t Just Embrace Crypto. She Must Help It Flourish by Laura Shin: https://time.com/7111315/kamala-harris-crypto-laura-shin-essay/ How the Trump Whale Correctly Called the Election by Alexander Osipovich https://www.wsj.com/finance/how-the-trump-whale-correctly-called-the-election-cb7eef1d Timestamps 00:00 Intro 01:17 Election Night Observations 04:32 Polymarket's Role 06:19 French Whale x Neighbor Effect 14:52 Mainstream Media vs. Prediction Markets 25:54 The Future of Prediction Markets 27:26 Crypto and the Democratic Party's Missteps 30:30 Democratic Party's Superiority Complex 31:38 Crypto's Global Impact and Legislation 43:23 Predictions for Crypto's Future in the U.S. 49:47 The Return of Crypto Companies to the U.S. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 8, 2024

With a friendlier regulatory environment in sight, will crypto finally get its moment? Jeff Park, head of alpha strategies at Bitwise, joins Unchained to break down what a pro-crypto approach in Washington could mean for the industry, why DeFi tokens such as UNI are thriving, and whether Bitcoin has a place as a strategic national asset. Plus, Park shares insights into how China will respond to Trump’s economic measures and explains what he means by the “radical portfolio” thesis. Tune in to find out how this new political era could set the stage for crypto’s long-awaited breakout. Show highlights: Jeff’s main takeaways from the intersection of crypto and politics this cycle Whether crypto has become a partisan issue Why Jeff highlights the usefulness of Polymarket to track the chances of each candidate Why Uniswap’s token UNI outperformed the broader market What sectors of the industry could boom with more regulatory clarity Whether the idea of using bitcoin as a strategic reserve is feasible How China will respond to Trump’s economic measures What is the “radical portfolio” thesis and what’s bitcoin’s role in it Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle’s FBTC Guest Jeff Park , Head of Alpha Strategies at Bitwise The Radical Portfolio Theory Links Unchained: Ether Breaks Past $2,800 to 3-Month High Following Trump’s Victory DeFi Tokens Jump on Hopes That Trump Will Provide Crypto Regulatory Clarity Bitcoin Just Gained $100 Billion in Market Cap Overnight. Is it Time to Take Profits? Bitcoin Hits New All-Time High of $75,000 What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair Haralabos Voulgaris ’s tweets on gambling: Expressing concern about gambling addiction Contrasting gambling now vs. when he started His opposition to how much gambling is promoted Timestamps: 00:00 Intro 01:13 Key takeaways on crypto’s role in politics 02:38 Has crypto become a partisan issue? 06:47 Why Polymarket is crucial for tracking election odds 09:29 Why UNI is outperforming the market 11:56 Which sectors could thrive with regulatory clarity? 15:07 Could Bitcoin become a national strategic reserve? 18:32 How might China respond to Trump’s economic policies? 20:17 What is the “radical portfolio” thesis? 29:57 Crypto News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 7, 2024

Donald Trump is headed back to the White House, and the crypto markets are surging in response. This episode of Bits + Bips dives into what the election means for crypto, the potential crypto IPOs coming soon, why DeFi tokens are outperforming, and what changes in U.S. regulation could mean for investors. Ram Ahluwalia and Noelle Acheson join to explore this unprecedented moment in crypto and how inflation and policy changes may boost Bitcoin and the broader ecosystem. Show highlights: Everyone’s initial reactions to Trump’s win How some crypto companies could have their IPO soon Whether it’s time to take profits after the substantial run Why DeFi tokens have been the biggest winners What the next crypto spot ETF will be and whether we’ll see staking rewards for ETH Why mainstream media didn’t see the Trump win coming Why Ram and Alex believe that Kamala Harris was not the right candidate How Trump won the appeal of the lower class in the U.S. Whether immigration was key to sustaining the GDP and avoiding a “hard landing” Crypto’s massive win in Congress How much impact Elon Musk had in the outcome of the elections How Polymarket has become a “new source of truth,” according to Ram Why the Fed doesn’t have a need to accelerate rate cuts Whether Trump’s policies will be inflationary and whether he’ll go forward with tariffs Whether the 10-year bond will reach new highs Thanks to Gemini for sponsoring this episode of Bits + Bips. Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Guests: Ram Ahluwalia , CFA, CEO and Founder of Lumida Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Timestamps: 00:00 Intro 01:57 Reactions to Trump’s election win 03:13 Which crypto companies might IPO soon? 09:28 Is it time to take profits in crypto? 17:30 Why are DeFi tokens surging? 20:31 What’s next for crypto ETFs and ETH staking rewards? 28:00 Why mainstream media missed Trump’s victory 33:44 Ram’s thoughts on Kamala Harris’s candidacy 43:52 How Trump gained appeal with lower-income voters 45:41 Did immigration help sustain GDP? 53:11 Crypto’s big win in Congress 56:53 Elon Musk’s influence on the election outcome 1:04:10 Is Polymarket becoming a “new source of truth”? 1:10:30 Why the Fed may not need faster rate cuts 1:13:26 Will Trump’s policies drive inflation? 1:17:08 Will the 10-year bond hit new highs? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 5, 2024

Crypto networks are meant to be decentralized, community owned systems. But they’re turned out to be dominated by whales and to have more mercenaries who are just interested in getting free tokens to dump them, rather than having long-term believers who want to build the ecosystem. How can tokens be launched in a way that gets token holders aligned with long-term success? Today’s guests, Mike Dudas, founding partner of 6th Man Ventures, and Matt O’Connor, co-founder of Legion, believe there’s room for improvement. In this episode, they share how Legion aims to reshape the process, focusing on fair distribution, incentivizing organic user growth, and building loyal communities. They explore Legion’s approach to token sales, its compatibility with regulatory frameworks, and why it might be the key to bringing new people into crypto. Show highlights: How Legion was born and what its main goal is The problems with how token launches currently work Why projects don’t want to return to the ICO model Whether the criteria to earn a better reputation on Legion is gameable How Legion actually works and what the role of KYC is What type of regulatory framework Legion is leveraging How MiCA’s rules for token offerings allowed for this type of project to emerge Whether the U.S. should follow Europe in establishing a crypto framework like MiCA What the business model of Legion is What the difference is between Legion and other similar platforms such as Cobie’s Echo Whether token sales is a better distribution mechanism than airdrops Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Robinhood & Arbitrum Guests: Mike Dudas , Founding partner of 6th Man Ventures Matt O’Connor , Co-Founder of Legion Matt’s open source publication: Tokenomics for Builders Links Unchained: Legion Launches New Tool to Identify Best Contributors in Crypto Fundraises Legion Whitepaper Timestamps: 00:00 Intro 01:49 How Legion was born and its main goal 05:33 What’s wrong with current token launches? 11:13 Why projects avoid the ICO model 13:37 Can Legion’s reputation system be gamed? 26:18 How Legion works and the role of KYC 35:23 The regulatory framework behind Legion 39:06 How MiCA enabled this type of project 44:09 Should the U.S. adopt a framework like MiCA? 46:32 What is Legion’s business model? 50:28 How Legion differs from Cobie’s Echo 53:18 Are token sales better than airdrops for distribution? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 3, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, Robert Leshner welcomes two special guests: Mike Novogratz, CEO of Galaxy, and Shaun Maguire, general partner at Sequoia Capital, for a one-of-a-kind debate on how the upcoming 2024 U.S. presidential election could shape the future of crypto. With the stakes higher than ever, they explore what a Harris or Trump presidency could mean for crypto regulation, market infrastructure, and the populist undercurrents driving the industry forward. From blockchain voting possibilities to the macroeconomic forces impacting Bitcoin and stablecoins, the conversation pushes beyond policy to the heart of crypto's role in tomorrow's world. This episode delivers crucial insights on the political forces that could redefine crypto’s trajectory in the U.S. and beyond. Show highlights 🔹 Crypto in the Election Crosshairs: Mike Novogratz and Shaun Maguire debate how a Trump or Harris presidency could reshape the U.S. crypto landscape. 🔹 Deregulation vs. Innovation: Trump’s pro-deregulation stance meets Harris’s pro-innovation campaign promises. Which path is better for crypto growth? 🔹 Crypto's Populist Appeal: How Trump’s base connects with crypto’s populist movement and why that resonates with “the people at the bottom” of the income bracket. 🔹 Deep State and Political Jaywalking: Shaun Maguire dives into the concept of “political jaywalking” and its impact on trust in U.S. elections. 🔹 The Future of Blockchain Voting: Could blockchain-based voting bring transparency to elections? The crew weighs in on the feasibility and timing of decentralized voting. 🔹 Bitcoin's Role in Macro Trends: With U.S. debt surging, Mike and Shaun share their thoughts on Bitcoin as a hedge, whether Trump or Harris takes office. 🔹 The Crypto Political Machine: A look at how crypto insiders engage with political campaigns and the industry’s impact on down-ballot races. 🔹 Wildcard Assets: How a national Bitcoin reserve might impact U.S. fiscal policy – could it ever happen under Harris? Hosts ⭐️ Robert Leshner , CEO & Co-founder of Superstate Guests ⭐️ Mike Novogratz , CEO of Galaxy ⭐️ Shaun Maguire , general partner at Sequoia Capital Disclosures Timestamps 00:00 Introduction 02:03 Shaun’s Argument for Trump 05:10 Mike's Argument for Harris 11:10 Political Bias and Prediction Markets 18:25 Flynn & Political Jaywalking 24:26 Macroeconomic Implications for Crypto 30:29 Bitcoin Price Predictions Post-Election 32:38 Gold & Central Bank Dynamics 34:41 Nation States & Bitcoin Reserves 37:35 Military Technology & Future Dominance 39:10 Presidential Campaign Issues & AI 47:44 Election Integrity & Blockchain Voting 53:17 Crypto's Influence in Politics 56:42 $WLFI Endeavors 01:00:17 Closing Thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1, 2024

As the 2024 U.S. election draws near, the crypto market is buzzing with speculation on what’s next. Arthur Hayes, co-founder of BitMEX, joins Unchained to discuss how Bitcoin and altcoins might react depending on who wins. Hayes shares his insights on election trade strategies, from the importance of sticking to the majors to his preference for Solana over Ethereum in the short term. He also dives into whether Trump will fulfill his promises to the crypto community and drops a banger explanation on what could be the next Federal Reserve move. (Hint: it’s not about interest rates.) Plus, Unchained reporter Veronica Irwin joins the show to discuss her latest scoops on Stand With Crypto’s scoring system and SEC Commissioner Hester Peirce’s stance on whether she would want to become Chair of the agency in replacement of Gary Gensler. Show highlights: 01:39 How the market could react based on the election outcome 03:53 Has a Trump win been priced in? What if there’s no clear winner? 06:30 Arthur’s short-term trade strategy for the elections 13:00 Will Bitcoin surge, and is an altcoin rotation coming? 16:52 Why Arthur favors SOL over ETH right now 21:28 Whether Layer 2s are parasitic to Ethereum 24:19 Could crypto regulation reform come after the election? 26:12 Whether Trump would deliver on his promises to the crypto community 29:45 The election outlook for memecoins 30:52 Why traders should focus on high-cap AI memecoins 36:41 Why Arthur believes the Fed need to restart quantitative easing 47:55 How much money China will print to tackle its property crisis 52:21 Arthur’s take on Japan’s political shift and economic impact 54:44 Whether Stand With Crypto has been honest with the crypto community 56:20 A potential conflict of interest of one of the top executives 56:58 Stand With Crypto’s affiliation with PAC Fairshake 1:04:19 Whether Hester Peirce will become SEC Chair if Trump wins 1:08:27 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle’s FBTC Guest Arthur Hayes , Co-Founder of BitMEX and CIO at Maelstrom Previous appearances on Unchained: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH Arthur Hayes of Bitmex on Why Countries Will Turn to Digital The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks How Crypto and Blockchain Technology Could Change Financial Services Links Unchained: Why You Might Have to Wait a Little Longer for a Crypto Bull Market What Needs to Happen for Altcoins to Finally Pump: Report Arthur’s latest blog post Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 31, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, the crew tackles everything from AI-powered memecoins and the explosive rise of GOAT token to the ongoing rivalry between Ethereum and Solana. They break down the appeal of AI-driven assets, analyze Trump’s World Liberty Finance flop, and debate whether Ethereum’s current fragmentation is hurting its narrative. With Halloween thrills and market chills, this episode delivers insider insights on the trends pushing crypto forward. Show highlights 🔹 GOAT Token Madness: The latest in AI memecoin hype and how GOAT token captured the attention of investors and Twitter alike. 🔹 Memecoin Stagecraft: Are AI-driven coins here to stay, or is it all clever stagecraft? Our thoughts on the future of AI-based assets. 🔹 AI Meets Memecoins: Is character-driven AI the secret sauce in building compelling memecoins? Exploring the potential of charismatic, interactive assets. 🔹 World Liberty Finance Flop: Trump's crypto token sale misses the mark—are accredited investor rules and lack of memes to blame? 🔹 Trump’s Role in Crypto: How Trump’s “hands-off” approach may have impacted World Liberty’s slow start. 🔹 Ethereum vs Solana: Ethereum’s current challenges and Vitalik’s roadmap defense—can Ethereum reclaim its narrative from Solana’s simpler, single-layer approach? 🔹 Fragmentation in Ethereum’s Ecosystem: How Ethereum’s L2 rollup competition might be confusing new users and hurting its narrative. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Timestamps 00:00 Intro 02:12 The Rise of GOAT Token 11:41 The Future of AI Coins & Meme-Based Value 21:50 The Importance of Attention in Crypto 23:53 Trump's World Liberty Finance Token Sale 31:24 Ethereum's Struggles and Vitalik's Response Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 29, 2024

Subscribe to Unchained’s new regulatory newsletter Unregulated. With the presidential race in the spotlight, it’s easy to overlook the powerful role that Congress could play in shaping crypto policy in the coming years. From committee chairs to legislative allies, crypto advocates are keenly focused on the outcome of key Congressional races. Kristin Smith of the Blockchain Association and Alex Grieve of Paradigm join us today to break down which races and committees are critical for crypto, why the industry is more visible in Washington than ever, and what the chances are for lame duck legislation this year. Read more: How Congressional Committee Leadership Could Shake Out for Crypto This Election Show highlights: Why this election is “incredibly important” for crypto How the presence of Fairshake is increasingly noticed by Washington Why some committees are more important than others for the industry Why the Senate Banking Committee is key Whether Alex and Kristin are concerned about Sen. Warren becoming chair of the Senate Banking Committee What could happen to the House Financial Services Committee Who is likely to take on both of the Agricultural Committees, which is in charge of the CFTC How the Senate Commerce affects the crypto industry How the members of the House Energy Committee don’t have a strong stance on crypto What the stance of the Finance Committee on crypto is Why there is an opportunity in the House Ways and Means Committee Whether crypto tax legislation is in the works Who could be the SEC Chair under a Trump or Harris presidency Who could be the next Chair of the CFTC Whether Yellen will be replaced on Treasury, with many pro-crypto options on tap Why the Federal Reserve matters much more if they get to regulate stablecoins What the odds are for crypto legislation being passed this year Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Robinhood & Arbitrum Guests: Kristin Smith , CEO of the Blockchain Association Kristin’s Op-ed on Unchained: In the Ongoing SAB 121 Fight, Here’s How Crypto Can Move Forward With Bipartisan Support Previous appearances on Unchained: Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky What the Crypto Industry Could See Under a Biden Administration Alexander Grieve , VP of Government Affairs at Paradigm Links Previous coverage of Unchained on the elections: With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto? Why Congressman Ro Khanna Is Hopeful the Democratic Party Will Embrace Crypto Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair Timestamps: 00:00 Intro 01:55 Why this election is pivotal for crypto 04:50 How Fairshake’s presence is catching Washington’s eye 16:39 Which committees matter most for crypto? 22:49 Why the Senate Banking Committee is crucial 28:54 Concerns about Sen. Warren as potential chair? 38:15 Possible shifts in the House Financial Services Committee 41:47 Who could control the Agricultural Committees and CFTC oversight? 47:35 How the Senate Commerce Committee impacts crypto 51:04 House Energy Committee’s stance on crypto 53:21 Finance Committee’s crypto perspective 55:03 Opportunities in the House Ways and Means Committee 57:28 Is crypto tax legislation in the works? 1:01:23 Potential SEC Chairs under Trump or Harris 1:03:57 Who could be the next CFTC Chair? 1:05:46 Will Yellen be replaced with a pro-crypto Treasury option? 1:08:06 Why the Fed’s role could be pivotal for stablecoin regulation 1:10:46 Odds of crypto legislation passing this year Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 25, 2024

Subscribe to our new regulatory newsletter Unregulated: https://unchainedcrypto.substack.com/s/unregulated The two-week-old GOAT memecoin, which hit a market cap of almost $880 million on Thursday, is captivating everyone in crypto. Not because this is memecoin szn, but because its rise was fueled by an AI called Truth Terminal, which is itself a baby of two other AI models. Teng Yan, founder of Chain of Thought, joins Unchained to break down how this unexpected AI creation has turned into a phenomenon, why it has captured the attention of the crypto world, and what the future holds for AI-driven tokens. At the end, Laura also discusses with Unchained’s regulatory reporter Veronica Irwin two interesting and important news stories: who Kamala Harris is vetting for SEC chair and how one Senate race could inadvertently give Senator Elizabeth Warren more power over crypto. Show highlights: How an AI experiment unexpectedly led to the creation of GOAT and sparked interest in AI-generated subcultures How "Terminal of Truth" evolved its own personality, gained attention from Marc Andreessen, and began posting about a new "Goat Sea gospel" religion How the spelling mistake sparked skepticism about the AI model What happened with the $50,000 in BTC that Marc Andreessen gave to Truth Terminal Whether an AI can have its own wallet and what the implications are Whether AI memecoins could start surging on other chains What we can expect in terms of the proliferation of AI memecoins What the future looks like for the intersection of crypto and AI Who Kamala Harris is considering for SEC Chair if she wins the U.S. election Why one Senate race could give Elizabeth Warren more power over 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! Polkadot Mantle’s FBTC Guest Teng Yan , Founder of Chain of Thought Teng’s article: GOAT: The Gospel of Goatse Links Previous coverage of Unchained on GOAT: GOAT Hits a Record $879 Million Market Cap After Brian Armstrong Offers to Help Truth Terminal GOAT: How AI Agents Talking Turned Into a $268 Million Memecoin 'Religion' Infinite backrooms Andy : https://x.com/AndyAyrey Andy Ayrey's (creator of Truth Terminal) research paper on LLMtheism: Truth Terminal's X account Kaito: GOAT’s mindshare Timestamps: 00:00 Intro 01:28 How an AI experiment led to the creation of GOAT 06:16 The rise of “Terminal of Truth” and its unexpected evolution 11:57 How a simple spelling mistake raised skepticism 20:09 What happened to the $50,000 in BTC from Marc Andreessen? 21:06 Whether AI models can have their own wallets 24:17 Whether AI memecoins will surge on other chains 26:19 What’s next for the rise of AI memecoins 28:35 The future of AI and crypto’s intersection 31:39 Who Kamala Harris may consider for SEC Chair 34:12 How one Senate race could boost Elizabeth Warren’s power over crypto 40:33 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 24, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew is joined by special guest Anatoly Yakovenko, the mastermind behind Solana, for a deep dive into the network’s evolution and future. The conversation kicks off with a look at Solana's rapid rise from its rocky early days to its current status as a blockchain powerhouse. They debate the role of memecoins in Solana’s ecosystem and whether they’re here to stay or just a passing craze. Next, Anatoly opens up about Fire Dancer’s impact on the network’s scaling and performance, sparking a broader discussion about vertical vs. horizontal scaling. Finally, they explore Solana’s ambitious push into the mobile space with the Seeker phone and its implications for the broader crypto industry. Packed with expert insights, bold predictions, and a few surprises, this episode is a must-listen for anyone following the future of blockchain. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Solana’s Rise: Solana’s journey from early turbulence to becoming a blockchain powerhouse. 🔹 Memecoin Frenzy: The explosive growth of memecoins on Solana and their impact on the ecosystem. 🔹 Fire Dancer Impact: How Fire Dancer could revolutionize Solana’s scalability and performance. 🔹 Vertical vs Horizontal Scaling: Is Solana’s vertical scaling approach stronger than Ethereum’s rollups? 🔹 Seeker Phone: Solana’s ambitious push into mobile with the Seeker phone and its potential disruption of the app store landscape. 🔹 ETHOS Phone: How does Ethereum’s new phone compare to Solana’s mobile vision? 🔹 Network Extensions: The introduction of network extensions and whether they align with Solana’s long-term vision. 🔹 App Chains: Could the rise of app-specific chains lead to fragmentation or strengthen Solana’s ecosystem? 🔹 Developer Experience: The challenges of Solana’s development environment and their impact on innovation. 🔹 Ethereum Rivalry: With both networks advancing, how is the competition between Solana and Ethereum shaping up? Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Special Guest ⭐️ Anatoly Yakovenko , Co-Founder & CEO Solana Labs Disclosures Timestamps 00:00 Intro 02:56 TCB’s Criticisms 05:12 Evolution of Solana's Ecosystem 17:36 Solana's Competition 22:05 What Is Solana's Moat? 28:31 The Role of Atomicity and Composability 34:11 Network Extensions 44:20 First Mover vs. Second Cohort 48:44 Future of Asset Types and Content 52:49 Developer Experience and Token Implementations 1:00:38 Solana Phone vs. EthOS 1:09:16 Thoughts and Criticism Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 23, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Jeff Park of Bitwise to discuss some of the latest developments in the crypto world. They share their thoughts on a controversial ECB paper about Bitcoin, breaking down why they believe the authors missed the mark. They also dive into the rising institutional interest in spot Bitcoin ETFs and how Trump’s momentum in the polls could impact the market, especially for altcoins. Plus, the conversation explores the significance of Bitcoin ETF options and why they could have a larger impact than many expect. Show highlights: Why the guys believe that the ECB paper on Bitcoin is a joke How the Minneapolis Fed report said that prohibiting Bitcoin would allow the government to operate at permanent deficits The institutional demand for spot bitcoin ETFs How Trump has been rising in the polls and what the Trump trade looks like at the moment Whether polls and Poylmarket bets on the U.S. elections are manipulated How the Fed is putting more focus on jobs than inflation When the bitcoin ETF options might launch and which issuers will get it first How memecoins succeed and the rise of AI memecoins like GOAT, fueled by the AI bot truth_terminal What the $1.1 billion acquisition by Stripe of stablecoin company Bridge means Why Donald Trump’s World Liberty Financial token sale was a flop Sponsors: Gemini Stellar Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Jeff Park, Head of Alpha Strategies at Bitwise Links ECB paper on bitcoin: Bitcoin Appreciation Could Be ‘Fuelling The Division Of Society’ Omid Malekan’s rebuttal to the paper by Bindseil & Schaaf (of the ECB) Minneapolis Fed report: Unique Implementation of Permanent Primary Deficits? | Federal Reserve Bank of Minneapolis Alex Kruger’s tweet on memecoins Alex Thorn’s tweet on bitcoin adjusted by inflation Timestamps: 00:00 Intro 03:08 Why the ECB’s Bitcoin paper missed the mark 10:17 Political motivations behind the Minneapolis Fed report on Bitcoin 14:18 Rising institutional demand for spot Bitcoin ETFs 21:38 How Trump’s poll momentum could impact crypto 32:14 Are election polls and Polymarket bets manipulated? 43:36 Why the Fed is prioritizing jobs over inflation 52:37 When will Bitcoin ETF options launch? 1:01:08 What makes memecoins, including AI memecoins like GOAT, succeed? 1:13:00 The significance of Stripe’s $1.1 billion crypto deal 1:18:02 Why the WLFI token sale was a “flop” Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 22, 2024

Africa is quickly becoming one of the most dynamic regions for crypto adoption, but the story unfolding there is very different from what many in the West might imagine. Chris Maurice, co-founder and CEO of Yellow Card, joins the show to share how stablecoins are already transforming businesses across the continent, solving real-world problems, and taking on SWIFT. Plus, he explains why USDT is the stablecoin of choice there. He also dives into the long-term economic impact of crypto adoption and explains why anyone serious about business should be paying close attention to Africa. Show highlights: What Yellow Card is and the focus on U.S. Dollar stablecoins The complexities of doing business in Africa Which African countries have the highest rate of adoption Chris’s background and his fun story of how he got into working in Africa How operating a company in Africa is different from other places Why Yellow Card is currently operating with three stablecoins, and the dominance of USDT Why Yellow Card only offers centralized stablecoins Why everyone should pay more attention to the continent, according to Chris Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Robinhood & Arbitrum Guest: Chris Maurice , cofounder and CEO of Yellow Card Links Previous coverage of Unchained on stablecoins and emerging markets: Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa 6 Stablecoins That Are Driving the Sector’s Two-Year High in Market Capitalization Castle Island Ventures’ report: Stablecoins: The Emerging Market Story Timestamps: 00:00 Intro 02:03 What Yellow Card is and why it focuses on U.S. dollar-denominated stablecoins 04:31 The complexities of doing business in Africa 10:42 Which African countries have the highest crypto adoption 19:17 How Chris got into working in Africa 25:11 How operating in Africa differs from other regions 32:42 Why USDT dominates Yellow Card’s stablecoin business 38:31 Why Yellow Card only uses centralized stablecoins 39:22 Does Africa deserve more attention? Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 18, 2024

How do you determine the value of decentralized networks like Bitcoin, Ethereum, or Solana? It’s not as straightforward as traditional investments. Jon Charbonneau, general partner at crypto investment firm DBA, joins Unchained after writing a paper that dives deep into the complexities of valuing blockchain networks. He explains why applying traditional equity models to networks such as Bitcoin falls short, how tax inefficiencies in staking rewards impact valuations, and whether Layer 2 solutions like Optimism and Arbitrum are helping or hurting the long-term value of Layer 1 blockchains. Also, he looks at the big question—are these networks sustainable in the long run? Show highlights: What motivated Jon to write the paper What the main points of the paper are Why tax inefficiencies in staking rewards are a critical factor in valuing decentralized networks and how they differ from traditional corporate taxes What makes valuing networks tricky, as Jon explains how proof-of-work vs. proof-of-stake systems differ from traditional equity models How he thinks about valuing Layer 2s and whether they are parasitic to the L1 Whether blockchains are sustainable in the long term Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle’s FBTC Guest Jon Charbonneau , co-founder and General Partner at DBA L1 & L2 Token Value Capture Links Previous coverage of Unchained on this topic: How to Figure Out Whether a Crypto Token Is Worth Its Trading Price ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum? Are Layer 2s Parasitic to Ethereum and ETH as an Asset? Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Ether-Bitcoin Ratio Is at Multi-Year Lows, But It’s Just ‘Temporary’ and an ‘Opportunity’ Timestamps: 00:00 Intro 01:25 What sparked Jon's interest in this topic? 03:35 Key takeaways from the paper 08:30 How staking taxes could change the game 13:46 Why traditional models fail for blockchain 20:10 Are Layer 2s helping or hurting Layer 1s? 26:51 Can blockchains survive long term? 29:20 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 16, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew dives headfirst into the “Memecoin Supercycle,” sparking a debate on whether these wild, meme-powered coins are just a fleeting obsession or a genuine revolution. They then dissect Uniswap’s bold leap to launch its own chain on the Optimism Superchain, asking if this move could steal the spotlight from Ethereum and forever reshape the DeFi landscape. And just when you think it’s all about tech, they dive into Kamala Harris’ latest crypto play, with an eyebrow-raising appeal to memecoin investors. From soaring hype to DeFi drama and political power moves, this episode is packed with hot takes, spicy predictions, and a glimpse at what might lie ahead in the world of crypto. Show highlights 🔹 “Memecoin Supercycle” and whether memecoins are on track to overtake traditional altcoins as they fuel a new wave of financial speculation. 🔹 Unichain: Uniswap’s bold move to launch its own chain on the Optimism Superchain, questioning whether this could pull DeFi liquidity away from Ethereum and reshape the crypto ecosystem. 🔹 Kamala Harris’ unexpected crypto appeal in her new “opportunity agenda for Black men,” which includes a vague promise for regulatory protection for digital assets. 🔹 Memecoins vs. VC Coins: Murad’s thesis on memecoins outshining VC-backed tokens sparks a heated debate on whether financial nihilism is driving this trend and what it means for the future of crypto investing. 🔹With the new Unichain possibly diverting DeFi liquidity, the crew ponders whether Ethereum is at risk of losing its dominance as the “home of DeFi.” Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Timestamps 00:00 Intro 2:10 The Memecoin Supercycle 9:13 VC Coins vs. Memecoins 25:30 Unichain: A New Era for Uniswap 31:51 Token Issuance on Ethereum vs. L2s 35:59 Uniswap's Future and Asset Creation 38:30 Predictions for Unichain's Impact 44:11 Retail Flow and MEV Extraction 53:31 Kamala Harris' Crypto Policy 56:05 Trump vs. Harris Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 15, 2024

DeFi tokens have faced significant challenges in recent years. However, are we now on the verge of a new bull market? Arthur Cheong, founder and CIO of DeFiance Capital, and Jordi Alexander, founder of Selini Capital and chief alchemist at Mantle, join the show to discuss why they believe DeFi is poised for growth. They dive into how DeFi's security and user experience have improved, the impact of Layer 2 solutions on Ethereum, and whether Ethereum or Solana will drive the next bull run. Plus, they discuss whether interest in memecoins takes attention from DeFi, and why sustainable tokenomics matters when it comes to valuing coins. Are DeFi tokens finally ready to shine again? Show highlights: Why they believe that DeFi is poised for a bull cycle How DeFi's security and UX have improved Whether DeFi activity can be sustained in the long term Why Jordi thinks that Layer 2s are not parasitic to ETH but Arthur thinks they are Whether the DeFi bull case is stronger on Ethereum, Solana or other chains Whether the Ethereum Foundation and Vitalik Buterin should be more proactive in supporting DeFi How memecoins reflect a broader societal problem The importance of tokens that don’t have big unlocks How the lack of solid frameworks for valuing tokens might be causing capital misallocation in crypto Whether a liquid venture investing approach is better for crypto Why Jordi says that there’s a lot of “potential to unlock” with the overlap of Bitcoin and DeFi Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Guests: Arthur Cheong , founder and CIO of DeFiance Capital Aave, the Core Pillar of Decentralized Finance and Onchain Economy Liquid Venture Investing in Crypto Jordi Alexander , Chief Alchemist at Mantle, Founder of Selini Capital Links Previous coverage of Unchained on this cycle & DeFi : Has Decentralized Finance Hit Bottom? Kain Warwick’s tweet on Vitalik being anti-DeFi Cointelegraph: Vitalik Buterin responds to criticism that Ethereum ‘doesn’t care’ about DeFi The great return of DeFi , by @tradetheflow Bitcoin DeFi Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? Bitcoin Is Worth Over $1 Trillion. How Much Will Coinbase’s New cbBTC Grab? L2s and ETH: ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum? Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 11, 2024

Ryan Salame, the former CEO of FTX Digital Markets, is headed to prison, but not before sharing his side of the story. Ryan talks candidly about the decisions he made at FTX, why he withdrew millions of dollars worth of assets in the days leading up to its bankruptcy, and the backstory behind the Thai prostitute trading scheme to unfreeze Alameda’s funds in China. He also disputes the claims about his campaign finance violations, while explaining why he thinks Caroline Ellison is “at least as guilty as SBF” and that Nishad Singh lied. Show highlights: Ryan’s life pre-FTX and how he got into crypto His three attempts to quit working at FTX How Ryan committed campaign finance violations Why Ryan disputes claims that FTX misled banks and misused customer funds How Ryan was involved in setting up trading accounts with the identities of Thai prostitutes to unfreeze Alameda’s funds Whether Ryan was involved in bribing a Chinese official Why he withdrew millions of dollars worth of assets from his FTX accounts right before its bankruptcy Why Ryan claims he was cooperative with prosecutors, despite common belief How he refuses to comment on his wife Michelle Bond's case, but denies wrongdoing Why Ryan pleaded the Fifth Amendment His allegations that prosecutors lied to his lawyers about whether they would pursue charges against Michelle Why he thinks that SBF could have never coerced Caroline Ellison and whether Ellison is “equally guilty” as SBF Why Ryan believes Nishad Singh lied to save himself and his take on Gary Wang How, if he didn’t know about the fraud, he could be so certain that Caroline or Nishad lied Whether the legal advice from FTX’s and Alameda’s lawyers should have been considered in Bankman-Fried's trial Whether testimony from more employees could have created reasonable doubt in SBF's trial Why Ryan is going to law school His plans post-prison What Ryan learned from the FTX debacle Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Guest: Ryan Salame , former CEO of FTX Digital Markets Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 10, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Stani Kulechov chop it up about the latest in crypto. In this episode, the crew dives into the latest speculation about Satoshi Nakamoto, spurred by the just-released HBO documentary. They also discuss Ethereum’s big debate over block times and blob storage expansion, exploring whether these changes can keep Ethereum competitive. The conversation gets heated with talk of a Trump whale on PolyMarket, Operation Chokepoint 2.0, and TikTok’s role in onboarding memecoin buyers. Don’t miss this episode packed with crypto conspiracies, performance debates, and insider gossip! Show highlights 🔹 Who is Satoshi? Speculation about the HBO documentary “Money Electric” possibly revealing Satoshi Nakamoto’s identity. 🔹 Trump Betting Whale on PolyMarket: Discussion about a large whale accumulating Trump shares in Polymarket and addresses conspiracy theories. 🔹 MEV Reduction Through Shorter Block Times: Reducing Ethereum’s block times from 12 seconds to 8 seconds could decrease MEV by making arbitrage harder, with potential UX and cost improvements for Ethereum. 🔹 Blob Space Expansion: Increasing Ethereum’s blob storage for rollups might prevent alternative data availability layers like Celestia from gaining ground, raising whether more blob space is necessary. 🔹 Operation Chokepoint 2.0: New revelations suggest that regulators, possibly spurred by Elizabeth Warren, pressured banks to unbank crypto firms without formal rulemaking, with Tom calling it “shocking” how accurate initial speculations were. 🔹 Ethereum’s Future Performance Debate: Stani suggests Ethereum should continue to innovate and improve Layer 1 performance, advocating for faster block times and more radical changes to maintain its competitive edge. 🔹 DeFi Market Dynamics: The panel dives into how competitive decentralized finance platforms like Aave and Compound maintain resilience in an ever-evolving landscape, with Stani commending Robert’s contributions to the space. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest: ⭐️ Stani Kulechov , Founder & CEO Avara Disclosures Timestamps 00:00 Intro 01:09 Mainnet Conference Recap 05:39 HBO & Satoshi Nakamoto 12:55 Election Betting 21:24 World Liberty Financial 31:54 Operation Chokepoint 2.0 Exposed 39:44 Challenges in Crypto Disclosures 50:18 Ethereum's Potential Upgrades 1:03:59 Future of Avara Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 9, 2024

As the PBOC and Fed shift their stances on rates and liquidity flows, the macro landscape is evolving rapidly. In this episode of Bits + Bips, we unpack how these policy changes could spark a massive surge across all asset classes—from equities and bonds to Bitcoin and crude oil. The hosts, joined by Nikos Kargadouris, a seasoned trader, discuss why liquidity is about to flood the markets, why fears of a U.S. recession may be overblown, and how even memecoins could benefit. Plus, are central banks close to buying bitcoin ETFs? Show highlights: How the PBOC's shift in policies impacted the markets and when we’ll see a “bazooka” How market complacency and short positions on oil amid geopolitical tensions could lead to mispricing and unexpected volatility How rising crude oil prices could slow the U.S. economy, despite the country being a net oil exporter How strong payrolls data reduced market expectations of U.S. rate cuts Why predictions of a U.S. recession might be off Whether it matters for crypto who wins the elections The chances of central banks adopting Bitcoin What the outlook for memecoins looks like in the next months Whether the HBO documentary about the identify of Satoshi Nakamoto will be a disappointment Sponsors: Gemini Stellar Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Nikos Kargadouris , Chief Investment Officer of a private investment office specializing in cross-asset thematic macro and digital asset strategies. Timestamps: 00:00 Intro 02:09 Impact of the PBOC’s policy shift and timing of the “bazooka” 15:01 Oil mispricing and volatility due to geopolitical tensions 27:30 Rising oil prices and potential U.S. economic slowdown 35:51 Strong payrolls reducing expectations for U.S. rate cuts 44:11 Why U.S. recession predictions might be wrong 50:10 Can prediction markets reflect U.S. election outcomes? 56:05 Does the election winner matter for crypto? 1:04:43 Memecoin outlook for the next months 1:15:34 Will the HBO documentary disappoint? Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 8, 2024

The crypto community is facing a new kind of threat—North Korean devs are infiltrating crypto companies to steal millions and funnel funds back to the regime in order to bypass sanctions. In this episode, Sam Kessler, CoinDesk’s deputy managing editor for tech and protocols, and Taylor Monahan, security at MetaMask, explain how North Korea has embedded its operatives into the crypto space, the red flags companies should watch for, and what these hackers are doing once inside crypto firms. Plus, they share their most interesting stories about how these hackers have gotten hired at crypto companies and the red flags the industry should know about. Show highlights: What Sam found in his investigation about North Koreans infiltrating the industry How Taylor has found that this is a recurring issue Why Sam and Taylor refer to these infiltrated workers as ‘IT’ workers The most interesting stories that Sam and Taylor have discovered The trends in the hiring process that lead to North Koreans being hired and also what the big red flags are How “easy it is to de-anonymize” addresses and transactions in blockchains What assets and networks these workers often use to get paid How, after infiltrating a company, those projects get hacked How to deal with a situation in which you’ve already hired North Koreans How to protect a protocol from another type of North Korean hack: by hacking groups Whether the industry is getting better at security Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Guests: Sam Kessler , CoinDesk's deputy managing editor for tech and protocols CoinDesk: How North Korea Infiltrated the Crypto Industry Taylor Monahan , Co-Founder of MyEtherWallet Previous appearances on Unchained: The QuadrigaCX Case: Taylor Monahan on What We Know From the Blockchain MyCrypto's Taylor Monahan on Why She's Not a Fan of ICOs Links Previous coverage of Unchained on North Korea: Why North Korea Is Interested in Cryptocurrency Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp Others: DL News: North Korean hackers are infiltrating crypto job boards in a ‘quiet war’ that rakes in $600m FBI PSA : North Korea Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks Chainalysis: 2024 Crypto Crime Mid-year Update Part 1: Cybercrime Climbs as Exchange Thieves and Ransomware Attackers Grow Bolder Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises Russian and North Korean Cyberattack Infrastructure Converge: New Hacking Data Raises National Security Concerns ZachXBT: How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020–2023 Timestamps: 00:00 Intro 01:59 Sam's findings on North Korean workers infiltrating crypto projects 04:04 Taylor on the recurring nature of the issue 09:05 Why they’re referred to as ‘IT’ workers 16:17 Most interesting infiltration stories 34:16 Hiring trends and red flags for North Korean operatives 44:02 How easy it is to de-anonymize blockchain transactions 51:05 Assets and networks used for payment 54:06 How infiltrated companies end up getting hacked 58:36 What to do if you've already hired North Korean operatives 1:00:21 How to protect a protocol from being hacked 1:06:22 Is the industry improving in security? Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 6, 2024

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 Ethereum’s homestaking crisis and its growing competition from high-throughput chains like Solana. They tackle the explosive drama between EigenLayer and Celestia, including the controversial $82 million token sale by VCs. The discussion also covers Ethereum's future, staking rewards, and how restaking could boost its long-term value. Tune in for a deep dive into the challenges and ethical debates shaping the blockchain space right now! Show highlights 🔹 Total Fees in DA: Data availability (DA) layers generate relatively low fees compared to other blockchain networks. 🔹 EigenLayer Token Launch: EigenLayer launched at a $6 billion valuation, sparking drama with Celestia over DA performance. 🔹 VC Staking Practices: Polychain sold $82 million in Celestia staking rewards, raising ethical concerns about token vesting practices. 🔹 Ethereum Homestaking Debate: Ethereum’s focus on homestaking is being questioned as it faces competition from faster, high-throughput chains. 🔹 Ethereum vs. Solana: Ethereum is urged to take growing competition from Solana seriously to maintain its market dominance. 🔹 Restaking for Monetary Premium: Restaking in EigenLayer could significantly boost Ethereum’s value and long-term sustainability. 🔹 Staking Rewards and Inflation: Staking rewards protect investors but can lead to ethical issues with inflation mechanics. 🔹 Scaling Ethereum: Critics suggest Ethereum should increase bandwidth and capital requirements to enhance scalability and performance. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Links Disclosures Related to Employee and Investor Staking by EigenLayer https://docs.eigenlayer.xyz/eigenlayer/information-and-transparency/disclosures “Polychain invested around $20mil in the Series A&B round of Celestia and have already sold over $82 million worth of $TIA just from staking rewards” by @gtx360ti https://x.com/gtx360ti/status/1839553081773560045 “I think there's a sane version of this where we recognize that 32 ETH is much more of a barrier than bandwidth reqs” by @VitalikButerin https://x.com/VitalikButerin/status/1841756178692358587 Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 4, 2024

October started with hopes for “Uptober”—a positive price trajectory in October—in the Bitcoin community, since, historically, Bitcoin has performed well this month. But things took a turn when geopolitical tensions in the Middle East escalated, raising concerns about how that could affect Bitcoin’s price this month. In this episode, André Dragosch, European Head of Research at Bitwise, talks about how Bitcoin typically responds to geopolitical shocks, whether this could present a buying opportunity, and how major events like the U.S. elections might shape Bitcoin’s future. Show highlights: How Bitcoin’s reacted to the geopolitical escalations Why André believes this is a buying opportunity How there was a macro capitulation after the beginning of the unwind of the Japan carry trade in August Whether Bitcoin can truly act as a safe haven asset How the clientele of ETFs have changed the market structure for Bitcoin Whether ‘Uptober’ is canceled How Andre expects Bitcoin will perform depending on the winner of the U.S. elections Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle’s FBTC Guest André Dragosch, European Head of Research at Bitwise Bitcoin as a Safe-Haven: Hedging Against Geopolitical Risks Links Previous coverage of Unchained on the recent market movements:: Investors Ditch Bitcoin, Scoop Up Gold, as Iran-Israel Tensions Escalate $500 Million Liquidated From Crypto Markets Cools ‘Uptober’ Enthusiasm Unchained: Bitwise CIO Matt Hougan’s thread on how bitcoin & gold have performed BlackRock’s bitcoin report Timestamps: 00:00 Intro 01:14 How Bitcoin's price reacts to geopolitical tensions 03:17 Whether this could be a buying opportunity 08:54 Macro capitulation after the start of the Japan carry trade unwind 11:02Can Bitcoin act as a safe haven asset? 16:12 How ETFs have changed Bitcoin's market structure 20:28 Is ‘Uptober’ canceled? 24:17 Bitcoin’s future based on U.S. election outcomes 28:45 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 1, 2024

AI and crypto are two of the hottest topics of the decade, but are there any projects truly making waves at the intersection of both? Bittensor, an open-source, decentralized AI network, is positioning itself as a leader in this space, with its TAO token seeing explosive growth and its model challenging traditional centralized AI companies. In this episode, we’re joined by Joseph Jacks, aka JJ, founder of OSS Capital, and Sami Kassab, partner at OSS Capital, to explore why they’ve gone all-in on Bittensor. They discuss how Bittensor works, what makes it different from centralized AI models, and why they believe this project could be transformative for both crypto and AI. Show highlights: OSS Capital’s background and how they got to invest in Bittensor Why Sami and JJ are bullish on TAO What the three roles in the Bittensor ecosystem are How new subnets incentivize miners to develop AI models Why it’s so expensive to launch a subnet Why Bittensor was built on the Polkadot SDK The pros and cons of rolling out EVM compatibility What Allora and Commune AI are focused on within the ecosystem How Bittensor can compete with the big AI companies The dangers AI poses to humanity and whether Bittensor can mitigate them Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Guests: Joseph Jacks , Founder and General Partner of OSS Capital Sami Kassab , Partner at OSS Capital Links Previous coverage of Unchained on Crypto/AI: Erik Voorhees' New Venture: Why AI Desperately Needs Privacy and Uncensorability When AI and Blockchain Meet, How Can Each Technology Benefit? The Chopping Block: Why AI Will Change the Course of History in Crypto Learn more: A Beginner's Guide to AI Tokens 5 Use Cases of AI in Blockchain Bittensor: Bittensor’s website The game theory of TAO Nous Research leaving Bittensor Seth Bloomberg’s tweet on “Bittensor’s Network Effects” Cost of building a subnet Commune.ai Allora Network Timestamps: 00:00 Intro 02:39 Background of OSS Capital and investing in Bittensor 19:06 Why Sami and JJ are bullish on TAO 24:51 The three roles in the Bittensor ecosystem 35:00 How subnets incentivize AI model development 47:50 Why launching a subnet is expensive 50:12 Bittensor’s foundation on the Polkadot SDK 53:00 Pros and cons of EVM compatibility 1:03:03 Focus areas for Allora and Communi 1:06:48 How Bittensor competes with big AI companies 1:09:19 JJ’s take on AI dangers and Bittensor’s role Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 27, 2024

With Bitcoin ETF options on the horizon, the crypto market is bracing for significant changes. In this episode, Joshua Lim, co-founder and CEO of Arbelos Markets, joins us to explain what the launch of Bitcoin ETF options means for the broader market. Could they unlock vast amounts of capital and set off a new altcoin boom? Josh also dives into the potential effects on Bitcoin volatility, DeFi lending, and even the onchain options markets. Plus, what could the 2024 U.S. presidential election mean for Bitcoin? Show highlights: What are options and why they are significant for bitcoin ETFs How they will affect the price of BTC When options will actually launch and what needs to be done How the launch of IBIT options could lower Bitcoin volatility and compress spreads Whether dominant players in derivatives will suffer from this launch How the launch of options could lead to an “altcoin boom” Why Josh thinks the SEC delayed its decision on ether ETF options How rising Bitcoin options interest could trigger volatility during major options expiries What Josh thinks the impact of the US presidential election will be on the 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! Coinbase iTrustCapital Polkadot Mantle’s FBTC Guest: Joshua Lim , Co-founder and CEO of Arbelos Markets Links Approval for BlackRock’s IBIT The Block: Bitcoin ETFs set to attract liquidity and speculation as IBIT options trading gains approval CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod - Timestamps: 00:00 Intro 01:48 What Bitcoin ETF options are and why they’re significant 05:41 Impact on BTC price 08:17 When Bitcoin ETF options will launch 10:03 How IBIT options could reduce volatility 15:53 Will dominant players in derivatives be affected? 20:40 How options could trigger an altcoin boom 24:12 Thoughts on potential ether ETF options approval 24:47 Rising Bitcoin options interest and volatility risks 28:22 Impact of the 2024 US election on crypto markets 31:48 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 26, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Podcast Addict , Pocket Casts , Amazon Music , or on your favorite podcast platform. In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin’s price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market. Is Bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze? Show highlights: Alex and Joe’s takeaways from Token 2049 and Solana Breakpoint Why there’s so little attention on Bitcoin at these conferences The SOL vs. ETH trade debate Why Sam thinks that the Fed cut rates to help the Treasury Whether they think inflation will persist How China's rate cuts aim to boost its economy amidst export challenges How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions The pros and cons of the approval of Bitcoin ETF options Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James Sponsors: Gemini Stellar Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Sam Callahan , Current Free Agent Analyst & Scribe of the NewsBlock Sam’s research post with Lyn Alden Links Coverage of Unchained on Token 2049 and Solana Breakpoint: Should the Solana Foundation Be Dissolved? Yes... and No... $1.3 Billion Market Cap BONK Caught Asymmetric Financial's Eye at $28 Million, Founder Tells Solana Breakpoint Event Bring Back ICOs, Says Multicoin Capital’s Tushar Jain, Winning Agreement From Debate Adversary Qiao Wang of AllianceDAO PYTH Stakers Get Carrots and Sticks as Douro Labs Rejigs Staking Mechanism DeFi Protocol Sky, Formerly MakerDAO, to Launch on Solana Blockchain Firedancer Efforts Bring Solana a Step Closer to Leap in Processing Power, Says Jump Trading’s Science Chief Stoner-Originated Proof-of-Liquidity Network Berachain Scores a Hit at Token2049 SOL vs. ETH Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani Alex’s tweet: “Ironically $SOLETH is barely up in 2024” Rate cuts and macro: Fed Cuts Rates for First Time Since 2020 China: Reuters: China's central bank unveils most aggressive stimulus since pandemic | ETF options: CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod - Kamala Harris: Unchained: Kamala Harris Makes Her First Comments on Crypto Harris Commits to Prioritizing Emerging Industries Like Blockchain in Speech Timestamps: 00:00 Intro 02:55 Takeaways from Token 2049 and Solana Breakpoint 07:14 Little Bitcoin interest me at conferences 12:23 The SOL vs. ETH trade debate 17:32 Sam’s view on the Fed’s rate cuts 28:55 Will inflation persist? 41:14 China’s rate cuts and economic boost 49:44 Bitcoin’s correlation with global liquidity 1:02:43 Pros and cons of Bitcoin ETF options 1:13:23 BlackRock and Coinbase Bitcoin holdings fears Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 24, 2024

The Fed just made its first rate cut in years, slashing 50 basis points off interest rates—but what does this mean for the crypto markets? With Bitcoin lagging behind traditional finance, and the looming U.S. elections, uncertainty is growing. In this episode, Quinn Thompson of Lekker Capital and Travis Kling of Ikigai Asset Management break down the major factors influencing the markets: from Bitcoin’s sluggish summer and the unwinding of the Japan yen carry trade, to why the 2024 elections could be a pivotal moment for crypto. Are these the catalysts we’ve been waiting for, or should we brace for more turbulence ahead? Also, they cover which assets could benefit the most under a Trump administration, and why they believe SOL could have a negative catalyst in the near future. Show highlights: Why the Fed cut rates by 50 basis points and what the chances of a recession are in the U.S. Why Bitcoin has underperformed the broader TradFi markets this summer The risks of the unwinding of the Japan carry trade for crypto How the election results might matter differently for different sectors of the industry Whether rate cuts affect stablecoin yields in DeFi How the approval of Bitcoin ETF options will affect the price of BTC Whether Bitcoin miners will be affected by AI’s need for computing power Ether’s lagging performance this year and what might be a huge catalyst for ETH How SOL will manage through the huge unlock in early 2025 What Quinn and Travis think about investing in memecoins How the rise of Base will impact Coinbase Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Gemini Guests: Quinn Thompson , CIO of Lekker Capital Travis Kling , Founder and CIO of Ikigai Asset Management Previous appearance on Unchained: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold Links Rate cuts Unchained: Fed Cuts Rates for First Time Since 2020; Bitcoin Remains Mostly Flat Fed Rate Cut Should Spur Crypto Investors to Load up on Memecoins, Asymmetric Founder Tells Token2049 Bitcoin Is Now in a ‘Classic Setup’ to Surge Higher Soon, Analysts Say Bitcoin and the Crypto Markets Slump as Fed Faces Tough Rate Cut Decision What Do Cooling Inflation and Rate Cuts Mean for Crypto and Bitcoin Prices? ETH performance and L2s: Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani Ether Has Been a Much Worse Investment Than Both Gold and Silver So Far This Year Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Alex Kruger’s tweet: “Ironically $SOLETH is barely up in 2024” Bitcoin ETF options: CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts Mining and AI: TIME: Why So Many Bitcoin Mining Companies Are Pivoting to AI Timestamps: 00:00 Intro 02:09 Fed rate cut and recession chances 12:34 Bitcoin’s underperformance this summer 14:56 Risks of Japan carry trade unwinding 21:3 Election impacts on crypto sectors 38:00 Rate cuts and DeFi stablecoin yields 43:00 Bitcoin ETF options 49:31 AI’s impact on Bitcoin miners 54:38 Ether’s lagging performance and future catalysts 1:03:19 SOL’s 2025 unlock concerns 1:10:39 Investing in memecoins 1:18:15 Base’s rise and Coinbase impact Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 23, 2024

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 the squad is live from Token2049 in Singapore and joined by special guests Mo Shaikh, CEO and Co-Founder of Aptos Labs, and Arthur Hayes, CIO at Maelstrom. In this episode, they tackle the buzz around Trump’s DeFi projects, the challenges of hosting Token2049 during F1, and the controversy surrounding Iggy Azalea’s cancelled debate. The conversation also covers the macro impact of potential Fed rate cuts, the role of celebrity coins, and the future of global crypto adoption. Don't miss this insightful live discussion in front of the Token2049 audience! Show highlights 🔹 Token2049 Event: Token2049 faced logistical challenges due to Singapore’s F1 weekend, resulting in heavy traffic and delays for attendees. 🔹 Canceled Celebrity Coin Debate: Iggy Azalea’s debate with Eric Wall about celebrity coins was canceled due to conflicts with Singaporean regulations, which prevented her planned on-stage stunts. 🔹 World Liberty Financial Overview: The Trump family’s DeFi project, World Liberty Financial, is scrutinized for its lack of clear direction and concerns over the 70% insider token pre-allocation. 🔹 Fed Rate Cuts and Market Implications: Potential Fed rate cuts and their impact on the dollar-yen exchange rate could lead to liquidity crises and increased market volatility. 🔹 Celebrity Coins and Memecoins: A look into celebrity coins and memecoins raises questions about their value, considering whether they bring meaningful attention to crypto or are merely speculative distractions. 🔹 Korea vs. Japan in Crypto: Korea’s active crypto trading culture and crypto-friendly policies contrast with Japan’s more cautious, restrictive approach, reflecting different market dynamics. 🔹 Global Crypto Adoption Rankings: Skepticism is expressed regarding India’s top spot in Chainalysis’ Global Crypto Adoption Index, with a case made for Korea ranking higher than 19th. 🔹 Aptos and Mainstream Adoption: Aptos is pushing for mainstream adoption through partnerships in Korea and innovations like the Aptos card, offering integrated cold storage and new financial products. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Mo Shaikh , CEO and Co-Founder of Aptos Labs ⭐️ Arthur Hayes , CIO at Maelstrom Disclosures Links The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Region Leads the World in Terms of Global Cryptocurrency Adoption: https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/ Timestamps 0:00 Intro 00:49 TOKEN2049 06:20 $10 Billion FDV? World Liberty Financial 16:10 Allure of Memecoins & Celebcoins 19:06 Beyond Memecoin Adoption 20:27 Global Crypto Adoption Ranking 24:43 Korea vs. Japan's Crypto Scenes 29:19 Macro Trends and Fed's Impact 35:26 Crypto's Resilience Against Regulation 40:00 The Future of Crypto and Decentralization Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 20, 2024

This week, Republican Representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops. With billions of dollars worth of tokens airdropped this year alone, projects need clarity more than ever. In this episode, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, dissects the SEC’s stance on airdrops, why her organization believes the SEC has stretched the legal definition of “compensation” too far, and what Congress might ask Gensler in his upcoming hearing. Plus, she talks about how the SEC “regrets” any confusion it caused for using the term “crypto assets securities,” since the agency now admits that tokens themselves are not securities. Show highlights: Why Amanda believes the SEC’s position on airdrops doesn’t make sense Why the DeFi Education Fund sued the SEC over the BEBA airdrop How the SEC’s position on airdrops has been clear for a while, but is “wrong” according to Amanda Her take on users bypassing the geographic restrictions to claim airdrops in the U.S. How and why the SEC has changed its language around “crypto assets securities” How the SEC’s new position on crypto assets implicating securities laws seems to rest on the “embodiment” theory Why Amanda believes the Supreme Court or Congress may be needed to step in What Amanda expects Congress to question Gary Gensler about in the hearing next week Amanda’s takeaways from the first Congressional DeFi hearing last week How she expects the presidential election will impact the regulatory landscape in the U.S. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Coinbase iTrustCapital Polkadot Mantle Stellar Guest Amanda Tuminelli , Chief legal officer of the DeFi Education Fund Previous appearances on Unchained: Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? Is This the End of DeFi? Why the US Government Is Going After Tornado Cash Links Airdrops: Blockworks: Republican Reps. ask Gensler for clarity on how securities laws apply to airdrops - Gabriel Shapiro’s tweet : “We may *disagree* that the position is correct but it's not unclear.” CoinDesk: Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway SEC’s amended complaint in the Binance case BEBA case DeFi Education Fund suing the SEC First Congressional Hearing on DeFi Unchained: First Congressional Hearing on DeFi Highlights Divide Between Republicans and Democrats Timestamps: 00:00 Intro 01:42 SEC’s stance on airdrops 04:25 DeFi Education Fund’s lawsuit over BEBA 06:47 Amanda: SEC’s position on airdrops is “wrong” 08:27 Users bypassing geographic restrictions for airdrops 12:47 Why the SEC suddenly apologized for using the term “crypto asset securities” for years 16:47 Amanda’s take on what the SEC’s new theory is for why tokens fall under securities laws 17:43 Why Supreme Court or Congressional involvement is likely needed 19:01 What Congress might ask Gensler in a hearing next week 19:59 Key takeaways from the first Congressional DeFi hearing 20:43 Amanda’s take on how the presidential election might impact crypto 23:45 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 19, 2024

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, the squad is joined by special guest Mert Mumtaz, co-founder of Helius. In this episode, the crew dives into the growing rivalry between SVM and EVM, the surge of VC investments in the Solana ecosystem, and the fierce debate over rollups. They also explore the rise and fall of memecoins, Solana’s infrastructure evolution, and the future for high-performance blockchains. Tune in for a high-energy discussion on the cutting edge of crypto! Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 SVM vs. EVM Showdown: The team breaks down the growing battle between Solana's SVM and Ethereum's EVM, examining what’s at stake for both ecosystems. 🔹 VC Investments in Solana: As VC interest in Solana surges, the crew discusses how this new wave of funding could reshape the future of blockchain development. 🔹 Memecoin Chaos: The rapid rise and fall of memecoins comes under fire, with a debate on whether they are a net positive or simply speculative noise in the market. 🔹 Solana’s Infrastructure Evolution: Solana's ongoing efforts to improve scalability and performance are highlighted, especially with innovations like Fire Dancer and ZK compression. 🔹 Network Extensions Controversy: A heated discussion on Solana’s push to rebrand rollups as “network extensions,” sparking backlash from Ethereum proponents. 🔹 VC vs. Market Sentiment: The role of venture capital in the crypto space is examined, with insights into whether VCs are driving innovation or creating unsustainable hype. 🔹 Solana Breakpoint Preview: Excitement builds around Solana’s flagship event, with predictions on what key announcements could impact the blockchain’s future. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Mert , Co-founder & CEO at Helius Disclosures Timestamps 0:00 Intro 02:02 Impressions of Singapore 07:55 Mert's Journey & Solana Advocacy 15:41 Challenges & Growth in Solana Ecosystem 21:01 EBOLA [EVM Bags Over Logic Affliction] 31:13 Solana's Resilience 34:38 The Rise of SVM and Developer Perspectives 41:41 Network Extensions vs. Rollups 51:08 Future of High-Performance Blockchains 59:47 AI's Impact on Developer Ecosystems 01:06:19 Memecoins and Market Dynamics Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 17, 2024

World Liberty Financial (WLF), the Trump-backed DeFi project, launched this Monday. In this episode, crypto security expert Ogle discusses his role as an advisor to WLF. He dives into why he joined the project, what makes it unique, and how Trump’s involvement could bridge the gap for many who are new to the space. Plus, Ogle shares his thoughts on the security challenges WLF might face and the project's potential to rival major players in the market. He also touches on his new L1 blockchain Glue, and why he thinks it will provide a better user experience than what is out in crypto today. Show highlights: 2:05 Ogle’s background and how he came up with a standard for dealing with crypto hacks 10:28 Where crypto hackers are usually from 13:21 Why he does security work for free 16:57 Why Ogle is advising the Trump family’s DeFi project, World Liberty Financial 22:30 Why some in the crypto community are skeptical of WLF 26:39 His thoughts on how to prevent a crypto hack of a high-profile project 32:52 Why Ogle is not worried about WLF having been forked from the hacked app Dough Finance 33:54 How the Trump family is involved in WLF 41:00 How Donald Trump is excited about the project and actually gets it, according to Ogle 43:49 Why Ogle believes WLF will attract as much traction as the entire market cap of Shiba Inu 47:04 How Ogle's new layer 1 blockchain, Glue, aims to be crypto’s AOL 56:33 Why Glue’s L2s will be specific to certain areas of the industry 1:02:41 When Ogle expects Glue to launch and whether it’ll have a token 1:04:19 How North Korean hackers are now “just so clever, socially” 1:13:56 Ogle’s tips for crypto 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! Polkadot Mantle Stellar Gemini Guest: Ogle , crypto security expert, founder of Glue, and advisor to World Liberty Financial. Previous appearance on The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money Links World Liberty Financial (WLFI) Unchained: Trump’s New DeFi Project Could Be a Magnet for Hackers CoinDesk: In Trump-Backed Crypto Project World Liberty Financial (WLFI), Insiders Are Poised for Unusually Big Token Payouts IBTimes: Donald Trump Announces DeFi Project's Launch Date – What To Know About World Liberty Financial Latin Times: Who Is Ogle? The Crypto Sleuth Recruited As An Advisor For Trump's DeFi Project Glue: Glue, The Web3 Network Built for Regular Users How Glue Will Keep User Assets Safe Scams and North Korea: FBI Fraud report North Kora Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 13, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in crypto. This week the squad is joined by special guest Jason Choi, co-founder of Tangent. In this episode the crew tackles the overvaluation of crypto projects by VCs, Friend.Tech’s 96% token crash, and the ethics of early token launches They also explore how airdrop farming skews user metrics, the volatility of memecoins, and whether VCs are extracting more value from crypto than they contribute. Tune in for insights into the ever-evolving crypto landscape! Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Friend.Tech Token Crash: Friend.Tech’s token dropped 96%, highlighting the risks of launching tokens without sustainable product planning and user retention strategies. 🔹 Project Exits and Ethics: Early token launches raise concerns about ethical obligations when teams abandon projects, with accusations of rug-pulling increasing. 🔹 Airdrop Farming’s Impact: Airdrop farming distorts true user engagement, leading to inflated metrics that misrepresent product-market fit and real user growth. 🔹 Venture Capital in Crypto: Low barriers for VCs have led to inflated project valuations, often resulting in overhyped, underdelivered crypto ventures. 🔹 Challenges of Early Token Launches: Early token releases often harm long-term project potential by confusing market signals and damaging user retention. 🔹 VC vs. Liquid Funds: Debate over whether venture capital is extracting value from crypto or whether liquid funds can improve market efficiency. 🔹 Hedge Funds and Market Efficiency: Hedge funds may improve market liquidity, but their impact on long-term crypto growth remains under scrutiny. 🔹 Speculative Markets and Long-Term Value: The crypto market continues to grapple with balancing short-term speculative plays and the creation of sustainable, long-term value. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Jason Choi , Co-Founder of Tangent Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 13, 2024

On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community. In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems. Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical? 01:54 Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi 04:05 What happens behind the scenes when users mint cbBTC 05:21 What sets cbBTC apart from other wrapped Bitcoin options, according to Will 06:32 Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms 08:45 Will’s response to criticisms about the centralization of cbBTC 12:28 Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun 13:31 How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo 15:38 Why Coinbase has the ability to freeze and blacklist cbBTC addresses 19:34 How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated 20:58 Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world 23:57 Why Will doesn't want to predict how much demand there'll be for cbBTC Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Mantle’s FBTC Gemini Stellar Guest Will Robinson , VP of Engineering at Coinbase Links cbBTC Unchained: Coinbase’s Wrapped Bitcoin Product cbBTC Launches on Base and Ethereum BitGo changing custody and its implications: Unchained: Wrapped Bitcoin (WBTC) Redemptions Vastly Outpaced Minting Since BitGo’s Custodial Changes Announcement Lending Protocol Aave to Propose Onboarding TBTC in Response to Concerns About Latest WBTC Custodial Changes Could dlcBTC Resolve the Issues With Wrapped Bitcoin? BitGo Abruptly Pivots on Holders of WBTC Multi-Sig Keys Following Community Outcry MakerDAO Considers Offboarding WBTC as BitGo Plans Custody Changes Aave DAO’s Chaos Labs Says ‘Risk-Off’ Recommendation for WBTC ‘Premature’ Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 11, 2024

As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype. Show highlights: Why crypto has been down so bad recently despite the macro cycle The three factors weighing on the bitcoin price for the moment, according to Noelle The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises Whether retail has been a buyer of the spot Bitcoin ETFs or it’s just onchain traders who are now buying them Why James says the Ethereum ETFs “have been an absolute flop" Sponsors: Gemini Stellar Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Noelle Acheson , Author of the “Crypto Is Macro Now” Newsletter Timestamps: 00:00 Introduction 03:35 Why crypto is struggling recently 09:16 Three key factors weighing on Bitcoin's price 15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts 25:55 Unusual rate-cutting cycle and inflation risks 32:06 Enduring K-shaped economy and capital gains tax impact 34:37 Concerns about fiscal dominance and Bitcoin’s divergence from gold 54:57 Retail vs. onchain traders in spot Bitcoin ETFs 1:01:43 Whether Ethereum ETFs have been a "flop" Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 10, 2024

Ethereum's Layer 2 solutions are booming, but are they inadvertently holding back the value of ETH itself? In this episode, Justin Bons and Ryan Berckmans engage in a heated debate over whether L2s are enhancing Ethereum's ecosystem or siphoning off its potential. They discuss the impact of L2s on decentralization, network effects, and whether Ethereum L1 can scale on its own or if the base layer and the rollups now have different incentives. Has Ethereum scaled appropriately for future usage, or was scaling via L2s the wrong roadmap for Ethereum? Show highlights: 02:43 How Ethereum's rollup-centric roadmap consists of a decentralized Layer 1 (L1) for security with Layer 2 (L2) providing more transaction throughput 04:53 Why Justin is so critical about how L2s centralize Ethereum 14:53 Why, according to Ryan, Layer 2 solutions aren't parasitic to Ethereum but instead enhance its network effects, decentralization, and long-term value 25:35 Why Justin criticizes Ryan’s reliance on "trust me, bro" arguments, questioning the tribalism and authority in claiming the superiority of Ethereum researchers over those from other blockchains 28:15 How Justin thinks the Ethereum L1 could scale and what the tradeoffs are 39:58 Justin’s argument that Ethereum is stuck in the past and his claim that the blockchain trilemma doesn't exist anymore 46:30 Ryan’s take on Ethereum's L1 scaling focuses on solving bandwidth limitations and addressing whether L2s are going to fully decentralize 51:01 Whether SNARKS is the way that Ethereum scales the L1 59:24 Whether L2s will start accepting other tokens to pay for gas 1:05:23 Why Ryan predicts Ethereum's L2 adoption will surge, driving up L1 fees and boosting Ether's value as the leading digital money 1:05:39 Whether based rollups are a good solution for Ethereum to scale without losing all the fees 1:13:21 Why L2s would even try to decentralize and why Justin says that Solana has a better roadmap than Ethereum 1:17:54 Concluding thoughts from Ryan and Justin Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Stellar Coinbase Guests: Justin Bons , Founder & CIO of Cyber Capital Previous appearances on Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Ryan Berckmans , Ethereum community member and investor Links Previous coverage on Unchained of ETH and L2s: Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name? Ethereum Has Had a Banner Year in Most Areas. Except Price. Should Ethereum Layer 2s Urgently Decentralize Their Sequencers? Others Justin’s thread on whether L2s are parasitic Tweet by Zach Rynes, aka ChainLinkGod Adam Cochran’s tweet on based rollups Ethereum Foundation September AMA Vitalkin on L2s How do layer 2s really differ from execution sharding? Layers 2s as cultural extensions of Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 6, 2024

The SEC and CFTC’s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry? In this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC’s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead? Show highlights: Why the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities" What a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn’t been perpetrating a fraud How the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto Whether the SEC is effectively banning crypto funds by requiring compliance with impossible rules How the SEC penalized Galois for giving affiliates better liquidity terms than outside investors How SEC Commissioner Mark Uyeda’s call for clarity on "crypto asset securities" reflects the industry’s frustration with the lack of clear guidelines from the SEC Why the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions How Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry Whether the New York Attorney General’s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi The timing of these actions, along with the SEC’s Wells notice to OpenSea Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Mantle Gemini Stellar Guest Larry Florio , general counsel at 1kx Timestamps: ➡️ 01:51 - The SEC using different language to describe tokens as securities ➡️ 04:53 - Qualified custodians & Galois Capital's use of FTX ➡️ 09:04 - Compliance frustrations for crypto asset managers ➡️ 11:58 - The SEC effectively banning crypto funds? ➡️ 18:22 - Penalty for giving some investors undisclosed preferential treatment ➡️ 18:25 - SEC Commissioner Mark Uyeda’s call for clarity on crypto assets ➡️ 19:35 - CFTC's fine against Uniswap: A troubling precedent? ➡️ 23:09 -Uniswap's compliance efforts & two CFTC Commissioners’ dissents ➡️ 24:56 - NY Attorney General’s subpoenas ➡️ 27:04 - OpenSea’s Wells notice: NFTs as securities? ➡️ 30:34 - Crypto News Recap Links Galois Capital: The Block: SEC charges and settles with crypto-focused Galois Capital over custody issues Larry Florio’s thread Uniswap: CoinDesk: Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products Blockworks: CFTC Commissioners dissent on Uniswap settlement Comments from Uniswap counsel Axios: The SEC has questions for VCs about Uniswap NY Attorney General’s Subpoenas CoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources OpenSea’s Wells notice: Unchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 5, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family's involvement in crypto, questioning the legitimacy and future of the project. The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game's rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory landscape. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 World Liberty Financial, a DeFi project allegedly linked to Donald Trump, sparks controversy with its origins in a hacked protocol. 🔹 Debate on the motivations behind Trump family involvement in crypto, questioning the legitimacy of World Liberty Financial. 🔹 Discussion around memecoins and their market cycles, with concerns about the sustainability and long-term viability of these tokens. 🔹 The concept of dynamically adjusting financial rules in crypto systems, contrasting it with traditional finance. 🔹 Pump.fun reaches $100M in revenue, marking it as a dominant memecoin platform, but also raising questions about the health of the memecoin ecosystem. 🔹 The innovation in memecoins, suggesting that dynamic mechanics could extend the life cycle of these tokens. 🔹 Broader reflections on the future of memecoins, potential market corrections, and how the crypto ecosystem will adapt. 🔹 Speculation on the continued rise of AI-driven markets and the evolving role of decentralized finance in a digital-first world. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Links Coindesk article: “Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist” https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 3, 2024

As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature. With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance. Show highlights: How Trey and Jason became Bitcoiners What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations How Jason and Trey persuade skeptical progressives about Bitcoin Whether they believe that other areas of crypto besides Bitcoin have value Why they think Bitcoin’s environmental impact is the biggest misconception among progressives Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden 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! Polkadot Stellar Mantle Coinbase Guests: Trey Walsh , host of The Progressive Bitcoiner podcast Jason Maier , author of “A Progressive’s Case for Bitcoin” Trump and the Future of Bitcoin , Jason’s op-ed Timestamps: ➡️ 02:06 - How Trey and Jason became Bitcoiners ➡️ 05:14 - Bitcoin, progressivism & social justice ➡️ 11:24 - Persuading skeptical progressives ➡️ 16:19 - Value beyond Bitcoin? Other cryptos ➡️ 21:46 - Environmental impact misconceptions ➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion ➡️ 41:24 - Was making Bitcoin a 2024 election issue premature? ➡️ 55:15 - Potential for pro-crypto policies under Harris? Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 31, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges. They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed. Show highlights 🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates. 🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities. 🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures. 🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement. 🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate. 🔹 Tension between public goods and financial services in Ethereum's future development. 🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem. 🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience. 🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Special Guest ⭐️ Rebecca Rettig , Chief Legal & Policy Officer at Polygon Labs Disclosures Links Plurality philosophy in an incredibly oversized nutshell by Vitalik: https://vitalik.eth.limo/general/2024/08/21/plurality.html OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet Timestamps 00:00 Intro 01:24 Telegram’s Pavel Durov’s Arrest 05:12 Free Speech/Encryption in the Crypto World 09:26 Policy Implications for Tech Platforms 13:57 France's Role and International Reactions 27:49 SEC Targets OpenSea 36:35 SEC’s Jurisdictional Strategies 40:29 Good vs. Bad Actors 45:16 Ethereum Foundation: Public Good or DeFi? 56:43 Vitalik vs. Crypto Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 30, 2024

The SEC’s latest enforcement action is targeting NFTs, and OpenSea is in the crosshairs. In this episode, crypto lawyer Preston Byrne joins to unpack the implications of the SEC's Wells Notice to OpenSea and what it might mean for the platform and the broader NFT market. Could Section 230 of the Communications Decency Act provide a unique defense for OpenSea? Preston also dives into other recent SEC moves, including cases against Stoner Cats, Impact Theory, and more. Lastly, with the 2024 elections looming and political divides sharpening, is the SEC overreaching in its approach to crypto? Show highlights: Why Preston believes that the SEC will go after OpenSea for being an unregistered securities exchange What the Stoner Cats case was about and why it was not a strong enforcement action, according to Preston Why OpenSea's defense against the SEC may hinge on Section 230 protections for user-generated content, setting it apart from traditional exchanges like Coinbase or Binance How the clear-cut promises made by Impact Theory about potential returns made their NFTs resemble securities, unlike the typical art-focused NFTs on OpenSea Why Nate Chastain’s NFT insider trading case is unlikely to impact the SEC’s potential lawsuit against OpenSea Whether the $4 million settlement by Dapper Labs over NBA Top Shot NFTs likely represents little relevance to OpenSea's SEC issues What a Wells notice signals about the SEC's likelihood of suing OpenSea and why they might feel confident about winning this case How Jonathan Mann and Brian Frye's lawsuit for clarity on NFTs as securities highlights the SEC's potentially overreaching stance in its possible case against OpenSea How Trump's careful language around his NFT collection likely minimizes SEC risk by avoiding investment promises and focusing on their use as digital collectibles Whether the SEC's actions could reinforce the divide among crypto voters, with Trump promising a crypto-friendly stance and Harris likely continuing a more adversarial approach Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Mantle’s FBTC Gemini Guest Preston Byrne , Managing Partner at Byrne & Storm Links Wells notice Original announcement by X by OpenSea’s CEO Devin Finzer Unchained: OpenSea's Wells Notice From the SEC Could Prove ‘Disastrous’ Recent cases Unchained: Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out The Defiant: NFTs Are Securities? All Eyes Turn to Top Shot Case Reuters: US regulator fines Stoner Cats creator for offering NFTs Ex-OpenSea manager sentenced to 3 months in prison for NFT insider trading Hester Peirce’s dissent on the Stoner Cats case Others Paper: The Economic Reality of NFT Securities . Mondaq: Defining NFTs: Property, Securities, Or Commodities? National Post: Trump’s newest NFTs show him as superhero, boxer and motorcyclist Timestamps: 00:00 - Introduction 02:11 - SEC targets OpenSea: Unregistered exchange? 03:58 - Stoner Cats case: Weak for SEC? 07:42 - OpenSea's defense: Section 230 protections 13:15 - Impact Theory's promises vs. OpenSea's NFTs 15:34 - Nate Chastain's case 17:15 - Dapper Labs settlement: Relevance to OpenSea 18:56 - Wells notice: SEC's confidence to sue 19:48 - Mann & Frye's lawsuit: SEC overreach? 22:39 - Trump’s NFT strategy: Minimizing SEC risk 24:53 - What this Wells notice says about the presidential election 58:25 - News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 28, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell's recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets. Palley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins. Finally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his “personal piggy bank.” Plus, what’s the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov’s arrest means. Show highlights: 00:00 Intro 02:41 How Powell's speech signaled a shift from a focus on inflation to employment and what that means for crypto markets 10:25 Why the Fed's proactive stance on the labor market could cement Powell's legacy, and how cutting rates amid high real rates might prevent long-term economic damage 23:47 How a significant payroll revision caused a brief panic, yet the markets dismissed it as noise due to its lagging nature 27:21 What the absence of crypto in the DNC's platform means for the industry, and how Kamala Harris’ presidential run could impact future regulations 34:12 How the surge in crypto contributions to political campaigns highlights the industry's growing influence 37:00 How the growing narrative around undervalued DeFi tokens could play out under a Trump administration, given the perception of Republican support for crypto 43:15 Why blue-chip DeFi projects, despite their dominant market share and attractive business models, may be overvalued, according to Rennick 53:44 Whether Justin Sun uses Tron as his “personal piggy bank” 58:52 Whether investing in memecoins is a good strategy and how to construct a portfolio around them 1:12:59 Why James says that the withdrawal and refiling of bitcoin ETF options applications signals potential progress, and how the SEC’s ongoing review could lead to approval by early 2025 1:19:43 Pavel Durov’s arrest and why Alex believes TON might be a good asset to buy Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Rennick Palley , Czar of Speed, Protector of the Hat. Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 27, 2024

In this episode of Unchained, Keone Hon of Monad Labs, Jay Jog of Sei Labs, and Vijay Chetty of Eclipse Labs share insights on their distinct approaches to scalability and performance in high-throughput blockchains. They discuss the technical advantages of parallelized EVMs, the strategic decisions behind blockchain architecture, and the innovations driving the next generation of high-speed chains. Show highlights: 00:00 Intro 02:02 How Monad got started and its mission from the very beginning 03:46 The features that enable Monad to be a high-throughput blockchain 07:32 Why Monad chose to make a new blockchain instead of an L2 08:36 Why Keone believes that Monad offers the best experience for developers and why he doesn’t like the ‘Ethereum killer’ description 15:48 Monad’s big venture capital raise and how they’ll use the money 17:30 Monad’s strong community 19:21 The next steps for Monad and whether we’ll see a token soon 20:02 What Sei is and the role of the GameStop saga in the creation of it 21:31 Why Jay believes the EVM developer ecosystem is so strong 25:45 Why Sei pivoted from Cosmos to the EVM that led to the launch of its v2 27:14 What allows Sei to be “the fastest chain, even faster than Solana” 33:03 How Sei DB works, and why Jay says that the monolithic approach has many advantages to the modular one 45:35 How Eclipse works by combining Ethereum, Solana, and Cosmos 53:22 How Eclipse deals with the complexities of its modular architecture 54:54 What ways there are to transact in SOL on Eclipse 55:44 Vijay’s reaction to how Eclipse Labs has responded to the allegations against its founder and former CEO Neel Somani 57:21 How Eclipse aims to attract developers 1:01:15 What areas within crypto Vijay expects will flourish on Eclipse 1:03:49 The next steps for Eclipse and when the mainnet could launch Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Mantle Guests: Keone Hon , Co-founder and CEO at Monad Labs. Jay Jog , Co-founder of Sei Labs. Vijay Chetty , CEO of Eclipse Labs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 23, 2024

Pendle Finance, an innovative protocol that lets users trade yield, surged in popularity earlier this year but is now grappling with a downturn in usage. In this episode, founder TN Lee shares insights into Pendle's approach, the factors behind its recent success, and the challenges it faces in recovering user engagement and TVL. Plus, since Pendle’s rise was driven by the points narrative, TN talks about how the protocol can keep growing. Show highlights: 00:00 Intro 01:24 What Pendle is, how the idea for it was born, and how it works 05:06 Why Pendle has exploded this year, even though it launched years ago 12:01 Whether Pendle is an app for sophisticated traders and the most common strategies in the protocol 15:46 How users are able to leverage their earned points in several protocols 19:20 Besides market risks, what the risks are of trading in Pendle and how they try to mitigate them 20:57 Pendle’s recent significant drop in TVL and plans to recover 24:13 If the points narrative ends, will Pendle remain relevant? 27:31 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Guestl TN Lee , Founder of Pendle Finance Links Previous coverage of Unchained on Pendle: DeFi Protocol Pendle Reaches All-Time High as Total Value Locked Tops $5.78 Billion Background Information on Pendle Introduction Glossary Minting Advanced Yield Trading Strategies vePENDLE DeSpread Research report (Sept 2023) Cointelegraph Research: Deciphering Pendle Finance’s surge Others: Crypto News: Major Changes Ahead: Pendle Ends Earn UI, Focuses on V3 Pendle reached its second largest maturity event on July 25 DeFi Llama: Pendle’s TVL Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 22, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the boys discuss Ethereum's current standing in the cryptocurrency ecosystem, comparing it to the United States regarding capital concentration despite fewer users. They also dive into the dynamics of prediction markets, focusing on Polymarket's role in predicting election outcomes. The conversation evolves into an analysis of potential changes to the Ethereum mainnet, driven by competition from Solana and other factors, including block time reductions and gas limit increases. The episode concludes with predictions about Ethereum's possible upgrades in the next six months and a bet among the hosts about the outcome. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 A focused discussion on the utility and accuracy of polls versus prediction markets, particularly highlighting the insights from prediction market platforms like Polymarket. 🔹Exploration of Nate Silver's analytical methods and their application to understanding market dynamics and voter behavior forecasts in the crypto context. 🔹Examination of liquidity issues in crypto prediction markets, referencing platforms like Drift Protocol and their impact on market behavior and reliability. 🔹Analysis of how Solana’s advancements are pushing Ethereum to evolve, particularly in the areas of Layer 1 and Layer 2 scaling solutions. 🔹Discussion on the economic strengths and potential vulnerabilities of Ethereum, likened to the Dutch Disease, where reliance on a dominant resource can lead to broader economic issues. 🔹Speculative insights into the possible future changes in Ethereum’s protocol, including adjustments to block times and gas limits, and their potential impact on the network’s efficiency and user experience. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Links On the Edge: The Art of Risking Everything a Book by Nate Silver: https://www.amazon.com/Edge-Art-Risking-Everything/dp/1594204128 0:00 Intro 01:52 Polls vs. Prediction Markets 08:04 Nate Silver's On the Edge 15:37 Prediction Markets and Liquidity 22:31 Solana's Influence on Ethereum 25:32 L1 vs. L2s Updates 32:13 Ethereum has Dutch Disease 44:12 Predictions for Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 20, 2024

In this episode, Reed Werbitt, US CEO of Flowdesk, and Hanson Birringer, Head of US OTC Sales, delve into the intricacies of launching a token and the evolving landscape of over-the-counter markets. They discuss what factors teams should consider when choosing market makers and exchanges, how the launch of bitcoin and ether ETFs has impacted the markets, and the role of points systems in attracting users to tokens. The conversation also covers the challenges faced by Bitcoin miners amid recent market developments and the opportunities presented by solving fragmentation. Show highlights: 00:00 Intro 01:53 Reed’s and Hanson’s backgrounds and what Flowdesk aims to do 05:52 How market makers work with token issuers 11:55 How a token issuer decides where to launch their tokens and what market maker to choose 17:53 Why Binance and OKX are the most desirable exchanges on which to list a token 18:38 Whether the crypto markets have changed with the launch of spot ETFs 19:36 The ideal ways to launch a token, and why it’s important to analyze the type of token 21:55 How points systems have affected the go-to-market strategies 25:38 How the low float/high FDV coins have affected whether Flowdesk engages with a new project 30:29 The benefits of OTC trading and how crypto OTC differs from TradFi OTC 41:54 The challenge of having multiple banking relationships 43:21 How this year’s developments, such as the ETFs and Trump’s promises, have changed the landscape for Flowdesk 46:00 Why solving fragmentation is the next big opportunity, according to Hanson 47:46 Whether the result of the U.S. elections will affect Flowdesk’s business 54:04 How the halving and bitcoin ETFs have affected miners 55:56 The significant differences between the prices of locked tokens vs. their market price Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Reed Werbitt, US CEO of Flowdesk and Hanson Birringer, Head of OTC Sales of Flowdesk Links Bloomberg: Crypto Token Listings on Major Exchanges Top Last Year’s Total Already , Bitget Research & Nansen Research: Discovering Token Potential for Trading & Exchange Listing Hack VC: 10 Things to Consider When Preparing for your Token Generation Event (TGE) , FlowDesk: How Projects Can Select the Right Market-Making Model a16zcrypto: Operational guidelines for token launches, from creation to custody 5 rules for token launches Keyrock: Crypto Market Making: Basics, Benchmarks, and More , Openware: Strategies for Effective Crypto Market Making Token listing issues Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens? New launches (part 1) - private capture, phantom pricing , by Cobie Why are all these low float / high FDV coins down bad? , by Dragonfly’s Haseeb Qureshi Chainalysis: 54% of ERC-20 Tokens Listed on DEXes in 2023 Display Patterns That May Be Suggestive of Pump and Dump Schemes, but Represent just 1.3% of DEX Trading Volume Market making DL News: Crypto market makers rake in cash shorting their customers’ tokens. One firm is calling for more transparency Archeron Trading: Case Study: Chainflip, Demystifying Effective Pre-Market Orderbook Structuring Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 16, 2024

In this episode, Aki Balogh, CEO of dlcBTC, explores how Discreet Log Contracts (DLC) can change how Bitcoin works in DeFi by creating a self-sovereign Wrapped Bitcoin. He delves into the mechanics of dlcBTC, its security features, and how it aims to be more decentralized than existing Wrapped Bitcoin solutions like WBTC. Aki also shares future plans for dlcBTC, including integration with Bitcoin Layer 2 solutions and expansion to various blockchain ecosystems. Show highlights: 00:00 Intro 01:48 Aki’s background and how he got into crypto 04:14 What Discreet Log Contracts (DLC) are and why they are relevant for Bitcoin 07:56 How dlcBTC leverages these types of contracts to build a self-sovereign Wrapped Bitcoin and the differences with the current WBTC 15:41 Aki’s reaction to the news that WBTC will soon be handled by a joint venture between BitGo, Justin Sun and the Tron ecosystem 19:27 The role of attesters in making dlcBTC secure 23:26 How redemptions work in this kind of setup 27:31 Whether dlcBTC is more decentralized than WBTC 28:15 How many attesters the protocol should have to make it more safe and secure 30:05 How dlcBTC, the company, makes money with this product 31:11 Whether dlcBTC will be used in Bitcoin L2s, not just in the Ethereum ecosystem 34:47 What the future plans are for dlcBTC Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Guest Aki Balogh , CEO of dlcBTC. Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 14, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and chop it up about the latest news. This week, the gang is joined by Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO. They dive into the unfolding drama surrounding WBTC and BitGo's strategic shift towards multi-jurisdictional custody in Hong Kong. They also explore the growing buzz around decentralized AI, sparked by Haseeb’s newfound role as an “influencer” in the space, and debate whether these projects can truly succeed. Moreover, with the SEC reportedly issuing subpoenas to crypto VCs, the discussion turns to the potential implications for token investments and regulatory scrutiny. Lastly, is this cycle lacking a zero-to-one innovation? Show highlights: ➡️ 02:22 What MegaETH is and how hotpot DAO was born ➡️ 07:09 Reflections on the Science Blockchain Conference and its academic rebranding across major universities ➡️ 16:55 How Haseeb became an “influencer for decentralized AI” and whether decentralized AI projects will succeed ➡️ 25:45 What BitGo's move to multi-jurisdictional custody with Justin Sun-linked company BitGlobal in Hong Kong means for the future of WBTC ➡️ 40:33 What the SEC's rumored subpoenas to crypto VCs might mean for the future of token investments and underwriter laws ➡️ 48:28 How the current crypto cycle's lack of a "0 to 1" innovation reflects the industry's momentum and sentiment Hosts Haseeb Qureshi , managing partner at Dragonfly Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Guest: Shuyao , cofounder of MegaETH Labs and founder of hotpot DAO Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 14, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it. From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing. Show highlights: 00:00 Intro 02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR) 09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement” 14:17 Why the Volatility Index (VIX) spiked and whether it could do so again 22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is 27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures 31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July 41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing 45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets 53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry 58:13 Whether Harris will actually do a “crypto reset” 1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC) Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Chris Cecere, GP and Head of global macro and trading at Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 13, 2024

Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia’s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report. In this episode, Caitlin and Michelle explain why they believe the Fed’s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the U.S. Show highlights: 00:00 Intro 01:52 What Custodia Bank is and how it got started in Wyoming 06:04 How Custodia got into a fight with the Fed to get its master account 09:58 How the dual banking system works in the U.S. and the differences between Custodia and traditional banks 18:15 Why Custodia filed a lawsuit against its own regulator 24:33 Why the Fed denied Custodia its applications and Caitlin’s response to the criticisms 29:57 The political coordination meant to “intimidate” Custodia, according to Caitlin 42:43 The amicus briefs that were filed in favor of Custodia 48:48 Caitlin’s reaction to the Fed’s enforcement action against Customers Bank 53:35 Why Caitlin says that it’s “abusive and corporatist” that the SEC is granting exceptions to big banks 56:03 Why so few banks are owned by women and whether this played a role in Custodia’s denial 59:25 The next steps in Custodia’s case and whether a stablecoin is viable for them 1:05:21 Whether the elections are going to impact the case Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Mantle Guests: Caitlin Long , Founder & CEO of Custodia Bank Previous appearances on Unchained: Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US Caitlin Long: Why Avanti Will Be a New Kind of Crypto Bank Michelle Kallen , Partner at Jenner & Block Links Timeline PerkinsCoie: Federal Reserve Issues Final Guidelines for Master Account Access CoinDesk: Crypto Bank Custodia Sues Federal Reserve Davis Polk: Crypto bank sues Federal Reserve over delay in master account application Fed’s 86-page report of its denial of Custodia’s membership Custodia’s response to the Fed report Custodia’s amended filing Judge Scott Skavdahl’s order to dismiss Davis Polk: District courts refuse to order Federal Reserve to grant master accounts to Custodia Appeal Custodia’s appeal notice Custodia’s appeal filing Amicus briefs for the appeal Bitcoin Magazine: The Federal Reserve, Custodia Bank, And The Battle For Sovereignty Paul Clement on behalf of the Digital Chamber and Global Blockchain Business Council (GBBC) Don Verrilli for Blockchain Association State of Wyoming Americans for Prosperity Foundation Members of the United States Senate Banking Committee and House Financial Services Committee Former Sen. Patrick Toomey Customers Bank: CoinGeek: ‘Crypto’-friendly Customers Bank hit with Fed Reserve enforcement action Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 9, 2024

This episode addresses the recent market crash, the Bank of Japan's surprising rate hike, and its global impact. The team also discusses the Science of Blockchain Conference's relocation from Stanford to New York, and the current political landscape affecting crypto, including reactions from key politicians and internal community conflicts. Highlights include Solana's recent performance surge, opportunities in its ecosystem, and the effects of Elizabeth Warren's letter to the CFTC on prediction markets. Tune in for an insightful overview of these significant developments! Show highlights 🔹 In-depth analysis of the recent U.S. crypto market crash caused by the Bank of Japan’s unexpected rate hike and its impact on global financial markets. 🔹 Discussion on the resilience of DeFi during market turmoil, with highlights on record on-chain volumes and DEX stability. 🔹 Examination of the rebranding of the Stanford Blockchain Conference and its implications. 🔹 Insights into the political landscape affecting crypto, including perspectives on Kamala Harris, Trump's pro-crypto stance, and Elizabeth Warren's opposition to political event betting contracts. 🔹 Analytical focus on the Solana ecosystem, its early investment opportunities, network reliability, UX advantages, and its influence on newer EVM chains. 🔹 Reflections on market trends and opportunities for smart investors to capitalize on new developments. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Links What Drives Crypto Asset Prices? Adams, Austin and Ibert, Markus and Liao, Gordon, (July 30, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910537 Timestamps 00:00 Intro 01:29 SBC 03:57 Market Crash & BOJ 06:58 Crypto Market Reactions and On-Chain Activity 17:41 Fed's Interest Rate Decisions and Market Implications 23:27 Political Landscape and Crypto 38:50 Elizabeth Warren Doesn’t Like Prediction Markets 55:09 Solana vs. Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 9, 2024

After the unwinding of the Japan carry trade, the weak jobs report, and Jump’s dumping of ETH slammed crypto prices earlier this week, Jason Pagoulatos, head of markets at Delphi Digital, gives his insights on where prices are headed. He explains why he thinks Ethereum has underperformed so far in 2024, how the ETH ETFs might impact the price as outflows from Grayscale’s ETHE dwindle, and how the election, moves by the Fed, and the adoption of Bitcoin ETFs by Morgan Stanley advisors will affect BTC. Show highlights: 00:00 Intro 01:34 Why the markets have rebounded since the weekend selloff 04:11 The role of Jump in the ETH selloff and why ETH has been underperforming so much this year 14:18 Whether Grayscale’s ETHE slowing down the outflows will reverse the trend for ETH 17:53 Why Jason believes that investment advisors will continue to push bitcoin to their clients 20:18 How the macroeconomic environment is affecting crypto prices now and the impact in the near 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! iTrustCapital Polkadot Token 2049 Guest Jason Pagoulatos, head of markets at Delphi Digital Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 6, 2024

The recent crypto crash has left many investors questioning the way the market is going. In this episode, Jeff Dorman, chief investment officer at Arca, provides a deep dive into the factors behind the crash, the macroeconomic influences at play, and why he remains optimistic despite the downturn. Expressing surprise at Ethereum's underperformance this year, he describes how the Democrats’ handling of crypto is an own goal, and how TradFi and DeFi differ from each other during market upheavals. Show highlights: 00:00 Intro 01:38 The two main reasons the markets crashed this past weekend 05:29 How the macro environment has affected crypto lately and why the market has gotten “way ahead of itself” 12:44 Why ETH was down so much, more than other cryptocurrencies 16:52 The “most important” shift in crypto policy that has occurred this year 21:19 The Japanese yen carry trade that was one of the key factors in the market meltdown 30:20 Whether Genesis distributing $4 billion in assets had an impact on the market 33:39 Why Jeff believes that the data we have today does not point to a recession in the U.S. 36:49 Why Jeff says he’s "buying the dip” 40:47 Crypto as a political issue and why he thinks Harris winning would not be as bad for crypto as many believe 48:19 Why bitcoin doesn’t always act as a hedge against equity-related or geopolitical risk, in Jeff’s opinion 52:56 What Jeff thinks about the proposals for the U.S. government to buy bitcoin for a strategic reserve 54:15 The stark contrast between TradFi giants halting trading and the permissionless nature of DeFi Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Guest: Jeff Dorman , Chief Investment Officer at Arca. Previous appearances on Unchained: How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman 3 Things SushiSwap Needs to Get in Order, According to Arca Links Market crash: Unchained: Ethereum Drops Below $2,300 Amid Jump Crypto Rumors Bitcoin ETF Trading Volume Surges to $4.7 Billion Amidst Market Selloff Bitcoin and Ethereum Funds Record $546 Million in Weekly Outflows: CoinShares The Block: Cryptocurrency market capitalization registers largest daily drop since 2022 Japan BBC: The Bank of Japan raises interest rates for second time this year The Defiant: Here’s an ELI5 on on How Japan Sent Global Markets Tumbling SEC: Eleanor Terret’s tweet on the SEC’s funding Unchained: Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again? Others: The Block: Genesis completes bankruptcy restructuring, begins distributing $4 billion in crypto and cash Poylmarket: US Presidential Elections odds Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 2, 2024

In this episode, George Selgin, senior fellow at the Cato Institute, discusses the recent proposals by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis for the U.S. government to establish a strategic bitcoin reserve. George provides his insights into the differences between these proposals, their potential implications, and why he believes the government should not be investing in bitcoin or other assets. Show highlights: 00:00 Intro 01:16 How the Bitcoin proposals by Trump, RFK Jr., and Lummis differ 04:08 Why George believes that Trump’s proposal to not sell the government’s bitcoin is just symbolic 07:36 What the purpose of acquiring BTC is in the Lummis and RFK proposals 11:29 Whether the government should even be investing in bitcoin or other assets 18:53 How would the government buy BTC as per the Lummis bill 25:08 How likely is it that the bill passes through Congress 27:40 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest George Selgin , Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives Links Trump’s proposal: Unchained: At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do? Lummis proposal: Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill Decrypt: There’s a Problem With Senator Lummis’ Bitcoin Reserve Plan, Cato Institute Expert Says Lummis Introduces Strategic Bitcoin Reserve Legislation RFK. Jr proposal: RFK Jr. Proposes 550 Daily Bitcoin Purchase Plan for U.S. Economy | Kennedy24 Learn more about your ad choices. Visit megaphone.fm/adchoices

Aug 1, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into topics like the potential U.S. strategic Bitcoin reserve proposed by Trump and political figures, and its implications for the institutional adoption of Bitcoin. The episode explores the recent turmoil in DAO governance through the example of Compound's voting mishap with a controversial proposal, analyzing the role of activist investors. The squad also reflects on the legal challenges faced by the founder of BitClout, Nader Al-Naji, who was charged with misappropriation of funds, offering insights into the importance of transparent and ethical governance in the crypto industry. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Analysis of the potential implications of U.S. strategic Bitcoin reserves as discussed by presidential candidates, focusing on how this could affect global crypto policies and market reactions. 🔹 Exploration of the influence of regulatory environments on DAO participation, particularly how U.S. funds are hesitant to vote due to potential legal liabilities. 🔹 Examination of the controversial proposal by the 'Golden Boys' on Compound Finance and the role of activist investors in DAO governance. 🔹 Discussion on the complexity and innovation in crypto governance models, with examples of Compound and the challenges faced by DAOs in managing proposals. 🔹 Debate on the role of governance structures and how they can evolve to prevent malicious actions by large stakeholders. 🔹 Review of the SEC and DOJ charges against BitClout founder Nader Al-Naji for misappropriation of funds and misleading investors. 🔹 Overall reflection on the responsibility of crypto project leaders in maintaining transparency and ethical financial practices. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Links DOJ - Founder Of “BitClout” Digital Asset Charged With Fraud In Connection With Sale Of “BitClout” Tokens: https://www.justice.gov/usao-sdny/pr/founder-bitclout-digital-asset-charged-fraud-connection-sale-bitclout-tokens Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 31, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive deep with Nic Carter into the game-changing promises Trump is making to the crypto community, Kamala Harris’s unexpected policy shifts, and the explosive rise of Solana. Plus, Nic reveals his unexpected journey into amateur fighting and tackles the pressing issues around Ethereum ETFs, and what ecosystem he’s been funding more as of late. Show highlights: 00:00 Intro 01:23 Why Alex believes the conference was one of the most incredible moments in the history of crypto 10:00 Nic’s reaction to Trump mentioning breaking down ‘Operation Chokepoint 2.0,’ a term that Nic himself coined 13:44 Nic’s karate fight and his journey to becoming an amateur fighter 21:42 Why Nic thinks that there’s no chance that the Lummis bill proposing the US government establish a strategic bitcoin reserve will pass 29:31 The significance of Trump’s promises at Bitcoin Nashville 36:26 How Tether is comparable to the Eurodollar system 39:41 What the potential impacts are of the Fed's language during their upcoming meeting 47:17 The implications of the Harris campaign's outreach to reset relations with crypto companies 55:44 How the ETH ETFs launch went and why Nic says that Ethereum has a “narrative problem” 59:34 How Solana has been ripping lately and Joe’s response to some of the criticisms 1:07:22 How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest Nic Carter , general partner at Castle Island Ventures Links Bitcoin Conference: Trump’s speech: Unchained: At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do? Lummis proposal: Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill The Block: Hong Kong lawmaker advocates for including bitcoin in financial reserves following Trump’s speech | Democrats/Harris seeking “reset” Letter from Democratic politicians to DNC chair to put crypto plank in Democratic party platform: ETH ETFs Debut: Unchained: Grayscale Ethereum Trust ETF net outflows hit $1.5B Will ETH Follow Bitcoin’s Path and Reach New Highs Now That Spot ETFs Are Here? BlackRock: Our Spot Ether ETFs Are Complements to Bitcoin ETFs, Not Substitutes The Block: At this rate, Grayscale's ETHE could run out of ether within weeks | Solana’s ripping: Unchained : Solana’s Growth Metrics, Including Stablecoin Supply, Continue to Take Off - Solana Exceeds Ethereum in Monthly Trading Volume for First Time, But Not When Ethereum’s L2s Are Included Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 30, 2024

As the 2024 elections approach, crypto voters are a real bloc that could be a deciding factor in what looks to be a tight race. In this episode, Sheila Warren of the Crypto Council for Innovation and Justin Slaughter from Paradigm discuss the significance of Trump appearing at Bitcoin 2024, promising the crypto community pretty much everything on its bucket list, the Democrats’ seeming pro-crypto shift behind the scenes, and the game theory around Gary Gensler’s future (likely not at the SEC). Plus, they cover the significance (and likelihood of passing) of the Bitcoin Strategic Reserve Bill proposed and to be introduced by Sen. Cynthia Lummis, what would it take for Kamala Harris to show that she truly is a crypto-friendly candidate, and what the Democrats would have to do to undo the damage done by Gensler and win some of the crypto vote. Lastly, they explore the potential impact on the SEC of the Supreme Court’s decision to overturn the Chevron doctrine. Show highlights: 00:00 Intro 02:08 The significance of a US Presidential candidate, Trump, embracing Bitcoin 04:59 What Justin’s and Sheila’s takes are on the Democrats' sudden shift towards embracing a pro-crypto agenda and whether they can catch up 15:03 The key factor in Trump's shift from giving crypto platitudes to making substantive promises that top the crypto community’s wish list 20:21 How significant crypto could be in influencing the election, particularly in swing states 23:52 Whether Trump would even be able to fire Gary Gensler as SEC Chair, as he has promised 33:23 How the dynamics between Elizabeth Warren and Kamala Harris differ from the relationship Warren has with Biden 42:48 What could happen with the SEC Commissioner if Harris wins the presidency 50:34 The meaning of the Strategic Bitcoin Reserve in the US 57:55 How JD Vance's status as a Bitcoin owner could influence crypto voters and whether Harris could pick a pro-crypto VP 1:05:43 The chances the Democratic Party adopts a crypto plank, and what it might include 1:09:9 Whether there’s a chance a crypto bill could be passed this year 1:14:49 How the Supreme Court's recent decision to limit agency power by overturning the Chevron doctrine could impact the SEC's approach to crypto regulation 1:20:45 How Harris can establish a new stance on crypto while distancing herself from Biden's administration, without appearing disloyal Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Sheila Warren, CEO of Crypto Council for Innovation (CCI) Justin Slaughter, Policy Director at Paradigm Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 26, 2024

The Democratic Party has faced criticism from the crypto industry for its stance on the sector, but House Representative Ro Khanna is determined to change that narrative. In this episode, he talks about his efforts to shift the party’s approach, his thoughts on the current regulatory environment, and his vision for a crypto-friendly future. He gives his insights on the implications of the Supreme Court’s overturning of the Chevron doctrine, the potential for a crypto bill this year, and his upcoming remarks at the Nashville Bitcoin conference. Plus, if you are a single-issue voter, he’s got something to say to you. Show highlights: 00:00 Intro 01:36 How Rep. Khanna is working to change the Democrat approach to crypto policy in the U.S. 04:54 What Rep. Khanna's response is to formerly Democratic crypto voters, such as Marc Andreessen and Ben Horowitz, who have decided to vote for Trump this election 07:12 What Rep. Khanna would like to see in a potential crypto plank of the Democratic Party platform 07:58 Who Rep. Khanna believes should be the next SEC chair under a potential Harris administration 08:41 His thoughts on Christy Goldsmith Romero's nomination as chair of the FDIC 09:37 Rep. Khanna's perspective on how to convince Democratic Party members about the benefits of crypto 11:21 How Rep. Khanna views the Supreme Court's overturning of the Chevron doctrine and its implications for crypto 13:29 What key points Rep. Khanna will address in his upcoming remarks at the Bitcoin conference 14:16 What broader implications Rep. Khanna sees in the vote and its potential impact on the crypto industry 15:43 Whether a crypto bill could pass this year in Congress 18:11 Crypto Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot PlayFi Labs Guest Ro Khanna , U.S. representative from California Previous appearance on Unchained: Congressman Ro Khanna: How to Get More Democrats into Web3 Links Recent coverage of Unchained on politics and the elections: Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair Anthony Scaramucci on Why He Supports Biden and Thinks He, Not Trump, Is Best for Crypto Why Many Democrats, Including the White House, Have Come Around on Crypto Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 23, 2024

The Open Network, aka TON, has been on a tear since late February. TVL has skyrocketed 34x since the beginning of the year, reaching over $750 million as of the time of recording. The price of TON has more than tripled from about $2 to $7, and daily active addresses recently exceeded those of Ethereum in May and June. Games with fun names like Hamster Kombat and Catizen are gaining traction, and Pantera Capital, an OG crypto investor, is making its largest investments yet in TON. In this episode, Alena Shmalko and Jack Booth from the TON Foundation discuss how TON has managed to garner this traction, especially after a rocky start when the SEC went after the original founder, Telegram. Show highlights: 00:00 Intro 02:13 Alena’s and Jack’s backgrounds and how they ended up at TON 05:35 How TON evolved from its origins with Telegram to its current status and how it began getting traction this year, according to Jack 11:21 How The Open League helped TON grow its TVL and other important metrics 15:40 How Telegram's collaboration with TON has evolved through time and how much they work together 24:47 Whether there are plans for TON to integrate with apps beyond Telegram 30:15 What in TON’s architecture allows it to be extremely scalable 33:20 The mechanics of Notcoin and why it has been so successful 36:49 Whether the rise of games like Notcoin and Hamster Kombat can be sustainable 46:05 The importance of USDT in Ton 51:53 When might a Bitcoin trustless bridge be deployed and why it could be significant 54:43 Whether TON is being used by criminals and what could be done to combat it 58:59 What strategies will lead TON to have $1 billion in TVL by the end of the year Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Alena Shmalko , Ecosystem Lead at the TON Foundation Jack Booth , Director of Marketing at the TON Foundation Links Previous coverage on Unchained of TON: Could Telegram-Associated TON Blockchain Be the 'Next Solana' and Challenge Ethereum? Layer 2 Networks Are Arriving on the Telegram-Associated TON Blockchain TON Blockchain's Stablecoin Transfer Volume Reaches Record $299 Million on US Independence Day What Is Telegram's Ads Network on TON And How Will It Impact Advertisers & Creators? History & Structure TON roadmap CoinDesk: Telegram Abandons TON Blockchain Project After Court Fight With SEC Telegram Agrees to Pay $18.5M Penalty in SEC Settlement Over Failed TON Offering Messaging App Telegram Gives Endorsement to TON Project; Token Surges Cointelegraph: Telegram ad platform to launch via TON blockchain Notcoin: Decrypt: What's Next for Notcoin? Becoming the 'Netflix of Social, Viral Games' Notcoin, a Free Telegram Game Based on the TON Blockchain, Surges in Popularity Hamster Kombat Cointelegraph: Hamster Kombat destined for Guinness World Record? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 19, 2024

In this episode of Unchained, Congressman French Hill provides an insider's perspective on the present and future of crypto regulation. Hill delves into the ongoing legislation and the implications of the FIT21 Bill, shares his views on who should succeed Gary Gensler as SEC chair if Trump is re-elected, and discusses the controversial role of the CFTC in regulating the crypto industry. He also touches on the potential impacts of the Chevron doctrine being overturned by the Supreme Court, Trump’s evolving stance on crypto, and the latest developments in the Binance executive detention case in Nigeria. Show highlights: 00:00 Intro 01:26 How Rep. Hill's long-time passion for technological advancement led to his involvement in crypto and blockchain 04:00 The current state of ongoing legislation and why Rep. Hill is proud of the FIT21 bill 08:49 Who would be his top pick to chair the SEC if Trump is re-elected as president 11:42 Why he supports having the CFTC regulate the spot crypto markets 12:40 How he thinks teams should launch tokens in the US 15:02 How he thinks the overturning of the Chevron doctrine will impact crypto 20:02 Why Trump changed his mind on crypto, according to Rep. Hill 23:14 Why Congressman Hill is running for chair of the House Financial Services Committee 25:14 The update on Tigran Gambaryan, the Binance executive detained in Nigeria, whom Rep. Hill visited recently 28:13 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot PlayFi Labs Guest Congressman French Hill Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 18, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we invite Laura Shin and special guest Kristin Smith of the Blockchain Association to discuss the latest in crypto politics. We dive deep into JD Vance's VP candidacy alongside Donald Trump and its implications for the crypto industry. We also explore the impact of recent political events on the crypto markets, the potential outcomes of key legislative efforts, and the future of the SEC post-2024 elections. Don't miss this insightful conversation on how the shifting political landscape might shape the future of crypto in the U.S. Show highlights 🔹The attempted assassination of Donald Trump and its effects on the crypto market, including his announcement of JD Vance as his running mate. 🔹Analysis of Trump's changing stance on crypto, and his increasing willingness to engage with the industry and its leaders. 🔹Explanation of the Vice President's role in setting financial services and innovation policy, especially in a potential Trump administration. 🔹 Speculation on whether Gary Gensler will step down if Trump wins and what this could mean for crypto regulation. 🔹 Overview of recent meetings between crypto executives and White House officials, signaling a shift in the Biden administration's approach to the industry. 🔹 Examination of the significant fundraising by crypto PACs like the Fair Shake PAC and their impact on political and regulatory decisions. 🔹Discussion on the Digital Commodities Act, market structure bills, and the challenges of passing crypto legislation in the current congressional session. 🔹 The evolving bipartisan support for crypto legislation and the importance of maintaining this support for future regulatory clarity. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Laura Shin , Journalist, Author of ‘The Cryptopians,’ founder and CEO of Unchained Guests ⭐️ Kristin Smith , Chief Executive Officer of Blockchain Association Disclosures Timestamps 00:00 Intro 02:15 Trump & JD Vance 10:27 Politicians Stance on Crypto Policy 27:41 Crypto's Lobbying Efforts 34:56 Crypto's Political Influence 36:58 SEC Enforcement and Legal Battles 39:19 Speculations on Biden Administration's Crypto Stance 49:48 Legislative Pipeline and Market Structure Bills 01:01:36 Future of Crypto Regulation Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 17, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, joined by guest Jack Platts, dive into the market's reaction to the recent assassination attempt on former President Donald Trump, looking at how this event will influence the 2024 U.S. presidential election—and the crypto markets. They also cover potential rate cuts: Could there be a cut this July? How big might the rate cut be in September? Could the decision ever be influenced by the upcoming election? They also give their predictions for what percentage of the BTC ETF inflows the ETH ETFs will reach, and James talks about what he’s expecting for Grayscale’s ETHE (hint: his view would be positive for ETH). Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Is it up only now? Show highlights: 00:00 Intro 01:18 Whether the Trump shooting has settled the election and whether the event caused a “flight to safety” 11:23 How election markets are becoming a place to watch election odds and whether crypto “leans right” 20:16 Whether rate cuts are coming in July or September and how much they’ll cut: 25bps or 50bps 29:06 How Joe views the relationship between global liquidity cycles, rate cuts, and Bitcoin's potential rise 34:41 What new updates there are about the Ethereum ETFs and their expected launch 42:08 Why Solana hasn't outperformed significantly since the Trump news 43:25 What market breadth indicates about the current market rally and the impact of rates in small caps 49:01 Everyone’s predictions of ETH ETF inflows and how much outflows we’ll see on Grayscale’s ETHE 53:04 What’s next for BTC after the German government is out of bitcoin, and with Mt. Gox distributions starting this week Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Jack Platts , Co-Founder & Managing Partner at Hypersphere Ventures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 16, 2024

Iggy Azalea joins Unchained to share the story of how the $MOTHER token got started (spoiler: there was a brush with a potential scammer), her stresses during the launch, and what she plans to do about the price slumping over 60% since the all-time high. A master of memes and OnlyFans, she talks about how she is using her experience in both realms to make MOTHER a success, even though she has yet to make any money from the token. She also discusses her beef with Ethereum creator Vitalik Buterin, the allegations that there was insider trading of MOTHER, and how she plans to avoid regulatory action. Show highlights: 00:00 Intro 01:27 How Iggy got “onchain” and interested in crypto 03:01 How Iggy's understanding of memes and the attention economy influenced her approach to music and now MOTHER 08:09 How a brush with “scammer” Sahil Arora sparked the MOTHER launch 11:56 How Iggy plans to integrate her token into her business ventures and what strategies she's using to achieve this 16:33 Why she chose two market makers – DWF Labs and Wintermute – and why she decided to name the coin "Mother" 23:53 The lessons she learned from her OnlyFans that she is applying to MOTHER 33:54 Iggy’s response to Vitalik Buterin's criticisms of her coin 41:31 What strategies Iggy believes will bring $MOTHER out of its current slump 47:33 How Iggy responds to allegations of insider activity and dumping $2 million worth of her token 55:15 Whether she is concerned about regulators coming after her and what she's doing to prevent that 1:02:55 What Iggy thinks about the criticism regarding celebrities launching memecoins 1:08:49 Whether Iggy has a preference between Solana and Ethereum 1:11:36 How she’s trying to onboard other celebs into crypto, and her plans for integrating $MOTHER into mainstream culture and fan interactions Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guest: Iggy Azalea, rapper, creator of $MOTHER Links Previous coverage of Unchained on Iggy and MOTHER: Solana Attracts Attention From Mainstream Celebrities Caitlyn Jenner, Davido, Iggy Azalea, Rich The Kid, and Trippie Redd MOTHER Sheds Half Its Value Since All-Time High Despite Iggy Azalea's Mastery of Crypto Memes Traders Coping As Iggy Azalea’s MOTHER Token Surpasses $100 Million Market Cap Bits + Bips: Iggy Azalea, $MOTHER, and Celeb Coins: Is This the Top of the Crypto Cycle? The Chopping Block: Iggy Azalea, Hamster Kombat, & Airdrop Insights DWF labs CoinDesk: Iggy Azalea's MOTHER Token Jumps Over 50% After Partnering With DWF Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 12, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, Jason Yanowitz from Blockworks joins the squad to explore the media's significant role in the crypto industry. They discuss challenges faced by the media in meeting client demands and industry expectations, and highlight financial sustainability and biases. The hosts compare crypto media to mainstream journalism, examining the balance between journalistic integrity and revenue. They critique broader media trends, discussing monopolistic narratives and public dissatisfaction, with a specific look at political coverage. The episode concludes with reflections on the media's evolving role in truth dissemination amidst industry fragmentation. Show highlights 🔹 The Airdrop Era: Examination of the potential end of the airdrop/token narrative. 🔹 Investing in Apps vs Infrastructure: Debate on funding apps versus infrastructure projects. 🔹 Crypto Media Trends: Analysis of shifts in crypto media, major acquisitions, and industry stance. 🔹 Challenges in Crypto Media: Ethical questions and investor pressures media firms face. 🔹 Future of Media: Trends in media companies, prediction markets, and trust dynamics. 🔹 Media Integrity: Exploration of media's perception, skepticism around its business motives, and flawed business models. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Jason Yanowitz , Founder of Blockworks Disclosures Timestamps 00:00 Intro 02:30 Airdrops and Token Valuations 04:04 Apps vs. Infrastructure 14:26 Venture's Not a Charity 22:41 Crypto Media Landscape 32:31 Revenue in Media 34:26 Trust as the Cornerstone of Media 35:27 The Blockworks Op-Ed Controversy 38:55 Navigating Media Bias and Trust 44:18 Balaji's Anti-Media Sentiment 49:57 The Future of Media and Truth Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 12, 2024

Mustafa Al-Bassam was a teenage hacktivist who outsmarted a US government contractor, shamed the Westboro Baptist Church, hacked Sony a record number of times, and eventually got arrested—though his 80 transgressions got halved for a funny reason. At the Modular Summit in Brussels, Laura had a fireside chat with Mustafa to discuss how he went from his teenage years as the head of LulzSec and member of Anonymous to founding Celestia, a project aiming to solve key issues in blockchain scalability by going with a modular approach. He also discussed data availability sampling, why he believes Celestia has achieved significant product-market fit since its launch, and the three key components of Celestia’s road map. Show highlights: 00:00 Intro 01:47 Mustafa’s origin story and how he became a developer who ended up hacking FBI affiliates and Fox News 05:32 How he hacked a military contractor to the US Department of Defense and Sony 09:16 Why Mustafa was arrested at the age of 16 11:14 What about Bitcoin attracted his attention and got him interested in the industry 15:22 Why he founded Celestia, after doing a PhD in scaling blockchains and understanding the problems of sharding 21:16 What data availability sampling is and why it is important 23:52 Why Mustafa believes that Celestia has had “extreme product market fit” since the launch 26:16 What’s next for Celestia and why Mustafa is so excited about the possibilities that increased block size can enable 29:36 How Celestia is working with zero knowledge accounts for defragmenting liquidity in rollups and access liquidity even within the Cosmos ecosystem 30:57 What the endgame for Celestia and the overall industry looks like, according to Mustafa 37:36 Q&A with the audience 44:44 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot PlayFi Labs Guest Mustafa Al-Bassam , co-founder of Celestia Labs. Previous appearance on Unchained: Why the Celestia Team Sees a Future With 10,000 Roll-Ups Links Previous coverage of Unchained on modular blockchains: Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate What Are Modular Blockchains? A Beginner's Guide Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 9, 2024

In this episode, crypto lawyers Kayvan Sadeghi and Sam Enzer delve into the SEC's lawsuit against Consensys, which focuses on MetaMask's swaps and staking services, and explore the implications of the SEC's stance on MetaMask acting as a broker-dealer, and the classification of its staking product as a security. They discuss how recent rulings on Coinbase and Binance challenge the SEC's claims, and whether differing judicial opinions could lead to the Supreme Court. Also, they talk about the potential impact of the Supreme Court striking down Chevron deference for crypto regulation. Show highlights: 00:00 Intro 01:22 The key claims in the SEC's lawsuit against Consensys and how they relate to MetaMask's swaps and staking services 03:42 How recent Coinbase and Binance rulings challenge the SEC's claims against Consensys 09:29 Whether differing judicial opinions on whether wallets with private keys act as brokers could end up being decided by the Supreme Court 12:55 How the SEC will substantiate its claims that MetaMask acts as a broker-dealer and that its staking product is a security in Texas legal briefings 17:42 Why a token itself is not considered a security, according to Sam, and how this distinction affects secondary market transactions in the SEC's case against MetaMask 22:14 What Lido and Rocket Pool can do in response to the SEC tangentially naming their liquid staking tokens as securities 31:27 How the SEC and Consensys lawsuits will proceed, and whether conflicting rulings could arise from their parallel tracks 36:35 The key distinctions in the Binance case compared to those of Coinbase and Kraken, and how the Binance ruling might impact future crypto cases 50:08 What Chevron deference means and how its removal impacts crypto 56:49 How the elimination of Chevron deference affects current crypto cases and legislative gridlock Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Kayvan Sadeghi , partner at Jenner & Block Sam Enzer , partner at Cahill Gordon & Reindel Previous episode of Unchained with Sam and Kayvan: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 5, 2024

Prediction markets are gaining mainstream traction, particularly with the upcoming US elections. In this episode, Nick Tomaino, founder of 1confirmation, which is an investor in Polymarket, explores how platforms like Polymarket identified the possibility that President Biden might drop out of the campaign before the mainstream media did. He talks about the journey of Polymarket, the challenges it faced, and how it overcame them to provide a credible platform for betting on political outcomes. Finally, Nick explains why prediction markets are currently illegal in the U.S., the implications of the Supreme Court striking down Chevron deference, and what the future holds for prediction markets in the U.S. Show highlights: 00:00 Intro 01:28 Why prediction markets like Polymarket finally gained mainstream traction, and how 1confirmation became an early investor 04:01 What challenges Polymarket faced in its journey to mainstream recognition, and how it managed to overcome them 07:22 How prediction markets contribute to bringing more truth to the world, particularly in the context of media narratives and social media algorithms 12:52 What challenges have arisen from conflicts in resolving prediction markets on Polymarket 19:00 How bets are created and how the wording and resolution of prediction markets is managed on Polymarket 21:56 How trading volumes affect the credibility of prediction markets on Polymarket 22:38The regulatory environment of prediction markets in the US and whether the elimination of Chevron deference by the Supreme Court will have a positive impact on these markets 28:35 Crypto News Recap Visit our website for breaking news, analysis, pop op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot PlayFi Labs Guest Nick Tomaino , Founder & General Partner at 1confirmation Links Recent news on Polymarket: Unchained: Polymarket Hits Record Highs in Monthly Users and Trading Volume Due to Presidential Election Crypto.news: Polymarket reverses Oracle decision on Barron Trump's involvement in DJT meme coin Decrypt: Ethereum ETFs Approved by the SEC? Yes—But Don't Bet On It - Decrypt Dune dashboard: Prediction Markets Commentary: Vitalik’s tweet : “Prediction markets and Community Notes are becoming the two flagship social epistemic technologies of the 2020s. Both truth-seeking and democratic, built around open public participation rather than pre-selected elites. I want to see many more things like this.” Nick Tomaino’s tweet : “2024 will go down in history as the year prediction markets went mainstream.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 4, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, special guest Laura Shin is sitting in for Tom to discuss the impact of prediction markets on politics and crypto. They explore how prediction markets like Polymarket affect public perception during the presidential election, contrasting their reliability against traditional journalism. The conversation also touches on the implications of prediction markets on insider trading, market manipulation, and the role of expert information. Additionally, they discuss the Supreme Court's overturning of the Chevron doctrine and its potential impact on regulatory shifts in the crypto industry. The episode provides an insightful analysis into how prediction markets could revolutionize journalism and the evolving landscape of crypto regulation. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Discussion on the recent presidential debate and its implications for prediction markets and the crypto industry. 🔹 Overview of the prediction market phenomenon and its growing importance in political forecasting. 🔹 Examination of the recent Supreme Court ruling overturning Chevron Deference and its implications for crypto regulations. 🔹 Debate on whether the ruling will lead to more specific legislation from Congress or if it will hinder effective rulemaking. 🔹 Speculation on how different political figures might impact future crypto legislation and regulation. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Laura Shin , journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained Disclosures Timestamps 00:00 Intro 01:50 Presidential Debate Chaos 04:25 Mainstream Media vs. Prediction Markets 16:48 Insiders in Prediction Markets 30:38 Prediction Markets vs. Sports Betting 38:58 Market Manipulation 50:22 Supreme Court Ruling & Chevron Deference Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 3, 2024

Are Solana ETFs on the brink of approval? How might political outcomes influence this decision? Join hosts James Seyffart, Alex Kruger, and Joe McCann as they delve into the latest buzz around Solana’s potential spot ETFs, dissect the SEC's puzzling delay on Ethereum ETFs, and debate why Bitcoin’s recent performance has diverged from the NASDAQ. They also discuss the U.S. presidential election, the event that Alex says was the “second most bizarre thing” he’s seen in his life, what the bond market seems to indicate about expectations for a Trump presidency, and how upcoming nonfarm payroll reports and potential rate might affect the markets. Show highlights: 00:00 Intro 01:47 How political outcomes might influence the approval of spot Solana ETFs 04:16 Whether futures ETFs are 100% needed for an approval of spot crypto ETFs 09:26 The high premium on Grayscale's Solana Trust (GSOL) 13:50 How the outcome of the 2024 U.S. presidential election could impact the crypto industry 20:55 Why the SEC delayed the launch of the Ethereum ETF 24:53 How the upcoming nonfarm payroll report and potential rate cuts impact market volatility and the Federal Reserve's decisions 27:51 How the rise of populist candidates in France and changes in currency markets might affect the US dollar and the broader economic landscape 31:40 How Bitcoin, Ethereum, and Solana performed in Q2, and the surprising outperformance of BONK 34:45 Why Bitcoin's performance diverged from the Nasdaq's recent rally 45:48 How recent movements in long-term bond rates are linked to political changes, such as the rise of right-wing populism and concerns about fiscal responsibility 52:45 How FTX creditors could potentially influence market dynamics, and the irony in the US government using Coinbase as a custodian Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices

Jul 2, 2024

The problem of low float, high fully diluted valuation (FDV) coins is one that is frequently discussed in crypto. But there’s another wrinkle: investors need to understand the unrealized gains of these coins to really understand the price. In this episode, Jose Macedo of Delphi Digital and Ari Paul of Blocktower Capital explain the various metrics that reveal what a coin is really worth, why a wave of token unlocks that will be hitting the crypto markets in the next few years are not bullish, and whether there is a better way to design token unlocks for teams and insiders. Plus, they cover whether venture capitalists are extractive to crypto, whether these games with circulating supply and FDV have caused investors to turn to memecoins, and why they believe the ICO era was better for retail investors. Show highlights: 00:00 Intro 01:58 Why upcoming token unlocks are creating market jitters 10:22 How the ratio of unrealized gains to market cap influences token price movements 12:22 How some token projects manipulate their reported circulating supply 20:24 Whether and how everyday investors can uncover the truth about token projects 23:37 What secondary market trading says about the potential impact of upcoming token unlocks 34:50 Why Jose believes that the current token launch strategy, despite its flaws, is still favored by insiders and unlikely to change soon 41:02 Why some projects favor decisions that are more likely to result in short-term gains over long-term success 46:36 Why Jose believes that simple time-based token unlocks often work better than complex metrics, and how projects can balance funding with realistic success metrics 53:04 Why Ari believes the SEC's investigations into VCs for acting as securities dealers might be justified, and how these practices resemble pump-and-dump schemes 59:11 With numerous token unlocks looming, why the outlook is bearish for many projects, and what challenges they face in mitigating potential sell-offs 1:05:52 Why many crypto investors might end up holding the bag in the current cycle, despite plans to sell early and avoid losses 1:12:27 What the future role of VCs is in crypto, and how the influx of token unlocks and the rise of memecoins could shape the bull cycle Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Jose Macedo , founder at Delphi Labs Ari Paul , CIO of Blocktower Capital Previous appearances on Unchained: Ari Paul on Why Bitcoin Is a Good Value Buy Ari Paul of BlockTower Capital on the Crypto Downturn and Why It Could Change Direction Links High FDV and unlocks: Unchained: How ‘Fully Diluted Valuation’ Can Be a Very Dangerous Metric for Crypto Markets to Rely On Who’s to Blame for the Underperformance of Low Float, High FDV Tokens? 80% of Tokens on Binance Are Down Since Listing Date: SwissBorg Researcher Cobie newsletter: New launches (part 1) - private capture, phantom pricing Rocknblock: Token vesting explainer CoinDesk: 'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting Jose’s thread that inspired the episode Ari’s post responding to Jose’s thread Token.unlocks.app : Token vesting tracker Solutions: Hack VC: Potential Solutions to Crypto's Unlock Problem Colony Lab: Early-Stage Program & Liquid Vesting Imran Khan’s tweet on Blast https://x.com/lmrankhan/status/1806040646433522149 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 28, 2024

Ten and a half years after filing for bankruptcy, Mt. Gox is finally set to disburse 142,000 Bitcoin worth nearly $9 billion to creditors between July and October. Market concern has been growing over the potential impact on Bitcoin prices, but Alex Thorn, head of research at Galaxy, explains why only a small fraction of those bitcoins will be sold. He also discusses the implications of this redistribution on the market, the potential success of Ethereum ETFs, and the chances of a Solana ETF approval. Show highlights: 00:00 Intro 02:04 Why Alex estimates the amount of bitcoins that creditors sell will be a tiny fraction of the 142,000 to be repaid 13:35 What market shocks could arise from Mt. Gox creditors receiving billions in Bitcoin, and why he believes Bitcoin Cash is the real wild card 18:18 Whether Ethereum ETFs could be as successful as Bitcoin ETFs in attracting investors 23:06 Whether potential outflows from Grayscale's Ethereum Trust will dampen the excitement around Ethereum ETFs 25:07 How the combination of Mt. Gox repayments, Ethereum ETFs, and German and American government Bitcoin sales might affect crypto prices 27:32 The chances the SEC approves a spot Solana ETF Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Alex Thorn , head of research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Mt. Gox. Unchained: Crypto Market Sees $300 Million Liquidated as Bitcoin Briefly Drops Below $59,000 CoinDesk: Mt. Gox to Begin Repayments in July Governments selling: Unchained: US Government Sends $241 Million in Bitcoin to Coinbase: Arkham Cointelegraph: German gov’t offloads 900 Bitcoin, 400 BTC sent to Coinbase and Kraken Solana ETF Reuters: Investment manager VanEck files to list first spot Solana ETF in US | Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 25, 2024

Last week, Consensys revealed that the SEC had concluded an investigation into Ethereum 2.0, referring to when Ethereum transitioned from a proof-of-work consensus mechanism to a proof-of-stake one. In this episode, Laura Brookover, senior counsel & head of litigation and investigations at Consensys, and Sam Enzer, partner at Cahill Gordon & Reindel, explore the implications of this decision on Ether’s status as a commodity versus a security, and why the SEC dropped the pursuit, including whether the shifting political winds played a role. For instance, how much of the decision was influenced by the ETH ETF approvals, Democrats crossing party lines to vote for FIT21 and the repeal of SAB 121, and/or SEC crypto enforcement chief David Hirsch’s resignation? In this discussion, they also explained why the closure doesn’t necessarily mean that staking, or restaking, is safe from the SEC. Plus, what’s the impact of this closure on the other big crypto cases, such as Coinbase, Kraken, Uniswap, and Ripple? Show highlights: 02:13 How Consensys managed to get the SEC to reveal that it had concluded its investigation into Ethereum 2.0, and the significance of that move 08:14 The SEC's possible reasoning behind investigating Ethereum after it had switched to proof of stake 15:19 How uncommon is it for the SEC to send a letter concluding an investigation like the one into Ethereum 18:45 Whether recent events around crypto as an election issue, the ETH ETF approvals, votes for FIT21 and the repeal of SAB121, and David Hirsch’s resignation, might be connected to the decision to close this investigation 29:03 Whether the Biden administration has shifted its stance on crypto and whether Gensler should remain as chair 33:24 How the SEC might still go after staking 37:18 Whether restaking, such as pioneered by EigenLayer, is safe from regulatory actions 39:13 Why the SEC might be pursuing different judgments in various jurisdictions for MetaMask and Coinbase Wallet 44:24 What crucial evidence from the closed Ethereum 2.0 investigation could strengthen Coinbase's defense in its ongoing lawsuit 47:58 Why the SEC's aggressive stance on various crypto enforcement actions seems to remain unchanged despite closing the Ethereum 2.0 investigation 52:13 Why Sam and Laura believe Solana should not be considered a security, despite the SEC naming it as such in various crypto cases 58:13 How the SEC’s argument about an “ecosystem” is nonsensical, according to Laura Brookover 01:00:31 What the implications of the closed investigation are for the cases of Kraken and Ripple 01:04:58 What Sam and Laura B. are watching out for in terms of regulation and ongoing legal cases Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Laura Brookover , Senior Counsel & Head of Litigation and Investigations at Consensys Previous appearance on Unchained: Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? Sam Enzer , Partner at Cahill Gordon & Reindel Previous appearances on Unchained: The Real Reason Why the SEC Might Be Going After Ethereum How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? For more links visit UnchainedCrypto.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 21, 2024

LayerZero’s token claims went live on Thursday, and as with every recent airdrop, there was plenty of controversy. In this episode, Bryan Pellegrino, cofounder and CEO of LayerZero Labs, joined to discuss their ambitious anti-Sybil campaign and the subsequent token distribution. He delved into the challenges of ensuring genuine user participation, the decision to offer a self-report option for Sybil attackers, and the complexities imposed by industrial-grade farmers. Bryan shared what he would have done differently and why a mandatory donation to Protocol Guild was imposed. Also, are airdrops dead? How can the industry improve this not-so-effective distribution method? Show highlights: 00:00 Intro 01:23 Why LayerZero launched an anti-Sybil campaign with its airdrop, and what challenges they faced in ensuring genuine user participation 04:51 Why LayerZero offered a self-report option for Sybil attackers, and how this strategy revealed both the complexities and the creativity within the crypto community 10:16 How the anti-Sybil campaign uncovered over a million fraudulent accounts 14:34 What Bryan would have done differently in their campaign 17:18 What alternative methods, such as KYC and proof-of-humanity protocols, LayerZero could have used for their anti-Sybil campaign 18:35How LayerZero navigated the cat-and-mouse game with industrial airdrop farmers 23:08 Why they decided to impose a donation to Protocol Guild to claim the ZRO token 32:07 What caused the dramatic drop in LayerZero's activity post-announcement of their anti-Sybil campaign, and why the team is optimistic despite the decline 35:23 LayerZero's plans for future airdrops 38:40 What Bryan thinks the future holds for airdrops in crypto, and how the current broken system can be improved to achieve better distribution and user engagement 42:43 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Bryan Pellegrino , cofounder and CEO of LayerZero Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 19, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring discussions around Iggy Azalea's 'Mother' token, Waka Flocka Flame's 'Flocka' token, and other celebrities. We debate the broader implications of these phenomena on the crypto market, address criticisms of venture capital's role in crypto, and explore the seasonal nature of crypto trading. Tune in for an in-depth look at how pop culture intersects with cryptocurrency, shaping current market sentiment. Show highlights 🔹 Seasonality in Crypto: Exploration of the historical seasonal trends in crypto markets and their implications. 🔹 Memecoins & Celebrities: Insightful discussion on the rise of celebrity-launched memecoins and their impact on the crypto world. 🔹 Market Cycles: Exploration of the different phases in market cycles and their effects on asset creation and liquidation. 🔹 VC Funding in Crypto: Examination of the role of venture capital in the crypto ecosystem and its impact on market dynamics. 🔹 VC vs. Liquid Funds: Debate on whether venture capital funds are beneficial or detrimental to the crypto markets. 🔹 Institutional and Retail Adoption: The importance of growing crypto usage among both institutions and retail investors. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Timestamps 00:00 Intro 01:58 Market Sentiment 07:34 Celebrity Involvement in Crypto 16:00 Celebrity Coins vs Endorsements 25:24 Influencer Economy and Social Tokens 27:41 Legibility and Value of Memecoins 28:37 Crypto Influencers 31:07 VCs vs. Retail 36:50 Future of Crypto Markets 43:53 Institutional vs. Retail Adoption 50:45 Taking on Populist Takes Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 19, 2024

A few weeks after its launch, Iggy Azalea's MOTHER memecoin is still in the spotlight. Host Joe McCann, who recently had dinner with her in New York, gives the inside scoop on how Iggy’s $MOTHER came to be, plus her plans. Also, Joe says Iggy is so bullish on Solana because it’s fast and cheap… but James Seyffart counters… nothing can be fast, cheap, and good. Except ETFs. Guests Phil Bonello and Kelly Greer delve into the role of venture capital in crypto, and more particularly into dynamics between liquid hedge funds and massive token generation events. And James tells a mind-blowing story about how one ETF and obscure SEC rules could cause whiplash to the prices of Apple and Nvidia stock over the next few months. Plus, after SEC head enforcer David Hirsch resigned from the SEC this week, everyone gave their takes on why. Is Hirsch going to BlackRock, or was he scared about a potential lawsuit? Show highlights: 00:51 The real story behind Iggy Azalea's MOTHER memecoin and the controversy between Joe and Haseeb Qureshi 07:26 Why Iggy is bullish on Solana, and whether MOTHER is a hopeful case for crypto, reflecting the evolving relationship between entertainment and Web3 12:35 Whether the market has already topped, given the involvement of celebrities in the industry 15:32 Whether VCs are extractive to the overall space, and how liquid funds and token unlocks impact the performance of assets 21:17 Why venture funds and hedge funds have different approaches to liquid crypto investments, and how memecoins are changing the game for allocators 33:18 Why there’s a 0% chance that SOL gets an ETF this year 34:19 What the recent macro trends point to, whether inflation going down is sustainable, and whether rate cuts are coming 43:32 Why Nvidia's rapid growth is about to trigger a multi-billion dollar rebalance in tech ETFs, and how both $NVDA’s and $AAPL’s stock prices might soon seesaw 54:35 The theories about why the SEC’s chief crypto enforcer David Hirsch resigned from the agency (hint: it might have to do with the election) 59:52 Why James believes Ethereum ETFs will launch on July 2 and what amount of inflows the ETH ETFs might garner, esp. considering potential ETHE outflows Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Joe McCann , Founder, CEO, and CIO of Asymmetric Guests: Kelly Greer , Vice President of Trading at Galaxy Philip Bonello , Founding Partner at Plaintext Capital Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 18, 2024

The political landscape in the US is heating up with the November elections, and the crypto industry is watching closely. In this episode, Anthony Scaramucci, founder of SkyBridge, doesn’t mince words and explains why he believes Joe Biden is the best choice—even for the crypto voter—in the upcoming election, the significance of the Ethereum ETF approval, and how the industry has overcome significant regulatory hurdles. Scaramucci also shares his insights on the future of Bitcoin ETFs, the role of younger generations in driving crypto policy, and why Solana might be the next big thing. Show highlights: 02:05 Why Anthony believes there’s only one choice in this election: Joe Biden 07:03 Why he thinks the crypto industry “has already won” 16:27 Whether the crypto industry should trust Trump with his pro-crypto comments 17:20 Why Anthony is convinced that the Biden administration has stopped its anti-crypto stance, even with the veto of the SAB 121 repeal 21:26 Why Anthony believes crypto is becoming a bipartisan issue, and how younger generations are driving this change in Washington 28:05 What three key elements would ideally be included in crypto legislation to ensure clarity and industry involvement in regulation 30:49 What happened to SkyBridge after selling a stake to FTX, and how they are riding the industry's “upswing” 38:00 What developments in Bitcoin ETFs could signal its recognition as an asset class and drive institutional adoption 40:00 What led SkyBridge to abandon its Bitcoin ETF application 43:23 What Anthony thinks is the best pitch for a spot Ether ETF to TradFi, and how expected inflows compare to Bitcoin ETFs 49:11 Anthony’s praise of Laura’s book 51:55 Why Anthony believes a Solana ETF might be the next big thing in crypto, despite SEC scrutiny and the need for a futures market first 55:20 Why SkyBridge is actively seeking new acquisitions and partnering with Parcl, a Solana-based decentralized real estate trading app 59:44 What Anthony's bullish predictions for Bitcoin and Ethereum are in the current cycle Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guest: Anthony Scaramucci , Founder and Managing Partner at SkyBridge Links Recent coverage of Unchained on the political scenario in the US: How the U.S. Government Can Protect the Dollar Through Stablecoins Why Many Democrats, Including the White House, Have Come Around on Crypto Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 14, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into the impact of celebrity-endorsed memecoins, featuring Iggy Azalea's new coin 'Mother' and Andrew Tate's 'Daddy.' We discuss how these phenomena influence the broader crypto market, recent trends in airdrops, and the challenge of Sybil resistance. Additionally, we explore the permissionless nature of crypto and the trade-offs involved in fun and chaotic projects, including the explosive rise of 'Hamster Kombat.' Tune in for an in-depth look at how pop culture intersects with the core principles of cryptocurrency, shaping current market sentiment. Show highlights 🔹 Crypto Market Sentiment: Discussion on the latest market trends and how inflation numbers are impacting the community. 🔹 Memecoins & Celebrities: Analysis of Iggy Azalea's $Mother and the phenomenon of celebrity-launched memecoins. 🔹 Emerging Memecoins: Insights into new memecoins, including issues with fake and hacked accounts. 🔹 Tap-to-Earn Games: Overview of the rapid growth of simple click-based games like Hamster Kombat. 🔹 Airdrop Controversies: Exploration of recent controversies, particularly involving zkSync and LayerZero, and challenges of Sybil attacks. 🔹 Future Airdrop Strategies: Discussion on the evolution and need for clear, ungameable metrics. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 14, 2024

Nathaniel Popper just published his latest book, " The Trolls of Wall Street ," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto. In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men. He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing. Show highlights: 01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals 04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities 13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe 18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation 22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling 30:07 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Nathaniel Popper , author of The Trolls of Wall Street Links Previous coverage of Unchained on memecoins: Unchained: Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641 BRETT Becomes First Memecoin on Base to Reach $1 Billion in Market Cap DWF Labs to Invest in Memecoins, Onchain Data Reveals LADYS Transactions Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures The book: Blockworks: What do memecoins and meme stocks have in common?: A review of ‘The Trolls of Wall Street’ Fortune: Q&A with the author of ‘The Trolls of Wall Street’: Gambling, conspiracies, and the return of Roaring Kitty , Meme culture WSJ: Meme Stocks Are Back, but Fund Investors Moved On Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania CoinDesk: In Defense of Meme Coins What else could memecoins be? By Vitalik Buterin Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 11, 2024

Robinhood has been in the spotlight for its $200 million acquisition of European crypto exchange Bitstamp. The TradFi app’s venture into crypto is paying off: its recent earnings showed that revenue is growing substantially, and the Bitstamp acquisition is just one way the company will grow the pie. Johann Kerbrat, general manager of Robinhood Crypto, came on the show to discuss the acquisition, Robinhood's plans for expanding its crypto business internationally and into the institutional market, the company's approach to listing crypto assets, how regulation has affected its business decisions, and its efforts to bridge traditional finance and decentralized finance. Show highlights: 02:14 How the acquisition of Bitstamp will reshape Robinhood 08:51 Whether Robinhood could list more coins and whether it’s considering more acquisitions 11:54 Whether the U.S.’s unclear crypto regulation influenced the decision to acquire Bitstamp and which other jurisdictions, besides the EU, Robinhood Crypto is eyeing 17:46 Why Johann was disappointed by the Wells notice Robinhood received from the SEC 20:47 Johann’s U.S. crypto regulation wish list and why Robinhood supports the FIT21 bill 24:09 Why Robinhood delisted ADA, MATIC, and SOL, and the process for listing or delisting a coin on the platform 29:49 Johann’s background in crypto and trajectory at Robinhood Crypto 31:35 How Robinhood is uniquely poised to help bring real-world assets and securities on-chain, and how it will handle offerings for institutional investors 37:48 The impact and importance of the introduction of spot bitcoin ETFs 44:26 Why Robinhood decided to offer staking, but only for Solana, not Ethereum 46:11 Whether there’s demand for crypto-native features in the Robinhood platform 48:26 Robinhood’s collaboration with Arbitrum and whether the company might build their own Layer 2 54:29 Johann’s take on the memecoin mania and whether Robinhood could list them 59:26 What Johann thinks about the political fight around crypto in the U.S. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guest: Johann Kerbrat , general manager of Robinhood Crypto Links Acquisition of Bitstamp: Unchained: Q&A With Robinhood Crypto General Manager: Why the Crypto Giant Went to the EU Fortune: Robinhood defies the SEC by forking over $200 million for a crypto exchange DL News: Robinhood crypto head says Bitstamp will help lure wealthy investors Robinhood’s crypto business: Bloomberg: Robinhood (HOOD) Profit Beats Estimates as Crypto Revenue Surges Robinhood Reports First Quarter 2024 Results Regulatory actions: Reuters: Robinhood Crypto gets Wells notice from US SEC Robinhood Crypto Launches Staking in Europe with Localized Apps to Follow Memecoin mania Unchained: Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz Ether ETFs: Unchained: Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? Why the SEC May Not Be Done in Its Legal Battles Over Ethereum Kerbrat’s statement on ETFs Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 7, 2024

Coinbase’s “onchain summer” has kicked off with the launch of its new smart wallet. This interview with Luke Youngblood, founding contributor to Moonwell, gives a peek at how it’s sweetening the pot for developers and users alike. In this episode, Youngblood describes how smart wallets are different from traditional wallets, how they do away with past security issues, and the more minor potential risks that still do exist with smart wallets. He also gives details on the ways that Coinbase is trying to use its smart wallet to get users onchain: making it much easier to transact onchain directly from their Coinbase accounts, subsidizing gas costs for certain dapps, and making sure everything is web-accessible. Plus, he explains why Moonwell chose Base, how it is branching out to non-crypto native DeFi users, such as populations that only have mobile phones and not desktop computers in geographies like Africa, Latin America, and Asia, and how the DeFi lending protocol differentiates itself from bigger ones that have established a beachhead on Base. Show highlights: (00:00) Intro (01:40) How smart wallets differ from traditional wallets and embedded wallets (04:06) Why Luke is excited to be working with Coinbase smart wallet (06:33) What happens if the user loses the device linked to their smart wallet (08:12) How hard it would be for a hacker to try to get access to the assets in this smart wallet (09:36) How Coinbase is initially paying for user gas fees on dapps like Moonwell and other launch partners (12:02) How Coinbase’s Magic Stand feature enables users to transact onchain straight from their Coinbase accounts (14:24) How Coinbase might keep paying gas fees for some dapps even after the initial launch period (16:38) Why the smart wallet is also accessible via the web, and not just through an app (19:50) Why Moonwell has focused on lending and borrowing (18:03) Why Moonwell chose to build on Base as opposed to, say, Solana (21:24) Moonwell’s plans to grow (23:00) How having access to Coinbase’s user base changes Moonwell’s strategy for attracting users (26:14) Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Luke Youngblood Links Previous coverage on Unchained: Coinbase Smart Wallet: Coinbase Launches Its Smart Wallets, Dubbing It Crypto’s ‘IPhone Moment’ Wallets: Why (Almost) Everyone in Ethereum Is So Excited About a Wallet-Related Proposal What Are Externally Owned Accounts (EOAs) in Ethereum? An Introduction to ERC-4337 (Account Abstraction) Standard Base: How Ethereum’s Dencun Upgrade Could Lead to the Rise of Millions of Layer 3s Dencun Day One: Ethereum Layer 2 Networks See Drastic Drop in Transaction Fees Base Daily Transactions Spike to 2 Million Post Dencun Upgrade Why Base’s Creator Thinks Social Apps Will Be a ‘Huge Part’ of the Layer 2 Blockchain’s Success Base TVL Hits $4 Billion as Transactions Per Second Surpass Ethereum 3 Reasons Why Layer 2 Network Base Has More Than Doubled Its Total Value Locked This Year Ethereum Layer 2s: Ethereum L2 Networks Reach Record High of 7 Million Distinct Addresses Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 5, 2024

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, along with guest Hal Press, founder of North Rock Digital, dive into the intricate challenges of pitching the ETH spot ETF to traditional finance and the Federal Reserve’s anticipated next steps. They discuss why Biden vetoed the repeal of SAB 121, and why that veto lends credence to an alternative theory as to why the SEC approved Ethereum ETFs. Also, they talk about why the spot ETH ETFs are already turning out to be different from the Bitcoin ETFs, Hong Kong's (and perhaps China’s?) crypto ambitions, recent U.S. macroeconomic indicators, and whether or not Roaring Kitty’s recent antics with GME stock are illegal—and how he’s impacting memecoins. Show highlights: Why Biden vetoed the repeal of SAB 121 and whether it was priced in The recent political change around crypto and the surprise Gen Z celebrity who could swing the U.S. presidential election The impact of the Trump conviction on the crypto industry Why ETF issuers were caught off guard with the spot ETH ETF approvals Whether Bitcoin ETF buyers will rotate to Ethereum, and when the products will launch How the ETH ETF will be pitched to TradFi Why Alex thinks ETH/BTC will go up How Hong Kong is trying to become the Wall Street of crypto, according to Joe The recent macroeconomic indicators in the U.S. and their implications for crypto The massive glitches in the NYSE that showed Berkshire Hathaway going down 99% Whether what Roaring Kitty is doing with the GME stock is illegal Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Guest: Hal Press , Founder of North Rock Digital Links Politics: Unchained: President Biden Vetoes SAB121 Repeal Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited? POLITICO: Crypto super PACs get $25M boost Fortune: Coinbase donates $25 million to super PAC Fairshake days after Biden vetoes crypto custody bill Ether ETFs: Unchained: Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? Why the SEC May Not Be Done in Its Legal Battles Over Ethereum Why ETH Spot ETFs Could Benefit Stakers and Make Ethereum More Resilient ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH? Blockworks: What we learned from the latest ETH ETF filing dump Hong Kong Bloomberg: Hong Kong Says 11 Crypto Exchanges Are Closer to Getting Permits Other recent events: CNN Business: Berkshire Hathaway: NYSE says glitch that showed stock down 99.97% has been resolved WSJ: E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform TIMESTAMPS 00:00 Intro 01:59 Why Biden vetoed the repeal of SAB 121 and whether it was priced in 08:43 The recent political change around crypto and whether this particular Gen Z celeb could swing the U.S. presidential election 12:07 What the impact of the Trump conviction had in the crypto industry 15:38 Whether Bitcoin ETF buyers will rotate to Ethereum, and when the ETH ETFs will launch 25:53 How the ETH ETF will or should be pitched to TradFi 31:02 Why Alex thinks ETH/BTC will go up 32:48How Hong Kong is trying to become the Wall Street of crypto, according to Joe 36:27 The recent macroeconomic indicators in the U.S. and their implications for crypto 45:15 The massive glitches in the NYSE that showed Berkshire Hathaway going down 99% 49:26 Whether what Roaring Kitty is doing with the GME stock is illegal Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 4, 2024

In this episode, Laura Shin speaks with former CFTC chairman Chris Giancarlo and former CFTC chief innovation officer Daniel Gorfine on the pressing need for the U.S. to safeguard the dollar. They explain why they believe the future of regulation is the government operating nodes on blockchains rather than regulating intermediaries, why even private USD stablecoins will want a USD central bank digital currency, and how China might export the technology behind the digital yuan—and its surveillance capabilities—to other countries. They also touch on how the upcoming U.S. elections could influence crypto policy, why stablecoins are more than just trading instruments, and what the U.S. must do to maintain its financial leadership. Show highlights: How governments should embrace blockchain technology to become better at its job, according to Chris How the financial system needs to change for the younger generations Whether the U.S. is losing ground in terms of innovation Why Daniel thinks stablecoins are much more than a trading instrument for crypto Why Daniel believes that the U.S. is making the regulation of stablecoins “far more complicated than it needs to be” How Singapore is already giving licenses to USD stablecoin issuers Whether the dollar should be trademarked to protect it How Tether has become one of the most profitable companies per employee in history without being under U.S. jurisdiction Who should be the next chair of the SEC and the need to regulate DeFi in order for it to become mainstream Why Daniel thinks that some of the criticism of the FIT21 bill “doesn’t hold water” Why Chris believes that China is lying about not intending to export the technology behind the digital yuan Whether algorithmic stablecoins should be banned, as proposed in the Lummis-Gillibrand bill Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle? Thank you to our sponsors! Polkadot VaultCraft Guests: Chris Giancarlo , Former Chairman of the US Commodity Futures Trading Commission, author of CryptoDad Forbes: ‘Elizabeth Warren’s Anti-Crypto Wing Is A Shrinking Iceberg’, Says Former Top Regulator FoxBusiness Interview: Elizabeth Warren and others have declared war on cryptocurrency: Chris Giancarlo Op-ed in the FT Banking Risk & Regulation: Can CBDCs be made safe for democracy? Daniel Gorfine , Founder & CEO of boutique advisory firm Gattaca Horizons, former Chief Innovation Officer at the U.S. CFTC, and adjunct professor at the Georgetown University Law Center Opinion: Stablecoin and other digital assets are falsely framed as a choice between personal privacy and national security. We can have both. - MarketWatch Building digital infrastructure for the future of finance Links Stablecoins: Stablecoins Are Defense Tech by Morgan Beller Unchained: Opinion: Regulated Dollar Stablecoins Created by a Proposed New Senate Bill Would be Crypto’s Ultimate Trojan Horse Tether's Record $4.5 Billion Q1 Profit Highlights Its Dominance of the Stablecoin Industry SAB 121 Unchained: President Biden Vetoes SAB121 Repeal FIT21 Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited? Spot Ether ETFs Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security Learn more about your ad choices. Visit megaphone.fm/adchoices

Jun 1, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode explores the buzz around LeBron James' potential memecoin, the recent approval of Ether ETFs, and Biden's shifting stance on crypto policy. We dissect the implications of Trump's pro-crypto promises and the FIT21 legislation. Tune in for a lively debate on celebrity coins, the market's reaction to regulatory changes, and the evolving landscape of political influence in the crypto space. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Celebrity Coins: In-depth discussion on the rise of celebrity-endorsed cryptocurrencies, focusing on LeBron James' potential memecoin and its market implications. 🔹 Ether ETF Approval: Examination of the recent Ether ETF approval, the political motivations behind it, and how it might impact the broader crypto market. 🔹 Biden's Crypto Policy: Analysis of Biden's evolving crypto stance, including recent outreach to the crypto industry and the potential effects on the upcoming elections. 🔹 Trump's Crypto Strategy: Debate on Trump's newfound pro-crypto stance, his promises to the crypto community, and the potential impact on his voter base. 🔹 FIT21 Legislation: Overview of the Financial Innovation and Technology in the 21st Century Act, its key provisions, and the potential for bipartisan support. 🔹 Political Influence in Crypto: Discussion on the increasing influence of politics in the crypto space, including the roles of key figures and the impact of regulatory developments. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Timestamps 00:00 - Intro 02:45 - ETF Approval 07:00 - How deep is this policy shift? 09:00 - FIT21 15:45 - Trump's Pro-Crypto Stance 24:40 - Caitlyn Jenner's Memecoin Launch Learn more about your ad choices. Visit megaphone.fm/adchoices

May 31, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. After some big wins for the crypto industry (and big losses for the U.S. Securities and Exchange Commission), Jason Gottlieb, partner at Morrison Cohen, delves into how the upcoming US elections could reshape the SEC’s crypto agenda, the political pressures influencing SEC decisions, and the potential impact that a new SEC chair could have. Gottlieb provides insights into ongoing court battles involving major crypto firms like Coinbase and explores the broader political implications of the Democrats' recent outreach to the crypto industry. Show highlights: How the sea change in Congress, the White House, and the Biden campaign affects the SEC’s stance on crypto Whether the SEC's agenda on crypto has changed, following the sudden reversal on ETH ETFs Whether the SEC is being pressured politically about crypto and how that could affect its actions between now and the election How the ongoing legal crypto cases are affected by the SEC’s change of tune What the implications of a possible new SEC chair would be How the SEC’s credibility was damaged by the Debt Box case Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to 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! iTrustCapital Polkadot VaultCraft Guest Jason Gottlieb , partner at Morrison Cohen Previous appearances on Unchained: The Department of Justice Goes After Its First NFT Insider Trading Case ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer Links Previous coverage on Unchained of the recent shift in the US political landscape: Why Many Democrats, Including the White House, Have Come Around on Crypto Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress Bits + Bips: Is US Politics Driving the ETH ETF Approval? Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday Political turn and ongoing cases: The Block: Biden campaign ramps up crypto industry outreach in surprising tone 'shift' Unchained: Ethereum ETFs Likely Protect Ether From the SEC. But What About Staked ETH? Why the SEC May Not Be Done in Its Legal Battles Over Ethereum SAB 121 Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance FIT21 Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited? Spot Ether ETFs Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security TIMESTAMPS: 00:00 Introduction 02:55 The outlook for the SEC’s efforts after the seeming sea change from the Democrats 06:09 Whether the SEC's agenda has changed, after the sudden reversal on ETH ETFs 09:58 Whether the SEC is being pressured politically and whether that will influence its actions between now and the presidential election 15:30 How the ongoing legal crypto cases are affected by the SEC’s change of tune 19:51 What the implications of a new SEC chair would be on court cases winding slowly through the courts 23:52 How the SEC’s credibility was damaged by the Debt Box case 27:59 Why Jason thinks Democrats are in an “uncomfortable position” but also believes there’s a lot of common ground with the Republicans with regard to crypto 34:14 Weekly recap Learn more about your ad choices. Visit megaphone.fm/adchoices

May 28, 2024

Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs. Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters. Show highlights: The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8 The bipartisan votes in the House and Senate to overturn SAB 121 Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs Why Sheila is so proud of the passage in the House of the FIT21 bill How Sheila and CCI approached their discussions with Democrats and what arguments they found effective Whether the industry has survived the negative image of SBF and FTX The sea change in the White House between the SAB 121 vote and the FIT21 vote A high-level description of the FIT21 bill What kind of authority the bill would give the CFTC over crypto What the implications of the bill are for launching tokens FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic The overall political and legislation landscape and the next likely steps for crypto Whether the ETF approval changes anything about the SEC’s investigation into Ethereum What Sheila thinks about the 'crypto single-issue voter’ debate Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot VaultCraft Guest: Sheila Warren, CEO of the Crypto Council for Innovation Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss Links Previous coverage on Unchained of the recent shift in the US political landscape: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress Bits + Bips: Is US Politics Driving the ETH ETF Approval? Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday SAB 121 Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance FIT21 CCI: FIT21 Coalition Support Letter Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited? Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto Spot Ether ETFs Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security Ethereum Foundation investigation Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim Learn more about your ad choices. Visit megaphone.fm/adchoices

May 24, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Amazon Music , or on your favorite podcast platform. With crypto becoming more politicized than ever, US Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington DC. With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C. She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year. Show highlights: Why the SAB 121 approval was bipartisan Whether President Biden will veto the resolution How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs How the SEC's approach to regulating the industry "is not the American way" Whether there is a bipartisan majority in favor of crypto in Congress How bitcoin has come a long way in terms of adoption Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation The differences between the Lummis-Gillibrand bill and FIT21 How Sen. Lummis feels about the denial of a master account for Custodia Bank Whether there's a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming What Sen. Lummis would advise for the industry to accomplish its goals Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot VaultCraft Guest Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress - Ep. 651 , U.S. Senator from Wyoming Links Ether ETFs Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security Bits + Bips: Is US Politics Driving the ETH ETF Approval? Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday SAB 121 Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance FIT21: Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited? Open cases: Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security Unchained: Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? SEC Puts DeFi in Its Sights With Potential Uniswap Suit Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report The Real Reason Why the SEC Might Be Going After Ethereum Timestamps : (00:00) Introduction (02:53) Why the SAB 121 approval was bipartisan (04:52) Whether President Biden will veto the resolution (08:40) How it's a "mystery" to Sen. Lummis why the SEC had a change of heart about Ether ETFs (13:23) Why Senator Lummis believes there is a bipartisan majority in favor of crypto in Congress (20:19) Sen. Lummis' thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation (23:55) The differences between the Lummis-Gillibrand bill and FIT21 (28:59) How Sen. Lummis feels about the denial of a master account for Wyoming-special purpose depository institution Custodia Bank (30:20) What she thinks about the Biden administration’s ban against a Wyoming-based, Chinese-owned Bitcoin mining company near a nuclear site (33:44) What Sen. Lummis would advise for the industry to accomplish its goals (35:04) Weekly Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

May 23, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in crypto. This episode covers the anticipated Ether ETF Approval and its market impact, Biden's evolving crypto policy, and the bipartisan repeal of SAB-121. We debate the controversy around High FDV Low Float Tokens and discuss the DOJ indictment for a $25 million MEV exploit. Tune in for insights on memecoin performance, the role of prediction markets in politics, and the increasing participation of retail investors in the crypto market. Show highlights 🔹 Crypto Regulation: In-depth discussion on SEC Crypto Guidance, focusing on SAB-121 and its implications for the crypto and banking sectors. 🔹 Ethereum ETF News: Examination of the anticipated Ether ETF Approval, the political motivations behind it, and potential market implications. 🔹 Biden Administration Crypto Stance: Analysis of Biden's evolving crypto policy, bipartisan repeal of SAB-121, and how these shifts might affect the upcoming elections. 🔹 High FDV Low Float Tokens: Debate on the controversy surrounding high FDV low float tokens, recent market downturns, and potential market structure issues. 🔹 MEV Exploit DOJ: Overview of the DOJ indictment of two brothers for a $25 million MEV exploit, exploring the legal and ethical implications. 🔹 Memecoin Performance: Insights into current market trends, including the performance of memecoins versus VC-backed tokens, and predictions on future regulatory impacts. 🔹 Prediction Markets in Politics: Exploration of how prediction markets are influencing political stances, particularly Trump's pro-crypto stance and its effects on voter behavior. 🔹 Impact of Regulation on Crypto: Discussion on the increased participation of retail investors in the crypto market and its broader implications. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Disclosures Links Haseeb’s “Why are all these low float / high FDV coins down bad?” https://x.com/hosseeb/status/1792257063399403669 Two Brothers Arrested for Attacking Ethereum Blockchain and Stealing $25M in Cryptocurrency: https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency Tarun’s Towards a Theory of Maximal Extractable Value I: Constant Function Market Makers: https://arxiv.org/pdf/2207.11835 Timestamps (00:00) - Intro (2:20) - Congressional Response to SAB-121 (12:05) - Are memecoiners activists? (16:09) - Crypto is a new wedge issue (19:03) - ETH ETF & Regulation softening (22:23) - Prediction markets steering politics (30:22) - Being anti-crypto is stupid (35:38) - "High FDV, Low Float" tokens (40:16) - Market structure problems (49:14) - Market price is not sustainable (55:38) - DOJ vs. MEV Bot Exploit (1:01:45) - Crypto-on-crypto crime Learn more about your ad choices. Visit megaphone.fm/adchoices

May 21, 2024

With ETH spot ETFs now more likely than ever, Bits + Bips hosts James Seyffart, Alex Kruger, and Joe McCann delve into the reasons behind this shift, surmising that the reversal may have come from powers above the SEC—perhaps in the Biden administration. The three hosts surmise that ETH will likely reach all-time highs, discuss how this changes their election trading strategy and ponder where there is enough institutional demand for ether ETFs. They also look at whether the potential approval could sway the US elections. Plus, they share insights into stablecoins and how they strengthen the US’s political power globally, dive into the debate on low float/high FDV coins, and also take a peek at what they think could be the potential next crypto spot ETF. Show highlights: Why the chances of an ETH ETF suddenly reversed What the "Coinbase premium" is and how Joe uses it for trading Why Alex believes that ETH is heading to all-time highs Whether there's institutional demand for spot ether ETFs The political pressure that led to this change Whether the ETH ETF will change the course of the US elections The broader macroeconomics conditions and how Alex thinks to trade the US elections How US dollar-pegged stablecoins promote USD hegemony The debate about high FDV, low float coins, and whether there is a solution Whether new crypto spot ETFs will be approved Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Links Ether ETF approval: Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF Unchained Podcast: Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday High FDV, low float coins: Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens? Timestamps: (00:00) Intro (01:40) Why the chances of an ETH ETF suddenly reversed (09:13) Why Alex believes that ETH is heading to all time highs (11:22) Whether there's institutional demand for ether (16:46) The political pressure that led to this change (28:46) The broader macroeconomics conditions and how Alex thinks he’ll trade the US elections (35:51) How US dollar-pegged stablecoins promote USD hegemony and mirror the Eurodollars market (40:01) The debate about high FDV, low float coins, and whether there is a solution (49:52) Whether there are going to be new crypto spot ETFs being approved Learn more about your ad choices. Visit megaphone.fm/adchoices

May 21, 2024

Just when everyone thought that spot Ether ETFs were going to be denied on Thursday, news broke Monday that they are now likely to be approved, with Bloomberg analysts tripling their odds to a 75% chance of approval. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, and Matt Hougan, CIO at Bitwise Asset Management, say this reversal definitely has to do with politics, citing the fight of Staff Accounting Bulletin 121, a rule that was unfriendly to financial institutions wanting to engage with crypto. Plus, they delve into the reasons why Michael Sonnenshein stepped down as CEO of Grayscale after 10 years (hint: it has to do with GBTC), what the 13F filings revealed about who’s been buying the spot bitcoin ETFs since the beginning of the year, and what Vanguard’s incoming CEO, Salim Ramji, who was instrumental to getting BlackRock to launch its Bitcoin ETF, could mean for crypto’s future at the asset management firm. Show highlights: Why Eric believes the ether ETFs will be approved Why Matt thinks the Bitcoin ETFs set off a "complete sea change in Washington around crypto" Whether the spot Ether ETFs will be approved with or without staking Who the authorized participants and other behind-the-scenes players in the ether ETFs will be When the ETH ETFs could start trading and why Eric believes they won't be as successful as Bitcoin ETFs What the 13F filings revealed about the spot Bitcoin ETFs buyers and why their identities are "stunning" Why Michael Sonnenshein stepped down as CEO of Grayscale Grayscale’s new mini ETF, BTC Whether Vanguard's new CEO appointment could mean a change in attitude by the asset management firm towards crypto What a buffered ETF is and why they could be significant Matt's prediction for the BTC price Their outlook on the future of ETFs and developments in 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! Polkadot VaultCraft Guests: Matt Hougan , Chief Investment Officer at Bitwise Asset Management 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 Eric Balchunas , Senior ETF Analyst at Bloomberg Intelligence Previous appearances on Unchained: How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Will a Spot Bitcoin ETF Finally Get Approved? Links Ether ETFs Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security CoinDesk: Ether ETFs Filing Process Sees Abrupt Progress, Though Approval Not Guaranteed: Sources The Block: Fidelity files amended S-1 registration statement, removing staking rewards from prospective Ethereum ETF SAB 121 Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance Unchained: Senate Votes to Kill SAB 121 Custody Bill: How Crypto Became So Political 13F Filings Unchained: Large Institutions Betting Big on Bitcoin ETFs Revealed in SEC Filings Leadership changes CoinDesk: Grayscale CEO Michael Sonnenshein Steps Down, to Be Replaced by TradFi Veteran WSJ: Meet Salim Ramji, Who Is Going to Oversee the Retirement Assets of Tens of Millions of Americans Learn more about your ad choices. Visit megaphone.fm/adchoices

May 17, 2024

In this episode, Evan Zinaman, founder and principal at Trailbreak, delves into the first-of-its-kind case of the Bueno brothers, who face Department of Justice charges for exploiting Maximal Extractable Value (MEV) in a cryptocurrency scheme. Accused of manipulating transaction ordering to create an arbitrage opportunity, the brothers are charged with conspiracy to commit wire fraud as well as wire fraud itself. Zinaman explores the broader implications of MEV exploitation, addresses critics who say that the MEV exploiters just got a taste of their own medicine, and the need for block building participants to consider their legal and compliance responsibilities. Show highlights: What the charges against the Bueno brothers are about How block building works on Ethereum and how the relay was manipulated by the Bueno brothers The different types of MEV and which ones are acceptable Why these charges could be seen as a "vanilla fraud," according to Evan Whether the benefits of MEV outweigh the cons of it The lack of terms of service in the MEV space How the regulators' attention to the space has changed over time Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle? Thank you to our sponsors! iTrustCapital Polkadot VaultCraft Guest Evan Zinaman , Founder & Principal at Trailbreak Where the Rubber Meets the Road : A MEV-Aware, Functionalist Review of OFAC Risk "on the Base Layer" Links Previous coverage on Unchained of MEV: Why MEV Will Always Be Controversial The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’ The Case: Unchained: DOJ Alleges Two Brothers Stole $25 Million From MEV Bots Last Year Research: Blockchain Transaction Ordering as Market Manipulation by Mikolaj et al Learn more: What Are Sandwich Attacks in Crypto? A Beginner's Guide What Is MEV in Crypto? Learn more about your ad choices. Visit megaphone.fm/adchoices

May 16, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Laura Shin explore the latest trends in the crypto world. In this episode, we touch on how Donald Trump's pro-crypto statements influence voter behavior in the upcoming U.S. elections. We ask ourselves, is voting based solely on crypto policy a legitimate strategy? What are the implications of the Biden administration's stance on crypto regulations for future electoral outcomes? Following the political discussion, we unpack the recent GameStop and AMC pump and dissect the viability of their business models. We bring to light the broader implications for memestocks and whether the increased capital really saves these companies. Tune in for a detailed exploration of these critical questions affecting the interplay of politics, finance, and cryptocurrency. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights 🔹 Crypto's Role in U.S. Politics: Trump's pro-crypto stance at a recent gala and its potential implications for voter behavior are examined. 🔹 Single Issue Voting on Crypto: The legitimacy of voting based solely on crypto policy is debated, with insights into how this could impact the political landscape. 🔹 Opinions on Financial Regulations: The various aspects of financial regulation, including the Biden's administration's stance on crypto, and predictions on how this might influence future electoral outcomes. 🔹 Roaring Kitty’s resurgence and its impact on GameStop's stock prices are discussed, analyzing the ongoing influence of meme stocks in the market. 🔹 Retail's Impact on Financial Markets and the broader implications of retail investment behaviors. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , CEO & Co-founder of Superstate ⭐️ Laura Shin , journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained Disclosures Links Blockworks article: https://blockworks.co/news/only-a-fool-would-vote-on-crypto-alone Trump’s 2019 Tweet: https://x.com/realDonaldTrump/status/1149472282584072192 SAB121: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409250 Roaring Kitty Tweet: https://x.com/TheRoaringKitty/status/1789807772542067105 Learn more about your ad choices. Visit megaphone.fm/adchoices

May 14, 2024

Erik Voorhees, a crypto OG, has launched Venice, a private, uncensorable, open-source competitor to OpenAI’s ChatGPT or Anthropic’s Claude, powered by a decentralized crypto network. In the episode, Erik and Venice’s COO Teana Baker-Taylor delve into the problems with censorship and data in current AI agents, including how they create honeypots of information about users’ search history for hackers, or that they can be absurdly politically correct, such as refusing to create images of Caucasian people. As they point out, there’s also the risk that the companies managing them could be censoring the models to please the Chinese government, in order to access the market in that country. They talk about their plan for Venice to gain market share, considering that DuckDuckGo, a privacy-preserving competitor to Google, has a much smaller market share. And they explain why they intend for Venice to eventually use the compute of Morpheus, or other decentralized crypto-powered compute networks. They also critique the SEC’s current regulatory approach to crypto, calling it “a joke.” Additionally, they explore the concept of AI agents using cryptocurrencies as their primary currency. Show highlights: Why Erik decided to move into artificial intelligence and merge it with crypto What problems decentralized AI would solve and why it's hard to solve sexist and racist views in LLMs The differences between ChatGPT and other similar products and Venice AI Why privacy is so important for users, according to Erik, and how Venice doesn't store the users' information How central governments could manipulate information to their own benefit and how to avoid it Whether people will shift from using search engines to LLMs What Morpheus is and its goal to provide decentralized computation for AI How Erik and Teana believe crypto and AI will continue to work together Erik's and Teana's thoughts on some of the recent government actions against founders of crypto privacy services such as Samourai Wallet andTornado Cash Why Erik believes that the SEC has become a joke Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com First Bits + Bips episode: Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle? Thank you to our sponsors! Polkadot VaultCraft Guests: Erik Voorhees , Founder and CEO of Venice AI Previous appearances on Unchained: Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets Why ShapeShift’s Erik Voorhees Thinks Toxic Bitcoin Maximalism Is Bullshit Shapeshift’s Erik Voorhees on How Crypto Will Separate Money and State Teana Baker-Taylor , COO at Venice AI Links Previous coverage on Unchained of crypto/AI: When AI and Blockchain Meet, How Can Each Technology Benefit? The Chopping Block: Why AI Will Change the Course of History in Crypto 5 Use Cases of AI in Blockchain A Beginner's Guide to AI Tokens Venice AI: Erik’s thread announcing Venice The Separation of Mind and State Architecture: About Morpheus.Network Messari: What is Akash Network? LLMs: MIT Technology Review: LLMs become more covertly racist with human intervention China Talk: Censorship’s Impact on China’s Chatbots - by Nicholas Welch Recent cases on privacy: CoinDesk: Samourai Wallet Founders Arrested and Charged With Money Laundering Cointelegraph: DOJ’s Tornado Cash arguments show ‘obvious disdain for privacy’ — Lawyer CNBC: North Korea crypto hacking activity soars to record high in 2023, new report shows Reuters: Exclusive: UN experts investigate 58 cyberattacks worth $3 bln by North Korea Erik’s post on the right to have privacy Learn more about your ad choices. Visit megaphone.fm/adchoices

May 10, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Avichal Garg from Electric Capital dissect the latest trends in the crypto world. This episode dives deep into the buzz around EigenLayer’s airdrop: What sparked the controversy and how did EigenLayer respond to community backlash? We then explore LayerZero’s unique self-reporting strategy to combat Sybil farmers and analyze Friend.Tech’s bold, no-VC token launch. The discussion heats up with a look at ConsenSys’ proactive lawsuit against the SEC, setting the stage for a showdown over regulatory clarity. We also delve into Robinhood’s decision to challenge the SEC’s Wells Notice amidst soaring earnings, and tackle the ongoing debate between VC-backed tokens and memecoins: Which is captivating the market? Finally, we predict the future of SocialFi and its potential to revolutionize the crypto landscape. Join us for an insightful exploration of these pivotal topics shaping the cryptocurrency ecosystem. Show highlights 🔹 Breaking down the EigenLayer airdrop controversy and its impact on the community. 🔹 Exploring LayerZero's self-reporting mechanism to combat Sybil attacks. 🔹 Assessing Fantasy Top's growth and its significance in the NFT trading landscape. 🔹 Predicting the trajectory of SocialFi and its potential to reshape the crypto landscape. 🔹 Detailing Consensys’ proactive lawsuit against the SEC over regulatory clarity. 🔹 Robinhood's SEC Challenge and analyzing Robinhood's decision to fight the SEC’s Wells Notice amid record earnings. 🔹 VC Coins vs. Memecoins: Exploring the ongoing debate about the dominance and appeal of VC-backed tokens versus memecoins. 🔹 The Future of SocialFi: Predicting the trajectory of SocialFi and its potential to reshape the crypto landscape. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Avichal Garg , Co-Founder and General Partner at Electric Capital. Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

May 10, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Thomas Braziel, managing partner at 117 Partners, dives into the draft FTX bankruptcy plan, which was praised for paying out at more than 100% in dollar terms, but has a number of intricacies that are drawing criticisms from creditors—including a group that is urging creditors to vote not. The episode delves into the nuances of the proposed payout, explaining how the estate was able to pay back more than 100% than the dollar value of the claims, why some creditors are being pitted against each other, and why it might get approved even “over the kicking and screaming” of some creditors. Braziel gives his insights into the the rapid formation of this plan, the controversial role of Sullivan and Cromwell, and the logistical challenges posed by what may end up being paper check payouts. Show highlights: Why the plan that was filed this week is such big news How it was never even possible for creditors to be made whole in crypto asset terms How the majority of depositors actually had stablecoins on the FTX platform Why there are “inter-creditor” disputes What a "cramdown" is and why it's significant in this case Criticisms of the plan, and why larger investors, especially with crypto holdings, are having their gains socialized Whether the FTX estate made mistakes by selling some of its positions before they 10x’ed Why FTX didn't reboot its platform What conflicts of interest might arise from law firm Sullivan and Cromwell The tax implications for creditors who are non-US taxpayers How the claims are going to be distributed Whether the creditors will favor the proposal and the next steps Thank you to our sponsors! iTrustCapital Polkadot VaultCraft Guest Thomas Braziel , Managing Partner at 117 Partners Previous appearances on Unchained: Why FTX Might Try to Claw Back Funds From Retail Customers Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In Will Celsius Survive the Bankruptcy Process? How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX Links Previous coverage on Unchained of the FTX bankruptcy: Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Creditors plan: Unchained: 98% of FTX Creditors to Receive 118% Claims Payout Thomas’ summary of the plan Dollarization: Unchained: Is it Fair That Crypto Bankruptcies Are Denominated in Dollars? Here’s a Solution to Dollarization Criticism of the plan: Nicholas Hall’s thread Sunil Kavuri’s opinion on X Zach Guzman on the sale of Anthropic Taxes: Thomas’ thread on the taxes for creditors Learn more about your ad choices. Visit megaphone.fm/adchoices

May 8, 2024

In this first episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann explain why the macroeconomics could point to the markets actually being in a crypto supercycle. They discuss the recent Federal Reserve meeting and its impact on the markets, as well as the irony that leveraged Ethereum futures ETFs will likely be approved while spot Ethereum ETFs will likely not. James also reveals his pet theory on where the SEC is going with its investigation into ETH. They cover why the bottoming of emerging market currencies in Asia is good for Bitcoin, dismiss the recent Wells notice issued to Robinhood, and speculate that Tether may be the most profitable company per employee in the world. Agreeing that the current market cycle is different, Seyffart and McCann suggest that there is still a long way to go, and assert that the market may be underweighting the possibility that crypto goes to a $10 trillion market cap in the next few years. Show highlights: The Fed's recent decisions and how they lower the chances of more rate hikes The importance of global liquidity in the performance of risk assets like Bitcoin and crypto assets Why a bottoming in the value of the yen, yuan and other emerging markets currencies is good for Bitcoin and crypto, according to Joe The irony that leveraged Ethereum futures ETFs are likely to be approved but spot ETFs are not James’s pet theory about how the SEC will rule on whether ETH is a security Whether trading in Hong Kong's crypto ETFs shows how little interest there would be in an ETH ETF compared to spot BTC ETFs Grayscale’s Bitcoin Mini Trust ETF Whether people are underweight on a “crazy bonkers rise” in crypto Why Robinhood's Wells Notice is a "minor story," according to Alex Whether Tether is the most profitable business per employee in the world Why James believes that it's not a good idea for the US Congress to be against stablecoins CZ's sentence and whether it's a "good ending for the story" Hosts: James Seyffart , Research Analyst at Bloomberg Intelligence Alex Kruger , Founder of Asgard Joe McCann , Founder, CEO, and CIO of Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices

May 7, 2024

In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet. They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum. Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future. Show highlights: Ansem’s and Kel’s investment theses around memecoins How Ansem and Kel got into trading memecoins and how they evaluate their potential Why the coin distribution matters and whether tokenomics is important with memecoins How to discern between memecoins with genuine vs. fake interest How memecoins differ across blockchains such as Solana, Ethereum, and Bitcoin Ansem and Kel’s responses to the criticisms of memecoins Whether and how memecoins could become safer for users Kel and Ansem’s surprising reaction to racist and sexist memecoins Ansem's story on WIF and how a female friend of his fueled its popularity Whether Bitcoin is “the original memecoin" and how they define memecoin The future of memecoins and how they believe all memes will become coins Thank you to our sponsors! Polkadot VaultCraft Guests: Ansem Kelxyz Links Culture: What else could memecoins be? by Vitalik Buterin How bad policy favors memes over matter by Chris Dixon Cointelegraph: Meme coins: Betrayal of crypto’s ideals… or its true purpose? CoinDesk: The Memecoin Grift and How It Threatens Ethereum Culture Investment: CoinGecko: Top Crypto Narratives Gained 39% to 1313% in Q1 2024 Messari: Navigating Memecoin Mania Kelxyz investment strategy Decrypt: Crypto Influencer Ansem Explains His Meme Coin Thesis and Why He’s Bullish on Bitcoin Runes Unchained: What Is Dogwifhat (WIF) and Why Is It Up so Much? Safer memecoins Unchained: Half of Solana Presale Tokens Rolled Out Between November and February Were Malicious: Blockaid Study Cointelegraph: 1 in 6 new Base meme coins are scams, 91% have vulnerabilities Andre Conje’s proposal Racist memecoins Unchained: Offensive Memecoins Proliferate on Solana, Sparking Debate Crypto.news: Ethereum's Buterin slams Solana's racist meme coins, urges better projects Learn more about your ad choices. Visit megaphone.fm/adchoices

May 3, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. EigenLayer has been in the news this week after it announced its ‘stakedrop,’ where it will distribute EIGEN tokens to early users of the restaking platform. Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community. They also address criticisms of the token's launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made. Show highlights: The buzz around the universal intersubjective work token and what it was created for What constitutes the digital commons and its two primary characteristics How the EIGEN token is designed to prevent the necessity of forking an entire blockchain Whether dapps should evolve into AVSes and EigenLayer’s complementary role to Ethereum, not replacing it Why the Eigen Foundation was established and how it differs from Eigen Labs Robert's response to the criticism regarding the exclusion of certain countries Why EIGEN will be distributed linearly, despite it potentially favoring whales EigenLayer's announcement of an updated stakedrop, after listening to community feedback The critique of the vesting schedule and Robert's explanation of when the lock period actually starts Why Sreeram believes that transfer restrictions are beneficial and empowering for users What the next steps are for EigenLayer Thank you to our sponsors! iTrustCapital Polkadot VaultCraft Guests Sreeram Kannan , founder of EigenLayer Previous appearance on Unchained: Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum Do You Need to Think Twice Before Restaking Your Assets? Robert Drost , CEO and executive director of the Eigen Foundation Links Airdrop: Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop Robert Drost’s thread on the Eigen Foundation Viktor Bunin’s thread on the token Unchained: Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users Should You Sell ETH Before the Just-Announced EigenLayer Airdrop? Reaction CoinDesk: Why Eigenlayer’s Airdrop Is Controversial Unchained: 5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop Learn more: Unchained: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol What Is Ethereum Restaking? A Beginner’s Guide Learn more about your ad choices. Visit megaphone.fm/adchoices

May 2, 2024

In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto! Show Highlights 🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions. 🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs. 🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market. 🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation. 🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing. 🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , Founder of Compound ⭐️ Tarun Chitra , Giga-Brain & Grand Poobah at Gauntlet Disclosures Links AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024 https://youtu.be/zt_uEHcFiA4 EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 30, 2024

In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin. Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy. All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly. Show highlights: Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions The concept of forward secrecy and how it can help improve security in blockchains Why Willem believes that Layer 3s are possible and bullish for Bitcoin How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin Thank you to our sponsors! Polkadot Guests: Willem Schroé , founder of Botanix Labs Orkun Kılıç , cofounder of Chainway Labs Alexei Zamyatin , cofounder of Build on Bitcoin Links Recent coverage on Unchained of Bitcoin L2s: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again Build on Bitcoin BOB learning documents Announcement of mainnet on May 1st. Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin Alexei’s tweet on BitVM/rollups Alexei went on a retreat with the inventor of BitVM Citrea Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup Whitepaper Orkun Mahir Kılıç’s interview on Unchained Premium Citrea learning documents Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program Botanix CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin Botanix and the Future of Bitcoin Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin Willem Schroé’s interview on Unchained Premium Learn More: Unchained: What Is the OP_CAT Bitcoin Improvement Proposal? What Are Opcodes in Bitcoin? A Beginner's Guide Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 26, 2024

On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security. The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security. The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous." Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US. Show highlights: Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far How they are looking for a Judge to declare that the ETH is not a security Whether the switch to proof of stake turned ETH into a security Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover Why Hinman’s speech is still relevant today, even after 6 years Whether the moves by the SEC are related to a motivation to deny ether spot ETFs How the several cases against the SEC show that the industry “has had enough” Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there The implications of a Consensys victory for the industry and what the next steps in the case are Thank you to our sponsors! iTrustCapital Polkadot Guest Laura Brookover , Senior Counsel & Head of Litigation and Investigations at Consensys Links The lawsuit: Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security ConsenSys’s complaint Bill Hughes’ thread on why Consensys sued the SEC Consensys is suing the SEC to defend the Ethereum ecosystem Hinman speech CryptoLaw: The Hinman Speech Documents Major questions doctrine Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine Other SEC cases: Coinbase Unchained: Why the SEC’s Case Against Coinbase Is So Significant for Crypto Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It Uniswap Unchained: Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? SEC Puts DeFi in Its Sights With Potential Uniswap Suit Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Ethereum Foundation Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report The Real Reason Why the SEC Might Be Going After Ethereum Debt Box Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit Beba DeFi Education Fund and Beba sue SEC over airdrop policies Lejilex Lawsuit document Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 25, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹The devastating floods in Dubai and their impact on the Token 2049 conference 🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise. 🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community. 🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies. 🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi). Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , Founder of Compound ⭐️ Tarun Chitra , Founder and CEO of Gauntlet Disclosures Links Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 23, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers. Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US. Show highlights: How the Tornado Cash case could set a critical precedent for open-source software How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake What the implications of the Tornado Cash case could be for the broader DeFi space What lessons can be learned from the $62 million hack of Munchables on Blast How to address the challenge of malicious actors like North Korea using a permissionless system Whether Coinbase's staking services are considered a securities offering Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs How the Debt Box case order impacts the SEC’s reputation, according to Jake How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba The future of DeFi in the U.S. and its potential for success, according to Jake Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand How the U.S. Presidential election could impact the future of the crypto industry Thank you to our sponsors! Polkadot Guest: Jake Chervinsky , Chief Legal Officer at Variant Previous appearances on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility All Things Crypto Regulation With Jake Chervinsky Everything You Need to Know About the Looming Battle Over Privacy in Crypto Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky Links Tornado Cash Jake’s amicus brief with Amanda Tuminelli Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash Munchables exploit Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit SEC cases: Coinbase Unchained: Why the SEC’s Case Against Coinbase Is So Significant for Crypto Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It Uniswap Unchained: Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? SEC Puts DeFi in Its Sights With Potential Uniswap Suit Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Ethereum Foundation Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report The Real Reason Why the SEC Might Be Going After Ethereum Debt Box Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit Beba DeFi Education Fund and Beba sue SEC over airdrop policies Lejilex Lawsuit document Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 19, 2024

Listen to the episode on Apple Podcasts , Spotify , Pods , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol. Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions. Show highlights: What Runes is and why Charlie believes that it is the hottest thing since Ordinals The differences between Runes and BRC-20 fungible tokens Runes’ unique features, with Charlie pointing out that this is “what the degens really want” Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer The coolest things that Runes Protocol will enable, according to Charlie How Taproot Assets and RGB differ from Runes and why they have not taken off Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods Thank you to our sponsors! iTrustCapital Polkadot Guest Charlie Spears , cofounder of Blockspace Media Links Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different Runes Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin Bitcoin Runes Explainer by Charlie Spears BRC-20s and Ordinals: Unchained: What Are BRC-20 Tokens? A Brief Introduction Bitcoin’s BRC-20 Mania: Is It Sustainable? How to Create a Bitcoin Ordinal Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? Halving Unchained: Bitcoin Halving: What Is It & How Is It Determined? Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen Bitcoin Miners Diversify Their Revenue Streams as Halving Nears Bitcoin L2s Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again Citrea: An Ethereum-Like Experience Built on Bitcoin? How Botanix Aims to Enable Smart Contracts on Bitcoin Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 16, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. The Bitcoin halving is just around the corner, expected to be on April 19 or April 20. Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization. Learn more: Bitcoin Halving: What Is It & How Is It Determined? Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end. Show highlights: How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility Whether this cycle could be the "last cycle" or the "supercycle" Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin How artificial intelligence is expected to trigger a productivity boom, according to Will Why Will considers Coinbase to be mispriced Whether Bitcoin L2s have a future and if security budgets are a concern Their views on Bitcoin Ordinals and the Runes Protocol launch Why Will views DOGE as a purer commodity than ETH Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle Thank you to our sponsors! Polkadot Guest: Arthur Hayes , CIO of Maelstrom. Previous appearances on Unchained: Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH Arthur Hayes of Bitmex on Why Countries Will Turn to Digital The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks How Crypto and Blockchain Technology Could Change Financial Services Will Clemente , Co-founder of Reflexivity Research Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is? Links This cycle Naval’s tweet : “The narrative for this cycle is ‘this is the last cycle.’” Unchained: Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen Bitcoin Miners Diversify Their Revenue Streams as Halving Nears Heatwave by Arthur Hayes Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter Bitcoin ETFs: Unchained: The Best Spot Bitcoin ETFs for Different Types of Investors Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea Bitcoin ETFs Explained: What Are They & How Do They Work? Macroeconomic conditions CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected FT: Investors lose hope of rapid US interest rate cuts this year Block size wars Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’ Bitcoin L2s Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again Runes Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know Ethena Hayes’ tweet on Ethena Unchained: ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? What Is Ethena's USDe Synethic Dollar? Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 12, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action. Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry. Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC. Show highlights: Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges How the SEC could make a case that some of the tokens traded via Uniswap are securities What the next steps are in the case, with a lawsuit possibly coming soon Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol Why the DeFi Education Fund recently filed a lawsuit against the SEC Why Amanda believes in a “proactive counteroffensive strategy” with the SEC How Amanda would like legislation to be implemented in the U.S. Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda Why Amanda thinks Uniswap will ultimately win against the SEC Thank you to our sponsors! iTrustCapital Polkadot Guest Amanda Tuminelli , Chief Legal Officer at DeFi Education Fund Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts , Amanda’s op-ed for Fortune Links Wells Notice Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit Unchained: UNI Drops 16% as SEC Targets Uniswap Labs Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Other cases: Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It Social media commentary: Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case. Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 11, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Dive into Monad’s efforts to revolutionize Ethereum with parallelization for higher transaction throughput and efficiency. 🔹 Discussion on Solana's congestion issue, its impact on network performance, and lessons for future scalability. 🔹 Examination of Avi Eisenberg's courtroom saga, challenging the boundaries between legal systems and blockchain autonomy. 🔹 Insight into the scalability challenges facing blockchains and the innovative solutions proposed by new projects. 🔹 Analyzing the ethical considerations in exploiting blockchain vulnerabilities and the responsibility of the crypto community. 🔹 Debate on the future of smart contracts in light of legal challenges and the evolving concept of 'code is law'. 🔹 Perspectives on the balance between innovation and user protection in the rapidly evolving landscape of decentralized finance. Special guest ⭐️ Keone Hon , Cofounder/CEO at Monad Labs Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Robert Leshner , Founder of Compound Disclosures Links The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413 https://unchainedcrypto.com/podcast/the-mango-markets-attacker-on-whether-his-trade-was-ethical-or-not-ep-413/ Nickel Blowup Made a Lot of Trouble by Matt Levine https://www.bloomberg.com/opinion/articles/2022-03-14/nickel-blowup-made-a-lot-of-trouble Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 9, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Polygon Labs CEO Marc Boiron and co-founder Brendan Farmer discussed everything about the AggLayer, a decentralized protocol built by Polygon that enables fast, secure cross-chain interactions and allows different chains to use the same native bridge. This allows users to seamlessly move assets across chains in the AggLayer ecosystem. The AggLayer aims to unify blockspace so that it feels like a single chain, improving user experience. Boiron and Farmer also discussed the potential for Layer 2 solutions to scale Ethereum, the benefits of zero-knowledge technology, and the future of Polygon's proof-of-stake chain. Learn more: What Are Zero-Knowledge Proofs? Show highlights: Background of Brendan and Marc and how they joined Polygon A brief description of what Polygon is overall What the AggLayer is and how it aims to enable the best of monolithic and modular blockchains How Brendan differentiates the AggLayer from its competitors, such as Optimism's Superchain or Cosmos and why he believes that zk-technology is such a game changer How the interoperability experience gets better in such a system, according to Marc and Brendan, and what will become possible that's not now Which chains can use the AggLayer and how it works to improve security across chains The tradeoffs between the various types of zkEVM provers How projects should decide their architecture and when it would make sense to tap the AggLayer Why projects should build on the AggLayer, including layer 1s, according to Marc How Layer 1s can still join the AggLayer and retain their own consensus and sovereignty Why Polygon believes that zk-technology is the future of blockchain architecture Why the Polgyon zkEVM suffered an outage on March 30 Whether Layer 3s are needed to scale the Ethereum ecosystem Why Brendan believes that EigenLayer is not a good fit for rollups to use The transition of the Polygon PoS chain to become an Ethereum L2 using the AggLayer When EIP-4844/Dencun will go live on Polygon Thank you to our sponsors! Polkadot Guests: Marc Boiron , CEO of Polygon Labs Previous appearances on Unchained: Gary Gensler vs. Crypto: What Will the SEC Attack Next? The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed? Brendan Farmer , co-founder of Polygon and co-lead of Polygon Zero Links AggLayer Polygon: Aggregated Blockchains: A New Thesis More technical Agglayer explainer CoinDesk: Polygon Lands Astar Network as First User of New 'AggLayer’ Cosmos-Based Canto Blockchain Reverses Course on Polygon Layer-2 Plans, Unveils New Roadmap Zaki on the comparisons with Cosmos zk-Technology Polygon: Upgrading Every EVM Chain to ZK: Introducing the Type 1 Prover The different types of ZK-EVMs by Vitalik Unchained: Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future Polygon zkEVM Unchained: Polygon zkEVM Chain Goes Down for 10 Hours Blockworks: Polygon unpacks zkEVM outage and ‘emergency’ upgrade Layer 3s Unchained: Layer 3s Only Exist to Take Value Away From Ethereum: Polygon Labs CEO 0xCygaar on L3s and L2s Potuz on the benefit of L3s Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 5, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion. In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi. Show highlights: An introduction to what Ethena is and how USDe works Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar" What the risks of USDe are, including custody, counterparties, and smart contracts Why Guy is "pleased" with how the ENA airdrop went through How ENA will be used and what its role will be in the governance of Ethena Why Ethena is now onboarding Bitcoin as collateral Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave Guy's response to the critics who say that Ethena is essentially Terra/Luna Whether USDe would only work in a bull market How the Ethena insurance fund works and what it aims to accomplish What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset Thank you to our sponsors! Polkadot iTrustCapital Guest Guy Young , founder of Ethena Labs. Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models Links Ethena: Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide Decrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know Dust on Crust by Arthur Hayes Airdrop: Unchained: Airdrops From Wormhole and Ethena Labs Set to Inject $2.4 Billion Into Crypto Market This Week Cointelegraph: Ethena will become highest revenue-generating crypto project — Delphi Labs CEO ENA Airdrop and Season 2: Sats Campaign Learn more: What Is a Crypto Airdrop? A Beginner’s Guide MakerDAO/Aave controversy: The Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral , Comparisons to Terra’s UST: The Defiant: Ethena Stablecoin’s 27% Yield is Triggering Terra-Induced PTSD Andre Cronje’s thoughts on USDe Cointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 4, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, amidst the crypto bull market's fervor, the boys dissect the launch of Ethena and its repercussions, including a potential DeFi civil war spurred by integration disputes between MakerDAO and AAVE. The conversation then shifts to the broader implications of SBF's sentencing, exploring how this landmark legal decision could reshape the landscape of trust and regulation within the crypto community. Moreover, we tackle the ethical and operational dilemmas faced by Blast in response to a significant hack, debating the merits and risks of potential rollbacks and the preservation of user funds against the backdrop of decentralized ideals. As we navigate through these complex issues, we shed light on the dynamics between decentralization, regulation, and innovation, offering nuanced perspectives on the challenges and opportunities that lie ahead for crypto. Tune in for an insightful journey through the strategic battlegrounds and evolutions that are defining the future of blockchain technology. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Analysis of Ethena's token launch impact on the crypto bull market and the crypto ecosystem 🔹Insight into the ongoing DeFi civil war triggered by MakerDAO's integration of Ethena, extending into Aave's strategic response and the broader DeFi ecosystem. 🔹Examination of SBF's sentencing, exploring its repercussions for crypto regulation, investor trust, and the legal landscape of the crypto industry. 🔹Evaluation of Blast's response to a significant security breach, debating the implications of potential rollbacks for DeFi security and user trust. 🔹Exploration of the balance between DeFi innovation, regulatory challenges, and the need for a stable legal framework to support crypto growth. 🔹Analysis of the crypto community's response to the DeFi civil war, SBF's sentencing, and security issues in decentralized finance platforms. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Robert Leshner , Founder of Compound Disclosures Links MakerDAO Proposal: “Morpho Spark DAI Vault Update” - https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006 AAVE’s Proposal: “Risk Parameters for DAI Update” https://governance.aave.com/t/arfc-risk-parameters-for-dai-update/17211 Barbara Fried’s SBF sentencing submission https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.419.0_1.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

Apr 2, 2024

On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security. Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications. The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed. Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months. Show highlights: Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security Whether the number of people working on Ethereum could make the argument that it is decentralized How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts Whether the SEC is looking for evidence to deny spot ether ETFs Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry What the possible outcome of this investigation could be, and whether we'll have a court case soon What the impact would be if ETH were classified a security Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation Why Sam believes that the spot ETH ETFs will be denied on May 23rd How the SEC has already made up its mind even before gathering the facts, according to Sam Whether the recent judgment on Coinbase's case affects the potential case against the EF Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment Thank you to our sponsors! Polkadot Guests: Sam Enzer , Partner at Cahill Gordon & Reindel Previous appearances on Unchained: How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Greg Strong , partner at DLx Law Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Links Ethereum Foundation investigation: Fortune: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim CoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report Ethereum’s security status Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security Fortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 video CNBC: SEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins For more details and links, visit Unchained Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 29, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Sam Bankman-Fried (SBF), FTX's co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence's necessity due to Bankman-Fried's risk-oriented decision-making philosophy known as “expected value” and lack of remorse. Sam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it’s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter. Show highlights: Whether the 25-year sentence is fair, according to Sam What the $11 billion in forfeiture means for SBF Whether the assets of SBF actually belong to the FTX estate Where SBF will likely go to prison and why Sam believes that SBF will not go to a maximum security prison When the clock starts ticking for the 25-year sentence Why SBF will not be eligible for parole and whether he could get "good time credit" What the defense will attempt in appealing the conviction What types of behavior could get SBF enough credit to appeal for a reduced sentence Why SBF will have to be supervised for three years after his release How SBF’s philosophy about “expected value,” was the theme of the crime, according to Judge Kaplan Whether the co-conspirators, such as Caroline Ellison, will be sentenced and serve in prison Why Sam says that the sentencing represented "the closing of a dark chapter" in crypto Thank you to our sponsors! iTrustCapital Polkadot Guest Sam Enzer , Partner at Cahill Gordon & Reindel Previous appearances on Unchained: Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Links Unchained: FTX Founder Sam Bankman-Fried Sentenced to 25 Years for Historic Fraud SBF’s Prison Sentencing Is Coming Up. How Many Years Will He Get? Is Prison Crypto’s New Glow-Up? Post-Incarceration Do Kwon and SBF Are Admired What to Expect from Sam Bankman-Fried’s Sentencing – and the Lessons We Should Learn Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 28, 2024

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we're tackling pressing questions: "Are Memecoins a Good Bet for Institutional Investors?" and "Can BASE Catalyze a Shift in Ethereum's DeFi Dominance?" Amidst Ethereum's upgrades, we explore the impact on scalability and the Layer 2 landscape. The legal entanglements of KuCoin with the DOJ and Beba's lawsuit against the SEC prompt a discussion on "What Do These Legal Challenges Mean for Crypto's Regulatory Future?" Additionally, we analyze the Blast Layer 2 security breach, questioning its implications for decentralized finance's security. Plus, a hypothetical scenario with Mr. Beast airdropping his own token leads us to ponder, "Can Celebrity-Endorsed Cryptocurrencies Create Real Value?" Join us as we dissect these pivotal developments, offering insights into the strategic maneuvers and policy shifts shaping crypto's future. Tune in for a compelling narrative on innovation and speculation in the rapidly evolving world of blockchain technology. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 BASE's Growth and Challenges: Discussing BASE's explosive growth amidst Ethereum's upgrades, and how it's shaping the Layer 2 landscape amidst rising gas fees and scalability solutions. 🔹 Beba & DeFi Education Fund vs. SEC: Unpacking the lawsuit against the SEC for clearer airdrop regulations, highlighting its significance for future of airdrops. 🔹 KuCoin's Legal Battle: Insights into KuCoin's indictment by the DOJ, emphasizing the exchange's challenges and the broader implications for crypto regulations. 🔹 Blast L2 Security Incident: Analyzing the $62 million hack on Blast L2, exploring its impact on security perceptions and the debate over centralized control in DeFi. 🔹 Institutional Engagement with Memecoins: Exploring the surprising trend of reputable investment firms and family offices venturing into the volatile world of memecoins. 🔹 The Mr. Beast Coin Hypothesis: Exploring the theoretical impact of a Mr. Beast coin on the crypto economy, debating whether celebrity-backed coins can lead to genuine wealth creation. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Robert Leshner , Founder of Compound Disclosures Links BEBA LLC and DEFI EDUCATION FUND v. SEC - https://www.defieducationfund.org/_files/ugd/84ba66_3f7a8f2ca6614d7381122cb1beeed4a8.pdf Prominent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenses - https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally Tweet “Learn about that touch and the intersection of AI and blockchain” - https://twitter.com/NEARProtocol/status/1772494712525426865 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 26, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. In this episode, Laura interviews Meg Lister, GM of Grants Labs at Gitcoin, and Kevin Owocki, co-founder of Gitcoin. They discuss the evolution of Gitcoin from a centralized platform to a decentralized suite of protocols, Gitcoin 2.0, which allows any Ethereum Virtual Machine (EVM) based ecosystem to fund its public goods. They also talk about the various funding mechanisms available, including quadratic funding, retroactive public goods funding, and conviction voting. Learn more: What Is Retroactive Public Goods Funding? The team is also exploring more futuristic concepts such as private voting systems, angel investing 2.0, and impact attestations. The ultimate goal for Gitcoin is to create a capital allocation infrastructure that funds what matters to communities, whether they are towns, states, countries, or online interest groups. Show highlights: Kevin's background and how he came to found Gitcoin and why Meg joined the company The differences between Gitcoin 1.0 and 2.0 What quadratic funding is and why it is important in the blockchain ecosystem The problem of sybil attacks and how Gitcoin Passport aims to solve it Why Gitcoin has changed its approach to put more focus on scaling Ethereum rather than other types of grants How Gitcoin is trying to solve capital allocation efficiency with Allo (Capital Allocation) Protocol What streaming quadratic funding is and how it differs from traditional quadratic funding How retroactive public goods funding (RPGF) works What conviction voting is and how it addresses some of the current problems in DAOs Which projects are using Gitcoin Passport and what for Why Gitcoin is so focused on the Ethereum ecosystem and whether they will launch in other chains What the purposes of the GTC token are and how it could become a flywheel for Gitcoin How Gitcoin can become sustainable long-term, since it's free to use at the moment The features that are coming down the line for Gitcoin, including privacy and onchain "angel investing" What the future could look like if Gitcoin succeeds in its mission, according to Kevin Thank you to our sponsors! Polkadot Guests: Kevin Owocki , Co-founder of Gitcoin Meg Lister , GM of Grants Labs at Gitcoin Links Gitcoin Gitcoin 2.0 Whitepaper , co-authored by Kevin Owocki and Meg Lister Public Goods Funding: The New Meta | Kevin Owocki - Gitcoin , presentation at ETH Denver 2024 Gitcoin Entering the End Game Gitcoin’s Citizen Grants program Impact report CoinDesk: Why Crypto’s Most Altruistic Project Is Going (Kinda) Corporate Blockworks: Gitcoin is restructuring to focus on grants for the Ethereum ecosystem Allo Protocol Announcement thread Web3 Ecosystem Funding State of Web3 Grants Report Web3 Innovations in Public Goods Funding How To Fund Innovation: A Guide to Web3 Grants , Meg Lister for BeIn Crypto Quadratic funding ORIGINAL WHITE PAPER , co-authored by Vitalik Buterin Retro PGF Unchained: What Is Retroactive Public Goods Funding? Passport Introducing Passport - Digital Identity as a Public Good Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 22, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. On Wednesday, BlackRock, the world's leading asset management firm, announced the launch of a tokenized investment fund, the BlackRock USD Institutional Digital Liquidity (BUIDL) Fund, developed in collaboration with Securitize. Carlos Domingo, founder and CEO of Securitize, discusses the launch of the fund, which is native to the public Ethereum blockchain and aims to bring an institutional-grade cash management product to crypto institutions, offering faster token issuance, redemption, and transferability. Learn more: What Is Real-World Asset (RWA) Tokenization? A Beginner's Guide He also talks about how Blackrock has embraced crypto, how the launch of the fund was “front run” by crypto Twitter, and how Blackrock will deal with issues such as the fund being dusted with ETH tainted by sanctioned Tornado Cash ETH. Show highlights: What the BUIDL fund is, its essence and objectives How the fund rewards its users, with a system similar to crypto airdrops Whether they were worried about regulatory aspects of bringing this product onchain Securitize's role in the partnership with BlackRock How much money flowed into the fund on the first day and who the target investor is Why BlackRock decided to build this product on Ethereum What BlackRock's attitude towards crypto is, according to Carlos How the launch of the fund was frontrun by crypto insiders How a wallet associated with the fund received unintended funds from North Korean tied wallets and whether Ethereum should implement a mechanism for addresses to approve funds that are sent to it Whether the contract is secure and what steps Securitize is taking to increase the safety of the users The roadmap for the partnership between BlackRock and Securitize Thank you to our sponsors! iTrustCapital Polkadot Uniswap Guest Carlos Domingo , Founder and CEO of Securitize Previous appearance on Unchained: Could Securitize Democratize Access to Different Asset Classes? Links Previous coverage on Unchained of real world assets: The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets? The Chopping Block: Will Tokenizing RWAs Finally Click This Time? MakerDAO Has Brought in Real World Assets. Is It Worth the Risk? BlackRock USD Institutional Digital Liquidity (BUIDL) Fund The Block: BlackRock to launch tokenized investment fund with Securitize Unchained: BlackRock's Institutional Fund Wallet Receives Unsolicited ETH From Tornado Cash Within Hours of Launch BlackRock Receives Memecoins and NFTs After Putting $100 Million USDC Onchain Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 21, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this week's episode, the squad dives into the riveting dynamics of meme coins and their undeniable sway over market sentiments, alongside a detailed exploration of BlackRock's groundbreaking leap into blockchain with its on-chain fund initiative. Is Solana redefining its role as the new haven for meme coin ventures, signaling a shift in blockchain platform dominance? And with Ethereum's recent 4844 and Dencun upgrades, can it hold its ground as the DeFi ecosystem's backbone amidst escalating competition? We delve into MakerDAO's ambitious 'Endgame' strategy, contemplating its potential to reshape governance within the DeFi sector. The conversation doesn't stop there; we untangle the complex web of crypto conspiracies and debate the evolving definition of 'fair launch' in the decentralized space. This episode is packed with analysis and insights as we navigate the speculative excitement of meme coins, the strategic moves of blockchain giants, and the transformative policies shaping the future of decentralized finance. Join us for a thought-provoking journey as we dissect these developments, with Robert Leshner shedding light on the alpha in Reg D filings, to unravel the narratives that could redefine the crypto ecosystem's future. Tune in for a compelling session that promises to peel back the layers of innovation, speculation, and strategic maneuvering in the ever-evolving crypto landscape. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Unraveling Crypto Conspiracies: Delving into the speculative theories surrounding the surge of memecoins and their potential orchestration by exchanges or other entities. 🔹 Redefining 'Fair Launch' in DeFi: A critique of the shifting meaning of 'fair launch' within the memecoin sector, highlighting the departure from traditional norms. 🔹 Solana as the New Memecoin Haven: Examining Solana's burgeoning role as the preferred platform for memecoin activity and what it signifies for blockchain innovation. 🔹 Ethereum's Technological Upgrades: Analyzing the implications of Ethereum's 4844 and Dencun upgrade for transaction fees, scalability, and the developer ecosystem. 🔹 Debating the Future of memecoins: Insights into the dynamic world of memecoins, from the rise of pre-sales on Solana to the broader implications for the crypto market. 🔹 The Evolution of MakerDAO: Discussion on MakerDAO's transformative 'Endgame' strategy, introducing new governance mechanisms and tokens to revitalize its ecosystem. 🔹 BlackRock's Entry into Crypto: A glimpse into BlackRock's strategic move to launch an on-chain fund, marking a significant step by a major institutional player into the crypto space. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Robert Leshner , Founder of Compound Disclosures Links Pump.fun - https://www.pump.fun 3AC’s Kyle Davies on Why He’s Crypto’s Lloyd Blankfein and Why He’s Not Sorry - https://unchainedcrypto.com/3acs-kyle-davies-on-why-hes-cryptos-lloyd-blankfein-and-why-hes-not-sorry/ MakerDAO Endgame: Launch Season - https://forum.makerdao.com/t/makerdao-endgame-launch-season/23857/1 What Is a Fair Launch in Crypto? - https://www.coingecko.com/learn/what-is-a-fair-launch-in-crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 19, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Few crypto figures have been as vilified as Kyle Davies, the co-founder, along with Su Zhu, of crypto hedge fund Three Arrows Capital, which imploded in mid-2022, losing $3 billion and bringing many pillars of the crypto industry down with it. Davies and Zhu have been accused of, among other things, lying about 3AC’s assets as the firm was imploding, trying to borrow money when the firm was insolvent, and seeking funding from the Mafia, all of which Davies denies. But he remains unapologetic about 3AC’s demise, saying most, if not all, companies eventually go bankrupt, and that 3AC had a “pretty spectacular” ten-year run. He joined Unchained to explain why he and Su Zhu were ordered to prison in Singapore for non-compliance with the liquidation proceedings, Zhu’s “six weeks meditating” (in prison), where he’s living now, why he and Zhu went to Bali after the bankruptcy, his $25,000-a-month fee for consulting for crypto bankruptcy exchange OPNX, his and Zhu’s current work advising crypto derivatives platform OX.FUN, and what he wishes he would have done differently in terms of 3AC’s wind down. Show highlights: Whether Kyle is cooperating with 3AC liquidator Teneo and his opinions of that firm His and 3AC co-founder Su Zhu’s prison sentences in Singapore Why Kyle says he didn’t know about the scheduled court date Why Dubai levied fines against him, according to Kyle Where he is living now Whether or not he made misrepresentations about 3AC’s assets to lenders before its implosion, traded when the firm was insolvent, and borrowed money from the mafia Why Kyle went to Bali after the bankruptcy His defense of his $25,000 a month fee for consulting for OPNX Why Kyle thinks his reputation post-3AC was still “huge” because all companies eventually go bankrupt Gamified derivatives platform OX.FUN, where he is an advisor His dreams of opening a cloud kitchen chicken restaurant Why he filed a lawsuit against Sixth Man Ventures’ Mike Dudas What he could have done differently at the time of 3AC’s collapse Why Kyle is not sorry 3AC went bankrupt Thank you to our sponsors! Polkadot Guest Kyle Davies , OX.FUN advisor and co-founder of Three Arrows Capital Links Su Zhu’s Arrest Unchained: Three Arrows Capital Cofounder Su Zhu Arrested in Singapore 3AC Founders’ Assets Frozen CoinDesk: Court Freezes $1 Billion of Assets of Three Arrows Capital Founders 3AC Ventures CoinDesk: Bankrupt Hedge Fund 3AC's Return as a VC Stirring Up Crypto Community Davies and Su’s Post Bankruptcy Lives New York Times: Their Crypto Company Collapsed. They Went to Bali New York Magazine: ‘They Are Very Comfortable Lying’: How fallen crypto kingpins Su Zhu and Kyle Davies are dodging prison — and rebranding OPNX Wall Street Journal : Founders of Bankrupt Three Arrows Capital Plan Trading Platform for Distressed Crypto Debt Cointelegraph: CoinFLEX creditors dissatisfied with restructuring to OPNX: Report Unchained: 3AC Founders’ New Crypto Exchange OPNX to Shut Down Cointelegraph: OPNX to shut down with mysterious new exchange as replacement Decrypt: CoinFLEX Creditors React to OPNX Closure: 'They Have Left a Trail of Destruction' OX.FUN March 11 Twitter spaces on OX.FUN with Davies and Zhu Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 15, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Ethereum’s long-awaited Dencun upgrade finally went live this week, and many L2s immediately saw their transaction fees fall dramatically , as was the intention. Among them was the Coinbase-incubated Base, which was created by Jesse Pollak. Pollak joined Unchained to discuss the impact Dencun was having on Base; how he thinks Layer 1s and Layer 2s will start to differ from one another and eventually spawn a multitude of specialized Layer 3s; his response to criticisms of the increasing use of Layer 2s, what he’s focusing on now, and why he supports using the word “onchain” over “crypto” or “web3.” Show highlights: The problem that Dencun is trying to solve The benefits of blobs and blobspace How Dencun has already reduced Base’s fees, but also increased its transactions How Jesse thinks Layer 1s and Layer 2s will start to become differentiated from each other The rise of Layer 3s How Jesse addresses criticisms of fragmentation and centralization arising from the increasing use of Layer 2s Why Jesse is particularly excited about two features of the Dencun upgrade—transient storage and increased composability between L1s and L2s What Jesse and the Base team are focusing on now Why Jesse thinks that “onchain” is a better word to describe the industry than “crypto” or “blockchain” or “web3” Thank you to our sponsors! iTrustCapital Polkadot Uniswap Guest Jesse Pollak , creator of Base at Coinbase Previous appearances: The Chopping Block: All About That Base With Jesse Pollak Links Recent coverage on Unchained of the Dencun Upgrade and Base: Dencun Day One: Ethereum Layer 2 Networks See Drastic Drop in Transaction Fees Ethereum Completes Milestone Dencun Upgrade, Which Should Substantially Reduce Fees How Much Will the Dencun Upgrade Really Reduce Ethereum Layer 2 Fees By? Why Base’s Creator Thinks Social Apps Will Be a ‘Huge Part’ of the Layer 2 Blockchain’s Success CoinDesk: Debating Dencun: Will Ethereum's Big Update Help or Harm the Network? Jesse’s tweets on Dencun October 2022 January 2024 March 13, 2024 Blobs / Proto-danksharding EIP-4844 proposal Blobs unleashed: Ethereum’s Dencun upgrade activates on mainnet Base says it will support EIP-4844 from 'day 1' following Dencun upgrade Ethereum stans are putting the Bee Movie on blobs for as little as $5 Superchain Decentralizing Base with the OP Stack and Optimism Base’s Commitment to Decentralization with the Superchain Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 14, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this week's episode the squad asks: Is MakerDAO setting a new precedent for DeFi protocols with its emergency rate hike? How significant is the role of meme coins in the crypto market's volatility, and what does Solana's prominence tell us about the future of blockchain platforms? Can Ethereum maintain its position as the backbone of DeFi amidst the growing competition from layer 1 and layer 2 solutions? This episode delves deep into the whirlwind discussions surrounding MakerDAO's sudden monetary policy adjustments, scrutinizing the balance between stability and adaptability in DeFi's fast-paced world. We explore the fascinating, yet often speculative, universe of meme coins, highlighting their impact on network activity and public perception of cryptocurrency's value. The conversation also navigates the evolving landscape of Ethereum as it faces challenges and opportunities in scalability and functionality. Join us as we tackle these thought-provoking questions, armed with Robert Leshner's expertise, to peel back the layers of complexity surrounding DeFi strategies, the meme coin craze, and Ethereum's strategic positioning. Tune in for a captivating session aimed at decoding these trends and offering insights into their potential to redefine the contours of the crypto ecosystem. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 MakerDAO's Monetary Strategy Shift: Exploring the implications of MakerDAO's emergency rate hike and its potential to redefine monetary policy in DeFi. 🔹 The Meme Coin Madness: Diving into the dynamics of meme coins in the crypto ecosystem, focusing on their impact on market volatility and investor behavior. 🔹 Ethereum's Position in the DeFi Ecosystem: Analyzing Ethereum's challenges and opportunities as it continues to be the backbone of decentralized finance amid rising competition. 🔹 The Crypto Evolution and Reflection: Reflecting on the progress of the crypto industry by comparing current discussions to traditional banking models, highlighting the maturation of the sector. 🔹 Solana's Influence in the Crypto Market: Investigating Solana's growing prominence for meme coin activity and what it signals about blockchain platform developments. 🔹 DeFi Protocols as Financial Antidotes: Discussing the role of DeFi protocols in offering alternatives to traditional financial systems and their potential to disrupt. 🔹 Intellectual Property Rights in a Digital Age: Speculating on the future of IP rights in the era of digital creation and AI, questioning the sustainability of current legal frameworks. 🔹 The Crypto Market's Bullish Trends: Analyzing the current bullish trends in the cryptocurrency market, including Bitcoin and Ethereum's price movements and the factors fueling optimism. 🔹 Governance and DAOs in Crypto's Future: Delving into the significance of decentralized autonomous organizations and governance models for the future of cryptocurrency and blockchain technology. Hosts ⭐️ Haseeb Qureshi , Managing partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Robert Leshner , Founder of Compound Disclosures Links Bitcoin Is Hitting All-Time Highs Around the World (CoinDesk) https://www.coindesk.com/markets/2024/02/29/bitcoin-is-hitting-all-time-highs-around-the-world/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 12, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Sreeram Kannan, founder of EigenLayer, and Olaf Carlson-Wee, founder and CIO of Polychain Capital, an investor in EigenLayer, say that the developer ecosystem around EigenLayer is sprouting up very fast, which reminds Carlson-Wee of the developer excitement in Ethereum’s early days. They discuss the potential of EigenLayer, which uses a restaking mechanism to allow ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to bolster security for other protocols. They cover how it could turbocharge Ethereum's rollup scaling roadmap and enable Ethereum to become a stack of decentralized software as a service providers. Additionally, they discuss the potential risks associated with restaking as well as how EigenLayer could work with AI. Read more: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol Show highlights: Sreeram's explanation of what EigenLayer is and what it allows on Ethereum why Polychain invested in EigenLayer's seed round why Sreeram believes that there are not just going to be three modules in blockchains, but thousands the types of applications that can be built with actively validated services, according to Sreeram why they both believe that EigenLayer will improve smart contracts whether EigenLayer will help solve the liquidity fragmentation issue in Layer 2s what Ethereum inclusion guarantees are and why they are important the potential risks of EigenLayer and why Olaf doesn’t agree that EigenLayer results in rehypothecation how attribution claims work in EigenLayer, allowing for "elastic scaling of security" EigenLayer’s points program and the likelihood of a token why Sreeram believes that an EigenLayer governance token wouldn't have the same issues as Lido's LDO whether EigenLayer should be a core part of the Ethereum protocol itself how AI and EigenLayer intersect and how to have permissionless innovation in the AI space Thank you to our sponsors! Polkadot Guest: Olaf Carlson-Wee , founder and CIO of Polychain Capital Previous appearances on Unchained: OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone' Why The First Employee Of Coinbase Launched A Hedge Fund To the Moon and Back With Polychain's Olaf Carlson-Wee Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital Sreeram Kannan , founder of EigenLayer Previous appearance on Unchained: Do You Need to Think Twice Before Restaking Your Assets? Links EigenLayer Unchained: What Is Ethereum Restaking? A Beginner's Guide ETHDenver’s 2024 Hackathon: Onchain Security, AI, and Gaming Fun Dominate the Winning Projects A16z, Binance Labs Make Investments in EigenLayer Ecosystem EigenDA Overview Sreeram’s post on why “building on EigenLayer, therefore, doesn't negate the utility of an AVS token” Points DL News: Kelp DAO opens trading of the $340m EigenLayer airdrop market with KEP CoinDesk: Omni Network Signs $600M Restaking Deal With Ether.Fi to Enhance Security Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 9, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the hot topics stirring the cryptocurrency world. Could Uniswap's fee switch revolutionize DeFi's economic model? What's the real potential of decentralized AI in blockchain, and how close are we to seeing its practical applications? And in the whirlwind of the crypto market, what makes meme coins like Jeo Boden not just viral, but influential? This episode offers a detailed analysis of Uniswap's strategic move to potentially activate fee switches, exploring its implications for liquidity providers and the broader DeFi landscape. We also navigate the promising yet challenging terrain of Crypto AI, dissecting decentralized inference and the feasibility of verifiable training. The phenomenon of meme coins, with a spotlight on Jeo Boden, is dissected for its impact on community engagement and market dynamics. Join us as we probe these intriguing questions, equipped with Robert Leshner's insights, to unravel the complexities of DeFi innovations, Crypto AI's frontier, and the unique ecosystem of meme coins. Tune in for an enlightening session that aims to demystify these trends and provide a clearer understanding of their role in shaping the future of cryptocurrency. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Uniswap's Fee Switch Debate: Unpacking the implications of Uniswap's potential fee switch activation and its impact on DeFi's revenue models. 🔹 The Intricacies of Crypto AI: Diving deep into the world of Crypto AI, focusing on decentralized inference and the hurdles of verifiable training. 🔹 Meme Coin Phenomenon: Analyzing the cultural and economic forces behind meme coins like Jeo Boden and their sway in the crypto community. 🔹 Regulatory Winds in Crypto: Discussing the changing regulatory landscape and what Uniswap's move might signal about the future of DeFi regulation. 🔹 Market Predictions and Speculations: Exploring expert predictions on Bitcoin and Ethereum's price movements and the factors driving market optimism. 🔹 Technological Developments and Security: Delving into the significance of memory-safe programming and the White House's surprising tech endorsement. 🔹 Attested Data in the Age of Synthetic Media: Examining the role of cryptographically signed data in ensuring content authenticity in the blockchain era. 🔹 Decentralized Platforms' Disruption Potential: Probing the capability of decentralized platforms to reshape traditional social media models. 🔹 The Economic Model of DeFi: Discussing the potential transformation in DeFi's economic landscape post-Uniswap's fee switch implementation. 🔹 Crypto Culture and Community Dynamics: Investigating the unique cultural aspects of the crypto community, especially around meme coins and their market influence. Hosts ⭐️ Haseeb Qureshi , Managing partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Robert Leshner , Founder of Compound Disclosures Links Bitcoin Is Hitting All-Time Highs Around the World (CoinDesk) https://www.coindesk.com/markets/2024/02/29/bitcoin-is-hitting-all-time-highs-around-the-world/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 8, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. In this episode, Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, discussed the performance of Bitcoin ETFs since their launch two months ago. Balchunas noted that the ETFs' performance exceeded his expectations, with a faster and more intense "second wind" than anticipated. He attributed this to a combination of asset managers buying in, retail interest, and the "ETF effect" where the knowledge of incoming flows encourages non-ETF investors to buy. Balchunas also predicted that BlackRock's Bitcoin ETF would likely be the most successful of the nine new spot Bitcoin ETFs, while also doubting that any of the smaller issuers would bow out. He also discussed the potential for spot Ether ETFs, but was less optimistic about their success compared to Bitcoin ETFs. Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Show highlights: Why the Bitcoin ETF performance in the past couple of weeks exceeded Eric's expectations Whether Eric had ever seen the kind of hype around Bitcoin ETFs occur with other ETFs How there has been a lot of retail interest in these past few weeks Eric's insights into how bitcoin reached all-time highs again this week Whether a good portion of the ETF volumes is sustainable and what's driving those large volumes Whether it's safe to say that BlackRock is the winner among issuers Whether the smaller issuers in terms of volume and AUM will close their ETFs When options on Bitcoin ETFs will be approved Whether in-kind redemptions will be allowed in the near future and the role of politics in that Whether Grayscale will have to reduce its fees considering the huge outflows from GBTC Why Eric believes that spot ether ETFs won't have as much demand as the bitcoin ETFs did Reasons the SEC could use to reject spot ether ETFs Whether issuers will rebalance their portfolios at the end of quarters What Eric expects to see in terms of inflows by year’s end Thank you to our sponsors! iTrustCapital Polkadot Uniswap Guest Eric Balchunas , Senior ETF analyst at Bloomberg Intelligence Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Will a Spot Bitcoin ETF Finally Get Approved? Links Recent coverage on Unchained of Bitcoin’s surge: How the Bitcoins in Your ETF Get Sourced: The Real Story Should You Sell Bitcoin Now That It’s Nearing Its All-Time High? Miners Appear to Sell $69 Million Worth of Decade-Old Bitcoin Bitcoin Hits New All-Time High Above $69,000, Presaging More Potential Gains Previous coverage on the Unchained podcast of spot Bitcoin ETFs: Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Eric’s tweet on $IBIT smashing $788m Ethereum spot ETF: BitMEX Blog: Ethereum ETFs & Staking Eric’s tweet on ether ETFs Unchained: Wh y Spot Ether ETFs Likely Won’t Steal Bitcoin’s Thunder — Even if Staking Is Included Spot Ether ETFs Could Introduce New Concentration Risk in Ethereum: S&P Global Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 5, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. In this episode of Unchained, Alex Pack, managing partner at Hack VC discusses the firm's recent $150 million fundraise, the challenges of raising capital in a bear market, and the firm's focus on early-stage Web3 infrastructure. He also shares his thoughts on the intersection of crypto and AI, the future of DeFi, and the importance of security in the crypto space. Pack believes that the current infrastructure of crypto is still in its early stages and needs significant improvement before it can reach mainstream adoption. He also sees potential in the development of more secure smart contracts and the integration of AI into decentralized applications. Show highlights: How Hack VC was able to raise $150 million in a bear market, especially after the blowups of FTX, 3AC, and Terra Alex's interaction with SBF, whom he calls a "sociopath," and why he didn't invest in FTX Hack VC's philosophy to "back hackers" in crypto The goals behind Zuzalu, the new community that resembles Balaji Srinivasan's idea of a network state What the main focus of Hack VC's investments are, including scalability, AI, and DeFi Why Alex believes that "we are still so early" How Alex believes crypto and artificial intelligence will intersect The role of AI agents and how to use them in decentralized applications Why he thinks that EigenLayer is a great solution for middleware applications Alex's opinion on the modular vs. monolithic approach for scaling blockchains How DeFi survived the last bear market, contrasted with the collapses of CeFi companies like Celsius, BlockFi and FTX Whether algorithmic stablecoins can ever work and what Alex thinks of Ethena's USDe How to improve security in crypto, according to Alex Why the outcome of the Bitcoin ETFs exceeded Alex's expectations What he believes the catalysts are for the next bull market Thank you to our sponsors! Polkadot Guest: Alex Pack , Managing partner at Hack VC Previous appearances on Unchained: Dragonfly Capital on Why Ethereum Is So Far in the Lead ‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis Links New fund Bloomberg: Hack VC Raises $150 Million for Bets on Battered Crypto Industry Hack VC Closes $150M Venture Fund I, Bringing AUM to $425M Stablecoins: Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide What Is Terra and Why Did It Fail? Why It's so Hard to Keep Stablecoins Stable What Is Depegging in Crypto and Why Does It Occur? What Is Real-World Asset (RWA) Tokenization? A Beginner's Guide EigenLayer ecosystem Unchained: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol The Block: AltLayer closes $14.4 million strategic round co-led by Polychain and Hack VC Modular vs. monolithic approach Unchained: What Are Modular Blockchains? A Beginner's Guide Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate Crypto x AI crossover io.net and Ritual Collaborate to Boost Global AI Compute Landscape Ritual x EigenLayer: Restaking for AI Unchained: 5 Use Cases of AI in Blockchain Zuzalu Decrypt: I Spent a Month Inside Vitalik Buterin’s Social Experiment—Here’s What It Was Really Like Learn more about your ad choices. Visit megaphone.fm/adchoices

Mar 1, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. After a week in which Bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of ETF inflows in Bitcoin's recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market's future trajectory. Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing Bitcoin's valuation. He also delves into the implications of major financial institutions like Merrill and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an "altcoin season" and shares his price predictions for Bitcoin by the end of the year. Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Show highlights: The main drivers for Bitcoin's recent surge, according to Alex Whether long-term Bitcoin holders are selling due to the recent surge in price What the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market Why Alex believes this period in Bitcoin's history is distinct What the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal How the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving Why Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season" Alex's price prediction for Bitcoin by the end of the year Thank you to our sponsors! Uniswap iTrustCapital Polkadot Guest Alex Thorn, Head of Firmwide Research at Galaxy Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Links Recent coverage on Unchained of Bitcoin’s surge: Should You Sell Bitcoin Now That It’s Nearing Its All-Time High? Bitcoin Watchers React to BTC Returning to the $60,000 Mark Coinbase App Crashes Amid Bitcoin’s Massive Rally Bitcoin Price Surges Past $61,000 Others: The Block: JPMorgan says bitcoin price could drop towards $42,000 after April halving Bloomberg: BofA’s Merrill, Wells Fargo Offer Bitcoin ETFs to Wealth Clients Previous coverage on Unchained of spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 27, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Well-known white hat hacker and head of security at Paradigm samczsun recently took the wraps off a new security organization called the Security Alliance (SEAL) that offers a 911 hotline for immediate response to security threats, runs war games to simulate potential security incidents, and provides a safe harbor agreement to protect white hat hackers from legal liabilities. He joined Unchained to discuss why he and his fellow white hat hackers decided to start the Security Alliance and how it operates, how the safe harbor agreement works, the measures he takes to maintain his anonymity and why, the top security measures people in crypto should take to protect themselves, and what attack areas in crypto Sam still considers “scary.” Show highlights: How samczsun got into white hat hacking The most memorable saves and rescues sam was able to perform Whether there's a reason why sam is so good at noticing bugs in crypto The origin of his samczsun handle What the Security Alliance is and why it was formed How SEAL would approach a bug or a hack Whether black hat hackers are trying to exploit open groups Why the work in the group is volunteered, not paid, and whether that's sustainable How the SEAL War Games help in training on how to respond to an incident in Web3 What the Safe Harbor Agreement is and what it aims to accomplish for white hat hackers How sam protects his identity and whether his coworkers know what he looks like The top security measures people working in crypto should take How projects should approach the audit for their smart contracts given it's an expensive endeavor What attack vectors still scare sam What is ‘White Hat Hacking’? White hat hacking, often referred to as ethical hacking, is a cybersecurity practice where skilled computer experts use their knowledge for good, employing the same methods as malicious hackers (black hat hackers) but with a significant difference: they do so with permission and for a constructive purpose. These ethical hackers identify vulnerabilities in computer systems, networks, or applications before malicious attackers can exploit them. By detecting and resolving these security weaknesses, white hat hackers help organizations strengthen their defenses against cyber threats. Thank you to our sponsors! Popcorn Network Polkadot Guest: Samczsun , CEO of Security Alliance (SEAL) and Head of Security at Paradigm Previous appearances on Unchained: The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security Links Introducing the Security Alliance Bloomberg: Paradigm’s Famed ‘White-Hat’ Hacker Unites Peers Against Crypto Attacks , White Hat Safe Harbor [ Github ] Chainalysis: Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises sam’s tweet on security practices Halborn: Explained: The Nomad Hack (August 2022) Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 23, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Fifteen years after the birth of Bitcoin, the network is now entering an era of remarkable innovation and change, according to Stacks' co-creator Muneeb Ali. On this episode of Unchained recorded at the Bitcoin Builders conference, Muneeb explores the complexities and advancements within Bitcoin's Layer 1 and Layer 2. He shares his perspectives on what's fueling innovation in Bitcoin's Layer 1 and discusses the implications of Ordinal Inscriptions amid criticism of it by core developers. He delves into the various scaling solutions within Bitcoin, highlighting how trust assumptions vary among them, and how BitVM could be a 'game changer'. He goes over the advantages of integrating smart contracts on Bitcoin, and why he considers BTC the only true form of monetary asset. Show highlights: What's driving innovation in Bitcoin’s L1 How Muneeb feels about Ordinals Inscriptions in Bitcoin, considering the criticism from some core developers How, in the recent years, research and development in crypto happened outside of Bitcoin, and how that's changing now, according to Muneeb The different types of scaling solutions in Bitcoin and how the trust assumptions differ in each of them Why he feels like BitVM is a 'game changer' and what it enables What the Nakamoto upgrade is on Stacks The advantages of having smart contracts on Bitcoin, according to Muneeb Why he says that BTC is the only asset that is money The challenges to having privacy in Bitcoin Thank you to our sponsors! Popcorn Network iTrustCapital Polkadot Guest Muneeb Ali , co-creator of Stacks Previous appearances on Unchained: Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - NFT Crypto Blockstack On Getting Independence From Google, Facebook And Amazon Links Recent news: Unchained: Stacks, a Bitcoin Layer 2 Protocol, Sees All-Time High in Total Value Locked A New Era for Bitcoin Is Here, Whether Bitcoin Maximalists Like It Or Not Bitcoin Passes the $1 Trillion Market Cap Mark; All Cryptos Combined Reach $2 Trillion Bitcoin L2s: Unchained: Are Layer 2s on Bitcoin Having a Moment? How Botanix Aims to Enable Smart Contracts on Bitcoin An Ethereum-Like Experience Built on Bitcoin? Learn more: What Are Opcodes in Bitcoin? A Beginner's Guide What Are BRC-20 Tokens? What Are ORC-20 Tokens? How to Create a Bitcoin Ordinal Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 22, 2024

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This week the boys dive deep into Starknet's airdrop controversies, the psychological toll of internet backlash on founders, and the groundbreaking Ethena project inspired by Arthur Hayes. This episode questions the effectiveness of airdrop strategies in user engagement, the resilience founders must muster against online criticism, and Ethena's potential to revolutionize crypto finance with its tokenized cash and carry trade. We also tackle the security threats on platforms like GitHub, the balance between egalitarian distribution versus market dynamics, and the transparency required in token economics. What legal challenges arise from token vesting schedules, and how does Ethena innovate in crypto finance inspired by traditional models? Join us for an insightful exploration of these critical topics, aiming to enrich our understanding of cryptocurrency airdrops, founder resilience, and Ethena's ambitious financial mechanisms within the evolving cryptocurrency ecosystem. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Starknet Airdrop Controversy: Exploring the backlash and debates over its distribution mechanics. 🔹 The Psychology of Founders Facing Internet Critique: Discussing the impact of public scrutiny on creators. 🔹 Innovation in Airdrop Strategies: Highlighting the need for creativity to engage and retain users. 🔹 GitHub and Security Risks: Addressing the increase in phishing attacks and noise on developer platforms. 🔹 Efficacy of Airdrops in User Engagement: Evaluating how airdrops influence community involvement and loyalty. 🔹 Egalitarianism vs. Market Dynamics: Debating the balance between fair distribution and economic incentives. 🔹 The Complexities of Vesting Periods: Unpacking the discussions around token unlock schedules. 🔹 Legal Nuances of Crypto Vesting: Exploring the regulatory implications and challenges. 🔹 Transparency in Token Economics: The importance of clear policies for investor confidence. 🔹 The Inspiration Behind Ethena: Tracing the origins and motivations for its creation. 🔹 Cash and Carry Trade Basics: Simplifying the concept and its significance in crypto finance. 🔹 Analyzing Ethena’s Yield Mechanisms: Delving into the strategies and risks of yield generation. 🔹 Risk Mitigation in Ethena’s Protocol: Investigating novel approaches to safeguarding assets. 🔹 The Potential Ripple Effects of Ethena: Speculating on the impact of layered financial products. Hosts ⭐️ Haseeb Qureshi , Managing Partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures ⭐️ Robert Leshner , Founder of Compound Disclosures Links “Is the Short Team Lockup for STRK ‘Misaligned’? No, Says Starkware CEO - Ep. 609”: https://youtu.be/0D0Qyw9TeoY The Uniswap Airdrop - Lessons for the Industry by jhackworth: https://dune.com/blog/uni-airdrop-analysis “Dust on Crust” by Arthur Hayes: https://ehandbook.com/dust-on-crust-300d4b5cf3ec Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 20, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Celestia, a data availability layer for blockchains, was launched last October to much fanfare. The platform takes a modular approach to blockchains, allowing developers to post data onto it without the need for smart contracts or execution. This makes it extremely useful for scaling roll-ups and other layer two technologies. Celestia co-founder Mustafa Al-Bassam and COO Nick White join Unchained to discuss what Celestia is and how it works, how data availability sampling allows for more scalability, how Celestia compares with other data availability layers, whether Celestia could become a data availability layer for Bitcoin, and comparisons between Celestia and Solana. Show highlights: Mustafa’s background and how his project called Lazy Ledger ended up becoming Celestia Nick’s vision for modular blockchains Why Mustafa believes in the “10,000 roll-up” endgame Why Mustafa thinks that gaming and NFT chains work better on a modular blockchain What Celestia is and how it resembles the publication of an article in a newspaper What data availability sampling (DAS) is and how it works to ensure that the data is available and accurate for validators How DAS allows for more scalability What types of applications can be built with this type of modular architecture Mustafa’s explanation of the concept of Blob stream and blob space How a roll-up can be an independent or sovereign layer, not just a layer 2 to a layer 1 How Celestia competes with other DA layers, like the future EigenDA The role of the TIA token in the Celestia ecosystem How Mufasa hacked the CIA when he was 16 years old and how he transitioned into crypto Whether Celestia could become a DA layer for Bitcoin layer 2 roll-ups Whether Solana could end up becoming an Ethereum layer 2 using Celestia for data availability The proposal to extend the functionality of Celestia without smart contracts in the base layer Thank you to our sponsors! Popcorn Network Polkadot Guests: Nick White , COO at Celestia Labs Previous appearances on Unchained: Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate Mustafa Al-Bassam , cofounder and CEO at Celestia Labs Links Modular vs. monolithic Alchemy: Modular vs. Monolithic Blockchains Visa: Monolithic vs. modular blockchain Chris Burniske’s tweet on modular vs monolithic “ The horrific inefficiencies of monolithic blockchains ” by polynya Blockworks: A spicy salvo launched in the monolithic vs modular debate Unchained: What Is the Blockchain Trilemma? Celestia Celestia’s explanation of modular blockchains Data availability Data availability sampling An introduction to sovereign roll-ups Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 16, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Starknet made news this week for announcing what will be the largest initial airdrop by number of eligible addresses ever. But it faced heavy criticism online for many of the details of the airdrop, from the fact that Ethereum solo takers received almost 22% of the distribution to eligibility requirements that users held at least 0.005 ETH in their wallets as of Nov. 15, 2023 to the fact that the token generation event took place almost two years before the unlock date. Starkware CEO Eli Ben-Sasson joined Unchained to respond to the multiple critiques of the airdrop and discuss why he and the Starknet Foundation decided on the details that they did. Show highlights: What the airdrop criteria was and why they decided to make it that way Why they allocated so much $STRK to Ethereum solo stakers Eli’s response to the criticism about how little Starknet network participants got in the airdrop Why the STRK Token Generation Event (TGE) was done in 2022, only to be airdropped two years later Why Eli believes that even if the unlock of tokens is in two months, it does not indicate misalignment of incentives Whether Eli will sell his tokens when they become unvested Thank you to our sponsors! Popcorn Network iTrustCapital Polkadot Guest Eli Ben-Sasson , CEO of Starkware Links Recent coverage of Unchained on airdrops: Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’ Unchained: Starknet’s Airdrop Plan Sparks Some Praise but Also Outrage Starknet’s First Token Distribution Will Be Available to Nearly 1.3 Million Addresses The Defiant: Starknet Faces Backlash Over Airdrop and Team Unlocks Loomdart’s tweet on the TGE Learn more: Do You Have to Pay Taxes on a Crypto Airdrop? What Is a Crypto Airdrop? A Beginner's Guide Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 15, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Dan Romero, co-founder of Farcaster, engage in a riveting discussion on decentralized social media and the burgeoning meme coin trend within the cryptocurrency ecosystem. This episode offers an in-depth analysis of Farcaster's innovative mechanisms for user engagement and its significant role in shaping the future of social interactions in the crypto domain. We delve into the mechanics behind meme coins, examining their influence on community dynamics, market behavior, and the broader implications for digital asset valuation. Our conversation navigates through the intricacies of decentralized platforms like Farcaster, probing into their potential to disrupt conventional social media models and foster a new era of user-centric, blockchain-enabled online communities. Join us for a comprehensive exploration of these pivotal developments, enriched with Dan Romero's firsthand insights, as we dissect the evolving landscape of social media in the crypto age and the captivating allure of meme coins, all aimed at providing a deeper understanding of their impact on the global cryptocurrency market. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Decentralized Social Media Evolution: Exploring the growth and challenges of platforms like Farcaster in the decentralized web landscape. 🔹 User Empowerment in Crypto: Analyzing how crypto-native features on platforms empower users through economic incentives and community building. 🔹 The Rise of Social Tokens: Delving into the emergence of social tokens and their role in fostering online communities and creator economies. 🔹 Interactive Crypto Features: Investigating innovative features like Farcaster's frames and their impact on user engagement and content sharing. 🔹 Sustainable Tokenomics: Discussing the sustainability of token models in social platforms and the potential for long-term value creation. 🔹 Behavioral Economics in Crypto: Understanding the psychological factors driving the speculative nature of meme coins and their market dynamics. 🔹 Decentralization vs. Centralization: Debating the balance between decentralized ethos and the need for centralized governance in crypto platforms. 🔹 The Future of Online Identity: Discussing the evolution of online identities in the context of decentralized platforms and blockchain technology. 🔹 Celebrity and Crypto Synergies: Speculating on the future of celebrity involvement in crypto through personalized tokens and endorsements. 🔹 Cross-Platform Crypto Integration: Exploring the possibilities and challenges of integrating crypto-native features across various social and digital platforms. 🔹 Ethical Considerations in Crypto: Delving into the ethical implications of rapid token creation, distribution strategies, and their impact on unsuspecting users. Hosts ⭐️ Haseeb Qureshi , Managing partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Dan Romero , Farcaster Co-Founder Disclosures Links Eugene Wei’s “Status as a Service (StaaS)”: https://www.eugenewei.com/blog/2019/2/19/status-as-a-service Vitalik Buterin’s forum post on DAICOs: https://ethresear.ch/t/explanation-of-daicos/465/1 Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 13, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. In the two weeks since Farcaster introduced its Frames feature that allows developers to easily add mini apps to users’ posts, the decentralized social network has become the talk of Twitter, now X, and increased its user base by ten times, according to co-founder Dan Romero. Romero joins Unchained to discuss why Frames has become so popular, the philosophy behind Farcaster and its client Warpcast, why the crypto component behind Farcaster is being kept to a minimum, how Apple’s new Vision Pro could lead to the creation of a 3D social network on Farcaster, how he and his fellow co-founder’s background at Coinbase helped shape their decisions about building Farcaster, and his vision for eventually getting Farcaster to a billion-plus users. Show highlights: What Farcaster is and what problems it’s trying to solve How and why Farcaster uses blockchain technology in the background How you can use ENS (Ethereum Name Services) for your handles on Farcaster How the recovery of accounts works on Farcaster and what the security implications are What Frames is and why it’s significant for developers and creators What’s controlled by the protocol vs. the client What Dan imagines could be built with the new Apple Vision Pro Whether there’s potential for better economics and ways to monetize content in Farcaster Why Farcaster is on Optimism, an Ethereum Layer 2, and whether it could be moved to another network How they are working to build a more decentralized network What the future of Farcaster and Frames could look like How Dan’s background at Coinbase shaped the way in which he decided to build Farcaster What the strategy is for scaling the platform to the numbers more associated with Web2 social media Thank you to our sponsors! Popcorn Network Polkadot Guest: Dan Romero , Co-founder of Farcaster Coinbase’s Pragmatic Crypto Culture by Dan Romero Links Unchained: Bounties to Build Frames on Farcaster Are Growing Rapidly Farcaster's User Base Skyrockets Nearly 500% After Frames Launch What Is SocialFi? A Beginner’s Guide The Chopping Block: Is Farcaster the Web3 Social Layer? Dan’s ideas for Farcaster Farcaster architecture Architecture Onchain password reset mechanism Why Farcaster Frames are important The layers of Farcaster Farcaster charges “rent” Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 10, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Crypto: The Game captivated a large swath of the crypto community this past week. The game, modeled after “Survivor,” was the brainchild of Dylan Abruscato, Tyler Cagle and Bryan Lee. The intention of the game, which was played virtually but also unfolded in real life, was to ruthlessly vote people off to determine a single winner. Throughout, multiple psy-ops operations created chaos. Despite all that, the competition ended up fostering numerous friendships (including for Unchained reporter Sage Young, whose coverage is below) and resulted in a shocking, but heartwarming ending. On Friday afternoon, after the winner was announced, we hosted a Spaces with Dylan, the winner, and some of the more notable players, which we’re releasing here. In the discussion, we cover the inspiration for the game, some of the behind-the-scenes surprises, who was causing chaos for various teams and how, and why the winner may be one of the winning-est contestants ever. Guest: Dylan Abruscato , founder of Crypto: The Game Links Unchained: Day 6 of ‘Crypto: The Game’ Brutally Exposes the Problem of Trust in a Digital World Day 8 of ‘Crypto: The Game’ Puts Me on a Hit List for the Second Time Day 9: Cutthroat Contestants Put an End to My Time in “Crypto: The Game” Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 9, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. On Tuesday, Solana suffered a network outage , just shy of a year since its last shutdown. The blockchain had to quickly get a new version out and notify its validators to upgrade to it and restart their systems before blocks could be produced again, resulting in downtime of roughly five hours. This was previously something that had happened regularly to the blockchain, but seemed to have been largely addressed over the past year. Lucas, the CEO of Jito Labs, which builds infrastructure for Solana and staged a highly successful airdrop last year that helped rejuvenate the blockchain , joined Unchained to discuss what caused the outage, whether it’s something that builders on Solana should be concerned about for the future, recent improvements Solana has made to its technology, whether the implementation of Firedancer would have prevented this incident, and the promise of the Solana phone. Show highlights: What caused the Solana blockchain’s outage this week Whether Solana needs to have better quality control Whether the halt of the network affects the builders in the space What recent developments in the infrastructure surrounding Solana give Lucas confidence in the network Whether the Firedancer client that’s now in development would have prevented this week’s outage The promise of the Solana phone Whether the network going down presents a setback for the Solana community in terms of recognition and momentum Whether financial companies will consider using Solana if these issues keep occurring Thank you to our sponsors! Popcorn Network iTrustCapital Polkadot Guest Lucas Bruder , CEO of Jito Labs Links Recent coverage of Unchained on Solana: Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’ Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Outage Unchained: Solana Back Online Again After Suffering 5-Hour Outage Matthew Sigel’s explanation for why the outage happened Mert’s tweet on how Solana prioritizes security over liveness CoinDesk: Can We All Stop Pretending That Solana Is in Beta? Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 8, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tarun Chitra, and Robert Leshner chop it up about the latest news and with special guest, and Farcaster aficionado Ted! This episode zooms in on Farcaster Frames: How are they revolutionizing the platform? We examine Farcaster's transformation and its impact on the future of social media: Can Farcaster redefine decentralized communication? Delving into its user base, we ask: What makes Farcaster's community unique? How do airdrop strategies and global hub distribution shape its ecosystem? And what's next for decentralized social networks like Farcaster? Join us for an insightful discussion on these pivotal questions impacting the crypto sphere. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Farcaster frames launch: Revolutionizing user engagement in crypto communities. 🔹 Social Media Evolution: Farcaster's Rise from Niche Network to Powerhouse. 🔹 Global dynamics: Farcaster's u.s. focus vs. Lens' worldwide appeal. 🔹 Decentralized platforms: the unique soul of Farcaster and Lens communities. 🔹 Airdrop strategies: boosting Farcaster's growth and user engagement. 🔹 From social networks to media: Farcaster's balancing act. 🔹 Overcoming adoption barriers: user reluctance vs. Farcaster's innovations. 🔹 A shift in content, authenticity and interaction on Farcaster. 🔹 Expanding Farcaster's ecosystem globally. 🔹 Farcaster's vision: the future of decentralized social networks. 🔹 Discovering Farcaster: overcoming hesitation, embracing curiosity. Hosts ➡️ Haseeb Qureshi , Managing Partner at Dragonfly ➡️ Tarun Chitra , Managing Partner at Robot Ventures ➡️ Robert Leshner , Founder of Compound Guest ⭐️ Ted , the Farcaster Fangirl #1 Disclosures Links Why Farcaster Frames are important: How a failed Facebook bet is coming to fruition in Web 3 By Antonio García Martínez Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 6, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Google Podcasts , Amazon Music , or on your favorite podcast platform. Trying to regulate DeFi is a huge challenge because in a truly decentralized system, there should be no centralized actors to make and enforce rules for. This could make combating illicit finance challenging since traditionally, regulation has been targeted at centralized intermediaries. Yet Rebecca Rettig, Chief Legal and Policy Officer at Polygon Labs; Michael Mosier, the co-founder of boutique law firm Arktouros; and Katja Gilman, senior lead for public policy at Polygon Labs, published a paper last week that proposes to do just that. Rebecca and Michael join Unchained to discuss what prompted them to write the paper, what the difference is between "onchain CeFi" and "genuine DeFi," how targeting high-risk wallets can be one part of the solution, how critical communications transmitters (CCTs) are another piece of the puzzle, and what next steps they are pursuing. Show highlights: The motivations behind their paper and Michael and Rebecca’s legal backgrounds Why Michael views the Bank Secrecy Act as outdated in the context of DeFi How critical KYC and AML compliance is for the integrity of DeFi What Rebecca identifies as the principal risks in the DeFi sector Why their proposal targets the protocol layer for effective DeFi regulation How "onchain CeFi" differs fundamentally from "genuine DeFi" Whether a decentralized protocol can be effectively regulated when controlled by a DAO How if DeFi were to be classified as critical infrastructure by the Cyber and Information Security Agency (CISA), it would impact the sector Whether the critical components of blockchain networks, such as RPCs, can be regulated effectively How categorizing wallets based on risk can be one part of the solution to fighting illicit finance Why Rebecca considers Tornado Cash a prime example of “genuine DeFi” What steps Rebecca and Michael plan to take next following the publication of their paper Thank you to our sponsors! Popcorn Network Polkadot Guest: Rebecca Rettig , Chief Legal and Policy Officer at Polygon Labs Previous appearances on Unchained: Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown Kik’s Surprising Move in Its Lawsuit With the SEC Michael Mosier , cofounder of Arktouros PLLC Links Previous coverage of Unchained on the topic: Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So Full paper : Genuine DeFi as Critical Infrastructure: A Conceptual Framework for Combating Illicit Finance Activity in Decentralized Finance Rebecca’s thread Coin Center: Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act Tornado Cash Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Illicit funds in crypto: Unchained: How Much Money Are Terrorists Actually Raising in Crypto? Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 3, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news and with special guest Aevo's Co-Founder - Julian Koh. This episode zeroes in on the latest buzz around the Jupiter ($JUP) airdrop: What's the real story behind Jupiter’s valuation and controversy? We peel back the layers of Jupiter's token strategy and its impact on market dynamics. The dialogue then shifts to the innovative approaches of Aevo (formerly Ribbon Finance) in pre-launch derivatives and the burgeoning trend of airdrop farming: How are Airdrop strategies altering the landscape of token valuation and investor behavior? The debate intensifies as we tackle the contentious battle between points systems and traditional airdrops: Are points a revolutionary engagement tool or a complex web of incentives? With the resurgence of ICOs and the strategic pivot of Ribbon Finance, we explore the implications of rebrands on the crypto ecosystem. Join us for an in-depth exploration of these critical topics and their profound impact on the world of cryptocurrency. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show Highlights 🔹 Jupiter Airdrop Deep Dive: Unraveling the complexities and controversies behind the Jupiter ($JUP) airdrop. 🔹 Valuation Variance: Examining the fluctuations in Jupiter token valuation and their market repercussions. 🔹 Community Engagement: Evaluating the effectiveness of @weremeow's live streams in shaping community perceptions. 🔹 Airdrop Discontent: Analyzing the liquidity dynamics and user dissatisfaction stemming from airdrop strategies. 🔹 Innovations in Derivatives: Exploring Aevo's unique approach to pre-launch derivatives in the DeFi space. 🔹 The Airdrop Farmer's Dilemma: Discussing the strategies used by airdrop farmers to hedge against price volatility. 🔹 Points vs. Airdrops Debate: Delving into the pros and cons of points systems compared to traditional airdrop mechanisms. 🔹 Rebranding Strategies: Assessing the impact of token rebrands, with a focus on Ribbon Finance's evolution. 🔹 Pre-IPO Markets and Crypto: Drawing parallels between traditional pre-IPO conversion markets and crypto points systems. 🔹 The Uncertainty Factor: Considering how the allure of uncertainty influences engagement and investment in crypto. 🔹 Protocol Dynamics: Investigating the effects of airdrop farmers on the health and engagement of blockchain protocols. 🔹 ICO Resurgence: Discussing the potential comeback of Initial Coin Offerings and their role in the crypto funding landscape. 🔹 Stress Testing with Points: Highlighting innovative uses of points for protocol stress testing like Eigenlayer. 🔹 Referral Systems in Crypto: Analyzing the impact of referral-based points systems on protocol engagement and growth. Hosts ⭐️ Haseeb Qureshi , Managing partner at Dragonfly ⭐️ Tom Schmidt , General Partner at Dragonfly ⭐️ Tarun Chitra , Managing Partner at Robot Ventures Guest ⭐️ Julian Koh, Aevo's Co-Founder Disclosures Links Jupiter LFG Launchpad Blog Article - https://station.jup.ag/blog/jupiter-lfg-launchpad Blockworks: “Jupiter airdrop draws criticism, but support remains strong” - https://blockworks.co/news/jupiter-airdrop-draws-criticism Proposal: “Merge Ribbon Finance into Aevo” - https://gov.ribbon.finance/t/rgp-33-merge-ribbon-finance-into-aevo/709 Weremeow’s Twitch Stream: https://www.twitch.tv/weremeow Learn more about your ad choices. Visit megaphone.fm/adchoices

Feb 2, 2024

While Solana DeFi protocol Jupiter staged what was by most measures a very successful airdrop launch on Wednesday, achieving a market cap of close to $800 million, the company’s critics pointed out numerous ways the company seemed to unfairly enrich itself in the process. While Jupiter’s founder, who goes by the pseudonym Meow, acknowledges he might have done some things differently, he finds the criticisms of the launch mostly based on “bad faith” and misinformation. Meow joined Unchained to discuss the thinking behind the launch mechanics of JUP, how the prior launch of memecoin WEN served as a dry run for JUP, whether the aggressive pricing strategy of JUP was a mistake, and what he hopes to achieve with Jupiter next, including the possibility of enabling companies of all kinds to list themselves publicly on chain. Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: What Jupiter is and how it extends its functionality beyond mere token swapping What users are primarily utilizing the dollar-cost-average feature of Jupiter for Meow’s background in crypto and how he ended up in the Solana ecosystem Why a launchpad seemed the ideal choice for Jupiter's token launch What prompted the decision to release WEN, a memecoin, before launching JUP Meow's response to criticisms regarding the launchpad's mechanics Whether the aggressive pricing strategy for Jupiter was a misstep How Meow feels about being targeted for criticism What's on the horizon for Jupiter as a platform following the airdrop Thank you to our sponsors! Popcorn Network iTrustCapital Guest: Meow , cofounder of Jupiter Links Unchained: Jupiter Traders Claim Whopping 545 Million JUP Tokens in First 8 Hours of Airdrop Jupiter’s Airdropped Token JUP Debuts at a $878 Million Market Cap Pro-Ethereum Crowd Slams Solana-based Jupiter Airdrop as ‘Absolute Trash’ Breakpoint 2023 Meow conference The Block: Solana DEX aggregator Jupiter confirms token release date Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 30, 2024

Sign up for our free newsletter here! Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Chris Dixon, founder and managing partner of a16z crypto, believes the Internet’s early ideals of democratization and community ownership have been subverted by the consolidation of power into just a few small companies like Facebook and Google. He’s written a new book called Read Write Own in which he writes about this phenomenon, and argues that blockchain technology can help reverse the trend by providing an environment in which developers and entrepreneurs can once again build direct relationships with their audiences. Dixon joins Unchained to discuss criticisms of crypto VC firms, how he feels now about a16z’s previous investment in Facebook, how crypto has become overly politicized in the U.S., why Facebook’s Libra project was ultimately shut down, the significant promise of restaking and EigenLayer in particular, and why he believes that creator royalties are essential for the NFT market. Show highlights: what inspired Chris to write his new book and why he thinks the crypto industry is misunderstood what the current problems of the Internet are and how just a few companies control most of the revenue how Chris explains the concept of blockchains to the layman the importance of property rights in the real world and how blockchains make this better how Chris responds to the criticism that venture capital firms “dump on retail” and what a proper allocation of tokens to VCs is what the best designs are to achieve good governance in decentralized networks how the crypto industry has become politicized in the U.S. what Chris thinks about a16z’s investment in Facebook why Facebook’s Libra project was shut down and his takeaways from the venture what lessons Chris learned from the 2022 crypto debacle, with the collapse of FTX, Terra, Celsius, 3AC, etc. where Chris sits in the debate about modular vs. monolithic networks how restaking and EigenLayer could “unlock a bunch of new design possibilities,” according to Chris the role of open source software in driving a better environment and better projects how decentralized social networks could attract new levels of adoption whether creator royalties are necessary and why Chris believes that they are “non-negotiable” Thank you to our sponsors! Popcorn Network Guest: Chris Dixon, founder and managing partner of a16z crypto, author of Read Write Own Previous appearance on Unchained: Chris Dixon on How Trust Is the Best Lego Links Tokenomics Unchained: What Is Tokenomics? A Beginner's Guide Venture Capital Unchained: Does Venture Capital Investment Violate the Ethos of Crypto? Sequoia Says No Modular vs. monolithic Unchained: Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate What Are Modular Blockchains? A Beginner's Guide Restaking Unchained: Do You Need to Think Twice Before Restaking Your Assets? What Is Ethereum Restaking? A Beginner's Guide Royalties Unchained: Are NFT Royalties the Way? How to Build a Sustainable Creator Economy The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! The 2022 debacle Unchained: Collapses, Bankruptcies, and Fraud: How 2022 Became the Year of Crypto Carnage SocialFi Unchained: What Is SocialFi? A Beginner’s Guide Crypto & AI Unchained: When AI and Blockchain Meet, How Can Each Technology Benefit? The Chopping Block: Why AI Will Change the Course of History in Crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 26, 2024

Sign up for our free newsletter here! Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. This week a major potential risk to Ethereum was highlighted by a bug that surfaced in Nethermind, a minority execution client. While the bug was fixed quickly, it raised the question of what would happen to the blockchain if Geth, which is used by more than two-thirds of validators and so is considered a “supermajority client,” had a bug. The situation could potentially result in a catastrophic fork of Ethereum. Ethereum developer Lefteris Karapetsas joined Unchained to discuss the different scenarios of what could happen, the potential impact of a supermajority client issue on staking services such as Lido, why he feels the incentive system is poorly designed, and what other solutions are out there to address the lack of client diversity. Show highlights: What a consensus issue is in Ethereum and what happened with Nethermind last weekend Why it would be a big problem if a supermajority client had a bug The potential impact on staking services such as Lido Why Lefteris feels like he is reliving the historic Ethereum DAO hack all over again Whether the largest entities running nodes will start pursuing client diversity How the data on the prevalence of specific Ethereum execution clients is not verifiable or programmatic, making it less transparent and difficult to analyze Why Lefteris believes that the incentive system is not designed to achieve client diversity Whether there are developments in the works to try to solve the lack of client diversity Thank you to our sponsors! Popcorn Network iTrustCapital Guest Lefteris Karapetsas , Founder of Rotkiapp Previous appearance on Unchained: Is Code Law? Should the Hacker Be Punished? The DAO Creators Disagree Links Unchained: Most Ethereum Staking Pools Are Using Just One Execution Client, Potentially Increasing Risks to the Network The Chopping Block: Data Availability & Why It’s Important CoinDesk: Bug That Took Down 8% of Ethereum's Validators Sparks Worries About Even Bigger Outage The Defiant: Ethereum Software Client Centralization Sparks Concern Crypto.news: Nethermind rolls out urgent fix for block processing bug in Ethereum client Lukasz Rosmej’s tweet that minority client Nethermind had a consensus issue Lefteris’ tweet on a supermajority Ethereum client bug Coinbase CEO Brian Armstrong's tweet on what he’d do in a censorship resistance request scenario Run the majority client at your own peril! by Dankrad Feist Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 25, 2024

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week kicks off with a crucial question: Are the latest trends in crypto ETFs signaling a major shift in the investment landscape? We delve into the market's nuanced response to these ETFs and what it means for investors. How important is client diversity for Ethereum's stability and future growth? The squad engages in a lively debate on this topic. With the advent of Proto-Danksharding, how might Ethereum's scalability be impacted, and what are the implications for the blockchain ecosystem? We further examine the user experience across blockchain platforms, particularly comparing Solana and Ethereum in terms of their user interfaces and transaction dynamics. Looking to the future, what breakthroughs and challenges can we anticipate in blockchain technology? Join us for an in-depth exploration of these key questions and their profound impact on the world of cryptocurrency. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: 🔹 ETF Market Analysis: Dissecting the impact of GBTC and other ETFs on the crypto market. 🔹 Client Diversity in Ethereum: Debating the pros and cons of multiple clients for network resilience. 🔹 Proto-Danksharding Effects: Assessing its potential to lower rollup costs and enhance scalability. 🔹 User Experience in Crypto: Exploring how fees and speeds affect user interactions on various platforms. 🔹 Solana vs. Ethereum UX: Comparing their user interfaces, focusing on transaction costs and latency. 🔹 Blockchain's Future Trends: Delving into predictions and emerging innovations in the blockchain world. 🔹 Ethereum's Protocol Evolution: Discussing the roadmap and future developments in Ethereum. 🔹 Scalability Solutions: Evaluating different approaches to scaling blockchains effectively. 🔹 Layer 2 Dynamics: Analyzing the growth and challenges of Layer 2 solutions on Ethereum. Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Vitalik's post about Cypherpunk values: https://vitalik.eth.limo/general/2023/12/28/cypherpunk.html PolyMarket for gas price per blob after EIP 4844: https://polymarket.com/event/gas-price-per-blob-1-month-after-eip-4844?tid=1706149992794 Tweet thread from DC investor: https://twitter.com/iamDCinvestor/status/1749410364666606075 Ethereum's Proto-Danksharding and EIP-4844: https://www.eip4844.com/ Ethereum 2.0 Clients Dashboard: https://clientdiversity.org/#distribution Solana's Firedancer: https://github.com/firedancer-io Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 23, 2024

Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies. Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us. Show highlights: Why Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011​​ How the launch of spot Bitcoin ETFs marks a significant milestone Why criticisms of the crypto space are really criticisms of money in general The fundamental differences between Web3 applications and the Web2 ecosystem and why they matter The importance of fair token distribution in enhancing the value of Web3 projects When Olaf expects Bitcoin to replace legacy financial systems The areas and technologies Olaf and his fund are keen to invest in Why Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term How EigenLayer is innovating to enable new types of applications and whether it competes with Celestia How Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX The evolution of the space from an ideologically driven to a more pragmatic approach The significance of incentive design in crypto ecosystems and the trade-offs involved in system design Olaf’s perspective on the recent rise of points systems The growth of privacy-focused crypto projects and the potential for private blockchains to become the norm Why he thinks Worldcoin’s distribution strategy is a “disaster” Olaf’s interest in the intersection of AI and crypto and potential developments in this area His bullish outlook on SocialFi and Web3 gaming Thank you to our sponsors! Popcorn Network Guest: Olaf Carlson-Wee , founder and CIO of Polychain Capital Previous appearances on Unchained: Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone' Why The First Employee Of Coinbase Launched A Hedge Fund To the Moon and Back With Polychain's Olaf Carlson-Wee Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital Links Olaf Carlson-Wee Forbes: This Man Has Been Living On Bitcoin For 3 Years Why This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin' TechCrunch: The future is a decentralized internet Blockworks: Why Polychain Capital Founder Never Sells His Crypto CoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine Restaking/EigenLayer Unchained: DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion Do You Need to Think Twice Before Restaking Your Assets? Olaf’s tweet on EigenLayer Crypto + AI Olaf’s tweet : “in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests” Visit Unchained for more links and details Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 19, 2024

On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security. Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case. Show highlights: Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed What the “major questions doctrine” entails and its critical role in this dispute Why Sam perceives the judge as “extremely skeptical” of the SEC's stance Whether inconsistencies surfaced in the SEC lawyers' arguments What “strict liability” means and its frequent mention in this legal battle What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case Whether Judge Failla might reject the motion to dismiss, and when Thank you to our sponsors! Popcorn Network iTrustCapital Guest Sam Enzer , partner at Cahill Gordon & Reindel Previous appearances on Unchained: Why SBF's Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Links Previous coverage of Unchained on the Coinbase case and the topic of securities: SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’ These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler Coinbase’s Legal Action Against the SEC: How It Will Likely Unfold ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer Gary Gensler vs. Crypto: What Will the SEC Attack Next? Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Coinbase vs. SEC Unchained: Federal Judge Presses SEC Over Jurisdiction in Case Against Coinbase SEC Sues Coinbase for Breaking Securities Laws SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’ SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit Cointelegraph: Senator Lummis files amicus brief supporting Coinbase’s dismissal motion against SEC . Other cases Kraken CNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation XRP Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security Terraform Labs Reuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 18, 2024

Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This episode delves into the complexities and market impact of crypto ETFs: Are they a game-changer for investors? The team also examines the controversies surrounding Tether, exploring its stability and the implications of recent scandals. They then shift focus to the burgeoning world of asset-backed securities and crypto casinos: What potential and challenges do they present? NFTs and their evolving role beyond digital art are scrutinized, along with the integration of crypto technology in devices like the Solana phone. Tune in for a thought-provoking discussion on these critical developments shaping the future of cryptocurrency. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: 🔹 ETF Performance Analysis: Grayscale Bitcoin Trust and Competitors. 🔹 Circle IPO: Impact on Stablecoin Market and Financial Ecosystem. 🔹 Tether Controversy: Financial Backing and Southeast Asian Scams. 🔹 Vivek Ramaswamy's Political Future: Influence on Crypto Policy. 🔹 Asset-Backed Securities (ABS) in Crypto: Opportunities for Investors. 🔹 Crypto Casinos: Rise in Popularity and Move Toward Transparency. 🔹 NFTs in Mainstream Culture: Adoption and New Use Cases. 🔹 Crypto and Traditional Finance: Stablecoins like USDC and Tether. 🔹 Crypto Integration in Devices: Solana Phone and Market Adoption. Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Blockworks: Tether says UN needs more blockchain education in response to USDT report by Casey Wagner UNODC: Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat CNBC: Costco sold more than $100 million in gold bars last quarter by Spencer Kimball Number Go Up: Inside Crypto's Wild Rise And Staggering Fall by Zeke Faux CNBC: BlackRock CEO Larry Fink: Bitcoin ETF approvals are ‘stepping stones’ towards tokenization Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 16, 2024

Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading. Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market. Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: Why Matt Hougan regards the first week as a massive success for Bitcoin How Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investors The strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community values The reasons for Bitwise's standout performance in the first days of trading, according to Matt Whether the introduction of Bitcoin ETFs will reshape the broader ETF landscape Matt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to crypto Whether the established players in finance feel threatened by the rise of open source technologies Whether Gary Gensler’s statement after the approval is “totally crazy” Why data for the various ETFs in the market should be analyzed on a weekly or monthly basis The ongoing fee competition and how smaller entities can compete against giants like BlackRock and Fidelity Grayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETF How investment advisors might adapt to these new crypto products and the potential for mainstream adoption Matthew’s predictions for when BTC investors, both short-term and long-term, will take profits Why they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the market Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guests: Matt Hougan , Chief Investment Officer at Bitwise Asset Management Previous appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Matthew Sigel , Head of Digital Assets Research at VanEck. Links Previous coverage of Unchained on spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Approval: Unchained: Spot Bitcoin ETFs Finally Receive SEC Seal of Approval What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand First days of trading Unchained: Spot Bitcoin ETFs Record $4.6 Billion First Day Trading Volume Spot Bitcoin ETF Inflows Topped $625 Million on First Day in ‘Phenomenal’ Debut, Led by Bitwise Vanguard Isn’t Allowing Customers to Buy Spot Bitcoin ETFs Visit Unchained for more links and details Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 12, 2024

Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Unless you've been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs. Show highlights: The initial impact and trading volumes on the launch day of the ETFs How BlackRock’s ETF, IBIT, had a lot of volume in pre-market and what that means Why Eric was surprised that BlackRock proceeded with a waiver for its ETF, but realized that it was “genius marketing” Whether there’s a problem that ETFs don’t trade 24/7, unlike BTC itself Why James says the spot ETFs are not going to have significant premiums or discounts to NAV What the percentage premium is and how it will play out with spot Bitcoin ETFs Whether the SEC will ever allow in-kind creation and redemption Why Nate and Eric believe that the SEC’s denials of spot Bitcoin ETFs for a decade was “completely suboptimal” for retail investors How the SEC commissioners pointedly disagreed with each other in their comments and dissents The politics of the approval process Whether Ethereum spot ETFs will be approved next Why some big platforms and brokerages are not offering the spot Bitcoin ETFs How RIAs will respond to the ETF and whether there’s going to be mainstream adoption by advisors Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guests James Seyffart , Research analyst at Bloomberg Intelligence Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Eric Balchunas , Senior ETF analyst at Bloomberg Intelligence Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Will a Spot Bitcoin ETF Finally Get Approved? Nate Geraci , President of The ETF Store Links Previous coverage of Unchained on spot Bitcoin ETFs: The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Approval: Unchained: Spot Bitcoin ETFs Finally Receive SEC Seal of Approval What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 11, 2024

Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency. Show highlights: 🔹The concept of Ethereum alignment and its origins 🔹The SEC's Twitter account being hacked and a fake BTC ETF approval tweet 🔹Fees for different ETF issuers and Grayscale's fee reduction for GBTC 🔹The SEC's Twitter account being hacked and the fake BTC ETF approval tweet 🔹The potential use case of prediction markets in Taiwanese elections 🔹Imprisonment of individuals in Taiwan for betting on the election through PolyMarket 🔹Discussion on the concept of futarchy and its potential implementation 🔹The prevalence of centralized exchanges and their impact on user adoption 🔹Gwart's role as an observer and heckler in the crypto space 🔹Building infrastructure for onboarding users in crypto 🔹The dichotomy between the ideal of decentralization and the reality of user adoption 🔹Criticism of DAO governance and lack of significant innovation Hosts Haseeb Qureshi , Managing Partner at Dragonfly Robert Leshner , Founder of Compound Tom Schmidt , General Partner at Dragonfly Tarun Chitra , Managing Partner at Robot Ventures Guest Gwart , Crypto Twitter Icon Disclosures Links Justin Drake on Bankless’ “57 - Ultra Sound Money | Justin Drake”: https://youtu.be/bWqhn1hXvVc Justin Drake on “ETH’s Biggest Upgrade Since EIP1559 | MEV Burn w/ Justin Drake and Dom”: https://youtu.be/nb7x7n8Ga3U Eliezer Yudkowsky – “AI Alignment: Why It's Hard, and Where to Start”: https://youtu.be/EUjc1WuyPT8 Eliezer Yudkowsky - “Why AI Will Kill Us, Aligning LLMs, Nature of Intelligence, SciFi, & Rationality”: https://www.dwarkeshpatel.com/p/eliezer-yudkowsky Vitalik Buterin’s “An Introduction to Futarchy”: https://blog.ethereum.org/2014/08/21/introduction-futarchy Arthur Breitman’s “Towards Futarchy in Tezos”: https://medium.com/tezos/towards-futarchy-in-tezos-54a7b8926967 “More arrests for betting crypto on Taiwan election via blocked website” by Jono Thomson (Taiwan News, Staff Writer): https://www.taiwannews.com.tw/en/news/5070386 Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 9, 2024

It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be. Listen to the episode on Apple Podcasts , Spotify , Fountain , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: What the recent 19b-4 and S-1 filings say about how close the ETFs are to approval Whether Hashdex's existing futures ETF impacts its treatment in the spot Bitcoin ETF process The likely timeline for trading to start post-ETF approval The possibility of simultaneous launches for all approved ETF issuers The SEC's concerns about ensuring a fair launch, informed by the BITO experience Eric’s surprise at JP Morgan's involvement as an Authorized Participant Why the SEC is approving the ETF despite Gensler’s stance against crypto What extreme cases Eric believes might cause the ETF not to be approved How BlackRock's low fees set a challenging benchmark for competitors The potential for an issuer to offer even lower fees than current players How issuer margins are thin due to marketing fees, and the impact of waivers James’ theory about why Grayscale might be keeping the fee on GBTC so high Predictions about which issuer(s) will gain the bulk of assets under management The rumor about BlackRock introducing substantial liquidity on the ETF's first day Eric and James's expectations for ETF inflows and market dynamics Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guest: James Seyffart , Research analyst at Bloomberg Intelligence Previous appearances on Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Eric Balchunas , Senior ETF analyst at Bloomberg Intelligence Previous appearances on Unchained: Will a Spot Bitcoin ETF Finally Get Approved? Links Previous coverage of Unchained on spot Bitcoin ETFs: The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Fees Unchained: Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants Caitlin Long’s tweet warning about no fees Fidelity set their fee to .39% Invesco/Galaxy chose to waive fees Market participants: Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF Others: Better Markets’ letter: The SEC Must Follow the Law and Reject Spot Bitcoin ETPs Which Will Inflict Massive Investor Harm FXSTREET: BlackRock might be on track to create history with $2 billion inflows in spot Bitcoin ETF in a week Eleanor Terrett of Fox News’ tweet on Better Markets’ letter Scott Johnson of Van Buren Capital’s estimate Learn more: Unchained: Bitcoin ETFs Explained: What Are They & How Do They Work? Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 5, 2024

Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs. Show highlights: Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs How the Matrixport report led to a 7% drop in BTC value The importance of seed funding for ETFs and its impact on their stability and growth The pivotal role of distribution in an ETF and why Spencer emphasizes its significance Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF The potential impact of changes in the Grayscale board on its aspirations to launch an ETF How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guest Spencer Bogart , General Partner at Blockchain Capital Links Previous coverage of Unchained on spot Bitcoin ETFs: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Matrixport report Why the SEC will REJECT Bitcoin Spot ETFs again Jihan Wu’s tweet defending the analyst Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears? Market participants: Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF 8-As The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications Fees Fidelity set their fee to .39% Invesco/Galaxy chose to waive fees Grayscale: Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board Learn more: Unchained: Bitcoin ETFs Explained: What Are They & How Do They Work? Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 3, 2024

Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Laura Shin, the host of Unchained, to discuss the latest post from Ethereum co-founder Vitalik Buterin, who argues that crypto needs to get back to its idealistic cypherpunk roots. Is Vitalik the Pope of crypto, as Haseeb argues, and is there even a need for such an exemplary-type figure? And how do other influential crypto folks like Solana’s Anatoly Yakovenko and Tron’s Justin Sun fit into this dynamic? The gang also discusses the likely imminent approval of a spot Bitcoin ETF in the U.S. and what it might mean for Bitcoin’s price and Ordinals Inscriptions. Show highlights: Who won the group’s bet on what the circulating supply of PayPal’s stablecoin, PYUSD, would be at the end of the year The Orbit Bridge hack and how the potential involvement of North Korea could be a problem for the industry How Vitalik’s post urging for a return to the cypherpunk ideals sparked a debate within the community Whether Vitalik is like “the Pope of crypto” and whether there’s even a need for one Why it’s so important to keep the cypherpunk ethos, according to Tarun Why Tom believes, after reading Vitalik’s post, that the wrong lessons are being learned How Vitalik and Solana’s Anatoly Yakovenko could represent the religious leaders of two different approaches Whether Justin Sun is the “inverse of Vitalik” How GBTC holders are the most impacted ones given that the spot Bitcoin ETFs will be created and redeemed in cash Whether the SEC is picking favorites in the Bitcoin ETF landscape What could happen to the price of BTC if the ETF is approved Whether the rise in Bitcoin’s price will increase fees so much that it crowds out Ordinals Inscriptions Hosts Haseeb Qureshi , managing partner at Dragonfly Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Guest Laura Shin , journalist, author of ‘The Cryptopians,’ founder and CEO of Unchained Disclosures Links Cypherpunk ideals Make Ethereum Cypherpunk Again by Vitalik Buterin Quotes on Vitalik’s post on X Business Insider: 'Heed these words of warning:' Ethereum founder threatens to leave if the crypto community doesn't grow up The Block: Solana Labs CEO: It ‘doesn’t really matter’ if the network goes down again Spot Bitcoin ETF Unchained: 77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Should First-Time Bitcoin Investors Buy Now or Wait for the ETF? Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? CoinDesk: Michael Saylor Commences Plan to Sell $216M Worth of MicroStrategy Stock Options PayPal’s PYUSD bet: The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions Orbit Bridge hack Unchained: Orbit Chain Announces 'Significant Clue' in $81 Million New Year's Eve Hack The Block: Orbit Chain's bridge reportedly hacked for $81.5 million Learn more about your ad choices. Visit megaphone.fm/adchoices

Jan 2, 2024

In this episode of Unchained, Anatoly Yakovenko, co-founder of Solana Labs, Nick White, COO at Celestia, and Chris Burniske, partner at VC firm Placeholder discuss the differences between modular and monolithic, or integrated, blockchains, with Solana epitomizing the monolithic approach and Celestia the modular one. They all agree that both approaches have their merits and will likely coexist, but argue each lends itself to specific use cases and developer preferences.They also discuss what will drive the next crypto bull cycle, and each gives their best predictions for a specific development in the crypto industry in the next few years. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: Chris’s explanation of the modular vs. monolithic approach in blockchains What drove Anatoly to prioritize speed in Solana's architecture and its impact on the network What Celestia is and how it represents the first modular blockchain network Whether developers and users will gravitate more towards modular or monolithic blockchains How Solana, as one of the fastest blockchains, is gearing up to handle massive usage and scalability Why Chris views Celestia as a frontrunner in the data availability sector How Nick perceives the philosophical similarities and executional differences between Celestia and Solana Whether there's potential for Solana to transition into a modular blockchain in the future Why Chris believes that the Solana Virtual Machine (SVM) might surpass the Ethereum Virtual Machine (EVM) in user adoption What challenges Bitcoin faces in developing actual Layer 2 solutions, especially considering its "doomers storage" issue What could drive the next crypto bull market Top predictions for 2024 and beyond Anatoly’s perspective on how a significant hack could pose a serious setback for the entire industry Thank you to our sponsors! Arbitrum Foundation Popcorn Network iTrustCapital Guests: Anatoly Yakovenko , cofounder of Solana Labs Previous appearances on Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Will Solana Be the Execution Layer and Ethereum the Settlement Layer? Can Solana Seize Marketshare From Ethereum With Serum? Anatoly Yakovenko on Why Solana Is Building the SAGA Chris Burniske , partner at Placeholder Previous appearances on Unchained: Two VCs on Why This Is the Perfect Time to Invest in Crypto 2022 in Review + How Cobie and Chris Burniske Are Playing the New Year Cobie and Chris Burniske on How to Navigate a Crypto Bear Market How To Value A Crypto Asset Nick White , COO at Celestia Labs Links Modular vs. monolithic Alchemy: Modular vs. Monolithic Blockchains Visa: Monolithic vs. modular blockchain Chris Burniske ’s tweet on modular vs monolithic “ The horrific inefficiencies of monolithic blockchains ” by polynya Blockworks: A spicy salvo launched in the monolithic vs modular debate Unchained: What Is the Blockchain Trilemma? Celestia Celestia’s explanation of modular blockchains Data availability Data availability sampling An introduction to sovereign rollups Spot Bitcoin ETF: Unchained: Why The Spot Bitcoin ETF Is a Big Deal Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF? Ledger ConnectKit incident Unchained: Ledger Library Compromised, Causing Confusion and Panic in Crypto Community Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 29, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Lucas Bruder, co-founder and CEO of Jito Labs, an infrastructure provider that mitigates the impact of maximum extractable value (MEV) on Solana — specifically spam and wasted block space. He and the gang discuss how the Jito airdrop this month helped rejuvenate Solana; how Jito differs from Flashbots, its counterpart on Ethereum; Solana’s potential scalability; and how Solana believers have been vindicated by the developments of the last few months. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: Why Jito is a crucial development in the Solana ecosystem and its potential impact on network performance What sets Jito apart from its counterpart on Ethereum, Flashbots, in terms of functionality and benefits Whether Solana's speed uniquely influences Jito's effectiveness compared to Flashbots Lucas' explanation of maximum extractable value (MEV) and how it operates within the Solana network, providing insight into its complexities and advantages Whether Solana's infrastructure could sustain block production if the AWS integration encounters disruptions How the Jito airdrop may have rejuvenated the Solana network, potentially marking an end to its "ice age" What recent surges in on-chain activity in Solana indicate about the network's health and user engagement Where MEV fees in Solana are directed and who benefits from this value accrual within the ecosystem Whether Solana dapps are evolving their architectures to mitigate MEV opportunities and enhance network security How Tarun envisions the design of Solana's fee market for optimal efficiency and fairness Whether Solana has the inherent capacity for infinite scalability and what potential bottlenecks might impede this growth Hosts Haseeb Qureshi , managing partner at Dragonfly Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Guest: Lucas Bruder , CEO of Jito Labs Links MEV: Previous coverage of Unchained on MEV: Unchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum CoinDesk: What Is MEV, aka Maximal Extractable Value? Jito: Unchained: Jito, Solana-Based Liquid Staking Protocol, Airdrops Governance Token Solana Validator 101: Transaction Processing Jito Block Engine Expands Access to All Solana MEV Traders Solana’s recent activity and bull run: Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Solana Takes the Lead in Daily Stablecoin Transfer Volume Solana Surges to $84, Flips Ethereum in Weekly DEX Volume Paxos Bringing Stablecoin Issuance on Solana, Diversifying Beyond Ethereum Solana’s model: Solana Proof of History: How Solana brings time to crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 29, 2023

Take the Unchained 2023 survey! Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. As 2023 nears its end, the crypto community is abuzz with speculation: will the relentless crypto winter give way in 2024? Crypto OG Arthur Hayes is confident that crypto is on an upswing. According to Hayes, these market cycles are historically recurrent, indicating a potential bull run in the near future. In this episode, Hayes offers his insights on a range of compelling topics, from what he believes will be a resurgence of central bank money printing between 2024 and 2027 to the effect spot Bitcoin ETFs will have on crypto markets. He also shares his views on the post-FTX blockchain landscape, the dynamics of Ethereum and memecoins, and why he thinks Tether won’t last. Show highlights: Why Arthur believes that central banks across the globe might resort to printing money again between 2024 and 2027 Why he's anticipating a bull run in the crypto market within the next year Whether the financial system established post-World War II is on the verge of a breakdown What Arthur recommends investors should do in the event of a spot Bitcoin ETF launch Why he is confident that the launch of a Bitcoin ETF won't immediately lead to a massive surge in prices How, according to Arthur, the collapse of FTX actually validated the resilience of the blockchain ecosystem Whether the DCG crisis is likely to have a far-reaching impact on the crypto industry Why Arthur maintains a bullish stance on ETH and the Ethereum ecosystem, despite labeling it a “shitcoin” Whether he sees the use of the Bitcoin blockchain for trading memecoins (BRC-20s) as problematic Why Arthur thinks Tether's dominance will be challenged with the entry of major U.S. banks into the stablecoin market Why he firmly believes that AI systems will favor Bitcoin over traditional forms of money Why, in Arthur's view, China may not aim to become the issuer of the global reserve currency The investment strategy of Arthur’s family office, Maelstrom Thank you to our sponsors! Arbitrum Foundation Uniswap Popcorn Network Guest Arthur Hayes , CIO of Maelstrom. Previous appearances on Unchained: Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH Arthur Hayes of Bitmex on Why Countries Will Turn to Digital The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks How Crypto and Blockchain Technology Could Change Financial Services Links Macroeconomics CoinDesk: The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes Bad Gurl by Arthur Hayes The Periphery by Arthur Hayes Arthur Hayes’ tweet : “the U.S. banking crisis is back” Bitcoin ETFs and markets Forbes’ Billy Bambrough on Arthur Hayes’ hot ETF take - “If ETFs managed by TradFi asset managers are too successful, they will completely destroy Bitcoin.” Blockworks: Institutional custody of bitcoin could kill it, cautions Hayes Arthur’s tweet on cash or in-kind Bitcoin ETFs Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Arthur’s meme on BlackRock SBF and FTX White Boy by Arthur Hayes White Man by Arthur Hayes New York Magazine: The Original King of Crypto Is Back Arthur Hayes rubbed success in the Feds’ face and got busted. Now he’s returning to a shell-shocked industry. CZ and Binance Panda Power by Arthur Hayes Unchained: How Binance Will Open All Its Activity to the U.S. Government Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges For more detail and links visit Unchained! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 26, 2023

Take the Unchained 2023 survey! Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. In 2023, the crypto industry began with post-FTX fallout such as Operation Chokepoint 2.0, the failures of banks serving the crypto industry and the SEC's Wells Notice against Coinbase. Meanwhile, Bitcoin Ordinals brought innovation to the Bitcoin network, while Ethereum's Shanghai upgrade introduced new functionalities. The criminal trial of Sam Bankman-Fried was the dramatic climax of the year, as lawmakers’ concerns about crypto being used for terrorist financing brought crypto into the mainstream conversation. The year ended with Binance's substantial settlement with the U.S. government and spot Bitcoin ETFs in the horizon, ushering in what looks like the beginnings of another bull market. Thank you to our sponsors! Arbitrum Foundation Uniswap Popcorn Network Links DCG Unchained: Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? Reuters: Crypto lending unit of Genesis files for U.S. bankruptcy CELSIUS Unchained: 7 Revelations From Celsius’ Examiner Report Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way' Operation Chokepoint 2.0 WSJ: Regulator Orders Crypto Firm Paxos to Stop Issuing Binance Stablecoin The Verge: Kraken pays a $30 million fine and shuts down crypto staking in the US Unchained: Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ Just a Coincidence? Coinbase and Polygon Lawyers See Bad Omens in SEC Crackdown Bitcoin Ordinals Unchained: Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020 Signature, Silvergate, SVB, USDC depeg Investopedia: What Happened to Silicon Valley Bank? CNBC: Stablecoin USDC breaks dollar peg after firm reveals it has $3.3 billion in SVB exposure Unchained: The Chopping Block: Was Crypto Just Debanked? Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US - Cryptocurrency SEC Issues Coinbase a Wells Notice Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Reuters: Signature Bank failure due to 'poor management,' US FDIC report says The Verge: Silvergate has collapsed Ethereum’s Shanghai upgrade Unchained: Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella PROMETHEUM Unchained: Prometheum and Paradigm in Debate: Can the Status Quo Work for Crypto These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler Crypto Community Unearths Questionable History of SEC-Aligned Prometheum - Cryptocurrency Regulation SEC vs. Binance and Coinbase Unchained: SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities SEC Sues Coinbase for Breaking Securities Laws SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’ RIPPLE Unchained: New Order in SEC vs. Ripple Over XRP Is a Win for Crypto: What Happens Now? The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility CoinDesk: Ripple, Crypto Industry Score Partial Win in SEC Court Fight Over XRP Visit our site to see more details and links! Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 22, 2023

Take the Unchained 2023 survey! Over the past year, the crypto industry has seen the rise of a new trend: the adoption of points systems. Li Jin, cofounder of Variant Fund, says that while points systems have long been a staple in the Web2 domain, their integration into the crypto ecosystem could have pitfalls. She covers how these points are currently being leveraged within crypto applications in the hopes of driving user engagement and retention, why they’re taking off now, and why they’re off-chain. She also points out that, if implemented poorly, they could engender disloyalty instead of leading to sustainable communities, and urges founders to be thoughtful about the design of these systems, especially about how points translate to economic value. Show highlights: What points are in crypto and their role in rewarding user behavior​​ Examples of popular projects that have successfully implemented points systems​​ Why points mechanisms are gaining traction in crypto, offering benefits of tokens without the downsides​​ Whether points, which are currently off-chain, will eventually move on-chain, and the implications for users and founders​​ How points can incentivize inorganic behavior, drawing from Li Jin's experience in the Web2 sector​​ The potential pitfalls of points systems and how they can sometimes create more disloyalty than loyalty​​ Identifying which crypto projects are best suited for using points, and the importance of product-market fit​​ Why keeping the economic value of points ambiguous can enhance user engagement and loyalty​​ Whether points are being used by projects to navigate around regulatory challenges​​ Future developments in points systems, including the potential of bringing points on-chain for a universal loyalty system​​ Thank you to our sponsors! Arbitrum Foundation Uniswap Popcorn Network Phemex Guest Li Jin , cofounder and General Partner at Variant Fund Previous appearances on Unchained: Will Every Piece of Media Enter the Internet as an NFT? Variant Fund Says Yes The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Links Points Li’s Newsletter: Lessons on Points Programs for Crypto Apps Li’s comments on the topic: Tweet 1 on points entering “the crypto app zeitgeist” Tweet 2 on points discounting the cost of the product Tweet 3 on points and product-market-fit Tweet 4 on how points can “distort activity” CoinDesk: Crypto Points: Off-Chain Derivatives That Everyone is Talking About Web3 Loyalty Programs Are a Trojan Horse for Good Crypto Policy DL News: Why DeFi protocols love to offer ‘points’ before airdrops Projects using points Rainbow wallet Friend.tech Blast Blackbirds Marginfi Parcl Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 19, 2023

Take the Unchained 2023 survey! Swan founder and CEO Cory Klippsten is all-in on Bitcoin. Not only does he believe that Bitcoin is poised to reach $1 million by 2030, he also thinks most alt-coins add little to no value and will eventually all go to zero. Accordingly, his company is a massive bet on the future of Bitcoin, from educating people about the world’s first crypto and convincing them to eventually self-custody, to making private equity investments in the Bitcoin ecosystem, to eventually planning to launch the first US Bitcoin-only trust company to create a safer environment for investors. Here he talks to Unchained about his crypto journey, the likely impact of spot Bitcoin ETFs on crypto adoption and prices, his extreme skepticism about Bitcoin Ordinals, when he first knew Sam Bankman-Fried was a fraud and why he thinks that crypto VCs have done a “massive disservice” to the world. Show highlights: What Swan Bitcoin is, its origin story and the future trajectory envisioned by Cory Cory's journey into crypto, his journalism background and the shift to a Bitcoin-centric focus How Cory is navigating discussions with hedge funds, family offices, and insurance companies in anticipation of a Bitcoin spot ETF Swan’s Bitcoin-only investment strategies How lending and borrowing with Bitcoin is evolving Cory's private equity investments within the Bitcoin ecosystem The rationale behind Swan launching the first US Bitcoin-only trust company Swan's stance on financial privacy, especially after warning customers that banks might close their accounts if they used mixers Cory's reasoning for advising against "trading" the Bitcoin spot ETF launch Predictions on when BTC might reach new all-time highs Cory's perspective on Bitcoin Ordinals and their impact on the Bitcoin mempool The concerns about decreasing block rewards and the future security of Bitcoin Why Cory was convinced of FTX's fraudulent nature after reviewing the balance sheet that led to SBF's downfall Why he thinks that VCs have done a "massive disservice” to the world Thank you to our sponsors! Uniswap Popcorn Network Arbitrum Foundation Guest: Cory Klippsten , CEO of Swan Bitcoin Links: Swan Bitcoin: Fortune: Swan deployed more than $200 million in 2023 building out institutional offerings such as Bitcoin-backed lending Protos: Some Swan Bitcoin customers lose banking access CoinDesk: BitGo, Swan to Form Bitcoin-Only Trust Company WSJ: Crypto Custodian Prime Trust Files for Bankruptcy Protection Decrypt: Swan, Coinbits Disclose Prime Trust Ties as Fallout Continues Cointelegraph: Swan Bitcoin to terminate customer accounts that use crypto-mixing services Bitcoin ETFs: Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Unchained: Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Bitcoin ETFs Explained: What Are They & How Do They Work? BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks FTX CoinDesk: Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet Ordinals: Cory’s tweet on Ordinals Unchained: Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value Bitcoin Mempool Reaches Record Levels of Congestion Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What’s the Hype About? Bitcoin’s BRC-20 Mania: Is It Sustainable? Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin Learn more: What Are BRC-20 Tokens? What Are ORC-20 Tokens? How to Create a Bitcoin Ordinal Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 15, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, after an incredibly eventful year for crypto, The Chopping Block crew makes its picks for the best and worst of 2023, including its biggest winners and losers, biggest surprises, best memes, best or worst pivots, biggest flops, best comeback stories, favorite podcast guests and predictions for 2024. Hear why some in the gang consider Solana to be the year’s biggest winner, Circle the biggest loser, MicroStrategy the best and worst pivot, Coinbase the best comeback and a renewed boom in crypto lending one of the top predictions for 2024. Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Surprises: The Chopping Block: Was Crypto Just Debanked? What Is Depegging in Crypto and Why Does It Occur? Flops: The Chopping Block: Why the Azuki Elementals Drop Was a Big Flop The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement The Block: Worldcoin unveils integrations with Minecraft, Reddit, Telegram and Shopify CoinDesk: Future of Solana's Hyped Saga Phone Is 'Under Internal Discussion' as Sales Figures Fail to Wow ApeCoin DAO Governance Winners: Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Bitcoin’s Daily Transaction Fees Surpass Ethereum’s for First Time Since 2020 What Are BRC-20 Tokens? A Brief Introduction The Chopping Block: Wizards vs. Laser Eyes for the Future of Bitcoin Memes: Dexerto: What is TikTok’s viral NPC fetish? New streaming kink explained David Beckham’s memes Favorite guests: The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation The Chopping Block: Coinbase’s Paul Grewal on Why the SEC Is Going After Crypto So Aggressively Others Unchained: Ledger Library Compromised, Causing Confusion and Panic in Crypto Community Vitalik Buterin Supports Integrating Zero-Knowledge Ethereum Virtual Machines Into Main Ethereum Chain Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 15, 2023

Take the Unchained 2023 survey! Unchained is doing its annual survey . Let us know what we’re doing well, how we can improve, what you’d like to see more of, and generally, how we can serve you better. The survey also helps us find sponsors whose products and services would appeal to you. Plus, participating gives you an opportunity to win Unchained merch! Five randomly selected respondents will receive one free Unchained t-shirt or mug — your choice. Click here to participate. Thanks so much! The long-awaited approval of a spot bitcoin ETF looks to be mere weeks away, and Bloomberg ETF analyst James Seyffart joins Unchained to discuss the final issues and considerations, especially the battle over whether the new funds will feature in-kind vs. cash creation and redemptions, which appears to be one of the last main sticking points in negotiations between the SEC and fund companies. He also discusses the specific impact of an ETF approval on Grayscale, which runs the $26.6 billion Grayscale Bitcoin Trust, and why he thinks the SEC has thrown in the towel on trying to classify Ethereum as a security. Show highlights: Why James views the multitude of potential issuers meeting with the SEC as a positive sign for the future of ETFs When James anticipates the ETFs will actually be listed on exchanges, which differs from their approval dates The crucial differences between in-kind versus cash creation and redemptions in ETFs and their impact on market dynamics How the choice of in-kind or cash creation and redemptions influences the overall cost structure of these financial products Whether the current actions of ETF issuers suggest a "bending the knee" approach to the SEC's preference for cash creations and redemptions How the selected ETF model will specifically impact Grayscale and the future of its GBTC offering The potential strategies behind BlackRock's private trust, especially in terms of integrating its Bitcoin holdings into its prospective ETF Why James holds a more cautious outlook for the approval of an Ethereum spot ETF compared to his confidence in Bitcoin ETFs Thank you to our sponsors! Arbitrum Foundation Popcorn Network Uniswap Guest James Seyffart , Research analyst at Bloomberg Intelligence Previous appearances on Unchained: Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Links Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Unchained: Bitcoin ETFs Explained: What Are They & How Do They Work? BlackRock Updates Bitcoin ETF Filing to Make Access Easier for Wall Street Banks Understanding the ETF creation and redemption mechanism Nate Geraci’s tweet on in-kind/cash James comments “ the people want in-kind ” James: “ I think everyone is gonna have to bend the knee to cash creates and redeems .” Eric Balchunas suggests the SEC is only letting cash-create ETFs launch initially Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 12, 2023

Unchained is running its annual survey to better serve you. Please answer our annual survey here. The record $4.3 billion settlement reached between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world's largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance's operations and the broader implications for the crypto industry. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: what exactly is a compliance monitor, and why it's essential in the Binance settlement which regulatory agencies the monitors report to and their significance why the DOJ insisted on including a compliance monitor in its settlement with Binance how Binance’s compliance monitor is expected to create a “ripple effect across the industry,” according to Michael why Binance, despite being a non-U.S. entity, is subject to a U.S.-appointed monitor Dorothy's perspective on why more monitorships might be appointed in the crypto industry going forward how much the monitorship will cost Binance and the factors influencing their choice of monitor whether the government will be able to discover other crimes with all this new information, which will be used by other agencies such as the IRS and the FBI who might be appointed as the compliance monitor for Binance and why Michael favors Patrick McHenry what constitutes the SAR lookback and AML program consultancy what could happen when the government gets to look at all past transactions what happens if the monitor discovers any wrongdoing within Binance whether the monitorship is likely to impact Binance's business operations advice from Dorothy and Michael for Binance's new CEO on navigating these challenges why predicting the future of Changpeng Zhao, Binance's ex-CEO, is complex, according to Dorothy Thank you to our sponsors! LayerZero Popcorn Network Arbitrum Foundation Guests: Michael Dawson , partner, Financial Institutions Group at WilmerHale Dorothy DeWitt , founder and CEO of Tolt Strategies and former Director of the Division of Market Oversight at the CFTC Links Settlement DOJ Settlement Text FINCEN Settlement Text CFTC Settlement Text OFAC Settlement Text WSJ : Binance Penalties Include a Number of Crypto Industry Firsts: The Treasury Department’s FinCEN is imposing its first-ever monitorship on the cryptocurrency exchange CoinDesk: Binance's Future and Other Questions Post-Settlement Unchained: Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges Law360: Binance's Compliance Chief Is Optimistic About Monitorship The CFTC’s guidance on monitorships CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions Other monitors at crypto companies Coinbase (independent monitor): Press Release- January 3, 2023: Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company’s Compliance Program | Department of Financial Services Robinhood Crypto (independent compliance consultant): Press Release- August 2, 2022: DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti-Money Laundering, Cybersecurity & Consumer Protection Violations | Department of Financial Services (ny.gov) Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 8, 2023

Unchained is running its annual survey to better serve you. Please answer our annual survey here. The likely impending approval of spot bitcoin ETFs has already sparked a major rally in the price of bitcoin and other cryptocurrencies, but will the bull run continue once the funds are up and running? On this episode of Unchained, the founder and CEO of Global Macro Investor, Raoul Pal, describes why a spot bitcoin ETF is such a significant development, likening it to a free trade agreement with the traditional financial world. He also discusses what effect a spot Ether ETF is likely to have on Ether prices, the relative merits of Ether vs. Solana, the usefulness of BRC-20 tokens and why 2024 is likely to be a very good year for crypto and the economy as a whole. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: How Pal sees crypto as creating a new parallel financial system that a spot Bitcoin ETF will soon offer entrée to what he believes will be the key catalysts for the upcoming bull market in crypto why Raoul is predicting a "very strong 2024" for the crypto market, including his outlook for the price of Bitcoin how he thinks investors and institutions will respond to the potential launch of an ETH spot ETF why Raoul is bullish on both Ethereum and Solana what developments in the Solana ecosystem are making Raoul particularly optimistic which network Raoul expects to emerge as the winner in the blockchain space why he views BRC-20s and Ordinals inscriptions as positive developments for Bitcoin Thank you to our sponsors! Arbitrum Foundation Phemex Popcorn Network Guest Raoul Pal , cofounder and CEO of Real Vision Links Bitcoin ETF and markets: Unchained: Bitcoin Surges Past $40,000 for First Time Since April 2022 Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications 77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work? Ordinals and BRC-20s Unchained: Bitcoin Ordinals-Related Token ORDI Passes $1 Billion in Market Value Bitcoin Mempool Reaches Record Levels of Congestion Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? Bitcoin’s BRC-20 Mania: Is It Sustainable? Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin Learn more: What Are BRC-20 Tokens? What Are ORC-20 Tokens? How to Create a Bitcoin Ordinal Solana vs. ETH Unchained: Anatoly Yakovenko on Solana’s Astounding Recovery and Its Future Plans Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 7, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they are joined by Samczsun, an anonymous security researcher at Paradigm, who delves into the intricacies of crypto security, ethical hacking and the shifting landscape of smart contract vulnerabilities. He also discusses his strong feelings about the “Code Is Law” philosophy and gives tips on how people in crypto can best protect their online security. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: what led Sam to a career in crypto security and his current role at Paradigm how Sam uncovered one of crypto's most legendary vulnerabilities why security experts like Sam choose the path of white hat hackers over black hats The craziness of the KyberSwap hacker's proposal parallels that Robert draws between this case and Avi Eisenberg's Mango Markets exploit what advice Sam has for the KyberSwap hacker whether Sam, as a security expert, trusts storing his money on-chain how the Platypus hack ruling by a French judge challenges the 'Code Is Law' philosophy what the Security Alliance aims to achieve and its impact on the industry how Sam suggests individuals should practice personal crypto security, including the importance of using password managers and hardware wallets, and avoiding SMS two-factor authentication Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound and Superstate Tom Schmidt , general partner at Dragonfly Disclosures Guest: Samczsun , security researcher at Paradigm Links Hacks Episode with Ogle: The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money Unchained: $48 Million Drained from KyberSwap in Hack Kyberswap hacker's latest message Cointelegraph: KyberSwap hacker offers $4.6M bounty for return of $46M loot Platypus exploiters walk free after claiming to be ‘ethical hackers’ Code is law: The Chopping Block: ‘Code Is Law’ Is ‘Obviously Not How Anything Works Ever’ Unchained: The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not Thread by Gabriel Shapiro on the topic and Vy Le’s response Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 5, 2023

Unchained is running its annual survey to better serve you. Please answer our annual survey here. Solana’s native token SOL has been one of the best-performing cryptos of the year, up more than 500% so far, but you wouldn’t have guessed that would be the case given how closely tied the blockchain was to FTX, which held huge amounts of SOL and was a big supporter of the platform. The blockchain also experienced numerous outages in 2022. But Anatoly Yakovenko, Solana’s co-founder, says the discipline imposed by FTX’s collapse, as well as improvements to the technology, have made Solana stronger. On this episode of Unchained, Yakovenko talks about the impact of FTX’s collapse, his early impressions of Sam Bankman-Fried, the SEC’s designation of SOL as a security, how entrepreneurs are leaving the U.S. because of the regulatory risk, SOL’s share of the stablecoin market, and why he thinks it’s inevitable that finance will eventually run on something like Solana. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: How the Solana ecosystem weathered the FTX crisis How FTX’s collapse was like ripping off a band-aid for Solana Anatoly's initial impression of SBF as a “super genius” Why, despite SOL's strong 2023 performance, the Solana ecosystem hasn't experienced a corresponding growth in active developers What factors Anatoly believes contribute to the relatively low number of daily active wallet addresses in Solana How Solana addressed and rectified the outage issues that were so frequent in previous years Why Anatoly draws a parallel between Ethereum and Windows 95, and Solana and Windows 2000 Why he's not worried about Jump Crypto building a client for the blockchain The ongoing debate within Solana on open-source versus closed-source culture, and the potential for future shifts How the Solana Foundation is handling the SEC's classification of SOL as a security Whether there's a trend of developers and founders relocating from the United States in search of a more supportive ecosystem Why Solana holds a low market share of stablecoins across various blockchains, and the implications of this trend Why Anatoly considers trading volume a more critical metric than Total Value Locked (TVL) in assessing blockchain success How Web3 gaming has been flourishing on Solana Why Anatoly is confident that DeFi will find its rightful place on the Solana network The future plans for the Saga phone after its market challenges What Anatoly thinks is the number one focus for Solana for the near term Thank you to our sponsors! LayerZero Popcorn Network Arbitrum Foundation Guest: Anatoly Yakovenko , Co-founder of Solana Labs Previous appearance on Unchained: Will Solana Be the Execution Layer and Ethereum the Settlement Layer? Previous appearance on Unchained: Can Solana Seize Marketshare From Ethereum With Serum? Previous appearance on The Chopping Block: Anatoly Yakovenko on Why Solana Is Building the SAGA Links Unchained: Solana Saga review Decrypt: Mad Lads NFTs Hit All-Time High as Backpack Taps FTX Lawyer for Exchange Launch Op-ed by Anatoly on Fortune: Solana co-founder: 'To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works' Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 1, 2023

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang sits down with Ogle Crypto, a veteran negotiator in crypto hacks, to discuss the recent KyberSwap exploit , which involved an almost $50 million loss across various chains. Ogle shares how he initially became a negotiator, including his first case in which he tracked down a group of hackers from Hong Kong when they fled to Great Britain after stealing $24 million in funds. Ogle also shares his negotiation tactics, the typical profile of hackers he encounters today and his empathetic approach towards these often young and financially struggling individuals. Then the group raises concerns around the hype and marketing strategies of Blast, a new Layer 2 on Ethereum offering “native yields” that achieved $620 million of TVL in less than two weeks. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: How KyberSwap's sophisticated security was breached, resulting in an almost $50 million loss across various blockchain networks. Why Tarun suspects the behind-the-scenes workings of an organized group, rather than a lone attacker, in the KyberSwap incident. The evolution of crypto hacks towards more systematic and professional negotiations with hackers. Ogle's journey into the world of crypto hack negotiations, highlighted by a fascinating case of pinpointing hackers who had fled Hong Kong. Ogle's strategic approach to negotiating with hackers, balancing empathy and tactical communication. Profiling the typical hackers in these scenarios, focusing on their youth, origins, and backgrounds. Ogle's perspective on why he often finds a sense of understanding towards these young, misguided hackers. Assessing the crypto industry's response to white hat hackers: Are they adequately rewarded for safeguarding the digital frontier? The curious surge of investments into Blast, Ethereum's new Layer 2 contender, amidst swirling concerns and skepticism. Robert's take on why the Blast phenomenon could signal a troubling trend, surpassing the chaos of 2017, paralleled by Tarun's analogy to a “decentralized Herbalife.” Were Blast’s marketing tactics misleading or merely overly optimistic? Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Guest Ogle Crypto , Crypto sleuth and negotiator Links Hacks Unchained: $48 Million Drained from KyberSwap in Hack Kyberswap’s hacker latest message HackerNoon: Mark Cuban's Bane: How Iron Finance's $TITAN Crypto Crashed From $60 to $0 Cointelegraph: KyberSwap hacker offers $4.6M bounty for return of $46M loot Blast Unchained: Blast Surges to $300M TVL, Rapidly Gaining on Top Ethereum L2s Amid Concerns DefiLlama: Blast TVL Learn more about your ad choices. Visit megaphone.fm/adchoices

Dec 1, 2023

Unchained is running its annual survey to better serve you. Please answer our annual survey here. Vivek Ramaswamy is likely the biggest supporter of crypto among the current crop of presidential candidates. But his enthusiasm comes not from an inherent love of the technology or its principles themselves, but a dissatisfaction with what he calls the “administrative state” that’s stifled innovation in a number of important industries, crypto among them. On this episode of Unchained, Ramaswamy discusses his radical plan to slash the number of people working at federal agencies; his three-point crypto policy plan based on the freedom to code as a protected form of expression, the freedom of financial self-reliance, and the freedom to innovate free from regulatory overreach; why the current orientation of the U.S. government towards regulation of the crypto industry by enforcement isn’t helping anyone; his plans to stabilize the U.S. dollar by pegging it to a basket of commodities that could eventually include Bitcoin; why he’s so opposed to central bank digital currencies; and what industries he thinks could benefit from the use of blockchain technology. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Pandora , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: how Vivek, who has a background in biotech, fell down the “crypto rabbit hole” how the administrative branch of government doesn't work like it's supposed to, according to Vivek why he believes the government poses a threat to the future of crypto how he would respond to a situation in which the code of a smart contract is exploited how Vivek would prevent the use of crypto for illicit ends why he thinks that the current status quo in terms of crypto regulation is the “worst of all worlds” Vivek’s plan to stabilize the U.S. dollar by pegging it to a basket of commodities, potentially including Bitcoin why he is so against the creation of a central bank digital currency in the U.S. how blockchain technology can be used to help the U.S. maintain its technological supremacy Thank you to our sponsors! Arbitrum Foundation Phemex Popcorn Network Guest Vivek Ramaswamy , 2024 U.S. Presidential Candidate Vivek on The Chopping Block: Why Vivek Ramaswamy Wants Less Crypto Regulation Links Original speech unveiling his crypto policy plan at the North American Blockchain Summit 2023 Unchained: GOP Candidate Vivek Ramaswamy Makes the Case for Reduced Crypto Regulation Bloomberg: Ramaswamy’s Crypto Deregulation Plan Is Scaring the Industry CoinDesk: Ramaswamy Shares Crypto Plan, Making Him the Only GOP Candidate Who Has One Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 28, 2023

The IRS sparked a storm of controversy when it released proposed new rules for crypto transaction reporting earlier this year. The new rules seek to define who is considered a broker, what types of transactions need to get reported, and the kinds of digital assets that need to be included, but many in the industry consider them overly broad and ultimately unworkable. Lawrence Zlatkin, VP of Tax at Coinbase, and Shehan Chandrasekera, Head of Tax Strategy at tax software firm CoinTracker, discuss the crypto industry’s specific objections to the proposed new rules, and what might be a better way forward. They also delve into how the regulations would apply to stablecoins and NFTs, potential blockchain-based solutions for the reporting requirements, and what the likely outlook and timeline for the proposals to come into effect are. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: What the newly proposed IRS regulations around crypto are and when they are likely to go into effect what entities qualify as a broker and why this may pose a problem what the implications for the industry are if these regulations were passed the number of additional reports the IRS is expecting to receive if these regulations are adopted how the regulations would apply to stablecoins and NFTs what the five types of brokers are under the proposed regulations and the three types that they exclude, according to Shehan the unprecedented amount of comments submitted what suggestions Coinbase and CoinTracker have in mind for better tax regulation why Lawrence thinks that DeFi exchanges should be treated the same as centralized ones whether people should have privacy concerns about the new proposals what some blockchain-based solutions for tax reporting are, such as attestation tokens what the next steps for the IRS proposed regulation are how long it will take to actually implement these regulations Thank you to our sponsors! LayerZero Popcorn Network Guests: Shehan Chandrasekera , Head of Tax Strategy at CoinTracker Lawrence Zlatkin , VP of Tax at Coinbase Links Previous coverage of Unchained on crypto taxes, with appearances from Shehan and Lawrence: Everything You Need to Know About Filing Your 2022 Crypto Taxes Your 2021 Crypto Taxes: How to Handle NFTs, DAOs, Airdrops and More Everything You Need to Know About Your 2020 Crypto Taxes Why You Shouldn’t Trust Crypto Exchange Reports for Your Taxes The IRS Is Cracking Down on Crypto Taxes: What You Need to Know Could the Bank Secrecy Act Harm Crypto? Coin Center Thinks So Infrastructure Investment and Jobs Act (117th Congress) Proposed rule: IRS proposed rule text: Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule Twitter thread from Ji Kim of Crypto Council for Innovation CNBC: President Joe Biden to sign the bipartisan infrastructure bill⁠ into law—here's how crypto investors will be impacted IRS issues guidance, seeks comments on nonfungible tokens Coinbase first comment letter Coinbase second comment letter CoinTracker comment letter Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 24, 2023

Tiffany Fong has had an unusual route to crypto fame. After losing most of her life savings in the Celsius bankruptcy, she began posting on YouTube about her experiences and eventually received some leaked documents, which she shared with The New York Times and on her channel. The leaks gave her some visibility, and that’s when Sam Bankman-Fried began following her on Twitter. Fong unexpectedly managed to carve out a relationship with the one-time crypto mogul, and after he was arrested last November, she chatted often and even met with him while he was under house arrest. From there, she became known for posting details of her conversations with Bankman-Fried and documents he shared with her, and went on to attend every day of his trial in person and do videos on them. On this episode of Unchained, Fong shares why she thinks SBF opened up to her, whether she ever had a romantic relationship with him, her unpleasant encounter with Sam Bankman-Fried’s mother at the trial, why she doesn’t really consider herself a crypto influencer, and what her plans are now that the trial is over. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: what Tiffany did before getting into crypto how Tiffany lost most of her life savings in the Celsius bankruptcy and how that jumpstarted her journey into the content creation space how she got in touch with Sam Bankman-Fried and got him to speak with her after FTX’s collapse the conversations Tiffany had with SBF during his house arrest Tiffany's response to the rumors about a romantic relationship with SBF how Tiffany reacted to the DOJ reaching out to her for information before the SBF trial why she decided to go to the courtroom every day during the SBF trial Tiffany’s unpleasant encounter with SBF's mom, Barbara Fried how Tiffany feels about crypto, and why she doesn’t consider herself a "crypto influencer" what Tiffany’s career plans are now that the SBF trial is over Thank you to our sponsors! Arbitrum Foundation Popcorn Network Phemex Guest Tiffany Fong , Crypto content creator Links Unchained: RollingStone: The Crypto Whistleblower at the Center of the Sam Bankman-Fried Storm Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 23, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang breaks down the record $4.3 billion settlement between Binance and the U.S. government — whether it was fair, the chances CEO Changpeng Zhao will face any jail time, whether it was ultimately a good thing for Binance and for the U.S., and what this changes for the industry going forward. They also delve into the SEC’s lawsuit against Kraken, and the drama around Sam Altman’s firing from Open AI and what it says about corporate governance and crypto companies. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: the details of the settlement between Binance and the Department of Justice how a core part of Binance’s business model was to allow bad actors on its platform, according to Robert why Binance had to settle with the U.S. government even though it's not an American company why Tom believes that the settlement represents a "very bad lesson" whether U.S. market makers should be liable in cases like these how the crypto community has reacted to the settlement what the settlement means for the future of the crypto industry whether the new SEC lawsuit against Kraken is just a “copy-and-paste” of its suit against Coinbase The drama around Sam Altman’s removal from his role as CEO of OpenAI Why Robert thinks that the OpenAI board was “silly and dumb” What the problems at OpenAI say about its innovative governance structure Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Binance Settlement Unchained: Binance to Pay $4.3 Billion to Settle U.S. DOJ Criminal Probe; CEO Changpeng Zhao Pleads Guilty for Violating Bank Secrecy Act Binance CEO CZ Released on $175 Million Bond SEC Charges Against Kraken Unchained: Crypto Exchange Kraken Accused by SEC of Violating Securities Law OpenAI The Verge: Sam Altman returns as CEO of OpenAI Unchained: Worldcoin Falls and Rises After Sam Altman-OpenAI Saga Haseeb’s tweet on accelerationism Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 21, 2023

According to surveys of financial advisors, only 12% are currently recommending that clients invest in Bitcoin, while 47% of advisors personally own Bitcoin and a whopping 77% say they are waiting for a spot Bitcoin ETF to become available so they can offer it to their clients. On this episode of Unchained, Ric Edelman, founder of the Digital Assets Council of Financial Professionals and author of “The Truth About Crypto,” explains how this should all lead to high demand once the first spot Bitcoin ETFs become available, although it will take some time for them to allocate. Edelman also discusses how FTX’s implosion impacted advisor perceptions of crypto, why investors have not been that excited by crypto futures ETFs, and which Bitcoin ETF issuers he believes are likely to be the big winners. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: how regulatory confusion keeps financial advisors away from recommending Bitcoin to their clients how the collapse of FTX affected financial advisors’ interest in crypto, according to Ric how the knowledge level of financial advisors about Bitcoin is "extraordinarily low" why 77% of investment advisors are willing to buy a spot Bitcoin ETF why there wasn't a huge interest from advisors after the launch of Bitcoin futures ETFs the percentage of client portfolios that he expects they will allocate to BTC why Ric thinks there won't be huge inflows immediately after the approval of spot BTC ETFs how financial advisors will decide whose ETF to buy, among the 12 potential issuers why he believes spot Ethereum ETFs have great growth potential why he thinks tokenization might be the "next big thing" that will increase institutional activity Take the Unchained 2023 survey! Unchained is doing its annual survey . Let us know what we’re doing well, how we can improve, what you’d like to see more of, and generally, how we can serve you better. The survey also helps us find sponsors whose products and services would appeal to you. Plus, participating gives you an opportunity to win Unchained merch! Five randomly selected respondents will receive one free Unchained t-shirt or mug — your choice. Click here to participate. Thanks so much! https://www.surveymonkey.com/r/unchained2023 Thank you to our sponsors! LayerZero Popcorn Network Guest: Ric Edelman , Founder of the Digital Assets Council of Financial Professionals Previous appearance on Unchained: Financial Advisors Control $5 Trillion in Investor Wealth. Are They Buying Bitcoin? Links Previous coverage on spot Bitcoin ETFs: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF Unchained: BlackRock Files for Spot Ethereum ETF The Bitcoin ETF Is a Double-Edged Sword Bitcoin ETFs Explained: What Are They & How Do They Work? CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 17, 2023

In this episode of Unchained, Peter Van Valkenburgh, director of research at Coin Center, explains why the IRS's proposed broker rule for tax reporting in crypto could harm the crypto industry as well as the security and privacy of users. He explains how Coin Center thinks the IRS should accomplish its aims, and why that would even work for collecting taxes on DeFi gains. Additionally, Peter explains why he believes the Bank Secrecy Act might be unconstitutional and how that could potentially affect developers building in crypto. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: What the IRS's proposed broker rule entails for crypto tax reporting and why this could have a negative impact on the industry What responsibilities brokers in the crypto space now face Why the IRS didn’t use Congress's amended language from the infrastructure bill Why Peter argues that the IRS’s new proposed broker rule on crypto is unconstitutional and the principles at stake The alternative approaches Peter suggests the IRS could adopt for more effective and fair regulation Why Peter has concerns for crypto developers about the potential application of the Bank Secrecy Act What actions Coin Center is undertaking to advocate for changes in the Bank Secrecy Act to better align with crypto realities Why Coin Center is appealing in its lawsuit against the Treasury Department over the OFAC sanctions on Tornado Cash Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guest Peter Van Valkenburgh , director of research at Coin Center Previous appearances on Unchained: Why the SEC Is Probing Yuga Labs and Coin Center Is Suing Treasury How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law Why the SEC's Proposed Rules Affecting DeFi Could Violate the First Amendment Links IRS Crypto Regulation Coin Center: Electronic Cash, Decentralized Exchange, and the Constitution The Blockchain Association’s letter opposing tax regulations proposed by the IRS CoinDesk: How the Crypto Industry Responded to the IRS Proposed Broker Rule Patriot Act California Bankers Assn. v. Shultz Bank Secrecy Act Coin Center: Broad, Ambiguous, or Delegated: Constitutional Infirmities of the Bank Secrecy Act Tornado Cash Coin Center: U.S. Treasury sanction of privacy tools places sweeping restrictions on all Americans Coin Center is suing OFAC over its Tornado Cash sanction Denial of Coin Center’s motion in its case against the US Treasury over OFAC sanctions Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 14, 2023

The recent Wall Street Journal article that claimed Hamas raised $130 million via cryptocurrency has sparked considerable debate, especially after Sen. Elizabeth Warren used it as her sole source to ask for tighter regulations around crypto. However, the veracity of this claim has come under scrutiny. Yaya Fanusie, Jessi Brooks, and Andrew Fierman delve into the veracity of reported figures, the methodology behind them, and the subsequent industry responses that sought to correct the public record. They examine the political implications of cryptocurrency, its use in funding organizations, and the nuanced role of stablecoins in this digital economy. Additionally, they address the broader challenges in regulating crypto to prevent illicit funding, emphasizing the need for factual accuracy and a comprehensive approach to understanding and tackling such complex issues. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: how the Wall Street Journal article claimed that Hamas and other militant groups in Palestine raised $130 million via crypto why Yaya, who spent some time in his career doing research on terrorist financing, found those numbers odd why Jessi believes that there's been a loss of focus on facts and accuracy Andrew's explanation of the post by Chainalysis that corrected the record why it's so difficult to make a confident assessment of how much money is being funneled to terrorist groups whether crypto has become politicized why is it so important to focus not only on the crypto fundraising but also the other avenues, according to Jessi the role of USDT and other stablecoins in fundraising terrorist organizations how North Korea is a much more sophisticated actor than Hamas in its know-how about crypto how the government has tried to respond to the illicit usage of crypto, such as the OFAC sanctions on Tornado cash the challenges to creating regulations to prevent the use of illicit activity in crypto Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: Yaya Fanusie , Director of anti-money laundering and cyber risk at the Crypto Council for Innovation Previous appearance on Unchained: How Widespread Is Money Laundering in Crypto? Hamas has been experimenting with crypto for years: Yaya Fanusie , appearance on FOX Business Jessi Brooks , CCO and Legal Officer at Ribbit Capital Previous appearance on Unchained: How This DOJ Strike Force Hunts Down Cryptocurrency Criminals Andrew Fierman , Head of Sanctions Strategy at Chainalysis Links Fundraising report and corrections: WSJ: Hamas Militants Behind Israel Attack Raised Millions in Crypto Cryptocurrency Feeds Hamas’s Terrorism Questioning Two Senators on Crypto Terrorism Washington Post: U.S. to warn crypto firms against financing Hamas, terror groups U.S. Cyber Command helps prosecutors seize stolen cryptocurrency traced to illicit N. Korea nuclear weapons program FT: Israel orders freeze on crypto accounts in bid to block funding for Hamas Fortune: Stricter verification laws in the U.S. won’t stop international terrorists from using crypto DOJ: Global Disruption of Three Terror Finance Cyber-Enabled Campaigns Elliptic: Setting the record straight on crypto crowdfunding by Hamas How Hamas has utilized crypto, and what may be coming Chainalysis: Cryptocurrency and Terrorism Financing: Correcting the Record DOJ Takedowns Terrorism Financing with Blockchain Analysis Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 13, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the gang welcomes Republican presidential candidate Vivek Ramaswamy, who discusses his mission to end the U.S. government’s regulatory overreach of the crypto industry, the parallels between crypto and the biotech industry where he came from, whether “code is law” is an appropriate framework for crypto regulation, how Bitcoin could be a check on the Fed, and how less regulation would actually lead to fewer, not more, instances of fraud like FTX. Ramaswamy is promising to release a comprehensive crypto policy plan this week. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: what Vivek thinks about crypto and why he is interested in this topic as a presidential candidate why he believes the SEC is engaging in “unconstitutional overreach” when it comes to crypto what the similarities are between early-stage biotech and early-stage crypto investing whether current regulatory requirements create a "false blanket of security" how Vivek would act to make sure the SEC doesn't overreach how the system should respond to less regulation in terms of fraud and innovation how stablecoins can reinforce the value of the dollar and Bitcoin can help discipline the Fed, according to Vivek whether Bitcoin is an asset that the Fed should buy for its balance sheet why Vivek believes it was a mistake to abandon the gold standard in the 1970s the gang's debrief of the conversation: what stood out, where they agree or disagree with Vivek their reaction to the conviction of Sam Bankman-Fried Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Guest Vivek Ramaswamy , American entrepreneur and U.S. presidential candidate Links Fox Business: Ramaswamy woos pro-crypto voters, says he’ll build new policy framework for digital assets Axios: Ramaswamy goes after regulators at crypto event CoinDesk: Vivek Ramaswamy Is Drafting a 'Crypto Policy Framework' WSJ: Stablecoins Can Keep the Dollar the World’s Reserve Currency Decrypt: What Stops the Fed From Buying Up Bitcoin? Forbes: What Happened In 1971? Unchained: SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 10, 2023

Last week, OpenSea, the former frontrunner in the NFT marketplace, confirmed the layoff of half its workforce as the NFT markets seemed to bottom out. gmoney, NFT collector and founder of 9dcc, joins Unchained to provide insight into the once-dominant NFT marketplace’s fall from grace. He talks about the competitive dynamics that challenge the platform's market share and whether a token launch could help. In addition, gmoney delves into why the NFT market has been “abysmal,” what could potentially catalyze its revival, and how he thinks creator royalties will evolve. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: whether OpenSea 'rested on their laurels' after becoming the market leader whether the fact that its competitor Blur launched a token was a reason for OpenSea's fall whether OpenSea not immediately following other platforms such as Blur in making creator royalties optional led to some of its decline how gmoney wants to incentivize people to pay creator royalties why the NFT market has gone down and what gmoney's thesis for NFTs is what catalysts could cause the next NFT bull run, according to gmoney how NFTs make it possible for certain groups to access new forms of credit whether Ethereum can be displaced from its leadership position in the NFT market what gmoney thinks could revive OpenSea’s prospects Whether Blur's model is to blame for the decline in the NFT market how gmoney thinks Blur should act to retain its market dominance Thank you to our sponsors! Crypto.com Arbitrum Foundation Phemex Popcorn Network Guest gmoney , NFT collector and founder of 9dcc Links Previous episodes of Unchained and The Chopping Block debating NFT Royalties: The Chopping Block: Did Blur Cause a Decline in the NFT Market? The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Are NFT Royalties the Way? How to Build a Sustainable Creator Economy Decrypt: Did Blur Really Crash the NFT Market? OpenSea’s move to make creator royalties optional for NFT trades Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets The Crypto Times: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch CoinDesk: NFT Lending Platform Blend Sparks Concerns Over Ecosystem Liquidity The Information: Coatue Cuts Value of OpenSea Stake by 90% as Fund’s Returns Sag Axios: The fight over a shrinking NFT market as marketplaces foresee next big boom Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 9, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they explore the enigmatic 'unhinged scale' metric, consider whether recent layoffs could have been anticipated, and examine the challenges facing the NFT market. They also provide a somewhat critical look at the events of the recent BAYC Apefest and share their takeaways on how Solana survived the Sam Bankman-Fried and FTX fiasco. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: What the unhinged scale metric is and why SBF ranks the highest in that metric Whether the companies doing layoffs could have predicted the market moves in a better way Whether people and the press are being too harsh on the companies reducing their workforce How the NFT market is a much harder environment than everything else, given the extreme volatility Whether the model used by Blur caused the value of NFTs to go down What’s more important in the NFT market: the supply or the demand The BAYC ‘Apefest’ that caused eye damage to some participants and whether someone sabotaged the meetup Tarun’s takeaways from the recent Solana conference in Amsterdam Whether the people who survived the Solana market crash are like ‘cockroaches after a explosion’ Why Haseeb believes that Solana represents the most incredible story in the history of Layer 1s Whether crypto gaming studios should focus on building ‘dumber’ games rather than AAA ones Why “nature is a Ponzi scheme,” according to Tarun Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Previous episodes of Unchained and The Chopping Block debating NFT Royalties: The Chopping Block: Two on Two Debate: NFT Royalty Throwdown! Are NFT Royalties the Way? How to Build a Sustainable Creator Economy Decrypt: Ava Labs Confirms Layoffs, Affecting 12% of Avalanche Studio's Employees Did Blur Really Crash the NFT Market? Cryptotimes.io: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 7, 2023

In this episode of Unchained, Laura does a detailed unpacking of the historic Sam Bankman-Fried trial and verdict with defense lawyer Sam Enzer and former Southern District of New York prosecutor Rich Cooper. They discuss what a thorough job the government did in presenting its case, whether the government will pursue a second trial on campaign finance charges, why it takes so long for sentencing to occur, what the differences between this case and the Bernie Madoff case are, and what Bankman-Fried’s likely sentence will be. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: how the cross-examination of SBF showed to the jury that he was unreliable, according to Rich why the charge conference with the jury is important to the prosecution for “protecting the record” why the closing argument of the prosecutors was so effective what “conscious avoidance” is and how the prosecutors tried to prove that SBF was guilty of that why SBF’s tweet last November that "FTX is fine" was the hardest part of the trial for the defense, according to Enzer why Enzer wasn’t surprised by how quickly the jury made its decision what SBF’s strongest argument is for an appeal why Enzer "hopes" that there won't be a second trial against SBF and whether he will plead guilty to the additional charges why the sentencing occurs so many months after the verdict how this case is similar, but also different, from the Bernie Madoff case how many years SBF could spend in prison, according to Enzer and Cooper when cooperating witnesses such as Caroline Ellison, Nishad Singh, and Gary Wang are likely to get sentenced Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guest: Sam Enzer , partner at Cahill Gordon & Reindel. Previous appearances on Unchained: Why SBF's Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Rich Cooper , Former SDNY prosecutor Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Visit www.unchainedcrypto.com for more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 4, 2023

Two Genesis creditors, BJ and Branden, who prefer to use pseudonyms for security reasons, spoke with Unchained about the alleged fraud by the crypto lender and its parent company, Digital Currency Group (DCG). The discussion is one of the first times Genesis creditors have spoken with a media organization about the situation. BJ and Branden explain how they gave more loans to Genesis after it took a $1.1 billion hit from the liquidation of Three Arrows Capital and how they then came to be members of the ad hoc group, a collective of Genesis customers who came together to try and save the company from bankruptcy. They talk about how they now want DCG to pay back the $1.1 billion it owes over a shorter timeframe and to pay back any Bitcoin in actual Bitcoin. The discussion with Unchained followed shortly after New York Attorney General Letitia James filed a lawsuit against Genesis, along with its parent company Digital Currency Group, and Gemini Trust. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: what NYAG Letitia James alleged in the lawsuit against Gemini, DCG, and Genesis how BJ and Branden became creditors of Genesis, including the role of the influence of MicroStrategy's Michael Saylor how Genesis claimed it got into what it called a “liquidity mismatch” how, after the Three Arrows Capital collapse, BJ and Branden were reassured that Genesis had "no issues" and "was back to business" whether the trading and lending units of Genesis were all part of the same company and why that distinction is important what the difference is between the ad hoc group and an unsecured creditors committee what the creditors are proposing in order to get their assets back why the creditors want to be paid in crypto, not in USD whether the case will go to litigation and what Silbert can do to avoid it Thank you to our sponsors! Crypto.com Arbitrum Foundation Phemex Popcorn Network Guests: Branden, Creditor of Genesis BJ, Creditor of Genesis Links Previous coverage of Unchained on Genesis and DCG: ​​Genesis May Be Facing Bankruptcy. Could It Take DCG Down With It? Gemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy? $630M Due Next Week: Is DCG at Default Risk? NYAG Lawsuit Unchained: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud The Block: DCG says it was 'blind sided' by NYAG suit in third quarter shareholder letter Genesis, Gemini, DCG disputes Unchained: Gemini Says DCG Missed $630 Million Payment Last Week Cameron Winklevoss Threatens to Sue DCG and Barry Silbert Over Delays in Genesis Resolution DCG Calls Gemini Lawsuit a ‘Publicity Stunt’ From Cameron Winklevoss DCG Calls Gemini’s Complaint a PR Campaign in Motion to Dismiss Lawsuit FTX and Genesis Reach $175 Million Settlement, Resolving Complex Dispute DCG and Genesis Reach In-Principle Deal With Creditors Gemini and Genesis Creditor Groups Object to In-Principle Deal to Resolve Bankruptcy Genesis Winds Down its US Spot Crypto Trading Operation Genesis Sues Parent Company DCG, Seeks Repayment of $600 Million DCG Proposes Remuneration Plan That Could Enable Gemini Earn Users to Be Made Whole Genesis Winds Down All Crypto Trading Services: Report Gemini Pushes Back on DCG’s Remuneration Proposal, Calling it an ‘Attempt to Bait’ Earn Users Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 3, 2023

The downfall of former FTX CEO Sam Bankman-Fried from king of the crypto world to crypto scammer is complete. A Manhattan jury of nine women and three men took less than five hours Thursday afternoon, day 18 of the high-profile trial, to convict Bankman-Fried on seven counts of fraud and conspiracy for stealing billions of dollars of his customers’ assets. “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, a multi-million scheme designed to make him the king of crypto,” said Damian Williams, U.S. attorney for the Southern District of New York in remarks following the verdict. The guilty verdict came a year to the day after crypto publication CoinDesk published a story showing balance sheet irregularities at Bankman-Fried’s investment company, Alameda Research, that suggested the ties between Alameda and FTX were unusually close. Bankman-Fried now faces potentially decades in prison. Sentencing is scheduled for March 28. After listening to Judge Lewis Kaplan read through 60 pages of instructions, jurors quickly concluded that Bankman-Fried was responsible for decisions that led to an $8 billion hole in its balance sheet, including the use of customer assets for political donations, investments and his own personal use. Prosecutors had reiterated this theme in a stinging, Thursday morning rebuttal. And jurors rejected whole-hog Bankman-Fried’s defense team’s narrative that Bankman-Fried was being villainized for being a poor manager who didn’t create sufficient risk management systems. They also did not buy into Bankman-Fried’s claim that he was unaware of the severity of his company’s financial problems and that his inner circle, three of whom testified earlier in the trial as part of plea agreements, were to blame. “We respect the jury’s decision,” said Bankman-Fried’s lead attorney, Mark Cohen. But we are very disappointed with the result. Mr. Bankman-Fried maintains his innocence and will continue to fight the charges against him.” U.S. attorney Wiliams called Bankman-Fried’s crimes “ fraud” as “old as time,” and said his office had “no patience for it.” He added: “This case moved at lightning speed, that was a choice, not a coincidence.” Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 2, 2023

Prosecutors and defense attorneys in the trial of former FTX CEO Sam Bankman-Fried closed their arguments with similar stories to their opening statements more than three weeks ago: a tale of two Sams. On Wednesday morning, day 17 of the trial, the government took jurors on a final grand tour of Bankman-Fried’s alleged lies, evasions and misdirections that they said aimed to hide the ugly truth of a gaping $8 billion hole in the crypto exchange’s balance sheet from investors and regulators, and that reflected his indifference to spending customer assets. Assistant U.S. Attorney Nicholas Roos said that as the person overseeing FTX and the separate trading entity, Alameda Research, to which FTX funneled customer deposits, Bankman-Fried was the only person who could have been responsible for decisions that led to the deficit – criminally so. “He told a story and he lied to you,” said Roos, who punctuated his more than two-hour presentation with metadata readings and time tables that seemed to devastatingly illustrate SBF’s ongoing awareness of his company’s financial debacle. But in the afternoon, Bankman-Fried’s defense team portrayed him in softer tones, as a math nerd with no ill-intent and guilty only of bad management, particularly his failure to install adequate risk management protections. Attorney Mark Cohen said that the government had failed to prove its case as it sought to create a Hollywood villain responsible for the disappearance of the funds, cartooning his dress and personal habits to make their case. At one point, he seemed to appeal to jurors’ emotions, reminding them that Bankman-Fried had lived a big life and now faces prison. Bankman-Fried faces potentially decades in prison on a total of seven counts of wire fraud and conspiracy. The prosecution will have an opportunity for rebuttal on Thursday, and jurors could begin deliberating his fate before the end of the day.. Often raising his voice for dramatic effect, Roos highlighted earlier testimony from Bankman-Fried’s inner circle and Google metadata indicating his awareness of the balance sheet woes to show his involvement in the company’s oversight. Bankman-Fried testified on Monday that he was unaware of the problems, suggesting others were to blame. And Roos used the time tables to demonstrate separately that Bankman-Fried had lied to Congress about protecting customer assets even as he paid off loans using them, and that he had spent heavily on investments, political contributions and personal items, even after he knew of the massive balance sheet hole. “This was a pyramid of deceit built by the defendant on a foundation of lies and false promises, all to get money, and eventually it collapsed, leaving countless victims in its wake,” Roos thundered. Visit UnchainedCrypto.com for prior episodes Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 2, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner chop it up about the latest news. This week, the gang sits down with guest Nic Carter of Castle Island Ventures, whose tweet thread pushed the Wall Street Journal to correct its story that Hamas had raised tens of millions in crypto. Carter discusses the challenges in tracking how much crypto Hamas has actually received, the declining prospects for Sam Bankman-Fried’s acquittal, and ongoing dramas surrounding staking protocol Lido and decentralized exchange dYdX. Show highlights: Why the cross-examination has not gone well for Sam Bankman-Fried how the Wall Street Journal misinterpreted data and may have overstated the amount of crypto donations flowing to Hamas for terrorist activities why it’s difficult to pinpoint how much funding Hamas has raised in crypto donations how extensive crypto funding for terrorists is believable to many outside observers of the industry, even recently some of its supporters in Congress, but does not reflect reality Why Hamas has decided on its own to stop trying to raise funds in crypto how Lido is upset at the way Layer Zero has pre-marketed its bridge why dYdX’s pivot to decentralization with fees going into its token is a positive development but does not give the protocol the moral high ground to attack erstwhile competitors such as UniSwap. Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Guest Nic Carter , general partner at Castle Island Ventures Disclosures Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender Day 10: Defense Struggles to Discredit Nishad Singh's Testimony Day 11: How Alameda Got FTX Into a $9 Billion Hole Day 12: Former FTX General Counsel Speaks Out Against SBF Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence Day 16: In Final Cross Examination, SBF Gets Caught Again by His Own Words Hamas Unchained: Binance Helps Israel Police Freeze Hamas Crypto Accounts: Report Unchained: Bitcoin Slips to $27.4K Amid Escalating Israel-Hamas War but Long-Range Impact Remains Uncertain Nic Carter Twitter thread: Can crypto-twitter OSINT outperform the WSJ’s chain analysis? Nic Carter Tweet: Liz Warren wyd? The Wall Street Journal: The Wall Street Journal and Liz Warren double down on the Hamas crypto canard Washington Post: U.S. to warn crypto firms against financing Hamas, terror groups CoinDesk: The Hamas Funding Story Is Why Crypto Is Sick of the Mainstream Media Layer Zero/Lido LayerZero’s wstETH bridge deployment draws Lido DAO ire LayerZero introduces omnichain token to move Lido's wstETH across Avalanche, BNB Chain and Scroll dYdX Examining dYdX’s Path to Profitable DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

Nov 1, 2023

For a second, consecutive day, prosecutors pounded away at Sam Bankman-Fried’s credibility, asking the former FTX CEO to explain his obliviousness about how Alameda had spent $8 billion of FTX customer funds. Prosecutors and the defense both rested their cases on Day 16 of the high-profile trial. Both sides will make their closing arguments on Wednesday and jurors could begin deliberating the following day. While Bankman-Fried claimed that he thought “it was permissible” for Alameda to use FTX customers’ fiat deposits, he also admitted that he didn’t tell his employees not to spend that money or create measures to segregate FTX customer funds from Alameda’s. Prosecutor Danielle Sassoon also grilled him on why he didn’t look into who had spent the FTX customer money. “So it’s your testimony that while you were CEO of Alameda some unknown people spent $8 billion without your knowledge?” prosecutor Danielle Sassoon asked Bankman-Fried, who replied that he didn’t agree that was his testimony. Bankman-Fried later said that he had asked former Alameda CEO Caroline Ellison to explain the $8 billion in spending but did not fire anyone. Under subsequent defense questioning, Bankman-Fried said that he had wanted to look ahead. Earlier in the day, Sassoon had honed in on Bankman-Fried’s allegedly close relationship with government officials in the Bahamas, and presented an email in which he said that the company had “segregated funds for all Bahamian customers on FTX and that it would be “more than happy to open up withdrawals for all Bahamian customers on FTX.” The communication came Nov. 9, 2022, a few days after FTX had halted customer withdrawals as awareness of its financial problems grew. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX SBF Trial, Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 31, 2023

In a trial during which he has suffered many low points, former FTX CEO Sam Bankman-Fried may have reached a nadir on day 15 as prosecutor Danielle Sassoon used his own words to show stark contradictions from his earlier testimony and a seemingly callous disregard for customer assets. The tenacious, methodical Sassoon punctuated her more than four hours of interrogation on Monday afternoon with devastating audio and visual evidence of Bankman-Fried, including memos to himself, internal FTX and Alameda documents, and testimony to Congress that countered statements he’d made under his defense team team’s kinder questioning. In one instance, Sassoon showed a Signal chat in which Bankman-Fried expressed his interest in purchasing MAPs token, a direct refutation of his testifying that he “was not involved at all in any way” in trading. In another instance, she illustrated Bankman-Fried’s alleged lack of regard for his Twitter followers, showing a screenshot of a Twitter DM with Kelsy Piper in which he admits to being insincere about his support for regulation that protects customers, telling Piper at one point, “just PR, fuck regulators.” Bankman-Fried claimed not to remember a spreadsheet with seven, different balance sheets created by then Alameda Research CEO Caroline Ellison to make the company’s balance sheet look better than it was, a key piece of evidence that Ellison addressed in her testimony. Sassoon presented Google metadata showing Bankman-Fried had read the document. Dressed in a light gray suit with a purple tie, Bankman-Fried claimed repeatedly not to remember other events or his responses in conversations, and he answered other questions with curt yeses and nos, unlike the windy, often convoluted responses that he provided to his defense team earlier in the day and on Monday. And as Sassoon continued to catch him in contradictions, he seemed to grow irritable and occasionally rocked back and forth in his chair. Prosecutors will continue their cross-examination on Tuesday followed by redirect for one or two hours before the defense closes its case. The prosecution will then call two rebuttal witnesses. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 30, 2023

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that former FTX CEO Sam Bankman-Fried did about as well as he could in his testimony Friday but that he was unlikely “to withstand the scrutiny” of what prosecutors have already said will be a robust cross-examination when he takes the stand Monday. Enzer noted that Bankman-Fried’s attempts to explain why he thought his trading shop, Alameda Research, could borrow billions in dollars of FTX customer assets “defies common sense,” and that the company’s own terms of agreement or any other communications offered no justification for this belief. A Thursday hearing without the jury present, in which the defense gave a preview of some arguments it wanted to make, ended up giving the government answers from SBF that it can now use against him. Enzer also said that Bankman-Fried’s contention that his biggest mistake – a failure to implement proper risk management – did not constitute criminal fraud, did not address the core of the government’s case; namely, that he lied about how FTX was handling customer deposits. Show highlights: why Enzer thinks Sam Bankman-Fried’s testimony is unlikely to sway jury sentiment or withstand cross-examination why the evidentiary hearing in which SBF testified without a jury may hurt his cause the purpose of the evidentiary hearing how Judge Lewis Kaplan hinted at what he thought about SBF’s testimony how Bankman-Fried is likely to fare against prosecutor Danielle Sassoon in what she has promised will be a robust cross-examination how the defense tried to recast SBF’s image by humanizing him why the defense now has the strongest grounds for an appeal than it previously did what the jury is likely to make of SBF’s contention that he was in the dark about core allegations why the prosecution said it will call rebuttal witnesses what a charge conference is and why that will take place after SBF testifies Thank you to our sponsors! Crypto.com Arbitrum Foundation LayerZero Popcorn Network Guest: Sam Enzer , partner at Cahill Gordon & Reindel Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 28, 2023

Sam Bankman-Fried took the stand before a jury for the first time in his criminal trial for allegedly defrauding FTX customers. The exchange’s co-founder and former CEO tried to recast the image that prosecutors spent nearly three weeks shaping of an executive who defrauded customers and dismissed the concerns of the three members of his inner circle, all of whom named him as their co-conspirator earlier in the trial. Responding to his defense team’s gentle questioning, SBF spent large parts of his testimony, offering alternative, often long-winded explanations for actions and behavior that prosecutors allege demonstrated intent to evade legal and regulatory scrutiny of the business he created. He admitted to making mistakes, which supported his defense team’s “failed entrepreneur” strategy, and none more significant than a failure to create a dedicated risk management team. Bankman-Fried denied committing any crimes or attempting to defraud anyone and said that he believed funds used for sponsorships, real estate purchases, political donations, venture investments and payments to lenders did not come from customer funds. At times, he attempted to shift blame for certain decisions on the inner circle, who he insisted had the authority to take action “on behalf of the company without consulting” him. SBF described former CEO of Alameda Research, Caroline Ellison, his on-and-off girlfriend, as a good trader and researcher who did not act on his stated concerns about the FTX trading arm’s exposure to market risk and importance of hedging. Ellison, who agreed to a plea deal with prosecutors, testified early in the trial that Bankman-Fried had asked her to manipulate Alameda balance sheets at Bankman-Fried’s direction to make them seem less risky to lenders and that Alameda had used FTX customer funds for its own investments. Prosecutors have promised a robust cross-examination next week. Whether they or Bankman-Fried’s version of events is more persuasive for jurors remains uncertain. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 27, 2023

In a recent report, Alex Thorn, head of research at Galaxy, predicted that inflows to spot bitcoin ETFs would rise above $14 billion in the first year following the potential approval by the Securities and Exchange Commission of multiple applications the agency is considering. Thorn called the availability of this product significant because it will give financial advisors and wealth managers accessibility to digital assets in a way that will be acceptable to clients seeking exposure to crypto. He also believes approval of a spot BTC ETF could occur this year before the holidays, and draws comparisons between bitcoin and gold as investment products. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: why Alex believes this is a significant moment for Bitcoin how, in Bitcoin, retail had access to this asset before institutions why Alex expects the spot Bitcoin ETF approved this year what the capital inflows Galaxy expects to be in the first years and how they arrived at those numbers whether the addressable market will increase significantly for Bitcoin what will be the average percentage of assets adding BTC exposure why Alex compares Bitcoin to gold, and what he learned after comparing both types of assets how much the price of Bitcoin will increase after the first year of the ETF approval, according to Galaxy's report how the several spot Bitcoin ETFs will be differentiated Thank you to our sponsors! Crypto.com Arbitrum Foundation Popcorn Network Guest Alex Thorn , head of firmwide research at Galaxy Links Previous coverage of Unchained on spot Bitcoin ETFs: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF The Chopping Block: Are We Back? The 'Low IQ' Response to the Potential Spot Bitcoin ETF Unchained: Bitcoin Soars Past $35,000 Amid Spot ETF Optimism Bitcoin ETFs Explained: What Are They & How Do They Work? CoinDesk: BlackRock Bitcoin ETF in August Got on DTCC Site That Just Belatedly Moved Markets 12 spot bitcoin ETFs in consideration by the SEC Galaxy: Sizing the Market for a Bitcoin ETF Alex’s thread drawing out highlights from the report Alex’s thread on the potential for a “gamma squeeze” CoinShares Digital Asset Funds Flow Weekly Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 27, 2023

In a courtroom drama minus the jury, Sam Bankman-Fried (SBF) took the stand for what can be best described as a “test run.” The hearing aimed to help the judge decide what evidence will be admissible in the actual trial. SBF's performance under Assistant U.S. Attorney Danielle Sassoon's questioning was less than stellar. His verbose answers and frequent apologies contrasted sharply with Sassoon's pointed questions, at times making him appear evasive. The hearing also touched on SBF's use of encrypted messaging app Signal and his company's data retention policy. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 26, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss Bitcoin’s price surge over the past week amid growing optimism that a spot BTC exchange traded fund would win regulatory approval, an erroneous Wall Street Journal story about crypto funding to the terrorist group Hamas and AI and crypto illiteracy among leading U.S. lawmakers. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: the reasons why the price of Bitcoin has gone up so much in the last week whether Bitcoin is decoupling from the traditional stock and equity markets why Robert is convinced that Bitcoin pumped this much due to the BlackRock ETF news what an ETF is and why it could be a big deal for Bitcoin whether the analogy to the gold ETFs works for Bitcoin how an inaccurate report from the Wall Street Journal about Hamas' usage of crypto sparked so much criticism within the crypto community why that crypto is not a good venue for illicit financing how the US political class is 'illiterate' about AI and crypto, according to Tarun Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Recent coverage of Unchained on spot Bitcoin ETFs: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Bitcoin ETFs Unchained: Bitcoin Soars Past $35,000 Amid Spot ETF Optimism Bitcoin ETFs Explained: What Are They & How Do They Work? South China Morning Post: China’s stock market fund outflows add to biggest capital flight since 2016: Goldman Regulation: Reuters: US lawmakers urge White House crack down on Hamas use of crypto after Israel attack Forbes: Elizabeth Warren Is Building An ‘Anti-Crypto Army’—Feeding Serious U.S. Bitcoin Ban Warnings WSJ: Hamas Militants Behind Israel Attack Raised Millions in Crypto Cryptoslate: Crypto community accuses WSJ of exaggerating Hamas crypto funding by 99% Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 24, 2023

James Seyffart, market analyst at Bloomberg Intelligence, and Matt Hougan, chief investment officer at Bitwise Asset Management, feel quite certain a spot Bitcoin ETF will launch in the next few months. First, the SEC decided not to appeal a court’s rejection of Grayscale’s application to convert its bitcoin trust to a spot ETF. Second, there’s been a change in the way the SEC has been treating the many other spot Bitcoin ETF applications—requesting miniscule tweaks in disclosure language. And even though other legal hiccups are occurring—the NY Attorney General’s lawsuit against Grayscale parent company, DCG, the SEC’s potentially renewed vigor in the Ripple case, and Cointelegraph’s incorrect tweet about a bitcoin ETF—the SEC needs a PR win right now. According to them, this means good things not just for spot Bitcoin ETFs but also, shortly thereafter, Ethereum ETFs. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: why the SEC did not appeal a decision in the Grayscale case whether the NYAG lawsuit against DGC, the parent company of Grayscale, will affect the prospects for GBTC being converted into an ETF how likely it is that GBTC will be converted into an ETF and what needs to happen for that to occur why the SEC probably wants Grayscale to "completely refile," according to James why the recent changes in the ETF applications are "relatively modest," according to Matt whether the incorrect Cointelegraph tweet about a spot bitcoin ETF will be used by the SEC to bolster its market manipulation argument an overview of the deadlines of the different applications what happened at the launch of Ethereum futures ETFs and how it was different from the launch of Bitcoin futures ETFs whether the approval of a spot Bitcoin ETF will pave the way for a spot ether ETF what the impact is of all the negative PR for the SEC and Chair Gary Gensler after losing many cases what the differences between the various ETFs are and how they will compete in the market Lightning round questions: volumes after launch, inflows in the first year, projections for BTC price Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: James Seyffart , Research analyst at Bloomberg Intelligence Previous appearance on Unchained: Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF Matthew Hougan , CIO of Bitwise Previous appearances on Unchained: The 2 Types of Investors Driving Interest in Crypto Bitwise’s Latest Plans to Get a Bitcoin ETF Approved Links ETFs: Previous coverage of Unchained on ETFs: Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved? Grayscale v. SEC: Who Won This Week’s Hearing? Why Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF $5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter Bitwise’s Latest Plans to Get a Bitcoin ETF Approved DCG’s Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini? Unchained: Bitcoin Surges to $30K After False Spot ETF Approval Tweet Ethereum Futures ETFs See ‘Average’ First Day Trading Volumes Cointelegraph: Clarification on sharing false spot Bitcoin ETF news Redeem GBTC 🌽 Campaign Ripple: SEC Drops Charges Against Ripple CEO and Chairman - Unchained Crypto Market manipulation CNET: 23-year-old arrested in Emulex hoax SEC Charges Avraham Eisenberg with Manipulating Mango Markets’ “Governance Token” to Steal $116 Million of Crypto Assets NYAG lawsuit: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 21, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the four discuss – and disagree about – Uniswap’s new fees, SBF trial week 3, and DCG potentially being taken out by the NY Attorney General. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: What happened recently on the criminal trial against Sam Bankman-Fried, including testimonies from Caroline Ellison, Nishad Singh why Robert doesn't like the cartoonist and how Tarun is friends with a stenographer how Nishad Singh confirmed what everyone suspected about the cross-collateral risk engine at FTX why Haseeb believes that the NYAG's lawsuit against DCG, Genesis, and Gemini is "brutal" how DCG resembles the Roman Empire, according to Haseeb what Robert thinks about the introduction of the Uniswap Labs new fees, considering he was in a similar situation with Compound Labs' how can companies that build open-source protocols monetize their efforts whether the implementation of the fees will reduce the total volume for Uniswap Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Uniswap: Unchained: Uniswap Labs to Charge 0.15% Fee on Certain Tokens NYAG lawsuit: Unchained: NY Attorney General Sues Crypto Firms Gemini, Genesis, and DCG for Over $1 Billion Fraud Reddit: Unchained: Reddit to Discontinue Community Points Citing Scalability and Regulatory Issues, Sparking Community Backlash Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 20, 2023

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that compelling evidence from Sam Bankman-Fried’s inner circle had increased the difficulty for the fallen FTX CEO to convince a jury of his innocence. Former FTX head engineer Nishad Singh said that he became suicidal after understanding the full magnitude of FTX’s misuse of customer funds, while ex-chief legal counsel Can Sun helped show how SBF allegedly lied to lawyers. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: Sam (Enzer’s) thoughts on how the trial is going for the defense what Nishad Singh's emotional testimony revealed about SBF how Singh felt "betrayed" by Bankman-Fried, who may have been a big brother figure to him why the defense went much harder after Singh in its defense than it did the other members of the inner circle whether the jury felt empathy with Singh about his suicidal feelings what the rationale was behind the order of the witnesses why Sam believes that the accounting professor Peter Easton's testimony was "damning" for the defense whether the testimony of former FTX general counsel proved that SBF lied to his own lawyers why the communications between SBF and his lawyer, which are generally privileged, were divulged in court why Sam believes that it's likely that SBF will testify, although he would advise him not to Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Sam Enzer , partner at Cahill Gordon & Reindel. Previous appearances on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 20, 2023

On the 12th day of the SBF Trial, former FTX General Counsel Can Sun testified about a $7 billion deficit in customer funds. Sun, who was responsible for crafting FTX's terms of service, expressed shock at the deficit and revealed that Sam Bankman-Fried had asked him for legal justifications. Sun also mentioned that Nishad Singh, a key witness and former head of engineering at FTX, looked emotionally drained days before the company's collapse. Sun's testimony took a dramatic turn during a meeting with Bankman-Fried and others, where it was confirmed that FTX lacked sufficient funds to cover customer withdrawals. This meeting solidified Sun's suspicions that Alameda Research had misappropriated FTX customer deposits. The day concluded with Robert Boroujerdi of Third Point stating that Bankman-Fried had omitted significant details that would have altered the firm’s decision to invest $60 million in the now failed crypto exchange. That investment is now worth zero. The trial will resume in a week, adding more suspense to this unfolding legal drama. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 19, 2023

The courtroom was abuzz on Wednesday as financial and technical experts took the stand in the ongoing criminal trial against Sam Bankman-Fried. Accounting professor Peter Easton, a standout witness, presented a detailed analysis showing that Alameda had spent customer funds on VC investments, real estate, and political and charitable donations. Easton, who had previously worked on high-profile cases like Enron and Worldcom, said that by the end, the gap between what FTX owed to customers and what it had on hand was $8.8 billion. The defense, led by attorney David Lisner, attempted to challenge Easton's methods. Lisner questioned the accounting of the fiat@ftx internal account, which tracks customer deposits. Easton admitted to lumping amounts owed to customers from FTX’s bank accounts with what was owed to customers from Alameda's bank accounts, giving the defense an opportunity to question his accuracy. The day also saw other witnesses, including a former FTX lobbyist and a Google employee, both of whose relevance was questioned by Judge Kaplan. The judge criticized the prosecution for wasting time with witnesses who seemed to offer little to the case. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 18, 2023

On day 10 of the Sam Bankman-Fried trial, SBF’s defense team tried to discredit Nishad Singh, a key witness for the prosecution. Despite their efforts, Singh's testimony about FTX's financial mismanagement and Bankman-Fried's questionable ethics remained largely unchallenged. The defense's line of questioning focused on Singh's memory and inconsistencies in his statements, but prosecutors were quick to counter these points in their redirect. FBI Agent Richard Busick presented an analysis of Bankman-Fried's phone locations, revealing his connections to influential political figures like former U.S. President Bill Clinton and New York City Mayor Eric Adams. Can this information impact the jury's perception of Bankman-Fried as the trial continues to unfold? Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 17, 2023

The third week of the criminal trial against Sam Bankman-Fried began Monday. Nishad Singh, one of three key witnesses for the prosecution, testified about the alleged misuse of customer funds and a toxic work environment at FTX, created by Sam Bankman-Fried. Singh's account echoed earlier testimony by former Alameda CEO Caroline Ellison and former FTX CTO Gary Wang and raised questions anew about the company's venture investments, excessive spending on sponsorships, and attempts to deceive regulators. Singh also described his growing concerns about Bankman-Fried's lavish spending, even as the company faced mounting financial difficulties. Catch up on Unchained’s previous coverage: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 16, 2023

Samson Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLX Law, dissect the second week of the criminal trial of Sam Bankman-Fried. At this point, the prosecution’s star witness, former Alameda Research CEO Caroline Ellison, has testified, as well as another prominent insider, co-founder Gary Wang. Both Enzer and Strong believe that it’s already over for the defense, but agree that the only thing that could turn it around is testimony from SBF himself—but that runs the risk of the defendant significantly increasing his sentence. Find out how they thought the more salacious details of Ellison’s testimony, concerning alleged bribes to Chinese government officials, would affect the jury, and why Enzer believes introducing that testimony may have been risky for the government. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or your favorite podcast platform. Show highlights: Whether the prosecution gave the defense any fodder for its failed entrepreneur theory How SBF and Ellison’s romantic relationship could affect the jury’s deliberations The jury’s reaction to Ellison saying SBF’s belief was that “don’t lie, don’t steal” didn’t fit into his philosophy of utilitarianism Why the defense didn’t object to the mention of alleged bribes to Chinese government officials the first time Why the defense attorney complained about photos shown of SBF and his hair How the jury might react to the testimony involving alleged Chinese government bribes, Thai prostitutes, and Saudi prince How Ellison crying in her testimony could affect the jury Why the defense didn’t ask Ellison about not hedging Why the cross-examination of Gary Wang was limited in its success for the defense What caused a moment of tension between Zac Prince and the defense Why Greg and Sam think SBF shouldn’t testify, but believe it’s his only, very risky, chance If convicted, how many years do they think SBF’s prison sentence will be? Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: Sam Enzer , partner at Cahill Gordon & Reindel. Previous appearances on Unchained: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Greg Strong , partner at DLx Law Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Go deeper into the trial: Unchained: In the SBF Case, Elite Corruption Is What’s Really on Trial Cooperating Witnesses in the SBF Trial May Get Little to No Prison Time Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 13, 2023

On the eighth day of the SBF trial, former BlockFi CEO Zac Prince took the stand, serving as a strong witness for the defense, while offering a detailed look into how Alameda Research's borrowing from FTX differed from traditional crypto lending, and the impact of FTX’s and Alameda’s collapse on BlockFi, which subsequently filed for bankruptcy. The defense team tried to pin BlockFi’s loans to Alameda on BlockFi executives ignoring advice from its own credit team, but Prince twice corrected defense attorney Mark Cohen that, for the document in question, the executives did follow the advice of their credit team. The defense also tried to raise the notion that BlockFi would have declared bankruptcy no matter what had happened with FTX and Alameda, but Prince also held his ground that the collapse of SBF’s empire resulted in BlockFi’s own bankruptcy. Catch up on Unchained’s previous coverage: Sam Bankman-Fried Trial: Here’s Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 13, 2023

The second week of Sam Bankman-Fried’s criminal trial is underway, bringing emotional testimony from SBF’s ex-girlfriend and former Alameda CEO Caroline Ellison, along with some surprising stories about alleged bribes to Chinese officials and discussion about reaching out to the Saudi Crown Prince for help. Ari Redbord, Global Head of Policy at TRM Labs, discusses why the question of who was actually in charge is so critical to the case, the defense’s strategy to discredit Caroline Ellison, and why sidebars in the courtroom can get so heated. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: Why Caroline Ellison is a critical witness on a "number of levels," according to Ari What a software developer at FTX revealed about whether SBF was directing trades Why a lawyer’s body language is something the jury looks out for Why there have been so many sidebars in the trial and why they can sometimes get heated The reason why the lawyers, particularly the defense team, have been so repetitive with their questions Considering the long prison sentence SBF is facing, why Ari "doesn't understand" SBF’s decision to push forward with the trial Whether, after three days of testimonies, Ellison has come out as a credible witness for the jury Why the defense is facing an "uphill fight" and whether testimony from SBF would serve as a final Hail Mary for them Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Ari Redbord , Global Head of Policy at TRM Labs. Previous appearances on Unchained: Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says Yes The Legal and Regulatory Fallout From Terra’s Collapse: Who Will Pay? How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Go deeper into the trial: In the SBF Case, Elite Corruption Is What’s Really on Trial Cooperating Witnesses in the SBF Trial May Get Little to No Prison Time Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 13, 2023

Day seven of Sam Bankman-Fried’s criminal trial saw the defense team unable to discredit Caroline Ellison, despite multiple attempts. The defense's questions often seemed aimless, failing to draw any substantial conclusions. Ellison remained steadfast, revealing that SBF had plans to buy Telegram around the time Alameda "borrowed" $14 billion of FTX customer money. Defense attorney Mark Cohen tried to portray Ellison as the one in charge of Alameda, but she clarified that SBF was the ultimate decision-maker. Ellison also disclosed that she had considered resigning from Alameda but was persuaded by SBF to stay, emphasizing his control over the firm. The day continued with testimony from Christian Drappi, a former Alameda employee, who corroborated Ellison's account. Zac Prince, founder of the bankrupt crypto lending firm BlockFi, briefly took the stand, setting the stage for his testimony to continue the next day. Catch up on Unchained’s previous coverage: Sam Bankman-Fried Trial: Here’s Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 12, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and chop it up about the latest news. This week, the crew is joined by Gabriel Shapiro, general counsel at Delphi Labs, to talk about the key points in the criminal trial of Sam Bankman-Fried and his lackluster defense strategy so far. They also delve into Michael Lewis’ book and his depictions of SBF’s “lore and backstory,” and discuss how SBF’s “quirks of character” may have actually enticed investors. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: How Haseeb's previous comments on Sam Bankman-Fried’s intentions "didn't age well" after developments in the trial Why Gabriel believes that SBF is a "sociopath" and should have taken a plea deal if offered Shortcomings in the defense’s strategy and why Gabriel believes they’re “grasping at straws” How the fake numbers of FTX insurance fund highlight the weaknesses of a centralized exchange Why Matt Huang, cofounder of VC firm Paradigm, agreed to testify in such a high-profile trial, and why Haseeb as a VC himself wouldn't have done it Whether SBF understood the technical components of crypto and why he sounded like ChatGPT in his responses, according to Tarun Whether VCs are to blame for investing in FTX or what lessons VCs need to take away from the SBF debacle. The differences and similarities between SBF and Binance CEO Changpeng Zhao Hosts Haseeb Qureshi , managing partner at Dragonfly Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Guest: Gabriel Shapiro , General counsel of Delphi Labs Previous appearances on Unchained: Are DAOs Strong Enough to Survive the Regulators? What Does Mango Markets Exploiter Avi Eisenberg’s Arrest in Puerto Rico Mean for DeFi? Disclosures Links Previous coverage of Unchained on the trial of Sam Bankman-Fried: Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF’s Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect FTX Used a Fake Number to Beef Up Its Insurance Fund: Gary Wang Previous coverage of the trial elsewhere: NYT: What FTX’s Sam Bankman-Fried and J.P. Morgan Have in Common Forbes: Sam Bankman-Fried Knew Plenty About His Alameda Research Hedge Fund–And Sent Details To Forbes Just Months Ago Tarun's tweet on insurance funds being onchain Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 12, 2023

Day 6 of the SBF trial was marked by emotional testimony from Caroline Ellison, who shed tears as she detailed the financial chaos within Alameda and FTX. She also recounted dramatic incidents such as an alleged bribe by Alameda to a Chinese government official, creating accounts using the IDs of Thai prostitutes, and an attempt to raise money by selling FTX shares to a Saudi prince. Ellison discussed the financial turmoil that began with the crypto market crash and how it led to desperate actions, allegedly directed by SBF. She revealed the manipulation of balance sheets, the use of FTX customer funds for risky investments, and the ethical compromises made to keep Alameda afloat. The day also delved into the secretive culture within Alameda and FTX, highlighting the use of disappearing messages on Signal for sensitive discussions, and what was really happening behind the scenes as FTX began to implode. Catch up on Unchained’s previous coverage: Sam Bankman-Fried Trial: Here’s Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 11, 2023

Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, took the stand to reveal the alleged financial mismanagement at Alameda and FTX, which she claimed was at Bankman-Fried’s direction. The cross examination of Gary Wang finally began to show how SBF’s lawyers plan to defend him, though Wang largely appeared to be a yes man who simply trusted and followed his friend and co-founder. Ellison's revelations included Alameda's hidden trading of FTT to prop up its price, her warnings to SBF about Alameda’s inability to pay back its lenders if he put billions more into venture investments, and his views on risk and “expected value.” For instance, she claimed he said if, with a coin toss came up tails and would mean Earth’s destruction, he would toss the coin if there it was twice as likely that it would more than double prosperity on Earth. However, her testimony seemed designed to preemptively rebut the defense’s potential argument that Alameda needed to borrow customer funds because she had not hedged. Catch up on Unchained’s previous coverage: Sam Bankman-Fried Trial: Here’s Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 9, 2023

The first week of the criminal trial of former FTX CEO Sam Bankman-Fried has come to a close, with his former friends and FTX colleagues Adam Yedidia and Gary Wang delivering powerful testimonies that are forming the foundations for the prosecution’s arguments — arguments that the defense may have a difficult time surmounting. Sam Enzer, partner at Cahill Gordon & Reindel, and Brian Klein, partner at Waymaker, discuss Alameda’s special privileges coded into the FTX software, the reason why a scorched FTX customer may have been chosen as the first witness, and why upcoming key witnesses are going to be a “real problem” for the defense. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or your favorite podcast platform. Show highlights: What we learned about the prosecution and defenses strategies after the first week of the trial How the jury being mostly professionals may impact deliberations Why Brian believes someone “out of the mainstream” would make an ideal juror for the defense Why Sam believes the defense’s opening was stronger than the prosecution’s Which arguments may be the most difficult for Sam Bankman-Fried's lawyers to defend Why the defense’s “building a plane as you’re flying” analogy may come back to hurt them in closing Why Sam believes the order of the witness testimony so far is helping the prosecution build the foundation of its case Whether Adam Yedidia’s testimony was effective at establishing him as a credible witness Whether the fact that some witnesses are cooperating to avoid jail time will impact the jury’s decision What Gary Wang, former CTO of FTX, revealed about Alameda's special privileges coded into FTX software and how it wasn’t an “oversight” Whether Judge Kaplan is growing impatient with the defense Whether the prosecution's objections were sustained reasonably by Judge Kaplan Why upcoming insider witnesses pose a “real problem” to the defense Why it's "not even an open question" that the defense team will appeal if they lose the case Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guest: Sam Enzer , partner at Cahill Gordon & Reindel. Previous appearance on Unchained: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case Brian Klein , partner at Waymaker Previous appearance on Unchained: SBF Behind Bars: Why Revoked Bail Is a Big Deal for Crypto’s Biggest Trial Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 7, 2023

Laura reports on the testimony of Gary Wang on Thursday, who described Alameda’s special privileges that were programmed into FTX’s code as early as July 2019, a few months after the exchange launched. These privileges included Alameda’s ability to have a negative balance on its FTX account. This meant that Alameda was able to transfer and withdraw more funds than it had, essentially “borrowing from the exchange.” Those funds, Wang said, belonged to FTX customers, and at the time that FTX declared bankruptcy, Alameda had borrowed $8 billion from the exchange. Wang said Alameda had a $65 billion line of credit — far higher than any other customer on the exchange. He also revealed details about FTT, the cryptocurrency that FTX had created, and the concerns that were raised about how the tokens were allegedly used to boost Alameda’s balance on the site. If you need to catch up, don’t miss our recent coverage on the trial: SBF Trial, Day 3: Long-Time Friend Says, ‘FTX Defrauded All of Its Customers’ SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’ SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 6, 2023

The blockbuster trial of Sam Bankman-Fried wrapped up its third day, with multiple witnesses, including former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX cofounder Gary Wang, taking the witness stand. Joshua Ashley Klayman, Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters, discusses the main takeaways from the trial so far, the surprising testimonies given by former close associates of SBF, and how the prosecution and defense plan to paint a picture of who SBF is to the jury. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: What Josh's biggest takeaways from the trial are so far Why Josh felt that the jury had “a lot to take in” in order to understand the basics of the case Whether the different backgrounds of the jury will affect the outcome of the trial Why the prosecution is arguing that regardless of the technical aspects of the case, the key issue is fraud How the defense plans to argue that SBF did not intend to defraud investors Why the selection of the first witness, a former FTX customer, is an "interesting" choice, according to Josh What is the fiat@ftx.com account and how it contributed to FTX’s undoing How they discovered the $8 billion hole in the FTX balance sheet and SBF's reaction at the time What an email revealed about the lack of corporate governance in FTX and Alameda Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Joshua Ashley Klayman , Senior Counsel, U.S. Head of FinTech and Head of Blockchain & Digital Assets at Linklaters Previous appearances on Unchained: Gary Gensler vs. Crypto: What Will the SEC Attack Next? How Crypto And Blockchain Technology Should Be Regulated Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 6, 2023

Laura reports on the testimony of three witnesses on Thursday, including one who declared that “FTX defrauded all of its customers” and another stating that he had committed financial crimes at the direction of Sam Bankman-Fried. Former FTX software developer Adam Yedidia, Paradigm co-founder Matt Huang, and FTX and Alameda co-founder Gary Wang filled in the details of different aspects of FTX and Alameda’s business. Huang’s testimony detailed how Paradigm expressed concern about FTX’s lack of corporate controls and how the company was “owned and controlled by Sam.” Wang has only started his testimony but has already said he implemented advantages for Alameda into FTX’s code at Bankman-Fried’s direction. Yedidia’s account had the most emotional details, describing how he had a strong belief in the company, to the point where, when employees began leaving FTX, he had messaged Bankman-Fried that he loved him and wasn’t going anywhere, but that it flipped once he realized “FTX defrauded all of its customers.” Find out what new information caused him to have a change of heart in this episode. If you need to catch up, don’t miss our recent coverage on the trial: SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’ SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 5, 2023

Laura reports on the opening statements of the prosecution and defense, which painted a portrait of Sam Bankman-Fried as power-hungry and discussed how he allegedly managed to fumble customer funds. Next witnesses are set to include Matt Huang, cofounder and managing partner at crypto VC firm Paradigm, and Gary Wang, former CTO of FTX. Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry. If you need to catch up, don’t miss our recent coverage on the trial: SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 4, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, they discuss the wildest claims in Michael Lewis’ new book on Sam Bankman-Fried, debate whether SBF’s effective altruism was ever genuine, and whether Ethereum should enshrine more features onto its protocol. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: Michael Lewis’ interview on “60 Minutes” and the wildest claims in his new book Whether SBF would have paid Donald Trump $5 billion not to run for president Why Lewis characterizing FTX’s downfall as a bank run is misleading Whether FTX executives, in the moment of the collapse, fled to their parents’ homes Was SBF genuine in his belief in effective altruism or was it clever branding Whether we will still be talking about the SBF trial years down the line The debate on whether Ethereum should enshrine more features onto its core protocol Whether Lido poses a centralization risk to the Ethereum ecosystem Predictions on how the SBF trial will play out and whether SBF has a trick up his sleeve Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links SBF’s trial: Unchained: Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect CBS: Rise, fall of Sam Bankman-Fried, FTX at center of Michael Lewis' new book | 60 Minutes Protocol enshrinement: Unchained: Ethereum’s Vitalik Buterin Warns of Risks in Lido and Rocket Pool Some Ethereum Staking Services Commit to 22% Self-Limit of Validators Others: Cryptoslate: Terra's Do Kwon and Daniel Shin conspired to falsify transactions, chat logs show Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 4, 2023

Laura reports on a noticeably composed Bankman-Fried and delves into the jury de-selection process, revealing potential jurors with surprising crypto ties. The government's stance on a plea deal is finally clarified, and a long list of potential witnesses from the crypto world is unveiled. Tune in to get the latest updates and insights on a case that could have far-reaching implications for the crypto industry. If you need to catch up, don’t miss our recent coverage on the trial: Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Learn more about your ad choices. Visit megaphone.fm/adchoices

Oct 3, 2023

The high-stakes trial of Sam Bankman-Fried is set to begin on October 3, and the FTX founder and former CEO will have to answer for his role in the cryptocurrency exchange’s downfall, which led to billions in losses. Both the prosecution and defense are currently preparing for what is set to be a significant milestone for the crypto industry. Kayvan Sadeghi, partner at Jenner & Block and Sam Enzer, partner at Cahill Gordon & Reindel, discuss the differences between a civil and criminal trial, what the jury selection process might look like, and what arguments the prosecution and defense might use to support their cases. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: The difference between a civil and criminal trial and why it's difficult for the defense to prepare while Sam Bankman-Fried is in jail Whether SBF was offered a plea deal and if so, why he didn't take it What the process of vetting jurors looks like and what both sides are looking for What a pre-opening jury charge is and why Judge Lewis A. Kaplan might choose to use it The importance of intent when it comes to SBF’s charges The pros and cons of the defense using the argument that the FTX founder was receiving poor legal advice What charges SBF is facing and whether the defense or prosecution has the upper hand How the opening statements of both the prosecution and the defense might play out Whether SBF will be put on the stand and why that could be a "dangerous" move, according to Sam How the defense could respond to testimony from key witnesses like Caroline Ellison or Gary Wang How Judge Kaplan being a "tough sentencer" could impact SBF’s jail sentence, according to Sam Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: Kayvan Sadeghi , partner and co-chair of Fintech & Crypto Assets at Jenner & Block Previous appearance on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress Samson Enzer , partner at Cahill Gordon & Reindel. Links Previous coverage from Unchained on Sam Bankman-Fried and FTX: Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out Why FTX Might Try to Claw Back Funds From Retail Customers How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Details of the trial: Unchained: FTX: The Exchange That Brought Down the Industry CoinDesk: Here's the Sam Bankman-Fried Trial Schedule The SBF Trial: How Did We Get Here? Here’s How FTX Founder Sam Bankman-Fried’s Trial May Play Out Forbes: Sam Bankman-Fried Could Face 'Very Long Sentence,' Judge Says Before Denying Release SBF’s defense team: Unchained: Sam-Bankman-Fried Files New Request for Temporary Release Before Trial CoinDesk: U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release' Key witnesses: Unchained: SBF’s Expert Witnesses Barred From Testifying at Trial Reuters: Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried? NYT: Prosecutors Detail Evidence Against Sam Bankman-Fried - The New York Times CoinDesk: All of Sam Bankman-Fried's Proposed Expert Witnesses Should Be Barred From Testifying: DOJ Judge Blocks Sam Bankman-Fried's Proposed Witnesses From Testifying Business Insider: Sam Bankman-Fried is being sent to jail after a judge revoked his bail over alleged witness tampering Jury selection: CoinDesk: Sam Bankman-Fried Can Ask DOJ Witnesses About Drug Use Cointelegraph: Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 30, 2023

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the group sits down to discuss why U.S. crypto conferences are quieter than they have been in the past, which DeFi metrics are still useful for measuring a changing market, and advice for NFT founders on how to continue to innovate. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: Why Tarun says that the U.S. is “dead as a doorknob” for crypto for crypto conferences Main takeaways from recent crypto conferences such as Token2049 in Singapore and Permissionless in Austin How the metrics in DeFi keep changing, and which ones still have merit What are “chart crimes” and the gang's advice for entrepreneurs pitching to VCs Why Haseeb doesn't think that token economics are as useful as everyone thinks The Stoner Cat settlement with the SEC and how it impacts the broader conversation about whether NFTs are securities Legal drama between the co-founders of the Milady NFT project Advice for NFT founders on how to achieve success in a changing market Hosts Haseeb Qureshi , managing partner at Dragonfly Robert Leshner , founder of Compound Tom Schmidt , general partner at Dragonfly Tarun Chitra , managing partner at Robot Ventures Disclosures Links NFTs Unchained: Mila Kunis’ Stoner Cats NFT Project Pays $1 Million to Settle SEC Charges Milady NFT Founder Says Rogue Developer Embezzled $1 Million from Treasury PFP NFTs: What Are They & Why Are They So Popular? Generative Art NFTs: What Are They & Why Are They So Popular? SEC: Are NFTs Securities? Token2049: Haseeb’s panel on alt L1s DeFi and metrics: Unchained: What Is TVL in DeFi? A Guide to Total Value Locked Can DeFi Allow You To Be Your Own Bank? How to Invest in DeFi: 4 Ways You Can Explore Today Yield Farming: What Is It & How Does It Work? Regulation Unchained: U.S. House Lawmakers Urge SEC's Gensler to Approve Spot Bitcoin ETFs The Block: Gensler takes heat from lawmakers over his approach to regulating crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 29, 2023

The trial of Sam Bankman-Fried, the founder and former CEO of bankrupt cryptocurrency exchange FTX, is set to begin on October 3. The 31-year-old is accused of committing wire fraud and conspiracy to commit other types of fraud, in relation to the dramatic collapse of his crypto empire last year, which led to billions in losses. Nik De, CoinDesk's managing editor for global policy and regulation, discusses the importance of jury selection, the potential testimony of key witnesses, and how many years Bankman-Fried may face if he is found guilty. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: Why SBF's lawyers keep requesting the FTX founder be released Why the jury selection is so important and how long it could take Why the DOJ opposed the proposed questions for the jury Why the Judge agreed with the DOJ in blocking some of the witnesses proposed by the defense team How the defense team may try to discredit some of the proposed witnesses Whether the argument of SBF receiving “poor legal advice” holds any ground What role the political donations made by SBF may play in the trial How many years SBF could face if he were to be found guilty Thank you to our sponsors! Crypto.com Arbitrum Foundation Hedera Toku Guest Nik De , CoinDesk's managing editor for global policy and regulation Previous appearances on Unchained: How SEC Chair Gary Gensler's Views on Crypto Have Changed Since His MIT Days Why the Ooki DAO Case Could Hurt Participation in DAOs Links Previous coverage from Unchained on Sam Bankman-Fried and FTX: Why FTX Might Try to Claw Back Funds From Retail Customers The Chopping Block: Was FTX a Scam From the Very Beginning? How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC SBF’s defense team motions: Judge Denies Sam Bankman-Fried’s Request for Temporary Release U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release' Sam Bankman-Fried Can Use an 'Air-Gapped' Laptop in Court, Judge Rules Judge Blocks Sam Bankman-Fried's Proposed Witnesses From Testifying Key witnesses: SBF’s Expert Witnesses Barred From Testifying at Trial Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried? All of Sam Bankman-Fried's Proposed Expert Witnesses Should Be Barred From Testifying: DOJ Sam Bankman-Fried is being sent to jail after a judge revoked his bail over alleged witness tampering Jury selection: Sam Bankman-Fried Can Ask DOJ Witnesses About Drug Use Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 26, 2023

Bitcoin Ordinals have exploded in popularity since their launch by developer Casey Rodarmor in January, changing the NFT game with millions of inscriptions to date. But what comes next for Bitcoin-based digital artifacts? Danny Yang and Bill Tai, cofounders of Metagood and creators of NFT collection OnChainMonkey, discuss why they will move OnChainMonkey from Ethereum to Bitcoin, Rodarmor’s proposal to change the Ordinals inscription numbering system, and why they believe more creators should consider moving to Bitcoin. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: How the idea for Metagood came up What is give-to-earn and how it is used to reward OnChainMonkey holders The differences between Ethereum versus Bitcoin when it comes to digital assets The creative potential of Bitcoin Ordinals Why OnChainMonkey will move from Ethereum to Bitcoin Thoughts on Casey Rodarmor’s Bitcoin Ordinals proposal to change the inscription numbering system What are recursive inscriptions How to convince NFT creators to leave other blockchains for Bitcoin Thank you to our sponsors! Crypto.com Arbitrum Foundation LayerZero Toku Guest: Bill Tai , cofounder of Metagood and creator of OnChainMonkey Previous appearances on Unchained: https://unchainedcrypto.com/maitai-globals-bill-tai-on-why-blockchain-is-the-6th-wave-of-technology/ Danny Yang , cofounder of Metagood and creator of OnChainMonkey Links Unchained: MaiTai Global’s Bill Tai On Why Blockchain Is The 6th Wave Of Technology Bitcoin Ordinals Creators Propose Changing Inscriptions Numbering What Are BRC-20 Tokens? A Brief Introduction Was Bitcoin Creator Satoshi Pro-NFTs? Bitcoin Ordinals Inscriptions Surge Past 2.7 Million How to Create a Bitcoin Ordinal Elsewhere: Bitcoin Ordinals Trading Is Down Bad—But Just How Bad? A New Frontier for Bitcoin? Recursive Inscriptions Explained ‘NFTs will win on Bitcoin’ — OnChainMonkey NFT collection ditches Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 22, 2023

As lawsuits continue to pile up in the FTX saga, FTX chief John Ray III is focused on clawing back funds from former affiliates to pay back creditors. But how might that play out in court? Founder of 117 Partners Thomas Braziel, who specializes in the trading of bankruptcy claims, explains the different paths Ray may choose to go down and the potential outcomes of these cases. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: The chances of FTX winning in court against Sam Bankman-Fried’s parents The case against Barbara Fried and Joseph Bankman Whether civil cases could turn into criminal ones Whether bankruptcy proceedings and the criminal case against Sam Bankman-Fried are a coordinated effort What retail clawbacks are and the likelihood that FTX will pursue them Thank you to our sponsors! Crypto.com Arbitrum Foundation Thales DAO Toku Guest Thomas Braziel, founder of 117 Partners Previous appearances on Unchained: Will FTX Reboot? Here’s John Ray’s Internal Deadline for Making a Decision Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In Will Celsius Survive the Bankruptcy Process? How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX Links Previous coverage of Unchained on Sam Bankman-Fried and FTX: The Chopping Block: Was FTX a Scam From the Very Beginning? How Much Prison Time Is FTX’s Sam Bankman-Fried Facing? Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Is the Collapse of Crypto Lending Over, or Is It Just Starting? Did the Bahamian Government Direct SBF and Gary Wang to Hack FTX? The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets The Chopping Block: FTX: The Biggest Collapse in the History of Crypto? Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Unchained: New Suit Claims That FTX Kept Its Fraud All in the Family Stanford University Will Return $5.5 Million to FTX FTX Sues SBF’s Parents to Claw Back Misappropriated Funds: Report Full text of the FTX lawsuit against Bankman and Fried CoinDesk: Sam Bankman-Fried’s Dad Thought His Son Wasn’t Paying Him Enough, So He Got Mom Involved Bloomberg: How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire The Verge: The best stuff Sam Bankman-Fried’s parents bought using FTX money Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 21, 2023

Welcome to The Chopping Block – where crypto insiders chop it up about the latest news. This week, Haseeb Qureshi and Tom Schmidt speak to Will Warren, cofounder of 0x Labs, to discuss why the CFTC issued them a Wells Notice, how they responded to regulatory scrutiny, and how other countries may offer a blueprint for crypto regulation. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , TuneIn , Amazon Music , or on your favorite podcast platform. Show highlights: why the CFTC issued a Wells Notice to 0x how a decentralized application addresses the issue of geolocalization of users how the team at 0x worked together with the CFTC to avoid violating the Commodity Exchange Act (CEA) again what are the implications of the settlement and who's liable for offering services why it's so hard for crypto projects to follow the rules without clear regulatory guidance why Haseeb says that the SEC wants this industry to “not exist” how lack of regulatory clarity may be stunting US innovation whether there's a conflict of interest between the companies building protocols and the protocols themselves Hosts Haseeb Qureshi , managing partner at Dragonfly Tom Schmidt , general partner at Dragonfly Guest Will Warren , cofounder of 0x Labs Disclosures Links Unchained: UniswapX Launches With MEV Protection and Gas Free Swaps CFTC Charges Three DeFi Protocols With Violating AML Rules, Operating Without Licenses Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 19, 2023

Zeke Faux, author of 'Number Go Up,' shares his findings after making a deep dive into the world of crypto. From skepticism to a full-blown investigation, Faux recounts his journey that led him to the heart of crypto, meeting some of the most eccentric characters in the industry. As a Bloomberg investigative reporter, Faux brings a critical eye to the crypto sphere, unearthing the bizarre, the risky, and the downright astonishing facets of what the crypto community calls a financial revolution. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: what the book 'Number Go Up' is about Zeke's background as an investigative reporter for Bloomberg whether Zeke is skeptical about crypto why Zeke thought it was a big deal to investigate Tether, the issuer of USDT whether he had a conclusion on the fact that he couldn't find anything big about Tether why Zeke says that Sam Bankman-Fried had a sloppy approach to risk management why Zeke believes that SBF did not give so much money to charity even though he's an effective altruist how projects like STEPN and Axie Infinity are 'clearly not the future of finance,' according to Zeke how SBF had such an open relationship with the media that helped him when the FTX collapse happened what Zeke found out investigating pig butchering scams in Cambodia how Zeke’s attempt to buy a Mutant Ape to get into an Ape Fest in New York City taught him about crypto’s bad user experience Thank you to our sponsors! Crypto.com Arbitrum Foundation Toku LayerZero Guest: Zeke Faux , author of ‘ Number Go Up ’ Bloomberg: 11 Hours With Sam Bankman-Fried: Inside the Bahamian Penthouse After FTX’s Fall Links Tether Unchained: Is Tether a Fraud? Its Bank Says It's Not Tether, the Multibillion-Dollar Stablecoin at the Heart of the Crypto Ecosystem Sam Bankman-Fried and FTX Unchained: Sam Bankman-Fried on How to Prevent the Next Terra and 3AC SBF Behind Bars: Why Revoked Bail Is a Big Deal for Crypto’s Biggest Trial Pig butchering scams Unchained: How This Prosecutor Is Spearheading the Fight Against Crypto ‘Pig Butchering’ Scams Crypto in developing countries Bitcoin in El Salvador: Why Would Cypherpunks Support Government-Mandated Bitcoin Adoption? Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 15, 2023

In the wake of FTX’s collapse, Binance – already the biggest exchange in the world by a large margin – has continued to grow. But a series of challenges, including billions of dollars worth of customer outflows, the winding down of its stablecoin BUSD and the SEC and CFTC lawsuits related to its U.S. operations have challenged its market dominance. Steven Ehrlich, director of research at Forbes Crypto, joins the show to discuss how Binance has been dealing with a deluge of bad news and how it plans to forge a path forward. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: how the collapse of FTX impacted Binance and its market dominance how Binance has been losing market share over the past few months why Steven believes that Binance.US is in a "very tenuous situation" whether Binance is feeling stronger now that the SEC experienced a partial loss in the Ripple case the consequences of consumers losing trust in Binance, according to Steven the speculation around the recently filed sealed motion filed by the SEC whether the theory that Binance is the next FTX has some merits how Binance.US needs to recuperate some market volume to increase its revenue Thank you to our sponsors! Crypto.com Arbitrum Foundation Thales DAO Toku Guest Steven Ehrlich , director of research at Forbes Crypto Links WSJ: Binance, the Biggest Player in Crypto, Is Facing Legal Risks Over Russia More Binance Executives Leave, Including Some Overseeing Russia How the Binance CEO Operates: Weigh the Risk, Calculate the Reward What Is Happening With Binance? Binance Lays Off Over 1,000 Employees Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges Binance.US Legal, Risk Executives Leave the Crypto Exchange Reuters: Crypto exchange Binance hit by executive exodus Paxos receives U.S. SEC notice over Binance's stablecoin 'BUSD' Binance CEO's trading firm received $11 billion via client deposit company, SEC says The Block: Binance.US can't grow until CZ sells stake, fixes regulatory issues: sources Binance to end support for BUSD, encourages conversion to FDUSD Mastercard, Binance end crypto card partnership in four countries Binance withdraws crypto license application in Germany CoinDesk: SEC's Secret Binance Court Filing Has Observers Bracing for Bad News John Reed Stark’s post on X CFTC: CFTC Charges Binance and Its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange Learn more about your ad choices. Visit megaphone.fm/adchoices

Sep 12, 2023

It’s been a busy year for USDC issuer Circle, with several new product launches and partnerships, a crypto banking crisis to contend with, the entry of PayPal into the stablecoin business, and plenty of new global regulatory developments, including a bill in the U.S. now making its way through Congress. Circle co-founder and CEO Jeremy Allaire joins Unchained for an in-depth discussion on the reasons behind Coinbase’s investment in Circle, how Circle has emerged stronger from the banking crisis, what he thinks of PYUSD, what he likes and doesn’t like about the current U.S. stablecoin bill, and his thoughts on what the final bill will look like. Listen to the episode on Apple Podcasts , Spotify , Overcast , Podcast Addict , Pocket Casts , Stitcher , Castbox , Google Podcasts , Amazon Music , or on your favorite podcast platform. Show highlights: why Circle and Coinbase created the Center Consortium and why Coinbase acquired a stake in Circle whether Circle is aiming to be acquired or become a public company, and why Jeremy is pursuing a "multi-decade" strategy why Circle partnered with MercadoLibre and the stablecoin usage in Latin America [ may need to cut if embargo does not stick] how the company has been supporting developers to build applications why Circle is launching native USDC on so many new blockchains what the purpose of cross-chain transfer protocol (CCTP) is and what the big problems with bridges are how Circle responded to Silicon Valley Bank’s collapse and why the world began to feel that "it's not safe to be exposed to the US" Jeremy's thoughts on the launch of PayPal's stablecoin, PYUSD why having stablecoin legislation is a "national priority," according to Jeremy why Jeremy is a proponent of a fully reserved banking system why he thinks the US needs to "aggressively" take action to preserve the global reserve currency status of the US dollar how China’s national digital currency is likely to develop how crypto can provide a better way of providing identity without giving up privacy why blockchain technology is much more than just a financial regulatory matter Thank you to our sponsors! Crypto.com Arbitrum Foundation Toku LayerZero Guest: Jeremy Allaire, cofounder, Chairman and CEO of Circle Previous appearances of Jeremy on Unchained: Crypto on Every Corner: Driving Adoption With Jeremy Allaire and Meltem Demirors Circle’s Jeremy Allaire and Sean Neville on Why Crypto Will Be Bigger Than the Web Jeremy Allaire on Why the US Government Needs a New Category for Digital Assets Links Unchained: Coinbase Acquires Equity Stake in Circle Amid USDC Updates and Market Challenges Will PayPal’s PYUSD Steal Market Share From Tether and Circle? The Fall of SVB: What Happened and How It Affects Crypto CoinDesk: U.S. Stablecoin Bill Takes Big Step Despite Fight From Democrats, White House Circle Seeks to Make Crypto Payments Easier With New 'Programmable Wallets' Written Statement of Jeremy Allaire Before the United States House Committee on Financial Services, “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” South China Morning Post: Head of crypto firm Circle accepts ban in mainland China, but sees role for yuan-backed stablecoins TechCrunch: Solana Pay integrates plug-in with Shopify for USDC payments Decrypt: News Explorer — Circle Partners With Mercado Libre to Bring USDC to Chile Jeremy’s comments on the launch of PYUSD Learn more about your ad choices. Visit megaphone.fm/adchoices