Unchained

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 Aave DAO civil war: a CoWSwap integration that allegedly routed swap fees to Aave Labs/Avara instead of the DAO, igniting “stealth privatization” claims, a “poison pill” push to seize Aave IP/brand, and a bigger fight over who really owns Aave.com and the protocol’s front door. Next, the crew unpacks the Flow hack (a $3.9M mint exploit) and the wild rollback talk that followed — plus why forks and bridges make rollbacks dangerous, turning bridges into accidental custodians and breaking old security assumptions. Finally, they break down Coinbase’s System Update and the “Everything Exchange” strategy — stocks, tokenization, perps, prediction markets, stablecoin rails — and whether this approach can win against Robinhood. DAO wars, chain chaos, and super-app ambition — let’s get into it. Show highlights 🔹 Aave DAO civil war erupts — CoWSwap fees reportedly route to Aave Labs/Avara, not the DAO, fueling “stealth privatization” claims. 🔹 “Poison pill” proposal — DAO demands Aave IP/brand and Aave.com control, turning governance into a DevCo vs DAO showdown. 🔹 No foundation, messy ownership — Aave’s pre-foundation setup exposes off-chain IP risk, jurisdiction questions, and untested legal theory. 🔹 Christmas vote drama — 41% abstain signals a redo; OG/Asia backlash pits “property rights” vs “commons” narratives. 🔹 Flow hacked for $3.9M — chain pause + rollback idea sparks outrage (and wouldn’t even stop the attacker). 🔹 Rollbacks meet bridges — forked history can wipe innocent bridgers; bridges become custodians when chains reorg or rewind. 🔹 Interconnected chains break security — old models crumble, and small chains “die twice” when bridges/oracles unplug. 🔹 Coinbase goes “Everything Exchange” — stocks/ETFs, tokenization, perps, prediction markets; can Coinbase beat Robinhood’s funnel? Hosts: ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner [MIA], CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly Links: Aave Cowswap Integration- Tokenholder Questions (aave discussion) https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530?u=ignas Aave Will Win: 2026 Master Plan by Stani Kulechov https://x.com/StaniKulechov/status/2001036446098919461 Timestamps 00:00 Intro 01:51 Aave Civil War Erupts 06:37 CoWSwap Fees Spark Aave IP Debate 10:20 Can a DAO Own IP? 15:25 Aave’s Pre-Foundation Legal Quirk 28:20 Flow Hacked: $3.9M Mint Attack 33:50 Small Chains Die When Bridges Leave 34:33 App Chains Boom Is Over 36:32 The Hidden $20M L1 Tax 43:29 Coinbase System Update: Everything Exchange 57:43 Coinbase vs Robinhood: Build vs Buy Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsor, Mantle!Mantle is launching the Global Hackathon 2025 to accelerate the future of Real-World Assets. With a $150k prize pool, backing from a $4B treasury, and direct access to Bybit’s 7M+ users, this is the ultimate ecosystem for builders. Sign up here! In this year-end Bits + Bips roundtable, hosts Austin Campbell and Chris Perkins are joined by John D’Agostino, Head of Strategy at Coinbase Institutional, for a wide-ranging and often contentious look at what 2026 may hold for crypto. They debate whether a major global brand will launch its own stablecoin, whether altcoins are structurally doomed—or secretly set up for a Wall Street–driven resurgence—and whether a major crypto hack is coming. The conversation also explores how tokens accrue value and whether there will be a new M&A trend that’ll reshape the industry as we know it. Plus: don’t miss what they have to say about NFTs, financial nihilism, and whether we’ll see all-time highs for bitcoin in 2026. Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and Founder of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest: John D'Agostino, Head of Strategy for Coinbase Institutional Timestamps 🚀 3:38 Why John thinks a global Web2 giant will launch a stablecoin in 2026 💵 8:34 How big the stablecoin market can actually get and where tokenized deposits fit in 🚫 12:18 Whether stablecoins will face outright bans in parts of the world 🔓 16:18 Why a major crypto hack of more than $2 billion in 2026 seems likely 🏛️ 19:56 Why it looks like crypto market structure legislation won’t pass in 2026 — and maybe not after the midterms either 🧠 30:57 John’s three counter-consensus predictions involving quantum tech and AGI 📉 39:25 Whether altcoins are structurally set up to underperform again in 2026 ⚡ 44:02 Whether massive Solana adoption would or wouldn’t translate into token value 🌀 45:00 What “financial nihilism” explains about altcoin behavior 🤝 49:50 Why Chris believes 2026 could become a defining year for crypto M&A 🇺🇸 59:57 How U.S. political shifts now could ripple into the 2028 election cycle 🖼️ 1:02:39 What an NFT comeback would actually look like and why it won’t resemble JPEG mania 💣 1:07:05 Why John isn’t buying the idea that post-10/10 blowups are inevitable 📈 1:08:26 Whether all-time highs in 2026 are still on the table Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Uniswap Mantle 2025 was a year of mixed outcomes for crypto. The industry got landmark stablecoin regulations in the U.S. but with a major limitation. Bitcoin soared to new all-time highs but failed to surge to heights many expected and is set to end the year flat. In this final installment of Unchained's year in review show, Ambient Finance founder Doug Colkitt and Gwart take a look back at the passing of the GENIUS Act, Bitcoin's all-time high run and the “10/10” crash. Plus, did “threadguy's” tax woes trigger Zcash's run? And is Nic Carter overreacting about the quantum computing threat to Bitcoin? Guests: Doug Colkitt, Co-founder of Fogo and Ambient Finance Gwart, Host of The Gwart Show Links: Unchained: Who Are the Winners and Losers of the New Stablecoin Law in the U.S.? Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes Stripe and Paradigm Announce New Layer 1 Blockchain ’Tempo’ Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal Bitcoin Hits All-Time High Ahead of $125,500 Crypto Markets Recover After Record $19 Billion Liquidation Why the Black Friday Whale’s $192 Million Crypto Trade Was Legal Why the Privacy Coins Mania Is Much More Than Price Action How the x402 Standard Is Enabling AI Agents to Pay Each Other MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience? Can ‘Choose Rich’ Nick Create the Barstool Sports of Crypto? Do Kwon Sentenced to 15 Years in Prison Cracking Bitcoin Encryption Is Getting Much Easier, Google Says Timestamps: 🚀 00:00 Introduction 🫠 00:53 Why GENIUS Act blocking interest payments is problematic 🤔 4:31 Did PUMP launch buybacks too soon? 👀 10:56 Is Stripe fully committed to Tempo? ⁉️ 14:28 Was Hyperliquid's USDH partner “pre-ordained?” 😅 19:38 Is Cobie Coinbase’s best hire yet? 😵‍💫 27:16 Bitcoin's peak in downtober ❕️ 29:55 What “10/10” says about the crypto industry 🤣 41:13 Did “threadguy's” tax woes trigger Zcash's run? 👀 47:27 Is the AI agent meta a “charade?” 🤺 50:27 What is fueling the bitter rivalry between Kalshi and Polymarket 🤔 56:50 Did “ICOBeast” deserve to lose his MegaETH allocation? 💥 1:00:40 Is “Choose Rich” Nick now mainstream? 🫣 1:02:55 Was Do Kwon's 15 year sentence excessive? 🧐 1:08:54 Is Nic Carter overreacting about the quantum computing threat to Bitcoin? 🔮 1:13:42 Doug and Gwart lock in their 2026 predictions Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto natives entered 2025 with many expectations, but bingo cards likely did not include world leaders launching memecoins. In this first installment of a two part Unchained Special, Ambient Finance founder Doug Colkitt and “Gwart” join to offer a whimsical take on some of the years major happenings as it pertains to crypto. How did an erstwhile dropshipper get in bed with world leaders and convince them to launch memecoins? And did Tom Lee's “good hair” save ETH? Thank you to our sponsor, Walrus! http://walrus.xyz/ Guests: Doug Colkitt, Co-founder of Fogo and Ambient Finance Gwart, Host of The Gwart Show Links: Unchained: Why Lyn Alden Isn’t a Fan of Trump’s Memecoins, but Neutral on a Strategic Bitcoin Reserve The Chopping Block: Trump’s Crypto Shake-Up, Solana’s Big Moment, that Changes Everything Why Would Argentine President Javier Milei Protect Kelsier’s Hayden Davis? How the $1.5 Billion Bybit Hack Could Have Been Prevented Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA White House Crypto Summit: Two Attendees Share Why It Matters Arthur Hayes and Hanson Birringer on Hyperliquid’s Success (And What Could Stop It) Hyperliquid Trader Makes $87M in 70 Days, Loses It In Five The Chopping Block: Tom Lee the New Saylor? DAT Consolidation, Token Wrappers Under Fire Circle, Issuer of the $61.5 Billion USDC, Raises $1.1 Billion in Landmark IPO Why Arbitrum Won Over Robinhood + A $59 Million Polymarket Controversy DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead Timestamps: 🚀 00:00 Introduction 😵 1:20 How Trump and Melania surprised the crypto community with Solana memecoins 😅 4:46 How Hayden Davis went from dropshipping to launching coins with world leaders 🫠 8:39 Could a test transaction have saved Bybit from the largest heist of all time? 🫡 13:34 How Ripple lobbyists reportedly got Trump to shout out an XRP reserve 🤣 17:55 Was the White House Crypto Summit hijacked by FIFA? 🤺 20:20 Hyperliquid's Run and the CZ v. Jeff Memes 😅 26:48 Who is James Wynn, really? 😆 30:36 What sparked ETH's comeback? Tom Lee's good hair or EF reforms? 📈 35:51 How Circle's IPO run blindsided Arthur Hayes 🎇 38:48 Robinhood's grand on-chain debut 🫠 43:58 Still early or DOA? Base's hit and miss campaigns 🤔 54:23 How does the DAT mania end? Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Christmas Eve episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le break down a pivotal moment for crypto: the industry is no longer operating as a self-contained, oppositional ecosystem. It’s converging with traditional finance. And the cool thing? Washington is responding. The trio unpacks the latest on the crypto market structure bill, what it means that TradFi players are actively supporting legislation, how compliance tools like KYC became unavoidable, and why crypto may be going through an identity crisis. They also delve into why Democratic engagement is crucial to getting a bill across the finish line, and why January’s confirmed markup could be a turning point. Hosts: Jessi Brooks, General Counsel at Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare TuongVy Le, General Counsel at Veda Timestamps: 🎬 0:00 Intro 🎄 2:09 Whether crypto’s convergence with TradFi is finally changing how policymakers treat the industry 🧬 13:54 What “crypto-native hybrids” are and why they’re suddenly everywhere 🔐 15:23 How KYC and compliance tools went from optional to unavoidable in crypto’s tech stack 🪞 18:24 Why Vy says crypto is in the middle of a real identity crisis 📅 21:12 Why a confirmed January markup is a much bigger deal than it sounds ⚔️ 24:00 How the DeFi fight inside the bill is shaping up and why TradFi is now showing up loudly 🏛️ 31:02 What Democrats are zeroing in on to actually get this bill across the finish line 🔄 35:02 Whether the revolving door between government and crypto is healthy or a red flag ✨ 45:49 Good news and end-of-year thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Security remains work in progress for crypto — and that may be putting it mildly. This year Bybit was hacked for $1.5 billion, the largest exploit ever, crypto or otherwise. In this Unchained episode, Security Alliance members explain how crypto exploits have evolved, why smart contracts are no longer the primary vulnerability and why a security plan alone may not be enough. They take us inside how North Koreans are getting jobs at crypto and tech companies and how they operate. Plus, best practices for individuals that intend to hold their assets for the long-term. Test transactions and 2FA based on authenticator apps may not be ideal. Thank you to our sponsors, ⁠Uniswap⁠ and ⁠Mantle⁠! Guests: Pablo Sabbatella, Member of SEAL (Security Alliance) and Founder of Opsek Isaac Patka, Wargames Initiative Lead at SEAL, and Founder of Shield3 Links: Unchained: How the $1.5 Billion Bybit Hack Could Have Been Prevented The Chopping Block: Code, Chaos & Consequences — What the Balancer Hack and Rollback Debates Mean for Crypto’s Future How AI Agents Hacked Smart Contracts for $1 Apiece – DEX in the City DEX in the City: How Privacy in Crypto Makes Everyone’s Finances More Secure Chainalysis crypto crime report SEAL 911 bot SEAL website with profiles of confirmed DPRK IT workers Timestamps: 🚀 00:00 Introduction ⚠️ 1:27 How social engineering has become the primary driver of crypto exploits 🤔 8:28 What does SEAL do? 💡 12:08 Why safe harbor for white hats matters 👀 14:41 Why North Koreans are infiltrating U.S. companies? 🫠 18:03 How the North Korean IT jobs scheme has evolved with “laptop farms” 😬 22:05 How North Korean IT workers steal crypto from companies and how to avoid hiring them ⚠️ 32:20 Isaac explains how companies can minimize losses even with North Korean hackers on staff 🤯 35:52 Why Isaac doesn't do test transactions ❕️ 38:19 How Bybit was targeted ⁉️ 49:41 The primary ways individuals get hacked 🚨 54:28 How individuals can avoid getting rekt 💡 1:08:42 What privacy means for crypto security 🤧 1:12:38 What to do if your assets are stolen 💫 1:15:41 Useful security resources for individuals and companies Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsor, Mantle. Sign up for their hackathon here!After a “weird” year in the markets, hosts Ram Ahluwalia and Christopher Perkins are joined by Ava Labs’ President John Wu for a candid debate about where crypto really is in the cycle—and what needs to happen next. The panel wrestles with a question many investors are quietly asking: has the market washed out enough to set up the next move, or is something still missing? They explore why momentum has faded, what signs would suggest it’s coming back, and why 2026 keeps coming up in long-term conversations—even as near-term enthusiasm remains divided. Plus, why TGEs are “dying” and, with the rise of super apps, does Coinbase has an edge on Web2 players like Robinhood? Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Christopher Perkins, Managing Partner and President of CoinFund Guest: John Wu, President of Ava Labs Links: Unchained: Circle Acquires Interop Labs Team, Excludes Axelar Foundation and Token Aave’s Rushed Governance Vote Draws Backlash UNI Token Rallies as Voting Begins on UNIfication Proposal Bitcoin’s Demand Boom is Fading: CryptoQuant Alex Thorn predicts BTC will reach $250K by end of 2027 Memento’s research on TGEs Jeff Dorman on X: “I don’t know a single liquid fund that has bought a new token on TGE in over 2 years.” CoinDesk: Coinbase rolls out stock trading, prediction markets and more in bid to become the 'Everything Exchange' The Block: Coinbase to acquire prediction markets startup The Clearing Company AAVE token holder proposes 'poison pill' for DAO to absorb Aave Labs amid contentious revenue debate Timestamps: 🎬 0:00 Intro 📉 1:55 What made this a truly “weird year” for markets 🗓️ 7:09 Why 2026 may be a breakout year and why not all tokens may survive 🌊 8:41 Whether a big washout is ahead and what actually brings momentum back 🔁 13:40 How the four-year cycle, midterms, and new cohorts keep reshaping crypto demand 🏦 20:30 The fight over institutional settlement layers and Canton’s rise 🧩 24:34 Why tokens exist at all and where real value capture is getting lost ⚖️ 30:19 How investors should think about the constant tug-of-war between equity and tokens 📊 41:07 Why Chris feels constructive on markets while Ram sees something missing 💵 43:52 Why stablecoins are quietly becoming the “new net interest income” 📱 44:51 How super apps are changing the game and why Coinbase may have an edge over Robinhood 🧟 53:16 Why token generation events are fading Learn more about your ad choices. Visit megaphone.fm/adchoices

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

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

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

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

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

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

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

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

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

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

Sponsor: UniswapCitadel 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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