Unchained

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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