Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910

Unchained

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!

  • 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

More description

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!

  • 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

2025-09-26 87 min
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