Unchained

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew is joined by special guest Anatoly Yakovenko, the mastermind behind Solana, for a deep dive into the network’s evolution and future. The conversation kicks off with a look at Solana's rapid rise from its rocky early days to its current status as a blockchain powerhouse. They debate the role of memecoins in Solana’s ecosystem and whether they’re here to stay or just a passing craze. Next, Anatoly opens up about Fire Dancer’s impact on the network’s scaling and performance, sparking a broader discussion about vertical vs. horizontal scaling. Finally, they explore Solana’s ambitious push into the mobile space with the Seeker phone and its implications for the broader crypto industry. Packed with expert insights, bold predictions, and a few surprises, this episode is a must-listen for anyone following the future of blockchain.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Solana’s Rise: Solana’s journey from early turbulence to becoming a blockchain powerhouse.

🔹 Memecoin Frenzy: The explosive growth of memecoins on Solana and their impact on the ecosystem.

🔹 Fire Dancer Impact: How Fire Dancer could revolutionize Solana’s scalability and performance.

🔹 Vertical vs Horizontal Scaling: Is Solana’s vertical scaling approach stronger than Ethereum’s rollups?

🔹 Seeker Phone: Solana’s ambitious push into mobile with the Seeker phone and its potential disruption of the app store landscape.

🔹 ETHOS Phone: How does Ethereum’s new phone compare to Solana’s mobile vision?

🔹 Network Extensions: The introduction of network extensions and whether they align with Solana’s long-term vision.

🔹 App Chains: Could the rise of app-specific chains lead to fragmentation or strengthen Solana’s ecosystem?

🔹 Developer Experience: The challenges of Solana’s development environment and their impact on innovation.

🔹 Ethereum Rivalry: With both networks advancing, how is the competition between Solana and Ethereum shaping up?

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Special Guest

⭐️Anatoly Yakovenko, Co-Founder & CEO Solana Labs

Timestamps 

• 00:00 Intro
• 02:56 TCB’s Criticisms
• 05:12 Evolution of Solana's Ecosystem
• 17:36 Solana's Competition
• 22:05 What Is Solana's Moat?
• 28:31 The Role of Atomicity and Composability
• 34:11 Network Extensions
• 44:20 First Mover vs. Second Cohort
• 48:44 Future of Asset Types and Content
• 52:49 Developer Experience and Token Implementations
• 1:00:38 Solana Phone vs. EthOS
• 1:09:16 Thoughts and Criticism

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Jeff Park of Bitwise to discuss some of the latest developments in the crypto world. They share their thoughts on a controversial ECB paper about Bitcoin, breaking down why they believe the authors missed the mark. They also dive into the rising institutional interest in spot Bitcoin ETFs and how Trump’s momentum in the polls could impact the market, especially for altcoins. Plus, the conversation explores the significance of Bitcoin ETF options and why they could have a larger impact than many expect.

• Why the guys believe that the ECB paper on Bitcoin is a joke
• How the Minneapolis Fed report said that prohibiting Bitcoin would allow the government to operate at permanent deficits 
• The institutional demand for spot bitcoin ETFs
• How Trump has been rising in the polls and what the Trump trade looks like at the moment
• Whether polls and Poylmarket bets on the U.S. elections are manipulated
• How the Fed is putting more focus on jobs than inflation
• When the bitcoin ETF options might launch and which issuers will get it first
• How memecoins succeed and the rise of AI memecoins like GOAT, fueled by the AI bot truth_terminal
• What the $1.1 billion acquisition by Stripe of stablecoin company Bridge means 
• Why Donald Trump’s World Liberty Financial token sale was a flop

Sponsors:

• Gemini
• Stellar 

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Jeff Park, Head of Alpha Strategies at Bitwise

• ECB paper on bitcoin: Bitcoin Appreciation Could Be ‘Fuelling The Division Of Society’
• Omid Malekan’s rebuttal to the paper by Bindseil & Schaaf (of the ECB)
• Minneapolis Fed report: Unique Implementation of Permanent Primary Deficits? | Federal Reserve Bank of Minneapolis
• Alex Kruger’s tweet on memecoins 
• Alex Thorn’s tweet on bitcoin adjusted by inflation

Timestamps:

• 00:00 Intro
• 03:08 Why the ECB’s Bitcoin paper missed the mark
• 10:17 Political motivations behind the Minneapolis Fed report on Bitcoin
• 14:18 Rising institutional demand for spot Bitcoin ETFs
• 21:38 How Trump’s poll momentum could impact crypto
• 32:14 Are election polls and Polymarket bets manipulated?
• 43:36 Why the Fed is prioritizing jobs over inflation
• 52:37 When will Bitcoin ETF options launch?
• 1:01:08 What makes memecoins, including AI memecoins like GOAT, succeed?
• 1:13:00 The significance of Stripe’s $1.1 billion crypto deal
• 1:18:02 Why the WLFI token sale was a “flop”

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Africa is quickly becoming one of the most dynamic regions for crypto adoption, but the story unfolding there is very different from what many in the West might imagine. 

Chris Maurice, co-founder and CEO of Yellow Card, joins the show to share how stablecoins are already transforming businesses across the continent, solving real-world problems, and taking on SWIFT. Plus, he explains why USDT is the stablecoin of choice there. 

He also dives into the long-term economic impact of crypto adoption and explains why anyone serious about business should be paying close attention to Africa. 

• What Yellow Card is and the focus on U.S. Dollar stablecoins
• The complexities of doing business in Africa
• Which African countries have the highest rate of adoption
• Chris’s background and his fun story of how he got into working in Africa
• How operating a company in Africa is different from other places
• Why Yellow Card is currently operating with three stablecoins, and the dominance of USDT
• Why Yellow Card only offers centralized stablecoins
• Why everyone should pay more attention to the continent, according to Chris

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle
• Robinhood & Arbitrum

• Chris Maurice, cofounder and CEO of Yellow Card

• Previous coverage of Unchained on stablecoins and emerging markets: 
• Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa
• 6 Stablecoins That Are Driving the Sector’s Two-Year High in Market Capitalization
• Castle Island Ventures’ report: Stablecoins: The Emerging Market Story

Timestamps: 

• 00:00 Intro
• 02:03 What Yellow Card is and why it focuses on U.S. dollar-denominated stablecoins
• 04:31 The complexities of doing business in Africa
• 10:42 Which African countries have the highest crypto adoption
• 19:17 How Chris got into working in Africa
• 25:11 How operating in Africa differs from other regions
• 32:42 Why USDT dominates Yellow Card’s stablecoin business
• 38:31 Why Yellow Card only uses centralized stablecoins
• 39:22 Does Africa deserve more attention?

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How do you determine the value of decentralized networks like Bitcoin, Ethereum, or Solana? It’s not as straightforward as traditional investments.

Jon Charbonneau, general partner at crypto investment firm DBA, joins Unchained after writing a paper that dives deep into the complexities of valuing blockchain networks. He explains why applying traditional equity models to networks such as Bitcoin falls short, how tax inefficiencies in staking rewards impact valuations, and whether Layer 2 solutions like Optimism and Arbitrum are helping or hurting the long-term value of Layer 1 blockchains.

Also, he looks at the big question—are these networks sustainable in the long run?

Show highlights:

• What motivated Jon to write the paper
• What the main points of the paper are
• Why tax inefficiencies in staking rewards are a critical factor in valuing decentralized networks and how they differ from traditional corporate taxes
• What makes valuing networks tricky, as Jon explains how proof-of-work vs. proof-of-stake systems differ from traditional equity models
• How he thinks about valuing Layer 2s and whether they are parasitic to the L1
• Whether blockchains are sustainable in the long term

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle’s FBTC

• Jon Charbonneau, co-founder and General Partner at DBA
• L1 & L2 Token Value Capture

• Previous coverage of Unchained on this topic:
• How to Figure Out Whether a Crypto Token Is Worth Its Trading Price
• ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
• Are Layer 2s Parasitic to Ethereum and ETH as an Asset?
• Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
• Ether-Bitcoin Ratio Is at Multi-Year Lows, But It’s Just ‘Temporary’ and an ‘Opportunity’

Timestamps: 

• 00:00 Intro
• 01:25 What sparked Jon's interest in this topic?
• 03:35 Key takeaways from the paper
• 08:30 How staking taxes could change the game
• 13:46 Why traditional models fail for blockchain
• 20:10 Are Layer 2s helping or hurting Layer 1s?
• 26:51 Can blockchains survive long term?
• 29:20 News Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew dives headfirst into the “Memecoin Supercycle,” sparking a debate on whether these wild, meme-powered coins are just a fleeting obsession or a genuine revolution. They then dissect Uniswap’s bold leap to launch its own chain on the Optimism Superchain, asking if this move could steal the spotlight from Ethereum and forever reshape the DeFi landscape. And just when you think it’s all about tech, they dive into Kamala Harris’ latest crypto play, with an eyebrow-raising appeal to memecoin investors. From soaring hype to DeFi drama and political power moves, this episode is packed with hot takes, spicy predictions, and a glimpse at what might lie ahead in the world of crypto.

Show highlights

🔹 “Memecoin Supercycle” and whether memecoins are on track to overtake traditional altcoins as they fuel a new wave of financial speculation.

🔹 Unichain: Uniswap’s bold move to launch its own chain on the Optimism Superchain, questioning whether this could pull DeFi liquidity away from Ethereum and reshape the crypto ecosystem.

🔹 Kamala Harris’ unexpected crypto appeal in her new “opportunity agenda for Black men,” which includes a vague promise for regulatory protection for digital assets.

🔹 Memecoins vs. VC Coins: Murad’s thesis on memecoins outshining VC-backed tokens sparks a heated debate on whether financial nihilism is driving this trend and what it means for the future of crypto investing.

🔹With the new Unichain possibly diverting DeFi liquidity, the crew ponders whether Ethereum is at risk of losing its dominance as the “home of DeFi.”

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Timestamps 

• 00:00 Intro
• 2:10 The Memecoin Supercycle
• 9:13 VC Coins vs. Memecoins
• 25:30 Unichain: A New Era for Uniswap
• 31:51 Token Issuance on Ethereum vs. L2s
• 35:59 Uniswap's Future and Asset Creation
• 38:30 Predictions for Unichain's Impact
• 44:11 Retail Flow and MEV Extraction
• 53:31 Kamala Harris' Crypto Policy
• 56:05 Trump vs. Harris

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DeFi tokens have faced significant challenges in recent years. However, are we now on the verge of a new bull market?

Arthur Cheong, founder and CIO of DeFiance Capital, and Jordi Alexander, founder of Selini Capital and chief alchemist at Mantle, join the show to discuss why they believe DeFi is poised for growth. They dive into how DeFi's security and user experience have improved, the impact of Layer 2 solutions on Ethereum, and whether Ethereum or Solana will drive the next bull run. Plus, they discuss whether interest in memecoins takes attention from DeFi, and why sustainable tokenomics matters when it comes to valuing coins. 

Are DeFi tokens finally ready to shine again?

• Why they believe that DeFi is poised for a bull cycle 
• How DeFi's security and UX have improved
• Whether DeFi activity can be sustained in the long term
• Why Jordi thinks that Layer 2s are not parasitic to ETH but Arthur thinks they are
• Whether the DeFi bull case is stronger on Ethereum, Solana or other chains
• Whether the Ethereum Foundation and Vitalik Buterin should be more proactive in supporting DeFi
• How memecoins reflect a broader societal problem 
• The importance of tokens that don’t have big unlocks
• How the lack of solid frameworks for valuing tokens might be causing capital misallocation in crypto
• Whether a liquid venture investing approach is better for crypto
• Why Jordi says that there’s a lot of “potential to unlock” with the overlap of Bitcoin and DeFi

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle

• Arthur Cheong, founder and CIO of DeFiance Capital
• Aave, the Core Pillar of Decentralized Finance and Onchain Economy
• Liquid Venture Investing in Crypto
• Jordi Alexander, Chief Alchemist at Mantle, Founder of Selini Capital

• Previous coverage of Unchained on this cycle & DeFi :Has Decentralized Finance Hit Bottom?
• Kain Warwick’s tweet on Vitalik being anti-DeFi
• Cointelegraph: Vitalik Buterin responds to criticism that Ethereum ‘doesn’t care’ about DeFi
• The great return of DeFi, by @tradetheflow

Bitcoin DeFi

• Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed?
• Bitcoin Is Worth Over $1 Trillion. How Much Will Coinbase’s New cbBTC Grab?

L2s and ETH:

• ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
• Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees

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Ryan Salame, the former CEO of FTX Digital Markets, is headed to prison, but not before sharing his side of the story. Ryan talks candidly about the decisions he made at FTX, why he withdrew millions of dollars worth of assets in the days leading up to its bankruptcy, and the backstory behind the Thai prostitute trading scheme to unfreeze Alameda’s funds in China. He also disputes the claims about his campaign finance violations, while explaining why he thinks Caroline Ellison is “at least as guilty as SBF” and that Nishad Singh lied.

• Ryan’s life pre-FTX and how he got into crypto
• His three attempts to quit working at FTX
• How Ryan committed campaign finance violations
• Why Ryan disputes claims that FTX misled banks and misused customer funds
• How Ryan was involved in setting up trading accounts with the identities of Thai prostitutes to unfreeze Alameda’s funds
• Whether Ryan was involved in bribing a Chinese official
• Why he withdrew millions of dollars worth of assets from his FTX accounts right before its bankruptcy
• Why Ryan claims he was cooperative with prosecutors, despite common belief
• How he refuses to comment on his wife Michelle Bond's case, but denies wrongdoing
• Why Ryan pleaded the Fifth Amendment
• His allegations that prosecutors lied to his lawyers about whether they would pursue charges against Michelle
• Why he thinks that SBF could have never coerced Caroline Ellison and whether Ellison is “equally guilty” as SBF
• Why Ryan believes Nishad Singh lied to save himself and his take on Gary Wang
• How, if he didn’t know about the fraud, he could be so certain that Caroline or Nishad lied
• Whether the legal advice from FTX’s and Alameda’s lawyers should have been considered in Bankman-Fried's trial
• Whether testimony from more employees could have created reasonable doubt in SBF's trial
• Why Ryan is going to law school
• His plans post-prison
• What Ryan learned from the FTX debacle

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle

• Ryan Salame, former CEO of FTX Digital Markets

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and special guest Stani Kulechov chop it up about the latest in crypto. In this episode, the crew dives into the latest speculation about Satoshi Nakamoto, spurred by the just-released HBO documentary. They also discuss Ethereum’s big debate over block times and blob storage expansion, exploring whether these changes can keep Ethereum competitive. The conversation gets heated with talk of a Trump whale on PolyMarket, Operation Chokepoint 2.0, and TikTok’s role in onboarding memecoin buyers. Don’t miss this episode packed with crypto conspiracies, performance debates, and insider gossip!

Show highlights

🔹 Who is Satoshi? Speculation about the HBO documentary “Money Electric” possibly revealing Satoshi Nakamoto’s identity.

🔹 Trump Betting Whale on PolyMarket: Discussion about a large whale accumulating Trump shares in Polymarket and addresses conspiracy theories.

🔹 MEV Reduction Through Shorter Block Times: Reducing Ethereum’s block times from 12 seconds to 8 seconds could decrease MEV by making arbitrage harder, with potential UX and cost improvements for Ethereum.

🔹 Blob Space Expansion: Increasing Ethereum’s blob storage for rollups might prevent alternative data availability layers like Celestia from gaining ground, raising whether more blob space is necessary.

🔹 Operation Chokepoint 2.0: New revelations suggest that regulators, possibly spurred by Elizabeth Warren, pressured banks to unbank crypto firms without formal rulemaking, with Tom calling it “shocking” how accurate initial speculations were.

🔹 Ethereum’s Future Performance Debate: Stani suggests Ethereum should continue to innovate and improve Layer 1 performance, advocating for faster block times and more radical changes to maintain its competitive edge.

🔹 DeFi Market Dynamics: The panel dives into how competitive decentralized finance platforms like Aave and Compound maintain resilience in an ever-evolving landscape, with Stani commending Robert’s contributions to the space.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest: 

⭐️ Stani Kulechov, Founder & CEO Avara

Timestamps

• 00:00 Intro
• 01:09 Mainnet Conference Recap
• 05:39 HBO & Satoshi Nakamoto
• 12:55 Election Betting
• 21:24 World Liberty Financial
• 31:54 Operation Chokepoint 2.0 Exposed
• 39:44 Challenges in Crypto Disclosures
• 50:18 Ethereum's Potential Upgrades
• 1:03:59 Future of Avara

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As the PBOC and Fed shift their stances on rates and liquidity flows, the macro landscape is evolving rapidly. In this episode of Bits + Bips, we unpack how these policy changes could spark a massive surge across all asset classes—from equities and bonds to Bitcoin and crude oil. 

The hosts, joined by Nikos Kargadouris, a seasoned trader, discuss why liquidity is about to flood the markets, why fears of a U.S. recession may be overblown, and how even memecoins could benefit. 

Plus, are central banks close to buying bitcoin ETFs?

• How the PBOC's shift in policies impacted the markets and when we’ll see a “bazooka”
• How market complacency and short positions on oil amid geopolitical tensions could lead to mispricing and unexpected volatility
• How rising crude oil prices could slow the U.S. economy, despite the country being a net oil exporter
• How strong payrolls data reduced market expectations of U.S. rate cuts
• Why predictions of a U.S. recession might be off
• Whether it matters for crypto who wins the elections 
• The chances of central banks adopting Bitcoin
• What the outlook for memecoins looks like in the next months
• Whether the HBO documentary about the identify of Satoshi Nakamoto will be a disappointment 

Sponsors:

• Gemini
• Stellar

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Nikos Kargadouris, Chief Investment Officer of a private investment office specializing in cross-asset thematic macro and digital asset strategies.

Timestamps:

• 00:00 Intro
• 02:09 Impact of the PBOC’s policy shift and timing of the “bazooka”
• 15:01 Oil mispricing and volatility due to geopolitical tensions
• 27:30 Rising oil prices and potential U.S. economic slowdown
• 35:51 Strong payrolls reducing expectations for U.S. rate cuts
• 44:11 Why U.S. recession predictions might be wrong
• 50:10 Can prediction markets reflect U.S. election outcomes?
• 56:05 Does the election winner matter for crypto?
• 1:04:43 Memecoin outlook for the next months
• 1:15:34 Will the HBO documentary disappoint?

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The crypto community is facing a new kind of threat—North Korean devs are infiltrating crypto companies to steal millions and funnel funds back to the regime in order to bypass sanctions. 

In this episode, Sam Kessler, CoinDesk’s deputy managing editor for tech and protocols, and Taylor Monahan, security at MetaMask, explain how North Korea has embedded its operatives into the crypto space, the red flags companies should watch for, and what these hackers are doing once inside crypto firms.

Plus, they share their most interesting stories about how these hackers have gotten hired at crypto companies and the red flags the industry should know about. 

• What Sam found in his investigation about North Koreans infiltrating the industry
• How Taylor has found that this is a recurring issue
• Why Sam and Taylor refer to these infiltrated workers as ‘IT’ workers
• The most interesting stories that Sam and Taylor have discovered
• The trends in the hiring process that lead to North Koreans being hired and also what the big red flags are
• How “easy it is to de-anonymize” addresses and transactions in blockchains
• What assets and networks these workers often use to get paid
• How, after infiltrating a company, those projects get hacked
• How to deal with a situation in which you’ve already hired North Koreans
• How to protect a protocol from another type of North Korean hack: by hacking groups
• Whether the industry is getting better at security

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle

• Sam Kessler, CoinDesk's deputy managing editor for tech and protocols
• CoinDesk: How North Korea Infiltrated the Crypto Industry
• Taylor Monahan, Co-Founder of MyEtherWallet
• Previous appearances on Unchained:
• The QuadrigaCX Case: Taylor Monahan on What We Know From the Blockchain
• MyCrypto's Taylor Monahan on Why She's Not a Fan of ICOs

• Previous coverage of Unchained on North Korea:
• Why North Korea Is Interested in Cryptocurrency
• Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp

Others:

• DL News: North Korean hackers are infiltrating crypto job boards in a ‘quiet war’ that rakes in $600m
• FBI PSA: North Korea Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks
• Chainalysis: 
• 2024 Crypto Crime Mid-year Update Part 1: Cybercrime Climbs as Exchange Thieves and Ransomware Attackers Grow Bolder
• Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises
• Russian and North Korean Cyberattack Infrastructure Converge: New Hacking Data Raises National Security Concerns
• ZachXBT: How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020–2023

Timestamps:

• 00:00 Intro
• 01:59 Sam's findings on North Korean workers infiltrating crypto projects
• 04:04 Taylor on the recurring nature of the issue
• 09:05 Why they’re referred to as ‘IT’ workers
• 16:17 Most interesting infiltration stories
• 34:16 Hiring trends and red flags for North Korean operatives
• 44:02 How easy it is to de-anonymize blockchain transactions
• 51:05  Assets and networks used for payment
• 54:06  How infiltrated companies end up getting hacked
• 58:36 What to do if you've already hired North Korean operatives
• 1:00:21 How to protect a protocol from being hacked
• 1:06:22 Is the industry improving in security?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew dives into Ethereum’s homestaking crisis and its growing competition from high-throughput chains like Solana. They tackle the explosive drama between EigenLayer and Celestia, including the controversial $82 million token sale by VCs. The discussion also covers Ethereum's future, staking rewards, and how restaking could boost its long-term value. Tune in for a deep dive into the challenges and ethical debates shaping the blockchain space right now!

Show highlights

🔹 Total Fees in DA: Data availability (DA) layers generate relatively low fees compared to other blockchain networks.

🔹 EigenLayer Token Launch: EigenLayer launched at a $6 billion valuation, sparking drama with Celestia over DA performance.

🔹 VC Staking Practices: Polychain sold $82 million in Celestia staking rewards, raising ethical concerns about token vesting practices.

🔹 Ethereum Homestaking Debate: Ethereum’s focus on homestaking is being questioned as it faces competition from faster, high-throughput chains.

🔹 Ethereum vs. Solana: Ethereum is urged to take growing competition from Solana seriously to maintain its market dominance.

🔹 Restaking for Monetary Premium: Restaking in EigenLayer could significantly boost Ethereum’s value and long-term sustainability.

🔹 Staking Rewards and Inflation: Staking rewards protect investors but can lead to ethical issues with inflation mechanics.

🔹 Scaling Ethereum: Critics suggest Ethereum should increase bandwidth and capital requirements to enhance scalability and performance.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures Related to Employee and Investor Staking by EigenLayer https://docs.eigenlayer.xyz/eigenlayer/information-and-transparency/disclosures 

“Polychain invested around $20mil in the Series A&B round of Celestia and have already sold over $82 million worth of $TIA just from staking rewards” by @gtx360ti

https://x.com/gtx360ti/status/1839553081773560045 

“I think there's a sane version of this where we recognize that 32 ETH is much more of a barrier than bandwidth reqs” by @VitalikButerin

https://x.com/VitalikButerin/status/1841756178692358587 

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October started with hopes for “Uptober”—a positive price trajectory in October—in the Bitcoin community, since, historically, Bitcoin has performed well this month. But things took a turn when geopolitical tensions in the Middle East escalated, raising concerns about how that could affect Bitcoin’s price this month. 

In this episode, André Dragosch, European Head of Research at Bitwise, talks about how Bitcoin typically responds to geopolitical shocks, whether this could present a buying opportunity, and how major events like the U.S. elections might shape Bitcoin’s future.

Show highlights:

• How Bitcoin’s reacted to the geopolitical escalations
• Why André believes this is a buying opportunity
• How there was a macro capitulation after the beginning of the unwind of the Japan carry trade in August
• Whether Bitcoin can truly act as a safe haven asset
• How the clientele of ETFs have changed the market structure for Bitcoin
• Whether ‘Uptober’ is canceled
• How Andre expects Bitcoin will perform depending on the winner of the U.S. elections

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle’s FBTC

• André Dragosch, European Head of Research at Bitwise
• Bitcoin as a Safe-Haven: Hedging Against Geopolitical Risks

• Previous coverage of Unchained on the recent market movements::
• Investors Ditch Bitcoin, Scoop Up Gold, as Iran-Israel Tensions Escalate
• $500 Million Liquidated From Crypto Markets Cools ‘Uptober’ Enthusiasm
• Unchained: 
• Bitwise CIO Matt Hougan’s thread on how bitcoin & gold have performed
• BlackRock’s bitcoin report 

Timestamps:

• 00:00 Intro
• 01:14 How Bitcoin's price reacts to geopolitical tensions
• 03:17 Whether this could be a buying opportunity
• 08:54 Macro capitulation after the start of the Japan carry trade unwind
• 11:02Can Bitcoin act as a safe haven asset?
• 16:12 How ETFs have changed Bitcoin's market structure
• 20:28 Is ‘Uptober’ canceled?
• 24:17 Bitcoin’s future based on U.S. election outcomes
• 28:45 News Recap

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AI and crypto are two of the hottest topics of the decade, but are there any projects truly making waves at the intersection of both? Bittensor, an open-source, decentralized AI network, is positioning itself as a leader in this space, with its TAO token seeing explosive growth and its model challenging traditional centralized AI companies.

In this episode, we’re joined by Joseph Jacks, aka JJ, founder of OSS Capital, and Sami Kassab, partner at OSS Capital, to explore why they’ve gone all-in on Bittensor. They discuss how Bittensor works, what makes it different from centralized AI models, and why they believe this project could be transformative for both crypto and AI.

• OSS Capital’s background and how they got to invest in Bittensor
• Why Sami and JJ are bullish on TAO
• What the three roles in the Bittensor ecosystem are
• How new subnets incentivize miners to develop AI models
• Why it’s so expensive to launch a subnet
• Why Bittensor was built on the Polkadot SDK
• The pros and cons of rolling out EVM compatibility 
• What Allora and Commune AI are focused on within the ecosystem
• How Bittensor can compete with the big AI companies 
• The dangers AI poses to humanity and whether Bittensor can mitigate them

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle

• Joseph Jacks, Founder and General Partner of OSS Capital
• Sami Kassab, Partner at OSS Capital

Previous coverage of Unchained on Crypto/AI: 

• Erik Voorhees' New Venture: Why AI Desperately Needs Privacy and Uncensorability
• When AI and Blockchain Meet, How Can Each Technology Benefit?
• The Chopping Block: Why AI Will Change the Course of History in Crypto

Learn more:

• A Beginner's Guide to AI Tokens
• 5 Use Cases of AI in Blockchain

Bittensor:

• Bittensor’s website
• The game theory of TAO
• Nous Research leaving Bittensor 
• Seth Bloomberg’s tweet on “Bittensor’s Network Effects”
• Cost of building a subnet
• Commune.ai
• Allora Network

Timestamps:

• 00:00 Intro
• 02:39 Background of OSS Capital and investing in Bittensor
• 19:06 Why Sami and JJ are bullish on TAO
• 24:51 The three roles in the Bittensor ecosystem
• 35:00 How subnets incentivize AI model development
• 47:50 Why launching a subnet is expensive
• 50:12 Bittensor’s foundation on the Polkadot SDK
• 53:00 Pros and cons of EVM compatibility
• 1:03:03 Focus areas for Allora and Communi
• 1:06:48 How Bittensor competes with big AI companies
• 1:09:19 JJ’s take on AI dangers and Bittensor’s role

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With Bitcoin ETF options on the horizon, the crypto market is bracing for significant changes. In this episode, Joshua Lim, co-founder and CEO of Arbelos Markets, joins us to explain what the launch of Bitcoin ETF options means for the broader market. Could they unlock vast amounts of capital and set off a new altcoin boom? Josh also dives into the potential effects on Bitcoin volatility, DeFi lending, and even the onchain options markets. Plus, what could the 2024 U.S. presidential election mean for Bitcoin?

• What are options and why they are significant for bitcoin ETFs
• How they will affect the price of BTC
• When options will actually launch and what needs to be done
• How the launch of IBIT options could lower Bitcoin volatility and compress spreads
• Whether dominant players in derivatives will suffer from this launch
• How the launch of options could lead to an “altcoin boom”
• Why Josh thinks the SEC delayed its decision on ether ETF options
• How rising Bitcoin options interest could trigger volatility during major options expiries
• What Josh thinks the impact of the US presidential election will be on the markets

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Coinbase
• iTrustCapital
• Polkadot
• Mantle’s FBTC

Joshua Lim, Co-founder and CEO of Arbelos Markets

• Approval for BlackRock’s IBIT
• The Block: Bitcoin ETFs set to attract liquidity and speculation as IBIT options trading gains approval
• CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts

Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod -

Timestamps: 

• 00:00 Intro
• 01:48 What Bitcoin ETF options are and why they’re significant
• 05:41 Impact on BTC price
• 08:17 When Bitcoin ETF options will launch
• 10:03 How IBIT options could reduce volatility
• 15:53 Will dominant players in derivatives be affected?
• 20:40 How options could trigger an altcoin boom
• 24:12 Thoughts on potential ether ETF options approval
• 24:47 Rising Bitcoin options interest and volatility risks
• 28:22 Impact of the 2024 US election on crypto markets
• 31:48 News Recap

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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Sam Callahan of The NewsBlock to explore how macroeconomic factors and liquidity conditions are driving Bitcoin’s price. They dive into the Federal Reserve's recent rate cuts, the impact of Solana's token unlocks, and why many investors are concerned about a potential liquidity crunch. Plus, the panel discusses whether Bitcoin’s price is increasingly dependent on global M2 money supply, and how BlackRock’s Bitcoin ETF options could impact the market. 

Is Bitcoin simply a leveraged macro bet? And could Solana’s unlocks cause a price squeeze? 

• Alex and Joe’s takeaways from Token 2049 and Solana Breakpoint
• Why there’s so little attention on Bitcoin at these conferences
• The SOL vs. ETH trade debate
• Why Sam thinks that the Fed cut rates to help the Treasury
• Whether they think inflation will persist 
• How China's rate cuts aim to boost its economy amidst export challenges
• How Bitcoin's correlation with global liquidity can break down during speculative bull runs, despite its typical sensitivity to liquidity conditions
• The pros and cons of the approval of Bitcoin ETF options
• Why fears about BlackRock and Coinbase's bitcoin holdings are unfounded, according to James

• Gemini
• Stellar 

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Sam Callahan, Current Free Agent Analyst & Scribe of the NewsBlock
• Sam’s research post with Lyn Alden

Coverage of Unchained on Token 2049 and Solana Breakpoint:

• Should the Solana Foundation Be Dissolved? Yes... and No...
• $1.3 Billion Market Cap BONK Caught Asymmetric Financial's Eye at $28 Million, Founder Tells Solana Breakpoint Event
• Bring Back ICOs, Says Multicoin Capital’s Tushar Jain, Winning Agreement From Debate Adversary Qiao Wang of AllianceDAO
• PYTH Stakers Get Carrots and Sticks as Douro Labs Rejigs Staking Mechanism
• DeFi Protocol Sky, Formerly MakerDAO, to Launch on Solana Blockchain
• Firedancer Efforts Bring Solana a Step Closer to Leap in Processing Power, Says Jump Trading’s Science Chief 
• Stoner-Originated Proof-of-Liquidity Network Berachain Scores a Hit at Token2049 

SOL vs. ETH

• Unchained: SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
• Alex’s tweet: “Ironically $SOLETH is barely up in 2024”

Rate cuts and macro:

• Fed Cuts Rates for First Time Since 2020

China:

• Reuters: China's central bank unveils most aggressive stimulus since pandemic | 

ETF options:

• CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally
• Decrypt: SEC Hits Pause on Ethereum ETF Options Following Bitcoin Nod - 

Kamala Harris:

• Unchained: 
• Kamala Harris Makes Her First Comments on Crypto
• Harris Commits to Prioritizing Emerging Industries Like Blockchain in Speech

Timestamps:

• 00:00 Intro
• 02:55 Takeaways from Token 2049 and Solana Breakpoint
• 07:14 Little Bitcoin interest me at conferences
• 12:23 The SOL vs. ETH trade debate
• 17:32 Sam’s view on the Fed’s rate cuts
• 28:55 Will inflation persist?
• 41:14 China’s rate cuts and economic boost
• 49:44 Bitcoin’s correlation with global liquidity
• 1:02:43 Pros and cons of Bitcoin ETF options
• 1:13:23 BlackRock and Coinbase Bitcoin holdings fears

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The Fed just made its first rate cut in years, slashing 50 basis points off interest rates—but what does this mean for the crypto markets? With Bitcoin lagging behind traditional finance, and the looming U.S. elections, uncertainty is growing. 

In this episode, Quinn Thompson of Lekker Capital and Travis Kling of Ikigai Asset Management break down the major factors influencing the markets: from Bitcoin’s sluggish summer and the unwinding of the Japan yen carry trade, to why the 2024 elections could be a pivotal moment for crypto. Are these the catalysts we’ve been waiting for, or should we brace for more turbulence ahead?

Also, they cover which assets could benefit the most under a Trump administration, and why they believe SOL could have a negative catalyst in the near future.

• Why the Fed cut rates by 50 basis points and what the chances of a recession are in the U.S.
• Why Bitcoin has underperformed the broader TradFi markets this summer
• The risks of the unwinding of the Japan carry trade for crypto
• How the election results might matter differently for different sectors of the industry
• Whether rate cuts affect stablecoin yields in DeFi 
• How the approval of Bitcoin ETF options will affect the price of BTC
• Whether Bitcoin miners will be affected by AI’s need for computing power
• Ether’s lagging performance this year and what might be a huge catalyst for ETH
• How SOL will manage through the huge unlock in early 2025
• What Quinn and Travis think about investing in memecoins
• How the rise of Base will impact Coinbase

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle
• Gemini

• Quinn Thompson, CIO of Lekker Capital
• Travis Kling, Founder and CIO of Ikigai Asset Management
• Previous appearance on Unchained: With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold

Rate cuts

• Unchained: 
• Fed Cuts Rates for First Time Since 2020; Bitcoin Remains Mostly Flat
• Fed Rate Cut Should Spur Crypto Investors to Load up on Memecoins, Asymmetric Founder Tells Token2049
• Bitcoin Is Now in a ‘Classic Setup’ to Surge Higher Soon, Analysts Say
• Bitcoin and the Crypto Markets Slump as Fed Faces Tough Rate Cut Decision
• What Do Cooling Inflation and Rate Cuts Mean for Crypto and Bitcoin Prices?

ETH performance and L2s:

• Unchained: 
• SOL on Course to Flip ETH, Says Multicoin Capital’s Kyle Samani
• Ether Has Been a Much Worse Investment Than Both Gold and Silver So Far This Year
• Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
• Alex Kruger’s tweet: “Ironically $SOLETH is barely up in 2024”

Bitcoin ETF options:

• CoinDesk: BlackRock Bitcoin ETF Options to Set Stage for GameStop-Like 'Gamma Squeeze' Rally, Bitwise Predicts

Mining and AI:

• TIME: Why So Many Bitcoin Mining Companies Are Pivoting to AI

Timestamps:

• 00:00 Intro
• 02:09 Fed rate cut and recession chances
• 12:34 Bitcoin’s underperformance this summer
• 14:56 Risks of Japan carry trade unwinding
• 21:3 Election impacts on crypto sectors
• 38:00 Rate cuts and DeFi stablecoin yields
• 43:00 Bitcoin ETF options
• 49:31 AI’s impact on Bitcoin miners
• 54:38 Ether’s lagging performance and future catalysts
• 1:03:19 SOL’s 2025 unlock concerns
• 1:10:39 Investing in memecoins
• 1:18:15 Base’s rise and Coinbase impact

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week the squad is live from Token2049 in Singapore and joined by special guests Mo Shaikh, CEO and Co-Founder of Aptos Labs, and Arthur Hayes, CIO at Maelstrom. In this episode, they tackle the buzz around Trump’s DeFi projects, the challenges of hosting Token2049 during F1, and the controversy surrounding Iggy Azalea’s cancelled debate. The conversation also covers the macro impact of potential Fed rate cuts, the role of celebrity coins, and the future of global crypto adoption. Don't miss this insightful live discussion in front of the Token2049 audience!

Show highlights

🔹 Token2049 Event: Token2049 faced logistical challenges due to Singapore’s F1 weekend, resulting in heavy traffic and delays for attendees.

🔹 Canceled Celebrity Coin Debate: Iggy Azalea’s debate with Eric Wall about celebrity coins was canceled due to conflicts with Singaporean regulations, which prevented her planned on-stage stunts.

🔹 World Liberty Financial Overview: The Trump family’s DeFi project, World Liberty Financial, is scrutinized for its lack of clear direction and concerns over the 70% insider token pre-allocation.

🔹 Fed Rate Cuts and Market Implications: Potential Fed rate cuts and their impact on the dollar-yen exchange rate could lead to liquidity crises and increased market volatility.

🔹 Celebrity Coins and Memecoins: A look into celebrity coins and memecoins raises questions about their value, considering whether they bring meaningful attention to crypto or are merely speculative distractions.

🔹 Korea vs. Japan in Crypto: Korea’s active crypto trading culture and crypto-friendly policies contrast with Japan’s more cautious, restrictive approach, reflecting different market dynamics.

🔹 Global Crypto Adoption Rankings: Skepticism is expressed regarding India’s top spot in Chainalysis’ Global Crypto Adoption Index, with a case made for Korea ranking higher than 19th.

🔹 Aptos and Mainstream Adoption: Aptos is pushing for mainstream adoption through partnerships in Korea and innovations like the Aptos card, offering integrated cold storage and new financial products.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Mo Shaikh, CEO and Co-Founder of Aptos Labs

⭐️ Arthur Hayes, CIO at Maelstrom

The 2024 Global Adoption Index: Central & Southern Asia and Oceania (CSAO) Region Leads the World in Terms of Global Cryptocurrency Adoption: https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/ 

Timestamps 

• 0:00 Intro
• 00:49 TOKEN2049 
• 06:20 $10 Billion FDV? World Liberty Financial
• 16:10 Allure of Memecoins & Celebcoins
• 19:06 Beyond Memecoin Adoption
• 20:27 Global Crypto Adoption Ranking
• 24:43 Korea vs. Japan's Crypto Scenes
• 29:19 Macro Trends and Fed's Impact
• 35:26 Crypto's Resilience Against Regulation
• 40:00 The Future of Crypto and Decentralization

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This week, Republican Representatives Tom Emmer and Patrick McHenry sent a letter pressing SEC Chair Gary Gensler for clarity on how securities laws apply to airdrops.

With billions of dollars worth of tokens airdropped this year alone, projects need clarity more than ever. 

In this episode, Amanda Tuminelli, Chief Legal Officer of the DeFi Education Fund, dissects the SEC’s stance on airdrops, why her organization believes the SEC has stretched the legal definition of “compensation” too far, and what Congress might ask Gensler in his upcoming hearing.

Plus, she talks about how the SEC “regrets” any confusion it caused for using the term “crypto assets securities,” since the agency now admits that tokens themselves are not securities.  

• Why Amanda believes the SEC’s position on airdrops doesn’t make sense
• Why the DeFi Education Fund sued the SEC over the BEBA airdrop 
• How the SEC’s position on airdrops has been clear for a while, but is “wrong” according to Amanda
• Her take on users bypassing the geographic restrictions to claim airdrops in the U.S.
• How and why the SEC has changed its language around “crypto assets securities”
• How the SEC’s new position on crypto assets implicating securities laws seems to rest on the “embodiment” theory
• Why Amanda believes the Supreme Court or Congress may be needed to step in
• What Amanda expects Congress to question Gary Gensler about in the hearing next week
• Amanda’s takeaways from the first Congressional DeFi hearing last week
• How she expects the presidential election will impact the regulatory landscape in the U.S.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Coinbase
• iTrustCapital
• Polkadot
• Mantle
• Stellar

• Amanda Tuminelli, Chief legal officer of the DeFi Education Fund
• Previous appearances on Unchained: 
• Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
• Is This the End of DeFi? Why the US Government Is Going After Tornado Cash

Airdrops:

• Blockworks: Republican Reps. ask Gensler for clarity on how securities laws apply to airdrops - 
• Gabriel Shapiro’s tweet: “We may *disagree* that the position is correct but it's not unclear.”
• CoinDesk: Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway
• SEC’s amended complaint in the Binance case

BEBA case

• DeFi Education Fund suing the SEC 

First Congressional Hearing on DeFi

• Unchained: First Congressional Hearing on DeFi Highlights Divide Between Republicans and Democrats

Timestamps:

• 00:00 Intro
• 01:42 SEC’s stance on airdrops
• 04:25 DeFi Education Fund’s lawsuit over BEBA
• 06:47 Amanda: SEC’s position on airdrops is “wrong”
• 08:27 Users bypassing geographic restrictions for airdrops
• 12:47 Why the SEC suddenly apologized for using the term “crypto asset securities” for years
• 16:47 Amanda’s take on what the SEC’s new theory is for why tokens fall under securities laws
• 17:43 Why Supreme Court or Congressional involvement is likely needed
• 19:01 What Congress might ask Gensler in a hearing next week
• 19:59 Key takeaways from the first Congressional DeFi hearing
• 20:43 Amanda’s take on how the presidential election might impact crypto 
• 23:45 News Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the squad is joined by special guest Mert Mumtaz, co-founder of Helius. In this episode, the crew dives into the growing rivalry between SVM and EVM, the surge of VC investments in the Solana ecosystem, and the fierce debate over rollups. They also explore the rise and fall of memecoins, Solana’s infrastructure evolution, and the future for high-performance blockchains. Tune in for a high-energy discussion on the cutting edge of crypto!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 SVM vs. EVM Showdown: The team breaks down the growing battle between Solana's SVM and Ethereum's EVM, examining what’s at stake for both ecosystems.

🔹 VC Investments in Solana: As VC interest in Solana surges, the crew discusses how this new wave of funding could reshape the future of blockchain development.

🔹 Memecoin Chaos: The rapid rise and fall of memecoins comes under fire, with a debate on whether they are a net positive or simply speculative noise in the market.

🔹 Solana’s Infrastructure Evolution: Solana's ongoing efforts to improve scalability and performance are highlighted, especially with innovations like Fire Dancer and ZK compression.

🔹 Network Extensions Controversy: A heated discussion on Solana’s push to rebrand rollups as “network extensions,” sparking backlash from Ethereum proponents.

🔹 VC vs. Market Sentiment: The role of venture capital in the crypto space is examined, with insights into whether VCs are driving innovation or creating unsustainable hype.

🔹 Solana Breakpoint Preview: Excitement builds around Solana’s flagship event, with predictions on what key announcements could impact the blockchain’s future.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Mert, Co-founder & CEO at Helius

Timestamps

• 0:00 Intro
• 02:02 Impressions of Singapore
• 07:55 Mert's Journey & Solana Advocacy
• 15:41 Challenges & Growth in Solana Ecosystem
• 21:01 EBOLA [EVM Bags Over Logic Affliction]
• 31:13 Solana's Resilience 
• 34:38 The Rise of SVM and Developer Perspectives
• 41:41 Network Extensions vs. Rollups
• 51:08 Future of High-Performance Blockchains
• 59:47 AI's Impact on Developer Ecosystems
• 01:06:19 Memecoins and Market Dynamics

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World Liberty Financial (WLF), the Trump-backed DeFi project, launched this Monday. 

In this episode, crypto security expert Ogle discusses his role as an advisor to WLF. He dives into why he joined the project, what makes it unique, and how Trump’s involvement could bridge the gap for many who are new to the space. 

Plus, Ogle shares his thoughts on the security challenges WLF might face and the project's potential to rival major players in the market.

He also touches on his new L1 blockchain Glue, and why he thinks it will provide a better user experience than what is out in crypto today.

• 2:05 Ogle’s background and how he came up with a standard for dealing with crypto hacks
• 10:28 Where crypto hackers are usually from
• 13:21 Why he does security work for free
• 16:57 Why Ogle is advising the Trump family’s DeFi project, World Liberty Financial
• 22:30 Why some in the crypto community are skeptical of WLF
• 26:39 His thoughts on how to prevent a crypto hack of a high-profile project
• 32:52 Why Ogle is not worried about WLF having been forked from the hacked app Dough Finance
• 33:54 How the Trump family is involved in WLF
• 41:00 How Donald Trump is excited about the project and actually gets it, according to Ogle
• 43:49 Why Ogle believes WLF will attract as much traction as the entire market cap of Shiba Inu
• 47:04 How Ogle's new layer 1 blockchain, Glue, aims to be crypto’s AOL
• 56:33 Why Glue’s L2s will be specific to certain areas of the industry
• 1:02:41 When Ogle expects Glue to launch and whether it’ll have a token
• 1:04:19 How North Korean hackers are now “just so clever, socially”
• 1:13:56 Ogle’s tips for crypto users

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle
• Stellar
• Gemini

• Ogle, crypto security expert, founder of Glue, and advisor to World Liberty Financial.
• Previous appearance on The Chopping Block: How This DeFi Hack Negotiator Gets Hackers to Return Stolen Money

World Liberty Financial (WLFI)

• Unchained: Trump’s New DeFi Project Could Be a Magnet for Hackers
• CoinDesk: In Trump-Backed Crypto Project World Liberty Financial (WLFI), Insiders Are Poised for Unusually Big Token Payouts 
• IBTimes: Donald Trump Announces DeFi Project's Launch Date – What To Know About World Liberty Financial
• Latin Times: Who Is Ogle? The Crypto Sleuth Recruited As An Advisor For Trump's DeFi Project

Glue:

• Glue, The Web3 Network Built for Regular Users
• How Glue Will Keep User Assets Safe

Scams and North Korea:

• FBI Fraud report
• North Kora Aggressively Targeting Crypto Industry with Well-Disguised Social Engineering Attacks  

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in crypto. This week the squad is joined by special guest Jason Choi, co-founder of Tangent. In this episode the crew tackles the overvaluation of crypto projects by VCs, Friend.Tech’s 96% token crash, and the ethics of early token launches They also explore how airdrop farming skews user metrics, the volatility of memecoins, and whether VCs are extracting more value from crypto than they contribute. Tune in for insights into the ever-evolving crypto landscape!

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

🔹 Friend.Tech Token Crash: Friend.Tech’s token dropped 96%, highlighting the risks of launching tokens without sustainable product planning and user retention strategies.

🔹 Project Exits and Ethics: Early token launches raise concerns about ethical obligations when teams abandon projects, with accusations of rug-pulling increasing.

🔹 Airdrop Farming’s Impact: Airdrop farming distorts true user engagement, leading to inflated metrics that misrepresent product-market fit and real user growth.

🔹 Venture Capital in Crypto: Low barriers for VCs have led to inflated project valuations, often resulting in overhyped, underdelivered crypto ventures.

🔹 Challenges of Early Token Launches: Early token releases often harm long-term project potential by confusing market signals and damaging user retention.

🔹 VC vs. Liquid Funds: Debate over whether venture capital is extracting value from crypto or whether liquid funds can improve market efficiency.

🔹 Hedge Funds and Market Efficiency: Hedge funds may improve market liquidity, but their impact on long-term crypto growth remains under scrutiny.

🔹 Speculative Markets and Long-Term Value: The crypto market continues to grapple with balancing short-term speculative plays and the creation of sustainable, long-term value.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️Jason Choi, Co-Founder of Tangent

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On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community.

In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems. 

Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical?

• 01:54 Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi
• 04:05 What happens behind the scenes when users mint cbBTC
• 05:21 What sets cbBTC apart from other wrapped Bitcoin options, according to Will
• 06:32 Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms
• 08:45 Will’s response to criticisms about the centralization of cbBTC
• 12:28 Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun
• 13:31 How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo
• 15:38 Why Coinbase has the ability to freeze and blacklist cbBTC addresses
• 19:34 How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated
• 20:58 Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world
• 23:57 Why Will doesn't want to predict how much demand there'll be for cbBTC

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• Mantle’s FBTC
• Gemini
• Stellar

• Will Robinson, VP of Engineering at Coinbase

cbBTC

• Unchained: Coinbase’s Wrapped Bitcoin Product cbBTC Launches on Base and Ethereum

BitGo changing custody and its implications: 

• Unchained: 
• Wrapped Bitcoin (WBTC) Redemptions Vastly Outpaced Minting Since BitGo’s Custodial Changes Announcement
• Lending Protocol Aave to Propose Onboarding TBTC in Response to Concerns About Latest WBTC Custodial Changes
• Could dlcBTC Resolve the Issues With Wrapped Bitcoin?
• BitGo Abruptly Pivots on Holders of WBTC Multi-Sig Keys Following Community Outcry
• MakerDAO Considers Offboarding WBTC as BitGo Plans Custody Changes
• Aave DAO’s Chaos Labs Says ‘Risk-Off’ Recommendation for WBTC ‘Premature’ 

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As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype.

• Why crypto has been down so bad recently despite the macro cycle
• The three factors weighing on the bitcoin price for the moment, according to Noelle
• The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates
• Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response
• Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes
• Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises
• Whether retail has been a buyer of the spot Bitcoin ETFs or it’s just onchain traders who are now buying them
• Why James says the Ethereum ETFs “have been an absolute flop"

• Gemini
• Stellar

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

Timestamps: 

• 00:00 Introduction
• 03:35 Why crypto is struggling recently
• 09:16 Three key factors weighing on Bitcoin's price
• 15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts
• 25:55 Unusual rate-cutting cycle and inflation risks
• 32:06 Enduring K-shaped economy and capital gains tax impact
• 34:37 Concerns about fiscal dominance and Bitcoin’s divergence from gold
• 54:57 Retail vs. onchain traders in spot Bitcoin ETFs
• 1:01:43 Whether Ethereum ETFs have been a "flop"

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Ethereum's Layer 2 solutions are booming, but are they inadvertently holding back the value of ETH itself?

In this episode, Justin Bons and Ryan Berckmans engage in a heated debate over whether L2s are enhancing Ethereum's ecosystem or siphoning off its potential. They discuss the impact of L2s on decentralization, network effects, and whether Ethereum L1 can scale on its own or if the base layer and the rollups now have different incentives. Has Ethereum scaled appropriately for future usage, or was scaling via L2s the wrong roadmap for Ethereum?

• 02:43 How Ethereum's rollup-centric roadmap consists of a decentralized Layer 1 (L1) for security with Layer 2 (L2) providing more transaction throughput
• 04:53 Why Justin is so critical about how L2s centralize Ethereum
• 14:53 Why, according to Ryan, Layer 2 solutions aren't parasitic to Ethereum but instead enhance its network effects, decentralization, and long-term value
• 25:35 Why Justin criticizes Ryan’s reliance on "trust me, bro" arguments, questioning the tribalism and authority in claiming the superiority of Ethereum researchers over those from other blockchains
• 28:15 How Justin thinks the Ethereum L1 could scale and what the tradeoffs are 
• 39:58 Justin’s argument that Ethereum is stuck in the past and his claim that the blockchain trilemma doesn't exist anymore
• 46:30 Ryan’s take on Ethereum's L1 scaling focuses on solving bandwidth limitations and addressing whether L2s are going to fully decentralize
• 51:01 Whether SNARKS is the way that Ethereum scales the L1
• 59:24 Whether L2s will start accepting other tokens to pay for gas
• 1:05:23 Why Ryan predicts Ethereum's L2 adoption will surge, driving up L1 fees and boosting Ether's value as the leading digital money
• 1:05:39 Whether based rollups are a good solution for Ethereum to scale without losing all the fees 
• 1:13:21 Why L2s would even try to decentralize and why Justin says that Solana has a better roadmap than Ethereum
• 1:17:54 Concluding thoughts from Ryan and Justin

 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Mantle
• Stellar
• Coinbase

• Justin Bons, Founder & CIO of Cyber Capital
• Previous appearances on Unchained:
• Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off
• Ryan Berckmans, Ethereum community member and investor

• Previous coverage on Unchained of ETH and L2s:
• Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
• Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name?
• Ethereum Has Had a Banner Year in Most Areas. Except Price.
• Should Ethereum Layer 2s Urgently Decentralize Their Sequencers?

Others

• Justin’s thread on whether L2s are parasitic
• Tweet by Zach Rynes, aka ChainLinkGod
• Adam Cochran’s tweet on based rollups
• Ethereum Foundation September AMA
• Vitalkin on L2s
• How do layer 2s really differ from execution sharding?
• Layers 2s as cultural extensions of Ethereum 

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The SEC and CFTC’s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry? 

In this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC’s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead?

Show highlights:

• Why the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities"
• What a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn’t been perpetrating a fraud
• How the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto
• Whether the SEC is effectively banning crypto funds by requiring compliance with impossible rules
• How the SEC penalized Galois for giving affiliates better liquidity terms than outside investors
• How SEC Commissioner Mark Uyeda’s call for clarity on "crypto asset securities" reflects the industry’s frustration with the lack of clear guidelines from the SEC
• Why the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions
• How Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry
• Whether the New York Attorney General’s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi
• The timing of these actions, along with the SEC’s Wells notice to OpenSea

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• Mantle
• Gemini
• Stellar

• Larry Florio, general counsel at 1kx

Timestamps: 

➡️ 01:51 - The SEC using different language to describe tokens as securities

➡️ 04:53 - Qualified custodians & Galois Capital's use of FTX

➡️ 09:04 - Compliance frustrations for crypto asset managers

➡️ 11:58 - The SEC effectively banning crypto funds?

➡️ 18:22 - Penalty for giving some investors undisclosed preferential treatment

➡️ 18:25 - SEC Commissioner Mark Uyeda’s call for clarity on crypto assets

➡️ 19:35 - CFTC's fine against Uniswap: A troubling precedent?

➡️ 23:09 -Uniswap's compliance efforts & two CFTC Commissioners’ dissents

➡️ 24:56 - NY Attorney General’s subpoenas

➡️ 27:04 - OpenSea’s Wells notice: NFTs as securities?

➡️ 30:34 - Crypto News Recap

Galois Capital:

• The Block: SEC charges and settles with crypto-focused Galois Capital over custody issues
• Larry Florio’s thread

Uniswap: 

• CoinDesk: Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products
• Blockworks: CFTC Commissioners dissent on Uniswap settlement
• Comments from Uniswap counsel
• Axios: The SEC has questions for VCs about Uniswap

NY Attorney General’s Subpoenas

• CoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources

OpenSea’s Wells notice:

• Unchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family's involvement in crypto, questioning the legitimacy and future of the project.

The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game's rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory landscape.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

🔹 World Liberty Financial, a DeFi project allegedly linked to Donald Trump, sparks controversy with its origins in a hacked protocol. 

🔹 Debate on the motivations behind Trump family involvement in crypto, questioning the legitimacy of World Liberty Financial.

🔹 Discussion around memecoins and their market cycles, with concerns about the sustainability and long-term viability of these tokens. 

🔹 The concept of dynamically adjusting financial rules in crypto systems, contrasting it with traditional finance. 

🔹 Pump.fun reaches $100M in revenue, marking it as a dominant memecoin platform, but also raising questions about the health of the memecoin ecosystem. 

🔹 The innovation in memecoins, suggesting that dynamic mechanics could extend the life cycle of these tokens. 

🔹 Broader reflections on the future of memecoins, potential market corrections, and how the crypto ecosystem will adapt. 

🔹 Speculation on the continued rise of AI-driven markets and the evolving role of decentralized finance in a digital-first world.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Coindesk article: “Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist” 

https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays

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As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature. 

With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance.

• How Trey and Jason became Bitcoiners
• What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations
• How Jason and Trey persuade skeptical progressives about Bitcoin
• Whether they believe that other areas of crypto besides Bitcoin have value 
• Why they think Bitcoin’s environmental impact is the biggest misconception among progressives
• Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion
• Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature
• Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden administration

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Stellar
• Mantle
• Coinbase

• Trey Walsh, host of The Progressive Bitcoiner podcast
• Jason Maier, author of “A Progressive’s Case for Bitcoin”
• Trump and the Future of Bitcoin, Jason’s op-ed

Timestamps:

➡️ 02:06 - How Trey and Jason became Bitcoiners

➡️ 05:14 - Bitcoin, progressivism & social justice

➡️ 11:24 - Persuading skeptical progressives

➡️ 16:19 - Value beyond Bitcoin? Other cryptos

➡️ 21:46 - Environmental impact misconceptions

➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion

➡️ 41:24 - Was making Bitcoin a 2024 election issue premature?

➡️ 55:15 - Potential for pro-crypto policies under Harris?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges. 

They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed.

🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates.

🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities.

🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures.

🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement.

🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate.

🔹 Tension between public goods and financial services in Ethereum's future development.

🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem.

🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience.

🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Special Guest 

⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs

Plurality philosophy in an incredibly oversized nutshell by Vitalik:

https://vitalik.eth.limo/general/2024/08/21/plurality.html 

OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer

https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet

Timestamps

• 00:00 Intro 
• 01:24 Telegram’s Pavel Durov’s Arrest
• 05:12 Free Speech/Encryption in the Crypto World
• 09:26 Policy Implications for Tech Platforms
• 13:57 France's Role and International Reactions
• 27:49 SEC Targets OpenSea
• 36:35 SEC’s Jurisdictional Strategies
• 40:29 Good vs. Bad Actors
• 45:16 Ethereum Foundation: Public Good or DeFi?
• 56:43 Vitalik vs. Crypto Twitter

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The SEC’s latest enforcement action is targeting NFTs, and OpenSea is in the crosshairs. In this episode, crypto lawyer Preston Byrne joins to unpack the implications of the SEC's Wells Notice to OpenSea and what it might mean for the platform and the broader NFT market. Could Section 230 of the Communications Decency Act provide a unique defense for OpenSea? Preston also dives into other recent SEC moves, including cases against Stoner Cats, Impact Theory, and more. 

Lastly, with the 2024 elections looming and political divides sharpening, is the SEC overreaching in its approach to crypto?

• Why Preston believes that the SEC will go after OpenSea for being an unregistered securities exchange
• What the Stoner Cats case was about and why it was not a strong enforcement action, according to Preston
• Why OpenSea's defense against the SEC may hinge on Section 230 protections for user-generated content, setting it apart from traditional exchanges like Coinbase or Binance
• How the clear-cut promises made by Impact Theory about potential returns made their NFTs resemble securities, unlike the typical art-focused NFTs on OpenSea
• Why Nate Chastain’s NFT insider trading case is unlikely to impact the SEC’s potential lawsuit against OpenSea
• Whether the $4 million settlement by Dapper Labs over NBA Top Shot NFTs likely represents little relevance to OpenSea's SEC issues
• What a Wells notice signals about the SEC's likelihood of suing OpenSea and why they might feel confident about winning this case
• How Jonathan Mann and Brian Frye's lawsuit for clarity on NFTs as securities highlights the SEC's potentially overreaching stance in its possible case against OpenSea
• How Trump's careful language around his NFT collection likely minimizes SEC risk by avoiding investment promises and focusing on their use as digital collectibles
• Whether the SEC's actions could reinforce the divide among crypto voters, with Trump promising a crypto-friendly stance and Harris likely continuing a more adversarial approach

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• Token 2049
• Mantle’s FBTC
• Gemini

• Preston Byrne, Managing Partner at Byrne & Storm

Wells notice

• Original announcement by X by OpenSea’s CEO Devin Finzer
• Unchained: OpenSea's Wells Notice From the SEC Could Prove ‘Disastrous’

Recent cases

• Unchained: Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out
• The Defiant: NFTs Are Securities? All Eyes Turn to Top Shot Case
• Reuters: 
• US regulator fines Stoner Cats creator for offering NFTs
• Ex-OpenSea manager sentenced to 3 months in prison for NFT insider trading
• Hester Peirce’s dissent on the Stoner Cats case

Others

• Paper: The Economic Reality of NFT Securities.
• Mondaq: Defining NFTs: Property, Securities, Or Commodities?

National Post: Trump’s newest NFTs show him as superhero, boxer and motorcyclist

Timestamps:

• 00:00 - Introduction
• 02:11 - SEC targets OpenSea: Unregistered exchange?
• 03:58 - Stoner Cats case: Weak for SEC?
• 07:42 - OpenSea's defense: Section 230 protections
• 13:15 - Impact Theory's promises vs. OpenSea's NFTs
• 15:34 - Nate Chastain's case
• 17:15 - Dapper Labs settlement: Relevance to OpenSea
• 18:56 - Wells notice: SEC's confidence to sue
• 19:48 - Mann & Frye's lawsuit: SEC overreach?
• 22:39 - Trump’s NFT strategy: Minimizing SEC risk
• 24:53 - What this Wells notice says about the presidential election
• 58:25 - News Recap

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell's recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets. 

Palley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins.

Finally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his “personal piggy bank.”

Plus, what’s the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov’s arrest means.

• 00:00 Intro
• 02:41 How Powell's speech signaled a shift from a focus on inflation to employment and what that means for crypto markets 
• 10:25 Why the Fed's proactive stance on the labor market could cement Powell's legacy, and how cutting rates amid high real rates might prevent long-term economic damage
• 23:47 How a significant payroll revision caused a brief panic, yet the markets dismissed it as noise due to its lagging nature
• 27:21 What the absence of crypto in the DNC's platform means for the industry, and how Kamala Harris’ presidential run could impact future regulations
• 34:12 How the surge in crypto contributions to political campaigns highlights the industry's growing influence
• 37:00 How the growing narrative around undervalued DeFi tokens could play out under a Trump administration, given the perception of Republican support for crypto
• 43:15 Why blue-chip DeFi projects, despite their dominant market share and attractive business models, may be overvalued, according to Rennick
• 53:44 Whether Justin Sun uses Tron as his “personal piggy bank”
• 58:52 Whether investing in memecoins is a good strategy and how to construct a portfolio around them
• 1:12:59 Why James says that the withdrawal and refiling of bitcoin ETF options applications signals potential progress, and how the SEC’s ongoing review could lead to approval by early 2025
• 1:19:43 Pavel Durov’s arrest and why Alex believes TON might be a good asset to buy

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Rennick Palley, Czar of Speed, Protector of the Hat.

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In this episode of Unchained, Keone Hon of Monad Labs, Jay Jog of Sei Labs, and Vijay Chetty of Eclipse Labs share insights on their distinct approaches to scalability and performance in high-throughput blockchains. They discuss the technical advantages of parallelized EVMs, the strategic decisions behind blockchain architecture, and the innovations driving the next generation of high-speed chains. 

• 00:00 Intro
• 02:02 How Monad got started and its mission from the very beginning
• 03:46 The features that enable Monad to be a high-throughput blockchain
• 07:32 Why Monad chose to make a new blockchain instead of an L2
• 08:36 Why Keone believes that Monad offers the best experience for developers and why he doesn’t like the ‘Ethereum killer’ description
• 15:48 Monad’s big venture capital raise and how they’ll use the money
• 17:30 Monad’s strong community 
• 19:21 The next steps for Monad and whether we’ll see a token soon
• 20:02 What Sei is and the role of the GameStop saga in the creation of it
• 21:31 Why Jay believes the EVM developer ecosystem is so strong 
• 25:45 Why Sei pivoted from Cosmos to the EVM that led to the launch of its v2
• 27:14 What allows Sei to be “the fastest chain, even faster than Solana”
• 33:03 How Sei DB works, and why Jay says that the monolithic approach has many advantages to the modular one
• 45:35 How Eclipse works by combining Ethereum, Solana, and Cosmos
• 53:22 How Eclipse deals with the complexities of its modular architecture
• 54:54 What ways there are to transact in SOL on Eclipse
• 55:44 Vijay’s reaction to how Eclipse Labs has responded to the allegations against its founder and former CEO Neel Somani
• 57:21 How Eclipse aims to attract developers 
• 1:01:15 What areas within crypto Vijay expects will flourish on Eclipse
• 1:03:49 The next steps for Eclipse and when the mainnet could launch

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Token 2049
• Mantle

• Keone Hon, Co-founder and CEO at Monad Labs. 
• Jay Jog, Co-founder of Sei Labs.
• Vijay Chetty, CEO of Eclipse Labs. 

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Pendle Finance, an innovative protocol that lets users trade yield, surged in popularity earlier this year but is now grappling with a downturn in usage. 

In this episode, founder TN Lee shares insights into Pendle's approach, the factors behind its recent success, and the challenges it faces in recovering user engagement and TVL. Plus, since Pendle’s rise was driven by the points narrative, TN talks about how the protocol can keep growing. 

Show highlights:

• 00:00 Intro
• 01:24 What Pendle is, how the idea for it was born, and how it works
• 05:06 Why Pendle has exploded this year, even though it launched years ago
• 12:01 Whether Pendle is an app for sophisticated traders and the most common strategies in the protocol
• 15:46 How users are able to leverage their earned points in several protocols
• 19:20 Besides market risks, what the risks are of trading in Pendle and how they try to mitigate them
• 20:57 Pendle’s recent significant drop in TVL and plans to recover
• 24:13 If the points narrative ends, will Pendle remain relevant?
• 27:31 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• Token 2049

• TN Lee, Founder of Pendle Finance

• Previous coverage of Unchained on Pendle: DeFi Protocol Pendle Reaches All-Time High as Total Value Locked Tops $5.78 Billion

Background Information on Pendle

• Introduction 
• Glossary
• Minting
• Advanced Yield Trading Strategies
• vePENDLE
• DeSpread Research report (Sept 2023)
• Cointelegraph Research: Deciphering Pendle Finance’s surge 

Others:

• Crypto News: Major Changes Ahead: Pendle Ends Earn UI, Focuses on V3
• Pendle reached its second largest maturity event on July 25
• DeFi Llama: Pendle’s TVL

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the boys discuss Ethereum's current standing in the cryptocurrency ecosystem, comparing it to the United States regarding capital concentration despite fewer users. 

They also dive into the dynamics of prediction markets, focusing on Polymarket's role in predicting election outcomes. The conversation evolves into an analysis of potential changes to the Ethereum mainnet, driven by competition from Solana and other factors, including block time reductions and gas limit increases. The episode concludes with predictions about Ethereum's possible upgrades in the next six months and a bet among the hosts about the outcome.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

🔹 A focused discussion on the utility and accuracy of polls versus prediction markets, particularly highlighting the insights from prediction market platforms like Polymarket.

🔹Exploration of Nate Silver's analytical methods and their application to understanding market dynamics and voter behavior forecasts in the crypto context.

🔹Examination of liquidity issues in crypto prediction markets, referencing platforms like Drift Protocol and their impact on market behavior and reliability.

🔹Analysis of how Solana’s advancements are pushing Ethereum to evolve, particularly in the areas of Layer 1 and Layer 2 scaling solutions.

🔹Discussion on the economic strengths and potential vulnerabilities of Ethereum, likened to the Dutch Disease, where reliance on a dominant resource can lead to broader economic issues.

🔹Speculative insights into the possible future changes in Ethereum’s protocol, including adjustments to block times and gas limits, and their potential impact on the network’s efficiency and user experience.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

On the Edge: The Art of Risking Everything a Book by Nate Silver: https://www.amazon.com/Edge-Art-Risking-Everything/dp/1594204128 

0:00 Intro

01:52 Polls vs. Prediction Markets

08:04 Nate Silver's On the Edge

15:37 Prediction Markets and Liquidity

22:31 Solana's Influence on Ethereum

25:32 L1 vs. L2s Updates

32:13 Ethereum has Dutch Disease

44:12 Predictions for Ethereum

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In this episode, Reed Werbitt, US CEO of Flowdesk, and Hanson Birringer, Head of US OTC Sales, delve into the intricacies of launching a token and the evolving landscape of over-the-counter markets. They discuss what factors teams should consider when choosing market makers and exchanges, how the launch of bitcoin and ether ETFs has impacted the markets, and the role of points systems in attracting users to tokens. The conversation also covers the challenges faced by Bitcoin miners amid recent market developments and the opportunities presented by solving fragmentation.

• 00:00 Intro
• 01:53 Reed’s and Hanson’s backgrounds and what Flowdesk aims to do
• 05:52 How market makers work with token issuers
• 11:55 How a token issuer decides where to launch their tokens and what market maker to choose 
• 17:53 Why Binance and OKX are the most desirable exchanges on which to list a token
• 18:38 Whether the crypto markets have changed with the launch of spot ETFs
• 19:36 The ideal ways to launch a token, and why it’s important to analyze the type of token 
• 21:55 How points systems have affected the go-to-market strategies
• 25:38 How the low float/high FDV coins have affected whether Flowdesk engages with a new project
• 30:29 The benefits of OTC trading and how crypto OTC differs from TradFi OTC
• 41:54 The challenge of having multiple banking relationships
• 43:21 How this year’s developments, such as the ETFs and Trump’s promises, have changed the landscape for Flowdesk
• 46:00 Why solving fragmentation is the next big opportunity, according to Hanson
• 47:46 Whether the result of the U.S. elections will affect Flowdesk’s business
• 54:04 How the halving and bitcoin ETFs have affected miners
• 55:56 The significant differences between the prices of locked tokens vs. their market price

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Reed Werbitt, US CEO of Flowdesk and 
• Hanson Birringer, Head of OTC Sales of Flowdesk

• Bloomberg: Crypto Token Listings on Major Exchanges Top Last Year’s Total Already, 
• Bitget Research & Nansen Research: Discovering Token Potential for Trading & Exchange Listing
• Hack VC: 10 Things to Consider When Preparing for your Token Generation Event (TGE),
• FlowDesk: How Projects Can Select the Right Market-Making Model
• a16zcrypto: 
• Operational guidelines for token launches, from creation to custody
• 5 rules for token launches
• Keyrock: Crypto Market Making: Basics, Benchmarks, and More, 
• Openware: Strategies for Effective Crypto Market Making

Token listing issues

• Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
• New launches (part 1) - private capture, phantom pricing, by Cobie
• Why are all these low float / high FDV coins down bad?, by Dragonfly’s Haseeb Qureshi
• Chainalysis: 54% of ERC-20 Tokens Listed on DEXes in 2023 Display Patterns That May Be Suggestive of Pump and Dump Schemes, but Represent just 1.3% of DEX Trading Volume

Market making

• DL News: Crypto market makers rake in cash shorting their customers’ tokens. One firm is calling for more transparency
• Archeron Trading: Case Study: Chainflip, Demystifying Effective Pre-Market Orderbook Structuring

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In this episode, Aki Balogh, CEO of dlcBTC, explores how Discreet Log Contracts (DLC) can change how Bitcoin works in DeFi by creating a self-sovereign Wrapped Bitcoin. He delves into the mechanics of dlcBTC, its security features, and how it aims to be more decentralized than existing Wrapped Bitcoin solutions like WBTC. Aki also shares future plans for dlcBTC, including integration with Bitcoin Layer 2 solutions and expansion to various blockchain ecosystems.

Show highlights:

• 00:00 Intro
• 01:48 Aki’s background and how he got into crypto
• 04:14 What Discreet Log Contracts (DLC) are and why they are relevant for Bitcoin
• 07:56 How dlcBTC leverages these types of contracts to build a self-sovereign Wrapped Bitcoin and the differences with the current WBTC
• 15:41 Aki’s reaction to the news that WBTC will soon be handled by a joint venture between BitGo, Justin Sun and the Tron ecosystem
• 19:27 The role of attesters in making dlcBTC secure
• 23:26 How redemptions work in this kind of setup
• 27:31 Whether dlcBTC is more decentralized than WBTC 
• 28:15 How many attesters the protocol should have to make it more safe and secure
• 30:05 How dlcBTC, the company, makes money with this product
• 31:11 Whether dlcBTC will be used in Bitcoin L2s, not just in the Ethereum ecosystem
• 34:47 What the future plans are for dlcBTC

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• Token 2049

• Aki Balogh, CEO of dlcBTC.

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and chop it up about the latest news. This week, the gang is joined by Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO. 

They dive into the unfolding drama surrounding WBTC and BitGo's strategic shift towards multi-jurisdictional custody in Hong Kong. They also explore the growing buzz around decentralized AI, sparked by Haseeb’s newfound role as an “influencer” in the space, and debate whether these projects can truly succeed. 

Moreover, with the SEC reportedly issuing subpoenas to crypto VCs, the discussion turns to the potential implications for token investments and regulatory scrutiny.

Lastly, is this cycle lacking a zero-to-one innovation?

• ➡️ 02:22 What MegaETH is and how hotpot DAO was born
• ➡️ 07:09 Reflections on the Science Blockchain Conference and its academic rebranding across major universities
• ➡️ 16:55 How Haseeb became an “influencer for decentralized AI” and whether decentralized AI projects will succeed
• ➡️ 25:45 What BitGo's move to multi-jurisdictional custody with Justin Sun-linked company BitGlobal in Hong Kong means for the future of WBTC
• ➡️ 40:33 What the SEC's rumored subpoenas to crypto VCs might mean for the future of token investments and underwriter laws
• ➡️ 48:28 How the current crypto cycle's lack of a "0 to 1" innovation reflects the industry's momentum and sentiment

• Haseeb Qureshi, managing partner at Dragonfly 
• Tom Schmidt, general partner at Dragonfly 
• Tarun Chitra, managing partner at Robot Ventures

• Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it. 

From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing.

• 00:00 Intro
• 02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR)
• 09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement”
• 14:17 Why the Volatility Index (VIX) spiked and whether it could do so again
• 22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is
• 27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures
• 31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July
• 41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing
• 45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets
• 53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry
• 58:13 Whether Harris will actually do a “crypto reset”
• 1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC)

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

• Chris Cecere, GP and Head of global macro and trading at Asymmetric

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Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia’s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report.

In this episode, Caitlin and Michelle explain why they believe the Fed’s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the U.S.

• 00:00 Intro
• 01:52 What Custodia Bank is and how it got started in Wyoming
• 06:04 How Custodia got into a fight with the Fed to get its master account
• 09:58 How the dual banking system works in the U.S. and the differences between Custodia and traditional banks
• 18:15 Why Custodia filed a lawsuit against its own regulator
• 24:33 Why the Fed denied Custodia its applications and Caitlin’s response to the criticisms
• 29:57 The political coordination meant to “intimidate” Custodia, according to Caitlin
• 42:43 The amicus briefs that were filed in favor of Custodia
• 48:48 Caitlin’s reaction to the Fed’s enforcement action against Customers Bank 
• 53:35 Why Caitlin says that it’s “abusive and corporatist” that the SEC is granting exceptions to big banks
• 56:03 Why so few banks are owned by women and whether this played a role in Custodia’s denial
• 59:25 The next steps in Custodia’s case and whether a stablecoin is viable for them
• 1:05:21 Whether the elections are going to impact the case

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Token 2049
• Mantle 

• Caitlin Long, Founder & CEO of Custodia Bank
• Previous appearances on Unchained:
• Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US
• Caitlin Long: Why Avanti Will Be a New Kind of Crypto Bank
• Michelle Kallen, Partner at Jenner & Block

Timeline

• PerkinsCoie: Federal Reserve Issues Final Guidelines for Master Account Access
• CoinDesk: Crypto Bank Custodia Sues Federal Reserve
• Davis Polk: Crypto bank sues Federal Reserve over delay in master account application
• Fed’s 86-page report of its denial of Custodia’s membership 
• Custodia’s response to the Fed report
• Custodia’s amended filing
• Judge Scott Skavdahl’s order to dismiss
• Davis Polk: District courts refuse to order Federal Reserve to grant master accounts to Custodia

Appeal

• Custodia’s appeal notice
• Custodia’s appeal filing

Amicus briefs for the appeal

• Bitcoin Magazine: The Federal Reserve, Custodia Bank, And The Battle For Sovereignty
• Paul Clement on behalf of the Digital Chamber and Global Blockchain Business Council (GBBC)
• Don Verrilli for Blockchain Association
• State of Wyoming
• Americans for Prosperity Foundation
• Members of the United States Senate Banking Committee and House Financial Services Committee
• Former Sen. Patrick Toomey

Customers Bank:

• CoinGeek: ‘Crypto’-friendly Customers Bank hit with Fed Reserve enforcement action

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This episode addresses the recent market crash, the Bank of Japan's surprising rate hike, and its global impact. The team also discusses the Science of Blockchain Conference's relocation from Stanford to New York, and the current political landscape affecting crypto, including reactions from key politicians and internal community conflicts. Highlights include Solana's recent performance surge, opportunities in its ecosystem, and the effects of Elizabeth Warren's letter to the CFTC on prediction markets. Tune in for an insightful overview of these significant developments!

🔹 In-depth analysis of the recent U.S. crypto market crash caused by the Bank of Japan’s unexpected rate hike and its impact on global financial markets. 

🔹 Discussion on the resilience of DeFi during market turmoil, with highlights on record on-chain volumes and DEX stability. 

🔹 Examination of the rebranding of the Stanford Blockchain Conference and its implications.

🔹 Insights into the political landscape affecting crypto, including perspectives on Kamala Harris, Trump's pro-crypto stance, and Elizabeth Warren's opposition to political event betting contracts. 

🔹 Analytical focus on the Solana ecosystem, its early investment opportunities, network reliability, UX advantages, and its influence on newer EVM chains. 

🔹 Reflections on market trends and opportunities for smart investors to capitalize on new developments.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

What Drives Crypto Asset Prices? Adams, Austin and Ibert, Markus and Liao, Gordon, (July 30, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910537 

Timestamps

• 00:00 Intro 
• 01:29 SBC
• 03:57 Market Crash & BOJ
• 06:58 Crypto Market Reactions and On-Chain Activity
• 17:41 Fed's Interest Rate Decisions and Market Implications
• 23:27 Political Landscape and Crypto
• 38:50 Elizabeth Warren Doesn’t Like Prediction Markets
• 55:09 Solana vs. Ethereum

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After the unwinding of the Japan carry trade, the weak jobs report, and Jump’s dumping of ETH slammed crypto prices earlier this week, Jason Pagoulatos, head of markets at Delphi Digital, gives his insights on where prices are headed. He explains why he thinks Ethereum has underperformed so far in 2024, how the ETH ETFs might impact the price as outflows from Grayscale’s ETHE dwindle, and how the election, moves by the Fed, and the adoption of Bitcoin ETFs by Morgan Stanley advisors will affect BTC. 

Show highlights:

• 00:00 Intro
• 01:34 Why the markets have rebounded since the weekend selloff
• 04:11 The role of Jump in the ETH selloff and why ETH has been underperforming so much this year
• 14:18 Whether Grayscale’s ETHE slowing down the outflows will reverse the trend for ETH
• 17:53 Why Jason believes that investment advisors will continue to push bitcoin to their clients
• 20:18 How the macroeconomic environment is affecting crypto prices now and the impact in the near future

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• Token 2049

• Jason Pagoulatos, head of markets at Delphi Digital

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The recent crypto crash has left many investors questioning the way the market is going. In this episode, Jeff Dorman, chief investment officer at Arca, provides a deep dive into the factors behind the crash, the macroeconomic influences at play, and why he remains optimistic despite the downturn. Expressing surprise at Ethereum's underperformance this year, he describes how the Democrats’ handling of crypto is an own goal, and how TradFi and DeFi differ from each other during market upheavals.

• 00:00 Intro
• 01:38 The two main reasons the markets crashed this past weekend
• 05:29 How the macro environment has affected crypto lately and why the market has gotten “way ahead of itself”
• 12:44 Why ETH was down so much, more than other cryptocurrencies
• 16:52 The “most important” shift in crypto policy that has occurred this year
• 21:19 The Japanese yen carry trade that was one of the key factors in the market meltdown
• 30:20 Whether Genesis distributing $4 billion in assets had an impact on the market
• 33:39 Why Jeff believes that the data we have today does not point to a recession in the U.S.
• 36:49 Why Jeff says he’s "buying the dip”
• 40:47 Crypto as a political issue and why he thinks Harris winning would not be as bad for crypto as many believe
• 48:19 Why bitcoin doesn’t always act as a hedge against equity-related or geopolitical risk, in Jeff’s opinion
• 52:56 What Jeff thinks about the proposals for the U.S. government to buy bitcoin for a strategic reserve
• 54:15 The stark contrast between TradFi giants halting trading and the permissionless nature of DeFi

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot
• Token 2049

• Jeff Dorman, Chief Investment Officer at Arca.
• Previous appearances on Unchained:
• How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman
• 3 Things SushiSwap Needs to Get in Order, According to Arca

Market crash:

• Unchained: 
• Ethereum Drops Below $2,300 Amid Jump Crypto Rumors
• Bitcoin ETF Trading Volume Surges to $4.7 Billion Amidst Market Selloff
• Bitcoin and Ethereum Funds Record $546 Million in Weekly Outflows: CoinShares
• The Block: Cryptocurrency market capitalization registers largest daily drop since 2022

Japan

• BBC: The Bank of Japan raises interest rates for second time this year
• The Defiant: Here’s an ELI5 on on How Japan Sent Global Markets Tumbling

SEC:

• Eleanor Terret’s tweet on the SEC’s funding
• Unchained: Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again?

Others:

• The Block: Genesis completes bankruptcy restructuring, begins distributing $4 billion in crypto and cash
• Poylmarket: US Presidential Elections odds

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In this episode, George Selgin, senior fellow at the Cato Institute, discusses the recent proposals by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis for the U.S. government to establish a strategic bitcoin reserve. George provides his insights into the differences between these proposals, their potential implications, and why he believes the government should not be investing in bitcoin or other assets.

Show highlights:

• 00:00 Intro
• 01:16 How the Bitcoin proposals by Trump, RFK Jr., and Lummis differ
• 04:08 Why George believes that Trump’s proposal to not sell the government’s bitcoin is just symbolic 
• 07:36 What the purpose of acquiring BTC is in the Lummis and RFK proposals
• 11:29 Whether the government should even be investing in bitcoin or other assets
• 18:53 How would the government buy BTC as per the Lummis bill
• 25:08 How likely is it that the bill passes through Congress
• 27:40 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot

• George Selgin, Senior Fellow and Director Emeritus of the Cato Institute's Center for Monetary and Financial Alternatives

• Trump’s proposal:
• Unchained: 
• At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins
• Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do?
• Lummis proposal: 
• Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill 
• Decrypt: There’s a Problem With Senator Lummis’ Bitcoin Reserve Plan, Cato Institute Expert Says 
• Lummis Introduces Strategic Bitcoin Reserve Legislation
• RFK. Jr proposal: 
• RFK Jr. Proposes 550 Daily Bitcoin Purchase Plan for U.S. Economy | Kennedy24

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we dive into topics like the potential U.S. strategic Bitcoin reserve proposed by Trump and political figures, and its implications for the institutional adoption of Bitcoin. The episode explores the recent turmoil in DAO governance through the example of Compound's voting mishap with a controversial proposal, analyzing the role of activist investors. The squad also reflects on the legal challenges faced by the founder of BitClout, Nader Al-Naji, who was charged with misappropriation of funds, offering insights into the importance of transparent and ethical governance in the crypto industry.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

🔹 Analysis of the potential implications of U.S. strategic Bitcoin reserves as discussed by presidential candidates, focusing on how this could affect global crypto policies and market reactions.

🔹 Exploration of the influence of regulatory environments on DAO participation, particularly how U.S. funds are hesitant to vote due to potential legal liabilities.

🔹 Examination of the controversial proposal by the 'Golden Boys' on Compound Finance and the role of activist investors in DAO governance. 

🔹 Discussion on the complexity and innovation in crypto governance models, with examples of Compound and the challenges faced by DAOs in managing proposals. 

🔹 Debate on the role of governance structures and how they can evolve to prevent malicious actions by large stakeholders. 

🔹 Review of the SEC and DOJ charges against BitClout founder Nader Al-Naji for misappropriation of funds and misleading investors. 

🔹 Overall reflection on the responsibility of crypto project leaders in maintaining transparency and ethical financial practices.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

DOJ - Founder Of “BitClout” Digital Asset Charged With Fraud In Connection With Sale Of “BitClout” Tokens: https://www.justice.gov/usao-sdny/pr/founder-bitclout-digital-asset-charged-fraud-connection-sale-bitclout-tokens 

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive deep with Nic Carter into the game-changing promises Trump is making to the crypto community, Kamala Harris’s unexpected policy shifts, and the explosive rise of Solana. 

Plus, Nic reveals his unexpected journey into amateur fighting and tackles the pressing issues around Ethereum ETFs, and what ecosystem he’s been funding more as of late. 

• 00:00 Intro
• 01:23 Why Alex believes the conference was one of the most incredible moments in the history of crypto
• 10:00 Nic’s reaction to Trump mentioning breaking down ‘Operation Chokepoint 2.0,’ a term that Nic himself coined
• 13:44 Nic’s karate fight and his journey to becoming an amateur fighter
• 21:42 Why Nic thinks that there’s no chance that the Lummis bill proposing the US government establish a strategic bitcoin reserve will pass
• 29:31 The significance of Trump’s promises at Bitcoin Nashville
• 36:26 How Tether is comparable to the Eurodollar system
• 39:41 What the potential impacts are of the Fed's language during their upcoming meeting
• 47:17 The implications of the Harris campaign's outreach to reset relations with crypto companies
• 55:44 How the ETH ETFs launch went and why Nic says that Ethereum has a “narrative problem”
• 59:34 How Solana has been ripping lately and Joe’s response to some of the criticisms
• 1:07:22 How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Nic Carter, general partner at Castle Island Ventures

Bitcoin Conference:

• Trump’s speech:
• Unchained: 
• At Bitcoin Conference, Trump Promises to Fire SEC Chair Gary Gensler If He Wins
• Trump Has Made Promises to Crypto Voters. If He’s Elected, What Could He Actually Do?
• Lummis proposal: 
• Unchained: A Bitcoin Strategic Reserve for the U.S.? Senator Cynthia Lummis Reveals Her Bill 
• The Block: Hong Kong lawmaker advocates for including bitcoin in financial reserves following Trump’s speech | 
• Democrats/Harris seeking “reset”
• Letter from Democratic politicians to DNC chair to put crypto plank in Democratic party platform: 

ETH ETFs Debut:

• Unchained: 
• Grayscale Ethereum Trust ETF net outflows hit $1.5B
• Will ETH Follow Bitcoin’s Path and Reach New Highs Now That Spot ETFs Are Here?
• BlackRock: Our Spot Ether ETFs Are Complements to Bitcoin ETFs, Not Substitutes
• The Block: At this rate, Grayscale's ETHE could run out of ether within weeks | 

Solana’s ripping:

• Unchained: 
• Solana’s Growth Metrics, Including Stablecoin Supply, Continue to Take Off - 
• Solana Exceeds Ethereum in Monthly Trading Volume for First Time, But Not When Ethereum’s L2s Are Included

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As the 2024 elections approach, crypto voters are a real bloc that could be a deciding factor in what looks to be a tight race. 

In this episode, Sheila Warren of the Crypto Council for Innovation and Justin Slaughter from Paradigm discuss the significance of Trump appearing at Bitcoin 2024, promising the crypto community pretty much everything on its bucket list, the Democrats’ seeming pro-crypto shift behind the scenes, and the game theory around Gary Gensler’s future (likely not at the SEC). 

Plus, they cover the significance (and likelihood of passing) of the Bitcoin Strategic Reserve Bill proposed and to be introduced by Sen. Cynthia Lummis, what would it take for Kamala Harris to show that she truly is a crypto-friendly candidate, and what the Democrats would have to do to undo the damage done by Gensler and win some of the crypto vote. 

Lastly, they explore the potential impact on the SEC of the Supreme Court’s decision to overturn the Chevron doctrine.

• 00:00 Intro
• 02:08 The significance of a US Presidential candidate, Trump, embracing Bitcoin
• 04:59 What Justin’s and Sheila’s takes are on the Democrats' sudden shift towards embracing a pro-crypto agenda and whether they can catch up
• 15:03 The key factor in Trump's shift from giving crypto platitudes to making substantive promises that top the crypto community’s wish list
• 20:21 How significant crypto could be in influencing the election, particularly in swing states
• 23:52 Whether Trump would even be able to fire Gary Gensler as SEC Chair, as he has promised
• 33:23 How the dynamics between Elizabeth Warren and Kamala Harris differ from the relationship Warren has with Biden
• 42:48 What could happen with the SEC Commissioner if Harris wins the presidency
• 50:34 The meaning of the Strategic Bitcoin Reserve in the US
• 57:55 How JD Vance's status as a Bitcoin owner could influence crypto voters and whether Harris could pick a pro-crypto VP
• 1:05:43 The chances the Democratic Party adopts a crypto plank, and what it might include
• 1:09:9 Whether there’s a chance a crypto bill could be passed this year
• 1:14:49 How the Supreme Court's recent decision to limit agency power by overturning the Chevron doctrine could impact the SEC's approach to crypto regulation
• 1:20:45 How Harris can establish a new stance on crypto while distancing herself from Biden's administration, without appearing disloyal

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Sheila Warren, CEO of Crypto Council for Innovation (CCI) 
• Justin Slaughter, Policy Director at Paradigm

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The Democratic Party has faced criticism from the crypto industry for its stance on the sector, but House Representative Ro Khanna is determined to change that narrative. 

In this episode, he talks about his efforts to shift the party’s approach, his thoughts on the current regulatory environment, and his vision for a crypto-friendly future. He gives his insights on the implications of the Supreme Court’s overturning of the Chevron doctrine, the potential for a crypto bill this year, and his upcoming remarks at the Nashville Bitcoin conference.

Plus, if you are a single-issue voter, he’s got something to say to you.

Show highlights:

• 00:00 Intro
• 01:36 How Rep. Khanna is working to change the Democrat approach to crypto policy in the U.S.
• 04:54 What Rep. Khanna's response is to formerly Democratic crypto voters, such as Marc Andreessen and Ben Horowitz, who have decided to vote for Trump this election
• 07:12 What Rep. Khanna would like to see in a potential crypto plank of the Democratic Party platform
• 07:58 Who Rep. Khanna believes should be the next SEC chair under a potential Harris administration
• 08:41 His thoughts on Christy Goldsmith Romero's nomination as chair of the FDIC
• 09:37 Rep. Khanna's perspective on how to convince Democratic Party members about the benefits of crypto
• 11:21 How Rep. Khanna views the Supreme Court's overturning of the Chevron doctrine and its implications for crypto
• 13:29 What key points Rep. Khanna will address in his upcoming remarks at the Bitcoin conference
• 14:16 What broader implications Rep. Khanna sees in the vote and its potential impact on the crypto industry
• 15:43 Whether a crypto bill could pass this year in Congress
• 18:11 Crypto Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• PlayFi Labs

• Ro Khanna, U.S. representative from California
• Previous appearance on Unchained: Congressman Ro Khanna: How to Get More Democrats into Web3

• Recent coverage of Unchained on politics and the elections:
• Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair
• Anthony Scaramucci on Why He Supports Biden and Thinks He, Not Trump, Is Best for Crypto
• Why Many Democrats, Including the White House, Have Come Around on Crypto
• Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

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The Open Network, aka TON, has been on a tear since late February. TVL has skyrocketed 34x since the beginning of the year, reaching over $750 million as of the time of recording. The price of TON has more than tripled from about $2 to $7, and daily active addresses recently exceeded those of Ethereum in May and June. Games with fun names like Hamster Kombat and Catizen are gaining traction, and Pantera Capital, an OG crypto investor, is making its largest investments yet in TON. 

In this episode, Alena Shmalko and Jack Booth from the TON Foundation discuss how TON has managed to garner this traction, especially after a rocky start when the SEC went after the original founder, Telegram.

• 00:00 Intro
• 02:13 Alena’s and Jack’s backgrounds and how they ended up at TON
• 05:35 How TON evolved from its origins with Telegram to its current status and how it began getting traction this year, according to Jack
• 11:21 How The Open League helped TON grow its TVL and other important metrics
• 15:40 How Telegram's collaboration with TON has evolved through time and how much they work together
• 24:47 Whether there are plans for TON to integrate with apps beyond Telegram
• 30:15 What in TON’s architecture allows it to be extremely scalable
• 33:20 The mechanics of Notcoin and why it has been so successful
• 36:49 Whether the rise of games like Notcoin and Hamster Kombat can be sustainable
• 46:05 The importance of USDT in Ton
• 51:53 When might a Bitcoin trustless bridge be deployed and why it could be significant
• 54:43 Whether TON is being used by criminals and what could be done to combat it
• 58:59 What strategies will lead TON to have $1 billion in TVL by the end of the year

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Polkadot

• Alena Shmalko, Ecosystem Lead at the TON Foundation
• Jack Booth, Director of Marketing at the TON Foundation

• Previous coverage on Unchained of TON:
• Could Telegram-Associated TON Blockchain Be the 'Next Solana' and Challenge Ethereum?
• Layer 2 Networks Are Arriving on the Telegram-Associated TON Blockchain 
• TON Blockchain's Stablecoin Transfer Volume Reaches Record $299 Million on US Independence Day 
• What Is Telegram's Ads Network on TON And How Will It Impact Advertisers & Creators?

History & Structure

• TON roadmap
• CoinDesk: 
• Telegram Abandons TON Blockchain Project After Court Fight With SEC
• Telegram Agrees to Pay $18.5M Penalty in SEC Settlement Over Failed TON Offering
• Messaging App Telegram Gives Endorsement to TON Project; Token Surges
• Cointelegraph: Telegram ad platform to launch via TON blockchain

Notcoin:

• Decrypt: What's Next for Notcoin? Becoming the 'Netflix of Social, Viral Games'
• Notcoin, a Free Telegram Game Based on the TON Blockchain, Surges in Popularity

Hamster Kombat

• Cointelegraph: Hamster Kombat destined for Guinness World Record? 

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In this episode of Unchained, Congressman French Hill provides an insider's perspective on the present and future of crypto regulation. 

Hill delves into the ongoing legislation and the implications of the FIT21 Bill, shares his views on who should succeed Gary Gensler as SEC chair if Trump is re-elected, and discusses the controversial role of the CFTC in regulating the crypto industry. He also touches on the potential impacts of the Chevron doctrine being overturned by the Supreme Court, Trump’s evolving stance on crypto, and the latest developments in the Binance executive detention case in Nigeria.

Show highlights:

• 00:00 Intro
• 01:26 How Rep. Hill's long-time passion for technological advancement led to his involvement in crypto and blockchain
• 04:00 The current state of ongoing legislation and why Rep. Hill is proud of the FIT21 bill
• 08:49 Who would be his top pick to chair the SEC if Trump is re-elected as president
• 11:42 Why he supports having the CFTC regulate the spot crypto markets 
• 12:40 How he thinks teams should launch tokens in the US 
• 15:02 How he thinks the overturning of the Chevron doctrine will impact crypto
• 20:02 Why Trump changed his mind on crypto, according to Rep. Hill
• 23:14 Why Congressman Hill is running for chair of the House Financial Services Committee
• 25:14 The update on Tigran Gambaryan, the Binance executive detained in Nigeria, whom Rep. Hill visited recently
• 28:13 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• iTrustCapital
• Polkadot
• PlayFi Labs

• Congressman French Hill

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra explore the latest trends in the crypto world. In this episode, we invite Laura Shin and special guest Kristin Smith of the Blockchain Association to discuss the latest in crypto politics. We dive deep into JD Vance's VP candidacy alongside Donald Trump and its implications for the crypto industry. We also explore the impact of recent political events on the crypto markets, the potential outcomes of key legislative efforts, and the future of the SEC post-2024 elections. Don't miss this insightful conversation on how the shifting political landscape might shape the future of crypto in the U.S.

Show highlights

🔹The attempted assassination of Donald Trump and its effects on the crypto market, including his announcement of JD Vance as his running mate.

🔹Analysis of Trump's changing stance on crypto, and his increasing willingness to engage with the industry and its leaders.

🔹Explanation of the Vice President's role in setting financial services and innovation policy, especially in a potential Trump administration.

🔹 Speculation on whether Gary Gensler will step down if Trump wins and what this could mean for crypto regulation.

🔹 Overview of recent meetings between crypto executives and White House officials, signaling a shift in the Biden administration's approach to the industry.

🔹 Examination of the significant fundraising by crypto PACs like the Fair Shake PAC and their impact on political and regulatory decisions.

🔹Discussion on the Digital Commodities Act, market structure bills, and the challenges of passing crypto legislation in the current congressional session.

🔹 The evolving bipartisan support for crypto legislation and the importance of maintaining this support for future regulatory clarity.

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ founder and CEO of Unchained

Guests

⭐️Kristin Smith, Chief Executive Officer of Blockchain Association

Timestamps 

• 00:00 Intro
• 02:15 Trump & JD Vance
• 10:27 Politicians Stance on Crypto Policy
• 27:41 Crypto's Lobbying Efforts
• 34:56 Crypto's Political Influence
• 36:58 SEC Enforcement and Legal Battles
• 39:19 Speculations on Biden Administration's Crypto Stance
• 49:48 Legislative Pipeline and Market Structure Bills
• 01:01:36 Future of Crypto Regulation

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann, joined by guest Jack Platts, dive into the market's reaction to the recent assassination attempt on former President Donald Trump, looking at how this event will influence the 2024 U.S. presidential election—and the crypto markets.

They also cover potential rate cuts: Could there be a cut this July? How big might the rate cut be in September? Could the decision ever be influenced by the upcoming election?

They also give their predictions for what percentage of the BTC ETF inflows the ETH ETFs will reach, and James talks about what he’s expecting for Grayscale’s ETHE (hint: his view would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Is it up only now?

• 00:00 Intro
• 01:18 Whether the Trump shooting has settled the election and whether the event caused a “flight to safety”
• 11:23 How election markets are becoming a place to watch election odds and whether crypto “leans right”
• 20:16 Whether rate cuts are coming in July or September and how much they’ll cut: 25bps or 50bps
• 29:06 How Joe views the relationship between global liquidity cycles, rate cuts, and Bitcoin's potential rise
• 34:41 What new updates there are about the Ethereum ETFs and their expected launch
• 42:08 Why Solana hasn't outperformed significantly since the Trump news
• 43:25 What market breadth indicates about the current market rally and the impact of rates in small caps
• 49:01 Everyone’s predictions of ETH ETF inflows and how much outflows we’ll see on Grayscale’s ETHE
• 53:04 What’s next for BTC after the German government is out of bitcoin, and with Mt. Gox distributions starting this week

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

• Jack Platts, Co-Founder & Managing Partner at Hypersphere Ventures

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