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Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?
For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks.
Are we watching the rise of “Fat Apps” instead?
On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about:
Why the biggest apps are generating more revenue than many layer 1s
Why Ethena is launching its own blockchain
What this means for Ethereum, Solana & other L1s
How blockchains can compete on value capture
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
BitKey: Use code UNCHAINED for 20% off
FalconX
Mantle
Guest
Ryan Watkins, Co-founder at Syncracy Capital
Links
Unchained: Ethena Labs and Securitize to Launch New EVM Blockchain for DeFi
Syncracy Capital: Applications Capture Fees, Blockchains Store Value
Hansolar’s tweet
Pump.fun launches its own DEX
Timestamps:
👋0:00 Intro
💰 2:12 Why apps are out-earning the blockchains they run on
🔗 5:44 Ethena’s move: why it’s launching its own chain
📈 8:33 The rise of “Fat Apps” and what it means for crypto
🚀 12:50 How today’s crypto founders think differently from past builders
🏆 15:51 The blockchain architectures that will dominate
⚖️ 22:32 Whether L1s can compete in this new environment
📊 241:27 How blockchains accrue value and why MEV isn’t the best metric
📰 31:00 News Recap
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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 unpacks Ethereum’s existential crisis and whether the rollup-centric roadmap is backfiring. Plus, AI is rapidly changing how crypto is built, traded, and secured—so what happens when blockchain and AI collide? We also dig into Solana’s controversial ad, Ethereum Foundation’s leadership shake-up, and why macro forces are still running the show.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 AI’s Invasion of Software Engineering – Why AI is replacing developers & what it means for crypto startups
🔹 Ethereum’s Rollup Reckoning – The “rollup-centric roadmap” was supposed to save Ethereum, but is it actually weakening it?
🔹 The Solana Ad Disaster – How Solana’s political ad backfired & alienated both sides of the aisle
🔹 Is Ethereum Becoming IBM? – Why Ethereum risks getting stuck as the slow-moving corporate giant of crypto
🔹 The Great AI Pivot – Why top engineers are abandoning language models for robotics & what it means for the future
🔹 AI Trading Bots & Crypto Security Risks – How prompt injections could turn AI-powered wallets into honeypots
🔹 Ethereum’s New Leadership – Does the Ethereum Foundation finally have a plan to fix its credibility problem?
🔹 The XRP Bartender Index – The unexpected bar tab metric that tracks XRP market sentiment
🔹 Will AI Replace VCs? – The case for AI-led investment strategies & automated due diligence
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Links
Solana Ad repost by @basedkarbon: https://x.com/basedkarbon/status/1901809992514052319
Timestamps -
00:00 Intro
01:48 Solana's Controversial Ad Campaign
08:14 Memorable Crypto Ads
11:27 AI's Impact on Research & Crypto
18:33 Future of AI in Crypto and Beyond
29:29 Security Concerns with AI
36:49 EF's Leadership Changes
40:20 The Future of Ethereum and Rollups
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Saknas det avsnitt?
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The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise?
With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down:
Why markets are struggling—and whether a recession or stagflation is coming
Whether the Fed has become irrelevant
How the stablecoin bill could rescue sales of treasuries
Why bitcoin isn’t following gold’s rally
The factors that could kickstart the next crypto boom
The latest on all the dozens of crypto ETFs in the works
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
The stagflation trade
Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout
Reuters: Fed's Powell gets chance to address trade war, stagflation fears
Tweet by Noah Smith
Budget bill
Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects
Stablecoin bill:
Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether
CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill
Solana futures
Cointelegraph: Solana futures finish first trading day on CME
Solana ad
Unchained: Solana Deletes ‘Cringe’ Ad After Crypto Community Backlash
Timestamps:
👋 0:00 Intro
📉 1:39 Stagflation fears and which tariffs actually matter for the economy
🌎 6:11 Why the outlook for commodities is so uncertain
📊 10:49 Is the Trump administration sabotaging itself?
🐶 16:57 Why DOGE’s role in the market is bigger than you think
📉 23:51 Why the 10-year yield isn’t dropping as expected
💰 28:04 Will shrinking liquidity grind the market to a halt?
🏛️ 32:37 Why the Fed has become irrelevant
🔄 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get
⚠️ 41:13 Why a recession is not a foregone conclusion
🥇 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following?
🏦 51:24 How the stablecoin bill could save US government finances
🚀 1:01:47 How bitcoin gets its next rally
📉 1:07:16 The hidden benefit of CME SOL futures
✅ 1:12:15 The latest on pending crypto ETF approvals
📣 1:17:26 Reactions to the controversial Solana ad
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The memecoin trade might be over. And Joe McCann says that’s just the beginning.
The founder of Asymmetric has been at the intersection of crypto, macro, and tech for years. He called the $BONK trade early, made moves before most saw the opportunity, and now? He’s shifting his focus.
Meanwhile, the crypto markets are a bloodbath, with bitcoin, ether, and solana down 10%, 41%, and 35%, respectively, year-to-date.
In this episode, Joe joins Unchained to discuss:
Why memecoins won’t work the way they used to
How institutions are approaching crypto in this cycle
Why prices are down so much
Why Bitcoin might be so hard to outperform
Whether Solana is still the fastest horse
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
FalconX
Bitwise
Guest:
Joe McCann, founder of Asymmetric
Links
Unchained:
Solana Rejected Inflation Reduction—Here’s Why
Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes
Bitcoin Has Declined 20%. How Soon Could the BTC Price Revive?
Timestamps:
👋 0:00 Intro
🚀 2:19 How Joe’s background shaped his crypto investing approach
🐶 10:25 Spotting the $BONK opportunity before the crowd
📉 17:38 Why the memecoin trade might be over
💰 21:51 Why Joe believes Pump.fun is NOT extractive
📊 33:11 Why crypto prices have struggled despite a pro-crypto shift in Washington
🎯 42:34 The moment Joe “finally” gives credit to Arthur Hayes
⏳ 45:15 Could having no catalyst actually BE the catalyst?
🔥 49:22 Why Joe wasn’t convinced by the SOL inflation proposal
⚡ 56:45 Wait—no altcoin season?
⚙️ 1:01:34 What still excites Joe about Solana
🏦 1:04:57 Why Asymmetric is betting on Bitcoin DeFi
🤖 1:07:29 How AI is helping Joe’s team optimize its strategy
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The Solana ecosystem just completed a critical governance vote. SIMD-228, a proposal to tie Solana’s inflation rate to its staking participation rate, was put forward by Multicoin Capital and Anza, but despite a majority voting in favor, it failed to meet the required supermajority to pass.
Tushar Jain, co-founder and managing partner at Multicoin Capital, who co-authored the proposal, joins the show to discuss:
Why he believes the proposal was necessary
Whether inflation is too high for Solana’s long-term health
If some validators voted against their own interests
The silver lining of the governance process
Why a smaller proposal focused on fee sharing did pass
Whether Multicoin Capital will resubmit a revised proposal
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
BitKey: Use code UNCHAINED for 20% off
Mantle
Guest
Tushar Jain, Co-founder and Managing Partner at Multicoin Capital
Links
Unchained: Proposal to Cut SOL Inflation by 80% Fails After ‘Close Call’
SIMD Vote Status
Kayuza’s tweet
Timestamps:
🤝 0:00 Intro
🗳️ 3:09 Why Solana’s inflation rate was initially an afterthought
💰5:20 Why inflation became untenable
⚙️ 6:23 What does it take to right-size inflation for Solana
⚙️ 7:18 How SIMD-228 would have worked
🤯 11:00 Why Tushar “does not want to bet on people being dumb”
💰 15:48 How this could have strengthened DeFi on Solana
😕 17:49 Why Tushar was disappointed with the outcome but sees a silver lining
📚 19:49 Could the vote have been fairer?
⚖️ 22:06 Whether smaller validators would be unfairly hurt by SIMD-228
🔐 27:37 Does Solana pay too much for security?
📈 27:55 Would this have boosted the price of SOL?
✔️28:19 Whether validators should ask stakers how to vote
✅ 30:13 What the passing of SIMD-123 means for the network
🔄 32:40 Will Multicoin resubmit the proposal?
📰 34:50 News Recap
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Quinn Thompson, Master of Macro at Lekker Capital, to dissect Trump’s Bitcoin Reserve. The US government is now officially hodling Bitcoin —Trump’s executive order creates a BTC reserve using seized funds. But markets didn’t buy the hype. Bitcoin tanked, and traders are still questioning what this means for crypto’s future. Meanwhile, the global macro picture is a disaster—stocks are down, trade wars are escalating, and recession fears are mounting.Is this controlled demolition of the economy, or just a side effect of Trump’s economic agenda? And most importantly, what does this mean for crypto? Let’s dive in.
Show highlights
🔹 Trump’s Bitcoin Reserve Announcement – The US government officially holds BTC, but it’s not buying more. No new demand—just a change in optics.
🔹 Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet.
🔹 Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC.
🔹 Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap.
🔹 Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion?
🔹 Crypto’s Liquidity Crunch – The Fed isn’t stepping in (yet), but the macro backdrop is grim. Rate cuts may be the only way out.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
Guest
⭐️Quinn Thompson, Founder & CIO at Lekker Capital
Disclosures
Timestamps
00:00 Intro
02:36 Trump’s Bitcoin Reserve
05:17 Bitcoin Tanks
14:30 How This Affects Crypto & Traditional Finance
19:36 Trade Wars Escalate
31:30 Corn Twitter Is Mad
35:16 Why Stocks & Crypto Are Dumping in Sync
41:39 Trump's Historical Stance on Tariffs
54:57 Government Spending and Crypto Market
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The markets are a bloodbath.
If you’re feeling lost in the markets right now, you’re not alone. Stocks are getting crushed, bonds are sliding, and crypto isn’t escaping the carnage. The question is: why is everything selling off—and where does it go from here?
One thing is clear: the next market move is extremely hard to predict. Between Trump’s economic policies, inflation worries, and DOGE’s cuts, there’s a storm of conflicting signals.
So, is this pain temporary? Or are we looking at a long trend downward?
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Travis Kling, CIO of Ikigai Asset Management
Links
Recession?
Bloomberg: Trump Says US Economy Faces ‘Transition,’ Avoids Recession Call
Inflation
Bloomberg: Inflation-Linked Bonds Rebound on Trump Tariffs: Credit Weekly
DXY
FX Empire: US Dollar Forecast: DXY Sinks as Weak Jobs Data Fuels Rate Cut Bets, EUR/USD Surges
Powell’s comments:
CNN: Fed Chair Powell says he’s not worried about the economy amid Trump’s tariff chaos
FT: Federal Reserve chief Jay Powell plays down growth worries after jobs report disappoints
Bonds:
Bloomberg: The Bond Market’s Trump Trade Is Looking Like a Recession Trade
CNBC: 10-year Treasury yield rises after weaker-than-expected jobs growth
Bond yields in Europe and elsewhere are rising
Tariffs:
Bloomberg: Lutnick Says Trump Sticking to US Aluminum-Steel Tariff Timeline
Japan and the carry trade:
Japan's 20-Year Government Bond Yield rises to its highest level since 2008.
Jeff Park tweeted “Bitcoin is Japan’s game now whether you like it or not” - thoughts?
FT: Japan seeks tariff reprieve after Donald Trump questions long-standing defence pact
China’s deflation:
Bloomberg: China’s Inflation Declines Below Zero for First Time in Year
Ukraine War talks:
FT: Ukraine seeks to persuade US to resume aid in high-stakes talks
Timestamps:
👋 0:00 Intro
📉 3:05 What’s behind this brutal market selloff
🤔 7:26 Why making a market prediction right now is nearly impossible
🇺🇸 13:41 How Trump’s economic moves drive uncertainty
⚠️ 19:37 Is the Trump administration intentionally triggering a recession?
💰 20:30 The real impact of “austerity” on the economy
📉 22:59 What must happen before the market bottoms out
🔥 26:52 Where inflation might head next
📊 36:21 What the VIX is saying about the market
📉 39:00 How markets will react to today’s CPI numbers
🚀 43:40 When might Trump push for tax cuts?
🏦 49:19 Will ETF buyers create a bitcoin floor?
💴 55:12 What a declining Japanese yen reveals about demand for risky assets
₿ 1:00:35 Why BTC is the furthest that it has ever been from altcoins
🛍️ 1:11:00 What new groups might step in and buy bitcoin?📉
🤦♂️ 1:20:25 Whether the Trump administration “fucked up” the economy
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The election of Donald Trump marked a sea change for U.S. crypto policy.
The symbolism of that transformation was on full display at the White House’s first-ever Crypto Summit, at which President Trump met with several crypto business leaders. But what was actually said behind closed doors? And does this mark the beginning of a truly pro-crypto shift—or just another short-lived political move?
In this episode, BitGo CEO Mike Belshe and former CFTC Chairman Chris Giancarlo break down what really happened at the summit, whether the proposed Bitcoin reserve is a smart idea or a political gimmick, and why some believe the U.S. dollar could one day be backed by BTC.
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitwise
Guests:
Mike Belshe, CEO at BitGo
Chris Giancarlo, Senior counsel at Willkie Farr & Gallagher and former CFTC chairman
Links
Recent coverage of Unchained on the Bitcoin Reserve and the White House Crypto Summit :
Trump Says He Is Ending Operation Choke Point 2.0
Trump Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Trump's Surprise Crypto Reserve Announcement Iced Out D.C. Insiders
How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana
Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve
Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA
Chris’s article: Crypto neo-privateers could be the solution to hacks
Nic Carter’s tweet on Trump’s crypto endeavours
Omid Malekan’s analogy of the SBR with buying a shirt
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Trump’s latest crypto moves have sent the market on a rollercoaster.
First, he posted on Truth Social that a U.S. crypto reserve would include XRP, Solana, and Cardano. A couple hours later, he had to clarify that Bitcoin and Ethereum would also be included. The market jumped 12%—only to crash the next day.
Meanwhile, the White House crypto summit is happening Friday, and not everyone is happy with the guest list. Some say it’s a step toward real regulation, while others argue that without DeFi voices, it’s just a meeting of centralized players.
So what does it all mean? David Nage, VC at Arca, joins Unchained to talk about:
4:55 Why David is unfazed by crypto’s swings around Trump’s reserve posts
9:03 David’s take on Cardano and XRP being named for the crypto reserve list
18:11 Why he thinks Bitcoin is a strong candidate for a national reserve asset
22:52 Why David isn’t impressed with the guest list at the White House Crypto Summit
26:26 Why the markets have been struggling—and what could finally turn things around
28:52 News Recap
Will real crypto policy changes emerge from this? Or is this just another distraction in a year full of big promises?
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
BitKey: Use code UNCHAINED for 20% off
Mantle
Guest
David Nage, VC Portfolio Manager at Arca
Links
Unchained:
Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve
Cardano Founder Charles Hoskinson Is Not Invited to White House Crypto Summit
How Did Ripple Sell Trump on XRP in a Crypto Reserve? By Pushing for Solana
Trump Is Having Second Thoughts About His Crypto Council
David’s tweet on Cardano and Ripple
Eleanor Terrett’s tweet with the Crypto Summit guest list
David Sacks’ tweet saying that the government lost almost $17 billion
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Laura Shin to dissect Trump’s Strategic Crypto Reserve fiasco. Why did he name-drop XRP and Cardano first? Was this real policy or just a market pump? Meanwhile, Crypto Twitter is melting down over Trump’s crypto summit guest list—who made the cut, and who got snubbed? Plus, another SEC lawsuit bites the dust, and memecoins look deader than ever. Let’s get into it.
Show highlights
🔹 Trump’s Crypto Reserve Announcement – Trump proposes a U.S. Crypto Strategic Reserve, initially boosting XRP, ADA, SOL, BTC, and ETH—only for markets to fully reverse in 48 hours.
🔹 Who Picked These Coins? – XRP & ADA make the list despite having lower adoption than SOL or ETH. Was this a serious policy move or just pay-to-play politics?
🔹 Trump’s 5D Chess or Just a Meme? – Did the Trump team just pick random coins off CoinMarketCap? Or was this an orchestrated move to pay back donors?
🔹 The Crypto Council Drama – Trump’s Crypto Council implodes before launch due to infighting over seats. First summit features Ripple’s Garlinghouse, Michael Saylor, Chainlink’s Nazarov, Brian Armstrong, and Jesse Powell—but no actual protocol founders.
🔹 Is Crypto Being Used for Politics? – Nic Carter calls the plan a grift, saying the U.S. government should not buy altcoins with taxpayer money. Even Bitcoin maxis are skeptical.
🔹 Trump’s Obsession With Bitcoin Prices – Reports claim Trump personally tracks Bitcoin price movements and wants BTC to hit $150K during his presidency—is he manipulating markets?
🔹 The SEC Softens on Crypto? – Enforcement pivots as the SEC drops cases against Cumberland and Kraken. Will the Coinbase lawsuit be next?
🔹 Market Exhaustion Sets In – Despite the noise, traders are tired. The market isn’t buying into Trump’s crypto plans—was this just another empty promise?
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained
Disclosures
Timestamps
00:00 Intro
01:05 Market Reactions to Trump's Announcement
03:25 Skepticism of the Crypto Reserve
07:02 Strategic Value of Crypto Reserve
11:11 Political and Market Implications
18:52 Security Concerns & Future Speculations
31:30 Government Control of Crypto
39:50 Potential Forks & Government Influence
45:37 Crypto Summit & Council
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A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves?
Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry?
On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins?
Plus: What could be the real next catalyst for the crypto market.
Show highlights:
6:13 - Whether a strategic crypto reserve makes sense for the U.S.
14:50 - How this reserve could actually give people outside of crypto second thoughts
24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted
27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit
32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities
42:22 - James’ insights into the avalanche of altcoin ETFs
47:10 - The significance of BlackRock adding IBIT to its model portfolio
54:02 - How macro news drove risk assets to such a selloff on Monday
58:12 - Why the 10YT is such a significant chart to watch
1:10:21 - Whether the war in Ukraine is coming to an end
1:16:20 - What the next catalyst for crypto is
1:19:07 - Whether stablecoins are a good business for banks
Thank you to our sponsors!
RockWallet
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Guests:
Steve Hou, Quantitative Researcher at Bloomberg LP
Steven Ehrlich, Executive Editor at Unchained
Links
Crypto reserve:
Unchained: Why Trump May Have Chosen This Week to Announce a Strategic Crypto Reserve
Bloomberg: Bitcoin Reserve Is Likely to Come First From States, Senator Lummis Says
Crypto roundtable:
CoinDesk: Trump to Host First Crypto Roundtable at White House Next Week
Crypto Czar David Sacks says he sold crypto holdings before administration began
Memecoins:
SEC: Staff Statement on Meme Coins
ETFs:
SOL: CME Group to launch Solana futures on March 17 as ETF momentum builds
BlackRock Adds Its Bitcoin ETF to Model Portfolio for First Time
Macro:
Trump’s tariff post on Truth Social
Atlanta’s negative 2.8% GDP projection
CNBC: 10-year Treasury yield falls to lowest since December on latest signs of slowing economy
Reuters:
Inflation, growth may be in conflict but Fed seen restarting cuts in June
US weekly jobless claims post largest gain in five months; weather blamed
Stablecoins:
CoinDesk: Bank of America CEO Says Bank Will Likely Launch Its Own Stablecoin
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A new consensus model. A bear-themed brand. And one of the most debated token launches in recent memory.
Berachain is trying something radically different. Instead of just rewarding validators, it pays liquidity providers—turning the traditional blockchain incentive model on its head.
But not everyone is convinced. Some critics say too much of the token supply went to VCs. Others question whether “proof of liquidity” can actually work at scale.
In this episode, Smokey, Chief Smokey Officer at Berachain, joins Unchained to break it all down. Why did Berachain choose to make itself EVM-identical? What really happened with the token launch? And what’s next?
Show highlights:
1:47 How Smokey got into crypto and how that led to the founding of Berachain
7:24 What proof of liquidity is and what problems it solves
12:06 Whether there’s an incentive problem in how BGT and BERA are designed
16:03 Why Smokey believes the EVM has the “largest capital base”
21:12 How Berachain leveraged culture to accrue network effects
26:23 How Berachain achieved so much TVL growth
30:01 What Smokey thinks about the big allocation of BERA to VCs
35:38 How the bear-themed NFTs were born
39:26 How the project was able to buy back a portion of the tokens sold to VCs
40:58 Whether Smokey should have done things differently when launching the token
43:21 Smokey’s response to the criticism of private participants staking BERA
46:57 Why Smokey believes that the inflation will be useful for ecosystem growth
52:23 What’s next in Berachain’s roadmap
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Bitwise
Guest:
Smokey the Bera, Chief Smokey Officer at Berachain
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Recapping how Bybit lost $1.5B to North Korea’s Lazarus Group—how did it happen, and why did they use THORChain to launder the money? Meanwhile, Ethereum is facing an identity crisis at ETH Denver, with the Foundation’s bizarre “Silviculture Society” raising eyebrows across the ecosystem. And if that wasn’t enough, memecoins are in freefall, with Hayden Adams admitting the game was rigged all along. It’s a wild week—let’s break it all down.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 Bybit’s $1.5B Hack – Largest crypto heist ever, pulled off by North Korea’s Lazarus Group. Attack exploited Gnosis Safe’s front end, not Bybit itself.
🔹 THORChain: The New Laundromat? – Lazarus Group uses THORChain to launder stolen funds, sparking backlash. Some THORChain members celebrated the volume spike.
🔹 Memecoins Declared ‘Collectibles’ – SEC says memecoins aren’t securities—right as the bubble bursts. New token launches are down 60%, and pump.fun is drying up.
🔹 InfoWars Bought With a Memecoin?! – Alex Jones supporters use Wars token to outbid The Onion for InfoWars.com in a bankruptcy auction.
🔹 Ethereum’s Cultural Crisis – EF’s ‘Silviculture Society’ announcement triggers community backlash. Hayden Adams calls it “peak Ethereum dysfunction.”
🔹 SEC’s Crypto Pivot – Enforcement shift: Uniswap, OpenSea, and Consensys investigations dropped. Is the SEC losing its war on crypto?
🔹 Richard Heart’s Case Dismissed – The SEC’s lawsuit against the HEX founder gets tossed on procedural grounds, but the agency has a chance to refile.
🔹 The Hyperliquid Question – Is Hyperliquid the next frontier for crypto liquidity, or a regulatory time bomb waiting to go off?
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Timestamps
00:00 Intro
00:48 ETH Denver
06:16 Bybit Hack & Its Aftermath
14:52 Lazarus Group Has Skills
16:52 THORChain and Ethics of Decentralization
24:49 Role of KYT Services in Crypto Security
28:40 SEC's Stance on Memecoins
37:19 EF Silviculture Society
46:43 Ethereum Scaling Bet
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Crypto derivatives exchange Bybit just became the latest victim of North Korea’s elite hacking unit, the Lazarus Group. They didn’t brute-force their way in. They didn’t exploit some obscure vulnerability. Instead, they tricked a trusted developer, slipped in malicious code, and took off with a fortune.
How did this happen? Why was $1.5 billion sitting in a single wallet? What mistakes did Bybit and Safe make? And, more importantly, what needs to change to stop this from happening again?
This week, Mudit Gupta, chief information security officer at Polygon, joins Unchained to expose the security failures, the sophisticated tactics Lazarus used, and why crypto still hasn’t learned its lesson.
Show highlights:
2:11 Mudit’s experience with North Korea’s Lazarus
3:24 How Lazarus perpetrated the $1.5 billion hack
5:55 Why Lazarus relies on social engineering over technical exploits
7:34 Why Bybit was so specifically targeted by the hackers
10:02 What Bybit should have done to prevent the exploit
13:12 Why Mudit believes there was “no reason” to hold so much ETH in one single wallet
15:57 Who should be a signer in multisigs
17:46 How to prevent using a malicious website
19:13 Why Safe should have done things differently, according to Mudit
19:55 How Bybit and Safe handled crisis communication
24:20 Mudit’s must-know security tips for protecting your crypto
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Guest
Mudit Gupta, Chief Information Security Officer at Polygon
Links
Recent coverage of Unchained on the Bybit hack:
North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them?
The Chopping Block: Crypto’s Worst Week? Bybit Hack, Libra Scandal, & The Memecoin Reckoning
Bits + Bips: Markets Are Down Bad. When Will Crypto Recover?
Unchained: Bybit Flows Return to ‘Normal’ After Biggest-Ever Crypto Hack
Bybit Hack Forensics Report
"Safe{Wallet} Statement on Targeted Attack on Bybit "
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Crypto markets are down bad—but is this just a rough patch, or are we looking at something bigger?
After a brutal sell-off in Solana, the $1.5 billion Bybit hack, and macro uncertainty weighing on Bitcoin, investors are searching for answers. Some think the worst is over, while others believe more pain is coming before the market turns around.
In this episode of Bits + Bips, Noelle Acheson, Alex Kruger, and Ram Ahluwalia are joined by Eliézer Ndinga of 21Shares to break it all down. They discuss how institutions are approaching this downturn, why Solana has been hit harder than the rest, and what catalysts could bring crypto back to life.
Is this the start of a new accumulation phase, or are we in for another leg down?
Show highlights:
2:36 How the ByBit team responded so well to the hack
17:43 Why the market selloff was not specific to crypto
29:09 How institutions have become more sophisticated about crypto
31:10 Why SOL has been down so much and whether it has bottomed
34:37 Whether tariffs keep having an effect on the markets
37:23 Why the state of the markets makes Eliézer think the crypto asset class has matured
41:27 Whether bitcoin can be a safe haven and the role of diversification
45:26 What the next catalysts for crypto are
49:33 Why Eliézer is so optimistic about the long-term outlook of crypto
53:33 Alex’s spicy opinion on DOGE and Elon Musk
Sponsors:
Somnia Network
RockWallet
Bitwise
Hosts:
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Eliézer Ndinga, Head of Strategy and Business Development at 21.co; the parent company of 21Shares
Links
Unchained: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them?
Reuters: Trump says Canada, Mexico tariffs on schedule despite border, fentanyl efforts
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$1.5 billion gone in an instant. And what’s worse, to fund a nuclear weapons program.
The largest crypto hack in history just hit Bybit, and the culprit is the infamous North Korean hacking group, Lazarus. Known for some of the most sophisticated cyber heists ever, they often use social engineering tactics and start by tricking low level employees. Although they can often wait to launder funds, in the case of Bybit they started right away.
How did this happen? Could it have been prevented? And what does this mean for the security of the entire crypto industry?
Taylor Monahan, security at MetaMask, and Jonty, a senior investigator at zeroShadow, talk all about it.
Show highlights:
2:53 Taylor’s and Jonty’s backgrounds and why they are relevant to this discussion
6:06 What the mechanics of the hack were
13:03 How Lazarus usually operates and the tactic of blind signing
17:11 Jonty’s important tips for people handling large amounts of crypto
23:45 How Bybit was able to say almost immediately that their other assets were secure
29:02 How much exchanges typically hold in each cold wallet
32:00 Why the evidence of the hack points to North Korean group Lazarus
41:01 Why North Korean hackers don’t care if their attack is linked to them
49:30 How Lazarus typically social engineers its hacks
53:48 Why Jonty thinks the industry needs a serious upgrade in terms of security
58:08 How the funds get laundered in such cases and what the industry can do
1:09:54 The chances Lazarus actually makes money from the hack
1:15:34 How DeFi protocols should approach this problem
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Bitwise
Guests:
Taylor Monahan, Security at MetaMask
Jonty, a senior investigator at zeroShadow
Links
Previous coverage on Unchained about North Korean hackers:
How North Koreans Infiltrated the Crypto Industry to Fund the Regime
Why North Korea Is Interested in Cryptocurrency
Yeonmi Park on Why Doing Business With North Korea Is Like Buying a Ticket to a Concentration Camp
GitHub - pcaversaccio/safe-tx-hashes-util: bash script that checks that the Safe transaction that you are signing is the one that you intend to sign
Cointelegraph: Crypto exchange eXch denies laundering Bybit’s hacked funds
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week: Bybit’s $1.5B hack, likely by North Korea’s Lazarus Group, and the Libra scandal, where Hayden Davis exposes the memecoin playbook. Meanwhile, Dave Portnoy rugs Greed and Greed 2, Kanye’s YZY token leaks, and the LA Vape Cabal collapses. But crypto markets hold strong, and the SEC just dropped its lawsuit against Coinbase. Is this the end of the memecoin era? We break it all down.
Show highlights
🔹 Bybit’s $1.5B Hack – Largest crypto hack in history, linked to North Korea’s Lazarus Group. CEO Ben Zhou handled it masterfully, securing a bridge loan to cover outflows.
🔹 Hayden Davis & the Memecoin Playbook – Argentina’s Libra token scandal exposed the insider trading behind celeb-backed coins. Hayden Davis spills the playbook on Coffeezilla.
🔹 Portnoy’s Pump & Dump – Barstool’s Dave Portnoy rugs his own followers with Greed and Greed 2, then mocks them.
🔹 The Memecoin Bubble is Popping – Sentiment shift: retail realizes the game is rigged. Memecoins may finally be out of steam.
🔹 Kanye’s YZY Coin? – West’s team accidentally leaks a memecoin plan. Will it even launch, or is it DOA after the Libra scandal?
🔹 The LA Vape Cabal Collapses – Once a driving force in memecoins, this underground group falls apart after links to Kelsier Ventures are exposed.
🔹 Regulatory Winds Shift – SEC drops its lawsuit against Coinbase. Crypto enforcement pivots from good actors to actual fraud.
🔹 Crypto Holds Up – Despite chaos, the market remains resilient. Infrastructure tokens are seeing renewed interest.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Disclosures
Timestamps
00:00 Intro
01:41 The Largest Crypto Hack in History
03:03 Bybit's Response and Industry Reactions
04:51 North Korea's Involvement and the Aftermath
18:06 Hayden Davis & LIBRA
30:50 Meteora & the Solana Universe
33:34 Downfall of Memecoins
39:58 Hypocrisy of Celeb Coins
47:00 Regulatory Changes and the Future of Crypto
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What started as another scammy memecoin launch has spiraled into one of Argentina’s biggest political scandals.
The $LIBRA token, promoted by President Javier Milei and tied to Hayden Davis of Kelsier Ventures, is now at the center of multiple investigations—with allegations of bribery, insider trading, and political corruption. Some are calling it “CryptoGate.”
Did Davis really have influence over Milei? Was the president’s sister involved in pay-to-play politics? Could Davis and Milei face legal action?
This week, Danny Nelson, managing editor for data & tokens at CoinDesk, joins to reveal what his reporting uncovered, from secret deals to political fallout—and why this scandal could change how people see memecoins forever.
Show highlights:
1:47 How Hayden Davis was bragging about his connection to the Argentine presidency
9:15 Why Karina Milei holds the keys to her brother
11:31 Whether Milei is trying to protect Davis
16:22 Whether Milei was an ignorant victim or a more knowledgeable participant in $LIBRA
18:46 What charges Davis could face in the U.S.
22:00 Why Danny thinks Jupiter is taking the right step
24:34 Whether a memecoin such as $LIBRA could be considered a security
29:32 What Davis should do with the $100 million in his possession
33:40 Whether memecoins are now dead
38:41 What the future of Pump.fun looks like
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Mantle
Guest
Danny Nelson, Managing Editor for Data & Tokens at CoinDesk
Links
Previous coverage of Unchained on the LIBRA scandal:
How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage
Bits + Bips: Could the LIBRA Scandal End the Memecoin Craze?
Unchained:
LIBRA Insider and Argentinian President Holding Secret Calls
Meteora Co-Founder Resigns Amid LIBRA Scandal
Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes
CoinDesk: Libra Token's Hayden Davis Bragged of Influence Over Argentina's Milei
Coinbase CEO Brian Armstrong’s post on memecoins
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The $LIBRA token launch was a disaster—insider trading, price manipulation, and yet another memecoin scandal. But does this mean the memecoin era is over?
This week, James Seyffart, Joe McCann, Ram Ahluwalia, and Noelle Acheson break down the fallout from the $LIBRA launch, what it means for Solana and the broader market, and whether the crypto community is finally waking up to the risks of insider-driven tokens.
They also dig into macro trends impacting crypto—including whether institutions are secretly loading up on bitcoin, the role of DOGE in the broader market, and why some traders are starting to position for a bounce.
Plus, what’s next for SOL after weeks of bleeding?
Show highlights:
2:45 - How everyone was so surprised by the $LIBRA scandal
10:40 - Why the likes of Hayden Davis are admitting to fraud
12:47 - Why Joe thinks that Solana is not affected by these debacles
15:26 - What Davis should do with the $100M in his power
20:21 - Whether the memecoin cycle is over
25:48 - The irony of people who now want regulations
33:31 - How big institutions have been loading up on bitcoin ETFs
38:20 - Why the U.S. government should modernize its technology
44:39 - Whether DOGE will have a big impact on macro
51:24 - What the Fed will do in the near future
55:29 - Why ETH outperformed this week and why the broader market tanked
1:04:33 - Why Ram believes that Solana will have to get through the “psychological damage”
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Joe McCann, Founder, CEO, and CIO of Asymmetric
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Links
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Was Argentina’s president used to pump a memecoin? The launch of $LIBRA has turned into a political and financial scandal, with accusations of insider trading, bribes, price manipulation, and government ties to crypto influencers.
In this episode, Diogenes Casares, a crypto trader with deep connections in both memecoins and Argentina’s crypto scene, exposes what really happened behind the scenes. He details how a network of market makers, influencers, and political insiders orchestrated the launch, how the price was manipulated from the start, and why he believes the entire operation was illegal.
Casares also explains the potential legal consequences for those involved, the impact on President Javier Milei’s administration, and what all this means for the future of Solana memecoins.
Show highlights:
3:06 How Dio heard about the launch of an Argentina-related memecoin two weeks in advance
8:09 Whether Argentines were the ones who actually lost money on the coin
40:50 How Kelsier Ventures’ Hayden Davis crashed the price of the token
14:51 How the story is being perceived in Argentina
16:38 Why Dio believes Argentine President Javier Milei was naive
22:38 Who the insiders were and what role they played
26:56 Why Dio says that insider trading is illegal even in crypto
30:31 How some of the insiders are “pathological liars,” according to Dio
34:57 Why Dio doesn’t believe Jupiter’s statement and is skeptical about the Meteora founder’s statement
40:50 Why Dio says Davis’ “strategy” was actually price manipulation
44:32 What should be done with the $100 million that Davis holds
45:24 How Milei could suffer politically because of the situation
51:48 What Dio thinks about Dave Portnoy’s refund
57:09 How it was disappointing that this scandal happened in a place with so much crypto adoption
1:00:53 What’s next for Milei and whether he’ll go through impeachment
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
RockWallet
Mantle
Bitwise
Guest:
Diogenes Casares, a crypto trader from Argentina
Links
Unchained: Crypto Community Incensed by Insider Activity on LIBRA Memecoin Promoted by Argentina’s President
Coffeezilla interview: Argentina’s memecoin creator interview (LIBRA)
Bribes, Insiders and a Manipulated President | What Really Happened with $LIBRA by Diogenes Casares
Jupiter Exchange’s statement
Meteora’s Ben Chow’s statement
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