Avsnitt
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Stablecoins are having a moment.
From Stripe’s acquisition of crypto wallet startup Privy, to Shopify integrating USDC, to Plasma raising $500 million for its stablecoin-optimized sidechain, stablecoins are having a moment. And at the center of it all is Circle, which had one of the most successful IPOs in decades.
But what’s really happening under the surface? And who’s best positioned as stablecoins go mainstream?
Vicky Fu, co-founder at Yala and former engineering director at Circle, joins Unchained to explain:
How she saw Circle as deeply undervalued before the IPO buzz
What Stripe’s crypto moves signal for the broader market
Why retail payments could become stablecoins’ breakout use case
How network effects give Circle a serious edge, even as banks circle the space
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Ledn
FalconX
Human Rights Foundation
Guest
Vicky Fu, co-founder at Yala
Links
Unchained: GENIUS Stablecoin Bill Advances in U.S. Senate
Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin
The Block: Payment giant Stripe to buy crypto wallet firm PrivyMarket
Payment giant Stripe to buy crypto wallet firm Privy
CoinDesk: Crypto startup Plasma’s XPL Token Sale Hits $500M as Investors Chase Stablecoin Plays
The Block: Plasma doubles its deposit cap, clarifies it is eyeing $50M public sale at $500M FDV
Reuters: Societe Generale becomes first major bank to launch dollar-pegged stablecoin
The Information: Financial Markets Giant DTCC Explores a Stablecoin
Timestamps:
๐ฌ 0:00 Intro
๐ 2:40 Why Vicky believed Circle was deeply mispriced BEFORE the IPO hype
๐๏ธ 11:336 How Circle’s quiet infrastructure play is more powerful than it looks
๐ 17:40 Why the Shopify–USDC integration could be a turning point
๐ผ 19:14 What Stripe’s acquisition of Privy signals
๐ฅ 23:42 What the Plasma ICO reveals about surging interest in the sector
๐ฆ 29:50 Whether crypto-native issuers can really compete with banks entering the stablecoin race
๐ฐ 34:10 Weekly 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, we’re joined by a special guest: Laura Shin, host of Unchained! The crew unpacks Circle’s explosive IPO, Tether’s threat to exit the U.S., and the meme-stock logic powering the rise of “crypto treasury companies.” From Coinbase’s grip on USDC to Wall Street’s sudden enthusiasm for stablecoins, we explore how public markets are reshaping crypto’s power centers. Is Circle overvalued—or the last compliant winner left? And are ICOs really back? We debate whether crypto’s just maturing—or if it’s being hijacked by the suits.
Show highlights
๐น Circle’s IPO Shocks Wall Street – One of the biggest two-day pops in IPO history: Did bankers misprice, or did crypto just break TradFi?
๐น Stablecoin Season or Meme Stock Mania? – Circle hits 160x earnings, 15x revenue—Tarun calls it “CoreWeave for finance”
๐น Tether Threatens U.S. Exit – New regulation looms: Will Circle rule America while Tether dominates abroad?
๐น The Coinbase Cut – Why Coinbase might be the real winner behind USDC—and the hidden economics of stablecoin margins
๐น Banking Consortium Incoming? – JPMorgan and Wells reportedly plotting their own stablecoin play. Is Circle racing against the banks?
๐น The Rise of Treasury Tokens – From MicroStrategy to Solana clones: Are “crypto holding companies” the new ETF?
๐น Copycats or Cult Leaders? – Why everyone wants to be Saylor—and why most won’t survive
๐น Are These Companies Just Meme Stocks? – Laura and Tarun debate whether tradable crypto firms have real value—or just vibes
๐น The Return of the ICO – Plasma raises $500M on Sonar, sparking a new wave of pre-token speculation
๐น Is This Financial Innovation or Regulatory Theater? – Haseeb asks: Are we maturing—or just dressing TradFi in crypto clothes?
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
โญ๏ธTarun Chitra, Managing Partner at Robot Ventures
โญ๏ธLaura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained
Timestamps
00:00 Intro
01:25 Circle's IPO: A Historic Event
03:16 Market Reactions & Implications
06:49 Stablecoin Legislation & Tether's Response
08:56 Circle's Market Position & Future
23:12 Crypto Treasury Companies: The New Trend
32:09 Understanding Convertible Arbitrage in Crypto
37:02 Potential Risks and Market Dynamics
41:36 The Influence of Michael Saylor
43:57 The Need for Charismatic Leaders in Crypto
50:07 The Rise of ICOs and Market Trends
55:04 Concluding Thoughts on ICOs
HostsDisclosures
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This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle’s triumphant IPO, ETH’s institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini’s IPO ambitions tell us about the state of exchanges, and whether Ram’s call for a BTC breakout is about to hit.
Also on the docket:
Is Circle really worth its sky-high valuation?
Why exchange fees are stuck in the 1970s
ETH: the quiet trade that might be heating up
Oh, and yes, they talk about the Trump–Elon feud too ๐
Sponsors:
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steve Ehrlich, Executive Editor at Unchained
Guest:
Sal Ternullo, Managing Partner at A100x Ventures
The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast?
Unchained:
Stablecoin Giant Circle Raises $1.1 Billion in Its IPO
Early Circle Backer Slams IPO in Expletive-Filled Letter
BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B
Blockworks: Gemini files confidential S-1 with SEC in road to IPO
The Block:
Trump’s Truth Social files S-1 with SEC for Bitcoin ETF
15-day streak brings Ethereum ETFs to record high cumulative inflow value
Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation
Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels
CoinDesk:
MSTR Boosts Stack Again
Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC
Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings.
Timestamps:
๐ 0:00 Intro
๐ง 1:28 Why the market is ignoring the Trump-Elon “break up”
๐ 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for crypto VC)
๐ฆ 30:25 Why Circle may struggle to compete with traditional banks
๐ 38:34 Why exchanges should rush to go public
๐ 46:40 Why Ram thinks that the market is immune from more bad news
๐ฅ 57:16 The secret signs of a coming bitcoin supply shock
๐งพ 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last
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In part 2 of Jeff Park’s interview with Unchained, he describes ways that both everyday investors and the U.S. government can use various crypto assets to come out on top as old models and strategies become outdated.
He reveals the three personal stories that led him to develop his radical portfolio theory, puts himself in the shoes of Treasury Secretary Scott Bessent, and explains why Japan is the linchpin in the transition to this new world order.
In this episode, we explore:
Why Jeff believes the future belongs to wholecoiners
The social mission behind owning bitcoin
How the U.S. could leverage stablecoins to maintain global dominance
Why the new American dream might not involve a house at all
And why, in Jeff’s words, we may already be “living in a Bitcoin-only world.”
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Xapo Bank
Bitwise
Guest:
Jeff Park, Head of Alpha Strategies at Bitwise
Part 1 of Jeff on Unchained: Jeff Park Says the 60/40 Portfolio May Be Dead. Here’s His Radical Fix
Timestamps:
๐ 0:00 Intro
๐ 3:14 The 3 life events that shaped Jeff’s radical portfolio vision
๐ 7:58 Why crypto’s value is clearer outside privileged financial systems
๐ 15:18 Why Jeff is so bullish on STRK and what it represents
๐ 20:56 What it means to be “living in a Bitcoin-only world”
๐ฅ 27:42 Why the U.S. is vulnerable and what’s the new American Dream
๐ค 32:36 What Jeff would do if he were in Treasury Secretary Scott Bessent’s position
๐ฏ๐ต 39:16 Why Jeff sees Japan as a critical piece of the global financial order
๐ต 48:36 Why stablecoins could be the U.S.’s most powerful financial weapon
๐ค 54:50 Why Jeff is skeptical about a U.S. bitcoin reserve
๐๏ธ 59:14 Whether Bitcoin treasury companies are here to stay
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On Tuesday, a pseudonymous X account claimed that Pump.fun, Solana’s breakout memecoin launchpad, would raise $1 billion via an ICO at a $4 billion valuation. The potential deal? Multiple CEX listings, a 10% community airdrop, and maybe even a launch by the end of the month.
The community reaction? Not great.
In this episode, Syncracy Capital’s Ryan Watkins joins to break down the backlash, whether the raise makes sense, and what this kind of fundraising says about the current state of crypto.
He discusses:
Whether Pump needs $1 billion and what they’d even do with it
Why some people are furious, even as Pump prints revenue
If this is bullish or bearish for Solana
Why an airdrop was not pursued
Whether the $4 billion valuation makes sense
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Ledn
FalconX
Human Rights Foundation
Ryan Watkins, Co-founder of Syncracy Capital
Unchained: Pump.fun Mulls $1B Token Sale
Nextfckingthing’s tweet breaking the news
Ansem’s tweet on “pump fun raising $1B at $4B after Trumpcoin launch is like the second plane hitting the towers”
Ansem’s poll
Ryan’s tweet on “Pump anger”
Solojay tweet on Pump’s top 25 wallets
Mosi’s tweet on why “Pump's ICO seems like an asymmetric bet (skewed to the downside)”
Timestamps:
๐ 0:00 Intro
๐ค 4:03 Why skepticism around Pump.fun’s $1B raise is valid
๐ฐ 7:06 What Pump would even do with $1 billion
๐ 21:17 Whether a $4B valuation actually holds up
๐ฅ 24:08 Will this ICO hurt SOL?
๐ 27:05 Why Pump chose not to do a big airdrop
๐ฑ 28:56 Whether Pump.fun can hold its ground as SocialFi competition heats up
Learn more about your ad choices. Visit megaphone.fm/adchoices -
Welcome to The Chopping Block โ 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 tackles a triple-header of cryptoโs growing pains: the bizarre saga of James Wynnโa memecoin gambler whose billion-dollar positions on Hyperliquid ended in public ruin; the Ethereum Foundationโs surprise rebrand into โProtocolโ and its sudden embrace of hierarchy; and a bold manifesto from Miles Jennings calling for the end of crypto foundations as we know them. Is radical transparency a feature or a trap? Is Ethereum finally prioritizing execution over vibes? And are foundations just offshore theaterโor necessary guardians of decentralization? The gang debates all this and more in a conversation that asks: whoโs really in control of cryptoโand should they be?Show highlights๐น James Wynn: From $1B to $16 โ The infamous Hyperliquid trader wipes out, then begs for donationsโฆ and opens new positions days later๐น Liquidation Theater โ Was Wynnโs downfall market manipulation, a psyop, or just crypto doing what it always does?๐น Hyperliquid Transparency Debate โ CZ, Jump, and Hyperliquid clash over whether radical openness helps or harms๐น Stop-Hunting Season โ Tarun explains why onchain liquidation is more deterministicโbut not necessarily more malicious๐น Ethereum Foundation Rebrands โ Meet โProtocolโ: a new structure, a new strategy, and maybeโฆ a new hierarchy๐น The End of Purge & Surge โ Is Ethereum finally abandoning the meme roadmap and focusing on shipping?๐น Tim Beikoโs New Role โ A surprising centralization of coordinationโand why the ETH community seems to like it๐น DUCS vs. DUNA โ The crew proposes a new Ethereum acronymโand debates Miles Jenningsโ push to end the foundation model๐น Are Foundations Just Offshore Theater? โ Haseeb argues itโs time to kill the Cayman entity and rethink DAO legal structures๐น The Legal Marketing Wars โ Tarun and Tom debate whether cryptoโs governance evolution is genuineโor just โintellectual shillingโโญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTarun Chitra, Managing Partner at Robot Venturesโญ๏ธTom Schmidt, General Partner at Dragonfly The end of the foundation era in crypto by Miles Jenningshttps://a16zcrypto.com/posts/article/end-foundation-era-crypto/Announcing Protocol by Barnabรฉ Monnot, Tim Beiko, Alex Stokeshttps://blog.ethereum.org/2025/06/02/announcing-protocolTimestamps00:00 Intro02:12 The Saga of James Wynn06:20 Market Manipulation vs. Transparency17:37 57, Tarunโs Favorite Number20:12 EF's โProtocolโ33:45 DUCS! Decentralization, UX, Censorship Resistance, and Scaling36:55 The End of the Foundation Era45:04 The Role of Legal Structures in Crypto52:49 Final Thoughts and Wrap-UpLearn more about your ad choices. Visit megaphone.fm/adchoices
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The Bitcoin Conference in Vegas is getting more political. Crypto treasury companies are exploding across the globe. And macro markets are flashing mixed signals, with geopolitics entering the chat.
In this episode of Bits + Bips, the panel dives into:
Key takeaways from Bitcoin 2025
The possible bubble forming around Bitcoin treasuries
How the SEC is fighting back against staking in ETFs
Whether Ethereum is finally catching up
How Ukraine just redefined trade risks
Why ETFs have seen so much inflows since the market bottom
How AI will impact growth and the job market
And … why James hates Las Vegas ๐
Thank you to our sponsor!
Bitwise
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
WSJ: Bitcoin Goes All In on MAGA, Shedding Its Antigovernment Slant
Unchained:
Pakistan Sets up Strategic Bitcoin Reserve
Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse?
Decrypt: Another Bitcoin Buyer? Nasdaq-Listed Reitar Logtech Plans $1.5 Billion BTC Purchase
The Defiant: Trump Media Closes Roughly $2.4 Billion Financing to Establish Corporate Bitcoin Treasury
Bloomberg: SEC Flags Concerns on Crypto ETFs Offering Staking Rewards
The Guardian: Ukraine launches major drone attack on Russian bombers, security official says
Timestamps:
0:00 ๐ Intro
2:02 ๐ฐ - Why James hates Vegas, but was impressed with Bitcoin 2025
4:48 ๐ - Has bitcoin moved too far right politically?
10:02 ๐๐ - If bitcoin treasuries are all the rage, why isn’t the price moving?
13:26 ๐ - One big reason why the treasury bubble differs from SPACs
18:26 ๐ - Are these companies destined to implode?
22:55 ๐ค - One big (but hidden) opportunity to profit from this market
34:23 ๐ฆ - How some ETF issuers tried (and failed) to pull one over on the SEC
43:19 ๐ค - Why James sees one quiet, but bullish, trend in ETF flows
47:48 ๐ - Why Noelle thinks that numbers don’t matter - it's all about geopolitics
58:10 ๐ - Ram sees a secretly bullish setup. Here’s how he says to play it
1:07:33 ๐ป - How AI is going to eat the world, and turn markets upside down
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Jeff Park thinks the most popular investing strategy of the last decades — the 60/40 portfolio — is dead.
Jeff has spent his early career inside the traditional system. But now, after two years in finance, he’s calling for a full rethink of the modern portfolio: from what counts as “safe” to how inflation actually works to why Bitcoin may be the real anchor asset in a world that’s spinning off its axis.
In this episode, the first in a two-part series, he and Laura dig into:
Why the 60/40 portfolio is quietly failing
What the rise of “resistance” assets says about trust in institutions
Why STRK and BTC are the distillation of Jeff’s radical portfolio
How traditional finance may be more correlated to crypto than you think
Why “time is liquid energy” and bitcoin is so valuable
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Xapo Bank
Bitwise
Jeff Park, Head of Alpha Strategies at Bitwise
The Radical Portfolio Theory by Jeff Park
Unchained: DeFi Leverage on Apollo’s $1.3 Billion Credit Fund
Timestamps:
๐ 0:00 Intro
๐ง 2:19 How entering the workforce in 2008 pushed Jeff to question everything, even the dollar
๐๏ธ 14:31 Jeff’s role as head of alpha strategies at Bitwise
๐ 17:27 Why the classic 60/40 portfolio may be dead
๐ 34:10 How crypto fits into the new financial world
โก 40:58 Why “time is liquid energy” and bitcoin captures it best
๐ 41:52 The core of Jeff’s radical portfolio theory
๐ก๏ธ 54:44 What goes into the “resistance” asset bucket
๐ฏ 59:00 Why prediction markets could diversify your income
๐ 1:09:52 Why Jeff is betting big on Strategy’s STRK and BTC
๐ 1:14:31 The rise of crypto treasury companies and whether they pose systemic risk
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Public crypto treasury companies are in the news right now.
Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital.
But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb?
Pantera Capital’s Cosmo Jiang joins Unchained to unpack:
The structures and strategies behind these companies
Why Solana is appearing more than Ethereum (and what that says)
How XRP’s brand power could matter more than its adoption
The risks these vehicles pose to investors and to markets
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
Focal by FalconX
Guest
Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital
Links
Previous coverage of Unchained on bitcoin treasury companies:
Why Twenty One Capital Is More About Volatility Than Bitcoin
Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed?
Unchained:
Trump Media Confirms $2.5B Capital Raise to Buy Bitcoin
Consensys Leads $425M Raise for SharpLink Gaming’s ETH Treasury Plans
The Block: GameStop buys 4,710 bitcoin for corporate treasury: filing
CoinDesk: VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing
Bloomberg:
Cantor’s $2 Billion Bitcoin-Backed Lending Arm Makes First Deals
The Stock Market Loves Bitcoin
Timestamps:
๐ 0:00 Intro
๐ 1:57 Why crypto treasury companies are suddenly everywhere
๐๏ธ 5:03 How these vehicles are structured to raise and deploy capital
๐ฒ 8:36 Which strategies carry more risk for investors
๐ 9:57 Pure-play crypto vs. operational businesses: what works better
๐ฐ 12:40 Why these companies often trade at a premium to their crypto
๐ฅ 16:56 Why there’s more buzz around SOL than ETH in these structures
๐ฃ 19:44 How XRP treasury plays are unique … but tied to marketing, not tech
๐โ๏ธ 21:31 Why some investors prefer these stocks over holding actual tokens
โ ๏ธ 24:12 Could these companies pose systemic risks to crypto markets?
๐ 27:58 The key metrics to watch when valuing crypto treasury companies
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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 gang reunites to confront a troubling pattern: we’re making the same mistakes all over again. From the $223 million Sui hack and validator-led censorship to Coinbase’s insider data breach and the Trump token dinner spectacle, this week feels like a remix of the industry’s most painful lessons. The crew reflects on how decentralization is being quietly redefined, why newer chains ignore crypto’s origin story, and what it means when memecoins are the new access pass to political influence. Also: James Wynn’s billion-dollar trades, fading cypherpunk values, and a creeping sense that the crypto future looks a lot like its past.
Show highlights
๐น Sui’s Ethereum Classic Moment – Why freezing a hacker’s funds reopened an old decentralization wound
๐น The Same Mistake Again – Tarun and Robert reflect on the crypto industry’s short memory and long consequences
๐น Coinbase’s KYC Breach – How bribed support agents exposed a broken identity system
๐น The Trump Token Dinner – Steak, disappointment, and the illusion of access in crypto’s weirdest political stunt
๐น The Death of Cypherpunk Values – Haseeb asks: are decentralization and censorship-resistance just legacy slogans now?
๐น Validator Power Creep – The panel debates whether emerging L1s are becoming de facto states
๐น James Wynn’s Trading Circus – A $1.25B long, 40x leverage, and the thin line between marketing and madness
๐น Hyperliquid Stress Test – Robert wonders: is Wynn just a trader, or a protocol’s canary in the coal mine?
๐น The KYC Iceberg – Why crypto keeps leaking private data—and why nobody’s fixing it
๐น Chopping Boomers Mode – When no one gets your Ethereum Classic jokes, maybe the revolution’s over
Hosts
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly
โญ๏ธRobert Leshner, CEO & Co-founder of Superstate
โญ๏ธTarun Chitra, Managing Partner at Robot Ventures
โญ๏ธTom Schmidt, General Partner at Dragonfly
Timestamps
00:00 Intro
01:15 Cetus x Sui Hack
07:56 Ethereum Classic & Crypto History
21:37 Trump Token Dinner Controversy
29:56 Coinbase Ransom Hack
33:49 KYC Data Vulnerabilities
43:02 James Wynn's High-Stakes Trading
Disclosures
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A debate has been heating up on crypto Twitter about Real Economic Value (REV) — a metric meant to measure the value blockchains accrue from user activity. REV includes transaction fees and MEV tips, but excludes issuance — the inflationary rewards paid to validators. Some say it’s the clearest window into genuine usage. Others argue it’s a flawed and misleading proxy.
So we brought the argument to Unchained. Tom Dunleavy, Head of Venture at Varys Capital, says fees are headed to zero, and blockchains shouldn’t be valued like companies. Meanwhile, Austin Federa, Co-founder of DoubleZero, believes REV offers a real lens on activity, maturity, and demand.
The conversation covers:
Whether REV is a meaningful metric (and how to game it)
Whether L2 tokens are fundamentally broken
What happens to security when fees (and MEV) go to zero
If high REV signals product-market fit or just economic noise
How to value blockchains, if not with REV
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:
Tom Dunleavy, Head of Venture at Varys Capital
Austin Federa, Co-founder of DoubleZero
Timestamps:
๐ 0:00 Intro
๐ 2:50 What REV actually measures and why it’s sparking so much debate
๐ธ 4:33 Why fees that don’t go to the protocol are included in this metric
๐ช 14:43 Whether L2 tokens are fundamentally worthless
๐งฎ 15:53 How to factor Ethereum L2s into the REV equation
๐ 18:15 Why Tom thinks all fees are going to zero and what that means for value accrual
๐ 34:06 Austin defends REV and explains why it reflects real user demand
โ ๏ธ 37:07 MEV debate: is it a feature or a flaw?
๐ 42:59 Why Solana might not follow Ethereum’s REV path
๐ก๏ธ 44:18 Who secures the network when MEV goes to zero
๐ค 53:46 Whether high REV means success
๐ซ 59:46 Why Austin calls out Jesse Pollak’s “no sandwiching” claim on Base
๐ 1:02:30 Whether Solana’s Alpenglow proposal could reshape MEV
๐ 1:03:43 How REV might rise even as MEV declines
๐ 1:07:11 Why Bitcoin lives in its own reality when it comes to metrics
๐ฎ 1:09:57 How protocols can game the REV metric
๐ 1:15:19 What other metrics matter when valuing blockchains
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Yield-bearing stablecoins have had decent growth, now topping $6 billion in supply and paying out nearly $600 million to users, according to data from Stablewatch. But just as these products go mainstream, the U.S. Senate is moving forward with a stablecoin bill that could ban them outright in America.
In this episode, NYU professor and Zero Knowledge Consulting founder Austin Campbell joins Laura to break down:
Why yield-bearing stablecoins are under fire in Washington
Why Dems are pushing for the ban and who stands to benefit
How this bill could give foreign issuers an edge over U.S. ones
Whether yield-bearing stablecoins are securities under U.S. law
And what the future holds for projects like Ethena, Sky, and others
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
Focal by FalconX
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Unchained:
How the Senate Stablecoin Bill Enriches Corporations at the Expense of Consumers
Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win
Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill
Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance
Timestamps:
0:00 Introduction
๐ฃ 1:29 Why the new stablecoin bill takes direct aim at yield-bearing stablecoins
๐ณ๏ธ 3:36 How Democrats are driving the push for a ban and what their motivations might be
๐ฆ 6:28 Why calling stablecoins “banks” leads to major policy confusion
๐ 13:49 How the bill could hand an advantage to offshore stablecoin issuers
๐ 19:31 Whether Tether is warning about risk or just protecting its own interests
โ๏ธ 21:09 Are yield-bearing stablecoins actually securities under U.S. law?
๐ฐ 23:40 What real benefits yield-bearing stablecoins offer to users
๐ซ 29:54 Why Austin opposes the proposed 10% interest cap
๐ 32:04 Why Ethena would likely be regulated under market structure rules instead
๐ฐ 35:04 Weekly News Recap
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U.S. credit got downgraded. Fed policy expectations are flipping. And Coinbase hit the S&P 500 (while also being extorted).
But what does all of this mean for crypto?
On this week’s Bits + Bips, James Seyffart, Alex Kruger, Ram Ahluwalia, and Noelle Acheson break down:
Why the Moody’s downgrade doesn’t mean much for markets
Whether Fed rate cuts are now further off than expected
Why Alex says Coinbase is a “horrible product” despite S&P inclusion
How stablecoins tie into U.S. geopolitical strategy
Whether Circle should sell to Coinbase
And what the altcoin ETF delay really tells us
Plus: unemployment, yield curve control, the “Consensus vibes,” and Ram’s wild anecdote about workers gaming unemployment benefits.
Bitwise
James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Macro
Reuters: Moody's downgrade intensifies investor worry about US fiscal path
USNews: Trump Tells Walmart to 'Eat the Tariffs' Instead of Raising Prices
Coinbase
Unchained: How the Attack on Coinbase Shows the Dangers of Centralized Exchanges
Fortune: Circle pursues IPO—but talks with Coinbase and Ripple could mean a sale, sources say
CNBC: Coinbase joining S&P 500, replacing Discover Financial
Stablecoin bill
Unchained: Stablecoin Bill Passes Key Hurdle: Dems Join GOP to Deliver a Crypto Win
Timestamps:
๐ 0:00 Intro
๐ณ 2:18 A big reason why the U.S. credit downgrade matters for investors
๐ 7:49 Contrarian take: why souring U.S. debt could also hurt crypto
๐ก๏ธ 15:30 Do tariffs work against the U.S. military and national security?
๐ 20:14 Why the crew flipped on Fed rate cut expectations
๐ 28:35 Is the U.S. about to introduce yield curve control?
๐งพ 35:04 Are the Mag7 stocks the new safe havens in a recession?
๐ 38:54 What if the “Goldilocks” scenario is priced in, and it's wrong?
๐ผ 44:26 Why hedge funds are secretly in a vulnerable position
๐ซฑ 49:15 What the “vibes” at Consensus 2025 revealed
๐ต๐จ๐ณ 50:44 A secret threat that the stablecoin bill poses to China?
๐ 57:43 What Coinbase’s S&P 500 inclusion means and why Robinhood is its biggest threat
๐ 1:07:17 Should Coinbase acquire Circle? Here’s what the panel thinks
โณ 1:13:38 Why altcoin ETF approvals are delayed and wen staking in ETFs?
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Legacy social media platforms lock you in, control your audience, and exploit your data.
Farcaster aims to fix those problems. But how can it attract developers and users in an already saturated media environment?
Developer Ecosystem Lead Linda Xie joined the show to explain:
How Farcaster addresses social media’s structural flaws
How Farcaster’s mini-app ecosystem is helping to grow the user base
The most popular apps taking off on the platform
How the whole crypto community could benefit from gathering on Farcaster
Why she believes crypto communities belong on open, portable networks
And why her family’s history helped her grasp the significance of Bitcoin in 2011
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
Linda Xie, Developer Ecosystem Lead at Farcaster
Previous coverage of Unchained on Farcaster and social media:
Farcaster Wants to Win Over Crypto. Here’s How It’s Different From ‘Crypto Twitter’
Ethereum Accounts to Post on Social Media More After Criticism
How Decentralized Social Network Farcaster Hopes to Eventually Get to One Billion Users
What is Warpcast Wallet?
Farcaster’s Snapchain
Farcaster’s mini-apps
Understanding Farcaster: A Sufficiently Decentralized Social Graph Protocol
Timestamps:
๐ค 0:00 Introduction
๐คฏ 3:55 How an unusual situation in her family got Linda crypto-pilled
โ๏ธ 7:57 How building legitimacy at Coinbase was crucial for the industry
๐ช 10:20 Xie’s journey from VC to founder
๐ 13:04 How crypto’s adoption has evolved around the world
๐ 16:44 Why Linda decided to build and focus on Farcaster
๐ง 23:31 How Farcaster addresses social media’s structural flaws
๐ 31:14 How mini-apps build Farcaster’s user base
๐ฒ 37:32 Why Warpcast Wallet is a “game changer,” according to Linda
โ 40:19 How Snapchain is used for storing data
๐ท 44:29 What types of developers the Farcaster ecosystem attracts
๐ก 45:20 How Linda aims to make Farcaster easy to understand
โจ 49:50 Linda’s favorite Farcaster mini-apps
๐ 55:10 Attracting the whole crypto community to Farcaster
Thank you to our sponsors!Guest:Links
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Coinbase revealed on Thursday that cybercriminals bribed overseas customer support contractors to steal sensitive customer data as part of a $20 million extortion scheme. While no funds or private keys were compromised, customer names, addresses, and ID documents were exposed for nearly 1% of the company’s 8+ million “monthly transacting users,” according to a blog post.
The story raises tough questions for the entire industry. Is KYC making users more vulnerable? Can human error ever be fully eliminated? And is crypto’s real security problem… people?
Security experts Jameson Lopp, James Wester and Alexander Leishman delve into:
What went wrong at Coinbase
Why human vulnerabilities are still crypto’s biggest risk
Whether KYC makes the problem worse
What companies should do next to protect their users
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Focal by FalconX
Bitkey: Use code UNCHAINED for 20% off
Mantle
Guests
Jameson Lopp, Co-founder and CTO at CASA
James Wester, Research Director at Javelin
Alexander Leishman, CEO and CTO at River
Links
Coinbase’s blog post: Protecting Our Customers - Standing Up to Extortionists
Coinbase’s SEC filing
Commentary:
Vance Spencer’s tweet
Armani Ferrante’s tweet
Timestamps:
๐๏ธ 0:00 Introduction and ads
๐ 2:30 How hackers tricked Coinbase’s offshore support and why humans remain security’s weakest link
๐๏ธ 6:49 What customer data was leaked and how hackers use it
๐ฏ 13:14 How attackers prey on targets at weak moments
๐ 20:47 Should Coinbase move customer support back to the U.S.?
๐ 26:35 Why KYC protocols might be making users more vulnerable, not safer
๐ก๏ธ 28:48 The best defenses companies can implement to protect users
๐ฐ33:49 Weekly News Recap
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra break down the biggest stories in crypto. This week, we’re joined by one of the most iconic anons on Crypto Twitter: Mosi, aka @vanacharma. Known for calling out sketchy tokenomics and vaporware valuations, Mosi joins the crew for a ruthless teardown of market maker games, OTC dumps, and the “hallucination yield” driving this cycle’s worst bets. From the $60M Movement Labs fiasco to OTC pump schemes and the collapse of community trust, the gang goes deep on why crypto’s market structure is broken—and what it’ll take to fix it. If you’ve ever wondered how the sausage gets made in crypto token launches, this one’s for you.
Show highlights
๐น $60M Movement Meltdown – How a token deal gone wrong became crypto’s latest fiasco and dragged down one of the cycle’s most hyped L1s.
๐น Anon vs. Everyone – Iconic CT anon @vanacharma breaks down the float games, OTC dumps, and tokenomics illusions plaguing the industry.
๐น Market Makers or Middlemen? – When is liquidity real, and when is it just backdoor exits? We unpack how MM incentives are getting abused.
๐น Hallucination Yield & Vapor Valuations – Why funds chase tokens with the fakest traction — and what happens when reality hits.
๐น Are VCs to Blame? – The crew debates whether investors are complicit in these token games or just bad at picking founders.
๐น Pump, Dump, Repeat – How OTC discounts, fake float, and circular trading fuel a Ponzi-like system hiding in plain sight.
๐น Why Retail Gets Burned – Most people never stood a chance. We walk through how asymmetric info and hidden unlocks wreck public buyers.
๐น Can This Be Fixed? – Haseeb and Mosi clash on the path forward: enforceable disclosures, exchange oversight, or do-nothing chaos?
๐น Self-Regulation Is the Only Way Out – Before the SEC nukes everything, the industry must grow up. Here’s where that starts.
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ Mosi, Just a Kid from Africa
Timestamps
00:00 Intro
01:22 Mosi’s Crypto Philosophy
03:13 Market Structure Issues in Crypto
08:07 OTC Deals & Market Manipulation
15:36 Fixing the Market Structure
23:56 Self-Correcting Market Dynamics
29:19 VC Incentives and Market Impact
36:08 Retail vs. Institutional Investors
52:26 Superstate's Vision for Onchain Equities
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After the U.S. and China announced a 90-day pause on tariffs, signaling a massive de-escalation of the trade wars, markets rallied.
In this week’s Bits + Bips, the panel covers the biggest macro and crypto forces in motion right now:
Will US-China tariff reset reshape the global economy, or just kick the can down the road?
America’s ballooning deficit and why politicians are spending like it’s wartime.
Why some think ETH has a unique lane to outperform.
How policymakers ignore the power of the crypto community at their own risk.
Plus: Saylor copycats, Solana’s risk-reward balance, and whether stagflation or recession is still in the cards.
Sponsors:
Bitwise
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steve Ehrlich, Executive editor at Unchained
Guests:
Peter Tchir, Head of Macro Strategy at Academy Securities
Zach Pandl, Head of research at Grayscale
POLITICO: Trump: The EU is ‘nastier than China’
David Bailey and Bitcoin-Native Holding Company Nakamoto Announce Merger with KindlyMD® to Establish Bitcoin Treasury
Unchained: Michael Saylor Copycats Rush to Win the Solana Rat Race. Can Lightning Strike Twice?
Reuters: Brokerages Scale Back Recession Odds After U.S.-China Trade Truce
White House: Joint Statement on U.S.-China Economic and Trade Meeting in Geneva
McKinsey: Chinese Consumption Amid the New Reality
CBS: U.S. Could Face Default by August if Congress Doesn't Address Debt Ceiling, Bessent Says
Stablecoin bill drama
Unchained:
Why the Senate Stablecoin Bill Stalled & What It Means for Crypto
Tether in the Clear? Yes, Under This New Republican-Led Senate Stablecoin Bill
Stablecoin Bill Stalls in Senate as GOP Cries Foul Over Dem Resistance
A House Hearing on Crypto? More Like a Big, Partisan Fight
Timestamps:
๐ 0:00 Intro
๐จ๐ณ๐บ๐ฒ 3:27 The significance of the U.S.-China tariff pause
๐ 8:55 Is this a global economic reset or just kicking the can down the road?
๐ง๐ผ 20:23 Has Bessent beaten Navarro in the Trump trade tug of war?
๐ 23:11 Whether the U.S.-China relationship is heading for a permanent split
๐ฆ 30:22 Is the U.S. heading for a debt default in August?
๐ญ 38:37 Why more are copying Strategy’s bitcoin playbook
๐ 44:53 ETH’s explosive short squeeze caught traders off guard. Can it continue?
๐๏ธ 52:47 How stablecoin policy suddenly became major political battleground
โ ๏ธ 1:00:20 Are there still stagflation and recession risks?
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The Movement Labs scandal exposed more than just one bad deal – it pulled back the curtain on a widespread problem in crypto: how some market makers, founders, and VCs play games to make money — whether the project succeeds or not.
In this episode, Laura speaks with José Macedo of Delphi Labs, Omar Shakeeb of SecondLane, and Taran Sabharwal of STIX to explain:
How market makers are supposed to work, and how they operate in crypto
Why insider selling is more common than you think
How projects like Movement, Mantra, and others exploit launch day hype
Whether VCs often enable this behavior with side deals that retail never hears about
And what the industry needs to do to fix this broken system
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
José Macedo, founder at Delphi Labs
Omar Shakeeb, cofounder of SecondLane
Taran Sabharwal, founder and CEO of STIX.
Movement Labs:
Unchained: How MOVE’s Contracts Put a Pump and Dump Into a Legal Agreement
CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen
Market making:
The Chopping Block: Can Crypto Clean Itself Up? Market Structure, Trust, and Regulation
Mantra Founder Is Burning 150 Million Tokens. Would He Try to Get Them Returned?
ZachXBT Ties REEF Founders to OM Token Crash
Timestamps:
๐ 0:00 Intro
๐ค 1:51 What Omar’s and Taran’s companies do
๐ญ 3:40 How market making works and how crypto twists the model
โ ๏ธ 9:35 Why crypto’s market maker incentives are broken by design
๐ ๏ธ 16:25 What it would take to fix shady market maker behavior
๐ฉ 26:20 How some founders exploit launch day hype to dump on retail
๐ง 38:11 Did Mantra’s JP pull off a “genius” move or manipulate the market?
๐ 42:22 Whether crypto traders do any research before apeing in
๐ธ 52:48 How founders are incentivized to dump their own tokens
๐ฆ 59:09 Why VCs may be fueling this problem with insider deals
๐ 1:02:37 What crypto needs to learn from traditional finance
โ 1:06:13 The biggest fixes the industry must prioritize to stop these scams
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and special guest Evgeny Gaevoy of Wintermute break down the biggest stories in crypto. This week: the $38M Move token dump exposes the shady side of market making, with shocking incentives that blurred the line between liquidity support and pure exit liquidity. We dig into what really happened, why major VCs looked the other way, and how the entire token launch playbook might be broken. Evgeny joins to give the market maker’s perspective — and to answer the question: how many more of these sh*t shows are still lurking beneath the surface?
Show highlights
๐น $38M Token Dump Exposed – How Movement Labs’ shady deal with Web3Port revealed the dark side of crypto market making.
๐น Market Makers or Exit Liquidity? – Inside the incentive structure that let a market maker dump tokens and split profits with the foundation.
๐น VCs Looked the Other Way – Why top investors backed Movement Labs despite red flags — and what it says about crypto due diligence.
๐น Rushi Gets Fired – The Movement Labs CEO is out after weeks of denial. But was the rest of the team complicit too?
๐น Wintermute’s Evgeny Speaks Out – The biggest market maker in crypto weighs in on shady deals, dump mechanics, and transparency failures.
๐น Airdrops, Float Games, and Retail Rugging – We dissect how token launches get manipulated behind the scenes — and who really pays.
๐น The Case for Disclosure – Why Haseeb argues crypto needs mandatory public disclosures for market making agreements — before regulators step in.
๐น Self-Regulation or SEC Crackdown? – Can the industry grow up on its own… or are we begging for another wave of securities enforcement?
๐น Crypto’s Trust Crisis – Without transparency, the entire token model risks collapse. This episode lays out how to fix it.
โญ๏ธHaseeb Qureshi, Managing Partner at Dragonfly โญ๏ธRobert Leshner, CEO & Co-founder of Superstateโญ๏ธTom Schmidt, General Partner at Dragonfly
Guest
โญ๏ธ Evgeny Gaevoy, Founder and CEO at Wintermute
Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen by Sam Kessler
๐https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen
Timestamps
00:00 Intro
01:19 Movement Labs Scandal: Inside the Market Maker Mess
06:26 How Crypto Market Making Really Works
10:54 Rigged from the Start?
17:25 Who Knew What? Movement Labs and the Industry Fallout
25:57 Why Crypto Needs a Market Maker Disclosure
34:45 Transparency vs. Manipulation
38:02 Do Market Makers Control Token Prices?
51:51 The Crypto Market Structure Bill: What’s at Stake
59:18 Can We Fix Crypto Before It Breaks?
HostsDisclosuresLinks
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The crypto industry is fixated on the U.S. Senate.
On Thursday, lawmakers failed to advance the GENIUS Act, the most significant federal stablecoin bill to date. But the story isn’t over.
Behind the process is a drama about potential presidential conflicts, shifting political alliances, and unresolved policy questions.
In this episode, Kristin Smith, CEO of the Blockchain Association and Amanda Tuminelli, executive director and CLO of the DeFi Education Fund, break down:
Why the bill stalled but isn’t dead yet
The role Trump’s crypto ties are playing
Whether Democrats who once backed crypto are turning away
Why advocates are still pushing for a deal this year
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
FalconX
Bitkey: Use code UNCHAINED for 20% off
Mantle
Kristin Smith, CEO of the Blockchain Association
Amanda Tuminelli, executive director and CLO of the DeFi Education Fund
Timestamps:
๐ 0:00 Intro
๐ 2:01 Why the Senate blocked the vote but the bill isn’t dead yet
๐ 5:17 Why some pro-crypto Democrats suddenly flipped
โ๏ธ 8:08 Key differences between the two competing GENIUS Act proposals
๐ 14:18 Whether lawmakers are starting to shift their crypto stances
๐ค 16:05 Can the Senate overcome divisions and get this across the finish line?
๐๏ธ 18:14 How Trump’s crypto ties are shaping the legislative battle
โณ 20:46 Is the August deadline already slipping out of reach
๐ 22:39 Combining stablecoin and market structure bills
๐ 25:59 Why Kristin says it’s a relief not to have to deal with Gensler anymore
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