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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 is joined by special guest Joe Weisenthal, co-host of Bloomberg’s Odd Lots podcast, for a wide-ranging, unfiltered conversation. They dive into whether Bitcoin is becoming digital gold, why Ethereum’s value might be leaking away, and how stablecoins are quietly reshaping global finance. Joe challenges the panel on NFTs, DePIN, and whether any of crypto’s big promises have actually delivered. Plus, they debate the rise of MicroStrategy copycats, the failure of crypto social apps, and why Worldcoin’s orb-pilled vision might actually make sense.
Show highlights
🔹 Bitcoin = Safe Haven? – Why BTC is acting like gold in a crisis while ETH and altcoins are tanking
🔹 Ethereum’s Value Leak – Joe questions why ETH hasn’t captured any upside from stablecoins or NFTs
🔹 The MicroStrategy Clone Wars – Solana copycats are trying the Saylor playbook… but will it work?
🔹 Worldcoin’s Creepy Appeal – Joe is orb-pilled: privacy is dead, but proof-of-personhood might just work
🔹 The Freeport Theory of Bitcoin – Could BTC be the decentralized answer to offshore gold storage?
🔹 Are Stablecoins the Eurodollars of Crypto? – Haseeb lays out how stables quietly rewrote the financial system
🔹 Ethereum’s L2 Gamble – The panel debates if Ethereum’s scaling strategy caused value to bleed out
🔹 The DePIN Dilemma – Is decentralized infrastructure a dead-end or just early? Joe wants receipts
🔹 Crypto Social Media? – Joe’s skeptical: why decentralized comms hasn’t clicked yet
🔹 Utopia or Bust? – If crypto’s gonna be this expensive, Joe says it better deliver a better world
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Joe Weisenthal, Editor at Bloomberg
Disclosures
Timestamps
00:00 Intro
01:57 Bitcoin's Market Behavior
06:53 Bitcoin as a Safe Haven
15:56 Economic Value in Crypto
19:51 Stablecoins, NFTs, and Worldcoin
36:00 Blockchain's Value in Social Networks
41:20 Reality of Crypto Utopias
49:19 The Future of Stablecoins and Regulation
54:54 MicroStrategy and Bitcoin Investments
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An independent Federal Reserve has long been the cornerstone of U.S. economic stability, but what happens when that foundation is shaken?
In this week’s episode of Bits + Bips, the panel digs into one of the most dramatic threats yet to financial markets: Donald Trump’s suggestion that he could fire Fed Chair Jerome Powell. It’s not just political theater, it’s a potential major blow to the credibility of the U.S. dollar and the independence of the world’s most important central bank.
Joining the panel is Zach Pandl, Head of Research at Grayscale, who explores why a rotation away from U.S. dollar assets might already be happening and what that means for bitcoin.
Plus:
Why the Fed’s independence is so crucial
The telltale signs of a structural capital rotation out of the U.S.
Whether bitcoin has officially decoupled from equities
How young crypto HODLers will react to their first bear market
And why this moment may look more like Argentina than America
Show highlights:
Sponsors:
Bitwise
Hosts:
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steven Ehrlich, Executive Editor at Unchained
Guest:
Zach Pandl, Head of Research at Grayscale
Links
Trump Threatening Powell
New York Times: Risk of Financial Panic Tempers Trump on Firing Powell
Barrons: Trump Calls Powell a ‘Major Loser.’ 3 Ways He Could Sideline the Fed Chair
Inconsistencies in Hard v. Soft Data
Wall Street Journal: Trump Is Everywhere Except in the Economic Data
Federal Reserve Bank of Philadelphia: Carefully Balancing Both Hard and Soft Data in Policy Discussions
Dropping Dollar
CNBC: U.S. Dollar Falls to Three-Year Low as Trump’s Powell Threats Further Dent Investor Confidence
New York Times: The Dollar Keeps Falling as Its ‘Safe Haven’ Status Is Questioned
Bitcoin Decoupling
CNBC: Bitcoin Retakes $90,000 as Investors See It as Alternative to Diving Dollar and Turbulent Stocks
Decrypt: Bitcoin Decoupling? BTC Rises as Equity Markets Swoon
Timestamps:
👋 0:00 Intro
👀 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility
👷13:01 Why the Fed is seeing conflicting signals from the economy
📈📉 20:07 If Trump keeps Powell for now, how will the market react?
🚪 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin.
🤕 31:37 How much further the dollar could fall in this cycle?
🔗 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency?
🧑💻 50:11 How the young age of crypto holders could reshape market dynamics
🧠 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto
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The U.S. is rattled by tariffs, economic uncertainty, and political U-turns on crypto. But across Asia, the response has been … different.
In this episode of Unchained, we check in with two of the sharpest observers of Asia’s crypto landscape: Emily Parker, China and Japan advisor of the Global Blockchain Business Council, and Yat Siu, chairman of Animoca Brands. They unpack how Asia views the Trump crypto pivot, what’s actually happening inside China, why Hong Kong may be the most important jurisdiction in crypto right now, and how Japan and Korea are quietly shaping the future of regulation, stablecoins, and DeFi.
Plus:
Is crypto really banned in China?
Why Korea is lifting its “shadow ban”
Why crypto gaming is thriving in Asia
And what the West can learn from it all
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:
Emily Parker, China and Japan Advisor at the Global Blockchain Business Council
Yat Siu, Chairman of Animoca Brands
Links
WSJ: Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway.
Timestamps:
🌏 0:00 Introduction
😌 5:43 Why Chinese sentiment around tariffs is calmer than in the U.S.
🗣️ 8:24 What crypto conversations are really about in China right now
🔁 11:28 How Asia reacted to the U.S. crypto U-turn under Trump
🏦 20:13 Are Asian nations quietly building up bitcoin reserves?
📜 23:19 How Asia has more regulatory clarity than the U.S.
📈 25:13 Why crypto adoption in Asia is outpacing that of other regions
🇰🇷 30:22 Why DeFi hasn’t taken off yet in South Korea – Don’t miss this!
🌐 38:05 The potential rise of non-USD stablecoins in Asia
👀 43:52 Is crypto actually banned in China?
💴 55:51 Whether the digital yuan is being adopted
🔓 1:00:28 Korea potentially lifting its “shadow ban” on institutional crypto investment?
📊 1:05:15 Why some Asian companies choose to IPO in the U.S. and whether more are coming
🎮 1:10:21 What’s really happening with Web3 gaming in Asia right now
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This week on Unchained: two big stories, one episode.
First, Jesse Pollak, head of Coinbase’s L2 Base, joins to unpack the chaos behind the viral “Coined It” memecoin moment, a tweet-turned-token that hit $17M in an hour, crashed, then rebounded, igniting a firestorm on Crypto Twitter. Was it a media experiment or a botched launch? Was there insider trading? And why does Jesse think coins are the future of creator monetization?
Then, we dive into Converge, the recently announced chain backed by Ethena and Securitize, aiming to bridge TradFi and DeFi. Carlos Domingo and Guy Young explain what makes Converge technically novel, why they’re building on Arbitrum and Celestia, and how it could reshape the onchain landscape for institutions.
Also in this episode:
Whether Jesse regrets greenlighting the Base post
The future of creator coins and tokenized assets
How Converge plans to prevent hacks and improve UX
And why Converge isn’t just about migrating existing assets, but “expanding the pie”
Thank you to our sponsors!
Bitkey: Use code UNCHAINED for 20% off
FalconX
Mantle
Part 1
Jesse Pollak, Head of Base and Coinbase Wallet
On Wednesday, Coinbase’s layer 2 network Base posted a tweet that
read: “Base is for everyone,” followed by a tweet: “Coined it.” That
second tweet linked to a page where the post had already been turned
into a coin.
Within an hour, the coin hit a $17 million market cap, then dropped
to under $2 million, then went back up to over $13 million. Crypto
Twitter exploded. Some called it a rug. Others accused insiders of
sniping the launch. Coinbase later issued a statement saying that Zora
auto-tokenizes content, but Jesse Pollak, head of Base, tweeted that he
personally greenlit the post.
So what really happened?
In this episode, Jesse sits down with Laura to discuss:
Whether this was a memecoin launch or a media experiment
Why he thinks the crypto community overreacted
Whether insider trading occurred
And why he believes coins, not NFTs, are the future of creator monetization
Plus, he explains why he’s okay being the “punching bag.”
Part 2
A month ago, Converge was announced as the new chain backed by Ethena and Securitize, aiming to become a home for tokenized assets and institutional capital.
On Thursday, the teams behind it released the full technical specs. From validator-triggered circuit breakers to 100ms block times and support for yield-generating private credit, Converge is pitching itself as the chain for both TradFi and DeFi.
In this episode, Securitize’s Carlos Domingo and Ethena’s Guy Young join Unchained to explain what’s actually novel in this architecture, why they chose Arbitrum and Celestia, and what it will take for institutions to get comfortable onchain.
Plus:
What Converge means for Ethereum and other L2s
Whether gas tokens like USDe and USDtb solve real UX problems
How they plan to prevent bridge-based hacks
And why this isn’t just about migrating existing assets, but “expanding the pie”
Guest
Carlos Domingo, co-founder and CEO of Securitize
Guy Young, founder of Ethena Labs
Links
Previous coverage of Unchained on Ethena:
After an Incredible 2024 for USDe, Ethena Plans to Supercharge Growth
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
How Ethena’s USDe Challenges Traditional Stablecoin Models
Unchained:
Tokenized T-Bills Grow Despite Trump Tariffs Causing U.S. Treasuries Sell-off
Tokenized Treasuries Grow 20X Faster Than Stablecoins as Crypto Market Languishes
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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 the drama surrounding the OM token crash, the murky world of fake market caps, and Binance’s role in fueling questionable projects. They unpack Trump’s tariff chaos and whether Bitcoin could emerge as the real winner in a broken economic order. Plus, Vitalik stirs the pot by calling out “bad apps” like Pump.fun—igniting a moral war over what crypto should be building.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Show highlights
🔹 OM Token Implodes – How a top-25 token collapsed 90% in 90 minutes and why it exposed deeper issues with fake float
🔹 Market Cap Manipulation – Haseeb breaks down how teams game CoinGecko, and why circulating supply might be mostly fiction
🔹 Binance Listings = Domain Squatting? – The crew explores how projects “reverse-merge” into dead tokens to skip the line
🔹 Coffeezilla Strikes Again – The panel reacts to OM founder’s bizarre interview and what it reveals about crypto’s accountability gap
🔹 Should Exchanges Demand Disclosures? – A fiery debate on whether market making agreements should be public
🔹 Tarun Goes Full Macro – Why Trump’s tariffs could actually boost Bitcoin—and what capital flight means for crypto
🔹 Vitalik’s App Morality Test – Did he go too far calling Pump.fun a “bad” app? The panel isn’t so sure
🔹 Ethereum’s Vibe Crisis – Solana and Base push back as Vitalik gets philosophical about the soul of crypto
🔹 Is Railgun the Real Hero? – Tarun questions Vitalik’s taste in apps and whether ideological projects matter if no one uses them
🔹 Regulation Without Regulators – Can the industry police itself, or is it time for a new kind of crypto SRO?
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
Use Code CHOPINNOVATE, for tickets to the U.S. Innovation in Crypto conference at Cornell Tech on Roosevelt Island (NYC): cbc25.eventbrite.com
Timestamps
00:00 Intro
02:47 Trump's Tariff Turmoil
15:48 Mantra's OM Token Controversy
29:42 Crypto Disclosures & Market Making Agreements
31:49 Debate on Exchange Incentives & Market Maker Costs
33:57 The Role of Self-Regulation in Crypto Exchanges
44:15 Vitalik's Views on Blockchain Ethics
56:33 Upcoming Live Event Announcement
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Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best.
In this week’s Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump’s high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising.
Plus:
What would trigger a “Trump put”
Will crypto finally benefit from the global chaos?
Whether the devaluation of the yuan could be a big moment
And how animal spirits might return… if they’re properly incentivized
Show highlights:
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
Newsweek: Steve Bannon's 'Flood the Zone' Strategy Explained Amid Trump Policy Blitz
Cointelegraph: Senator Tim Scott is confident market structure bill passed by August
CoinDesk: Donald Trump's Memecoin Faces Massive $320M Token Unlock Amid Record Low Price
Decrypt: Canada to Launch 'World First' Spot Solana ETFs With Staking This Week: Balchunas
YouTube: The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein
Bloomberg: Investors Fear Another Big Blowup of Basis Trade as Treasuries Lose Haven Status
Wall Street Journal: China’s March Lending Jumped on Government Stimulus Push
CoinTelegraph: Bitcoin Shows Growing Strength During Market Downturn — Wintermute
Timestamps:
👋0:00 Intro
🥊 1:54 Who won the All-In Sacks vs. Summers debate?
🌍 8:01 Why Trump’s 130-country strategy might reshape global trade
💧 18:32 Does the market have a creeping liquidity crisis?
📈 26:15 What might actually make Trump pivot before the midterms
📉 32:18 How hedge funds are quietly bracing for more chaos
🥇 36:52 Why gold and crypto are standing out in this macro mess
🎭 40:15 How Trump’s love of media attention impacts his strategy
🚀 48:02 What might finally reignite serious crypto interest
🧠 53:01 Can investor confidence return without real economic momentum?
💣 1:08:27 Why the yuan’s devaluation could be a major crypto inflection point
🐉 1:14:02 Ram’s strategy to disrupt China’s power plays
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The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal.
In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives.
Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration.
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
Human Rights Foundation
Guest:
Matt Hougan, CIO of Bitwise
Previous appearances on Unchained:
How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Matthew Sheffield, Senior Trader at FalconX
Links
Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe
Recent coverage of Unchained on the economy and tariffs:
Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto
Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In
Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring
Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence
Recession incoming?
Ray Dalio’s remarks on Meet the Press
Timestamps:
📍 0:00 Introduction
🧠 3:48 “An extraordinary moment to live in,” says Matt
⚖️ 5:21 The growing disconnect between long-term belief and short-term pain
🔍 7:40 Why fundamentals are finally taking center stage in investor analysis
🐻 12:34 Solana’s memecoin reputation… can it shake the stigma?
🏛️ 14:29 How ETFs permanently changed crypto market dynamics
📉 15:27 What the 10-year treasury is telling us about bitcoin’s next move
📊 20:28 What crypto options are revealing about investor sentiment
📈 22:33 Whether Ray Dalio is right about where the U.S. economy is headed
💵 28:16 What a weaker dollar means for bitcoin’s value
🚀 31:17 Is $200K bitcoin coming? And who will drive it there?
🌊 38:55 What has to happen for alt season to actually return
🔄 44:40 What light ETF outflows since “Liberation Day” mean
📈 51:10 Why crypto IPO demand is heating up
⚖️ 54:37 DeFi’s big regulatory moment and why the market might be missing it
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Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause.
The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next.
Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building.
In this episode, Seth breaks down:
Why tariffs hit crypto harder than most investors expected
The metrics that could signal the next macro moves and their impact on digital assets
Why he’s still cautiously bullish, even amid volatility
Whether an altcoin season is coming
Why Bitcoin’s safe haven narrative might finally be tested
Why the Trump administration’s policies, despite the turbulence, boost 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!
BitKey: Use code UNCHAINED for 20% off
FalconX
Mantle
Guest
Seth Ginns, Managing Partner at CoinFund
Links
Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe
Recent coverage of Unchained on the economy and tariffs:
Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In
Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring
Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence
Timestamps:
👋 0:00 Intro
🔁 3:23 Why Trump reversed course on the sweeping tariff announcement
📉 6:33 How tariffs ripple through crypto harder than most expect
🔍 8:38 What CoinFund is watching in macro — and where the silver linings might be
⚖️ 13:48 Why Seth urges short-term caution but sees long-term tailwinds
🚀 16:14 Could altcoins actually run? Here’s how Seth defines a real “alt season”
🏦 19:13 Is this the moment Bitcoin becomes a true safe haven asset?
💰 21:56 Will new stimulus hinge on tariffs — or something else entirely?
✅ 25:11 Why Seth is surprisingly optimistic about Trump’s crypto policy so far
📰 28:27 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 is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto.
Show highlights
🔹 Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos
🔹 Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance
🔹 Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value
🔹 Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure
🔹 Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield
🔹 Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain
🔹 The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win
🔹 The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role
🔹 Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets
🔹 The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management
Disclosures
Links
Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm
Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space
https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/
Timestamps -
0:00 Intro
02:49 Impact of Tariffs on Crypto
03:27 Bitcoin's Role in Investment Portfolios
06:14 Retail vs. Institutional Investors
07:29 Bitcoin's Sensitivity to Interest Rates
12:31 Altcoins & Institutional Interest
15:02 MicroStrategy: The Altcoin of TradFi
23:25 Geopolitical Implications of Tariffs
36:55 Global Currency Models & Bitcoin's Role
38:20 Bitcoin's Performance in Different Economic Scenarios
45:12 Circle's IPO & Business Viability
57:31 Ripple Labs' Acquisition of Hidden Road
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The markets are rattled. Tariffs are rising. Investors are pulling back.
In this week’s Bits + Bips, the panel digs into what’s really driving the selloff, why the Fed may be stuck, and how Trump’s tariff logic could trigger deeper economic shocks than anyone expects.
Plus:
Whether Bitcoin becomes a safe haven
What makes this downturn different from 2022 and 2020
Why a potential recession still isn’t priced in
Whether Congress can take the tariff button away from Trump
And yes, Ram coins a new term: FAFO tariffs 😀
Sponsors:
Bitwise
Hosts:
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
Links
Tariffs:
Recent coverage of Unchained on the economy and tariffs:
Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
10-year yield and the Fed
CNBC: 10-year Treasury yield rises back above 4% despite tariff threat to growth
Reuters: No Fed 'put' when it's unclear which way the economy may pivot
2008 Market Crash
Federal Reserve: The Great Recession and Its Aftermath
CNN: Bailout Plan Rejected - Supporters Scramble
Can Congress Step In?
Economist: How Donald Trump’s Tariffs Will Probably Fare in Court
Politico: Trump Threatens Veto of Bill to Curb Tariff Power
Timestamps:
👋 0:00 Intro
📉 3:30 Why this selloff feels nothing like 2022 or 2020
🪞 8:41 Why buying signals could be a mirage
🤔 11:28 Is the bear market already priced in? What investors are missing.
🏚️ 14:35 Could this turn into a fall “2008 scenario”? And what real buyers are doing now
🧮 25:57 Why Trump’s tariff math is wrong, and how it will create problems for the administration
📈 36:15 Why Trump wants the 10-year yield down, and why he’s failing
🛟 39:59 What counts as a safe haven right now, and is bitcoin one of them?
🏦 52:42 Can the Fed stand up to Trump’s pressure to cut rates?
🚫 57:56 Trump thinks that the trade deficit is a profit/loss statement. Why that’s a problem.
⚖️ 1:01:19 Can Congress pull Trump’s tariff authority?
💵 1:06:32 Can stablecoins save dollar demand?
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TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way.
Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including:
Trump’s rationale for tariffs
The possibility of a “fiat liquidity bonanza” and what it means for crypto
What the Hyperliquid brouhaha reveals about decentralization dreams
How Ethena might be an attack on Ethereum
The value prop of Circle’s IPO
Future price expectations for BTC, ETH, and SOL
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
HRF
Guest:
Arthur Hayes, CIO of Maelstrom
Previous appearances on Unchained:
How Arthur Hayes Has Prepared His Portfolio for the Elections
Links
Previous coverage on Unchained:
Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
Tariffs, Hyperliquid, and $1 million Bitcoin
Arthur Hayes on X: Tariffs = money printer goes brrrr
Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis?
Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid
Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent
DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge
Trump pardon:
CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022)
Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025)
CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee
Timestamps:
👋0:00 Intro
😰 4:07 Does Trump’s tariff rationale make sense?
💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto
🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve?
💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream
💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work
⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago
👀 46:27 How Ethena’s Converge chain affects Ethereum
🤼♀️ 52:58 SOL vs ETH: Which is a better buy right now?
😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO
🤔 1:00:18 How does Hayes suss out potential investments?
📈 1:03:11 Price predictions on BTC, ETH and SOL
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USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition.
The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation.
Omar Kanji, Partner at Dragonfly, joined the show to explain:
How Circle can get USDC into the hands of users
Circle’s staggering regulatory compliance costs vs. the likes of Tether
Circle’s S-1 valuation of $5 billion
Forthcoming regulatory clarity and how it changes the stablecoin game
The potential impact of tariffs on Circle’s success
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
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Guest
Omar Kanji, Partner at Dragonfly
Links
Previous coverage on Unchained:
Congress Bickers Over Whether to Bail Out Stablecoins
How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin
Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress
Stablecoin Bills Could Squeeze Out $140 Billion Tether
Circle files an initial public offering
SEC: Circle’s S-1 Filing
Coindesk: Circle is going public
Fortune: 5 key takeaways
X @dom_kwok: Circle’s IPO is historic
Bloomberg: Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs
Timestamps:
🤝 0:00 Introduction
🫰 4:04 Circle’s shockingly high distribution costs for USDC
💲 7:11 How much does Circle’s revenue depend on interest rates?
🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether
📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle
🫤 23:11 Is Circle’s $5 billion valuation realistic?
⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law
😰 28:14 How will Trump’s tariffs affect Circle’s IPO?
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After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble.
Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed:
How markets reacted
Whether tariffs can bring middle-class jobs back to America
Who will end up paying the most
Future possibilities of war, recession and stagflation
How it all affects crypto
Sponsors:
Bitwise
Hosts:
James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guests:
Steven Ehrlich, High Scribe of the Unchained Kingdom
Quinn Thompson, Master of Macro at Lekker Capital
Links
Trump Tariffs Shake Markets
New York Times: A Stunned World Reckons With Economic Fallout From Trump’s Tariffs
Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans
New York Times: A Timeline of Trump’s On-Again, Off-Again Tariffs
US Tariff History
CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934
Brookings: Did Trump’s tariffs benefit American workers and national security?
Impact on Bitcoin and Crypto
Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
Unchained: How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin
The Concerned Consumer and CEO
CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects
NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private
🤝 00:00 Introductions + Quinn’s background
📕 4:09 Trump’s take on U.S. tariff history
📉 6:11 The market’s tumultuous reaction
🏭 11:13 Will tariffs bring manufacturing back to America?
▶️◀️ 12:47 The contradictions in Trump’s policies and the threat of stagflation
⏳ 18:53 Why Trump doesn’t have as much time as he thinks
🥵 24:12 Will American consumers bear the burden?
💥 26:05 Taking a wrecking ball to market psychology
❓ 28:02 Whether Trump inherited a healthy or faltering economy
🫸 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing
❌ 35:11 “This is not the way you go do it.”
🇹🇼 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist?
🪖 47:55 Why the current geopolitical climate is especially dangerous
😱 55:51 Is America heading for a recession?
🤔 01:02:00 How will this affect Bitcoin?
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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 is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like.Show highlights🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash?🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer?🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable?🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in againHosts⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate⭐️Tarun Chitra, Managing Partner at Robot Ventures⭐️Tom Schmidt, General Partner at Dragonfly Guest⭐️ Hester Peirce, SEC CommissionerDisclosuresLinksMiles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625 Timestamps00:00 Intro05:35 The Role of Regulation in Innovation09:54 Crypto Task Force & Future Plans18:47 Global Perspectives on Crypto Regulation23:26 Self-Regulation in the Crypto Industry27:27 SEC's Role & Potential Adjustments35:04 Evaluating Memecoins & Their Regulatory Status36:48 The Howey Test & Its Application to Crypto43:55 Future of Crypto Regulation & SEC's Approach47:10 Insights on SEC Leadership & Regulatory Philosophy51:35 Advice for Aspiring Securities LawyersLearn more about your ad choices. Visit megaphone.fm/adchoices
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As DeFi continues to evolve, the challenge of finding a balance between decentralization and protection from all manner of exploits persists.
The founder of Infinex, Kain Warwick, joined the show to talk about:
How crypto market makers have at times veered into “all-out crime”
What market making looks like today
Playing chart games with token allocations
What Kain looks at when evaluating tokens
Why Binance kicked a MOVE market maker off its platform
The $JELLY attack on Hyperliquid and the problem of centralization in DeFi
What problems in crypto Kain is attempting to solve with Infinex
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:
Kain Warwick, founder of Infinex App and Synthetix
Previous appearances on Unchained:
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
Links:
Crypto Market Making
Kain Warwick: Discussion about market makers
Binance: What happened with MOVE on Binance
Coindesk: Binance Offboards Market Maker That It Said Made $38M Profit on MOVE Listing
Bloomberg: Citadel Securities Plots Jump Into Crypto Trading After Trump’s Embrace
Hyperliquid
Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism
Infinex
The Block: Synthetix founder Kain Warwick launches Infinex
The Block: Peter Thiel's Founders Fund invests in Infinex's Patron NFT sale as total amount raised hits $67.7 million
Timestamps:
👋 0:00 Intro
💭 03:30 Thoughts on crypto market makers
🙊 05:54 ICO-era market makers engaging in ‘all-out crime’
🦹 09:33 Extracting value in an inefficient market
💸 11:28 How crypto market making has evolved in recent years
😨 16:53 The low float meta problem
📊 19:49 Why Kain evaluates tokens on FDV rather than market cap
⁉️ 25:06 What happened with MOVE on Binance
😱 31:14 Citadel as a market maker?
🥷 35:48 The $JELLY attack on Hyperliquid and the problem of centralization
🔧 44:59 The problems Kain is trying to solve with Infinex
🌎 54:13 Building a web vs. mobile app
👂 56:17 Echo group integration with Infinex
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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 the Hyperliquid controversy and what it reveals about decentralization theater in DeFi. Then, things get weirder: the Say Foundation wants to buy 23andMe and put your genetic data onchain. We break down the backlash and privacy concerns. Finally, we look at the new Stable Act making its way through Congress and whether stablecoin regulation is headed toward bank-only control.Show highlights🔹 Hyperliquid’s JELLYJELLY Debacle – How a DeFi darling nuked its credibility by bailing out its own vault at a fake oracle price🔹 The Exchange Wars Heat Up – Why Binance and OKX listing JELLYJELLY perps looked like an assassination attempt on Hyperliquid🔹 Are DEXes Just CEXes in Disguise? – What the Hyperliquid saga reveals about decentralization theater and validator capture🔹 23andMe on the Blockchain – Say Foundation wants to token-gate your DNA; is this privacy-preserving or dystopian?🔹 The Great DeSci Grift – Tarun revisits his war on DeSci and why putting genetics onchain is worse than memecoins🔹 Stablecoin Regulation Showdown – The Stable Act vs. The Genius Act and who’s really winning in D.C.🔹 Stablecoins as Narrow Banks – How crypto may finally force the Fed to accept a 20-year-old idea they’ve long resisted🔹 Red Bull & Ratio Bets – The hosts make a real-money wager on whether HLP deposits will rise or fall after the meltdown🔹 Memecoins and the Return of Olympus – Are the robbers now just quietly collecting rent from their broken treasuries?🔹 Tarun’s Aesthetic Death Rankings – Why JELLYJELLY is a worse way to die than MobileCoin, but at least it’s on brandHosts⭐️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 DisclosuresLinksKevin Zhou (Galois Capital) Tweet: https://x.com/Galois_Capital/status/1904942458666094932 Steil and Hill Introduce STABLE Act Press Release: https://steil.house.gov/media/press-releases/steil-and-hill-introduce-stable-act Timestamps00:00 Intro01:29 Hyperliquid Drama Unfolds10:49 Debating the Bailout Decision18:28 OKX & Binance Join 23:05 An FTX Moment?31:45 Future of 23andMe & SEI44:20 Stablecoin Legislation: Genius Act vs. Stable Act51:45 Are Stablecoins the Trojan Horse?Learn more about your ad choices. Visit megaphone.fm/adchoices
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Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.
The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:
How perp swaps work
How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault
How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.
Criticisms of and justifications for the team’s decisions
What can be done to prevent similar attacks in the future
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
Doug Colkitt, Founder and CEO of Ambient Finance
Links
Accounts of the $JELLY whale attack on Hyperliquid and its response
X: The story
X: Nuking the vault
X: How Hyperliquid responded
Arguments for and against Hyperliquid’s solution:
ZachXBT: ZachXBT calls out alleged hypocrisy
Jordi Alexander: Shorting on a perp is not robust
Jose Maria Macedo: How do they override the oracle price?
Doug: Closing positions at an arbitrary price
Gracy Chen: Casting doubts on integrity
Steven.hl: In defense of HL
Kam: Of course quorum was reached easily
What precedent Hyperliquid’s actions set
Kevin Zhou: Binance and OKX set a precedent
Timestamps:
👋 0:00 Intro
🤔 02:59 What is Hyperliquid?
🐳 05:16 How a whale used $JELLY to attack
⛔ 09:19 How Hyperliquid responded
📈 11:59 Why did Binance and OKX suddenly list the memecoin?
🤔 16:32 How did Hyperliquid ‘change the rules’ to protect themselves?
⚖️ 19:25 ‘Losses for thee, but not for me’: Hyperliquid’s hypocrisy?
💡 24:39 Doug’s ‘cleaner’ solution
👀 28:35 Will this have positive or negative knock-on effects?
🧹 31:20 Tidying up illiquid markets
📰 32:46 Crypto News Recap
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Investors are still licking their wounds from this month’s corrections. But just as Trump’s tariffs are about to move into full-force, our experts are seeing silver linings and causes for optimism.
With conflicting signals coming from all corners of the map, hosts Noelle Acheson, Ram Ahluwalia, Alex Kruger, and Felix Jauvin break down:
What to expect from Trump on April 2nd
Takeaways from last week’s FOMC meeting
If the White House and Powell are actually on the same page
Why tech stocks are taking off again
Why BlackRock is bullish on bitcoin during bear markets
If ether is about to get its groove back
Sponsors:
Bitwise
Hosts:
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Felix Jauvin, Director and Host - Forward Guidance
Links
Incoming Trump Tariffs
Bloomberg: Trump Plans His Tariff ‘Liberation Day’ With More Targeted Push
WSJ: White House Narrows April 2 Tariffs
FOMC Meeting
Unchained: Bitcoin Drops as Fed Leaves Rates Unchanged, as Expected
NYTimes: Citing Tariffs and Uncertainty, Fed Sees Higher Inflation and Lower Growth
Animal Spirits Return
Barron’s: Don’t Count Out the Mag 7. They Could Lead a U.S. Stock Comeback.
CNBC: ‘Magnificent 7’ has a notable up day after struggling for 3 months
BlackRock
Decrypt: BlackRock Digital Assets Head Criticizes Narrative of Bitcoin as a Risk-On Asset
Bloomberg: BlackRock to List Bitcoin Exchange-Traded Product in Europe
Fidelity Tokenization
CoinDesk: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race
Timestamps:
👋 0:00 Intro
📉 2:16 Why investors are nervous about April 2nd
🌎 4:40 Two ways to think about tariffs
☯️ 6:56 The difference between retail and professional traders
🏦 8:44 Why the Fed is predicting a worst-case scenario
📈 12:08 Why the correction is largely done
💰 19:20 How the Mag7 got its groove back
🏛️ 20:42 Are Bessent and Powell more aligned than thought?
🚀 22:54 BlackRock says a recession is good for bitcoin?
🥇 24:54 Altcoin ETF race about to start?
🎌 28:41 Why Japan is irrelevant right now
🐂 30:42 Why animal spirits are back
⛓️ 35:03 The great financial unshackling
📈 38:02 Is ether ready for a comeback?
✅ 42:09 Why Fidelity is tokenizing on Ethereum
📈📉 44:32 Are pump and dumps over?
🇪🇺 49:32 Dumb money coming to Europe?
🐙 52:35 Why Kraken made a smart buy this week
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As Ethereum deploys Pectra, it faces stiff competition and community criticism. Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot map out the chain’s direction.
Ethereum is well on its way to some major upgrades, with Pectra and Fusaka introducing a number of performance improvements in the near future. But will it be enough to stay ahead of the competition?
Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot join the show to discuss:
How Pectra and Fusaka will improve Ethereum’s performance
What it means that its launch on two testnets failed
Ethereum’s “north star” — decentralization
Whether Ethereum can retain its top spot in the smart contract space
As Ethereum adopts native rollups and data availability, does it create competition with existing L2s and DA providers?
The new direction for the Ethereum Foundation leaders and whether Etherealize can bring Wall Street
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:
Alex Stokes, Co-Lead, Ethereum Foundation Research
Barnabe Monnot, Co-Lead, Ethereum Foundation Research
Previous appearances on Unchained:
5 Things to Know About Coinbase’s 2021
Links
Previous coverage on Unchained of:
Etherealize advocates for Ethereum
Why Ethereum’s New Marketing Arm Is Convinced Wall Street Will Adopt ETH
Ethereum Foundation contemplates comeback
Ethereum Is Lagging. Here’s How It Could Finally Shake Off Rival Solana
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
What Ethena means for Ethereum
Ethena’s L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols?
The Chopping Block w/ Guy Young: Lessons from USD0, Ethena’s Bold Vision, and DeFi’s Future
The Pectra Upgrade
Ethereum.org: Pectra Testnet Announcement | Ethereum Foundation Blog
tim.mirror.xyz: AllCoreDevs Update 17
Ethereum.org: EIP-7691: Blob throughput increase
Ethereum.org: Holesky and Hoodi Testnet Updates | Ethereum Foundation Blog
Coindesk: Hello, Hoodi: Ethereum Welcomes a New Testnet
Fusaka on the horizon
Github: EIP-7805 proposed for Fusaka
Native rollups versus non-native rollups
Youtube: The Future of Ethereum Scaling: Native Rollups Explained
Reddit: Native rollup debates
L1 and L2 debates
Vitalik.eth.limo: Reasons to have higher L1 gas limits even in an L2-heavy Ethereum
Vitalik.eth.limo: Scaling Ethereum L1 and L2s in 2025 and beyond
Ethereum Foundation Leadership changes
X: Barnabe Monnot and Alex Stokes announcement
X: New EF titles
X: Fixing the Core Dev process
Ethena’s Converge news
John Wang’s tweet
Camila Russo’s comment
Timestamps:
👋 0:00 Intro
🪝 2:05 How Barnabe and Alex got hooked on Ethereum development
⚙️ 6:37 How Pectra will change Ethereum
🪴 10:35 How does increasing blobs boost Ethereum?
🪲 13:22 Pectra fork bugs on Holeski testnet
🔮 18:38 What’s in the upcoming Fusaka upgrade?
🤯 22:42 How decisions get made in Ethereum and which groups are involved
📈 30:34 Can Ethereum keep up with the competition?
🏁 39:16 Can Ethereum compete by scaling the L1?
🤓 44:02 What are native roll-ups and how do they help Ethereum compete?
🤺 49:26 Native rollups and expanded data availability on Ethereum vs. non-native options
⚰️ 52:22 Is Ethena building its own blockchain the “nail in the coffin” for Ethereum?
👬 1:00:05 Shaking up the EF’s leadership
🤔 1:06:14 Will Etherealize fix Ethereum’s problems?
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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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