Unchained

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news in crypto. This week the squad is joined by special guest Jason Choi, co-founder of Tangent. In this episode the crew tackles the overvaluation of crypto projects by VCs, Friend.Tech’s 96% token crash, and the ethics of early token launches They also explore how airdrop farming skews user metrics, the volatility of memecoins, and whether VCs are extracting more value from crypto than they contribute. Tune in for insights into the ever-evolving crypto landscape! Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Friend.Tech Token Crash: Friend.Tech’s token dropped 96%, highlighting the risks of launching tokens without sustainable product planning and user retention strategies. 🔹 Project Exits and Ethics: Early token launches raise concerns about ethical obligations when teams abandon projects, with accusations of rug-pulling increasing. 🔹 Airdrop Farming’s Impact: Airdrop farming distorts true user engagement, leading to inflated metrics that misrepresent product-market fit and real user growth. 🔹 Venture Capital in Crypto: Low barriers for VCs have led to inflated project valuations, often resulting in overhyped, underdelivered crypto ventures. 🔹 Challenges of Early Token Launches: Early token releases often harm long-term project potential by confusing market signals and damaging user retention. 🔹 VC vs. Liquid Funds: Debate over whether venture capital is extracting value from crypto or whether liquid funds can improve market efficiency. 🔹 Hedge Funds and Market Efficiency: Hedge funds may improve market liquidity, but their impact on long-term crypto growth remains under scrutiny. 🔹 Speculative Markets and Long-Term Value: The crypto market continues to grapple with balancing short-term speculative plays and the creation of sustainable, long-term value. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Jason Choi, Co-Founder of Tangent Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

On Thursday, Coinbase unveiled cbBTC, a tokenized version of Bitcoin on its Base layer 2 and Ethereum. This launch follows the recent BitGo controversy about the custody arrangement for Wrapped Bitcoin (WBTC) now involving Justin Sun, sparking concerns within the crypto community. In this episode, Will Robinson, Coinbase’s VP of engineering, discusses the strategic importance of cbBTC, how it differs from other wrapped Bitcoin products, and what this means for the future of Bitcoin within DeFi ecosystems. Will Coinbase’s reputation as a "trusted custodian" be enough to make cbBTC the go-to choice for Bitcoin in DeFi, or will the industry remain skeptical? 01:54 Why Coinbase launched cbBTC and how it aims to bring Bitcoin into the world of DeFi 04:05 What happens behind the scenes when users mint cbBTC 05:21 What sets cbBTC apart from other wrapped Bitcoin options, according to Will 06:32 Whether Coinbase will expand cbBTC to other layer 2s and where users can already use it on major DeFi platforms 08:45 Will’s response to criticisms about the centralization of cbBTC 12:28 Why Coinbase's cbBTC launch was part of long-term plans, unrelated to the recent controversy around WBTC and Justin Sun 13:31 How Coinbase plans to make money from cbBTC, considering that WBTC has not been a big moneymaker for BitGo 15:38 Why Coinbase has the ability to freeze and blacklist cbBTC addresses 19:34 How Coinbase ensures that Bitcoin backing cbBTC remains the property of token holders and won’t be used as collateral or rehypothecated 20:58 Why Coinbase, a centralized entity, is launching cbBTC, a product for the decentralized, onchain world 23:57 Why Will doesn't want to predict how much demand there'll be for cbBTC Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Mantle’s FBTC Gemini Stellar Guest Will Robinson, VP of Engineering at Coinbase Links cbBTC Unchained: Coinbase’s Wrapped Bitcoin Product cbBTC Launches on Base and Ethereum BitGo changing custody and its implications: Unchained: Wrapped Bitcoin (WBTC) Redemptions Vastly Outpaced Minting Since BitGo’s Custodial Changes Announcement Lending Protocol Aave to Propose Onboarding TBTC in Response to Concerns About Latest WBTC Custodial Changes Could dlcBTC Resolve the Issues With Wrapped Bitcoin? BitGo Abruptly Pivots on Holders of WBTC Multi-Sig Keys Following Community Outcry MakerDAO Considers Offboarding WBTC as BitGo Plans Custody Changes Aave DAO’s Chaos Labs Says ‘Risk-Off’ Recommendation for WBTC ‘Premature’ Learn more about your ad choices. Visit megaphone.fm/adchoices

As crypto markets continue to struggle, experts weigh in on whether the capitulation phase is finally over and what lies ahead. In this episode, hosts James Seyffart and Joe McCann, along with guest Noelle Acheson, delve into the recent market downturn, the potential for a recession in 2025, and why Bitcoin's divergence from gold is puzzling analysts. They also explore the impacts of upcoming rate cuts, the lingering effects of fiscal dominance, and whether Ethereum ETFs are living up to the hype. Show highlights: Why crypto has been down so bad recently despite the macro cycle The three factors weighing on the bitcoin price for the moment, according to Noelle The chances of a recession in the U.S. in 2025 and how much the Fed might cut rates Why the current rate-cutting cycle is unusual, with markets expecting far more cuts than usual, and how a potential spike in inflation could complicate the Fed's response Why the K-shaped economy endures, driven by the U.S. government's reliance on capital gains taxes Why fiscal dominance is a growing concern and why bitcoin's recent divergence from gold is puzzling, as they typically move together during crises Whether retail has been a buyer of the spot Bitcoin ETFs or it’s just onchain traders who are now buying them Why James says the Ethereum ETFs “have been an absolute flop" Sponsors: Gemini Stellar Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter Timestamps: 00:00 Introduction 03:35 Why crypto is struggling recently 09:16 Three key factors weighing on Bitcoin's price 15:12 Chances of a 2025 U.S. recession and potential Fed rate cuts 25:55 Unusual rate-cutting cycle and inflation risks 32:06 Enduring K-shaped economy and capital gains tax impact 34:37 Concerns about fiscal dominance and Bitcoin’s divergence from gold 54:57 Retail vs. onchain traders in spot Bitcoin ETFs 1:01:43 Whether Ethereum ETFs have been a "flop" Learn more about your ad choices. Visit megaphone.fm/adchoices

Ethereum's Layer 2 solutions are booming, but are they inadvertently holding back the value of ETH itself? In this episode, Justin Bons and Ryan Berckmans engage in a heated debate over whether L2s are enhancing Ethereum's ecosystem or siphoning off its potential. They discuss the impact of L2s on decentralization, network effects, and whether Ethereum L1 can scale on its own or if the base layer and the rollups now have different incentives. Has Ethereum scaled appropriately for future usage, or was scaling via L2s the wrong roadmap for Ethereum? Show highlights: 02:43 How Ethereum's rollup-centric roadmap consists of a decentralized Layer 1 (L1) for security with Layer 2 (L2) providing more transaction throughput 04:53 Why Justin is so critical about how L2s centralize Ethereum 14:53 Why, according to Ryan, Layer 2 solutions aren't parasitic to Ethereum but instead enhance its network effects, decentralization, and long-term value 25:35 Why Justin criticizes Ryan’s reliance on "trust me, bro" arguments, questioning the tribalism and authority in claiming the superiority of Ethereum researchers over those from other blockchains 28:15 How Justin thinks the Ethereum L1 could scale and what the tradeoffs are 39:58 Justin’s argument that Ethereum is stuck in the past and his claim that the blockchain trilemma doesn't exist anymore 46:30 Ryan’s take on Ethereum's L1 scaling focuses on solving bandwidth limitations and addressing whether L2s are going to fully decentralize 51:01 Whether SNARKS is the way that Ethereum scales the L1 59:24 Whether L2s will start accepting other tokens to pay for gas 1:05:23 Why Ryan predicts Ethereum's L2 adoption will surge, driving up L1 fees and boosting Ether's value as the leading digital money 1:05:39 Whether based rollups are a good solution for Ethereum to scale without losing all the fees 1:13:21 Why L2s would even try to decentralize and why Justin says that Solana has a better roadmap than Ethereum 1:17:54 Concluding thoughts from Ryan and Justin Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Mantle Stellar Coinbase Guests: Justin Bons, Founder & CIO of Cyber Capital Previous appearances on Unchained: Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Ryan Berckmans, Ethereum community member and investor Links Previous coverage on Unchained of ETH and L2s: Are L2s 'Parasitic'? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees Are Solana's 'Network Extensions' Just Like Ethereum's Layer 2s But by a Different Name? Ethereum Has Had a Banner Year in Most Areas. Except Price. Should Ethereum Layer 2s Urgently Decentralize Their Sequencers? Others Justin’s thread on whether L2s are parasitic Tweet by Zach Rynes, aka ChainLinkGod Adam Cochran’s tweet on based rollups Ethereum Foundation September AMA Vitalkin on L2s How do layer 2s really differ from execution sharding? Layers 2s as cultural extensions of Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

The SEC and CFTC’s recent actions against Uniswap and Galois Capital could mark a turning point in crypto regulation. With both firms settling on relatively low fines, are we witnessing regulators establish precedent for a broader crackdown on the industry? In this episode, Larry Florio, general counsel at 1kx, delves into the implications of these settlements, the frustrations asset managers face with regulatory compliance, and whether the SEC’s approach could push the crypto industry into a corner. Will these actions set a precedent for more aggressive enforcement ahead? Show highlights: Why the SEC's action against Galois Capital highlights a shift in language, focusing on tokens "offered and sold as securities" What a qualified custodian is and why the SEC's action against Galois punishes them for using FTX, which could have fit one definition of a qualified custodian if it hadn’t been perpetrating a fraud How the SEC demands crypto fund managers comply with regulations on qualified custodians while also limiting qualified custodians in crypto Whether the SEC is effectively banning crypto funds by requiring compliance with impossible rules How the SEC penalized Galois for giving affiliates better liquidity terms than outside investors How SEC Commissioner Mark Uyeda’s call for clarity on "crypto asset securities" reflects the industry’s frustration with the lack of clear guidelines from the SEC Why the CFTC's fine against Uniswap for alleged leveraged transactions may set a precedent for future enforcement actions How Commissioner Summer K. Mersinger's dissent highlights the unfairness of punishing Uniswap despite their proactive compliance, according to Larry Whether the New York Attorney General’s subpoenas to VCs about Uniswap signal a renewed adversarial approach to regulating DeFi The timing of these actions, along with the SEC’s Wells notice to OpenSea Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Mantle Gemini Stellar Guest Larry Florio, general counsel at 1kx Timestamps: ➡️ 01:51 - The SEC using different language to describe tokens as securities ➡️ 04:53 - Qualified custodians & Galois Capital's use of FTX ➡️ 09:04 - Compliance frustrations for crypto asset managers ➡️ 11:58 - The SEC effectively banning crypto funds? ➡️ 18:22 - Penalty for giving some investors undisclosed preferential treatment ➡️ 18:25 - SEC Commissioner Mark Uyeda’s call for clarity on crypto assets ➡️ 19:35 - CFTC's fine against Uniswap: A troubling precedent? ➡️ 23:09 -Uniswap's compliance efforts & two CFTC Commissioners’ dissents ➡️ 24:56 - NY Attorney General’s subpoenas ➡️ 27:04 - OpenSea’s Wells notice: NFTs as securities? ➡️ 30:34 - Crypto News Recap Links Galois Capital: The Block: SEC charges and settles with crypto-focused Galois Capital over custody issues Larry Florio’s thread Uniswap: CoinDesk: Uniswap Labs Settles CFTC Charges Over 'Illegal' Margin Products Blockworks: CFTC Commissioners dissent on Uniswap settlement Comments from Uniswap counsel Axios: The SEC has questions for VCs about Uniswap NY Attorney General’s Subpoenas CoinDesk: VC Giants a16z, Union Square Ventures Get Subpoenaed by New York About Uniswap: Sources OpenSea’s Wells notice: Unchained: If the SEC Sues OpenSea, Here's Why the NFT Platform Could Win Easily Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family's involvement in crypto, questioning the legitimacy and future of the project. The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game's rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory landscape. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 World Liberty Financial, a DeFi project allegedly linked to Donald Trump, sparks controversy with its origins in a hacked protocol. 🔹 Debate on the motivations behind Trump family involvement in crypto, questioning the legitimacy of World Liberty Financial. 🔹 Discussion around memecoins and their market cycles, with concerns about the sustainability and long-term viability of these tokens. 🔹 The concept of dynamically adjusting financial rules in crypto systems, contrasting it with traditional finance. 🔹 Pump.fun reaches $100M in revenue, marking it as a dominant memecoin platform, but also raising questions about the health of the memecoin ecosystem. 🔹 The innovation in memecoins, suggesting that dynamic mechanics could extend the life cycle of these tokens. 🔹 Broader reflections on the future of memecoins, potential market corrections, and how the crypto ecosystem will adapt. 🔹 Speculation on the continued rise of AI-driven markets and the evolving role of decentralized finance in a digital-first world. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Disclosures Links Coindesk article: “Inside the Trump Crypto Project Linked to a $2M DeFi Hack and Former Pick-Up Artist” https://www.coindesk.com/business/2024/09/04/in-trump-backed-crypto-project-insiders-are-poised-for-unusually-big-paydays Learn more about your ad choices. Visit megaphone.fm/adchoices

As the 2024 elections draw near, Bitcoin and crypto have become hot topics on the political stage. In this episode, Trey Walsh, host of The Progressive Bitcoiner podcast, and Jason Maier, author of “A Progressive’s Case for Bitcoin,” explain why they believe progressive values align with Bitcoin. They discuss how Bitcoin can be a tool for social justice and financial inclusion, challenge misconceptions about its environmental impact, and debate whether making Bitcoin a presidential issue in 2024 was premature. With Elizabeth Warren attacking crypto and the unfriendly environment for the industry under the Biden administration, the guests also highlight that there’s a slight change in the Democratic party, though they are not certain that the Harris campaign will adopt a pro-Bitcoin stance. Show highlights: How Trey and Jason became Bitcoiners What progressivism means to Trey and Jason, highlighting Bitcoin's alignment with social justice and financial inclusion, beyond its typical libertarian associations How Jason and Trey persuade skeptical progressives about Bitcoin Whether they believe that other areas of crypto besides Bitcoin have value Why they think Bitcoin’s environmental impact is the biggest misconception among progressives Whether Elizabeth Warren’s focus on consumer protection blinds her to Bitcoin as a tool for financial inclusion Why Jason believes pushing Bitcoin as a presidential issue in 2024 was premature Why Trey sees potential hope for pro-crypto policies under a potential Harris administration, despite the hostility of the Biden administration Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Stellar Mantle Coinbase Guests: Trey Walsh, host of The Progressive Bitcoiner podcast Jason Maier, author of “A Progressive’s Case for Bitcoin” Trump and the Future of Bitcoin, Jason’s op-ed Timestamps: ➡️ 02:06 - How Trey and Jason became Bitcoiners ➡️ 05:14 - Bitcoin, progressivism & social justice ➡️ 11:24 - Persuading skeptical progressives ➡️ 16:19 - Value beyond Bitcoin? Other cryptos ➡️ 21:46 - Environmental impact misconceptions ➡️ 34:36 - Elizabeth Warren & Bitcoin: Consumer protection vs. financial inclusion ➡️ 41:24 - Was making Bitcoin a 2024 election issue premature? ➡️ 55:15 - Potential for pro-crypto policies under Harris? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. In this episode, the squad is joined by Rebecca Rettig, Polygon’s Chief Legal & Policy Officer, to dissect the SEC's impact on the crypto landscape, particularly focusing on OpenSea's Wells notice and impending legal challenges. They discuss the arrest of Pavel Durov, Telegram's founder, analyzing the political and cybersecurity ramifications. The conversation shifts to the internal frictions within the Ethereum Foundation and Vitalik Buterin's criticism of DeFi, reflecting the community's mixed reactions. The broader implications for the crypto industry, privacy, and regulatory clarity are highlighted with special insights from guest Rebecca Rettig, who adds depth on the legal and historical context. Wrapping up, they anticipate future challenges and emphasize staying informed. Show highlights 🔹 Arrest of Telegram founder Pavel Durov in France sparks global free speech and encryption debates. 🔹 Impact of Pavel Durov's charges on Telegram's role in global communication and crypto communities. 🔹 DeFi protocols face challenges with decentralization, privacy, and regulatory pressures. 🔹 OpenSea receives a Wells notice from the SEC, raising concerns about NFT marketplaces and royalty enforcement. 🔹 Ethereum Foundation's spending and Vitalik Buterin's critical comments on DeFi stir community debate. 🔹 Tension between public goods and financial services in Ethereum's future development. 🔹 Real-World Assets (RWAs) and their controversial role in Ethereum's ecosystem. 🔹 Speculation on future Ethereum protocol changes and their impact on network efficiency and user experience. 🔹 Broader implications of the SEC's aggressive stance towards crypto exchanges and NFT platforms. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Special Guest ⭐️Rebecca Rettig, Chief Legal & Policy Officer at Polygon Labs Disclosures Links Plurality philosophy in an incredibly oversized nutshell by Vitalik: https://vitalik.eth.limo/general/2024/08/21/plurality.html OpenSea’s response to SEC Wells notice “Taking a stand for a better internet” by Devin Finzer https://opensea.io/blog/articles/taking-a-stand-for-a-better-internet Timestamps 00:00 Intro 01:24 Telegram’s Pavel Durov’s Arrest 05:12 Free Speech/Encryption in the Crypto World 09:26 Policy Implications for Tech Platforms 13:57 France's Role and International Reactions 27:49 SEC Targets OpenSea 36:35 SEC’s Jurisdictional Strategies 40:29 Good vs. Bad Actors 45:16 Ethereum Foundation: Public Good or DeFi? 56:43 Vitalik vs. Crypto Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices

The SEC’s latest enforcement action is targeting NFTs, and OpenSea is in the crosshairs. In this episode, crypto lawyer Preston Byrne joins to unpack the implications of the SEC's Wells Notice to OpenSea and what it might mean for the platform and the broader NFT market. Could Section 230 of the Communications Decency Act provide a unique defense for OpenSea? Preston also dives into other recent SEC moves, including cases against Stoner Cats, Impact Theory, and more. Lastly, with the 2024 elections looming and political divides sharpening, is the SEC overreaching in its approach to crypto? Show highlights: Why Preston believes that the SEC will go after OpenSea for being an unregistered securities exchange What the Stoner Cats case was about and why it was not a strong enforcement action, according to Preston Why OpenSea's defense against the SEC may hinge on Section 230 protections for user-generated content, setting it apart from traditional exchanges like Coinbase or Binance How the clear-cut promises made by Impact Theory about potential returns made their NFTs resemble securities, unlike the typical art-focused NFTs on OpenSea Why Nate Chastain’s NFT insider trading case is unlikely to impact the SEC’s potential lawsuit against OpenSea Whether the $4 million settlement by Dapper Labs over NBA Top Shot NFTs likely represents little relevance to OpenSea's SEC issues What a Wells notice signals about the SEC's likelihood of suing OpenSea and why they might feel confident about winning this case How Jonathan Mann and Brian Frye's lawsuit for clarity on NFTs as securities highlights the SEC's potentially overreaching stance in its possible case against OpenSea How Trump's careful language around his NFT collection likely minimizes SEC risk by avoiding investment promises and focusing on their use as digital collectibles Whether the SEC's actions could reinforce the divide among crypto voters, with Trump promising a crypto-friendly stance and Harris likely continuing a more adversarial approach Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Mantle’s FBTC Gemini Guest Preston Byrne, Managing Partner at Byrne & Storm Links Wells notice Original announcement by X by OpenSea’s CEO Devin Finzer Unchained: OpenSea's Wells Notice From the SEC Could Prove ‘Disastrous’ Recent cases Unchained: Are NFTs Securities Offerings? Two Artists Sue the SEC to Find Out The Defiant: NFTs Are Securities? All Eyes Turn to Top Shot Case Reuters: US regulator fines Stoner Cats creator for offering NFTs Ex-OpenSea manager sentenced to 3 months in prison for NFT insider trading Hester Peirce’s dissent on the Stoner Cats case Others Paper: The Economic Reality of NFT Securities. Mondaq: Defining NFTs: Property, Securities, Or Commodities? National Post: Trump’s newest NFTs show him as superhero, boxer and motorcyclist Timestamps: 00:00 - Introduction 02:11 - SEC targets OpenSea: Unregistered exchange? 03:58 - Stoner Cats case: Weak for SEC? 07:42 - OpenSea's defense: Section 230 protections 13:15 - Impact Theory's promises vs. OpenSea's NFTs 15:34 - Nate Chastain's case 17:15 - Dapper Labs settlement: Relevance to OpenSea 18:56 - Wells notice: SEC's confidence to sue 19:48 - Mann & Frye's lawsuit: SEC overreach? 22:39 - Trump’s NFT strategy: Minimizing SEC risk 24:53 - What this Wells notice says about the presidential election 58:25 - News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell's recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets. Palley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins. Finally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his “personal piggy bank.” Plus, what’s the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov’s arrest means. Show highlights: 00:00 Intro 02:41 How Powell's speech signaled a shift from a focus on inflation to employment and what that means for crypto markets 10:25 Why the Fed's proactive stance on the labor market could cement Powell's legacy, and how cutting rates amid high real rates might prevent long-term economic damage 23:47 How a significant payroll revision caused a brief panic, yet the markets dismissed it as noise due to its lagging nature 27:21 What the absence of crypto in the DNC's platform means for the industry, and how Kamala Harris’ presidential run could impact future regulations 34:12 How the surge in crypto contributions to political campaigns highlights the industry's growing influence 37:00 How the growing narrative around undervalued DeFi tokens could play out under a Trump administration, given the perception of Republican support for crypto 43:15 Why blue-chip DeFi projects, despite their dominant market share and attractive business models, may be overvalued, according to Rennick 53:44 Whether Justin Sun uses Tron as his “personal piggy bank” 58:52 Whether investing in memecoins is a good strategy and how to construct a portfolio around them 1:12:59 Why James says that the withdrawal and refiling of bitcoin ETF options applications signals potential progress, and how the SEC’s ongoing review could lead to approval by early 2025 1:19:43 Pavel Durov’s arrest and why Alex believes TON might be a good asset to buy Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Rennick Palley, Czar of Speed, Protector of the Hat. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Unchained, Keone Hon of Monad Labs, Jay Jog of Sei Labs, and Vijay Chetty of Eclipse Labs share insights on their distinct approaches to scalability and performance in high-throughput blockchains. They discuss the technical advantages of parallelized EVMs, the strategic decisions behind blockchain architecture, and the innovations driving the next generation of high-speed chains. Show highlights: 00:00 Intro 02:02 How Monad got started and its mission from the very beginning 03:46 The features that enable Monad to be a high-throughput blockchain 07:32 Why Monad chose to make a new blockchain instead of an L2 08:36 Why Keone believes that Monad offers the best experience for developers and why he doesn’t like the ‘Ethereum killer’ description 15:48 Monad’s big venture capital raise and how they’ll use the money 17:30 Monad’s strong community 19:21 The next steps for Monad and whether we’ll see a token soon 20:02 What Sei is and the role of the GameStop saga in the creation of it 21:31 Why Jay believes the EVM developer ecosystem is so strong 25:45 Why Sei pivoted from Cosmos to the EVM that led to the launch of its v2 27:14 What allows Sei to be “the fastest chain, even faster than Solana” 33:03 How Sei DB works, and why Jay says that the monolithic approach has many advantages to the modular one 45:35 How Eclipse works by combining Ethereum, Solana, and Cosmos 53:22 How Eclipse deals with the complexities of its modular architecture 54:54 What ways there are to transact in SOL on Eclipse 55:44 Vijay’s reaction to how Eclipse Labs has responded to the allegations against its founder and former CEO Neel Somani 57:21 How Eclipse aims to attract developers 1:01:15 What areas within crypto Vijay expects will flourish on Eclipse 1:03:49 The next steps for Eclipse and when the mainnet could launch Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Mantle Guests: Keone Hon, Co-founder and CEO at Monad Labs. Jay Jog, Co-founder of Sei Labs. Vijay Chetty, CEO of Eclipse Labs. Learn more about your ad choices. Visit megaphone.fm/adchoices

Pendle Finance, an innovative protocol that lets users trade yield, surged in popularity earlier this year but is now grappling with a downturn in usage. In this episode, founder TN Lee shares insights into Pendle's approach, the factors behind its recent success, and the challenges it faces in recovering user engagement and TVL. Plus, since Pendle’s rise was driven by the points narrative, TN talks about how the protocol can keep growing. Show highlights: 00:00 Intro 01:24 What Pendle is, how the idea for it was born, and how it works 05:06 Why Pendle has exploded this year, even though it launched years ago 12:01 Whether Pendle is an app for sophisticated traders and the most common strategies in the protocol 15:46 How users are able to leverage their earned points in several protocols 19:20 Besides market risks, what the risks are of trading in Pendle and how they try to mitigate them 20:57 Pendle’s recent significant drop in TVL and plans to recover 24:13 If the points narrative ends, will Pendle remain relevant? 27:31 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Guestl TN Lee, Founder of Pendle Finance Links Previous coverage of Unchained on Pendle: DeFi Protocol Pendle Reaches All-Time High as Total Value Locked Tops $5.78 Billion Background Information on Pendle Introduction Glossary Minting Advanced Yield Trading Strategies vePENDLE DeSpread Research report (Sept 2023) Cointelegraph Research: Deciphering Pendle Finance’s surge Others: Crypto News: Major Changes Ahead: Pendle Ends Earn UI, Focuses on V3 Pendle reached its second largest maturity event on July 25 DeFi Llama: Pendle’s TVL Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week, the boys discuss Ethereum's current standing in the cryptocurrency ecosystem, comparing it to the United States regarding capital concentration despite fewer users. They also dive into the dynamics of prediction markets, focusing on Polymarket's role in predicting election outcomes. The conversation evolves into an analysis of potential changes to the Ethereum mainnet, driven by competition from Solana and other factors, including block time reductions and gas limit increases. The episode concludes with predictions about Ethereum's possible upgrades in the next six months and a bet among the hosts about the outcome. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 A focused discussion on the utility and accuracy of polls versus prediction markets, particularly highlighting the insights from prediction market platforms like Polymarket. 🔹Exploration of Nate Silver's analytical methods and their application to understanding market dynamics and voter behavior forecasts in the crypto context. 🔹Examination of liquidity issues in crypto prediction markets, referencing platforms like Drift Protocol and their impact on market behavior and reliability. 🔹Analysis of how Solana’s advancements are pushing Ethereum to evolve, particularly in the areas of Layer 1 and Layer 2 scaling solutions. 🔹Discussion on the economic strengths and potential vulnerabilities of Ethereum, likened to the Dutch Disease, where reliance on a dominant resource can lead to broader economic issues. 🔹Speculative insights into the possible future changes in Ethereum’s protocol, including adjustments to block times and gas limits, and their potential impact on the network’s efficiency and user experience. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures Disclosures Links On the Edge: The Art of Risking Everything a Book by Nate Silver: https://www.amazon.com/Edge-Art-Risking-Everything/dp/1594204128 0:00 Intro 01:52 Polls vs. Prediction Markets 08:04 Nate Silver's On the Edge 15:37 Prediction Markets and Liquidity 22:31 Solana's Influence on Ethereum 25:32 L1 vs. L2s Updates 32:13 Ethereum has Dutch Disease 44:12 Predictions for Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Reed Werbitt, US CEO of Flowdesk, and Hanson Birringer, Head of US OTC Sales, delve into the intricacies of launching a token and the evolving landscape of over-the-counter markets. They discuss what factors teams should consider when choosing market makers and exchanges, how the launch of bitcoin and ether ETFs has impacted the markets, and the role of points systems in attracting users to tokens. The conversation also covers the challenges faced by Bitcoin miners amid recent market developments and the opportunities presented by solving fragmentation. Show highlights: 00:00 Intro 01:53 Reed’s and Hanson’s backgrounds and what Flowdesk aims to do 05:52 How market makers work with token issuers 11:55 How a token issuer decides where to launch their tokens and what market maker to choose 17:53 Why Binance and OKX are the most desirable exchanges on which to list a token 18:38 Whether the crypto markets have changed with the launch of spot ETFs 19:36 The ideal ways to launch a token, and why it’s important to analyze the type of token 21:55 How points systems have affected the go-to-market strategies 25:38 How the low float/high FDV coins have affected whether Flowdesk engages with a new project 30:29 The benefits of OTC trading and how crypto OTC differs from TradFi OTC 41:54 The challenge of having multiple banking relationships 43:21 How this year’s developments, such as the ETFs and Trump’s promises, have changed the landscape for Flowdesk 46:00 Why solving fragmentation is the next big opportunity, according to Hanson 47:46 Whether the result of the U.S. elections will affect Flowdesk’s business 54:04 How the halving and bitcoin ETFs have affected miners 55:56 The significant differences between the prices of locked tokens vs. their market price Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Reed Werbitt, US CEO of Flowdesk and Hanson Birringer, Head of OTC Sales of Flowdesk Links Bloomberg: Crypto Token Listings on Major Exchanges Top Last Year’s Total Already, Bitget Research & Nansen Research: Discovering Token Potential for Trading & Exchange Listing Hack VC: 10 Things to Consider When Preparing for your Token Generation Event (TGE), FlowDesk: How Projects Can Select the Right Market-Making Model a16zcrypto: Operational guidelines for token launches, from creation to custody 5 rules for token launches Keyrock: Crypto Market Making: Basics, Benchmarks, and More, Openware: Strategies for Effective Crypto Market Making Token listing issues Unchained: Who’s to Blame for the Underperformance of Low Float, High FDV Tokens? New launches (part 1) - private capture, phantom pricing, by Cobie Why are all these low float / high FDV coins down bad?, by Dragonfly’s Haseeb Qureshi Chainalysis: 54% of ERC-20 Tokens Listed on DEXes in 2023 Display Patterns That May Be Suggestive of Pump and Dump Schemes, but Represent just 1.3% of DEX Trading Volume Market making DL News: Crypto market makers rake in cash shorting their customers’ tokens. One firm is calling for more transparency Archeron Trading: Case Study: Chainflip, Demystifying Effective Pre-Market Orderbook Structuring Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Aki Balogh, CEO of dlcBTC, explores how Discreet Log Contracts (DLC) can change how Bitcoin works in DeFi by creating a self-sovereign Wrapped Bitcoin. He delves into the mechanics of dlcBTC, its security features, and how it aims to be more decentralized than existing Wrapped Bitcoin solutions like WBTC. Aki also shares future plans for dlcBTC, including integration with Bitcoin Layer 2 solutions and expansion to various blockchain ecosystems. Show highlights: 00:00 Intro 01:48 Aki’s background and how he got into crypto 04:14 What Discreet Log Contracts (DLC) are and why they are relevant for Bitcoin 07:56 How dlcBTC leverages these types of contracts to build a self-sovereign Wrapped Bitcoin and the differences with the current WBTC 15:41 Aki’s reaction to the news that WBTC will soon be handled by a joint venture between BitGo, Justin Sun and the Tron ecosystem 19:27 The role of attesters in making dlcBTC secure 23:26 How redemptions work in this kind of setup 27:31 Whether dlcBTC is more decentralized than WBTC 28:15 How many attesters the protocol should have to make it more safe and secure 30:05 How dlcBTC, the company, makes money with this product 31:11 Whether dlcBTC will be used in Bitcoin L2s, not just in the Ethereum ecosystem 34:47 What the future plans are for dlcBTC Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Guest Aki Balogh, CEO of dlcBTC. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and chop it up about the latest news. This week, the gang is joined by Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO. They dive into the unfolding drama surrounding WBTC and BitGo's strategic shift towards multi-jurisdictional custody in Hong Kong. They also explore the growing buzz around decentralized AI, sparked by Haseeb’s newfound role as an “influencer” in the space, and debate whether these projects can truly succeed. Moreover, with the SEC reportedly issuing subpoenas to crypto VCs, the discussion turns to the potential implications for token investments and regulatory scrutiny. Lastly, is this cycle lacking a zero-to-one innovation? Show highlights: ➡️ 02:22 What MegaETH is and how hotpot DAO was born ➡️ 07:09 Reflections on the Science Blockchain Conference and its academic rebranding across major universities ➡️ 16:55 How Haseeb became an “influencer for decentralized AI” and whether decentralized AI projects will succeed ➡️ 25:45 What BitGo's move to multi-jurisdictional custody with Justin Sun-linked company BitGlobal in Hong Kong means for the future of WBTC ➡️ 40:33 What the SEC's rumored subpoenas to crypto VCs might mean for the future of token investments and underwriter laws ➡️ 48:28 How the current crypto cycle's lack of a "0 to 1" innovation reflects the industry's momentum and sentiment Hosts Haseeb Qureshi, managing partner at Dragonfly Tom Schmidt, general partner at Dragonfly Tarun Chitra, managing partner at Robot Ventures Guest: Shuyao, cofounder of MegaETH Labs and founder of hotpot DAO Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann sit down with Chris Cecere of crypto investment firm Asymmetric to make sense of the latest market volatility and the factors driving it. From the impact of the yen carry trade and the Fed’s controversial decisions on interest rates, to the potential signals coming out of Jackson Hole, the discussion cuts to the heart of what’s moving the markets. The group also dives into the SEC’s crackdown on Ripple, the ongoing drama surrounding wrapped bitcoin (WBTC) custody, and whether the Biden-Harris administration is genuinely considering a “crypto reset” or if it’s just political posturing. Show highlights: 00:00 Intro 02:05 Whether the yen carry trade is to blame for the recent market sell-off and the concept of Value at Risk (VAR) 09:25 How Asymmetric handled the volatility of the sell-off using a strategy called “delta replacement” 14:17 Why the Volatility Index (VIX) spiked and whether it could do so again 22:21 Why Alex thinks that unemployment numbers started a panic and what the Sahm rule is 27:24 What might have triggered Jump Trading's sudden liquidation during a massive market sell-off, and whether more funds will face similar pressures 31:15 Why the market and major banks like J.P. Morgan agreed that the Fed missed the mark by not cutting rates in July 41:36 What key signals the Fed might send at Jackson Hole about the future of interest rates and the winding down of quantitative easing 45:40 How significant the timing of the first rate cut is in determining whether it will be bullish or bearish for the markets 53:45 What Ripple's lawsuit settlement and the SEC’s subpoenas to VCs mean for the broader crypto industry 58:13 Whether Harris will actually do a “crypto reset” 1:03:04 The drama surrounding the custody of wrapped bitcoin (WBTC) Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Joe McCann, Founder, CEO, and CIO of Asymmetric Guest: Chris Cecere, GP and Head of global macro and trading at Asymmetric Learn more about your ad choices. Visit megaphone.fm/adchoices

Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia’s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report. In this episode, Caitlin and Michelle explain why they believe the Fed’s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the U.S. Show highlights: 00:00 Intro 01:52 What Custodia Bank is and how it got started in Wyoming 06:04 How Custodia got into a fight with the Fed to get its master account 09:58 How the dual banking system works in the U.S. and the differences between Custodia and traditional banks 18:15 Why Custodia filed a lawsuit against its own regulator 24:33 Why the Fed denied Custodia its applications and Caitlin’s response to the criticisms 29:57 The political coordination meant to “intimidate” Custodia, according to Caitlin 42:43 The amicus briefs that were filed in favor of Custodia 48:48 Caitlin’s reaction to the Fed’s enforcement action against Customers Bank 53:35 Why Caitlin says that it’s “abusive and corporatist” that the SEC is granting exceptions to big banks 56:03 Why so few banks are owned by women and whether this played a role in Custodia’s denial 59:25 The next steps in Custodia’s case and whether a stablecoin is viable for them 1:05:21 Whether the elections are going to impact the case Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Token 2049 Mantle Guests: Caitlin Long, Founder & CEO of Custodia Bank Previous appearances on Unchained: Why Caitlin Long and Meltem Demirors Are Worried About Crypto’s Future in the US Caitlin Long: Why Avanti Will Be a New Kind of Crypto Bank Michelle Kallen, Partner at Jenner & Block Links Timeline PerkinsCoie: Federal Reserve Issues Final Guidelines for Master Account Access CoinDesk: Crypto Bank Custodia Sues Federal Reserve Davis Polk: Crypto bank sues Federal Reserve over delay in master account application Fed’s 86-page report of its denial of Custodia’s membership Custodia’s response to the Fed report Custodia’s amended filing Judge Scott Skavdahl’s order to dismiss Davis Polk: District courts refuse to order Federal Reserve to grant master accounts to Custodia Appeal Custodia’s appeal notice Custodia’s appeal filing Amicus briefs for the appeal Bitcoin Magazine: The Federal Reserve, Custodia Bank, And The Battle For Sovereignty Paul Clement on behalf of the Digital Chamber and Global Blockchain Business Council (GBBC) Don Verrilli for Blockchain Association State of Wyoming Americans for Prosperity Foundation Members of the United States Senate Banking Committee and House Financial Services Committee Former Sen. Patrick Toomey Customers Bank: CoinGeek: ‘Crypto’-friendly Customers Bank hit with Fed Reserve enforcement action Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode addresses the recent market crash, the Bank of Japan's surprising rate hike, and its global impact. The team also discusses the Science of Blockchain Conference's relocation from Stanford to New York, and the current political landscape affecting crypto, including reactions from key politicians and internal community conflicts. Highlights include Solana's recent performance surge, opportunities in its ecosystem, and the effects of Elizabeth Warren's letter to the CFTC on prediction markets. Tune in for an insightful overview of these significant developments! Show highlights 🔹 In-depth analysis of the recent U.S. crypto market crash caused by the Bank of Japan’s unexpected rate hike and its impact on global financial markets. 🔹 Discussion on the resilience of DeFi during market turmoil, with highlights on record on-chain volumes and DEX stability. 🔹 Examination of the rebranding of the Stanford Blockchain Conference and its implications. 🔹 Insights into the political landscape affecting crypto, including perspectives on Kamala Harris, Trump's pro-crypto stance, and Elizabeth Warren's opposition to political event betting contracts. 🔹 Analytical focus on the Solana ecosystem, its early investment opportunities, network reliability, UX advantages, and its influence on newer EVM chains. 🔹 Reflections on market trends and opportunities for smart investors to capitalize on new developments. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures Disclosures Links What Drives Crypto Asset Prices? Adams, Austin and Ibert, Markus and Liao, Gordon, (July 30, 2024). Available at SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910537 Timestamps 00:00 Intro 01:29 SBC 03:57 Market Crash & BOJ 06:58 Crypto Market Reactions and On-Chain Activity 17:41 Fed's Interest Rate Decisions and Market Implications 23:27 Political Landscape and Crypto 38:50 Elizabeth Warren Doesn’t Like Prediction Markets 55:09 Solana vs. Ethereum Learn more about your ad choices. Visit megaphone.fm/adchoices

After the unwinding of the Japan carry trade, the weak jobs report, and Jump’s dumping of ETH slammed crypto prices earlier this week, Jason Pagoulatos, head of markets at Delphi Digital, gives his insights on where prices are headed. He explains why he thinks Ethereum has underperformed so far in 2024, how the ETH ETFs might impact the price as outflows from Grayscale’s ETHE dwindle, and how the election, moves by the Fed, and the adoption of Bitcoin ETFs by Morgan Stanley advisors will affect BTC. Show highlights: 00:00 Intro 01:34 Why the markets have rebounded since the weekend selloff 04:11 The role of Jump in the ETH selloff and why ETH has been underperforming so much this year 14:18 Whether Grayscale’s ETHE slowing down the outflows will reverse the trend for ETH 17:53 Why Jason believes that investment advisors will continue to push bitcoin to their clients 20:18 How the macroeconomic environment is affecting crypto prices now and the impact in the near future Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Token 2049 Guest Jason Pagoulatos, head of markets at Delphi Digital Learn more about your ad choices. Visit megaphone.fm/adchoices