Unchained

Hyperliquid's USDH ticker set off the most dramatic “RFP” in recent memory. The crew breaks down why Native Markets ran away with validator support, whether the process was theater or strategy, and how the Bake-off became a marketing masterstroke—and potential leverage on Circle. We dig into Polymarket odds, the last‑minute Paxos bribery allegation (denied), and what this means for future “native” stables on Solana, app chains, and beyond. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Guy founder of Ethena as a special guest, as a single ticker (USDH) sparked a weeklong spectacle: Hyperliquid's “Bake-off” to award the USDH stablecoin brand. Native Markets surged ahead as validators signaled support, Paxos rallied late with partners and incentives, and Ethena ultimately withdrew. Was this always a vibes‑based beauty contest, or a deliberate move to pressure Circle and re‑route bridge yield? We parse the incentives, the governance, and the market microstructure — and peek at what happens if every big chain/app tries the “native stablecoin” playbook. Show highlights

Stablecoins are supposed to be boring, but the fight for the USDH ticker on Hyperliquid has turned into one of the most dramatic battles in crypto.  From Ethena suddenly pulling out, to Paxos revamping its bid, to whispers of favoritism, the contest has put protocol-native stablecoins in the spotlight.  In this episode, MegaETH co-founder Shuyao Kong, who just announced their own stablecoin USDm, speaks about why they chose Ethena as a partner, and why alignment with Hyperliquid matters more than short-term incentives.  She also explains why ecosystems need both yield-chasing and yield-agnostic stablecoins — and whether Circle and Tether could be pushed aside in the next wave of competition. Thank you to our sponsor, ⁠Token2049⁠! Get 15% off your tickets with the code UNCHAINED! Guest: Shuyao Kong, Co-founder of MegaETH Links:  Unchained:  The Competition Is On. Who'll Win the USDH Ticker on Hyperliquid? Bits + Bips: Hyperliquid's USDH Bidding War & Why the DAT Model Is Broken Ethena Joins Race to Issue Hyperliquid's USDH Paxos Unveils USDH Proposal V2 With PayPal, Venmo Integrations  Sky Joins Bidding War to Launch Hyperliquid's USDH Stablecoin Issuers Enter Bidding War to Launch Hyperliquid's USDH Ethena withdraws its proposal  The Block: MegaETH launches native USDm stablecoin with Ethena to subsidize sequencer fees Polymarket bet: Who will win the USDH ticker? Timestamps:

Pump.fun rocketed to revenue, ran a blockbuster token sale, and then hit turbulence: rivals took share, the token slid, bots spammed launches, and critics cried “casino.”  Now the team is fighting back with a dynamic creator-fee model, a liquidity foundation for cult communities, and an unapologetic push into live streaming and mobile. In this episode, co-founder Noah Tweedale lays out how Project Ascend aims to align creators and communities, why buybacks aren't a long-term business model, what they're doing about bots and user losses, and how Pump plans to compete not just with crypto apps, but with YouTube, Twitch, and TikTok.  It's a candid look at whether a crypto product can become a mainstream platform. Thank you to our sponsor ⁠Token2049⁠! Get 15% off with the code UNCHAINED Guest: Noah Tweedale, Co-founder of Pump.fun Timestamps:

The fight for Hyperliquid's USDH stablecoin is more than a ticker battle—it's a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market.  In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund's Kavita Gupta, Galaxy Digital's Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins? Sponsors: Xapo Walrus Host: Steve Ehrlich, Executive Editor at Unchained Guests: Kavita Gupta, Founder & Managing Partner of Delta Blockchain Fund Alex Thorn, Head of Firmwide Research at Galaxy Digital Sam Kazemian, Founder of Frax Finance Links: Unchained:  The Competition Is On. Who'll Win the USDH Ticker on Hyperliquid? Stablecoin Issuers Enter Bidding War to Launch Hyperliquid's USDH Sky Joins Bidding War to Launch Hyperliquid's USDH  Timestamps:

The battle for Hyperliquid's USDH ticker is a referendum on what crypto wants to be: a community-first public good, or a globally scaled, institution-ready product.  With the clock ticking toward the proposal and voting deadlines, Agora's Nick van Eck and Paxos Labs' Bhau Kotecha lay out their cases—100% revenue back to users vs. 95% with enterprise distribution, “Hyperliquid alignment” versus “bring it to the masses,” and what each would build on day one if they win.  We also dig into liquidity, slippage claims, validator dynamics, and how a single ticker could shape the future of onchain markets. Thank you to our sponsors ⁠⁠Mantle⁠⁠! Guests: Nick van Eck, CEO and Co-founder of Agora Bhau Kotecha, Co-founder of Paxos Labs Links: Unchained:  Stablecoin Issuers Enter Bidding War to Launch Hyperliquid's USDH Sky Joins Bidding War to Launch Hyperliquid's USDH  Timestamps:

Pokémon cards are no longer just collectibles stuffed in a binder. They're becoming liquid, tradable assets onchain. In this episode, Collector Crypt CEO Tuom Holmberg and Bitwise's Danny Nelson explain how the project is reimagining the $100 billion trading card industry. From slashing eBay's 13% fees to near-zero, to solving decades-old authentication problems with vaulting and NFTs, to launching a token that surged 700% in weeks, Collector Crypt is pushing trading cards into crypto rails. We also explore whether this is the start of a “Polymarket moment” for collectibles, how these cards could be used in DeFi, and if mainstream investors might soon allocate to Pokémon decks alongside BTC and ETH. Thank you to our sponsors! Re Walrus Guests: Danny Nelson, Research Analyst at Bitwise Asset Management ⁠Tuom Holmberg⁠, CEO of Collector Crypt Timestamps:

DATs aren't done. They may just be getting started.  In this episode, CoinFund's Chris Perkins and Upexi's Brian Rudick join Ram Ahluwalia and Steven Ehrlich to dissect why some DATs could outcompete ETFs for certain investors, the bullish accretion math behind premiums, and what makes a winning vehicle. We also dig into whether this is altcoin season or a head fake, why Galaxy's tokenized-share move matters, and the one market unlock Perkins says could change everything. Use this episode to pressure-test your assumptions: are DATs “just banks,” or the best product-market-fit crypto has found for TradFi capital? Thank you to our sponsor ⁠Xapo Bank⁠! Xapo offers Bitcoin-backed loans of up to $1 million, so eligible members can access liquidity without selling their BTC.  Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guests: Christopher Perkins, Managing Partner and President of CoinFund Brian Rudick, Chief Strategy Officer at Upexi Links: DATs: How Crypto Treasury Companies Are Turning to DeFi and TradFi to Juice Yields How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever These 4 Crypto Treasury Companies Are Primed for a Price Crash Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse? Tokenization: Federal Reserve to hold conference discussing crypto stablecoins, tokenization, and AI GLXY tokenized stock Ondo Finance launched over 100 tokenized U.S. stocks and ETFs on Ethereum CZ-owned Trust Wallet launches tokenized stocks and ETFs Timestamps:

Altcoin froth meets political theater. The team dissects World Liberty Financial's explosive debut: a $22B token backed by the Trump family, a disputed Aave partnership, insider buybacks, and a “gold paper” instead of a whitepaper. We break down Justin Sun's role, why critics call it crypto's “garbage moat,” and how WLFi could become the Thanksgiving dinner debate of 2025. Plus: Gavin Newsom's meme coin tease, GDP data going on-chain, and the CFTC reopening U.S. markets to global exchanges. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, the crew dives into the wild debut of World Liberty Financial — Trump's $22B DeFi token that launched with a “gold paper,” insider allocations, and buybacks despite no product. We break down the Trump family's $5B paper fortune, the disputed Aave deal, and whether WLFi is a serious stablecoin project or just another garbage fire in crypto's moat. From Justin Sun's backing to Thanksgiving dinner debates, we unpack what WLFi means for politics, memes, and markets. Then we zoom out to Gavin Newsom's meme coin tease, the U.S. Commerce Department posting GDP on-chain, and fresh CFTC moves that could reshape crypto exchanges and ETFs. Show highlights

Behind some of the biggest token launches of the past year — from Trump's $TRUMP coin to the recent Kanye West's $YZY, to the collapse of $LIBRA and this week's launch of $WLFI — the same insider names keep popping up.  In this episode, Bubblemaps CEO Nicolas Vaiman explains how figures like Hayden Davis of Kelsier Ventures, celebrity promoter Sahil Arora, Naseem, and even Justin Sun have profited from chaotic launches.  We dig into the mechanics of insider “snipes,” one-sided LPs that hide selling, and why celebrity and political tokens so often collapse right after launch.  Finally, Nick asks: if “no one is coming to save us,” what real protections can the industry build? Thank you to our sponsors! Mantle Re Guest: Nicolas Vaiman, CEO and co-founder of Bubblemaps Links: Previous coverage of Unchained on these token launches: Why Would Argentine President Javier Milei Protect Kelsier's Hayden Davis? How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage Why Lyn Alden Isn't a Fan of Trump's Memecoin Unchained: LIBRA Facilitator Sniped $12M of Kanye West's YZY Token: Bubblemaps YZY Sniper Wallet Traced to LIBRA Scheme Kanye West's YZY Token Launches With ‘Class Action Waiver' Trump Family Grows $5 Billion Richer After WLFI Token Sale Circle Freezes $57M of USDC Linked to Libra Scandal Timestamps: ⏱ 0:00 Introduction

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DAT mania meets market reality. Tom Lee becomes the face of ETH as BitMine amasses 1.5% of supply and mNAV premiums start to collapse. We break down Japan's MetaPlanet tax arbitrage, SharpLink's buyback tactics, and the coming wave of DAT M&A. Plus: Robinhood launches tokenized stocks in Europe using Arbitrum, the WFE fires a warning shot, and Stylus lets fintech devs go Rust-first onchain. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Arbitrum's AJ Warner (Chief Strategy Officer at Offchain Labs) joins to unpack the rise (and potential fall) of Digital Asset Treasuries (DATs), as Tom Lee emerges as Ethereum's public face and BitMine amasses 1.5% of ETH. We dive into the collapse of mNAV premiums, Japan's MetaPlanet tax arbitrage, and the looming consolidation of subscale DATs. Plus: Robinhood launches tokenized stocks in the EU on Arbitrum, AJ shares the roadmap for Robinhood Chain, and we debate whether token wrappers, buybacks, and DAT M&A mark the next era of crypto capital markets. Show highlights

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Altcoin froth meets real-asset rails. Vlad explains why Robinhood built an L2, how tokenized stocks—and even private shares like OpenAI/SpaceX—could trade on-chain, and what that means for accreditation, access, and the public/private wall. Plus: DATs, DTCC in a tokenized world, and AI that formally proves smart contracts. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, Robinhood co‑founder/CEO Vlad Tenev joins to explain Robinhood Chain, why they chose a Layer 2 over a Layer 1, and the plan to bring tokenized stocks — including private shares — on‑chain. We get into the OpenAI/SpaceX kerfuffle, accreditation rules, and whether permissionless tokenization erodes the public/private boundary. Then we zoom out to 24/7 trading, Digital Asset Treasuries, and how formal verification (Lean proofs) could make smart contracts safer. Show highlights

The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer. This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto. Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Sui Xapo Bank Guests: David Nage, VC Portfolio Manager at Arca Lawson Bae, Founder of Relayzero Links: Unchained:  Wormhole Foundation to Counter LayerZero's Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens  Timestamps:

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Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets?  Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn't even on the field today. Thank you to our sponsors! Walrus Xapo Bank Guest: Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Links: Unchained:  Circle to Launch Layer 1 Blockchain ‘Arc' Stripe Is Building Its Own Layer 1 Blockchain: Report Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm Timestamps:

Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania. 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 surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs. Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin's security decades from now. Also: Trump's executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we're only halfway to mania. Show highlights

Ethereum's rally has captivated the market, but is it really about the GENIUS Act and stablecoins, or just raw flows?  In this episode of Bits + Bips, Alex Kruger, Ram Ahluwalia, Steven Ehrlich, and special guest Sid Powell of Maple Finance, dive deep into what's driving ETH, the macro forces shaping crypto's next leg up, and whether traders are completely wrong about the Fed's next moves. From the potential flood of TradFi capital onto the blockchain, to the battle for stablecoin dominance, to whether Solana is about to get a major boost, the conversation dissects the signals in today's market. Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Sid Powell, CEO & Co-Founder of Maple Finance Links: Unchained: Custodia Patent for Bank Stablecoin Challenges Big Banks Entering the Field CBS News: CPI rose in July by 2.7% on an annual basis. Here's what that means. CNBC:  Circle shares rise as second-quarter revenue jumps 53% on strong stablecoin growth Fed board contenders Miran, Bullard say Trump's tariffs are not causing inflation CoinDesk.  ETH Transaction Volume C Much as $20limbs on Price Rally, Cheaper DeFi Costs Tom Lee's BitMine Immersion Aims to Raise asB for More ETH Buys Cointelegraph: SharpLink Gaming shares dip after $400M deal to boost Ether holdings Bloomberg: Godfather of the Mar-a-Lago Accord Goes to the Fed Timestamps:

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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. With special guests: Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation. This week we get into one of the most pivotal moments in Ethereum's history — from the Tornado Cash verdict and its chilling implications for developers, to Wall Street's growing embrace of ETH through the launch of ETHZilla. The crew unpacks how this trial could redefine developer liability, why Ethereum's narrative is shifting toward institutional adoption, and what the next decade could look like for the world's most versatile blockchain. Whether you're here for the legal drama, the market moves, or the inside scoop from Ethereum's top builders and investors, this episode delivers the sharp analysis, big-picture context, and unfiltered hot takes you've come to expect from The Chopping Block. Show highlights

Solana Mobile's Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week's episode features two big stories.

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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, things get personal as Haseeb and Tom break their silence on the DOJ's shocking threat to criminally charge Dragonfly over its early investment in Tornado Cash. With Roman Storm's trial nearing its conclusion, the crew unpacks the unprecedented legal risks facing developers, investors, and privacy protocols and what it means for the future of crypto in the U.S. As Ethereum celebrates its 10th anniversary, a storm brews in court: Samourai  Wallet founders plead guilty, the DOJ backpedals on Dragonfly, and Roman Storm faces decades behind bars for writing code. Robert recounts his short-lived microcap M&A adventure (aka the Liquor Store Fiasco), and the gang reacts to a dramatic regulatory about-face from the SEC's new crypto-friendly regime. Is financial privacy now a crime? Will U.S. law catch up with crypto code? And what happens when TradFi tries to CT a public company? This episode hits hard — and nothing is off limits. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It's earnings season in crypto—and the stories couldn't be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin's price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained's Steven Ehrlich sits down with: Lance Vitanza from TD Cowen to break down Strategy's accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks Owen Lau from Oppenheimer to unpack Coinbase's earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle FalconX Guests: Lance Vitanza, Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen Owen Lau, Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever.  In this wide-ranging interview, he reflects on Ethereum's resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon.  If you want to understand where DeFi is going, you'll want to hear what Stani has to say.   Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Focal by FalconX Xapo Bank Guest: Stani Kulechov, founder and CEO of Aave and ETHLend Links: Recent episode of Unchained with EF's co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates DefiLlama: Aave stats Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdings  Timestamps:

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What's fueling crypto's market surge?  This week on Bits + Bips, Ethereum's rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin's dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute's Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto's microstructure.  Plus, we dissect the macro impact of rising tariffs, the Fed's delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! Bitwise Mantle Hosts: Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Katalin Tischhauser, Head of Research at Sygnum Bank Jake Ostrovskis, Head of Sales Trading (OTC) at Wintermute Links Markets:  Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million DATs: Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% Trump and Powell Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats Timestamps:

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi's Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Xapo Bank Focal by FalconX Guests: Simon Smockey, Researcher at Delphi Digital Yan Liberman, Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures Jason Pagoulatos, Head of Markets at Delphi Previous coverage on the ICO:  Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? Pump.fun's $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More Timestamps:

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 Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry's been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum's bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market's reaction to it all. Show highlights

Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation. But is this just the beginning? In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast. They also cover Ethereum's rally, what's fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump's latest threats against the Fed and what it means for markets, inflation, and interest rates. Sponsors: Bitwise Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Steve Ehrlich, Executive Editor at Unchained Guest: Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital Links Stablecoins Unchained:  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Trump to Unblock Crypto Access in America's $9 Trillion 401(k) Market: Report The Block: GENIUS Act is helping Ethereum ‘have its moment,' Bernstein says WSJ: Why Banks Are on High Alert About Stablecoins Digital Asset Treasuries WSJ: Blank-Check Company Strikes Cryptocurrency Deal Unchained: SBET to Raise Additional $5B to Grow ETH Position Bloomberg: Trump Media Buys $2 Billion in Bitcoin for Crypto Treasury Plan CoinDesk: DeFi Development Nears $200M Solana Treasury DeFi Dev Corp Press release: DeFi Dev Corp. Announces Global Expansion Through Strategic Treasury Franchising Model TLGY Acquisition Corp Press release: TLGY Acquisition Corp. Announces Business Combination and Approximately $360 Million PIPE Financing to Form StablecoinX, an Ethena Stablecoin-Focused Treasury Company The Block: Nasdaq-listed Sonnet BioTherapeutics agrees to $888 million merger to become Hyperliquid Strategies, launch HYPE treasury Timestamps:

Bitcoin is up over 25% year-to-date, but what if this is still the beginning? Udi Wertheimer joins the show to share a thesis that's grabbing attention across crypto: that we're entering a generational Bitcoin rotation, where old holders are out, new institutional buyers are in, and price targets like $400K may arrive faster than anyone expects. He explains why the emergence of “forced buyers” like Michael Saylor's Strategy changes everything, why he thinks the altcoin cycle is already lost, and how the biggest mistake Crypto Twitter is making today is thinking this is the top. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Mantle Udi Wertheimer, long‑time Bitcoin advocate and customer support intern at Taproot Wizards Udi's article: This Bitcoin Thesis Will Retire Your Bloodline Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains Timestamps:

After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry. The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump's desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill's path turned turbulent this week, with objections from Democrats over Trump's crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language. Now that it's through, what will this law actually do? And who stands to benefit—or lose? In this episode, Dante Disparte, Circle's chief strategy officer and one of the key players behind the legislation, joins Unchained to explain: How the bill won bipartisan support despite political tensions Why banks may think twice before issuing stablecoins And why Circle is applying for a national trust bank charter Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank FalconX Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle Unchained:  GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next? ​​House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves Fortune: JPMorgan Chase's new fees for data could ‘cripple' crypto and fintech startups, executives warn Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations Timestamps:

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 breaks down the return of the ICO — but with a twist. Pump.fun's $500 million token sale sells out in 12 minutes, sparking a heated debate about forward markets, new market structure design, and whether we've entered a smarter, more institutionalized fundraising era—or just rebranded 2017 chaos. Hyperliquid becomes the surprise king of pre-launch liquidity, exchanges buckle under demand, and a new class of crypto treasury vehicles raises eyebrows (and capital). Meanwhile, Trump declares “Crypto Week” as Congress moves forward with the most sweeping legislation the industry's seen in years. Is crypto finally growing up—or just getting better at dumping on retail? The gang dissects the narratives, the numbers, and the fallout. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg. In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what's really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits. And with crypto ripping, is it time to ride the rally, or take some risk off the table? Thank you to our sponsor! Bitwise Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Austin Campbell, founder and managing partner of Zero Knowledge Consulting Unchained:  Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Grayscale Files Confidential IPO Paperwork Timestamps:

The weeks leading up to Pump.fun's ICO were contentious: accusations that it was extractive, debates over decentralization, and outrage over allocations.  In the end, the company pulled off the third-largest ICO in crypto history, raising $600 million in 12 minutes. The day of, Solana barely flinched under the load, and onchain platforms like Hyperliquid and Raydium left CEXes looking outdated. In this episode of Unchained, Haseeb Qureshi of Dragonfly and Joe McCann of Asymmetric join Laura to break down: Whether this marks the return of ICOs The objections to the small ($10 million) airdrop to creators How Pump.fun's ambitions could reshape memecoins, and maybe Solana itself And why TikTok might not need to worry just yet Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Xapo Bank Ledn Haseeb Qureshi, Managing Partner of Dragonfly Joe McCann, Founder, CEO & CIO of Asymmetric Previous coverage on the ICO: Pump.fun's $1 Billion ICO Has Caused Controversy. Can It Succeed? Unchained: Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price Pump.fun Draws Backlash After Confirming PUMP ICO SolanaFloor's tweet on LetsBonk's stats The Block: Pump.fun makes first acquisition, purchases Solana-based copy-trading wallet tracker Kolscan Dune Analytics Twitter thread on the PUMP ICO stats Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the gang is joined by Paul Grewal, Chief Legal Officer at Coinbase, for a wide-ranging conversation on crypto's next big frontier: tokenized stocks. From Robinhood's controversial attempt to tokenize SpaceX and OpenAI shares to the legal and structural hurdles around pre-IPO derivatives, the crew dives deep into what it really takes to bring Wall Street on-chain. They also unpack the regulatory momentum behind the Genius and Clarity Acts, the return of ICO mania with Pump.fun's $1B token raise, and the absurdly viral drama of Suitgate on Polymarket. Is this a new era of regulated innovation—or are we just recreating old problems on new rails? Tune in for sharp takes, legal insight, and a few laughs along the way. Show highlights

In the first half of this dual episode, Phantom co-founder Brandon Millman joins Unchained to break down why his Solana-first wallet is launching perpetual swaps, and why it chose to integrate with Hyperliquid over any Solana-native option. Then, Bit Digital's Sam Tabar explains why the public company ditched its profitable Bitcoin mining business, went all-in on ETH, and what happened when he told Michael Saylor. FalconX Sam Tabar, Chief Executive Officer of Bit Digital, Inc Brandon Millman, CEO and co-founder of Phantom Phantom Unchained: Phantom Wallet Launches Direct Perpetual Trading With Hyperliquid Phantom blog post: Introducing Phantom Perps Dragonfly's Austin Marrazza tweet Bit Digital The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Treasury companies Unchained:  These 4 Crypto Treasury Companies Are Primed for a Price Crash BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH Timestamps: Phantom

In this episode of Bits + Bips, we examine how rising global trade tensions could impact macro conditions, the Fed's next move, and market stability. We also explore how investors should position themselves with inflation cooling and an uncertain policy path at the Fed. We then look at what's happening on the crypto side: volume shifting to tokenized public equities, the growing number of corporate stablecoin plans, and whether the promise of tokenization is matched by meaningful traction. Joining hosts Joe McCann, Ram Ahluwalia, and Steve Ehrlich is Rob Hadick of Dragonfly, who shares his perspective on product-market fit in crypto, shifting market structure, and where real adoption may emerge. Sponsor: Bitwise Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Rob Hadick, General Partner at Dragonfly LINKS: WSJ: Trump Faces Crucial Week for Reaching Trade Deals EU Still Hopes for Initial U.S. Trade Deal Before Deadline Reuters: Japan, South Korea face 25% tariffs as Trump ramps up trade war in letters to 14 nations CNN: Trump announces new tariffs of up to 40% on a growing number of countries University of Washington: OBBB Signed Into Law Unchained:  OpenAI Says Robinhood's Stock Tokens Are Not Equity Tron Is Now More Expensive Than Ethereum. Will That Hurt Justin Sun's New Company? AI Crypto Tokens Swoon as Nvidia Reaches a New All-Time High CoinDesk: CoreWeave to Acquire Core Scientific in $9B All-Stock Deal The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge Timestamps:

The race to bring users onchain is heating up, but the competitors couldn't be more different. Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails. Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply. In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack: How these two companies will compete What levers they have to increase their profits How Base became a liquidity black hole for Ethereum Why Coinbase may have already won the “flows” game And how stablecoins, social, and tokenization could decide the winner Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Ledn Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management Ryan Yi, ex Coinbase, Coinbase Ventures, and CoinFund Unchained: Hyperliquid Reignited Interest in Crypto Perps. Can Coinbase and Robinhood Capitalize? Robinhood Is Building Its Own Layer 2 Blockchain Why the Arbitrum Stack Won in the Race to Support Robinhood Chain Why Perps Will 'Eat the World' + Tokenized Stocks - Bits + Bips Timestamps:

Today, we've got two very different stories in one episode. First, Steven Goldfeder, co-founder of Offchain Labs, joins Unchained to explain why Robinhood is rebuilding its product on the Arbitrum tech stack, what it says about crypto's evolution, and how this could finally bridge Web2 and Web3. Then, Calvin Hamilton breaks down the bizarre $59 million bet on whether President Zelensky wore a suit — and why vague rules, a fateful tweet, and one protocol's vote could damage Polymarket's reputation. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Focal by FalconX Ledn Steven Goldfeder, co-founder and CEO of Offchain Labs Calvin Hamilton, Polymarket bettor on the ‘yes' of the Zelensky dispute. Unchained: Robinhood Is Building Its Own Layer 2 Blockchain Robinhood's presentation at ETHcc: To Catch A Token Rob Hadick's tweet on tokenized stocks  Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana's first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto's decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next. Show highlights

Crypto is bleeding into traditional finance faster than anyone expected. In this episode of Bits + Bips, the hosts dig into Robinhood's move into tokenized stocks and perps, what's actually holding back tokenized equities, and why perps might “eat the world.”  Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock. Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Guest: Thomas Uhm, Chief Commercial Officer at the Jito Foundation Timestamps

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Win a free one-year subscription to Bits + Bips Premium by completing our survey!  The state of Texas just passed a law that creates a $10 million strategic Bitcoin reserve. Laura talks to Lee Bratcher, president of the Texas Blockchain Council, who helped drive this new law. He explains how bipartisan support made it possible, why this might be the start of a broader trend, and what's next for public Bitcoin ownership in the U.S. We get into: The logic behind the $10 million number Why custody and compliance are key Whether California or Illinois could ever do something similar And how other states are reacting Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! FalconX Ledn Guest: Lee Bratcher, President and Founder of the Texas Blockchain Council Links: Texas Blockchain Council Bloomberg: Texas Gov. Abbott Signs Bill to Create State Bitcoin Reserve Unchained: Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Vlad, the leverage legend behind Lighter, a zk-powered DEX taking aim at Hyperliquid in the rising CLOB wars. We unpack the new Token Transparency Framework from Blockworks and whether self-regulation can fix crypto's disclosure problem. Should VC wallets be public? Are market-making deals legally risky? And why do most projects still say nothing? Plus: Vlad explains how Lighter uses zero-knowledge proofs to enforce fairness and fight toxic flow—without harming retail. And Circle's stock goes full meme mode, TikTok retail piles in, and Robert reveals he's short. Is crypto finally growing up—or just evolving its chaos? Show highlights

As tensions flare between Iran and Israel, investors are watching oil, gold, and, of course, crypto. In this episode of Bits + Bips, the panel digs into the market response to war risk, the chances the Fed will actually cut rates, and how Circle's IPO is being treated more like a meme stock than a fintech play. Plus: Why Scaramucci says we're all living in a surveillance state  Whether stablecoins are being kneecapped by U.S. regulation  When altcoin ETFs are coming And what BlackRock's Larry Fink secretly told Scaramucci about Bitcoin in 2021

Cross-border payments. Mobile money. Stablecoins. Crypto. Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets. Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast. In this episode, she talks about: How stablecoins are powering 24/7 commerce in emerging markets Why new entrants keep failing to gain traction And how liquidity, not tech, will determine who wins this new game All that, plus the inside story of AZA's journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Human Rights Foundation Xapo Bank Elizabeth Rossiello, CEO and Founder of AZA Finance Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island dLocal announces intention to acquire AZA Finance to strengthen AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities Bloomberg: Uruguay's DLocal to Buy AZA Finance in Africa Push American Banker: What experienced payment execs can pass to a new generation The Startup Leap: Building A Remittance App for Africa's $1tr Market | Elizabeth Rossiello | Aza Finance Jack Zhang of Airwallex tweet saying he doesn't see “a single use case” for crypto Timestamps:

On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That's right: the world's biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain. JPMD isn't quite a stablecoin, but it's close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval. To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains: Why JPMorgan (and Shopify) chose Base What deposit tokens are, and how they differ from stablecoins Why infrastructure is finally “ready” for institutions How Base scaled from 2.5 million to 35 million gas/sec What's next for Coinbase users who'll have one-tap access to onchain assets And Jesse's response to the critics who said that Coinbase doesn't give enough credit to Ethereum Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Ledn FalconX Jesse Pollak, Head of Base and Coinbase Wallet Unchained:  JPMorgan to Pilot ‘JPMD' Token on Base Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Comments on Bloomberg by Naveen Mallela, global co-head of the bank's blockchain division Kinexys by JPMorgan Timestamps:

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we're joined by Hyperliquid founder Jeff Yan, the quiet powerhouse behind DeFi's fastest-growing exchange. With 75% of onchain perp volume, no VC money, and a $1B airdrop, Hyperliquid is rewriting what crypto protocols can be. We dive into Jeff's minimalist strategy, the cancel wars with toxic flow, and the JellyJelly controversy that sparked a feud with CZ. Plus: HIP-3 and the future of permissionless perps, SPAC-style hype vehicles taking over Wall Street, and why stablecoin regulation just triggered a 40% rally in Circle stock. Is crypto evolving—or just getting financialized to death? Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights

In this week's episode of Bits + Bips, the panel digs into why Tron's rumored IPO is more than a headline, what Wall Street's quiet shift into stablecoins signals, and how exchanges are racing to control token flow, even as regulation hangs in the balance. They also explore: What the Israel–Iran conflict means for global markets, oil prices, and crypto positioning Whether banks can adopt stablecoins without threatening their own deposits If regulatory clarity will come fast enough to shape the next crypto phase How to tell if ETH's revival has staying power Sponsors: Bitwise Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guests: Christopher Perkins, President of CoinFund Vishal Gupta, Cofounder and CEO of True Markets. Links Tron and Justin Sun FT: Crypto group Tron to go public after US pauses probe into billionaire founder Unchained: Eric Trump Claims No Public Involvement in Tron's Nasdaq Entity The Guardian: Crypto entrepreneur eats banana art he bought for $6.2m Israel - Iran WSJ:  Israel Takes Control of Iran's Skies—a Feat That Still Eludes Russia in Ukraine How Israel's Mossad Smuggled Drone Parts to Attack Iran From Within Stablecoins and TradFi Unchained:  JPMorgan Files ‘JPMD' Trademark, Hints at Bigger Crypto Offering Coinbase and Amex Team Up on Bitcoin Card as Exchange Reveals Broad Expansion Plans Bloomberg: Bessent Says $2 Trillion Reasonable for Dollar Stablecoin Market. WSJ: Walmart and Amazon are considering launching U.S. dollar-pegged stablecoins  Reuters: French Societe Generale became the first major bank to launch a dollar-pegged stablecoin The Information: Financial markets giant DTCC is exploring a stablecoin, according to The Information Regulation Unchained: White House Rejects Ban on Conflicts of Interest in Crypto's CLARITY Act Timestamps: