Afleveringen
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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!
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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’
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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"
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Zijn er afleveringen die ontbreken?
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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!
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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
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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!
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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
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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 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
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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?
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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 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
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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
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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.
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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!
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Mantle
Guests:
Keone Hon, Co-founder and CEO at Monad Labs.
Jay Jog, Co-founder of Sei Labs.
Vijay Chetty, CEO of Eclipse Labs.
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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
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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 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
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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
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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
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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
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Guest
Aki Balogh, CEO of dlcBTC.
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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
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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
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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!
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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
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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
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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!
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Guest
Jason Pagoulatos, head of markets at Delphi Digital
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The recent crypto crash has left many investors questioning the way the market is going. In this episode, Jeff Dorman, chief investment officer at Arca, provides a deep dive into the factors behind the crash, the macroeconomic influences at play, and why he remains optimistic despite the downturn. Expressing surprise at Ethereum's underperformance this year, he describes how the Democrats’ handling of crypto is an own goal, and how TradFi and DeFi differ from each other during market upheavals.
Show highlights:
00:00 Intro
01:38 The two main reasons the markets crashed this past weekend
05:29 How the macro environment has affected crypto lately and why the market has gotten “way ahead of itself”
12:44 Why ETH was down so much, more than other cryptocurrencies
16:52 The “most important” shift in crypto policy that has occurred this year
21:19 The Japanese yen carry trade that was one of the key factors in the market meltdown
30:20 Whether Genesis distributing $4 billion in assets had an impact on the market
33:39 Why Jeff believes that the data we have today does not point to a recession in the U.S.
36:49 Why Jeff says he’s "buying the dip”
40:47 Crypto as a political issue and why he thinks Harris winning would not be as bad for crypto as many believe
48:19 Why bitcoin doesn’t always act as a hedge against equity-related or geopolitical risk, in Jeff’s opinion
52:56 What Jeff thinks about the proposals for the U.S. government to buy bitcoin for a strategic reserve
54:15 The stark contrast between TradFi giants halting trading and the permissionless nature of DeFi
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
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Guest:
Jeff Dorman, Chief Investment Officer at Arca.
Previous appearances on Unchained:
How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman
3 Things SushiSwap Needs to Get in Order, According to Arca
Links
Market crash:
Unchained:
Ethereum Drops Below $2,300 Amid Jump Crypto Rumors
Bitcoin ETF Trading Volume Surges to $4.7 Billion Amidst Market Selloff
Bitcoin and Ethereum Funds Record $546 Million in Weekly Outflows: CoinShares
The Block: Cryptocurrency market capitalization registers largest daily drop since 2022
Japan
BBC: The Bank of Japan raises interest rates for second time this year
The Defiant: Here’s an ELI5 on on How Japan Sent Global Markets Tumbling
SEC:
Eleanor Terret’s tweet on the SEC’s funding
Unchained: Can Gary Gensler Be ‘Fired’ If Trump Becomes President Again?
Others:
The Block: Genesis completes bankruptcy restructuring, begins distributing $4 billion in crypto and cash
Poylmarket: US Presidential Elections odds
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