Unchained Laura Shin

In this first episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann explain why the macroeconomics could point to the markets actually being in a crypto supercycle.
They discuss the recent Federal Reserve meeting and its impact on the markets, as well as the irony that leveraged Ethereum futures ETFs will likely be approved while spot Ethereum ETFs will likely not. James also reveals his pet theory on where the SEC is going with its investigation into ETH. They cover why the bottoming of emerging market currencies in Asia is good for Bitcoin, dismiss the recent Wells notice issued to Robinhood, and speculate that Tether may be the most profitable company per employee in the world. 
Agreeing that the current market cycle is different, Seyffart and McCann suggest that there is still a long way to go, and assert that the market may be underweighting the possibility that crypto goes to a $10 trillion market cap in the next few years. 
Show highlights:

The Fed's recent decisions and how they lower the chances of more rate hikes

The importance of global liquidity in the performance of risk assets like Bitcoin and crypto assets

Why a bottoming in the value of the yen, yuan and other emerging markets currencies is good for Bitcoin and crypto, according to Joe

The irony that leveraged Ethereum futures ETFs are likely to be approved but spot ETFs are not

James’s pet theory about how the SEC will rule on whether ETH is a security 

Whether trading in Hong Kong's crypto ETFs shows how little interest there would be in an ETH ETF compared to spot BTC ETFs

Grayscale’s Bitcoin Mini Trust ETF

Whether people are underweight on a “crazy bonkers rise” in crypto

Why Robinhood's Wells Notice is a "minor story," according to Alex

Whether Tether is the most profitable business per employee in the world 

Why James believes that it's not a good idea for the US Congress to be against stablecoins

CZ's sentence and whether it's a "good ending for the story"

Hosts:


James Seyffart, Research Analyst at Bloomberg Intelligence


Alex Kruger, Founder of Asgard


Joe McCann, Founder, CEO, and CIO of Asymmetric


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In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet. 
They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum. 
Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future.
Show highlights:

Ansem’s and Kel’s investment theses around memecoins 

How Ansem and Kel got into trading memecoins and how they evaluate their potential

Why the coin distribution matters and whether tokenomics is important with memecoins

How to discern between memecoins with genuine vs. fake interest 

How memecoins differ across blockchains such as Solana, Ethereum, and Bitcoin

Ansem and Kel’s responses to the criticisms of memecoins

Whether and how memecoins could become safer for users 

Kel and Ansem’s surprising reaction to racist and sexist memecoins 

Ansem's story on WIF and how a female friend of his fueled its popularity 

Whether Bitcoin is “the original memecoin" and how they define memecoin

The future of memecoins and how they believe all memes will become coins

Thank you to our sponsors!

Polkadot

VaultCraft

Guests:

Ansem

Kelxyz

Links
Culture:


What else could memecoins be? by Vitalik Buterin


How bad policy favors memes over matter by Chris Dixon 

Cointelegraph: Meme coins: Betrayal of crypto’s ideals… or its true purpose?



CoinDesk: The Memecoin Grift and How It Threatens Ethereum Culture 


Investment:

CoinGecko: Top Crypto Narratives Gained 39% to 1313% in Q1 2024 

Messari: Navigating Memecoin Mania


Kelxyz investment strategy


Decrypt: Crypto Influencer Ansem Explains His Meme Coin Thesis and Why He’s Bullish on Bitcoin Runes 

Unchained: What Is Dogwifhat (WIF) and Why Is It Up so Much? 

Safer memecoins

Unchained: Half of Solana Presale Tokens Rolled Out Between November and February Were Malicious: Blockaid Study


Cointelegraph: 1 in 6 new Base meme coins are scams, 91% have vulnerabilities


Andre Conje’s proposal


Racist memecoins

Unchained: Offensive Memecoins Proliferate on Solana, Sparking Debate


Crypto.news: Ethereum's Buterin slams Solana's racist meme coins, urges better projects



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Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
EigenLayer has been in the news this week after it announced its ‘stakedrop,’ where it will distribute EIGEN tokens to early users of the restaking platform. 
Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community. 
They also address criticisms of the token's launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made.

Show highlights:

The buzz around the universal intersubjective work token and what it was created for

What constitutes the digital commons and its two primary characteristics

How the EIGEN token is designed to prevent the necessity of forking an entire blockchain

Whether dapps should evolve into AVSes and EigenLayer’s complementary role to Ethereum, not replacing it

Why the Eigen Foundation was established and how it differs from Eigen Labs

Robert's response to the criticism regarding the exclusion of certain countries

Why EIGEN will be distributed linearly, despite it potentially favoring whales

EigenLayer's announcement of an updated stakedrop, after listening to community feedback  

The critique of the vesting schedule and Robert's explanation of when the lock period actually starts

Why Sreeram believes that transfer restrictions are beneficial and empowering for users

What the next steps are for EigenLayer


Thank you to our sponsors!

iTrustCapital

Polkadot

VaultCraft

Guests


Sreeram Kannan, founder of EigenLayer

Previous appearance on Unchained: 

Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum

Do You Need to Think Twice Before Restaking Your Assets?


Robert Drost, CEO and executive director of the Eigen Foundation

Links
Airdrop:

Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop

Robert Drost’s thread on the Eigen Foundation

Viktor Bunin’s thread on the token 

Unchained: 

Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users

Should You Sell ETH Before the Just-Announced EigenLayer Airdrop?

Reaction

CoinDesk: Why Eigenlayer’s Airdrop Is Controversial


Unchained: 5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop



Learn more: 

Unchained:

What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol

What Is Ethereum Restaking? A Beginner’s Guide


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In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto!
Show Highlights
🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions.
🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs.
🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market.
🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation.
🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing.
🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly 
⭐️Robert Leshner, Founder of Compound
⭐️Tarun Chitra, Giga-Brain & Grand Poobah at Gauntlet

Disclosures
Links
AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024
https://youtu.be/zt_uEHcFiA4 
EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf 
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In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin. 
Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy. 
All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly.
Show highlights:

Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness

Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time

How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics

How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them

How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB

How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions

The concept of forward secrecy and how it can help improve security in blockchains

Why Willem believes that Layer 3s are possible and bullish for Bitcoin

How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin

Thank you to our sponsors!
Polkadot
Guests:


Willem Schroé, founder of Botanix Labs 


Orkun Kılıç, cofounder of Chainway Labs 


Alexei Zamyatin, cofounder of Build on Bitcoin

Links

Recent coverage on Unchained of Bitcoin L2s:

Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Build on Bitcoin

BOB learning documents


Announcement of mainnet on May 1st.

Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin


Alexei’s tweet on BitVM/rollups 

Alexei went on a retreat with the inventor of BitVM

Citrea

Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup


Whitepaper

Orkun Mahir Kılıç’s interview on Unchained Premium

Citrea learning documents

Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program

Botanix

CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin


Botanix and the Future of Bitcoin

Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin


Willem Schroé’s interview on Unchained Premium

Learn More: 

Unchained: 

What Is the OP_CAT Bitcoin Improvement Proposal? 

What Are Opcodes in Bitcoin? A Beginner's Guide 


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On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.
The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.  
The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."
Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.
Show highlights:

Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far

How they are looking for a Judge to declare that the ETH is not a security

Whether the switch to proof of stake turned ETH into a security

Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet

How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover

Why Hinman’s speech is still relevant today, even after 6 years

Whether the moves by the SEC are related to a motivation to deny ether spot ETFs

How the several cases against the SEC show that the industry “has had enough”

Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there

The implications of a Consensys victory for the industry and what the next steps in the case are

Thank you to our sponsors!

iTrustCapital

Polkadot

Guest

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
Links
The lawsuit: 

Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security


ConsenSys’s complaint

Bill Hughes’ thread on why Consensys sued the SEC


Consensys is suing the SEC to defend the Ethereum ecosystem

Hinman speech
CryptoLaw: The Hinman Speech Documents

Major questions doctrine

Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress


Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine 


Other SEC cases:

Coinbase

Unchained: 

Why the SEC’s Case Against Coinbase Is So Significant for Crypto

Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It

Uniswap

Unchained: 

Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?

SEC Puts DeFi in Its Sights With Potential Uniswap Suit

Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Ethereum Foundation

Unchained:

SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report

The Real Reason Why the SEC Might Be Going After Ethereum

Debt Box


Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit


Beba

DeFi Education Fund and Beba sue SEC over airdrop policies

Lejilex

Lawsuit document



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