Unchained

Laura Shin

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world.

  1. 1 hr ago

    Is 'All of DeFi Unsafe'? What You Need to Know About Holding Assets Onchain

    A co-founder of OpenZeppelin said he’s urging friends to exit blue chip DeFi. Isaac Patka and Mike Silagadze explain what he got right, what he got wrong, and what needs to change. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠⁠. ======================================================== A co-founder of OpenZeppelin set off a firestorm on Crypto Twitter this week by declaring that he now considers all of DeFi unsafe, citing superhuman AI coding agents and the asymmetry between attackers and defenders.  Isaac Patka, certifications lead at Security Alliance, and Mike Silagadze, CEO of Ether.Fi, join Laura Shin to push back on that framing — and to make the case that the real problem isn’t AI finding sophisticated zero-days, it’s that 90% of hacks are still embarrassing opsec failures.  They cover the full threat taxonomy: opsec and parameter mistakes, contagion from bridge failures, AI-enabled social engineering, and the decentralization theater that leaves protocols unable to protect their own users.  Mike makes a pointed argument for why every serious DeFi protocol needs a hard pause button and a blacklist mechanism, while Isaac explains the three-multisig architecture that should be the minimum standard. Plus, both lay out the practical question every user should ask before putting money into any protocol. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠Isaac Patka (@isaacpatka) — Certifications Lead at Security Alliance & Co-founder of Shield3 ⁠⁠⁠⁠Mike Silagadze (@MikeSilagadze) — CEO of Ether.Fi Learn more about your ad choices. Visit megaphone.fm/adchoices

    50 min
  2. 4 hr ago

    Uneasy Money: Illia Polosukhin on Why Onchain Commerce Needs Confidentiality

    Illia Polosukhin, founder of NEAR and co-author of 'Attention Is All You Need,' on why confidentiality will let crypto become daily commerce — plus, some Near lore. ======================================================== Thank you to our sponsors! ⁠⁠Multichain Advisors⁠⁠: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at ⁠⁠multichainadv.com⁠⁠. ⁠⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠⁠. ======================================================== Before co-founding NEAR Protocol, Illia Polosukhin was on the eight-person Google Brain team that wrote the transformer paper — the architecture behind every large language model running today. He never mentioned it. When Kain Warwick found out two weeks ago, via a crypto AI chatbot, his reaction was: you have to be kidding me. That backstory sets the tone for a conversation that moves from how transformers actually came together, to why confidentiality is what unlocks on-chain commerce for real businesses, and what NEAR is doing to keep criminals off its network without becoming a surveillance layer. The hosts also get into the Ethereum Foundation's identity crisis, why Illia thinks decentralization is a tool and not a goal, and what the economy looks like when AI handles execution and blockchain handles coordination. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠⁠⁠⁠, CEO of Pudgy Penguins Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Illia Polosukhin — Co-Founder, NEAR Protocol - https://x.com/ilblackdragon Learn more about your ad choices. Visit megaphone.fm/adchoices

    1hr 23min
  3. 22 hr ago

    Is the Ethereum Foundation Too Out of Touch to Save ETH?

    Vitalik finally said ETH the asset matters. Zak Cole’s reaction: ‘Should have said that five years ago.’ What broken cryptoeconomics mean for Ethereum’s future. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠⁠. ======================================================== The Ethereum Foundation has lost a wave of senior people in the span of a few months. A new co-executive director nobody has ever met is cutting budgets and releasing documents with a certain aesthetic. Vitalik published a post saying ETH the asset is the most high-value product of the blockchain. And David Hoffman sold his last ETH. Zak Cole, president of the Ethereum Community Foundation, and Greg Markou, co-founder of Sprinter and ChainSafe, join Laura Shin to sort through what’s a bear market tantrum, what’s a structural failure, and what would actually need to change for Ethereum to stop ceding ground to its competitors. The conversation covers the CROPS mandate, the rumored loyalty pledge, broken cryptoeconomics, and what Zak says the EF still refuses to admit. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠Zak Cole - Managing Partner, Number Group; President, Ethereum Community Foundation ⁠⁠⁠⁠Greg Markou - Co-founder and CEO, Sprinter; Co-founder, ChainSafe Learn more about your ad choices. Visit megaphone.fm/adchoices

    1hr 11min
  4. 1 day ago

    The Chopping Block: Ethereum's Identity Crisis, Apostates Speak Out, and Is ETH the Microsoft of Crypto?

    Ethereum's midlife crisis hits the podcast as ex-Bankless and ConsenSys insiders unpack ETH's talent exodus, identity spiral, "Microsoft" future, EF shake-ups, and the Solana contender play-all with spicy takes on airdrops, real dev stats, and blockchain adoption drama. 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, it's an Ethereum apostasy spectacular: we're joined by David Hoffman and Max Resnick, who hit the confessional booth to explain why they've left the church of Ethereum.  We kick off with David's viral "ETH is money" post-mortem: why he finally sold, and whether ETH can escape its spot on the yield farm for good. Max jumps in with an OG technologist's view on EF's internal struggles, talent flight, and the move-slow, break-nothing philosophy now gripping Ethereum's core. Is the EF just ossifying—or is it devolving into the "Microsoft of crypto"? From there, the hosts dissect the "second foundation" meme, why Twitter doomers might not matter for the ETH price, and whether Solana has stolen the next generation of devs. Max throws down on Solana's quantum future while the group takes barstool shots at metrics, narratives, and the never-ending "Ethereum is for boomers" debate. Whether you're a ride-or-die Etherean or just here for the schadenfreude, let's get into it. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹David Hoffman reveals why he sold all his ETH and stepped down from the "ETH is money" pulpit 🔹Max Resnick on Ethereum's talent drain, EF's slow tech culture, and missing the Wall Street on-chain boat 🔹Why the Ethereum Foundation's leadership shuffle triggered so much existential dread 🔹The "Ethereum is Microsoft" thesis: ossification, enterprise comfort, and is that a bad thing? 🔹Are airdrops, stablecoin and NFT on-chain metrics just smoke and mirrors? 🔹Developer mindshare —did Solana peak? Has ETH truly lost the next-gen builders? 🔹Will a new "Number Go Up Foundation" for Ethereum change anything? 🔹Solana's post-quantum roadmap: why Max thinks ETH is over-complicating the problem 🔹What happens if Ethereum stops shipping upgrades —can it just coast Lindy-style? 🔹Is the future of crypto "strong" vs. "weak" crypto, and is ETH now firmly a boomer chain? Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ David Hoffman, Co-Founder at Bankless ⭐️ Max Resnick, Lead Economist at Anza “Why I Sold My ETH” by David Hoffman https://x.com/TrustlessState/status/2059371247163613489 Timestamps 00:00 Intro 03:12 Why David Sold ETH 05:26 ETH Momentum and Value Capture 07:38 Ethereum Foundation Shakeups 10:18 Max on Tech and Identity Crisis 15:57 Talent Drain and New Blood 19:29 Strong vs Weak Crypto Debate 25:28 Ethereum as Microsoft 30:02 Second Foundation Idea 35:43 Microsoft Era Ethereum 38:20 EF Money Runs Out 42:02 Utility Asset Narrative 46:07 Etherealize Enterprise Push 48:04 Bitcoin Has Saylor 53:32 Ethereum Narrative Whiplash 55:51 Solana As The Yang 58:15 Post Quantum Solana Roadmap Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

    1hr 5min
  5. 1 day ago

    Why Fintechs May Finally Beat Banks at Their Own Game: DEX in the City

    Banks are about to lose two of their biggest advantages: custody and payments. A new White House EO opening Fed master accounts to fintechs could be the catalyst. Thanks to our sponsor! Coinbase One Get 20% off the first year of your Coinbase One annual plan ⁠⁠coinbase.com/unchained⁠⁠ A White House executive order is pushing the Fed to open its master account system to fintechs and crypto firms, and the implications are bigger than most people realize. Katherine Kirkpatrick Bos, Jessi Brooks, and Vy Le trace what it would mean to plug crypto directly into the core plumbing of the US dollar system, why traditional banks should be furious, and where the guardrails are missing. They also dig into the NYT’s scathing CFTC piece and whether the snark undermines the serious allegations. Plus the SEC's delayed innovation exemption, Commissioner Hester Peirce's departure, and the White House AI EO that collapsed in eighteen hours. Jessi maps the four White House factions fighting over AI governance, and argues crypto's "don't trust, verify" model is exactly the accountability layer AI needs. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Katherine Kirkpatrick Bos⁠⁠⁠⁠⁠, General Counsel at StarkWare. Previously held senior legal roles across DeFi and centralized exchanges. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TuongVy Le⁠⁠⁠⁠⁠⁠, General Counsel at Veda Learn more about your ad choices. Visit megaphone.fm/adchoices

    52 min
  6. 1 day ago

    Why the SEC Paused on Its Innovation Exemption for Tokenization: Bits + Bips

    Citadel and SIFMA lobbied to slow tokenized equity rules. Arjun Sethi calls it 'corporate plumbing.' Chris Perkins calls it a bond future moment. --- Thank you to our sponsor! ⁠⁠Coinbase One⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠coinbase.com/unchained⁠⁠. Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠⁠⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠Unchained⁠⁠⁠⁠⁠⁠⁠ and wherever you get your podcasts. ---- Kraken has spent $2.75 billion on acquisitions in the past year, and co-CEO Arjun Sethi says the point is not a bigger exchange. The goal is a 24/7 global operating system for capital markets: spot, derivatives, payments, tokenized equities, and custody under one regulatory stack. Sethi makes the case for each move, from REAP's tripling revenue in emerging markets to Bitnomial's CFTC trifecta, and says what will actually drive Kraken's next three years is not trading volume. The conversation then turns to the SEC's paused innovation exemption for tokenized equities, why Citadel and SIFMA showed up to lobby against it, and whether direct listings on crypto rails could eventually replace Wall Street's IPO machine. The episode closes on a question nobody saw coming: what Pope Leo's first encyclical on AI and finance has to do with the Bitcoin white paper. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell (@austincampbell) — Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Guest: Arjun Sethi - Co-CEO of Kraken / Payward and Chairman of Tribe Capital Learn more about your ad choices. Visit megaphone.fm/adchoices

    1hr 1min
  7. 5 days ago

    Why Pre-IPO Perps Like SpaceX on Hyperliquid Are Seeing an Upswing

    Pre-IPO trading is hot ahead of three big IPOs. Perp volume on Hyperliquid went from $3M to $44M in three months, and SpaceX perps is just the beginning, says Dio Casares of Patagon. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠. ======================================================== Pre-IPO perp volume on Hyperliquid grew from $3 million to $44 million in roughly three months. Anthropic and OpenAI voided secondary shares, sending shockwaves through the pre-IPO marketes. Robinhood launched trust-style tokenized offerings into a gray area. And three trillion-dollar IPOs — SpaceX, Anthropic, and OpenAI — are converging in the same window. Dio Casares, founder and CEO of Patagon, a private neobank that has facilitated deals in Anthropic, xAI, Circle, and Kraken, explains the structural difference between derivatives and tokenized spot, why second and third-layer SPV waterfalls are legal hot potato, who actually holds the cleanest title, and where the competition for private market liquidity goes next. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠Dio Casares - Founder & CEO, Patagon Learn more about your ad choices. Visit megaphone.fm/adchoices

    34 min
  8. 5 days ago

    Ethereum Foundation Staff Are Leaving. What Does It Mean for ETH? - Uneasy Money

    Top Ethereum Foundation staff are leaving. Why? Also, Trade.xyz launched a synthetic pre-IPO SpaceX perp on Hyperliquid that further shows RWAs moving onchain. ======================================================== Thank you to our sponsor! ⁠Multichain Advisors⁠: Get help navigating TGEs, go‑to‑market, BD and partnerships, capital markets advisory, PR, media placements, KOL activations and more at ⁠multichainadv.com⁠. ⁠⁠⁠⁠Coinbase One⁠⁠⁠⁠: Get 20% off the first year of your Coinbase One annual plan at ⁠⁠⁠⁠coinbase.com/unchained⁠⁠⁠⁠. ======================================================== A synthetic SpaceX perpetual futures contract launched on Hyperliquid ahead of any IPO, jumping 44% before settling back down. Kain and Tay unpack what it means when a dress rehearsal for one of the biggest potential IPOs in years generates $33 million in trading volume. Then: the Ethereum Foundation exodus. Trent Van Epps, Josh Stark, Barnabé Monnot, Tim Beiko, and Carl Beek are out. Kain’s theory: longtime Ethereum “missionaries” were given hope for change under Tomasz Stanczak, only to see that momentum fade. Finally, three DeFi exploits in four days, including a Thorchain attack that Taylor reconstructed in real time using AI tools during incident response — ending with a fully working attack demo she never asked for. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Security Expert ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luca Netz⁠⁠⁠⁠⁠, CEO of Pudgy Penguins Learn more about your ad choices. Visit megaphone.fm/adchoices

    1hr 12min

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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world.

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