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. Disclosure: I'm a nocoiner.

  1. -21 H

    Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto

    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: 🎬 0:00 Intro 🔥 3:02 Why Shuyao is so energized by the USDH ticker war 🔄 4:52 How the USDH drama reshaped MegaETH’s USDm launch 🤝 5:27 What convinced MegaETH to choose Ethena as its partner 🌐 11:20 What it really means to be aligned with an ecosystem 🚪 15:36 How Shuyao views Ethena’s sudden withdrawal from the contest 📣 18:22 Whether public governance decisions will keep gaining influence 🏗️ 20:16 Will protocol-native stablecoins be the winners of the next wave? 💵 21:22 Could Circle and Tether actually get pushed aside on Hyperliquid? Learn more about your ad choices. Visit megaphone.fm/adchoices

    32 min
  2. -1 J

    How Pump.fun Plans to Beat Social Media Giants and Win Beyond Crypto

    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: 🎬 0:00 Intro ⚡ 2:09 Why the past few months have been so turbulent for Pump 💸 4:47 How the new dynamic fee model works for creators 🔍 9:40 How Pump’s discovery algorithm surfaces tokens ♻️ 10:45 Will Pump’s buybacks become programmatic? 🐶 15:33 Why LetsBonk was able to grab so much market share ⚔️ 18:20 Whether Noah sees Zora as a competitor 🌍 20:09 Why Noah wants to build a world-changing app, not chase small wins 👥 25:02 Whether Pump is prioritizing specific demographics 🔧 27:14 What the team is focused on improving in the app 🔗 30:32 How Pump is building interoperability with the broader crypto ecosystem 🤖 32:21 What the team is doing about bots launching tokens 💔 34:48 Whether they’re worried about so many users losing money 🛡️ 36:15 Why Noah doesn’t see apps like Zora or Believe as real competitors 📱 38:38 How mobile usage differs from desktop on Pump ⚖️ 40:03 How Pump approaches regulation and compliance 🎲 41:02 Why Noah insists Pump is not gambling, it’s trading 🎥 42:49 The strategies to compete with YouTube and Twitch 🌐 48:30 How Pump fits into a world with a widening wealth gap 🎰 53:29 How Noah responds to critics calling Pump a casino 🗺️ 57:56 Why Noah says roadmaps are a fallacy 🛠️ 59:41 Whether Pump will evolve into an “everything app” Learn more about your ad choices. Visit megaphone.fm/adchoices

    1 h 7 min
  3. -2 J

    Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken

    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: 🎬 0:00 Intro 🔥 4:17 The bidding war for Hyperliquid’s USDH 🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized ⚠️ 29:22 Are DATs already broken as a product? 🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money 📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates 💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be 🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s Learn more about your ad choices. Visit megaphone.fm/adchoices

    1 h 7 min
  4. -3 J

    The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid?

    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: 🎬 0:00 Intro ⏱️ 0:45 How Laura breaks down the background of the proposals 💵 2:12 Why the USDH ticker matters so much for Hyperliquid 🌊 4:04 Why Hyperliquid is an ecosystem “you need to be in” 📜 5:38 How Agora explains its proposal to return all revenue 🏦 10:08 How Paxos makes its case for enterprise distribution 🤝 14:03 Why “Hyperliquid alignment” is central to this debate 🎁 17:05 Why Agora says it’s willing to give back 100% of revenue—what’s in it for them 💸 19:26 Why Paxos is pushing for 95% revenue back instead of 100% 🚀 24:03 What each side would build on day one if they win ⚖️ 31:49 How to characterize the differences between the two proposals ❓ 34:11 What it would mean if neither Agora nor Paxos wins 📉 39:23 Whether Paxos’s PYUSD suffers from slippage and liquidity issues 🗳️ 42:08 What voters should really consider when choosing a proposal Learn more about your ad choices. Visit megaphone.fm/adchoices

    49 min
  5. 5 SEPT.

    Why Pokémon Cards Are Better Onchain (and How to Trade Them)

    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: 🎬 0:00 Intro 🛒 2:35 Why eBay’s fees are so high and how Collector Crypt cuts them down 🎴 7:50 How a Pokémon card collector would actually trade onchain 🔒 9:40 What security measures protect vaulted cards 👤 11:13 How Tuom’s background led him to build Collector Crypt 📉 13:14 The highs and lows of launching the app over time ⚖️ 21:24 How the company navigates copyright issues with Pokémon 💰 23:05 Why the $CARDS token surged 700% in weeks 🏦 28:28 How Collector Crypt makes money ⚡ 29:43 Why the team chose to build on Solana 🌍 31:43 How big the trading card market could get onchain 🔮 35:03 What’s next in Collector Crypt’s roadmap 🔥 39:25 Why Danny Nelson calls this a “Polymarket moment” 🖼️ 41:31 What makes digital trading cards different from other tokenized assets 👀 45:06 Why Collector Crypt grabbed so much attention last week 📊 49:22 How traditional funds could start investing in trading cards 🌐 52:04 Whether trading cards are about to go mainstream 🔗 53:40 How Pokémon decks could even be used in DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

    1 h 10 min
  6. 4 SEPT.

    Bits + Bips: The Case for Why DATs Are Superior to Crypto ETFs

    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: 🎬 0:00 Intro ⏱  3:00 Are markets set for another September swoon? 📈 6:03 Why the bull case for DATs isn’t over 🏦 12:41 Why Brian says “DATs are banks” 💡 18:20 Are DATs better products than ETFs for investors? 🧮 21:00 How the math behind premiums shows DATs create value 🪙 28:01 Whether this is the time for altcoins to shine 🌍 35:10 Where macro is heading and what investors should watch 🚨 37:48 Why Galaxy’s tokenized-share move on Solana is such a big deal 🔑 49:25 What the key market unlock is for altcoins Learn more about your ad choices. Visit megaphone.fm/adchoices

    55 min
  7. 4 SEPT.

    The Chopping Block: Trump’s $22B “Gold Paper” DeFi Launch, Buybacks & Garbage Coins

    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 🔹 World Liberty Financial Launch — Debuted at $22B FDV, $6B circulating cap; price fell 34% on day one with $2.5B in trading volume. 🔹 Trump Family Windfall — 22% of WLFi supply + 75% of presale; $440M presale cash and $5.6B in token wealth now exceeds Trump’s real estate. 🔹 The “Gold Paper” — No whitepaper, but a gold paper signed by Trump’s sons; co-founder emeritus title given to Trump himself. 🔹 Aave Deal Denied — WLFi initially promised 7% supply + 20% fees to Aave; governance ratified, then team denied it ever happened. Snapshot vs. “fake news.” 🔹 Token Buybacks — Team began buying back WLFi with $3M despite no sustainable revenue streams; price rallied but raised doubts. 🔹 Justin Sun’s Role — Largest backer, holding >3% of circulating supply; reignites debate over credibility. 🔹 Fastest Growing Stablecoin Claim — USD1 touted as the fastest-growing stablecoin in history; critics call it unsustainable hype. 🔹 Speculative Mania — Hosts compare WLFi to Bored Apes: meme-driven, high valuation, little product substance. 🔹 Garbage in the Living Room — Haseeb: WLFi is “crypto’s garbage moat” breaking into mainstream consciousness. 🔹 Thanksgiving Talking Point — The coin destined to dominate family dinner debates, regardless of legitimacy. 🔹 Gavin’s Meme Coin Response — Newsom teases “Trump Corruption Coin”; Polymarket odds at 36%. Hosts doubt Democrats can meme. 🔹 GDP On-Chain — Dept. of Commerce posts GDP data on 9 blockchains via Chainlink; useful innovation or pointless theater? 🔹 CFTC Path for Foreign Exchanges — Revives FBO registration to re-open US markets to offshore exchanges; Binance/OKX implications. 🔹 ETFs vs. Spot on CME — New rules may allow CME/Nasdaq to sell spot crypto; could undercut ETFs. 🔹 The Everything App Debate — Coinbase, Robinhood, and brokerages converge on offering stocks + crypto. Hosts spar over whether ETFs belong on Coinbase. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Disclosures Timestamps 00:00 - Liberty Financials & The Chopping Block Intro 01:21 - World Liberty Financial 05:15 - Tokenomics, Buybacks, and WLFI Drama 08:54 - Memecoins, Bored Apes, and Speculation 11:42 - Memecoins vs. Real Products 19:07 - Gavin Newsom & Beyond 25:43 - GDP Prints Onchain & Blockchain Use Cases 35:06 - CFTC, Regulation, and Global Crypto Markets 42:15 - The Everything App: Crypto, Stocks, and the Future of Finance 51:28 - Security, Trust, and the Future of Financial Platforms Learn more about your ad choices. Visit megaphone.fm/adchoices

    1 h 2 min
  8. 3 SEPT.

    How Crypto Insiders Are Sidestepping the Law to Dump on Retail

    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 🔍 0:56 How Nick verified Trump’s memecoin was legit but Melania’s looked fishy, and how that led to Hayden Davis 🕵️ 8:00 What role Davis played in other shady memecoin launches 🎤 10:51 How Davis was tied to Kanye West’s $YZY token ⚡ 15:48 How sophisticated snipers find tokens onchain before everyone else ❓ 21:28 How Davis recovered frozen funds, and does this mean “crime is legal” in crypto? 👑 27:16 Why do celebrity memecoins almost always collapse 🎯 31:30 How are snipers plaguing the industry 😈 37:14 What tactics has Sahil Arora, the “crypto villain,” been accused of 🛠 40:51 How should the industry respond to these kinds of token launches 📈 46:07 How Justin Sun made a 10x on WLFI 👨‍💻 49:27 What’s Nick’s background and why he created Bubblemaps 🔮 53:32 How Bubblemaps plans to stand out from competitors Learn more about your ad choices. Visit megaphone.fm/adchoices

    58 min

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À propos

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. Disclosure: I'm a nocoiner.

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