SBF Trial, Day 15: Prosecutors Hammer Bankman-Fried’s Contradictions With Reams of Evidence

Markets had a flood of liquidations on Monday, and traders lost over $1.5 billion in positions. So, why are liquidations spiking? Is this a warning or a blip?  Also, could a flood of DAT issuance be setting the stage for not just a crypto winter, but a crypto “nuclear” winter? If so, hedge funds and market structure could accelerate the pain.  This week on Bits + Bips, Steven Ehrlich, Ram Ahluwalia, Austin Campbell, and Vinny Lingham talk about why mNAVs could compress and whether even MicroStrategy’s stack is more fragile than it looks.  They debate the bull case for gold (yes, even at these ATHs), how tokenized stocks and changing reporting cadences could open new insider edges, and what the U.S. macro picture looks like.  Thank you to our sponsors! Walrus: Scalable storage that lets you publish, deliver, and program any data, onchain. Xapo: Where Global Banking Meets Bitcoin Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guests: Austin Campbell, Founder and Managing Partner of Zero Knowledge Consulting Vinny Lingham, Co-founder of Praxos Capital Timestamps: 🎬 0:00 Intro 💥7:39 Why Monday’s liquidations spiked and what triggered $1.5B in losses 📊 11:18 How a shift away from quarterly reporting could change markets 🕵️ 14:16 How tokenized stocks might hand insiders a massive edge 🐻 22:05 Why Vinny is bearish right now and why Ram disagrees 🥇 24:25 Why gold might still have upside, even at record highs 📉 28:59 Whether the flood of DATs will end in brutal consolidation ⚡ 35:49 Could even MicroStrategy blow up under market stress? ✅ 48:17 What SEC clearing the path for ETFs really signals for crypto 📈 54:23 Ram’s stock picks in this environment ⚠️ 56:00 Why Austin sees a looming breakdown in the U.S. economy 😌 58:02 Why Vinny doesn’t feel the need to take big risks right now Learn more about your ad choices. Visit megaphone.fm/adchoices

23 Syys 1h 1min

In this episode, Cyber Capital’s Justin Bons and Codex’s Haonan Li challenge the new orthodoxy: whether payments chains should be alt L1s or Ethereum L2s, how “neutrality” and finality matter for real-world transactions, and why fragmentation could make or break onchain dollars.  We dig into Stripe’s Tempo (and its permissioned start), what it would take for L2s to reach true decentralization, and whether stablechains undercut general-purpose chains. Plus: the trade-offs of sequencers, paying gas in dollars, and whether protocol-native stables are the future. Thank you to our sponsors! Binance Token2049 – Get 15% off with code UNCHAINED Guests: Justin Bons, Founder and CIO of Cyber Capital Haonan Li, Co-founder and CEO of Codex Timestamps: 🎬 0:00 Intro 💭 1:45 Laying out the first arguments 🛠️ 12:57 What needs to happen for L2s to finally become stage 2 rollups 💵 15:40 Why Haonan chose to launch a stablecoin-focused L2 on Ethereum 🏦 30:17 Does Stripe’s Tempo L1 spell trouble for Ethereum L2s? ⚖️ 38:55 Whether Tempo can position itself as a neutral blockchain 🔗 50:02 Are L2s capable of true decentralization? ⏱️ 53:58 How important finality is for stablecoin businesses 🧩 57:08 Why fragmentation could make or break stablecoins 🔮 1:02:31 What the future of rollups should look like ⚔️ 1:05:58 The case for and against general-purpose chains 📉 1:13:12 Whether protocol-native stablecoins will keep gaining traction Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Syys 1h 25min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Gordon Liao, Chief Economist at Circle, to dissect the Stablecoin Wars. From Circle’s Arc and Stripe + Paradigm’s Tempo, to Solana’s native stablecoin push and Hyperliquid’s deal, we unpack why everyone suddenly wants their own chain or branded stablecoin. Is this the future of crypto’s monetary layer — or just a fragmentation nightmare? We dig into FX use cases, PMF for stablecoins, collective bargaining power of ecosystems, and whether “stablecoin-as-a-service” is the next killer primitive or a liquidity trap. Show highlights 🔹 Arc vs. Tempo — Circle’s Arc and Stripe + Paradigm’s Tempo: stablecoin-native L1s with permissioned validator sets, stablecoin gas, privacy, and FX engines. 🔹 Will FX Ever Matter? — Gordon: $9T/day FX market is broken; onchain FX could slash costs. Tarun + Haseeb question whether non-USD stables will ever get real traction. 🔹 Solana’s Stablecoin Gambit — Mert & Solana cabal eyeing a native stable to “stop giving Circle all the yield” — can a chain coordinate its way to PMF? 🔹 Collective Bargaining Meta — Hyperliquid deal proves apps/chains can extract economics from issuers; could ecosystems unionize to demand rev share? 🔹 Money Velocity Problem — BUSD worked (until it was banned); Huobi’s KUSD died for lack of velocity; most native stables never circulate beyond mints/redemptions. 🔹 Stablecoin-as-a-Service Gold Rush — Everyone launching a wrapped stable: M^0, Paxos, Agora. Does this dilute liquidity and trust — or unlock new UX? 🔹 Trust & Brand Moat — Users can’t be forced to convert; Circle’s scale, bank rails, and liquidity network remain hard to replicate. 🔹 Network Effects ≠ Monopoly — Stablecoin market evolved into USDC/Tether duopoly with niche players (Athena); future may see more vertical-specific winners. 🔹 Reg + Yield Outlook — GENIUS Act may ban interest payments; as rates fall, mint/redeem fees may replace reserve yield as the main revenue source. 🔹 Stablecoin Future — Will Solana, Tempo, Arc, and others fragment liquidity — or finally bring the next billion users on-chain? Hosts⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️Gordon Liao, Chief Economist & Head of Research at Circle Disclosures Timestamps 00:00 Intro 00:52 Gordon Liao from Circle 01:48 Stablecoin Chains: Arc vs. Tempo 04:40 Memory Lane with Libra  06:33 Will FX Ever Matter for Stablecoins? 12:06 Challenges with Stablecoin Adoption 23:12 Circle’s Strategy & Competitors 26:13 Stablecoin Negotiations & Ecosystem Dynamics 31:39 Launching a Global Scale Stablecoin 37:25 Role of Trust & Branding 41:25 Stablecoin as a Service 57:53 The Future of Stablecoins Learn more about your ad choices. Visit megaphone.fm/adchoices

18 Syys 1h

This week on Bits + Bips, hosts Steve Ehrlich and Ram Ahluwalia speak with Blockchain.com’s Nic Cary and Franklin Templeton’s Max Gokhman. We talk about how the potential Base token would alter the L2 landscape, and who should capture the value if Coinbase becomes the backbone for DeFi. Also, whether Web2 and TradFi giants will buy their way onchain, why privacy infrastructure is overdue, and how TON’s superapp strategy could pressure social platforms to follow suit.  Plus: how Franklin Templeton is valuing L2s and other tokens, why the FOMC’s decision matters for crypto risk, and how tariff talk could spill into digital assets.  Thank you to our sponsor, Xapo! Hosts: Steve Ehrlich, Executive Editor at Unchained Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Nic Cary, Co-Founder and Vice Chairman at Blockchain.com Max Gokhman, Deputy Chief Investment Officer for Franklin Templeton Investment Solutions Links: Unchained:  Base Will Likely Have a Token: Why Now, Who Wins, and How Big It Gets Base Starts to Explore a Native Token Timestamps: 🎬 0:00 Intro 🪙 5:13 The reason for Coinbase’s flip flop on a Base token 🌉 18:33 Should Blockchain.com launch its own L2? 🏗️ 22:05 Is Coinbase becoming the infrastructure layer for DeFi? 📊 25:13 How $1.5 trillion Franklin Templeton builds valuation frameworks for L2s and tokens 📱 30:33 Nic’s case for TON and its superapp strategy 🏦 34:00 Whether Web2 and TradFi giants will buy their way onchain 🕵️ 40:21 Why privacy infrastructure is overdue for crypto but never seems to work 📉 51:03 Surprising predictions regarding the next Fed rate cut 🇺🇸 57:45 Why Trump has a tariff backup plan, and what it means for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices

17 Syys 1h 4min

Base just crossed its own Rubicon. After months of saying “no token,” Jesse Pollak now says Base must decentralize and is “exploring” a token. What changed?  On this episode, Proof of Play’s ICO Beast and former Coinbase Ventures investor Ryan Yi unpack why “exploring” is the operative word, how policy (the Clarity Act) could shape the rollout, and what a points-driven airdrop might look like.  We dig into governance realism (what Coinbase will and won’t give up), token utility and valuation math, and how a Base↔Solana bridge could ignite a fight for DeFi liquidity while Solana keeps winning Gen-Z consumers. Mantle is pioneering "Blockchain for Banking" — a revolutionary new category at the intersection of TradFi and web3. Thank you to our sponsor Mantle! Follow Mantle to learn more. Guests:  Ico Beast, Merchant of Narratives at Proof of Play Ryan Yi, Ex Coinbase, Coinbase Ventures, and CoinFund Links: Unchained:  Base Starts to Explore a Native Token LayerZero Fought the Sybils and Airdropped Its Token. Did the Team Win? Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto Timestamps: 🎬 0:00 Intro 😲 1:32 Why Ryan says this step feels right but is also “shocking” 🧐 3:21 Why Base announced it was exploring a token rather than just launching one 🛠️ 5:19 How Ryan views Base’s decision to stay committed to Ethereum 📊 7:43 What Ryan thinks a fair token allocation would look like ⚖️ 13:43 How the Clarity Act could shape a Base token rollout 🎁 16:23 Will Coinbase distribute through an ICO, an airdrop, or something else? 📈 23:32 Why ICO Beast has a different take on the right allocation 🛡️ 26:10 Why sybil filters will be critical for Base 💡 27:50 What the Base token’s utility could be—and how to value it 🌉 37:24 What the announced Base ↔ Solana bridge could mean ⚔️ 42:08 Whether Ethereum and Solana are heading for a DeFi liquidity war 🔥 45:25 How competition across crypto companies is heating up Learn more about your ad choices. Visit megaphone.fm/adchoices

16 Syys 49min

Hyperliquid’s USDH ticker set off the most dramatic “RFP” in recent memory. The crew breaks down why Native Markets ran away with validator support, whether the process was theater or strategy, and how the Bake-off became a marketing masterstroke—and potential leverage on Circle. We dig into Polymarket odds, the last‑minute Paxos bribery allegation (denied), and what this means for future “native” stables on Solana, app chains, and beyond. Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This week, we’re joined by Guy founder of Ethena as a special guest, as a single ticker (USDH) sparked a weeklong spectacle: Hyperliquid’s “Bake-off” to award the USDH stablecoin brand. Native Markets surged ahead as validators signaled support, Paxos rallied late with partners and incentives, and Ethena ultimately withdrew. Was this always a vibes‑based beauty contest, or a deliberate move to pressure Circle and re‑route bridge yield? We parse the incentives, the governance, and the market microstructure — and peek at what happens if every big chain/app tries the “native stablecoin” playbook. Show highlights🔹 Hyperliquid RFP, Explained — Validators signaled early; stakers could migrate; the USDH “ticker” confers no explicit fee rights, yet bidders offered huge economics. 🔹 Why Native Won — “Vibes-based beauty contest”: homegrown team fit the HL ethos; speed, alignment, and community trust trumped external credentials. 🔹 Paxos Allegation — Late claim of validator bribery surfaced; Paxos denied; no receipts provided; underscores governance fragility to extra‑protocol incentives. 🔹 The Real Prize — Bridge control & yield capture (+ tail‑risk management) mattered more than a brand: even a “just a ticker” beachhead can evolve to real economics. 🔹 Masterstroke Marketing — The public Bake-off dragged every major issuer onstage, boosting HL mindshare and potential leverage in any USDC negotiation. 🔹 Open vs. Closed — If you want a native team, say so; calling it an “RFP” for service providers while preferring insiders created dissonance and drama. 🔹 Odds vs. Votes — Polymarket odds rapidly converged on Native despite splashy rival bids—perception and validator reality diverged from Twitter takes. 🔹 Issuer Margins Compress — Public bids commoditize stablecoin issuance; expect 5–15 bps “asset‑manager” style economics unless you’re Tether‑scale. 🔹 App/Chain Rent Wars — Who captures the float? Apps, wallets, and chains will increasingly demand economics for distribution; UX and liquidity fragmentation loom. 🔹 Liquidity Gotchas — Forcing a nonstandard stable can impair quotes vs. USDT pairs elsewhere; exchanges risk killing their golden goose to save a few bps. 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  Guest ⭐️Guy Young, Founder & CEO of Ethena Labs Disclosures⁠⁠ Timestamps 00:00 Intro 01:27 Hyperliquid USDH Stablecoin Proposal: Setup & Stakes 03:25 USDH “Bake-off”: Native Markets vs. Paxos, Ethena, Frax 06:21 Early Signals, Rumors, and Bribery Allegations 13:33 Validator Decisions, Community Reactions & Market Fallout 28:53 Polymarket Odds & Onchain Sentiment 29:47 Liquidity, Bridge Yield, & Market Microstructure Explained 31:46 Hyperliquid’s Strategic Playbook 34:28 Governance Design 37:45 Stablecoin Ecosystem 39:25 Exchange Liquidity Challenges, Maker Behavior & Fee Dynamics 55:28 Final Takeaways & Lessons for Chains, Exchanges & Issuers Learn more about your ad choices. Visit megaphone.fm/adchoices

13 Syys 56min

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

12 Syys 32min

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

11 Syys 1h 7min