Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken - Ep. 900
Unchained10 Syys 2025

Bits + Bips: Hyperliquid’s USDH Bidding War & Why the DAT Model Is Broken - Ep. 900

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

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Uneasy Money: Why Tokenholders Have No Rights & Why Every DAO ‘Has Failed’ - Ep. 984

Uneasy Money: Why Tokenholders Have No Rights & Why Every DAO ‘Has Failed’ - Ep. 984

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Inside Robinhood's Big Super App Plan: ‘There's Still a Lot of Work to Be Done’ - Ep. 983

Inside Robinhood's Big Super App Plan: ‘There's Still a Lot of Work to Be Done’ - Ep. 983

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DEX in the City: How Privacy in Crypto Makes Everyone's Finances More Secure - Ep. 982

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The SEC this week held a roundtable on financial surveillance and privacy in another sign of the major shift in the regulator's approach to crypto. In this DEX in the City episode, Espresso co-founde...

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The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race - Ep. 981

The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race - Ep. 981

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 episode features special guest Vladimir ...

17 Joulu 20251h 6min

Bits + Bips: What Could Spark the Next Crypto Bull Cycle? - Ep. 980

Bits + Bips: What Could Spark the Next Crypto Bull Cycle? - Ep. 980

Thank you to our sponsors, Mantle!On this episode of Bits + Bips, hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins are joined by Elisabeth Kirby, Head of Market Structure at Tradeweb, for a wid...

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Bits + Bips: Crypto Investing Is About Managing Risk, Not Chasing Upside - Ep. 978

Bits + Bips: Crypto Investing Is About Managing Risk, Not Chasing Upside - Ep. 978

Subscribe to Bits + Bips: https://bitsandbips.beehiiv.com/subscribe On this bundled episode of Bits + Bips, Unchained executive editor Steve Ehrlich digs into the less obvious risks shaping crypto re...

13 Joulu 20251h 10min

How to Trade Prediction Markets Without an Opinion on the Event - Ep. 979

How to Trade Prediction Markets Without an Opinion on the Event - Ep. 979

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsor! Walrus The prediction market meta is pipin...

13 Joulu 20251h 5min

Uneasy Money: Is Jupiter Incompetent or Evil? And Is Hyperliquid's ADL Flawed? - Ep. 976

Uneasy Money: Is Jupiter Incompetent or Evil? And Is Hyperliquid's ADL Flawed? - Ep. 976

Thank you to our sponsor, MultiChain Advisors!The beef between Solana dapps Jupiter and Kamino has taken a new dimension as Kamino has accused Jupiter of lying about contagion risks. In this episode ...

12 Joulu 20251h 10min

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