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

Jaksot(1087)

DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them? - Ep. 952

DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them? - Ep. 952

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Hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins sit down with Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets at the White House, to break down the l...

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Bitcoin continues to look weak, falling through the psychologically important $100,000 level. Is the cycle over? In this episode, Fairlead Strategies founder Katie Stockton joins Unchained Executive ...

15 Marras 202530min

The Chopping Block: Tokenomics Reset — ICOs Rise, UNI Turns On Fees, MEV Goes to Court - Ep. 949

The Chopping Block: Tokenomics Reset — ICOs Rise, UNI Turns On Fees, MEV Goes to Court - Ep. 949

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 shift from...

15 Marras 202551min

How the x402 Standard Is Enabling AI Agents to Pay Each Other - Ep. 948

How the x402 Standard Is Enabling AI Agents to Pay Each Other - Ep. 948

Thank you to our sponsors! Uniswap  Mantle For decades, the internet has worked without a native way to pay for things. Credit cards were bolted on, platforms built their own integratio...

15 Marras 20251h 6min

Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped - Ep. 947

Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped - Ep. 947

In this first episode of Uneasy Money, hosts Luca Netz, Kain Warwick, and Taylor Monahan dig into the Balancer hack, Berachain’s centralized response, the sudden return of ICO-style distribution, and ...

14 Marras 202556min

Why the Privacy Coins Mania Is Much More Than Price Action - Ep. 945

Why the Privacy Coins Mania Is Much More Than Price Action - Ep. 945

In this episode, Josh Swihart, CEO of the Electric Coin Company, which created Zcash, and Harry Halpin, co-founder of Nym, join Laura to delve into why privacy coins have taken off, and why technology...

14 Marras 20251h 5min

Why Crypto Market Structure May Not Pass Until 2027: DEX in the City - Ep. 946

Why Crypto Market Structure May Not Pass Until 2027: DEX in the City - Ep. 946

In this first episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare, and Vy Le of Veda dig into the questions that DeFi keeps forcing the industry to...

13 Marras 202539min

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