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)

Bits + Bips: Every Fortune 500 Company Will Be a DAT - Ep. 944

Bits + Bips: Every Fortune 500 Company Will Be a DAT - Ep. 944

Follow Unchained On Air on X or YouTube! https://x.com/Unchained_pod https://www.youtube.com/channel/UCWiiMnsnw5Isc2PP1to9nNw Check out our sponsor Walrus! https://www.walrus.xyz/ The government’s...

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Bitcoin Miners Are Pivoting to AI. How Does It Impact Crypto? Bits + Bips - Ep. 943

Bitcoin Miners Are Pivoting to AI. How Does It Impact Crypto? Bits + Bips - Ep. 943

Subscribe to the Bits + Bips newsletter: https://unchainedcrypto.com/newsletters/ Check out our sponsor Mantle!  As profitability tightens and competition soars, many Bitcoin mining companies are tu...

8 Marras 20251h 4min

MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience? - Ep. 942

MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience? - Ep. 942

Subscribe to Unchained Daily: https://unchainedcrypto.com/newsletters/ Check out our sponsor Mantle!  Most new blockchains promise to scale. MegaETH promises to feel instant. Fresh off its public s...

7 Marras 20251h 7min

The Chopping Block: Code, Chaos & Consequences — What the Balancer Hack and Rollback Debates Mean for Crypto’s Future - Ep. 941

The Chopping Block: Code, Chaos & Consequences — What the Balancer Hack and Rollback Debates Mean for Crypto’s Future - Ep. 941

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 breaks down DeFi’s Black ...

6 Marras 202559min

Will Perps Eat All of Finance? Ex-FTX.US CEO Brett Harrison Bets Yes  - Ep. 940

Will Perps Eat All of Finance? Ex-FTX.US CEO Brett Harrison Bets Yes - Ep. 940

Crypto’s most controversial trading product might be Wall Street’s next obsession. In this interview, Brett Harrison, former president of FTX.US and founder of Architect Financial Technologies, joins...

5 Marras 202534min

Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K - Ep. 939

Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K - Ep. 939

Bitcoin’s bleeding again and sentiment is collapsing. But if you’ve been around for a few cycles, this kind of pain might look familiar. In this episode of Unchained, Laura sits down with Yann Allem...

5 Marras 20251h 16min

Bits + Bips: Reasons to Be Optimistic After Bitcoin Falls Toward $100K - Ep. 938

Bits + Bips: Reasons to Be Optimistic After Bitcoin Falls Toward $100K - Ep. 938

Bitcoin has fallen below $102,000. “Uptober” ended in blood. But while retail traders are terrified, institutional conversations are heating up. In this episode of Bits + Bips, hosts Austin Campbell...

4 Marras 20251h

The Chopping Block: When Wall Street Meets DeFi — How Equity Perps and RWAs Redefine Leverage On-Chain  - Ep. 937

The Chopping Block: When Wall Street Meets DeFi — How Equity Perps and RWAs Redefine Leverage On-Chain - Ep. 937

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, Kaledora Linn, Co-founder and “Emp...

1 Marras 20251h 10min

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