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(1088)

The Chopping Block: Perps, Privacy & Prediction: Aster vs. Hyperliquid, Zcash Pops, Polymarket Soars, Galaxy One Debut - Ep. 921

The Chopping Block: Perps, Privacy & Prediction: Aster vs. Hyperliquid, Zcash Pops, Polymarket Soars, Galaxy One Debut - Ep. 921

Polymarket scales with Wall Street’s blessing, Kalshi fires up KOLs, and BNB chain melts down as fast as it ran. We dissect Aster’s data drama, the new privacy wave lifting Zcash, and Galaxy One’s glo...

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The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920

The Stablecoin Competition Is On. Who Will Be the Winners and Losers? - Ep. 920

The stablecoin race is heating up. With the passage of the U.S. stablecoin law the floodgates have opened. Tether still dominates globally, but Circle, Stripe, and a wave of new “stablechains” are mak...

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Bits + Bips: What’s Really Driving Bitcoin—and Who’s Driving Crypto Onchain? - Ep. 919

Bits + Bips: What’s Really Driving Bitcoin—and Who’s Driving Crypto Onchain? - Ep. 919

Bitcoin is hitting new all-time highs—but is this real euphoria, or just a prelude to it? In this double-header episode, we bring you a Bits + Bips roundtable and an in-depth interview on the five com...

8 Loka 20251h 55min

Bitcoin Core vs Knots: Why Developers Are Fighting Over a Coming Change - Ep. 918

Bitcoin Core vs Knots: Why Developers Are Fighting Over a Coming Change - Ep. 918

On Monday, bitcoin hit a new all-time high of over $126,000, but Bitcoin’s biggest fight right now isn’t about price; it’s about purpose.  Since 2023, image files and meme tokens have clogged the net...

7 Loka 20251h 5min

The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH - Ep. 917

The Chopping Block: Arthur Hayes & Tom Lee; Hyperliquid vs Aster, DATs & ETH - Ep. 917

Arthur Hayes & Tom Lee map the new crypto arms race—Hyperliquid vs Aster, Plasma’s stablecoin rails, and ETH’s DAT-fueled supercycle. Welcome to The Chopping Block – where crypto insiders Haseeb Qure...

4 Loka 202544min

What’s the Better Bet? Stocks or Gold? - Ep. 916

What’s the Better Bet? Stocks or Gold? - Ep. 916

Is gold the ultimate hedge against inflation and sovereign risk? Or are stocks the better long-term wealth builder thanks to innovation and earnings growth? In this heated and highly entertaining epi...

3 Loka 202559min

How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance  - Ep. 915

How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance - Ep. 915

Perp DEXs are on fire, with volumes topping $1 trillion a month for the first time.  Aster, backed by YZi Labs (formerly Binance Labs), has suddenly vaulted to the top of volume charts, but is its ri...

2 Loka 20251h 14min

How DoubleZero Built a Faster Internet for Crypto and Helped All DePIN - Ep. 914

How DoubleZero Built a Faster Internet for Crypto and Helped All DePIN - Ep. 914

DoubleZero just launched its mainnet-beta, offering a new type of high-performance fiber network for blockchains, live across 5 continents and already adopted by 20%+ of Solana stake. Co-founder Aust...

2 Loka 202536min

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