Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910
Unchained26 Sep 2025

Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910

How do stablecoin-first blockchains win distribution? Does TVL actually map to value? And why speculation may become the default language of online culture. In this 3-part episode, we explore three different important stories. Segment 1: CoinFund’s Seth Ginns explains how newly launched stablecoin chain Plasma aims to compete, plus why the “stablecoin race” with Circle and Stripe is just beginning. Segment 2: Solana Foundation president Lily Liu lays out why revenue—not TVL—should be crypto’s north-star metric, whether TVL can be easily gamed, and what a better DeFi metric stack looks like. Segment 3: Figment Capital’s James Parillo makes the case for Pump.fun and “AudienceFi”: how creator coins can financialize streaming, whether token collapses are a feature, and why both perps and memecoins rhyme with gambling. Thank you to our sponsors! TOKEN2049 - Get 15% off with code UNCHAINED Binance Guests: James Parillo, General Partner at Figment Capital Lily Liu, President of Solana Foundation Seth Ginns, Managing Partner and Head of Liquid Investments at CoinFund Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(1088)

Bits + Bips: Could a Base Token Be Coinbase's Key to a Super App? - Ep. 905

Bits + Bips: Could a Base Token Be Coinbase's Key to a Super App? - Ep. 905

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 L...

17 Sep 20251h 4min

Base Will Likely Have a Token: Why Now, Who Wins, and How Big It Gets - Ep. 904

Base Will Likely Have a Token: Why Now, Who Wins, and How Big It Gets - Ep. 904

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 Beas...

16 Sep 202549min

The Chopping Block: USDH Bake-off—Native Markets, Validators & the “Beauty Contest” Debate - Ep. 903

The Chopping Block: USDH Bake-off—Native Markets, Validators & the “Beauty Contest” Debate - Ep. 903

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 ho...

13 Sep 202556min

Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto - Ep. 902

Why the War Over the USDH Ticker on Hyperliquid Is Bullish for Crypto - Ep. 902

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 revampi...

12 Sep 202532min

How Pump.fun Plans to Beat Social Media Giants and Win Beyond Crypto - Ep.901

How Pump.fun Plans to Beat Social Media Giants and Win Beyond Crypto - Ep.901

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 ba...

11 Sep 20251h 7min

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

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 ...

10 Sep 20251h 6min

The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? - Ep. 899

The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid? - Ep. 899

The battle for Hyperliquid’s USDH ticker is a referendum on what crypto wants to be: a community-first public good, or a globally scaled, institution-ready product.  With the clock ticking toward the...

9 Sep 202548min

Why Pokémon Cards Are Better Onchain (and How to Trade Them) - Ep. 898

Why Pokémon Cards Are Better Onchain (and How to Trade Them) - Ep. 898

Pokémon cards are no longer just collectibles stuffed in a binder. They’re becoming liquid, tradable assets onchain. In this episode, Collector Crypt CEO Tuom Holmberg and Bitwise’s Danny Nelson expla...

5 Sep 20251h 10min

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