Unchained

In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto! Show Highlights 🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions. 🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs. 🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market. 🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation. 🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing. 🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Robert Leshner, Founder of Compound ⭐️Tarun Chitra, Giga-Brain & Grand Poobah at Gauntlet Disclosures Links AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024 https://youtu.be/zt_uEHcFiA4  EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf  Learn more about your ad choices. Visit megaphone.fm/adchoices

2 Mai 20241h 2min

In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin.  Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy.  All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly. Show highlights: Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions The concept of forward secrecy and how it can help improve security in blockchains Why Willem believes that Layer 3s are possible and bullish for Bitcoin How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin Thank you to our sponsors! Polkadot Guests: Willem Schroé, founder of Botanix Labs  Orkun Kılıç, cofounder of Chainway Labs  Alexei Zamyatin, cofounder of Build on Bitcoin Links Recent coverage on Unchained of Bitcoin L2s: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again Build on Bitcoin BOB learning documents Announcement of mainnet on May 1st. Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin Alexei’s tweet on BitVM/rollups  Alexei went on a retreat with the inventor of BitVM Citrea Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup Whitepaper Orkun Mahir Kılıç’s interview on Unchained Premium Citrea learning documents Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program Botanix CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin Botanix and the Future of Bitcoin Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin Willem Schroé’s interview on Unchained Premium Learn More:  Unchained:  What Is the OP_CAT Bitcoin Improvement Proposal?  What Are Opcodes in Bitcoin? A Beginner's Guide  Learn more about your ad choices. Visit megaphone.fm/adchoices

30 Apr 20241h 23min

On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security. The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.   The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous." Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US. Show highlights: Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far How they are looking for a Judge to declare that the ETH is not a security Whether the switch to proof of stake turned ETH into a security Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover Why Hinman’s speech is still relevant today, even after 6 years Whether the moves by the SEC are related to a motivation to deny ether spot ETFs How the several cases against the SEC show that the industry “has had enough” Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there The implications of a Consensys victory for the industry and what the next steps in the case are Thank you to our sponsors! iTrustCapital Polkadot Guest Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys Links The lawsuit:  Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security ConsenSys’s complaint Bill Hughes’ thread on why Consensys sued the SEC Consensys is suing the SEC to defend the Ethereum ecosystem Hinman speech CryptoLaw: The Hinman Speech Documents Major questions doctrine Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine  Other SEC cases: Coinbase Unchained:  Why the SEC’s Case Against Coinbase Is So Significant for Crypto Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It Uniswap Unchained:  Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? SEC Puts DeFi in Its Sights With Potential Uniswap Suit Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Ethereum Foundation Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report The Real Reason Why the SEC Might Be Going After Ethereum Debt Box Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit Beba DeFi Education Fund and Beba sue SEC over airdrop policies Lejilex Lawsuit document Learn more about your ad choices. Visit megaphone.fm/adchoices

26 Apr 202436min

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show Highlights 🔹The devastating floods in Dubai and their impact on the Token 2049 conference 🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise. 🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community. 🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies. 🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi). Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly  ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Robert Leshner, Founder of Compound ⭐️Tarun Chitra, Founder and CEO of Gauntlet Disclosures Links Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi  Learn more about your ad choices. Visit megaphone.fm/adchoices

25 Apr 202456min

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers.  Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US. Show highlights: How the Tornado Cash case could set a critical precedent for open-source software How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake What the implications of the Tornado Cash case could be for the broader DeFi space What lessons can be learned from the $62 million hack of Munchables on Blast How to address the challenge of malicious actors like North Korea using a permissionless system Whether Coinbase's staking services are considered a securities offering Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs How the Debt Box case order impacts the SEC’s reputation, according to Jake How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba The future of DeFi in the U.S. and its potential for success, according to Jake Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand How the U.S. Presidential election could impact the future of the crypto industry Thank you to our sponsors! Polkadot Guest: Jake Chervinsky, Chief Legal Officer at Variant Previous appearances on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility All Things Crypto Regulation With Jake Chervinsky Everything You Need to Know About the Looming Battle Over Privacy in Crypto Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky Links Tornado Cash Jake’s amicus brief with Amanda Tuminelli Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash Munchables exploit Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit SEC cases: Coinbase Unchained:  Why the SEC’s Case Against Coinbase Is So Significant for Crypto Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It Uniswap Unchained:  Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? SEC Puts DeFi in Its Sights With Potential Uniswap Suit Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Ethereum Foundation Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report The Real Reason Why the SEC Might Be Going After Ethereum Debt Box Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit Beba DeFi Education Fund and Beba sue SEC over airdrop policies Lejilex Lawsuit document Learn more about your ad choices. Visit megaphone.fm/adchoices

23 Apr 20241h 26min

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol.  Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions. Show highlights: What Runes is and why Charlie believes that it is the hottest thing since Ordinals The differences between Runes and BRC-20 fungible tokens  Runes’ unique features, with Charlie pointing out that this is “what the degens really want” Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners  Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer The coolest things that Runes Protocol will enable, according to Charlie How Taproot Assets and RGB differ from Runes and why they have not taken off Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods Thank you to our sponsors! iTrustCapital Polkadot Guest Charlie Spears, cofounder of Blockspace Media Links Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different Runes Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin Bitcoin Runes Explainer by Charlie Spears BRC-20s and Ordinals: Unchained: What Are BRC-20 Tokens? A Brief Introduction Bitcoin’s BRC-20 Mania: Is It Sustainable? How to Create a Bitcoin Ordinal Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?  Halving Unchained:  Bitcoin Halving: What Is It & How Is It Determined? Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen Bitcoin Miners Diversify Their Revenue Streams as Halving Nears Bitcoin L2s Unchained:  Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again Citrea: An Ethereum-Like Experience Built on Bitcoin? How Botanix Aims to Enable Smart Contracts on Bitcoin Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Apr 202442min

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. The Bitcoin halving is just around the corner, expected to be on April 19 or April 20.  Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization.  Learn more: Bitcoin Halving: What Is It & How Is It Determined? Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end.  Show highlights: How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility Whether this cycle could be the "last cycle" or the "supercycle" Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin How artificial intelligence is expected to trigger a productivity boom, according to Will Why Will considers Coinbase to be mispriced Whether Bitcoin L2s have a future and if security budgets are a concern Their views on Bitcoin Ordinals and the Runes Protocol launch Why Will views DOGE as a purer commodity than ETH Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle Thank you to our sponsors! Polkadot Guest: Arthur Hayes, CIO of Maelstrom. Previous appearances on Unchained: Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH  Arthur Hayes of Bitmex on Why Countries Will Turn to Digital The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks How Crypto and Blockchain Technology Could Change Financial Services Will Clemente, Co-founder of Reflexivity Research Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is?  Links This cycle Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’” Unchained:  Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen Bitcoin Miners Diversify Their Revenue Streams as Halving Nears Heatwave by Arthur Hayes Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter Bitcoin ETFs: Unchained:  The Best Spot Bitcoin ETFs for Different Types of Investors Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea Bitcoin ETFs Explained: What Are They & How Do They Work?  Macroeconomic conditions CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected FT: Investors lose hope of rapid US interest rate cuts this year Block size wars Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’  Bitcoin L2s Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again  Runes Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know Ethena Hayes’ tweet on Ethena Unchained:  ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe? What Is Ethena's USDe Synethic Dollar? Learn more about your ad choices. Visit megaphone.fm/adchoices

16 Apr 20241h 7min

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action. Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry. Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC. Show highlights: Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges How the SEC could make a case that some of the tokens traded via Uniswap are securities What the next steps are in the case, with a lawsuit possibly coming soon Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol Why the DeFi Education Fund recently filed a lawsuit against the SEC Why Amanda believes in a “proactive counteroffensive strategy” with the SEC How Amanda would like legislation to be implemented in the U.S. Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda Why Amanda thinks Uniswap will ultimately win against the SEC Thank you to our sponsors! iTrustCapital Polkadot Guest Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune Links Wells Notice Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit Unchained: UNI Drops 16% as SEC Targets Uniswap Labs Uniswap Blog Post on the Wells notice Marvin Ammori Thread on Wells notice Other cases: Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It Social media commentary: Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case. Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company Learn more about your ad choices. Visit megaphone.fm/adchoices

12 Apr 202441min