Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism - Ep. 807

As Ethereum deploys Pectra, it faces stiff competition and community criticism. Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot map out the chain’s direction. Ethereum is well on its way to some major upgrades, with Pectra and Fusaka introducing a number of performance improvements in the near future. But will it be enough to stay ahead of the competition? Ethereum Foundation Research co-leads Alex Stokes and Barnabe Monnot join the show to discuss: How Pectra and Fusaka will improve Ethereum’s performance What it means that its launch on two testnets failed Ethereum’s “north star” — decentralization Whether Ethereum can retain its top spot in the smart contract space As Ethereum adopts native rollups and data availability, does it create competition with existing L2s and DA providers? The new direction for the Ethereum Foundation leaders and whether Etherealize can bring Wall Street Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guest: Alex Stokes, Co-Lead, Ethereum Foundation Research Barnabe Monnot, Co-Lead, Ethereum Foundation Research Previous appearances on Unchained: 5 Things to Know About Coinbase’s 2021 Links Previous coverage on Unchained of: Etherealize advocates for Ethereum Why Ethereum’s New Marketing Arm Is Convinced Wall Street Will Adopt ETH Ethereum Foundation contemplates comeback Ethereum Is Lagging. Here’s How It Could Finally Shake Off Rival Solana 2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback? What Ethena means for Ethereum Ethena’s L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols? The Chopping Block w/ Guy Young: Lessons from USD0, Ethena’s Bold Vision, and DeFi’s Future The Pectra Upgrade Ethereum.org: Pectra Testnet Announcement | Ethereum Foundation Blog tim.mirror.xyz: AllCoreDevs Update 17 Ethereum.org: EIP-7691: Blob throughput increase Ethereum.org: Holesky and Hoodi Testnet Updates | Ethereum Foundation Blog Coindesk: Hello, Hoodi: Ethereum Welcomes a New Testnet  Fusaka on the horizon Github: EIP-7805 proposed for Fusaka Native rollups versus non-native rollups Youtube: The Future of Ethereum Scaling: Native Rollups Explained Reddit: Native rollup debates L1 and L2 debates Vitalik.eth.limo: Reasons to have higher L1 gas limits even in an L2-heavy Ethereum Vitalik.eth.limo: Scaling Ethereum L1 and L2s in 2025 and beyond Ethereum Foundation Leadership changes X: Barnabe Monnot and Alex Stokes announcement X: New EF titles X: Fixing the Core Dev process Ethena’s Converge news  John Wang’s tweet Camila Russo’s comment Timestamps: 👋 0:00 Intro 🪝 2:05 How Barnabe and Alex got hooked on Ethereum development ⚙️ 6:37 How Pectra will change Ethereum 🪴 10:35 How does increasing blobs boost Ethereum? 🪲 13:22 Pectra fork bugs on Holeski testnet 🔮 18:38 What’s in the upcoming Fusaka upgrade? 🤯 22:42 How decisions get made in Ethereum and which groups are involved 📈 30:34 Can Ethereum keep up with the competition? 🏁 39:16 Can Ethereum compete by scaling the L1? 🤓 44:02 What are native roll-ups and how do they help Ethereum compete? 🤺 49:26 Native rollups and expanded data availability on Ethereum vs. non-native options ⚰️ 52:22 Is Ethena building its own blockchain the “nail in the coffin” for Ethereum? 👬 1:00:05 Shaking up the EF’s leadership 🤔 1:06:14 Will Etherealize fix Ethereum’s problems? Learn more about your ad choices. Visit megaphone.fm/adchoices

25 Mars 1h 12min

Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong? For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks. Are we watching the rise of “Fat Apps” instead? On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about:  Why the biggest apps are generating more revenue than many layer 1s Why Ethena is launching its own blockchain What this means for Ethereum, Solana & other L1s How blockchains can compete on value capture Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX Mantle Guest Ryan Watkins, Co-founder at Syncracy Capital Links Unchained: Ethena Labs and Securitize to Launch New EVM Blockchain for DeFi Syncracy Capital: Applications Capture Fees, Blockchains Store Value Hansolar’s tweet  Pump.fun launches its own DEX  Timestamps: 👋0:00 Intro 💰 2:12 Why apps are out-earning the blockchains they run on 🔗 5:44 Ethena’s move: why it’s launching its own chain 📈 8:33 The rise of “Fat Apps” and what it means for crypto 🚀 12:50 How today’s crypto founders think differently from past builders 🏆 15:51 The blockchain architectures that will dominate ⚖️ 22:32 Whether L1s can compete in this new environment 📊 241:27 How blockchains accrue value and why MEV isn’t the best metric 📰 31:00 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

21 Mars 46min

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. In this episode, the crew unpacks Ethereum’s existential crisis and whether the rollup-centric roadmap is backfiring. Plus, AI is rapidly changing how crypto is built, traded, and secured—so what happens when blockchain and AI collide? We also dig into Solana’s controversial ad, Ethereum Foundation’s leadership shake-up, and why macro forces are still running the show. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 AI’s Invasion of Software Engineering – Why AI is replacing developers & what it means for crypto startups 🔹 Ethereum’s Rollup Reckoning – The “rollup-centric roadmap” was supposed to save Ethereum, but is it actually weakening it? 🔹 The Solana Ad Disaster – How Solana’s political ad backfired & alienated both sides of the aisle 🔹 Is Ethereum Becoming IBM? – Why Ethereum risks getting stuck as the slow-moving corporate giant of crypto 🔹 The Great AI Pivot – Why top engineers are abandoning language models for robotics & what it means for the future 🔹 AI Trading Bots & Crypto Security Risks – How prompt injections could turn AI-powered wallets into honeypots 🔹 Ethereum’s New Leadership – Does the Ethereum Foundation finally have a plan to fix its credibility problem? 🔹 The XRP Bartender Index – The unexpected bar tab metric that tracks XRP market sentiment 🔹 Will AI Replace VCs? – The case for AI-led investment strategies & automated due diligence Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Disclosures Links Solana Ad repost by @basedkarbon: https://x.com/basedkarbon/status/1901809992514052319  Timestamps -  00:00 Intro 01:48 Solana's Controversial Ad Campaign 08:14 Memorable Crypto Ads 11:27 AI's Impact on Research & Crypto 18:33 Future of AI in Crypto and Beyond 29:29 Security Concerns with AI 36:49 EF's Leadership Changes 40:20 The Future of Ethereum and Rollups Learn more about your ad choices. Visit megaphone.fm/adchoices

20 Mars 59min

The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise? With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down: Why markets are struggling—and whether a recession or stagflation is coming Whether the Fed has become irrelevant How the stablecoin bill could rescue sales of treasuries Why bitcoin isn’t following gold’s rally The factors that could kickstart the next crypto boom The latest on all the dozens of crypto ETFs in the works Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Links The stagflation trade Bloomberg: Stagflation Trade Emerges as Rare Winner in US Stock Market Rout Reuters: Fed's Powell gets chance to address trade war, stagflation fears Tweet by Noah Smith Budget bill Wharton: The FY2025 House Budget reconciliation and Trump Administration Tax Proposals: Budgetary, Economic, and Distributional Effects Stablecoin bill: Unchained: Stablecoin Bills Could Squeeze Out $140 Billion Tether CoinDesk: U.S. Senate Takes First Big Step to Advance Stablecoin Bill Solana futures Cointelegraph: Solana futures finish first trading day on CME Solana ad Unchained: Solana Deletes ‘Cringe’ Ad After Crypto Community Backlash Timestamps: 👋 0:00 Intro 📉 1:39 Stagflation fears and which tariffs actually matter for the economy 🌎 6:11 Why the outlook for commodities is so uncertain 📊 10:49 Is the Trump administration sabotaging itself? 🐶 16:57 Why DOGE’s role in the market is bigger than you think 📉 23:51 Why the 10-year yield isn’t dropping as expected 💰 28:04 Will shrinking liquidity grind the market to a halt? 🏛️ 32:37 Why the Fed has become irrelevant 🔄 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get ⚠️ 41:13 Why a recession is not a foregone conclusion 🥇 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following? 🏦 51:24 How the stablecoin bill could save US government finances 🚀 1:01:47 How bitcoin gets its next rally  📉 1:07:16 The hidden benefit of CME SOL futures ✅ 1:12:15 The latest on pending crypto ETF approvals 📣 1:17:26 Reactions to the controversial Solana ad Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Mars 1h 19min

The memecoin trade might be over. And Joe McCann says that’s just the beginning. The founder of Asymmetric has been at the intersection of crypto, macro, and tech for years. He called the $BONK trade early, made moves before most saw the opportunity, and now? He’s shifting his focus. Meanwhile, the crypto markets are a bloodbath, with bitcoin, ether, and solana down 10%, 41%, and 35%, respectively, year-to-date. In this episode, Joe joins Unchained to discuss: Why memecoins won’t work the way they used to How institutions are approaching crypto in this cycle Why prices are down so much Why Bitcoin might be so hard to outperform Whether Solana is still the fastest horse Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! FalconX Bitwise Guest: Joe McCann, founder of Asymmetric Links Unchained:  Solana Rejected Inflation Reduction—Here’s Why Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes Bitcoin Has Declined 20%. How Soon Could the BTC Price Revive? Timestamps: 👋 0:00 Intro 🚀 2:19 How Joe’s background shaped his crypto investing approach 🐶 10:25 Spotting the $BONK opportunity before the crowd 📉 17:38 Why the memecoin trade might be over 💰 21:51 Why Joe believes Pump.fun is NOT extractive 📊 33:11 Why crypto prices have struggled despite a pro-crypto shift in Washington 🎯 42:34 The moment Joe “finally” gives credit to Arthur Hayes ⏳ 45:15 Could having no catalyst actually BE the catalyst? 🔥 49:22 Why Joe wasn’t convinced by the SOL inflation proposal ⚡ 56:45 Wait—no altcoin season? ⚙️ 1:01:34 What still excites Joe about Solana 🏦 1:04:57 Why Asymmetric is betting on Bitcoin DeFi 🤖 1:07:29 How AI is helping Joe’s team optimize its strategy Learn more about your ad choices. Visit megaphone.fm/adchoices

18 Mars 1h 12min

The Solana ecosystem just completed a critical governance vote. SIMD-228, a proposal to tie Solana’s inflation rate to its staking participation rate, was put forward by Multicoin Capital and Anza, but despite a majority voting in favor, it failed to meet the required supermajority to pass. Tushar Jain, co-founder and managing partner at Multicoin Capital, who co-authored the proposal, joins the show to discuss: Why he believes the proposal was necessary Whether inflation is too high for Solana’s long-term health If some validators voted against their own interests The silver lining of the governance process Why a smaller proposal focused on fee sharing did pass Whether Multicoin Capital will resubmit a revised proposal Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off Mantle Guest Tushar Jain, Co-founder and Managing Partner at Multicoin Capital Links Unchained: Proposal to Cut SOL Inflation by 80% Fails After ‘Close Call’ SIMD Vote Status Kayuza’s tweet  Timestamps: 🤝 0:00 Intro 🗳️ 3:09 Why Solana’s inflation rate was initially an afterthought  💰5:20 Why inflation became untenable ⚙️ 6:23 What does it take to right-size inflation for Solana ⚙️ 7:18 How SIMD-228 would have worked 🤯 11:00 Why Tushar “does not want to bet on people being dumb” 💰 15:48 How this could have strengthened DeFi on Solana 😕 17:49 Why Tushar was disappointed with the outcome but sees a silver lining 📚 19:49 Could the vote have been fairer? ⚖️ 22:06 Whether smaller validators would be unfairly hurt by SIMD-228 🔐 27:37 Does Solana pay too much for security? 📈 27:55 Would this have boosted the price of SOL? ✔️28:19 Whether validators should ask stakers how to vote ✅ 30:13 What the passing of SIMD-123 means for the network 🔄 32:40 Will Multicoin resubmit the proposal? 📰 34:50 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

14 Mars 46min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Quinn Thompson, Master of Macro at Lekker Capital, to dissect Trump’s Bitcoin Reserve. The US government is now officially hodling Bitcoin —Trump’s executive order creates a BTC reserve using seized funds. But markets didn’t buy the hype. Bitcoin tanked, and traders are still questioning what this means for crypto’s future. Meanwhile, the global macro picture is a disaster—stocks are down, trade wars are escalating, and recession fears are mounting.Is this controlled demolition of the economy, or just a side effect of Trump’s economic agenda? And most importantly, what does this mean for crypto? Let’s dive in. Show highlights 🔹 Trump’s Bitcoin Reserve Announcement – The US government officially holds BTC, but it’s not buying more. No new demand—just a change in optics. 🔹 Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet. 🔹 Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC. 🔹 Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap. 🔹 Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion? 🔹 Crypto’s Liquidity Crunch – The Fed isn’t stepping in (yet), but the macro backdrop is grim. Rate cuts may be the only way out. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  ⭐️Robert Leshner, CEO & Co-founder of Superstate Guest ⭐️Quinn Thompson, Founder & CIO at Lekker Capital Disclosures Timestamps  00:00 Intro 02:36 Trump’s Bitcoin Reserve 05:17 Bitcoin Tanks 14:30 How This Affects Crypto & Traditional Finance 19:36 Trade Wars Escalate 31:30 Corn Twitter Is Mad 35:16 Why Stocks & Crypto Are Dumping in Sync 41:39 Trump's Historical Stance on Tariffs 54:57 Government Spending and Crypto Market Learn more about your ad choices. Visit megaphone.fm/adchoices

13 Mars 58min

The markets are a bloodbath. If you’re feeling lost in the markets right now, you’re not alone. Stocks are getting crushed, bonds are sliding, and crypto isn’t escaping the carnage. The question is: why is everything selling off—and where does it go from here? One thing is clear: the next market move is extremely hard to predict. Between Trump’s economic policies, inflation worries, and DOGE’s cuts, there’s a storm of conflicting signals. So, is this pain temporary? Or are we looking at a long trend downward? Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Guest: Travis Kling, CIO of Ikigai Asset Management Links Recession?  Bloomberg: Trump Says US Economy Faces ‘Transition,’ Avoids Recession Call Inflation Bloomberg: Inflation-Linked Bonds Rebound on Trump Tariffs: Credit Weekly DXY FX Empire: US Dollar Forecast: DXY Sinks as Weak Jobs Data Fuels Rate Cut Bets, EUR/USD Surges Powell’s comments: CNN: Fed Chair Powell says he’s not worried about the economy amid Trump’s tariff chaos  FT: Federal Reserve chief Jay Powell plays down growth worries after jobs report disappoints Bonds: Bloomberg: The Bond Market’s Trump Trade Is Looking Like a Recession Trade CNBC: 10-year Treasury yield rises after weaker-than-expected jobs growth Bond yields in Europe and elsewhere are rising  Tariffs: Bloomberg: Lutnick Says Trump Sticking to US Aluminum-Steel Tariff Timeline  Japan and the carry trade: Japan's 20-Year Government Bond Yield rises to its highest level since 2008.  Jeff Park tweeted “Bitcoin is Japan’s game now whether you like it or not” - thoughts? FT: Japan seeks tariff reprieve after Donald Trump questions long-standing defence pact China’s deflation:  Bloomberg: China’s Inflation Declines Below Zero for First Time in Year Ukraine War talks:  FT: Ukraine seeks to persuade US to resume aid in high-stakes talks Timestamps: 👋 0:00 Intro 📉 3:05 What’s behind this brutal market selloff 🤔 7:26 Why making a market prediction right now is nearly impossible 🇺🇸 13:41 How Trump’s economic moves drive uncertainty ⚠️ 19:37 Is the Trump administration intentionally triggering a recession? 💰 20:30 The real impact of “austerity” on the economy 📉 22:59 What must happen before the market bottoms out 🔥 26:52 Where inflation might head next 📊 36:21 What the VIX is saying about the market 📉 39:00 How markets will react to today’s CPI numbers 🚀 43:40 When might Trump push for tax cuts? 🏦 49:19 Will ETF buyers create a bitcoin floor? 💴 55:12 What a declining Japanese yen reveals about demand for risky assets ₿ 1:00:35 Why BTC is the furthest that it has ever been from altcoins 🛍️ 1:11:00 What new groups might step in and buy bitcoin?📉 🤦‍♂️ 1:20:25 Whether the Trump administration “fucked up” the economy Learn more about your ad choices. Visit megaphone.fm/adchoices

12 Mars 1h 31min