Crypto Pump & Dumps Have Become the Ugly Norm. Can They Be Stopped? - Ep. 834

The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer. This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto. Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Sui Xapo Bank Guests: David Nage, VC Portfolio Manager at Arca Lawson Bae, Founder of Relayzero Links: Unchained:  Wormhole Foundation to Counter LayerZero’s Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens  Timestamps: 🎬 0:00 Intro 🧱 2:57 Why LayerZero wants to buy Stargate, the bridge it launched 💸 8:36 Whether the $110 million offer from LayerZero was actually fair 🕵️‍♂️ 14:07 How Wormhole may be trying to make things difficult for its biggest rival 📊 16:35 Why David thinks the $110 million number can be justified 📈 21:07 How the number of daily active users factors into valuing crypto projects 🔢 27:07 What a “reasonable multiple” for Stargate could look like 🗳️ 30:34 How the Stargate DAO should approach this pivotal decision 🤝 34:49 Why this deal shows that crypto M&A is booming Learn more about your ad choices. Visit megaphone.fm/adchoices

22 Aug 51min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Crypto is moving past speculation — and into the battle for mass adoption. In this episode, Phantom CEO Brandon Millman and Pudgy Penguins CEO Luca Netz join Unchained to debate who will own the next hundred million users. Will it be product-led startups, Web2 giants like X and Meta, or crypto-native apps like Phantom? From payments to trading wars to the “everything app” dream, they unpack where the real value will accrue — and why the easy money era for entrepreneurs is over. Thank you to the sponsors who make this show possible! Re  Mantle Guests: Brandon Millman, CEO and co-founder of Phantom Luca Netz, CEO of Pudgy Penguins Timestamps: 🎬 0:00 Intro 🚧 3:34 Why Brandon still thinks it’s a great time to build in crypto ⚡ 5:55 How Luca sees this moment as an “inflection point” for the industry 👥 9:36 What Brandon and Luca’s personal journeys reveal about building in Web3 🌍 18:07 Who’s best positioned to onboard the next wave of users into crypto 💸 25:05 How distribution is key and why Luca desperately wants to invest in Phantom 😀 💳 37:00 Who might win the payments race and what gives them the edge 📱 51:26 Whether Solana’s Seeker phone has any real shot at breaking through 🔗 58:32 How Robinhood might use Privy and Bridge to dominate the crypto stack ⚔️ 1:01:17 What the new crypto trading wars say about Robinhood, Coinbase, and Kraken 🤔 1:06:05 Whether Coinbase lacks a good product team 📲 1:10:36 Whether the “everything app” dream actually makes sense Learn more about your ad choices. Visit megaphone.fm/adchoices

21 Aug 1h 16min

Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets?  Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn’t even on the field today. Thank you to our sponsors! Walrus Xapo Bank Guest: Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Links: Unchained:  Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain: Report Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm Timestamps: 🎬 0:00 Intro 💸 4:23 Whether the world really needs stablecoin-specific blockchains 🧪 9:45 How Stripe’s Tempo chain could gain an edge in the payments game 🌐 12:25 Why Circle’s Arc might struggle to stand out 🏆 15:19 Who could emerge as the winner of the stablecoin payments race 🗺️ 20:35 What the broader stablecoin chain landscape looks like right now 🏦 23:36 Whether crypto companies have a real shot at disrupting traditional finance 🙋‍ 27:51 Who could end up being the biggest winners 🧱 31:52 Why Ethereum may not be ready for the RWA moment 🔮 34:52 Who’s best positioned to capitalize on the next wave of blockchain-based payments Learn more about your ad choices. Visit megaphone.fm/adchoices

15 Aug 50min

Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania. 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 dives into the surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs. Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin’s security decades from now. Also: Trump’s executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we’re only halfway to mania. Show highlights 🔹 ETH vs. Alts – Is Ethereum still an altcoin, or has it graduated to “major” status? 🔹 Circle’s Arc & Stripe’s Tempo – Why are fintech giants launching their own L1s instead of using Ethereum L2s? 🔹 Crypto Twitter Backlash – The ethos clash between “public goods” culture and corporate profit motives. 🔹 Monero’s 51% Attack – Qubic’s AI Garth mines enough hash power to take over Monero as a “proof of concept.” 🔹 Game Theory & Chain Security – Why PoW is fun (and dangerous) to reason about, and how PoS differs. 🔹 Bitcoin’s Future Risk – How tail emissions (or lack thereof) could leave BTC open to similar attacks. 🔹 401(k) Goes Crypto – Trump’s executive order allows digital assets in retirement accounts. 🔹 GPU Debt Crisis Fanfic – Tarun’s prediction for a future financial meltdown. 🔹 DATs Debate – Are Digital Asset Treasuries sustainable, or primed for a spectacular unwind? 🔹 Yield Edge over ETFs – Why DATs may outperform staking ETFs in capturing on-chain yield. ⭐️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  Democratizing Access To Alternative Assets For 401(K) Investors  https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/  Timestamps 00:00 Intro 01:01 Crypto Market Sentiments 02:29 Circle’s Arc & Stripe's Tempo 07:34 Corporate Chains vs. L2 Solutions 17:57 Monero's 51% Attack by Qubic 27:11  Real-World & Protocol Incentives 29:33 Monero's Tail Emission & Bitcoin's Future 34:39 Trump’s Executive Order: Crypto in 401(k)s 37:15 Next Financial Crisis? GPU Debt Crisis 41:15 DAT Mania Potential & mNAV Compression Learn more about your ad choices. Visit megaphone.fm/adchoices

14 Aug 51min

Ethereum’s rally has captivated the market, but is it really about the GENIUS Act and stablecoins, or just raw flows?  In this episode of Bits + Bips, Alex Kruger, Ram Ahluwalia, Steven Ehrlich, and special guest Sid Powell of Maple Finance, dive deep into what’s driving ETH, the macro forces shaping crypto’s next leg up, and whether traders are completely wrong about the Fed’s next moves. From the potential flood of TradFi capital onto the blockchain, to the battle for stablecoin dominance, to whether Solana is about to get a major boost, the conversation dissects the signals in today’s market. Hosts: Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Steven Ehrlich, Executive Editor at Unchained Guest: Sid Powell, CEO & Co-Founder of Maple Finance Links: Unchained: Custodia Patent for Bank Stablecoin Challenges Big Banks Entering the Field CBS News: CPI rose in July by 2.7% on an annual basis. Here's what that means. CNBC:  Circle shares rise as second-quarter revenue jumps 53% on strong stablecoin growth Fed board contenders Miran, Bullard say Trump's tariffs are not causing inflation CoinDesk.  ETH Transaction Volume C Much as $20limbs on Price Rally, Cheaper DeFi Costs Tom Lee's BitMine Immersion Aims to Raise asB for More ETH Buys Cointelegraph: SharpLink Gaming shares dip after $400M deal to boost Ether holdings Bloomberg: Godfather of the Mar-a-Lago Accord Goes to the Fed Timestamps: 🎬 0:00 Intro 🚀 2:52 Why ETH has been rallying so aggressively 💪 10:14 Why Alex says the ETH rally will continue 📉 12:53 How BitMine and SBET ended up with such wildly different mNAVs 🧾 14:07 How treasury companies are planning to deploy their crypto onchain 🏛️ 18:45 What TradFi institutions are looking for in Maple and other onchain finance apps 📊 28:07 What Alex is watching to signal the next breakout in crypto prices ⛏️ 32:57 Who really makes money during this new gold rush? 🔥 42:15 Why SOL could be on the verge of a big announcement 🧠 44:58 What Ethereum’s core purpose is in this new market cycle 🌍 47:34 How macro indicators are sending mixed signals 🤖 54:31 What the NVDA and AMD revenue shares with the U.S. government mean for the future of capitalism could mean for the broader market 🏆 58:13 Who stands to win big in crypto if the Fed cuts rates 💵 1:03:26 What Circle’s earnings reveal about its business model right now 🛡️ 1:04:33 Whether Custodia Bank’s patent could block big banks from launching stablecoins 📉 1:11:35 Why markets might be totally mispricing the Fed’s next moves Learn more about your ad choices. Visit megaphone.fm/adchoices

13 Aug 1h 15min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter  In this episode of Unchained, Guy Young, founder of Ethena Labs, and Rob Hadick, general partner at Dragonfly, unpack the emerging wave of Digital Asset Treasuries (DATs) and why altcoins may be the next to follow Bitcoin and Ethereum onto public markets. They explain why StablecoinX, a new infrastructure company within the Ethena ecosystem, is merging with a SPAC to go public on Nasdaq under the ticker “USDE,” anchoring its treasury with Ethena’s ENA token.  With $360 million in backing from investors like Dragonfly, Ribbit, Galaxy, and Polychain, the deal is testing whether public equity markets are ready for altcoin-native treasuries. Guy and Rob also discuss why some crypto wrapper stocks are trading at massive premiums, how capital gets misallocated in crypto, and whether ETH staking rewards represent real yield or just inflation.  They debate whether this trend is creating lasting infrastructure or just new packaging for old narratives. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Mantle Re Guests: Guy Young, founder of Ethena Labs Rob Hadick, General Partner at Dragonfly Timestamps: 🎬 0:00 Intro 🧠 3:29 Why Ethena worked with a team launching an ENA  corporate treasury company 💰 10:38 Ways to structure public crypto treasury vehicles 🕵️‍♂️ 16:53 Whether treasury vehicles are just a flashy wrapper for vaporware 📉 22:28 Why Guy says there’s way more VC capital than good ideas in crypto right now 📈 31:20 How some DATs are trading at eye-popping premiums 🤔 37:15 Why Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays 🏗️ 40:24 How the structure of these public vehicles shapes their value 🔄 47:39 What makes convertible debt different from SPACs or PIPEs 🧾 49:20 How investors should think about these new crypto treasury companies 📊 55:43 How Wall Street is being pitched on Ethena and USDE 💥 59:16 Whether this trend is legit or just another bubble waiting to pop Learn more about your ad choices. Visit megaphone.fm/adchoices

12 Aug 1h 4min

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. With special guests: Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation. This week we get into one of the most pivotal moments in Ethereum’s history — from the Tornado Cash verdict and its chilling implications for developers, to Wall Street’s growing embrace of ETH through the launch of ETHZilla. The crew unpacks how this trial could redefine developer liability, why Ethereum’s narrative is shifting toward institutional adoption, and what the next decade could look like for the world’s most versatile blockchain. Whether you’re here for the legal drama, the market moves, or the inside scoop from Ethereum’s top builders and investors, this episode delivers the sharp analysis, big-picture context, and unfiltered hot takes you’ve come to expect from The Chopping Block. Show highlights 🔹 Tornado Cash Verdict Breakdown – Haseeb explains the mixed outcome: a conviction on one count, hung jury on the most serious charges, and what it means for Roman Storm’s future. 🔹 Developer Liability in the Spotlight – Why the case sends a chilling signal to open-source and privacy protocol builders across the U.S. 🔹 Inside the Appeal Strategy – How contradictions between DOJ arguments and FinCEN guidance could shape Roman’s path forward. 🔹 Avichal’s Optimistic Take – Why he believes the American legal and political system will ultimately land on the right side of crypto innovation. 🔹 Historical Parallels – Comparing today’s battles over smart contracts and AI to the legal fights over corporations and cryptography in centuries past. 🔹 ETHZilla Unveiled – Avichal introduces Electric Capital’s new Ethereum treasury vehicle, how it’s designed to work, and its potential impact on DeFi. 🔹 Wall Street Meets Ethereum – The crew explores how institutional capital could become a massive “supply sink” for ETH. 🔹 Potential Shakeouts Ahead – Why some public ETH vehicles may face activist investor pressure, M&A, or liquidation if they stay subscale. 🔹 Ethereum Foundation’s Vibe Shift – Tomasz shares how the EF is engaging more openly with the community, leaning into finance, and guiding ecosystem coordination. 🔹 Ethereum’s Resurgence – From legal fights to market dominance, why ETH feels unstoppable heading into its next decade. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly  Guests ⭐️ Avichal Garg, Managing Partner at Electric Capital ⭐️ Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation ⁠Disclosures⁠ Links Beyond Stablecoins: The Case for Ethereum by Maria Shen and Sanjay Shah (Electric Capital) https://electriccapital.substack.com/p/beyond-stablecoins-the-case-for-ethereum  Timestamps 00:00 Intro 01:36 Tornado Cash Trial Verdict 06:16 Legal and Industry Reactions 09:25 Future of Crypto Legislation 21:13 Smart Contracts & AI Legislation 27:58 Introduction to ETHZilla 31:47 Community-Oriented Ethereum Initiatives 32:38 Wall Street Money in DeFi 35:08 Activist Investors & Market Dynamics 39:25 TradFi vs. DeFi 44:12 Ethereum Foundation's Cultural Shift 54:13 The Role of Ethereum Foundation Learn more about your ad choices. Visit megaphone.fm/adchoices

8 Aug 1h 3min

Solana Mobile’s Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week’s episode features two big stories. 📱 First, Solana Mobile has begun shipping the Seeker, its second-generation crypto smartphone. Emmett Hollyer, GM of Solana Mobile, joins to explain: What’s new in the Seeker and how it compares to the Saga Why he says it’s the most secure phone for crypto How Seed Vault, Seeker ID, and the SKR token could reshape crypto identity, incentives, and adoption ⚖️ Then, we unpack the Roman Storm verdict. The Tornado Cash co-founder was found guilty on just one of three charges. Former prosecutor Sam Enzer explains: Why the outcome is seen as a partial win for crypto Why Storm has strong grounds to fight the verdict What this means for developers building privacy tools and open-source software And whether the remaining conviction might be overturned Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Walrus Xapo Bank Focal by FalconX Guests: Emmett Hollyer, General Manager of Solana Mobile Sam Enzer, partner at Cahill Gordon & Reindel Links: Solana Begins Shipping Seeker Phone Tornado Cash Co-founder Roman Storm Found Guilty on One Count Learn more about your ad choices. Visit megaphone.fm/adchoices

8 Aug 1h 29min