Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? - Ep. 847

DATs aren’t done. They may just be getting started.  In this episode, CoinFund’s Chris Perkins and Upexi’s Brian Rudick join Ram Ahluwalia and Steven Ehrlich to dissect why some DATs could outcompete ETFs for certain investors, the bullish accretion math behind premiums, and what makes a winning vehicle. We also dig into whether this is altcoin season or a head fake, why Galaxy’s tokenized-share move matters, and the one market unlock Perkins says could change everything. Use this episode to pressure-test your assumptions: are DATs “just banks,” or the best product-market-fit crypto has found for TradFi capital? Thank you to our sponsor ⁠Xapo Bank⁠! Xapo offers Bitcoin-backed loans of up to $1 million, so eligible members can access liquidity without selling their BTC.  Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guests: Christopher Perkins, Managing Partner and President of CoinFund Brian Rudick, Chief Strategy Officer at Upexi Links: DATs: How Crypto Treasury Companies Are Turning to DeFi and TradFi to Juice Yields How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever These 4 Crypto Treasury Companies Are Primed for a Price Crash Crypto Treasury Companies Are All the Rage. Could They Cause an Industry Collapse? Tokenization: Federal Reserve to hold conference discussing crypto stablecoins, tokenization, and AI GLXY tokenized stock Ondo Finance launched over 100 tokenized U.S. stocks and ETFs on Ethereum CZ-owned Trust Wallet launches tokenized stocks and ETFs Timestamps: 🎬 0:00 Intro ⏱  3:00 Are markets set for another September swoon? 📈 6:03 Why the bull case for DATs isn’t over 🏦 12:41 Why Brian says “DATs are banks” 💡 18:20 Are DATs better products than ETFs for investors? 🧮 21:00 How the math behind premiums shows DATs create value 🪙 28:01 Whether this is the time for altcoins to shine 🌍 35:10 Where macro is heading and what investors should watch 🚨 37:48 Why Galaxy’s tokenized-share move on Solana is such a big deal 🔑 49:25 What the key market unlock is for altcoins Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Sep 54min

Altcoin froth meets political theater. The team dissects World Liberty Financial’s explosive debut: a $22B token backed by the Trump family, a disputed Aave partnership, insider buybacks, and a “gold paper” instead of a whitepaper. We break down Justin Sun’s role, why critics call it crypto’s “garbage moat,” and how WLFi could become the Thanksgiving dinner debate of 2025. Plus: Gavin Newsom’s meme coin tease, GDP data going on-chain, and the CFTC reopening U.S. markets to global exchanges. 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. This week, the crew dives into the wild debut of World Liberty Financial — Trump’s $22B DeFi token that launched with a “gold paper,” insider allocations, and buybacks despite no product. We break down the Trump family’s $5B paper fortune, the disputed Aave deal, and whether WLFi is a serious stablecoin project or just another garbage fire in crypto’s moat. From Justin Sun’s backing to Thanksgiving dinner debates, we unpack what WLFi means for politics, memes, and markets. Then we zoom out to Gavin Newsom’s meme coin tease, the U.S. Commerce Department posting GDP on-chain, and fresh CFTC moves that could reshape crypto exchanges and ETFs. Show highlights 🔹 World Liberty Financial Launch — Debuted at $22B FDV, $6B circulating cap; price fell 34% on day one with $2.5B in trading volume. 🔹 Trump Family Windfall — 22% of WLFi supply + 75% of presale; $440M presale cash and $5.6B in token wealth now exceeds Trump’s real estate. 🔹 The “Gold Paper” — No whitepaper, but a gold paper signed by Trump’s sons; co-founder emeritus title given to Trump himself. 🔹 Aave Deal Denied — WLFi initially promised 7% supply + 20% fees to Aave; governance ratified, then team denied it ever happened. Snapshot vs. “fake news.” 🔹 Token Buybacks — Team began buying back WLFi with $3M despite no sustainable revenue streams; price rallied but raised doubts. 🔹 Justin Sun’s Role — Largest backer, holding >3% of circulating supply; reignites debate over credibility. 🔹 Fastest Growing Stablecoin Claim — USD1 touted as the fastest-growing stablecoin in history; critics call it unsustainable hype. 🔹 Speculative Mania — Hosts compare WLFi to Bored Apes: meme-driven, high valuation, little product substance. 🔹 Garbage in the Living Room — Haseeb: WLFi is “crypto’s garbage moat” breaking into mainstream consciousness. 🔹 Thanksgiving Talking Point — The coin destined to dominate family dinner debates, regardless of legitimacy. 🔹 Gavin’s Meme Coin Response — Newsom teases “Trump Corruption Coin”; Polymarket odds at 36%. Hosts doubt Democrats can meme. 🔹 GDP On-Chain — Dept. of Commerce posts GDP data on 9 blockchains via Chainlink; useful innovation or pointless theater? 🔹 CFTC Path for Foreign Exchanges — Revives FBO registration to re-open US markets to offshore exchanges; Binance/OKX implications. 🔹 ETFs vs. Spot on CME — New rules may allow CME/Nasdaq to sell spot crypto; could undercut ETFs. 🔹 The Everything App Debate — Coinbase, Robinhood, and brokerages converge on offering stocks + crypto. Hosts spar over whether ETFs belong on Coinbase. 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 Timestamps 00:00 - Liberty Financials & The Chopping Block Intro 01:21 - World Liberty Financial 05:15 - Tokenomics, Buybacks, and WLFI Drama 08:54 - Memecoins, Bored Apes, and Speculation 11:42 - Memecoins vs. Real Products 19:07 - Gavin Newsom & Beyond 25:43 - GDP Prints Onchain & Blockchain Use Cases 35:06 - CFTC, Regulation, and Global Crypto Markets 42:15 - The Everything App: Crypto, Stocks, and the Future of Finance 51:28 - Security, Trust, and the Future of Financial Platforms Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Sep 1h 1min

Behind some of the biggest token launches of the past year — from Trump’s $TRUMP coin to the recent Kanye West’s $YZY, to the collapse of $LIBRA and this week’s launch of $WLFI — the same insider names keep popping up.  In this episode, Bubblemaps CEO Nicolas Vaiman explains how figures like Hayden Davis of Kelsier Ventures, celebrity promoter Sahil Arora, Naseem, and even Justin Sun have profited from chaotic launches.  We dig into the mechanics of insider “snipes,” one-sided LPs that hide selling, and why celebrity and political tokens so often collapse right after launch.  Finally, Nick asks: if “no one is coming to save us,” what real protections can the industry build? Thank you to our sponsors! Mantle Re Guest: Nicolas Vaiman, CEO and co-founder of Bubblemaps Links: Previous coverage of Unchained on these token launches: Why Would Argentine President Javier Milei Protect Kelsier's Hayden Davis? How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage Why Lyn Alden Isn't a Fan of Trump’s Memecoin Unchained: LIBRA Facilitator Sniped $12M of Kanye West’s YZY Token: Bubblemaps YZY Sniper Wallet Traced to LIBRA Scheme Kanye West’s YZY Token Launches With ‘Class Action Waiver’ Trump Family Grows $5 Billion Richer After WLFI Token Sale Circle Freezes $57M of USDC Linked to Libra Scandal Timestamps: ⏱ 0:00 Introduction 🔍 0:56 How Nick verified Trump’s memecoin was legit but Melania’s looked fishy, and how that led to Hayden Davis 🕵️ 8:00 What role Davis played in other shady memecoin launches 🎤 10:51 How Davis was tied to Kanye West’s $YZY token ⚡ 15:48 How sophisticated snipers find tokens onchain before everyone else ❓ 21:28 How Davis recovered frozen funds, and does this mean “crime is legal” in crypto? 👑 27:16 Why do celebrity memecoins almost always collapse 🎯 31:30 How are snipers plaguing the industry 😈 37:14 What tactics has Sahil Arora, the “crypto villain,” been accused of 🛠 40:51 How should the industry respond to these kinds of token launches 📈 46:07 How Justin Sun made a 10x on WLFI 👨‍💻 49:27 What’s Nick’s background and why he created Bubblemaps 🔮 53:32 How Bubblemaps plans to stand out from competitors Learn more about your ad choices. Visit megaphone.fm/adchoices

3 Sep 58min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Coinbase’s L2 Base is quickly becoming the most powerful distribution funnel in crypto — and two builders are betting everything on it.  In this episode, Aerodrome’s Alex Cutler and Moonwell’s Luke Youngblood explain why they aligned early with Base, how Coinbase’s strategy could transform token launches by offering “one-click distribution” to 100M+ users, and why they believe Coinbase is set to become the world’s largest “crypto bank.”  They also debate whether exchanges should decide which assets people can trade, how DeFi must evolve to reward token holders sustainably, and whether Uniswap’s push to keep liquidity fragmented is a moat or a weakness.  Finally, they unpack the future of sequencing — and why Flashbots could deliver Solana-level speed while making trading fairer for everyone. Thank you to our sponsors! Walrus Guests: Alexander Cutler, Co-founder of Aerodrome Finance Luke Youngblood, founder of Moonwell Finance Links: Unchained: Companies Are Competing to Bring Crypto to the Masses. Who Is Best Positioned? Crypto Firms, Fintechs and Banks Hope to Dominate Stablecoins. Who Will Win? Moonwell stats Aerodrome stats Timestamps: 🎬 0:00 Intro 👥 2:56 Why Alex and Luke aligned early with Base, and how their backgrounds shapes that decision 📢 6:32 How Coinbase is positioning itself as the distribution partner of the onchain economy ⚖️ 21:12 Whether exchanges should be the ones deciding what assets people can trade 🌱 33:15 How DeFi needs to evolve to reward token holders sustainably and focus on long-term growth 💧 41:32 Whether liquidity fragmentation is actually a feature, not a bug, for Uniswap 💸 57:50 How  Moonwell and Aerodrome justify issuing more incentives than they currently earn in revenue Learn more about your ad choices. Visit megaphone.fm/adchoices

29 Aug 1h 28min

DAT mania meets market reality. Tom Lee becomes the face of ETH as BitMine amasses 1.5% of supply and mNAV premiums start to collapse. We break down Japan’s MetaPlanet tax arbitrage, SharpLink’s buyback tactics, and the coming wave of DAT M&A. Plus: Robinhood launches tokenized stocks in Europe using Arbitrum, the WFE fires a warning shot, and Stylus lets fintech devs go Rust-first onchain. 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. This week, Arbitrum’s AJ Warner (Chief Strategy Officer at Offchain Labs) joins to unpack the rise (and potential fall) of Digital Asset Treasuries (DATs), as Tom Lee emerges as Ethereum’s public face and BitMine amasses 1.5% of ETH. We dive into the collapse of mNAV premiums, Japan’s MetaPlanet tax arbitrage, and the looming consolidation of subscale DATs. Plus: Robinhood launches tokenized stocks in the EU on Arbitrum, AJ shares the roadmap for Robinhood Chain, and we debate whether token wrappers, buybacks, and DAT M&A mark the next era of crypto capital markets. Show highlights 🔹 Tom Lee’s ETH Blitz – How BitMine amassed 1.5% of the ETH supply, why Tom Lee says ETH could flip BTC, and how he’s become the “face of Ethereum.” 🔹 mNAV Compression Across DATs – Big-name DATs (BitMine, MicroStrategy) hold premiums; smaller ones trend toward par or discounts. 🔹 Japan’s MetaPlanet Tax Arbitrage – Why MetaPlanet trades at 2.5–3× NAV: stock taxation loopholes vs. crypto income tax rates in Japan. 🔹 DAT Buybacks, Activism & M&A – SharpLink’s buyback plan, potential for hostile takeovers, and speculation around “DAT piracy.” 🔹 One-DAT-per-Alt Endgame – Why most new DATs are failing, the shift to consolidation, and why each token may only support one treasury long-term. 🔹 Staking ETFs vs DATs – DATs can stake nearly 100% of assets; ETFs are constrained by redemptions and liquidity windows. 🔹 Corporate Tax Drag & Onchain Yield – Trade-offs between tax efficiency and flexibility in corporate vs. ETF structures. 🔹 WFE vs. Tokenized Stocks – Global exchange lobby attacks third-party wrappers as misleading “tokenized stocks” lacking shareholder protections. 🔹 Robinhood’s Tokenized Stock Rollout – Launching in the EU under MiCA, built on Arbitrum One, with a full Robinhood Chain to follow. 🔹 Stylus & Arbitrum Stack Strategy – Why Rust/C/C++ compatibility on Arbitrum helped win the Robinhood deal; flexibility for fintech devs. 🔹 Hyperliquid’s Bridge to Arbitrum – $5B+ in assets sourced via Arbitrum; why Arbitrum’s partner-first posture beats chasing L3s. 🔹 DATs as the New CMOs – How charismatic leaders like Tom Lee and Saylor act as public-facing evangelists for their ecosystems. HOSTS: ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tom Schmidt, General Partner at Dragonfly  Guest: ⭐️ A.J. Warner, Chief Strategy Officer at Offchain Labs  Links: Disclosures⁠ DAT Mania Potential & mNAV Compression on the Chopping Block https://youtu.be/rF8TGVWWRTU?list=PLySrw1Nvf-srh6ZnJ033Jb440VKUjVNgX&t=2249  Timestamps 00:00 Intro 01:10 Ethereum's Market Performance  03:02 Tom Lee's Media Blitz  06:37 Digital Asset Treasuries in Crypto 08:47 Tax Arbitrage and Premiums in Different Markets 10:58 Challenges of Digital Asset Treasuries 16:20 Corporate Form vs. ETFs for Staking 19:25 The Role of Spokespersons in Digital Asset Treasuries 27:59 Equity Heavy Strategies and MicroStrategy's Leverage 29:10 Market Signals and Liquidity Challenges 31:29 Adversarial M&A and Stock Buybacks 33:57 WFE letter to SEC: attack on “tokenized stocks” 45:32 Robinhood & Arbitrum Partnership 53:51 Hyperliquid vs. Arbitrum's Ecosystem Learn more about your ad choices. Visit megaphone.fm/adchoices

28 Aug 58min

Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Is crypto no longer moving in predictable four-year waves?  From the rise of DATs and stablecoin-specific chains, to Hyperliquid challenging Binance itself, the industry is fracturing into segments with  winners and losers.  In this episode, Hack VC’s Peter Hans and DBA’s Jon Charbonneau debate whether Solana is next in line for a TradFi pump, why ETH suddenly flipped from dead to indispensable, and how onchain exchanges could finally free projects from Binance’s grip. Thank you to our sponsors! Re Mantle Guests: Peter Hans, Partner and Global Head of Business Development at Hack VC Jon Charbonneau, co-founder and general partner of DBA Links: Rob Hadick’s tweet on the DAT trend  Vinny Lingham’s tweet on the locked SOL in DATs Unchained:  Hyperliquid Surpasses Robinhood in Trading Volume for Three Months Straight Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain Timestamps: 🎬 0:00 Intro 🎯 2:44 Whether the DAT trend is peaking or just getting started 🧾 10:57 Whether SOL DATs include locked funds from the FTX estate 🙅‍♂️ 11:52 Why Jon hasn’t touched any of these products 📈 16:28 Why Peter still sees long-term value in these vehicles 🔥 20:24 Why ETH is suddenly hot in TradFi and how SOL could follow 🏦 28:49 What makes a stablecoin-specific chain attractive 😶‍🌫️ 32:42 How crypto overlooked privacy for far too long 🔗 38:48 What it’ll take for stablecoin chains to win the payments game ⚠️ 45:39 Whether stablechains could hurt Ethereum, Tron, or Solana 🔍 47:46 Which stablechain has the best shot at success 💸 52:07 Why Hyperliquid beat Robinhood in trading volume 🧨 56:00 How Hyperliquid could break Binance’s listing chokehold 🕵️‍♂️ 59:23 What makes anonymous, no-KYC products appealing 📉 1:01:30 Whether the 4-year crypto cycle is officially dead Learn more about your ad choices. Visit megaphone.fm/adchoices

27 Aug 1h 8min

Altcoin froth meets real-asset rails. Vlad explains why Robinhood built an L2, how tokenized stocks—and even private shares like OpenAI/SpaceX—could trade on-chain, and what that means for accreditation, access, and the public/private wall. Plus: DATs, DTCC in a tokenized world, and AI that formally proves smart contracts. 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. This week, Robinhood co‑founder/CEO Vlad Tenev joins to explain Robinhood Chain, why they chose a Layer 2 over a Layer 1, and the plan to bring tokenized stocks — including private shares — on‑chain. We get into the OpenAI/SpaceX kerfuffle, accreditation rules, and whether permissionless tokenization erodes the public/private boundary. Then we zoom out to 24/7 trading, Digital Asset Treasuries, and how formal verification (Lean proofs) could make smart contracts safer. Show highlights 🔹 Robinhood Chain L2 vs. L1 – Why Vlad Tenev chose a Layer 2 over a Layer 1 for tokenized stocks and real-world assets. 🔹 Tokenized Stocks & Private Shares – How Robinhood could put U.S. equities and private company equity (OpenAI, SpaceX) on-chain via SPVs and secondaries. 🔹 OpenAI/SpaceX Tokenization Debate – Issuer consent vs. permissionless exposure: what the kerfuffle reveals about private markets on-chain. 🔹 Retail Access & Accreditation Reform – Moving from wealth-gated accreditation to disclosure + self-certification so more investors can participate. 🔹 Ex-US Rollout for Tokenized Equities – Stablecoin-style playbook with KYC/geofencing and permissionless assets where allowed. 🔹 24/7 Trading for Stocks – From 24/5 to 24/7 markets; what this means for DTCC, transfer agents, and market plumbing. 🔹 Wallet + Chain + Custody Stack – Vertical integration advantages: pricing, UX, and liquidity when Robinhood owns more of the rails. 🔹 Digital Asset Treasuries (DATs) – Yield dynamics, mNAV compression, and how DATs stack up against staking ETFs. 🔹 Memecoins vs. Real Assets – “You can buy memes but not OpenAI” paradox and why investor-protection rules feel backward. 🔹 AI-Verified Smart Contracts – Lean proofs, formal verification, and reducing smart-contract risk beyond manual audits. 🔹 Harmonic’s “Aristotle” – Vlad’s AI hitting IMO gold-medal-level math performance and what that means for code safety. 🔹 Robinhood’s Next Decade – Retail super app → B2B/institutional rails and ex-US expansion for tokenized finance. 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  Guest: ⭐️ Vlad Tenev, CEO & Co-founder of Robinhood Timestamps 00:00 Intro 01:52 L2 vs. L1 Trade-Offs 04:19 Tokenized Stocks on Robinhood Chain  07:56 Private Markets Onchain 16:10 Accreditation Reform & Compliance  21:47 24/7 Trading for Equities 31:05 Public vs. Private Boundary 32:59 Memecoin Paradox vs. Real-Asset Tokenization 35:27 Digital Asset Treasuries (DATs)  37:50 Robinhood’s Business Mix  41:38 Retail to Institutions: Global Expansion 46:44 Harmonic AI & Lean Proofs 54:48 Safer Smart Contracts Beyond Manual Audits Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

22 Aug 56min

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