Unchained

Latest Episodes:

DEX in the City: Why the Market Structure Bill May Not Be Good for DeFi Jan 15, 2026

Show notes

Thank you to our sponsor, Mantle!

After months of anticipation, U.S. Senators have unveiled draft crypto market structure legislation.

In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos and Vy Le are joined by Blockchain Association CEO and former CFTC Commissioner Summer Mersinger to unpack all the provisions that stand out.

These include the bill's attempt to draw a line between centralized and decentralized platforms, the amended stance on stablecoin yield and exemptions for assets with ETFs.

Would the bill “sweep up all of DeFi?” Has crypto lost the fight over stablecoin yield? And is Trump playing interference for crypto?

Hosts:

Jessi Brooks

Katherine Kirkpatrick Bos

TuongVy Le

Guests:

Summer Mersinger, CEO Blockchain Association

Links:

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The Chopping Block: Venezuela Sanctions Drama + Polymarket Insider Trading + Zcash Foundation Exodus Jan 14, 2026

Show notes

The Chopping Block breaks down the Kontigo Venezuela sanctions scandal, poly market insider trading drama around Maduro's capture, and the explosive Zcash governance crisis that has the entire Electric Coin Company team quitting to launch CashZ amid foundation versus for-profit wallet debate.

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 deep into Venezuela's unexpected crypto connections following Maduro's capture, unpacking how the YC-backed fintech Kontigo allegedly used stablecoins to arbitrage sanctions and capital controls.

They debate the moral complexities of banking the unbanked versus violating US sanctions, and whether stablecoins are fulfilling their promise of financial freedom or enabling bad actors. The conversation then shifts to prediction markets drama, as a mysterious trader made $400k betting on Maduro's downfall just hours before it happened — sparking calls for insider trading laws in political betting markets.

Finally, they tackle the governance chaos in Zcash land, where the entire Electric Coin Company team quit en masse over disagreements with the nonprofit board, launching a new for-profit venture called CashZ. The hosts debate whether this signals the end of the foundation era in crypto, or just growing pains for protocols trying to build killer products.

Hosts:

Haseeb Qureshi

Robert Leshner

Tarun Chitra

Tom Schmidt

Links:

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How Venezuela Shows Why Bitcoin, Crypto and Stablecoins Help Everyday People Jan 13, 2026

Show notes

Thank you to our sponsors, Uniswap and Figure Markets!

Amid several years of economic challenges, Venezuela boasts a long and intriguing relationship with crypto. Following the capture of President Nicolas Maduro by the U.S. government, these crypto ties have again been brought into focus.

In this Unchained podcast episode, Ledn cofounder Mauricio Di Bartolomeo and Economic Inclusion Group President Jorge Jraissati join Laura Shin to unpack this history, including the plausibility of the Latin American country sitting on a $60 billion Bitcoin stash.

Mauricio details how the hums of Bitcoin mining rigs became the sound of freedom for Venezuelans. Jorge says post-Maduro Venezuela will “demand” a crypto powered economy.

Will the crypto industry shape the future of Venezuela? And what does such a future look like?

Hosts:

Laura Shin

Guests:

Mauricio Di Bartolomeo, Cofounder and CSO of Ledn

Jorge Jraissati, President of Economic Inclusion Group

Links:

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DEX in the City: Why Prediction Market 'Insider Trading' Isn't Illegal — Yet Jan 12, 2026

Show notes

Thank you to our sponsor, Mantle!

Canton's in bed with Nasdaq, a Google DeepMind's paper talks up the role of blockchain in an agentic economy and an alleged insider cashes in on Maduro's capture.

In this DEX in the City episode, hosts Katherine Kirkpatrick Bos, Jessi Brooks and Vy Le dive into the implications of Canton's Nasdaq deal, why DeepMind's study matters for crypto and the legality of insider trading on prediction markets.

Vy highlights what Canton's Nasdaq deal signals about the priorities of institutions adopting blockchain technology. Katherine and Jessi engage in what happens when the machines take over. Plus, should federal officials be banned from using prediction markets?

Hosts:

Links:

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How Aave Labs and the DAO Should Split Ownership of the Brand - Uneasy Money Jan 12, 2026

Show notes

Thank you to our sponsors, Multichain Advisors and Mantle!

Aave DAO on Christmas Day lost the vote to take control of Aave brand assets, but the fight is likely not over.

In this Uneasy Money episode Aave Chan Initiative (ACI) founder Marc Zeller takes hosts Kain Warwick and Taylor Monahan inside the fight over one of DeFi's biggest names, teasing a “phase two” of the fight.

Plus, why is Infinex's ICO getting so much flak and are claims of insider trading on Polymarket misguided?

Hosts:

Kain Warwick

Taylor Monahan

Guests:

Marc Zeller, Founder of the Aave Chan Initiative (ACI)

Links:

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Why 2026 Is 'Too Chaotic' to Make Crypto Predictions Jan 09, 2026

Show notes

Thank you to our sponsor, Mantle!

In this Unchained podcast episode, guests Alex Thorn and Ryan Graham share their 2026 outlook for Bitcoin and the broader crypto market, exploring why the year looks unusually uncertain.

The conversation also digs into questions around Ethereum’s long-term value, whether killer apps are enough to drive adoption, prediction markets’ push into sports betting, and why the privacy meta could continue in 2026.

Hosts:

Laura Shin

Guests:

Ryan Graham, Research Analyst at Messari
Alex Thorn, Head of Firmwide Research at Galaxy Digital

Links:

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The Chopping Block: 2025 Winners & Losers + 2026 Predictions - Ep. 998 Jan 08, 2026

Show notes

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. It's a new year, and that means the crew is back with their annual year-end awards and predictions episode.

First up: the 2025 winners and losers. From Trump's meme-coin windfall to Gary Gensler's legacy getting torched, from prediction markets going mainstream to Web3 getting its official eulogy — no one is safe. The team debates the biggest surprises (Circle's shocking IPO run, Ethereum's pivot under new leadership, Zcash's unlikely comeback), the best new mechanisms (ICO 2.0, DATs, federal preemption), and the year's best memes (including the Chopping Block's own tariff factory video).

Then comes the flops and comebacks: AI agents that overpromised, Berachain's fall from grace, and Tether somehow winning again. Finally, the crew reviews how badly their 2025 predictions aged — spoiler: not great — and lays out fresh calls for 2026 including AI-powered hacks, stable-coin-funded AI capex, and equity perps taking over DeFi.

New year, fresh takes, brutal honesty — let's get into it.

Show highlights

🔹 Biggest winner debate — Trump's meme-coin empire, prediction markets going mainstream, and M&A consolidation reshaping the industry.

🔹 Gary Gensler's legacy destroyed — Haseeb declares his SEC tenure the biggest loser as every initiative got reversed.

🔹 Web3 pronounced dead — Tarun writes the epitaph on the "ownership economy" thesis as NFT sentiment hits rock bottom.

🔹 Bitcoin as biggest loser? — Robert's controversial pick: BTC underperformed in a year that should have been its best.

🔹 Circle IPO shocks — From skeptics to $70B market cap, the stablecoin thesis briefly took over Wall Street.

🔹 Ethereum pivot surprise — Vitalik's leadership shake-up and new EF direction restored optimism no one expected.

🔹 DATs dominate mechanism talk — Robert calls them highest "absolute value of impact" — amplifying volatility both ways.

🔹 AI agents flopped hard — From mania to annoyance, the speculative thesis collapsed and sentiment turned hostile.

🔹 2025 predictions reviewed — The team confesses their misses (150K BTC, 5x AI agent caps) with Tom winning at 2/3.

🔹 2026 predictions dropped — AI-generated $100M+ hacks, stable-coin-funded AI capex, and equity perps hitting 20% of DeFi volume.

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

Timestamps

00:00 Intro

00:26 Crypto Industry Overview

02:39 Biggest Winners of 2025

07:32 Biggest Losers of 2025

13:29 Biggest Surprises of 2025

22:24 Best New Mechanisms of 2025

28:49 Best Memes of 2025

33:24 Best and Worst Pivots of 2025

39:15 Biggest Flops of 2025

41:31 Biggest Flop of 2025

42:58 Bitcoin's Disappointing Year

45:30 Biggest Comeback Stories of 2025

49:12 Favorite Guests of 2025

52:40 Reflecting on 2025 Predictions

56:33 Predictions for 2026

Disclosures

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How Maduro's Capture and a 'Pre-War World' Affects Bitcoin: Bits + Bips Jan 07, 2026

Show notes

Thank you to our sponsor, Uniswap!

In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by macro strategist Peter Tchir to unpack one of the most consequential geopolitical events in years: the U.S. capture of Venezuelan President Nicolás Maduro.

The conversation explores why Bitcoin surged past $94,000, what the operation signals about U.S. power and strategy, and how investors should think about energy, supply chains, and national security in a shifting global order.

The group also debates whether crypto’s 24/7 markets are revealing a structural weakness in traditional finance, whether Latin America is poised for an investment renaissance, and why “production for security” may replace ESG as the dominant investment framework.

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund

Guest:

Peter Tchir, Head of Macro Strategy at Academy Securities

Links:

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The Crypto Market Structure Has Changed and Rising Tides May No Longer Lift All Boats Jan 03, 2026

Show notes

Thank you to our sponsor, Mantle. Sign up for their hackathon here!

Crypto markets this year failed to live up to expectations, raising questions about the trajectory for next year. The situation is further complicated by speculation that Bitcoin is about to kick off a multiyear decline in line with the so-called four year cycle.

In this Unchained podcast episode, Delphi Digital analysts Jason Pagoulatos and Jordan Yeakley break down the market and applications outlook for next year.

They look at whether the four year cycle would hold, what gold's run means for Bitcoin and the conditions that have led to recent market apathy. They also discussed whether the recent resurgence of privacy coins is a fad and who would come out on top in the race to become an “everything app.”

Is the four year cycle the result of multiple coincidences? And, is X the dark horse in the everything app meta?

Guests:

Jason Pagoulatos, Head of Markets at Delphi Digital
Jordan Yeakley, CFA, Research Analyst at Delphi Digital

Previous appearances on Unchained:

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The Chopping Block: Aave Civil War + Flow Hack + Coinbase Super-App - Ep. 993 Jan 01, 2026

Show notes

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 episode opens with the Aave DAO civil war: a CoWSwap integration that allegedly routed swap fees to Aave Labs/Avara instead of the DAO, igniting “stealth privatization” claims, a “poison pill” push to seize Aave IP/brand, and a bigger fight over who really owns Aave.com and the protocol’s front door.

Next, the crew unpacks the Flow hack (a $3.9M mint exploit) and the wild rollback talk that followed — plus why forks and bridges make rollbacks dangerous, turning bridges into accidental custodians and breaking old security assumptions.

Finally, they break down Coinbase’s System Update and the “Everything Exchange” strategy — stocks, tokenization, perps, prediction markets, stablecoin rails — and whether this approach can win against Robinhood. DAO wars, chain chaos, and super-app ambition — let’s get into it.

Show highlights

🔹 Aave DAO civil war erupts — CoWSwap fees reportedly route to Aave Labs/Avara, not the DAO, fueling “stealth privatization” claims.

🔹 “Poison pill” proposal — DAO demands Aave IP/brand and Aave.com control, turning governance into a DevCo vs DAO showdown.

🔹 No foundation, messy ownership — Aave’s pre-foundation setup exposes off-chain IP risk, jurisdiction questions, and untested legal theory.

🔹 Christmas vote drama — 41% abstain signals a redo; OG/Asia backlash pits “property rights” vs “commons” narratives.

🔹 Flow hacked for $3.9M — chain pause + rollback idea sparks outrage (and wouldn’t even stop the attacker).

🔹 Rollbacks meet bridges — forked history can wipe innocent bridgers; bridges become custodians when chains reorg or rewind.

🔹 Interconnected chains break security — old models crumble, and small chains “die twice” when bridges/oracles unplug.

🔹 Coinbase goes “Everything Exchange” — stocks/ETFs, tokenization, perps, prediction markets; can Coinbase beat Robinhood’s funnel?

Hosts:

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner [MIA], CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly

Links:

Aave Cowswap Integration- Tokenholder Questions (aave discussion)

https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530?u=ignas

Aave Will Win: 2026 Master Plan by Stani Kulechov

https://x.com/StaniKulechov/status/2001036446098919461

Timestamps

00:00 Intro

01:51 Aave Civil War Erupts

06:37 CoWSwap Fees Spark Aave IP Debate

10:20 Can a DAO Own IP?

15:25 Aave’s Pre-Foundation Legal Quirk

28:20 Flow Hacked: $3.9M Mint Attack

33:50 Small Chains Die When Bridges Leave

34:33 App Chains Boom Is Over

36:32 The Hidden $20M L1 Tax

43:29 Coinbase System Update: Everything Exchange

57:43 Coinbase vs Robinhood: Build vs Buy

Disclosures

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