Unchained

Latest Episodes:

Bits + Bips: 2026 Crypto Predictions: BTC & ETH Hit Record Highs, Stablecoins Go Big Dec 31, 2025

Show notes

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In this year-end Bits + Bips roundtable, hosts Austin Campbell and Chris Perkins are joined by John D’Agostino, Head of Strategy at Coinbase Institutional, for a wide-ranging and often contentious look at what 2026 may hold for crypto.

They debate whether a major global brand will launch its own stablecoin, whether altcoins are structurally doomed—or secretly set up for a Wall Street–driven resurgence—and whether a major crypto hack is coming.

The conversation also explores how tokens accrue value and whether there will be a new M&A trend that’ll reshape the industry as we know it.

Plus: don’t miss what they have to say about NFTs, financial nihilism, and whether we’ll see all-time highs for bitcoin in 2026.

Hosts:

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

Guest:

John D'Agostino, Head of Strategy for Coinbase Institutional

Timestamps

🚀 3:38 Why John thinks a global Web2 giant will launch a stablecoin in 2026
💵 8:34 How big the stablecoin market can actually get and where tokenized deposits fit in
🚫 12:18 Whether stablecoins will face outright bans in parts of the world
🔓 16:18 Why a major crypto hack of more than $2 billion in 2026 seems likely
🏛️ 19:56 Why it looks like crypto market structure legislation won’t pass in 2026 — and maybe not after the midterms either
🧠 30:57 John’s three counter-consensus predictions involving quantum tech and AGI
📉 39:25 Whether altcoins are structurally set up to underperform again in 2026
⚡ 44:02 Whether massive Solana adoption would or wouldn’t translate into token value
🌀 45:00 What “financial nihilism” explains about altcoin behavior
🤝 49:50 Why Chris believes 2026 could become a defining year for crypto M&A
🇺🇸 59:57 How U.S. political shifts now could ripple into the 2028 election cycle
🖼️ 1:02:39 What an NFT comeback would actually look like and why it won’t resemble JPEG mania
💣 1:07:05 Why John isn’t buying the idea that post-10/10 blowups are inevitable
📈 1:08:26 Whether all-time highs in 2026 are still on the table

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Landmark Regulation, ICOs, Downtober & Privacy: 2025 Crypto Year in Review (Part 2) - Ep. 991 Dec 30, 2025

Show notes

Thank you to our sponsors!

2025 was a year of mixed outcomes for crypto. The industry got landmark stablecoin regulations in the U.S. but with a major limitation. Bitcoin soared to new all-time highs but failed to surge to heights many expected and is set to end the year flat.

In this final installment of Unchained's year in review show, Ambient Finance founder Doug Colkitt and Gwart take a look back at the passing of the GENIUS Act, Bitcoin's all-time high run and the “10/10” crash.

Plus, did “threadguy's” tax woes trigger Zcash's run? And is Nic Carter overreacting about the quantum computing threat to Bitcoin?

Guests:

Doug Colkitt, Co-founder of Fogo and Ambient Finance
Gwart, Host of The Gwart Show

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

🫠 00:53 Why GENIUS Act blocking interest payments is problematic

🤔 4:31 Did PUMP launch buybacks too soon?

👀 10:56 Is Stripe fully committed to Tempo?

⁉️ 14:28 Was Hyperliquid's USDH partner “pre-ordained?”

😅 19:38 Is Cobie Coinbase’s best hire yet?

😵‍💫 27:16 Bitcoin's peak in downtober

❕️ 29:55 What “10/10” says about the crypto industry

🤣 41:13 Did “threadguy's” tax woes trigger Zcash's run?

👀 47:27 Is the AI agent meta a “charade?”

🤺 50:27 What is fueling the bitter rivalry between Kalshi and Polymarket

🤔 56:50 Did “ICOBeast” deserve to lose his MegaETH allocation?

💥 1:00:40 Is “Choose Rich” Nick now mainstream?

🫣 1:02:55 Was Do Kwon's 15 year sentence excessive?

🧐 1:08:54 Is Nic Carter overreacting about the quantum computing threat to Bitcoin?

🔮 1:13:42 Doug and Gwart lock in their 2026 predictions

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2025 Crypto Year in Review, Part 1: Shit Talking Edition - Ep. 990 Dec 26, 2025

Show notes

Crypto natives entered 2025 with many expectations, but bingo cards likely did not include world leaders launching memecoins.

In this first installment of a two part Unchained Special, Ambient Finance founder Doug Colkitt and “Gwart” join to offer a whimsical take on some of the years major happenings as it pertains to crypto.

How did an erstwhile dropshipper get in bed with world leaders and convince them to launch memecoins? And did Tom Lee's “good hair” save ETH?

Thank you to our sponsor, Walrus! http://walrus.xyz/

Guests:

Doug Colkitt, Co-founder of Fogo and Ambient Finance
Gwart, Host of The Gwart Show

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

😵 1:20 How Trump and Melania surprised the crypto community with Solana memecoins

😅 4:46 How Hayden Davis went from dropshipping to launching coins with world leaders

🫠 8:39 Could a test transaction have saved Bybit from the largest heist of all time?

🫡 13:34 How Ripple lobbyists reportedly got Trump to shout out an XRP reserve

🤣 17:55 Was the White House Crypto Summit hijacked by FIFA?

🤺 20:20 Hyperliquid's Run and the CZ v. Jeff Memes

😅 26:48 Who is James Wynn, really?

😆 30:36 What sparked ETH's comeback? Tom Lee's good hair or EF reforms?

📈 35:51 How Circle's IPO run blindsided Arthur Hayes

🎇 38:48 Robinhood's grand on-chain debut

🫠 43:58 Still early or DOA? Base's hit and miss campaigns

🤔 54:23 How does the DAT mania end?

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DEX in the City: How Even TradFi Wants to Pass the Crypto Market Structure Bill - Ep. 989 Dec 24, 2025

Show notes

In this Christmas Eve episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le break down a pivotal moment for crypto: the industry is no longer operating as a self-contained, oppositional ecosystem. It’s converging with traditional finance. And the cool thing? Washington is responding.

The trio unpacks the latest on the crypto market structure bill, what it means that TradFi players are actively supporting legislation, how compliance tools like KYC became unavoidable, and why crypto may be going through an identity crisis.

They also delve into why Democratic engagement is crucial to getting a bill across the finish line, and why January’s confirmed markup could be a turning point.

Hosts:

Jessi Brooks, General Counsel at Ribbit Capital
Katherine Kirkpatrick Bos, General Counsel at StarkWare
TuongVy Le, General Counsel at Veda

Timestamps:

🎬 0:00 Intro

🎄 2:09 Whether crypto’s convergence with TradFi is finally changing how policymakers treat the industry

🧬 13:54 What “crypto-native hybrids” are and why they’re suddenly everywhere

🔐 15:23 How KYC and compliance tools went from optional to unavoidable in crypto’s tech stack

🪞 18:24 Why Vy says crypto is in the middle of a real identity crisis

📅 21:12 Why a confirmed January markup is a much bigger deal than it sounds

⚔️ 24:00 How the DeFi fight inside the bill is shaping up and why TradFi is now showing up loudly

🏛️ 31:02 What Democrats are zeroing in on to actually get this bill across the finish line

🔄 35:02 Whether the revolving door between government and crypto is healthy or a red flag

✨ 45:49 Good news and end-of-year thoughts

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How Crypto Users Get Rekt and How You Can Stay Safe - Ep. 987 Dec 24, 2025

Show notes

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Security remains work in progress for crypto — and that may be putting it mildly. This year Bybit was hacked for $1.5 billion, the largest exploit ever, crypto or otherwise.

In this Unchained episode, Security Alliance members explain how crypto exploits have evolved, why smart contracts are no longer the primary vulnerability and why a security plan alone may not be enough.

They take us inside how North Koreans are getting jobs at crypto and tech companies and how they operate.

Plus, best practices for individuals that intend to hold their assets for the long-term. Test transactions and 2FA based on authenticator apps may not be ideal.

Thank you to our sponsors, ⁠Uniswap⁠ and ⁠Mantle⁠!

Guests:

Pablo Sabbatella, Member of SEAL (Security Alliance) and Founder of Opsek
Isaac Patka, Wargames Initiative Lead at SEAL, and Founder of Shield3

Links:

Unchained:

Chainalysis crypto crime report
SEAL 911 bot
SEAL website with profiles of confirmed DPRK IT workers

Timestamps:

🚀 00:00 Introduction

⚠️ 1:27 How social engineering has become the primary driver of crypto exploits

🤔 8:28 What does SEAL do?

💡 12:08 Why safe harbor for white hats matters

👀 14:41 Why North Koreans are infiltrating U.S. companies?

🫠 18:03 How the North Korean IT jobs scheme has evolved with “laptop farms”

😬 22:05 How North Korean IT workers steal crypto from companies and how to avoid hiring them

⚠️ 32:20 Isaac explains how companies can minimize losses even with North Korean hackers on staff

🤯 35:52 Why Isaac doesn't do test transactions

❕️ 38:19 How Bybit was targeted

⁉️ 49:41 The primary ways individuals get hacked

🚨 54:28 How individuals can avoid getting rekt

💡 1:08:42 What privacy means for crypto security

🤧 1:12:38 What to do if your assets are stolen

💫 1:15:41 Useful security resources for individuals and companies

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Bits + Bips: Will Crypto Rise on Liquidity or Will 2026 See Another Washout? - Ep. 988 Dec 23, 2025

Show notes

Thank you to our sponsor, Mantle. Sign up for their hackathon here!
After a “weird” year in the markets, hosts Ram Ahluwalia and Christopher Perkins are joined by Ava Labs’ President John Wu for a candid debate about where crypto really is in the cycle—and what needs to happen next.

The panel wrestles with a question many investors are quietly asking: has the market washed out enough to set up the next move, or is something still missing? They explore why momentum has faded, what signs would suggest it’s coming back, and why 2026 keeps coming up in long-term conversations—even as near-term enthusiasm remains divided.

Plus, why TGEs are “dying” and, with the rise of super apps, does Coinbase has an edge on Web2 players like Robinhood?

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida
Christopher Perkins, Managing Partner and President of CoinFund

Guest:

John Wu, President of Ava Labs

Links:

Unchained:

Alex Thorn predicts BTC will reach $250K by end of 2027

Memento’s research on TGEs
Jeff Dorman on X: “I don’t know a single liquid fund that has bought a new token on TGE in over 2 years.”
CoinDesk: Coinbase rolls out stock trading, prediction markets and more in bid to become the 'Everything Exchange'
The Block:

Timestamps:

🎬 0:00 Intro

📉 1:55 What made this a truly “weird year” for markets

🗓️ 7:09 Why 2026 may be a breakout year and why not all tokens may survive

🌊 8:41 Whether a big washout is ahead and what actually brings momentum back

🔁 13:40 How the four-year cycle, midterms, and new cohorts keep reshaping crypto demand

🏦 20:30 The fight over institutional settlement layers and Canton’s rise

🧩 24:34 Why tokens exist at all and where real value capture is getting lost

⚖️ 30:19 How investors should think about the constant tug-of-war between equity and tokens

📊 41:07 Why Chris feels constructive on markets while Ram sees something missing

💵 43:52 Why stablecoins are quietly becoming the “new net interest income”

📱 44:51 How super apps are changing the game and why Coinbase may have an edge over Robinhood

🧟 53:16 Why token generation events are fading

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Lessons From A Successful Tokenization Project & What Market Structure Reveals About Trump-Linked WLFI’s False Promises: Bits + Bips - Ep. 986 Dec 20, 2025

Show notes

In this double-header episode of Bits + Bips, Steven Ehrlich first speaks with Figure CEO Mike Cagney about why most tokenization projects fail, how Figure built an onchain mortgage replacement, and why he believes big banks may now be leading blockchain innovation.

Then, Jason Brett joins the show to explain how an upcoming crypto market structure bill could expose President Trump’s World Liberty Financial as centralized, and why that matters for DeFi, regulation, and the industry’s credibility.

Sponsors:

Host:

Steve Ehrlich, Executive Editor at Unchained

Guests:

Mike Cagney, Co-founder and CEO of Figure Technology Solutions
Jason Brett, Former Banking Regulator With FDIC

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

🧠 1:48 What is a HELOC?

💡 4:48 How Figure is turning HELOCs into a mortgage replacement

⚡️ 7:58 How Figure issues loans from origination to disbursement

📍 11:28 Why Figure uses a blockchain

⚠️ 12:15 Cagney explains how liquidity poses a challenge for many tokenization projects

🧏‍♂️ 13:10 Why the real value proposition is in DeFi and how Figure is bring $1 billion on-chain

📃 14:14 Cagney reveals Figure's preferred DeFi platforms

💥 16:09 How the GENIUS Act could drive assets onchain

⚡️ 17:46 How Figure is working towards stablecoin settlement of loans

👀 23:40 Why Cagney says the big banks are doing more disruptive work than the likes of Coinbase

⚖️ 27:53 What Cagney is advocating for around DeFi in DC and his litmus test for decentralization

❕️ 31:30 Why Cagney believes anonymity is not necessary for decentralization CLIP

💡 33:32 How Cagney deals with the pressures of going public

🧠 34:32 Why Cagney has taken a different philosophical approach to Robinhood and Coinbase

💥 37:05 Cagney explains what it takes for tokenization projects to succeed

41:55 Intro

45:51 If crypto finally gets rules, what then?

49:39 Frozen wallets: the DeFi dealbreaker

55:51 Has the White House picked a DeFi side?

56:36 Why this goes beyond “ethics”

58:49 If Trump’s DeFi fails the test… then what?

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DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead - Ep.985 Dec 20, 2025

Show notes

In this combined episode of Unchained, Steven Ehrlich first breaks down why crypto treasury stocks (DATs) have swung from massive premiums to deep discounts, why comparisons to GBTC can be misleading, and why buying these stocks isn’t a clean arbitrage trade but a long-term, high-conviction bet.

You can read Steve’s full report here and you can subscribe for 95% OFF before the end of year! 😱

Then, Figment Capital’s Dougie DeLuca zooms out to the broader shift underway. As fintechs and institutions embrace blockchain infrastructure, he argues that “crypto as we know it” may be fading—and that crypto natives risk being left behind unless they adapt to real users, sustainable products, and mainstream distribution.

Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Thank you to our sponsor, Figure!

Unlock your crypto’s potential today at Figure!

Guests:

Dougie DeLuca, Investor and Researcher at Figment Capital
Steven Ehrlich, Executive Editor at Unchained

Links:

Unchained:

Dougie's “Crypto is Dead” article

Timestamps:

👏 0:00 Intro
📘 1:16 What a DAT actually is and why mNAV matters more than most people think
📉 5:16 How deep the discounts really are and why some of them are optical illusions
⚖️ 7:12 Whether mNAVs should trade back to 1 and when that assumption breaks
🔁 8:59 How this compares to the GBTC discount and why the analogy can be dangerous
🧱 13:44 Why many DATs are stuck below mNAV and what’s structurally holding them down

🔍 16:34 How to pressure test different DATs to see which ones are opportunity and which are traps

19:34 Introduction
21:03 Why Dougie thinks crypto natives could be left behind as the market evolves
24:33 Why Dougie sees the current incentive-heavy crypto strategy fading away
27:13 Is crypto’s high risk market “saturated?”
28:32 Why Dougie sees Robinhood as a shining example of where crypto is going
29:46 How companies are shifting their strategies for this new moment in crypto
31:41 Why Dougie says the crypto label would be baggage in the future
33:13 Which companies are best positioned for the next phase of crypto adoption?
35:42 Which companies would have to evolve to survive?
42:11 Will the DeFi Mullet strategy prove successful?
42:17 Which parts of crypto culture should survive?
43:14 Why Dougie says Coinbase's content coins are still in their early innings
47:34 How crypto becomes mainstream
51:03 Is the four-year Bitcoin cycle over?

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Uneasy Money: Why Tokenholders Have No Rights & Why Every DAO ‘Has Failed’ - Ep. 984 Dec 19, 2025

Show notes

Thank you to our sponsor, Multichain Advisors!What rights do token holders have? Is everyone getting rugged?

In this episode of Uneasy Money, Ethena founder Guy Young joins hosts Kain Warwick, Luca Netz and Taylor Monahan to interrogate the lack of clarity around token expectations and rights as Aave DAO goes against Aave Labs and Circle acquires the Axelar team.

Do centralized exchanges hold the solution?

Plus, does MOVE's Rushi Manche deserve a second chance? And how can you stay safe from the fake Zoom scam?

Hosts:

Luca Netz, CEO of Pudgy Penguins
Kain Warwick, Founder of Infinex and Synthetix
Taylor Monahan, Security at MetaMask

Guest:

Guy Young, CEO & Founder of Ethena Labs

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

👀 01:39 Who owns Aave?

🤔 5:42 Is the DAO and Foundation model faulty?

⚡️ 11:29 Why tokens need clarity

⁉️ 16:23 Is the SEC to blame for the lack of token clarity?

💡 20:03 How lack of regulatory clarity arounds tokens boosts scams

⚔️ 22:00 The Solana client diversity debate

📍 25:48 How Circle's Axelar acquisition highlights the lack of token rights

💥30:20 How centralized exchanges can help secure rights for token holders

🧠 33:25 Luca explains why some tokens should not confer rights

⁉️ 39:48 Should Rushi Manche get a second chance?

🫨 47:01 Taylor unpacks messy details of Movement Labs’ MOVE token deals

💫 50:28 How the debate between Tarun Chitra and Dan Robinson provides a base for unraveling 10/10

⚠️ 53:10 How Guy believes the crypto industry can prevent another 10/10

🚨 1:00:20 Why new fake Zoom scams are particularly dangerous

📽 1:04:04 Kain reveals how his domain registrar was socially engineered

🧏‍♀️ 1:08:20 What to do if you are a victim of the fake Zoom scam

👀 1:09:41 Is adding leverage to Polymarket “pure insanity?”

⚡️ 1:11:47 What to know about MetaMask's Bitcoin support

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Inside Robinhood's Big Super App Plan: ‘There's Still a Lot of Work to Be Done’ - Ep. 983 Dec 18, 2025

Show notes

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Robinhood is moving toward offering a full suite of crypto services and overhauling the infrastructure underpinning its stock trading services with blockchain technology.

In this episode of Unchained, Robinhood Crypto Senior Vice President and General Manager Johann Kerbrat discusses the company's “super app ambitions” and potential competition with Coinbase.

He also discusses the platform's entry into prediction markets and resistance from state regulators. Could state opposition to prediction markets drive businesses offshore?

Plus, will tokenized stocks make IPOs redundant? And where are we in the crypto market?

Guest: