Unchained

Latest Episodes:

Bits + Bips: How Stocks May Decouple From Bitcoin—and Why TradFi Should Love a HYPE DAT - Ep. 972 Dec 05, 2025

Show notes

In this special double-feature episode of Bits + Bips, Unchained executive editor Steve Ehrlich brings listeners two of the clearest investor perspectives on where the crypto markets may be headed next.

First, Owen Lau, Managing Director at Clear Street, breaks down why crypto equities remain so tightly correlated to Bitcoin—and what might finally cause that link to break. He unpacks the growing role of stablecoin revenue, Coinbase and Circle’s evolving business models, and why a market structure bill in 2026 could reshape the sector.

Then, in the second half, Bob Diamond and David Schamis of Hyperliquid Strategies explain why they believe Hyperliquid and its HYPE token represent one of the most compelling opportunities in digital assets. They walk through the rationale for their DAT, Hyperliquid’s performance during extreme market volatility, and the broader ecosystem being built through HIP-3 and beyond.

Sponsors:

Mantle

Host:

Steve Ehrlich, Executive Editor at Unchained

Guests:

Owen Lau, Managing Director at Clear Street
Bob Diamond, Founding Partner and CEO of Atlas Merchant Capital
David Schamis, Founding Partner and CIO of Atlas Merchant Capital

Timestamps:

0:00 Introduction
1:23 Owen’s outlook on crypto stocks—and what really drives them today
5:19 Why Coinbase’s stock is struggling while revenue goes up
7:47 Why so many crypto companies are spending heavily to expand distribution
10:58 Whether the 10/10 crash changed how analysts evaluate public crypto companies
14:41 Will public crypto companies enter prediction markets next?
17:02 How Coinbase and Circle are positioning themselves in this emerging area
23:00 What Citadel Securities’ push for SEC regulation of DeFi means for the industry
24:55 How a market structure bill could reshape the outlook for altcoins
27:03 Would a public crypto company buy a DAT trading below its NAV?
28:59 Has the window for crypto IPOs already closed?

Part 2
32:57 How David and Bob first got into crypto
38:57 Why a DAT for Hyperliquid is necessary
42:40 Why they say their stock is a major opportunity right now
45:55 How running an altcoin DAT differs from doing one for ETH or BTC
48:54 How the DAT deal was structured—and Paradigm’s role
51:38 How they’re avoiding the big sell-offs typical in PIPE deals
53:11 Why there was a gap between announcing the DAT and executing it
55:14 Why Sonnet Therapeutics will remain operational post-transaction
57:51 Why the 10/10 liquidation event made Bob more confident in Hyperliquid
1:04:19 The broader Hyperliquid ecosystem—far beyond the DEX
1:06:42 Why David says perps are far better products than options
1:10:12 Why regulatory clarity is critical for Hyperliquid’s long-term success
1:13:37 What HIP-3 unlocks for builders building around perps
1:14:46 How prediction markets could integrate with perpetuals
1:15:49 How Hyperliquid can compete with major exchanges and crypto giants
1:21:18 Why Hyperliquid’s feed is so much faster than other chains
1:22:28 The $1 billion shelf offering—and how they plan to accumulate more HYPE

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Is Strategy's Model Unraveling? What is Driving the Recent Rout and Where It Can Go From Here - Ep. 971 Dec 05, 2025

Show notes

Michael Saylor's Strategy has not had the year it hoped for. Amid an explosion of copycats and Bitcoin price weakness, the company has seen its valuation and so-called mNAV crash.

In this special episode of Unchained, Praxos co-founder Vinny Lingham and The Benchmark Company Analyst Mark Palmer join Unchained Executive Editor Steve Ehrlich to debate Strategy's outlook.

They discuss the impact of new preferred stocks on common shareholders, the company's new cash reserve and the potential impacts of MSCI exclusion.

They also delve into what the Bitcoin digital asset treasury ecosystem could look like in the future and whether Strategy could have employed a better acquisition model.

Thank you to our sponsors!

Host:

Steve Ehrlich, Executive Editor at Unchained

Guests:

Vinny Lingham, Co-founder of Praxos Capital
Mark Palmer, Senior Equity Research Analyst at The Benchmark Company

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

📈 2:14 Why Mark still expects Strategy to outperform

📉 5:28 Why Vinny says Strategy preferred stocks are “vampiric”

🤔 11:45 Is Strategy's cash reserve a little too late?

👀 17:11 Debating Strategy's preferreds v. common stock

💡 19:44 How preferreds and CLARITY Act could enable Strategy to start buying Bitcoin dips as well

🫠 24:26 What happens if MSCI delists Strategy

🧠 30:34 The implications of Strategy's recent talk of selling and lending Bitcoin

⚠️ 36:25 Why it might be too late when Strategy decides to sell

🔮 39:28 How the Bitcoin DAT ecosystem could evolve as companies differentiate

🤔 44:17 Could Strategy have employed a better Bitcoin acquisition strategy?

💫 45:30 Closing thoughts on Strategy's future

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Uneasy Money: Did Solana Dapp Kamino Break the Golden Rule of DeFi? - Ep. 970 Dec 04, 2025

Show notes

Thank you to our Sponsor, Uniswap!

Ethereum Fusaka is live, Infinex has embarked on its token sale, Hyperliquid is bolstering its HIP-3 markets and there is drama in Solana’s DeFi land.

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan delve into the significance and implications of the Fusaka upgrade and the controversy surrounding Infinex's token sale.

They also take a look at the promise and risks of Hyperliquid's buzzing perp futures markets on tokenized equities and Kamino's controversial response to competition from Jupiter.

In addition, they touch on Anthropic's smart contract study and the recent Yearn Finance exploit.

Hosts:

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

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

⚡️ 01:32 How Ethereum's shipping cadence has changed

⛽️ 9:36 Will Ethereum gas fees spike again?

⚔️ 12:26 Infinex's token sale controversy

💡 12:54 Kain explains the reasoning behind Infinex's ICO model

💥 18:47 What's driving the Infinex ICO controversy

🧏 24:11 How Hyperliquid's HIP-3 upgrade is changing DeFi participation

🤔 25:58 Are Hyperliquid's tokenized equities perps asking for SEC trouble?

🤺 38:48 Kamino v. Jupiter drama

🧐 44:59 Does Solana’s commercial tilt encourage more “gloves off” competition?

👀 50:51 Will Kamino users exit en masse?

❕️51:32 Anthropic's smart contract study coincides with Yearn Finance hack

💡 54:40 How AI can help bolster crypto security

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The Chopping Block: Token Launch Hype, L1 Wars & Prediction Market Breakouts - Ep. 969 Dec 04, 2025

Show notes

Welcome to The Chopping Block — where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner cover crypto’s biggest moments. This week we’re joined by Kevin from the Monad Foundation as we dig into the most chaotic token launch of the year. Monad goes live, CT explodes, and the tokenomics wars come roaring back — vesting, float, FDV, and why everything “just keeps going down.”

We break down whether the world actually needs another L1, how hype creates impossible expectations, and how Kevin and the Monad team are handling the spotlight — and the hate. Then we shift to security chaos: Yearn’s underflow hack, Anthropic’s AI discovering real smart contract vulnerabilities, and “post-quantum” panic sweeping Crypto Twitter. Plus: BTC volatility, MicroStrategy drama, and prediction markets suddenly going mainstream.

Show highlights

🔹 Monad’s explosive token launch — hype, backlash, and why it became CT’s main character of the week.

🔹 Kevin joins to break down the launch mechanics, the expectations, and what the team actually prepared for.

🔹 “Low float, high FDV” returns — why vesting debates reignited and why tokens keep sliding despite higher floats.

🔹 Do we really need another L1? The crew dissects infrastructure fatigue, tribalism, and what counts as real differentiation.

🔹 Why hype almost guarantees disappointment — and why early sentiment rarely predicts long-term outcomes.

🔹 Handling the hate — Kevin explains how the team reframes attention, survives the noise, and stays focused post-launch.

🔹 Yearn Sonic exploit — a simple underflow bug hits an OG DeFi protocol, reigniting security concerns.

🔹 AI finds zero-days — Anthropic’s agents discover new smart-contract vulnerabilities and spark an AI security arms race.

🔹 Quantum panic — why “post-quantum” became CT’s latest engagement meta and what it actually means for chains.

🔹 Macro shakeups — BTC volatility, MicroStrategy flirting with NAV, and equities demolishing crypto returns.

🔹 Prediction markets breakout — Polymarket’s US launch, Kalshi’s mega raise, and Robinhood bringing event contracts in-house.

🔹 Long-tail opportunity — why prediction markets may extend far beyond politics and sports to everything people care about.

Hosts:

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly

Guest

⭐️ Kevin McCordic, Director of Growth at Monad Foundation

⁠Disclosures⁠

Timestamps

00:00 Intro

01:21 Monad: Hype, Hate & Week-One Reality

06:08 Vesting, Float & the “Low Float, High FDV” Meta

17:27 Do We Need Another L1?

25:08 Public Perception, Expectations & Narrative Cycles

35:54 Yearn’s yETH Exploit & Anthropic’s Exploit Agents

44:06 MSTR at NAV & Equities Leaving Crypto Behind

48:06 Polymarket vs. Kalshi vs. Robinhood

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Cheaper Fees and No More Free Lunch for Layer 2s? Inside Ethereum's Fusaka Upgrade - Ep. 966 Dec 03, 2025

Show notes

Ethereum for the first time ever has rolled out a second major upgrade within a year. Fusaka has gone live less than six months after Pectra.

In this Unchained podcast episode, Offchain Labs Prysm Team Ethereum Cored Developer Preston Van Loon joins Protocol Watch founder Christine D. Kim to unpack how Fusaka would make transactions cheaper, improve the UX for users and impact layer 2 chain operators.

They also discuss the relatively short time to deployment and how this is impacting client and layer 2 teams.

Preston also explains why he is less nervous about Fusaka than he was about Pectra and the indicators of success. Plus what comes next after the hard fork.

Thank you to our sponsors!

Guests:

Christine D. Kim, Host of Ready for Merge Podcast and writer of ACD After Hours
Preston Van Loon, Ethereum Core Developer working at Prysm by Offchain Labs

Previous appearances on Unchained:

How Will ETH React to Ethereum’s Shanghai Upgrade?

Links:

Unchained:

Timestamps:

🚀 0:00 Introduction

👀 4:39 How Fusaka is scaling Ethereum's data layer without imposing big hardware requirements

💡 11:44 How Fusaka is “a big stepping stone” to Ethereum's proto-danksharding vision

💥 15:08 Why the Fusaka launch timeline is a significant milestone for Ethereum developers

🫆 17:12 How Fusaka will make signing transactions easier

👀 18:37 How Fusaka will impact layer 2 operators

🤔 22:49 Are layer 2 chains ready for Fusaka?

⁉️ 29:30 Can L2s benefit from PeerDAS without features like backfilling?

🤔 32:41 Did developers have enough time to prepare for Fusaka?

🫣 34:31 Do faster development timelines impact client diversity?

🧏 40:24 What should have been done differently with Fusaka preparations

📽 42:27 The best way to watch the Fusaka upgrade in real time

💡 44:20 Why Preston is less nervous about Fusaka than Pectra

🚦46:01 Indicators of Fusaka success

📝 46:45 Preston's risk assessment for blob parameter only hard forks

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DEX in the City: Class Actions in Crypto Are on the Rise. Are They More Dangerous Than SEC Enforcement?- Ep. 968 Dec 03, 2025

Show notes

Thank you to our sponsor, Uniswap!

Class action lawsuits targeting crypto firms are on the rise. While observers often brush off the cases as opportunistic, they may be more of an existential threat than many think.

In this episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare, and Vy Le of Veda unpack what class action suits are and why they may be more of a threat to crypto than enforcement actions.

Katherine breaks down the derivative case against Coinbase while Jessi explains why Binance has “bad facts” in the Hamas case. Meanwhile, Vy explains why the tussle over prediction markets like Kalshi by state gambling regulators could make it to the Supreme Court.

Plus, China's crypto crackdown and the CME's outage.

Hosts:

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

Links:

Unchained:

Timestamps:

🚀 00:00 Introduction

🤔 3:21 What is a class action?

💥 7:23 Why class action suits may be more dangerous for crypto than enforcement actions

💡 10:27 How the courts are trying to prevent class action abuse

🚦 11:57 The policy aspect to class action lawsuits

👀 14:05 What’s interesting about the Coinbase derivative lawsuit

📝 16:27 Why Binance has "bad facts" in the Hamas suit, per Jessi

👀 21:45 Why Kalshi's Nevada case could make it to the Supreme Court

💡 27:18 Vy highlights Kalshi's strongest argument in the Nevada case

🫠 28:34 Why crypto cases are difficult to try in front of juries

🤔 33:10 What does it mean to ban crypto?

❕️34:42 What is driving the crypto crackdown in India and China

🧏 42:38 How the CME's recent outage highlights the need for decentralization

💥 45:54 Good news pieces for the week

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Bits + Bips: Vanguard's Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners - Ep. 967 Dec 02, 2025

Show notes

Monday’s selloff rattled the entire market—Bitcoin, equities, commodities, you name it.

But beneath the volatility, something more structural may be happening.

In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, Chris Perkins, and B+B OG previous host Alex Kruger break down one of the most confusing macro weeks of the year. They debate why high-beta assets snapped, whether a rotation into quality is underway, why institutions seem unfazed even as retail stays skittish, and share initial thoughts on Vanguard finally allowing clients to buy crypto.

The crew also unpacks Strategy’s chaotic comments about selling BTC, the Clarity Act’s political hurdles, the CME outage that exposed systemic fragility, and the never-ending debate over Tether—profitability, reserves, and what institutions actually want from a stablecoin issuer.

Sponsors:

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:

Alex Kruger, founder of Asgard

Timestamps:

🎬 0:00 Intro

💥 2:13 What triggered Monday’s selloff—and why Chris is still long-term bullish

🤔 6:57 Why Alex was a bit surprised about this week’s volatility

🔄 12:37 Is there a rotation out of risk and into higher-quality assets?

🗯️ 15:11 The chaos after Strategy CEO floated selling BTC to fund dividends

🏢 18:33 Which types of companies Ram thinks are positioned to win in the near term

📺 22:39 Why Polymarket appearing on 60 Minutes is a positive signal for the industry

🏛️ 25:37 Why passing the Clarity Act will require far more political work

🧠 31:30 Why markets feel like a “Rorschach test”—and whether Fed cuts are actually coming

📉 36:06 Why Alex says we’re entering a new era for the Federal Reserve

💵 42:40 Tether’s balance-sheet drama—and what kind of stablecoin institutions will really choose

⚠️ 52:36 How the CME outage exposed dangerous single points of failure

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The Chopping Block: In Defense of Exponentials – Haseeb Reads His Viral Essay - Ep. 965 Nov 29, 2025

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 is a special one: Haseeb reads his new essay, In Defense of Exponentials, a manifesto pushing back against the rising financial cynicism dominating CT. He breaks down why new chains launch into unprecedented hate, why revenue-based valuation models misunderstand the nature of exponential technologies, and why believing in ETH, SOL, and open financial systems still makes sense. It’s a zoom-out moment for the space — a reminder that crypto’s exponential arc is far from over.

Show highlights

🔹 Chain Hate Era — New L1s like Monad, Tempo, and MegaETH now launch into hostility, not indifference, reflecting a major psychological shift in crypto.

🔹 Financial Cynicism — CT has moved from “nothing has value” nihilism to “everything is overvalued” cynicism, insisting L1s trade 5–10× too high.

🔹 Revenue Meta = Linear Thinking — P/E ratios, REV metrics, and exchange-style valuation models misprice blockchains by treating exponentials like steady-state businesses.

🔹 Probability Premium — L1s are priced like biotech: a 1–5% chance of becoming the next ETH/SOL rationally supports multi-billion valuations.

🔹 The No-Prize Fallacy — CT’s new belief: even if a challenger chain wins, the prize is worthless because “ETH and SOL won’t be worth $300B anyway.”

🔹 Amazon Regime Misread — Amazon took 22 years to show profit; judging crypto on revenue today is the same error—arguing P/E ratios in an exponential curve.

🔹 Open Always Wins — Crypto turns money into a file format—24/7, global, permissionless—and every industry in history has eventually yielded to openness.

🔹 Believe in the Exponential — The core thesis: zoom out. Crypto’s exponential is still early, and long-term conviction is the edge everyone has forgotten.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

In Defense of Exponentials by Haseeb Qureshi

🔗 https://x.com/hosseeb/status/1994110900454949263

⁠⁠Disclosures

Timestamps

0:00 In Defense of Exponentials

01:05 The Cure is Worse than the Disease

07:10 Feeling the Exponential

16:23 So what exactly am I arguing?⁠⁠⁠

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Can ‘Choose Rich’ Nick Create the Barstool Sports of Crypto? - Ep. 964 Nov 28, 2025

Show notes

Thank you to our sponsor Uniswap!

Nick O’Neill has become one of crypto’s biggest viral sensations over the past year with his “Choose Rich Nick” persona. But beyond a content creator, he is a business man and developer.

In this Thanksgiving/Black Friday episode of Unchained, he discusses how he stumbled into internet fame, the man behind the persona and how he intends to become the Barstool Sports of crypto and NFTs.

He also delves into what really happened at the controversial Avalanche yacht party and what it was like being viewed as “gay” for doing theater as a child. Plus how he feels about attacks on his looks and the secret to his success.

Guest:

Nick O’Neill, CEO & Co-Founder of BoDoggos

Links:

Unchained:

Timestamps:

🚀 0:00 Introduction

🧏 1:42 How Nick stumbled into internet fame

🤔 9:16 Who is “Choose Rich Nick” actually?

💡 12:23 Where Nick draws the line with the ‘Choose Rich’ persona

💥 13:22 How Nick wants to create the Barstool Sports of crypto and NFTs

💃16:33 Nick explains the “hot girlfriend” arc and drama

🤯 20:31 What REALLY happened at the Avalanche yacht party

📽 30:06 How Nick got into crypto

😕 35:08 Nick on being viewed as “gay” for doing theater as a child

💡 38:43 How Nick feels about the jabs at his looks

🧠 43:25 The most important ingredient to his success

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Uneasy Money: Monad Soars After Launch. Was Its Slow ICO an Advantage in the End? - Ep. 963 Nov 27, 2025

Show notes

Thank you to our sponsor Uniswap!

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan discuss Monad's mainnet launch performance and how its ICO strategy may have proven solid in the end.

They also delve into MegaETH's botched TVL campaign with Kain explaining why scrambling is bad for projects.

In addition, they dissect Polymarket's CFTC greenlight, Klarna's stablecoin launch, Cardano's chain split and Berachain's secret Brevan Howard deal.

Hosts: