Unchained

Latest Episodes:

Bits + Bips: Does Macroeconomics Point to a Potential Crypto Supercycle? - Ep. 642 May 08, 2024

Show notes

In this first episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann explain why the macroeconomics could point to the markets actually being in a crypto supercycle.

They discuss the recent Federal Reserve meeting and its impact on the markets, as well as the irony that leveraged Ethereum futures ETFs will likely be approved while spot Ethereum ETFs will likely not. James also reveals his pet theory on where the SEC is going with its investigation into ETH. They cover why the bottoming of emerging market currencies in Asia is good for Bitcoin, dismiss the recent Wells notice issued to Robinhood, and speculate that Tether may be the most profitable company per employee in the world.

Agreeing that the current market cycle is different, Seyffart and McCann suggest that there is still a long way to go, and assert that the market may be underweighting the possibility that crypto goes to a $10 trillion market cap in the next few years.

Show highlights:

The Fed's recent decisions and how they lower the chances of more rate hikes
The importance of global liquidity in the performance of risk assets like Bitcoin and crypto assets
Why a bottoming in the value of the yen, yuan and other emerging markets currencies is good for Bitcoin and crypto, according to Joe
The irony that leveraged Ethereum futures ETFs are likely to be approved but spot ETFs are not
James’s pet theory about how the SEC will rule on whether ETH is a security
Whether trading in Hong Kong's crypto ETFs shows how little interest there would be in an ETH ETF compared to spot BTC ETFs
Grayscale’s Bitcoin Mini Trust ETF
Whether people are underweight on a “crazy bonkers rise” in crypto
Why Robinhood's Wells Notice is a "minor story," according to Alex
Whether Tether is the most profitable business per employee in the world
Why James believes that it's not a good idea for the US Congress to be against stablecoins
CZ's sentence and whether it's a "good ending for the story"

Hosts:

James Seyffart, Research Analyst at Bloomberg Intelligence
Alex Kruger, Founder of Asgard
Joe McCann, Founder, CEO, and CIO of Asymmetric

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Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641 May 07, 2024

Show notes

In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet.

They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum.

Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future.

Show highlights:

Ansem’s and Kel’s investment theses around memecoins
How Ansem and Kel got into trading memecoins and how they evaluate their potential
Why the coin distribution matters and whether tokenomics is important with memecoins
How to discern between memecoins with genuine vs. fake interest
How memecoins differ across blockchains such as Solana, Ethereum, and Bitcoin
Ansem and Kel’s responses to the criticisms of memecoins
Whether and how memecoins could become safer for users
Kel and Ansem’s surprising reaction to racist and sexist memecoins
Ansem's story on WIF and how a female friend of his fueled its popularity
Whether Bitcoin is “the original memecoin" and how they define memecoin
The future of memecoins and how they believe all memes will become coins

Thank you to our sponsors!

Guests:

Ansem
Kelxyz

Links

Culture:

What else could memecoins be? by Vitalik Buterin
How bad policy favors memes over matter by Chris Dixon
Cointelegraph: Meme coins: Betrayal of crypto’s ideals… or its true purpose?
CoinDesk: The Memecoin Grift and How It Threatens Ethereum Culture

Investment:

CoinGecko: Top Crypto Narratives Gained 39% to 1313% in Q1 2024
Messari: Navigating Memecoin Mania
Kelxyz investment strategy
Decrypt: Crypto Influencer Ansem Explains His Meme Coin Thesis and Why He’s Bullish on Bitcoin Runes
Unchained: What Is Dogwifhat (WIF) and Why Is It Up so Much?

Safer memecoins

Unchained:Half of Solana Presale Tokens Rolled Out Between November and February Were Malicious: Blockaid Study
Cointelegraph: 1 in 6 new Base meme coins are scams, 91% have vulnerabilities
Andre Conje’s proposal

Racist memecoins

Unchained: Offensive Memecoins Proliferate on Solana, Sparking Debate
Crypto.news: Ethereum's Buterin slams Solana's racist meme coins, urges better projects

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Why EigenLayer Gave Away More Tokens After Widespread Criticism of Its Stakedrop - Ep. 640 May 03, 2024

Show notes

Listen to the episode on Apple Podcasts, Spotify,Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

EigenLayer has been in the news this week after it announced its ‘stakedrop,’ where it will distribute EIGEN tokens to early users of the restaking platform.

Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community.

They also address criticisms of the token's launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made.

Show highlights:

The buzz around the universal intersubjective work token and what it was created for
What constitutes the digital commons and its two primary characteristics
How the EIGEN token is designed to prevent the necessity of forking an entire blockchain
Whether dapps should evolve into AVSes and EigenLayer’s complementary role to Ethereum, not replacing it
Why the Eigen Foundation was established and how it differs from Eigen Labs
Robert's response to the criticism regarding the exclusion of certain countries
Why EIGEN will be distributed linearly, despite it potentially favoring whales
EigenLayer's announcement of an updated stakedrop, after listening to community feedback
The critique of the vesting schedule and Robert's explanation of when the lock period actually starts
Why Sreeram believes that transfer restrictions are beneficial and empowering for users
What the next steps are for EigenLayer

Thank you to our sponsors!

Guests

Sreeram Kannan, founder of EigenLayer
Previous appearance on Unchained:
Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum
Do You Need to Think Twice Before Restaking Your Assets?
Robert Drost, CEO and executive director of the Eigen Foundation

Links

Airdrop:

Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop
Robert Drost’s threadon the Eigen Foundation
Viktor Bunin’s thread on the token
Unchained:
Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users
Should You Sell ETH Before the Just-Announced EigenLayer Airdrop?

Reaction

CoinDesk: Why Eigenlayer’s Airdrop Is Controversial
Unchained: 5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop

Learn more:

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The Chopping Block: EigenLayer Airdrop Fallout, Shkreli vs. Io.net, and CZ's Sentencing - Ep. 639 May 02, 2024

Show notes

In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto!

Show Highlights

🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions.

🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs.

🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market.

🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation.

🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing.

🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, Founder of Compound

⭐️Tarun Chitra, Giga-Brain & Grand Poobah at Gauntlet

Disclosures

Links

AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024

https://youtu.be/zt_uEHcFiA4

EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf

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Bitcoin Layer 2s Aim to Attract Ethereum-Like Dapps. Will They Succeed? - Ep.638 Apr 30, 2024

Show notes

In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin.

Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy.

All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly.

Show highlights:

Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness
Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time
How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics
How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them
How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB
How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions
The concept of forward secrecy and how it can help improve security in blockchains
Why Willem believes that Layer 3s are possible and bullish for Bitcoin
How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin

Thank you to our sponsors!

Polkadot

Guests:

Willem Schroé, founder of Botanix Labs
Orkun Kılıç, cofounder of Chainway Labs
Alexei Zamyatin, cofounder of Build on Bitcoin

Links

Recent coverage on Unchained of Bitcoin L2s:
Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Build on Bitcoin

BOB learning documents
Announcement of mainnet on May 1st.
Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin
Alexei’s tweet on BitVM/rollups
Alexei went on a retreat with the inventor of BitVM

Citrea

Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup
Whitepaper
Orkun Mahir Kılıç’s interview on Unchained Premium
Citrea learning documents
Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program

Botanix

CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin
Botanix and the Future of Bitcoin
Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin
Willem Schroé’s interview on Unchained Premium

Learn More:

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Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? - Ep. 637 Apr 26, 2024

Show notes

On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.

The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.

The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.

Show highlights:

Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far
How they are looking for a Judge to declare that the ETH is not a security
Whether the switch to proof of stake turned ETH into a security
Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet
How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover
Why Hinman’s speech is still relevant today, even after 6 years
Whether the moves by the SEC are related to a motivation to deny ether spot ETFs
How the several cases against the SEC show that the industry “has had enough”
Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there
The implications of a Consensys victory for the industry and what the next steps in the case are

Thank you to our sponsors!

Guest

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys

Links

The lawsuit:

Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security
ConsenSys’s complaint
Bill Hughes’ thread on why Consensys sued the SEC
Consensys is suing the SEC to defend the Ethereum ecosystem

Hinman speech

CryptoLaw: The Hinman Speech Documents

Major questions doctrine

Other SEC cases:

Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Bebasue SEC over airdrop policies
Lejilex
Lawsuit document

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The Chopping Block: Uniswap's SEC Scrutiny, Token2049 Flood Catastrophe, and Bitcoin's Halving Impact - Ep. 636 Apr 25, 2024

Show notes

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights

🔹The devastating floods in Dubai and their impact on the Token 2049 conference

🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise.

🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community.

🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies.

🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi).

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, Founder of Compound

⭐️Tarun Chitra, Founder and CEO of Gauntlet

Disclosures

Links

Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi

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The US vs. Crypto: Jake Chervinsky on Crypto's Legal and Regulatory Status - Ep. 635 Apr 23, 2024

Show notes

Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers.

Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US.

Show highlights:

How the Tornado Cash case could set a critical precedent for open-source software
How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake
What the implications of the Tornado Cash case could be for the broader DeFi space
What lessons can be learned from the $62 million hack of Munchables on Blast
How to address the challenge of malicious actors like North Korea using a permissionless system
Whether Coinbase's staking services are considered a securities offering
Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned
Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs
How the Debt Box case order impacts the SEC’s reputation, according to Jake
How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba
The future of DeFi in the U.S. and its potential for success, according to Jake
Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand
How the U.S. Presidential election could impact the future of the crypto industry

Thank you to our sponsors!

Polkadot

Guest:

Jake Chervinsky, Chief Legal Officer at Variant
Previous appearances on Unchained:
Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress
The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility
All Things Crypto Regulation With Jake Chervinsky
Everything You Need to Know About the Looming Battle Over Privacy in Crypto
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky

Links

Tornado Cash

Jake’s amicus brief with Amanda Tuminelli
Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?
Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash

Munchables exploit

Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit

SEC cases:

Coinbase
Unchained:
Why the SEC’s Case Against Coinbase Is So Significant for Crypto
Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It
Uniswap
Unchained:
Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Ethereum Foundation
Unchained:
SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report
The Real Reason Why the SEC Might Be Going After Ethereum
Debt Box
Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit
Beba
DeFi Education Fund and Bebasue SEC over airdrop policies
Lejilex
Lawsuit document

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After the Bitcoin Halving, Will the Runes Protocol Live Up to the Hype? - Ep. 634 Apr 19, 2024

Show notes

Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol.

Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions.

Show highlights:

What Runes is and why Charlie believes that it is the hottest thing since Ordinals
The differences between Runes and BRC-20 fungible tokens
Runes’ unique features, with Charlie pointing out that this is “what the degens really want”
Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners
Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive
Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer
The coolest things that Runes Protocol will enable, according to Charlie
How Taproot Assets and RGB differ from Runes and why they have not taken off
Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods

Thank you to our sponsors!

Guest

Charlie Spears, cofounder of Blockspace Media

Links

Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different

Runes

Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin
Bitcoin Runes Explainer by Charlie Spears

BRC-20s and Ordinals:

Halving

Bitcoin L2s

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Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different - Ep. 633 Apr 16, 2024

Show notes

Listen to the episode on Apple Podcasts, Spotify,Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

The Bitcoin halving is just around the corner, expected to be on April 19 or April 20.

Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization.

Learn more: Bitcoin Halving: What Is It & How Is It Determined?

Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end.

Show highlights:

How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving
Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility
Whether this cycle could be the "last cycle" or the "supercycle"
Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle
The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin
How artificial intelligence is expected to trigger a productivity boom, according to Will
Why Will considers Coinbase to be mispriced
Whether Bitcoin L2s have a future and if security budgets are a concern
Their views on Bitcoin Ordinals and the Runes Protocol launch
Why Will views DOGE as a purer commodity than ETH
Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps
Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle

Thank you to our sponsors!

Polkadot

Guest:

Arthur Hayes, CIO of Maelstrom.
Previous appearances on Unchained:
Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services
Will Clemente, Co-founder of Reflexivity Research
Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is?

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