Unchained

• Uneasy Money: Is Jupiter Incompetent or Evil? And Is Hyperliquid's ADL Flawed? - Ep. 976

  Thank you to our sponsor, MultiChain Advisors!The beef between Solana dapps Jupiter and Kamino has taken a new dimension as Kamino has accused Jupiter of lying about contagion risks. In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan dive into whether Jupiter misled users and raise questions about Kamino's response. Plus, after Tarun Chitra’s paper on Hyperliquid’s ADL, they dig deep into the exchange’s design: did they cause unnecessary liquidations on Oct. 10?  At the same time, they break down Lighter's 0% fees model. Does it resemble Robinhood? And how smart is it actually?  Plus, what Farcaster's big pivot means for the future of Web3 social, and what Taylor says it would take to crack it. Hosts: Luca Netz, CEO of Pudgy Penguins Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security at MetaMask Links: Unchained: Jupiter COO Says Vault’s ‘Zero Contagion’ Claim Was Not Fully Accurate Uneasy Money: Did Solana Dapp Kamino Break the Golden Rule of DeFi? Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users? Linda Xie on How Mini-Apps Are Helping Farcaster Take on Web2 Social Media Timestamps: 🚀 00:00 Introduction 😬 1:18 Did Jupiter mislead users? 🤔 9:19 Did Kamino really block Jupiter over contagion risks? 💡 11:15 Why Kain says Solana is in its “post-DeFi summer growth” era 🧐 12:38 Should Jupiter even care about its lending business line? 👀 18:06 Whether Hyperliquid's algorithm screwed users during the Oct. 10 crash 🎯 21:29  Luca reveals why his Oct. 10 losses on Hyperliquid weren’t so bad 🫨 24:54 Why Taylor says DPRK traders got saved by Oct. 10 💥 30:38 Why Kain is optimistic a rival HL model would emerge ⁉️ 32:02 Are Lighter users the product? 🧠 33:26 Why Kain thinks Lighter's model is genius ⚖️ 39:10 Whether Lighter resembles Robinhood 💁‍♂️ 44:47 Farcaster’s pivot: Is Web3 social DOA?  💡 50:53 What drives VC investment in crypto and why decentralization is not enough 💥 56:46 Kudos to Dan Romero for not launching a token, and whether more founders would be better off abstaining 👀 1:04:46 Whether having too much money is bearish for projects Learn more about your ad choices. Visit megaphone.fm/adchoices

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• How AI Agents Hacked Smart Contracts for $1 Apiece - DEX in the City - Ep. 975

  Sponsor: UniswapCitadel has sparked uproar with a letter calling on the SEC to regulate DeFi protocols as exchanges. But the company's requests may not be totally unreasonable. In this episode of DEX in the City, hosts Jessi Brooks, Katherine Kirkpatrick Bos, and Vy Le dig into Citadel's controversial letter and how it is a reminder that “crypto is a bubble.” They also discuss how the CFTC and SEC are in a “race to the top,” plus Jessi explains how AI agents can exploit smart contracts they haven’t been trained on for just $1 apiece. Plus, Vy calls on the crypto community to support Samourai developers. Hosts: Jessi Brooks, General Counsel at Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare TuongVy Le, General Counsel at Veda Links: Unchained: Kraken Valued at $20 Billion After $200 Million Raise From Citadel Securities CFTC Approves Spot Crypto Trading on U.S. Exchanges CFTC’s New Pilot Allows BTC, ETH and USDC as Derivatives Collateral Samourai Wallet Founders Could Serve 5 Years for $237 Million Laundering Samourai pardon petition  Timestamps: 🚀 00:00 Introduction  💡 3:05 What Citadel's SEC letter on tokenized securities and DeFi says about how TradFi views crypto 👀 6:50 Why Vy says Citadel's suggestions are not unreasonable 🤔 9:31 Is Citadel shooting itself in the foot? ❌️ 11:13 What Jessi says Citadel got wrong 📍 13:42 How crypto is a bubble (or a cult?), but Citadel’s position is more mainstream 🧠 19:39 Why the CFTC greenlighting spot crypto trading on regulated exchanges matters 💡 22:57 Katherine explains Bitnomial’s advantage 💥 26:53 Why Jessi says the CFTC and SEC are in a race to regulate crypto 🧏‍♀️ 31:30 Why KK loves the CFTC’s tokenized collateral pilot  🧠 33:47 Why Anthropic's study on smart contract security is so scary for crypto ⚠️ 36:31 How AI agents could exploit 1,000 smart contracts for $1 apiece  📝 41:42 How community members can support Samourai wallet developers 💫 44:00 Crypto good news shoutout for the week Learn more about your ad choices. Visit megaphone.fm/adchoices

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• The Chopping Block: Web3 Dies, L1 Valuations Clash & Crypto Burnout - Ep. 977

  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 starts with Farcaster’s pivot and Tarun’s claim that “Web3 is dead,” at least the A16z-style ownership economy. With Web3 social struggling, the crew digs into why spam, airdrops, and weak network effects keep sinking these apps — and why prediction markets may be crypto’s accidental social network. We then jump to the L1 valuation fight. Haseeb recaps his debate with Santiago over whether chains are wildly overpriced or simply early, sparking a broader discussion on PE ratios, L1 “premiums,” and how many chains the world can realistically sustain. Next up: Ken Chan’s viral “I wasted 8 years in crypto.” The team unpacks burnout, sugar-water loops, and why nihilism tends to hit founders right as the market turns. And finally, Tarun walks through his ADL research and how October 10’s cascading liquidations exposed major flaws in current systems. Markets evolving, narratives collapsing — let’s get into it. Show highlights 🔹 Farcaster pivots; Tarun calls A16z-style “ownership economy” Web3 (NFTs, own-your-posts) officially dead. 🔹 Web3 social stalls — Twitter clones drowned in spam, airdrop farming, and weak network effects; prediction markets emerge as the real crypto social layer. 🔹 Users’ revealed prefs — People claim to want decentralization/privacy but consistently choose convenience and incumbents. 🔹 RIP “Web3” — Term traced from Gavin Wood to A16z marketing; panel agrees it no longer reflects where crypto is actually succeeding. 🔹 L1 valuation battle — Santi’s PE-ratio critique vs Haseeb’s long-horizon “onchain finance will be huge” thesis; debate centers on how to value chains post-ICO/NFT era. 🔹 How many L1s survive? — Tarun expects activity to concentrate in a small set due to issuance, liquidity, and coordination costs; L1 “premium” still props up dino chains. 🔹 Burnout + disillusionment — Ken Chan’s “I wasted 8 years” resonates but feels mistimed amid strong fundamentals; panel contrasts sugar-water casino loops with real infra building. 🔹 ADL failures exposed — Tarun’s research shows October 10’s cascading liquidations revealed outdated ADL assumptions; better algorithms could’ve saved hundreds of millions. 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  Links Ken Chan’s “I Wasted 8 Years of My Life in Crypto” 🔗 https://x.com/kenchangh/status/1994854381267947640  Tarun Chitra’s Autodeleveraging: $653 million lost to a greedy heuristic? 🔗 https://x.com/kenchangh/status/1994854381267947640  Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

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• Will Bitcoin's New Phase Change It Forever? And Is the 4-Year Cycle Dead? - Ep. 974

  The crypto sector has celebrated a lot of policy wins in 2025, but price wise, it has arguably been a year to forget. In this episode of Unchained, Bitwise Head of Research Ryan Rasmussen and Arca Portfolio Manager David Nage join host Laura Shin to discuss the disappointing crypto markets and why their outlook on 2026 is more positive. They also explained why Vanguard's crypto pivot is a huge deal, questioned whether Bitcoin could ever be unseated by privacy coins, and discussed why they don’t see the bubble in the DAT market hurting crypto. 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: Ryan Rasmussen, Head of Research at Bitwise David Nage, Portfolio Manager at Arca Previous appearance on Unchained: The LayerZero-Wormhole Contest Shows How to Value a Crypto Business Links: Unchained: Bitcoin Resets Above $90,000, but Can Bulls Keep the Momentum? Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Franklin Templeton Rolls Out First Tokenized Fund in Hong Kong Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough Grayscale Files to List Zcash ETF What Ethereum Will Look Like When It Implements Its New Privacy Focus Other relevant links: Bank of America Broadens Access to Crypto Funds SEC's Paul Atkins touts 'tokenization’ as key to modernizing US markets Larry Fink and Rob Goldstein on how tokenization could transform finance My Highest-Conviction Bet in Crypto Stablecoin payments on Stripe cost 1.5% of the transaction amount. Credit card fees are as high as 3.5%. Less than half of the cost! Bitcoin’s “Facebook Moment”  Timestamps: 🚀 00:00 Introduction 🤔 01:42 Is the four-year cycle dead?  💡 3:50 Why David says Bitcoin is having its “Facebook moment” ⚡️ 11:42 Why Ryan does not believe Bitcoin OGs are disillusioned 💥 14:43 Why David thinks liquidity may be returning to the market  ❕️ 17:21 What is driving Vanguard and Bank of America's adoption of crypto 🚨 24:34 The importance of Bitwise 10 Crypto Index Fund's ETF transition 💡 28:30 Why BITW excludes memecoins, stablecoins and, wrapped tokens, etc. 🔮 31:15 What tokenization means for the future of finance 👀 35:56 What the future holds for digital asset treasuries ⚠️ 39:45 How unwinding of DATs could affect Bitcoin 🧏 41:11 What Stripe's 1.5% fees suggest about the future of stablecoin competition  📈 46:43 Why David says stablecoin adoption is similar to email 🤔 48:55 Could Bitcoin be toppled as the privacy meta rises? 🔮 56:45 Ryan and David share their 2026 crypto outlook ✴️ 1:02:01 Ryan’s 2026 Bitcoin price target Learn more about your ad choices. Visit megaphone.fm/adchoices

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• Bits + Bips: Why TradFi Knows It Needs Crypto More Than Ever to Stay Relevant - Ep. 973

  Thank you to our sponsors! Uniswap Mantle Hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins dig into why interest rates may not fall as quickly as markets hope, why oil demand could surprise to the upside, and how retail keeps buying every dip—even while consumer confidence hits new lows. The trio also breaks down the growing collision between TradFi and crypto: whether banks can compete with blockchain-native distribution, how BlackRock’s staked ETH ETF filing could reshape the market, and how yields on Ethereum and Solana represent a brand-new financial primitive. Plus, they examine Ripple’s controversial raise, Citadel’s push to regulate DeFi, and why major incumbents are now in a frantic race to choose their crypto “dance partners.” 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 Links: Unchained:  BlackRock Files S-1 for Staked ETH ETF Berachain Kept Secret a $25 Million Refund Right to a Brevan Howard Fund CoinDesk:  Citadel Challenges DeFi Framework in Letter to SEC, Sparking Industry Outrage Bloomberg:  Wall Street Hedged Big Crypto Bet in $500 Million Ripple Deal (XRP) Bitcoin Options Show Traders Hunkering Down for Crypto Winter Timestamps: 👏 0:00 Intro 📉 2:06 Whether there’s any real path to lower rates 🛢️ 5:07 Why Ram is bullish on oil demand 🤖 6:12 The biggest constraint on AI adoption 🇯🇵 7:02 Is Japan raising rates still a “nothing burger”? 🛍️ 9:57 How retail keeps buying every dip 🏦 12:21 Can crypto beat banks’ entrenched distribution? 📉 18:00 Why Ram thinks you should “sell the Bitcoin rallies” 📼 20:13 Are we reliving the 1970s? ⛓️ 24:47 How BlackRock’s staked ETH ETF filing could reshape the market ⚖️ 30:28 How staking yields will trade against Fed short rates 💼 38:59 Ripple’s controversial “raise” — and the unusual protections granted to Citadel and Fortress 🛡️ 47:52 How Citadel is fighting DeFi to defend its moat Learn more about your ad choices. Visit megaphone.fm/adchoices

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