Leviathan News

In this episode we untangle how a single photograph of President Volodymyr Zelenskyy’s black jacket became a $150-million flash-point on Polymarket, the largest crypto prediction exchange.

The platform’s “optimistic oracle,” UMA, stalled three times on the question of whether Zelenskyy had “worn a suit before July,” then looked ready to rule No, even as mainstream outlets ran headlines calling the outfit a suit.

We explain how UMA’s four-code voting system works, why one wallet with 1.3 million UMA tokens could swing a verdict, and how similar whale manoeuvres upended a $7 million Ukraine-minerals wager in March and forced Polymarket to over-ride its own oracle in last year’s Barron-Trump meme-coin dispute.

The episode also charts Polymarket’s meteoric rise, from billions in 2024-election volume to a 2025 funding round that puts the company’s valuation above $1 billion, and asks what happens to “truth on-chain” when the incentives, the rules, and the money all point in different directions.

If you find this useful, share it with a friend and leave a comment telling us which part surprised you most.

00:00 Opening – The Jacket That Launched a $150M Bet

02:15 Act 1: The Bet – A Gold Badge and a Sure Thing

12:30 Act 2: The Oracle – Why UMA Keeps Saying “Too Early”

25:00 Act 3: Precedent Problems – Whales, Flips, and Overrides

35:40 Act 4: Retail Risk – How Clear Rules Could Fix It

43:00 Credits & How to Support the Show

🚀 LIVE: David Cao on N1 Chain – Building a Lightning-Fast Perp DEX for Everyday TradersWondering how N1 plans to turn on-chain derivatives into a one-click, low-fee experience? In this Leviathan News livestream, host Sam McCulloch sits down with N1 founder David Cao to unpack:• Why N1 pivoted from options to a high-speed perpetuals exchange• The tech behind N1’s sub-second finality and 100k TPS target• Liquidity strategies, token incentives and the recent Echo.xyz sale• How N1 will differentiate itself from Hyperliquid and packed DeFi markets• What retail traders can expect on day one🔔 Subscribe & turn on notifications so you never miss our DeFi deep dives.Quick links• Website – latest articles & dashboardshttps://leviathannews.xyz• Daily Newsletter (free) – crypto stories in 3 minhttps://leviathannews.substack.com• Telegram (12 k builders, live drops)https://t.me/+zqRS5HW8GlgzY2Ix• Twitter / X – clips, charts, breaking threads  / leviathan_news  

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In this episode of Leviathan News, host Sam is joined by Alex McFarlane of Keyring Network to dive deep into the complexities of DeFi lending markets. They discuss the transformation of DeFi lending into institutional markets, and the crucial role of risk management. Alex explains how Keyring Network aims to bridge the gap between retail and traditional finance, emphasizing security and low-risk strategies using zero-knowledge proofs. They also explore the impact of stablecoin lending rates, the importance of compliance, and how to navigate the emerging institutional-focused lending providers. 00:00 Welcome to Leviathan News00:15 Recent Liquidation Event on Squid01:37 Introduction to Alex McFarlane and Keyring Network01:51 The Evolution of Defi Lending Markets02:53 Keyring Network's Unique Approach05:30 Defi Lending Popularity and Economic Activities08:47 The Role of Collateral and Leverage in Defi15:42 Institutional Interest in Defi Lending18:59 Risk Management in Defi Lending28:12 Emerging Institutional Defi Platforms31:33 Introduction to Points Programs and Incentives32:21 The Importance of Incentivized Pools33:02 Challenges in DeFi Lending and Borrowing34:54 Operational Risk and TVL in DeFi42:01 Comparing DeFi Lending to Traditional Lending49:35 The Role of Compliance in DeFi57:31 Conclusion and Future of Permission Markets

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Sam and Matt dive deep into the rumoured $1bn Pump.fun token sale at a $4bn valuation, break down the platform’s monster fee haul, and debate whether the raise signals strength or peak mania. They explore Pump.fun’s equity-versus-token dilemma, wallet-level P&L data, and the wider impact on Solana liquidity. The conversation widens into Circle’s long-awaited IPO, Tether’s new L1, and the shifting ETH-vs-SOL trade. Along the way they tackle market structure, gambling culture, and what a “next-cycle” launch timeline could look like.Timestamps00:00:00 Intro and welcome00:00:34 Sam outlines topics, introduces Matt00:01:03 Debut of the new Leviathan theme jingle00:01:29 Pump.fun sale headline and why the story matters00:02:07 Are market “cycles” dead? multi-market complexity explained00:04:52 Macro backdrop, tight liquidity, and government money printing00:05:48 Blockworks leak, $4bn valuation backlash, and public-vs-VC debate00:09:12 Pump.fun fee revenue, $622m lifetime haul, margin estimates00:13:51 Equity vs token control, vesting, and convertible warrant talk00:19:45 Hyperliquid airdrop precedent, fairness expectations00:25:14 Swap UX gaps, smart-routing complaints, competitor pressure00:32:18 Wallet P&L chart, bot dominance, airdrop eligibility hurdles00:40:47 12-month vesting vs Serum’s 7-year lockups, insider dynamics00:49:15 Gambling culture, DFS vs sports-betting, personal risk discipline00:58:26 Will the raise drain $1bn of SOL liquidity? pricing signals01:02:18 ETH/SOL breakdown, relative upside for ETH to 20 k scenario01:10:05 Circle IPO watch, Bitfinex-Tether chain, stablecoin competition01:14:49 Odds Pump launches its own chain or L2 within two years01:18:36 Closing thoughts, Lava party teaser, sign-offLike the discussion? Hit subscribe, turn on alerts, and drop your questions below for tomorrow’s live Q&A.

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Today’s livestream dives into the sharp rise of corporate crypto treasuries, Telegram’s surprise partnership with xAI, and Yieldnest’s fast-approaching TGE. Host Samuel McCulloch sits down with Deo from Yieldnest to make sense of the week’s headline raises, the potential ripple effects for Bitcoin and Ethereum markets, and the end of Curve’s longstanding whitelist. If you missed the show live, use the timestamps below to jump straight to the moments that interest you most, then check the resource links at the end to explore each story in greater depth.

Timestamps
00:00 Intro, Squid contributor rewards on Fraxtal
02:00 Deo joins, quick Yieldnest airdrop update
03:05 Theme of the week, corporate balance sheets turn to crypto
05:18 GameStop acquires 4,710 BTC through debt financing
08:45 How debt structures shape liquidation risk
11:00 SharpLink Gaming raises $425 mn for an ETH treasury strategy
14:40 Roxom Global’s $17.9 mn raise and BTC-denominated exchange plan
18:15 The Blockchain Group’s $72 mn bond for Bitcoin purchases
19:25 Trump Media sets up a $2.5 bn Bitcoin treasury deal
22:05 Plasma Foundation’s latest strategic round and Beam’s stablecoin rails
24:30 Curve whitelist era ends after the Petra upgrade
27:10 Telegram integrates Grok, details of the $300 mn cash-and-equity pact
32:20 Yieldnest vault architecture, asset allocation dashboard tour
38:50 Governance launch, ve-style tokenomics, June 3 TGE details
41:30 Closing thoughts, upcoming guests, and how to earn Squid

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• Follow today’s guest Deo and explore Yieldnest’s restaking vaults ahead of the June 3 token generation event.

Reference links
Telegram–xAI announcement: https://x.com/durov/status/1927705717626003759
SharpLink $425 mn ETH strategy: https://investors.sharplink.com/sharplink-gaming-announces-425000000-private-placement-to-initiate-ethereum-treasury-strategy/
The Blockchain Group bond: https://www.theblock.co/post/355756/the-blockchain-group-completes-72-million-bond-issuance-to-fuel-bitcoin-buying-strategy
Trump Media Bitcoin treasury: https://www.globenewswire.com/news-release/2025/05/27/3088703/0/en/Trump-Media-Announces-Approximately-2-5-Billion-Bitcoin-Treasury-Deal.html
SharpLink site: https://www.sharplink.com
Roxom raise: https://www.coindesk.com/business/2025/05/22/roxom-global-raises-179m-to-build-btc-treasury-back-247-media-network
Roxom site: https://roxom.com
Plasma strategic round: https://x.com/PlasmaFDN/status/1925597168288559370
Plasma site: https://www.plasma.to
Yieldnest dashboard: https://app.yieldnest.finance/restake?ref=4ZYhFKdSh5iZMsGQaVygg59bac9Z
Beam: https://www.getbeam.cash
Original meme reference: https://x.com/ImperiumPaper/status/1927677963262197821

Thanks for watching and supporting independent crypto journalism.

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