Unchained

On Monday, bitcoin hit a new all-time high of over $126,000, but Bitcoin’s biggest fight right now isn’t about price; it’s about purpose. 

Since 2023, image files and meme tokens have clogged the network, spiking fees and making everyday payments expensive. Bitcoin Core wants to lift an 80-byte data limit that's existed since 2014. Bitcoin Knots disagrees — and has built code to enforce a different limit. Should Bitcoin stay a payments network, or evolve into a platform that stores everything from NFTs to memecoins to experimental layer 2 protocols?

Blockstream CEO Adam Back and Bitcoin and Lightning developer Chris Guida debate whether removing limits on OP_RETURN protects Bitcoin from what they call “spam,” or opens the floodgates to it.

Plus: the real lesson from 2014 when Vitalik Buterin left Bitcoin, why miners can bypass any filter by renting hash rate, and whether 22% of nodes running different code actually matters in a decentralized network.

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Aptos

Chris Guida, Bitcoin and Lightning Ecosystem dev and Educator

Adam Back, CEO of Blockstream

Timestamps:

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Arthur Hayes & Tom Lee map the new crypto arms race—Hyperliquid vs Aster, Plasma’s stablecoin rails, and ETH’s DAT-fueled supercycle.

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. Live at Token2049 Singapore, we’re joined by Arthur Hayes (Maelstrom) and Tom Lee (Bitmine) to map two battles shaping the next cycle: the Perp DEX war—Hyperliquid’s moat vs. CZ-linked Aster, zero-fee experiments like Lighter, and whether ~$500M/year token unlocks can stay “bullish”—and the race to own stablecoin rails, from Tether-affiliated Plasma’s zero-fee USDT chain to distribution plays like Tempo and Codex. We dig into DATs, mNAV compression, and Tom’s “ETH supercycle,” plus prediction markets (Polymarket vs. Kalshi) crossing into the mainstream and a surprise Zcash revival. If crypto’s future is being decided in trading venues and in money itself, this is where the battle lines get drawn. 

Show highlights🔹 Perp DEX wars — Hyperliquid vs Aster: Binance-linked Aster surges as Hyperliquid’s moat is stress-tested; CEX tie-ups (Bybit–ApeX, Coinbase–Avantis) escalate the fight.

🔹 Arthur Hayes on Hyperliquid: 126x call but sold ahead of ~$500M/yr token unlocks (starting November); “bullish unlocks” depend on sustained dominance + real fees.

🔹 Lighter’s zero-fee perps: Can post-airdrop volume stick, or do profits migrate to HLP/LLP vault strategies as fees compress?

🔹 DATs & ETH “supercycle” — Tom Lee (Bitmine): Communications flywheel, mNAV compression, ~70 ETH DATs with many below NAV; consolidation/unwinds/ETF conversions amid SEC/Nasdaq scrutiny and ZeroG controversy.

🔹 Plasma stablecoin chain (Tether-affiliated): Zero-fee USDT transfers, heavy incentives, Binance Earn distribution—are flows durable vs Ethereum/Tron?

🔹 Prediction markets — Polymarket vs Kalshi: South Park moment; funds cite PMs for shutdown/Fed odds; 2024 election accuracy pushes PMs mainstream.

🔹 Privacy coins & Zcash revival: ZEC rally, Monero 51%-attack mention, and the ongoing listings/compliance tug-of-war.

🔹 Stablecoins to $4T? — Tom Lee: Micropayments + 24/7 rails expand TAM across multiple chains, not just Ethereum.

Hosts⁠

Disclosures⁠

⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Guest

⭐️ Arthur Hayes, CIO at Maelstrom

⭐️Tom Lee, CIO of Fundstrat Capital & Chairman of Bitmine

Timestamps

00:00 Intro

01:15 Token 2049 Reflections

03:55 Tom Lee's Role in Ethereum

08:04 Challenges & Future of DATs

13:09 Plasma: Berachain for Stablecoins 

20:06 Perp Dex Wars & Hyperliquid

24:26 Fee Compression

29:59 Kalshi vs. Polymarket

39:52 Zcash & Privacy Coins

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Is gold the ultimate hedge against inflation and sovereign risk? Or are stocks the better long-term wealth builder thanks to innovation and earnings growth?

In this heated and highly entertaining episode, Ram Ahluwalia (Lumida Wealth) and Vinny Lingham (Praxos Capital) dive deep into the macro landscape to debate the relative merits of gold vs. the S&P 500. Along the way, they explore:

Gold’s decentralization vs. Bitcoin

Why share buybacks might be distorting wealth creation

The role of inflation, AI, fiscal dominance, and central banks

The logic behind each of their portfolios

And to make things more interesting? They make a $10,000 bet on whether gold or the S&P 500 will perform better over the 9 months.

Token2049

Binance

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Vinny Lingham, Co-founder of Praxos Capital

Timestamps:

🎬 0:00 Intro

📈 4:30 Why Ram argues stocks are the stronger long-term play

🥇 7:18 Why Vinny says gold is more decentralized than even Bitcoin

💵 12:08 Why Ram believes earnings make stocks the superior investment

♻️ 16:37 Why Vinny thinks stock buybacks are harmful for society

🌍 27:30 Is this still the best time in history to be alive?

⏳ 33:23 Whether its too expensive now to buy gold

⚡ 40:40 What Vinny predicts will trigger the next major macro crisis

🤝 42:56 The $10,000 bet: gold vs. the S&P 500

🤖 48:33 Whether we’re still early in the AI boom

🎤 54:15 Closing arguments from Ram and Vinny

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Perp DEXs are on fire, with volumes topping $1 trillion a month for the first time. 

Aster, backed by YZi Labs (formerly Binance Labs), has suddenly vaulted to the top of volume charts, but is its rise organic, or manufactured? 

But while everyone frames the battle as Aster vs. Hyperliquid, Syncracy’s Ryan Watkins and Sunny Shi argue the real fight is much bigger: decentralized exchanges versus centralized giants like Binance. 

Plus: what role Solana will play in the next chapter in the perps DEX wars? And won’t Ethereum even compete? 

Thank you to our sponsors!

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Token2049

Guests:

Ryan Watkins, Co-Founder of Syncracy Capital

Sunny Shi, Investor at Syncracy Capital

Links:

Unchained: 

Nearly $12 Billion in HYPE Token Unlocks Loom Ahead: Maelstrom

Why Hyperliquid Should Cut Its Total Token Supply Nearly in Half

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DoubleZero just launched its mainnet-beta, offering a new type of high-performance fiber network for blockchains, live across 5 continents and already adopted by 20%+ of Solana stake.

Co-founder Austin Federa joins Unchained to walk through:

How DoubleZero creates a dedicated internet for crypto

Who contributes fiber and why they earn the 2Z token

What the SEC’s no-action letter means for crypto and DePIN specifically

And what this could unlock for L2s, onchain trading, and more

⁠Binance⁠

Token2049

Austin Federa, Co-founder of DoubleZero

Timestamps:

🎬 0:00 Introduction and ads: Token2049 and Binance

🌐 0:59 What’s wrong with the public internet—and why crypto needs its own

⚡ 5:28 How DoubleZero is building a dedicated network for blockchains

🌍 7:54 How the physical world gets integrated into the blockchain economy

⏱️ 10:49 Why traders demand more determinism in transaction times

🛠️ 13:09 How anyone can become a contributor to the DoubleZero network

🚫 14:32 Why Ethereum might not be the right fit for this product

💰 16:06 What role the 2Z token plays in the ecosystem

🔥 23:12 Why Jump’s token allocation sparked controversy

⚖️ 27:40 What the SEC’s no-action letter really means for DePIN

🏆 32:59 If DoubleZero succeeds, who will come out on top?

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This week on Unchained, we’ve got a double-header.

First, Zach Abrams, CEO of Bridge (acquired by Stripe), unveils Open Issuance, a platform designed to let any company launch its own stablecoin. He explains why the stablecoin duopoly is ending, why fragmentation won’t slow adoption, and how stablecoins could pair with AI to reshape global money movement.

Then, Kenny Li, co-founder of Manta Network, joins to reveal why Manta is pivoting away from being just another L2. He argues that the scaling wars are oversaturated, that mercenary users make infra battles a fight for crumbs, and that the real prize is at the application layer.

Thank you to our sponsors!

Mantle

Aptos

Zach Abrams, Co-Founder and CEO of Bridge

Kenny Li, Co-Founder and Core Contributor of Manta Network

Unchained: 

How New Stablecoin Startup Bridge Got Acquired by Stripe for $1.1B

MetaMask Stablecoin mUSD Goes Live

Why JPMorgan and Shopify Are Rolling Out New Products on Ethereum Layer 2 Base

Tempo Launch Announcement: The Blockchain Designed for Payments

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Crypto’s bull run may be far from over, but the battleground is shifting. 

On this week’s Bits + Bips, Bill Barhydt of Abra and Robert Leshner of Superstate join Ram Ahluwalia and Steven Ehrlich to debate: 

The current state of the markets with a looming government shutdown 

SWIFT’s move to build on Linea, an Ethereum layer 2

Hyperliquid vs Aster

The future of perps vs. spot 

Why some DATs are starting to look like grifts 

Whether DeFi billionaires will ultimately eclipse their CeFi predecessors 

Plus: Binance’s and Tether’s valuation, CZ as the entrepreneur of the decade, and why the industry may be entering an era of “perpification.”

Thank you to Xapo for sponsoring this episode!

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Steven Ehrlich, Executive Editor at Unchained

Guests: 

Bill Barhydt, Founder and CEO of Abra

Robert Leshner, Co-founder & CEO of Superstate

Links:

Steve’s story on the DAT that claimed it raised much more than it actually did

Subscribe to Bits + Bips newsletter here

Timestamps:

🎬0:00 Intro

📈 3:26 Why Bill believes the bull run is far from over

🧐 5:10 Why Ram is pushing back on market FUD

🏛️ 9:10 Will a government shutdown impact markets?

🌐 12:48 Why SWIFT building on Ethereum’s Linea layer 2 is such a big deal

🏦 22:15 Whether it even matters if banks embrace crypto

⚠️ 27:50 How one DAT may have been the “ultimate grift”

⚔️ 35:58 Inside the DEX perps wars: Hyperliquid vs Aster

👑 40:32 How valuable Binance and CZ really are to the industry

🚀 50:39 What advantages make Hyperliquid stand out in the perp battle

🤔 53:14 Why picking winners in trading isn’t so simple

🔄 57:29 Winners in stablecoin race plus why perps are better than spot

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 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 week, we’re joined by Farooq Malik, co-founder and CEO of Rain, as two parallel wars erupt across crypto: the Perp DEX war between Hyperliquid and the CZ-backed Aster, and the deepening battle for stablecoin dominance. As Aster rockets to $30B in daily volume, we debate whether it’s real adoption or points-fueled froth — and what it means for Hyperliquid’s lead. Then we dive into Tether’s shocking $500B valuation play, Circle’s shrinking moat, and how Rain is building real-world rails for stablecoin payments. If crypto has two new battlegrounds — trading venues and money itself — this is where the future is getting drawn.

Show highlights

🔹 DEX Wars: Aster vs. Hyperliquid – Aster hits $30B daily volume; is it real demand or a points-fueled surge? Hyperliquid’s dominance faces its first real threat.

🔹 CZ’s Return to Form – Aster’s Binance links, aggressive fee model, and possible “James Wynn” conspiracy theory raise the stakes in the perp DEX arena.

🔹 Wash Trading & Open Interest Gaps – Aster’s $2B TVL contrasts with $1.25B open interest vs. Hyperliquid’s $10B, sparking questions about organic traction.

🔹 Incentive Wars – Aster rewards takers 2x over makers; Hyperliquid and Blur praised for long-game design that built sticky liquidity instead of short-term volume.

🔹 The Execution Advantage – Haseeb: “Asia executes better than it innovates”; Aster may stumble now but could out-iterate and outscale its rivals.

🔹 Stablecoin Shockwave: Tether’s $500B Valuation Leak – Tether quietly seeks $15–20B in private funding, aiming for a $500B valuation—matching OpenAI and SpaceX.

🔹 Circle vs. Tether – Circle trades at 0.5x supply, Tether seeks 3x; the panel debates margins, moat, and whether USDC can survive the “reverse momentum.”

🔹 Rain’s Real-World Stablecoin Rails – Farooq Malik shares how Rain powers payroll, P2P, cards, and merchant payments on stablecoins—without touching fiat.

🔹 New Use Cases: Stablecoins in the Wild – On-chain credit cards, just-in-time lending, cross-border Facebook ad funding, and more—all enabled by 24/7 money.

🔹 Global Adoption: LatAm, MENA, Asia – Rain’s data shows stablecoin usage exploding outside the U.S., especially in regions with FX controls and unstable banks.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️Farooq Malik, Co-Founder & CEO of Rain

⁠Disclosures⁠

Timestamps

00:00 Intro

01:02 Aster vs. Hyperliquid

14:25 Regulatory Capture: L2s, Sequencers, CFTC

26:08 Tether’s $500B Valuation: Bubble or Bargain?

31:36 Tether vs. Circle: Stablecoin Economics

42:56 Rain: Stablecoin Payments Infra

47:16 Stablecoin Use Cases; Cards, Payroll, P2P

54:04 Global Stablecoin Growth

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How do stablecoin-first blockchains win distribution? Does TVL actually map to value? And why speculation may become the default language of online culture.

In this 3-part episode, we explore three different important stories.

Segment 1: CoinFund’s Seth Ginns explains how newly launched stablecoin chain Plasma aims to compete, plus why the “stablecoin race” with Circle and Stripe is just beginning.

Segment 2: Solana Foundation president Lily Liu lays out why revenue—not TVL—should be crypto’s north-star metric, whether TVL can be easily gamed, and what a better DeFi metric stack looks like.

Segment 3: Figment Capital’s James Parillo makes the case for Pump.fun and “AudienceFi”: how creator coins can financialize streaming, whether token collapses are a feature, and why both perps and memecoins rhyme with gambling.

Thank you to our sponsors!

TOKEN2049 - Get 15% off with code UNCHAINED

Binance

Guests:

James Parillo, General Partner at Figment Capital

Lily Liu, President of Solana Foundation

Seth Ginns, Managing Partner and Head of Liquid Investments at CoinFund

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Crypto investors love to throw around “FDV” as if it’s the ultimate measure of value. But what if that number is more misleading than helpful? 

In this episode, DBA’s Jon Charbonneau explains his proposal to cut Hyperliquid’s supply by nearly half, why he believes FDV overstates real valuations, and how outdated tokenomics are holding projects back. 

We also cover whether the Hyperliquid team should take smaller allocations if they cut the token supply and what Jon thinks of Arthur Hayes’ HYPE sale just weeks after saying the token would 10x.

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

Thank you to our sponsor, ⁠Mantle⁠!

Guest:

Jon Charbonneau, Co-founder and General Partner of DBA

Links:

Proposal to Reduce HYPE Total Supply by 45% by Jon Charbonneau, Co-founder of DBA

Maelstrom post: HYPE's Damocles Sword

Unchained: Nearly $12 Billion in HYPE Token Unlocks Loom Ahead: Maelstrom 

Timestamps:

🎬 0:00 Intro

📉 0:35 What Jon thinks people get wrong when they use FDV as a valuation metric

🧮 4:05 How Jon’s proposal would change Hyperliquid’s supply and valuation

🆘 12:20 If the Assistance Fund is removed, how can emergencies be handled?

📊 15:05 How token supplies should really be evaluated when valuing projects

⏳ 20:44 Why current tokenomics reflect an outdated model

✂️ 24:56 Should the Hyperliquid team be taking a smaller allocation too?

🤔 28:15 What Jon thinks of Arthur Hayes selling HYPE right after calling for the moon

🔮 31:351 How Hyperliquid should move forward with Jon’s proposal

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