Unchained

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever. 

In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon. 

If you want to understand where DeFi is going, you’ll want to hear what Stani has to say.

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

Thank you to our sponsors!

Guest:

Links:

Timestamps:

🎬 0:00 Intro

🎉 4:58 What Ethereum’s 10-year milestone means to Stani

🏗️ 9:09 How Aave became the top lending protocol on Ethereum

🧐 13:02 Why Stani has been critical of the Ethereum Foundation

🏦 17:16 How TradFi institutions could quietly run on Aave infrastructure

💸 25:08 What Stani thinks about the complaints over Ethereum revenues and fees

🌉 30:27 Why Aave hasn’t launched on Solana

💼 35:32 How Ethereum treasury companies are putting Aave to work

🔧 41:15 What Aave V4 is bringing to the protocol and why it matters

🌍 48:18 How Horizon could bridge DeFi and real-world assets

🤝 50:43 Why DeFi might thrive even as TradFi and fintech move onchain

🗳️ 57:57 Whether DAO governance is fundamentally flawed

Learn more about your ad choices. Visit megaphone.fm/adchoices

Subscribe to the new Bits + Bips channels!

📺 YouTube 

🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain🐦 X / Twitter 

Ethereum turned 10 on Wednesday, capping off a decade of trials and travails — but also triumphs. After years of being the heart of crypto’s onchain economy, Ethereum stalled last year, losing mindshare and market share to Bitcoin and Solana. During that time, some long-time supporters publicly aired frustrations with the Ethereum Foundation.

Now, there’s a palpable shift in energy.

In this episode, Tomasz Stanczak, the co-executive director of the Ethereum Foundation, reflects on the 10-year anniversary and talks about what’s ahead. 

From internal strategy overhauls to his plans to tackle Ethereum’s UX and developer experience, Tomasz shares how the Foundation is trying to re-center Ethereum — and why he’s betting on it for the next decade. 

He also lays out what he calls a “secondary roadmap,” including bold ambitions like building Ethereum into a platform for AI, machines, and even a new kind of open-source society.

Thank you to our sponsors!

Ledn

Mantle

Guest:

Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation and Founder of Nethermind

Links:

Timestamps:

🎬 0:00 Intro

🎉 7:46 How Tomasz is reflecting on Ethereum’s 10th birthday and its recent struggles

🧠 10:41 What Ethereum means to Tomasz and how he explains it to the normies

🏗️ 17:28 Why the Ethereum Foundation plays a different kind of role in crypto development

👔 22:59 How Tomasz ended up as co-executive director of the EF

🗣️ 27:25 What he learned from hundreds of conversations about how Ethereum could improve

🎯 29:47 Why the Foundation is now focused on three core goals

💼 36:34 How and why the EF is also embracing business development

🪙 42:40 Why Tomasz wants people minting directly on Ethereum Layer 1

📣 46:14 How the Foundation’s communication strategy has changed and why it matters

📉 52:48 Why the EF isn’t focused on ETH’s price—at least not directly

🧾 57:50 Whether the Foundation is worried about Ether’s shifting asset narrative

🔗 1:03:34 How the EF is working to fix interoperability issues within Ethereum

🏦 1:05:59 Why the Foundation sold ETH to SBET and how its treasury strategy is evolving

🏛️ 1:14:09 How Ethereum became the chain of choice for institutions

Learn more about your ad choices. Visit megaphone.fm/adchoices

What’s fueling crypto’s market surge? 

This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall.

With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure. 

Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar.

Check out the sponsors who make this show possible!

Bitwise

Mantle

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Guests:

Katalin Tischhauser, Head of Research at Sygnum Bank

Jake Ostrovskis, Head of Sales Trading (OTC) at Wintermute

Links

Markets: 

Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million

DATs:

Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies

CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation

CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World

The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury

Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10%

Trump and Powell

Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway

CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats

Timestamps:

🎬0:00 Intro

🔥 6:03 Why ETH’s comeback is reigniting crypto markets

🧠 11:23 Why Ram says “animal spirits are back”

💸 15:06 When tariffs could finally start pushing prices higher

📉 18:06 Whether BTC dominance is fading—and if alt season is finally here

🏭 22:27 How tariffs are already hurting some businesses

⚖️ 27:49 Whether Strategy’s new preferred share class adds risky complexity

🏚️ 32:32 Why many new treasury-backed projects might not survive

📊 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums

🔮 51:28 What the real endgame is for all these DATs

⚔️ 59:00 How the Powell-Trump tension could shake up markets

🔗 1:12:44 Why tokenization is gaining momentum across finance

📈 1:18:55 Whether stablecoins could revive global demand for the US dollar

Learn more about your ad choices. Visit megaphone.fm/adchoices

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it.

In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market.

We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets.

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

Thank you to our sponsors!

Xapo Bank

Focal by FalconX

Guests:

Simon Smockey, Researcher at Delphi Digital

Yan Liberman, Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures

Jason Pagoulatos, Head of Markets at Delphi

Previous coverage on the ICO: 

Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media?

Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed?

Unchained:

Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes 

PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price

Pump.fun Draws Backlash After Confirming PUMP ICO

TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More

Timestamps:

🎬 0:00 Intro

💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired

🔓 11:07 Whether the lack of investor lockups hurt confidence in the token

😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming

📉 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash

🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum

💸 34:19 Whether buybacks or business reinvestment is the better path forward

📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it

🌍 47:16 What strategies could finally bring normies onchain

🧵 53:22 Whether the PUMP launch proves that decentralization is dead

Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode, the crew is joined by special guest Rebecca Rettig, Chief Legal Officer at Jito Labs, to unpack the biggest legislative week in crypto history. The Clarity Act, Genius Act, and Anti-CBDC Act all pass Congress, ushering in what some are calling a regulatory renaissance — or at least, the first real rules of the road. Bitcoin breaks $120K, memecoins rip, and Crypto Week sends shockwaves through Washington. But is the Clarity Act really the win the industry’s been waiting for? Rebecca breaks down the legal nuance, Tarun questions the economic reality, and Haseeb points out Ethereum’s bizarre silence during the biggest policy shift of the decade. Has crypto finally grown up — or just gotten better at playing the game? The gang dissects the laws, the loopholes, and the market’s reaction to it all.

Show highlights

🔹 Clarity Act Passes the House – Landmark crypto bill advances with bipartisan support, aiming to limit SEC power and define digital asset classifications.

🔹 Stablecoins Get a Path Forward – The Genius Act passes alongside Clarity, offering long-awaited regulatory rails for U.S. stablecoin issuers.

🔹 Congress Goes Full Crypto – Three major bills pass the House in one week, marking a historic show of political support for the industry.

🔹 Rebecca Rettig Returns – Jito Labs Chief Legal Officer breaks down what the legislation really means — and what still isn’t clear.

🔹 SEC in the Hot Seat – With CFTC gaining ground, the SEC’s regulatory grip is questioned across policy circles and crypto Twitter.

🔹 Bitcoin Breaks $120K – Markets rally on regulatory momentum and renewed optimism, with BTC setting a new local high.

🔹 Altcoins Catch Fire – SOL, PENGU, and meme tokens explode as traders rotate into risk-on narratives post-legislation.

🔹 Ethereum’s Silence Raises Eyebrows – Despite being at the heart of stablecoin infrastructure, Ethereum’s core voices stay unusually quiet.

🔹 DeFi’s Legal Gray Zone Remains – Tarun argues the bills may shift political winds, but don’t resolve the underlying protocol risk or enforcement ambiguity.

🔹 Crypto Week Becomes a Real Thing – What started as a Trump slogan turns into one of the most consequential weeks in U.S. crypto history.

⭐️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 

Guest

⭐️ Rebecca Rettig, Jurisprudential Genius at Jito Labs

Disclosures

Timestamps

00:00 Intro

01:06 The Genius Act

04:38 Tech Companies & Stablecoins

08:38 Predictions for the Future of Stablecoins

26:25 The Clarity Act Breakdown

32:27 Important Definitions

34:38 New Exemptions for Token Sales

41:12 Mature Blockchain Certification Process

45:27 Defi Activity Exemptions & Regulations

48:03 New Categories for Spot Crypto Registrants

55:52 Solana's Block Assembly Marketplace (BAM)

Learn more about your ad choices. Visit megaphone.fm/adchoices

Last week, the U.S. passed its first major piece of crypto legislation. Stablecoins now have a legal home, and that could open the floodgates for adoption, disruption, and regulation.

But is this just the beginning?

In this episode of Bits + Bips, Ram Ahluwalia, Noelle Acheson, Steve Ehrlich, and guest Cosmo Jiang of Pantera dive into what the stablecoin law actually means, who it helps, who it threatens, and why Wall Street and crypto startups alike are positioning fast.

They also cover Ethereum’s rally, what’s fueling it, and whether the boom in digital asset treasury companies is sustainable. Plus, they unpack Trump’s latest threats against the Fed and what it means for markets, inflation, and interest rates.

Sponsors:

Bitwise

Mantle

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

Steve Ehrlich, Executive Editor at Unchained

Guest:

Cosmo Jiang, General Partner and Portfolio Manager for Liquid Strategies at Pantera Capital

Links

Stablecoins

Unchained: 

GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next?

House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills

Trump to Unblock Crypto Access in America’s $9 Trillion 401(k) Market: Report

The Block: GENIUS Act is helping Ethereum ‘have its moment,’ Bernstein says

WSJ: Why Banks Are on High Alert About Stablecoins

Digital Asset Treasuries

Timestamps:

🎬 0:00 Intro

🚀 3:01 Why Noelle believes the stablecoin law is just the beginning

😒 5:25 How Ram explains his disappointment with the market’s reaction

💳 11:31 Whether Visa and Mastercard survive the stablecoin disruption

🏆 17:00 Who stands to gain the most from the new stablecoin law

🏦 20:08 How tokenization could hurt investment banking

📉 22:26 Whether regional banks are on the brink

📈 27:42 What’s fueling ETH’s latest rally

🧠 31:08 Why Cosmo credits the Ethereum Foundation’s leadership for the momentum

💥 36:14 Where markets are heading as retail FOMO ramps up

💼 37:56 How Cosmo is evaluating the surge in digital asset treasury companies

🥱 43:52 Why Ram is spotting signs of market fatigue

📊 45:15 Whether upcoming crypto IPOs can match early successes

💸 47:21 Why VC activity is still lagging despite bullish narratives

🧨 51:03 How Trump’s threat to fire Powell is shaking macro sentiment

🧃 58:08 Everyone’s unexpected or contrarian take this week

Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin is up over 25% year-to-date, but what if this is still the beginning?

Udi Wertheimer joins the show to share a thesis that’s grabbing attention across crypto: that we’re entering a generational Bitcoin rotation, where old holders are out, new institutional buyers are in, and price targets like $400K may arrive faster than anyone expects.

He explains why the emergence of “forced buyers” like Michael Saylor’s Strategy changes everything, why he thinks the altcoin cycle is already lost, and how the biggest mistake Crypto Twitter is making today is thinking this is the top.

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

Xapo Bank

Ledn

Mantle

Udi Wertheimer, long‑time Bitcoin advocate and customer support intern at Taproot Wizards

Udi’s article: This Bitcoin Thesis Will Retire Your Bloodline

Unchained: Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains

Timestamps:

🎬 0:00 Intro

🐶 5:19 How Dogecoin’s 2021 run mirrors what could happen with Bitcoin today

🧠 21:31 Why Udi says most people misunderstood the rise of DATs

📈 30:38 Where bitcoin could be headed next, and how fast it might reach $400K

🏦 33:49 What makes this new wave of BTC buyers so different

⚠️ 39:52 Whether bitcoin-holding companies pose hidden risks

🪦 45:06 Why Udi believes altcoins, including ETH, may be finished this cycle

⏳ 51:50 Why Udi thinks Bitcoin’s next runup is “imminent”

Learn more about your ad choices. Visit megaphone.fm/adchoices

After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry.

The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language.

Now that it’s through, what will this law actually do? And who stands to benefit—or lose?

In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain:

How the bill won bipartisan support despite political tensions

Why banks may think twice before issuing stablecoins

And why Circle is applying for a national trust bank charter

Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead.

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

Xapo Bank

FalconX

Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle

Unchained: 

GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next?

​​House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills

Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves

Fortune: JPMorgan Chase’s new fees for data could ‘cripple’ crypto and fintech startups, executives warn

Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations

Timestamps:

🎬0:00 Intro

🇺🇸 2:23 Why Dante says this “crypto week” went better than anyone expected

🤝 3:44 How the GENIUS Act won bipartisan support despite major political friction

📜 6:10 Why Dante believes the bill is bigger than just crypto

🏦 9:02 How Circle plans to compete with the banking giants

🪪 15:22 What Circle hopes to achieve with its national trust bank application

🔐 18:28 Why financial privacy matters so much in the U.S. system

💵 19:34 How deposit tokens differ from stablecoins

📈 22:34 What Circle might do when interest-bearing stablecoins are finally allowed

👛 27:43 How this new law could impact everyday Americans and their money

Learn more about your ad choices. Visit megaphone.fm/adchoices

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. In this episode, the crew breaks down the return of the ICO — but with a twist. Pump.fun’s $500 million token sale sells out in 12 minutes, sparking a heated debate about forward markets, new market structure design, and whether we’ve entered a smarter, more institutionalized fundraising era—or just rebranded 2017 chaos. Hyperliquid becomes the surprise king of pre-launch liquidity, exchanges buckle under demand, and a new class of crypto treasury vehicles raises eyebrows (and capital). Meanwhile, Trump declares “Crypto Week” as Congress moves forward with the most sweeping legislation the industry’s seen in years. Is crypto finally growing up—or just getting better at dumping on retail? The gang dissects the narratives, the numbers, and the fallout.

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

Show highlights

🔹 Pump.fun’s ICO Raises $500M in 12 Minutes – The largest token sale in recent memory, with 25,000+ KYC’d participants and CEX/DEX syndication.

🔹 Forward Markets & Hedging Games – Kraken and Bybit face issues as sophisticated traders attempt to arb between ICO allocations and perps.

🔹 New Market Design – Pump introduces a novel multi-venue, API-synced launch structure; future ICOs may follow suit.

🔹 CT Has Negative Alpha – Crypto Twitter sentiment was wildly bearish… right before the most oversubscribed sale in years.

🔹 Hyperliquid Hits $11.5B OI – Becomes the dominant venue for pump trading, eclipsing even CEXs; pre-launch volume milestone.

🔹 Treasury Vehicle Controversy – $888M raised for hype via a new structure; Tarun questions whether it’s a liquidity gateway or retail dump machine.

🔹 Trump Declares Crypto Week – Genius Act (stablecoins), Clarity Act (market structure), and Anti-CBDC Act all hit the House floor.

🔹 Polymarket Vindicated – DOJ and CFTC drop their probe into Shane Coplan’s prediction market platform.

🔹 Altcoin Momentum Returns – $PENGU +270%, $SUI +60%, $UNI +43%; narrative shifts from “revenue meta” to “meme meta.”

🔹 Solana vs. Hyperliquid – Hype replaces SOL as the go-to high-beta asset? The team debates competing ecosystems.

⭐️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 

Timestamps

00:00 Intro

01:18 Pump ICO Breakdown

06:54 Pump's Unique Market Design

10:57 Future of ICOs and Market Trends

21:36 Hyperliquid's Role in Pump Launch

32:26 Crypto Week and Legislative Updates

41:23 Polymarket Investigation Dropped

47:29 Altcoin Rally and Market Sentiment

Disclosures

Learn more about your ad choices. Visit megaphone.fm/adchoices

Bitcoin broke its all-time high. Meanwhile, stablecoin legislation is about to pass. And the macro picture is a powder keg.

In this episode of Bits + Bips, Steve Ehrlich, Ram Ahluwalia, and Noelle Acheson are joined by Austin Campbell to break down what’s really driving markets, and what could break them. From the GENIUS Act reshaping stablecoins to tariffs putting pressure on the Fed, to the Pump.fun ICO and memecoin mania, nothing is off limits.

And with crypto ripping, is it time to ride the rally, or take some risk off the table?

Thank you to our sponsor!

Bitwise

Steve Ehrlich, Executive Editor at Unchained

Ram Ahluwalia, CFA, CEO and Founder of Lumida

Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 

Guest:

Austin Campbell, founder and managing partner of Zero Knowledge Consulting

Unchained: 

Bitcoin Sets New All-Time High, But Eyes Even Bigger Gains

PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price

Grayscale Files Confidential IPO Paperwork

Timestamps:

🎬 0:00 Intro

🚀 2:22 Why bitcoin is hitting new highs and what’s really driving it

🧘‍♀️ 5:29 Why Noelle says market complacency can’t last forever

🌍 9:06 The surprising way bitcoin looks when you stop measuring it in USD

⚖️ 11:49 Whether this is the moment to de-risk your crypto exposure

⛏️ 16:50 How bitcoin mining stocks are made to be traded, not held, according to Ram

📜 18:57 Austin’s thoughts on the odds of crypto legislation passing this summer

🏆 20:48 Who the winners and losers will be if the GENIUS Act becomes law

💳 24:51 Whether payment giants like Visa are under threat from stablecoins

🚧 29:15 What kinds of firms could actually disrupt the U.S. financial system

💰 34:00 The pros and cons of deposit tokens compared to stablecoins

🌐 37:06 How stablecoin legislation could reshape global macro and finance

🧪 44:32Whether Pump.fun’s ICO was extractive or necessary

🏛️ 56:55 Why Grayscale wants to go public and what that move could unlock

🏦 1:04:15 Whether traditional banks have the talent to win the stablecoin race

🌠 1:08:15 Why Stellar might be the blockchain dark horse in this cycle

Learn more about your ad choices. Visit megaphone.fm/adchoices