Jeff Dorman, the chief investment officer at Arca, comes on the show to give a macro perspective on the crypto environment. In this episode, he discusses:
  how economic data and real-world events have affected digital assets
 how Jeff classifies the different types of assets within crypto
 what market forces have pushed ETH to new all-time highs above $4k
 whether EIP 1559 will have the same effect on ether price as the Bitcoin halving has on BTC price
 what is happening with Dogecoin and other meme-coins
 why the market’s reaction to Tesla’s halt of BTC vehicle purchases was healthy
 whether environmental concerns surrounding Bitcoin will have long-term consequences on crypto as an asset class
   
 Thank you to our sponsors!
 Crypto.com:  https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 
  
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 Episode Links
  
 Jeff Dorman
  Twitter
    https://twitter.com/jdorman81

  
 Arca
   https://www.ar.ca/
  
 Blog post titled “How Economic Data Affects Digital Assets”
   
https://www.ar.ca/blog/crypto-market-recap-05-10-21 
  
 Blog post titled “The Four Types of Digital Assets”
   
https://www.ar.ca/blog/crypto-market-recap-06-29-20 
  
   
 Miscellaneous Links
  Dogecoin SNL clip
   https://www.youtube.com/watch?v=x5RCfQyTDFI
  
 SHIB token + dog meme-coins
    https://decrypt.co/70587/shiba-inu-shib-what-why-price-dogecoin
 
 https://www.theblockcrypto.com/post/104676/vitalik-buterin-donates-more-than-60m-to-charity-after-selling-meme-tokens-including-shiba-inu 
 
 https://twitter.com/lawmaster/status/1392533724814876680/photo/1 
  
 Nic Carter on Bitcoin mining
    https://www.coindesk.com/the-last-word-on-bitcoins-energy-consumption
  
 Tesla’s announcement on halting BTC vehicle purchases
    https://twitter.com/elonmusk/status/1392602041025843203
  
   
 Link to the Crypto News Recap:
 https://unchainedpodcast.com/why-an-elon-tweet-sent-bitcoin-below-50k/
  
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Unconfirmed: How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman - Ep.237

Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

Tech News

Technology

Business News

Business

News

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

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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? 


Links

This cycle

Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’”

Unchained: 

Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen

Bitcoin Miners Diversify Their Revenue Streams as Halving Nears


Heatwave by Arthur Hayes


Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter

Bitcoin ETFs:

Unchained: 

The Best Spot Bitcoin ETFs for Different Types of Investors

Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea

Bitcoin ETFs Explained: What Are They & How Do They Work? 

Macroeconomic conditions

CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected


FT: Investors lose hope of rapid US interest rate cuts this year


Block size wars
Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’ 

Bitcoin L2s
Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again 

Runes
Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know

Ethena

Hayes’ tweet on Ethena

Unchained: 

ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts

Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?

What Is Ethena's USDe Synethic Dollar?


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

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.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.
Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.
Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.
Show highlights:

Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges

How the SEC could make a case that some of the tokens traded via Uniswap are securities

What the next steps are in the case, with a lawsuit possibly coming soon

Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit

How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol

Why the DeFi Education Fund recently filed a lawsuit against the SEC

Why Amanda believes in a “proactive counteroffensive strategy” with the SEC

How Amanda would like legislation to be implemented in the U.S.

Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda

Why Amanda thinks Uniswap will ultimately win against the SEC

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Guest


Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund


Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash



You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune

Links
Wells Notice

Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit


Unchained: UNI Drops 16% as SEC Targets Uniswap Labs


Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Other cases:

Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right


The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case


The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification


Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It


Social media commentary:

Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.

Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company


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Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance? - Ep. 632

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain.
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 Chopping Block: The EVM Parallelization Dilemma, Solana's Network Congestion, and Avi Eisenberg's Legal Battle - Ep. 631

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Polygon Labs CEO Marc Boiron and co-founder Brendan Farmer discussed everything about the AggLayer, a decentralized protocol built by Polygon that enables fast, secure cross-chain interactions and allows different chains to use the same native bridge. This allows users to seamlessly move assets across chains in the AggLayer ecosystem. 
The AggLayer aims to unify blockspace so that it feels like a single chain, improving user experience. Boiron and Farmer also discussed the potential for Layer 2 solutions to scale Ethereum, the benefits of zero-knowledge technology, and the future of Polygon's proof-of-stake chain.
Learn more: What Are Zero-Knowledge Proofs?
Show highlights:

Background of Brendan and Marc and how they joined Polygon

A brief description of what Polygon is overall

What the AggLayer is and how it aims to enable the best of monolithic and modular blockchains

How Brendan differentiates the AggLayer from its competitors, such as Optimism's Superchain or Cosmos and why he believes that zk-technology is such a game changer

How the interoperability experience gets better in such a system, according to Marc and Brendan, and what will become possible that's not now

Which chains can use the AggLayer and how it works to improve security across chains

The tradeoffs between the various types of zkEVM provers 

How projects should decide their architecture and when it would make sense to tap the AggLayer

Why projects should build on the AggLayer, including layer 1s, according to Marc

How Layer 1s can still join the AggLayer and retain their own consensus and sovereignty 

Why Polygon believes that zk-technology is the future of blockchain architecture

Why the Polgyon zkEVM suffered an outage on March 30

Whether Layer 3s are needed to scale the Ethereum ecosystem

Why Brendan believes that EigenLayer is not a good fit for rollups to use

The transition of the Polygon PoS chain to become an Ethereum L2 using the AggLayer

When EIP-4844/Dencun will go live on Polygon

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Guests:


Marc Boiron, CEO of Polygon Labs

Previous appearances on Unchained:

Gary Gensler vs. Crypto: What Will the SEC Attack Next?

The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed?


Brendan Farmer, co-founder of Polygon and co-lead of Polygon Zero

Links
AggLayer

Polygon: Aggregated Blockchains: A New Thesis


More technical Agglayer explainer

CoinDesk: 

Polygon Lands Astar Network as First User of New 'AggLayer’


Cosmos-Based Canto Blockchain Reverses Course on Polygon Layer-2 Plans, Unveils New Roadmap 

Zaki on the comparisons with Cosmos



zk-Technology

Polygon: Upgrading Every EVM Chain to ZK: Introducing the Type 1 Prover



The different types of ZK-EVMs by Vitalik

Unchained: Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future


Polygon zkEVM

Unchained: Polygon zkEVM Chain Goes Down for 10 Hours


Blockworks: Polygon unpacks zkEVM outage and ‘emergency’ upgrade


Layer 3s

Unchained: Layer 3s Only Exist to Take Value Away From Ethereum: Polygon Labs CEO


0xCygaar on L3s and L2s


Potuz on the benefit of L3s



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Polygon’s AggLayer Wants to Be a Hub for Ethereum Layer 2s. Can It Succeed? - Ep. 630

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.
This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion. 
In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.
Show highlights:

An introduction to what Ethena is and how USDe works

Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"

What the risks of USDe are, including custody, counterparties, and smart contracts

Why Guy is "pleased" with how the ENA airdrop went through

How ENA will be used and what its role will be in the governance of Ethena

Why Ethena is now onboarding Bitcoin as collateral

Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave

Guy's response to the critics who say that Ethena is essentially Terra/Luna

Whether USDe would only work in a bull market

How the Ethena insurance fund works and what it aims to accomplish

What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset

Thank you to our sponsors!

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Guest


Guy Young, founder of Ethena Labs. 

Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models


Links
Ethena: 

Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide


Decrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know 



Dust on Crust by Arthur Hayes

Airdrop:

Unchained: Airdrops From Wormhole and Ethena Labs Set to Inject $2.4 Billion Into Crypto Market This Week 


Cointelegraph: Ethena will become highest revenue-generating crypto project — Delphi Labs CEO 



ENA Airdrop and Season 2: Sats Campaign 

Learn more: What Is a Crypto Airdrop? A Beginner’s Guide


MakerDAO/Aave controversy: 

The Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe


The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral, 

Comparisons to Terra’s UST: 

The Defiant: Ethena Stablecoin’s 27% Yield is Triggering Terra-Induced PTSD


Andre Cronje’s thoughts on USDe

Cointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries



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Unconfirmed: How Elon Musk Pushed DOGE Up and BTC Down, With Arca's Jeff Dorman - Ep.237

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