Why Hyperliquid Should Cut Its Total Token Supply Nearly in Half - Ep. 909
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his proposal to cut Hyperliquid’s supply by nearly half, why he believes FDV overstates real valuations, and how outdated tokenomics are holding projects back.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⏳ 20:44 Why current tokenomics reflect an outdated model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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Two VCs on Why the 4-Year Cycle Is Dead, DATs & Hyperliquid vs. Binance - Ep. 892
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Is crypto no longer moving in predictable four-year waves?
From the rise of DATs and stablecoin-specific chains, to Hyperliquid challenging Binance itself, the industry is fracturing into segments with winners and losers.
In this episode, Hack VC’s Peter Hans and DBA’s Jon Charbonneau debate whether Solana is next in line for a TradFi pump, why ETH suddenly flipped from dead to indispensable, and how onchain exchanges could finally free projects from Binance’s grip.
Thank you to our sponsors!
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Guests:
Peter Hans, Partner and Global Head of Business Development at Hack VC
Jon Charbonneau, co-founder and general partner of DBA
Links:
Rob Hadick’s tweet on the DAT trend
Vinny Lingham’s tweet on the locked SOL in DATs
Unchained:
Hyperliquid Surpasses Robinhood in Trading Volume for Three Months Straight
Circle to Launch Layer 1 Blockchain ‘Arc’
Stripe Is Building Its Own Layer 1 Blockchain
Timestamps:
🎬 0:00 Intro
🎯 2:44 Whether the DAT trend is peaking or just getting started
🧾 10:57 Whether SOL DATs include locked funds from the FTX estate
🙅♂️ 11:52 Why Jon hasn’t touched any of these products
📈 16:28 Why Peter still sees long-term value in these vehicles
🔥 20:24 Why ETH is suddenly hot in TradFi and how SOL could follow
🏦 28:49 What makes a stablecoin-specific chain attractive
😶🌫️ 32:42 How crypto overlooked privacy for far too long
🔗 38:48 What it’ll take for stablecoin chains to win the payments game
⚠️ 45:39 Whether stablechains could hurt Ethereum, Tron, or Solana
🔍 47:46 Which stablechain has the best shot at success
💸 52:07 Why Hyperliquid beat Robinhood in trading volume
🧨 56:00 How Hyperliquid could break Binance’s listing chokehold
🕵️♂️ 59:23 What makes anonymous, no-KYC products appealing
📉 1:01:30 Whether the 4-year crypto cycle is officially dead
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The Chopping Block: Robinhood’s Tokenized-Stock Gambit, Solana’s ETF Splash & the Proof-of-Stake Reality Check - Ep. 862
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 Jon Charbonneau and Ryan Watkins to unpack the bombshell news of Robinhood Chain—an Arbitrum-based network debuting tokenized U.S. stocks, 3× crypto perps, and that head-scratching $500 K liquidity cap. From riffing on whether proof-of-stake yields are just “money in a box,” to debating Solana’s first U.S. staked ETF, to sizing up the looming perp wars between Robinhood and Coinbase, the crew maps a common thread: corporate chains and regulatory work-arounds are colliding with crypto’s decentralization ideals, forcing builders, traders, and even ETF hawks to rethink where real security, fairness, and opportunity will live next.
Show highlights
🔹 Robinhood Chain Revealed – Why the trading-app giant paid up to launch an Arbitrum-based “Robinhood Chain,” starting with 24/5 perpetuals and tokenized U.S. stocks, plus a rumored $500 K–liquidity cap that has Crypto Twitter howling.
🔹 Tokenized-Stock Gold Rush – From Tesla and SpaceX pre-IPO shares to on-chain S&P stalwarts: does 24/7 trading finally make equity tokens stick, or is it just another CFD in disguise?
🔹 Perps Arms Race – Coinbase’s 5-year “quasi-perp” futures vs. Robinhood’s 3×-leverage launch vs. Hyperliquid’s 20× turbo deck—who wins the battle for retail flow?
🔹 Solana ETF First-Mover – RexShares files a staked-SOL C-Corp ETF, beating BlackRock to the punch and testing Wall Street’s appetite after ETH’s lukewarm debut.
🔹 Proof-of-Stake Reality Check – The crew dismantles the “economic security” myth, asks whether validator cartels make inflation rewards pointless, and floats proof-of-governance as the next model.
🔹 Hyperliquid vs. The World – Why a single Tokyo data center is eating CLOB volume, what zk-rollup challengers are planning, and how latency games redefine “decentralized exchange.”
🔹 $2 B Prediction-Market Beef – Paradigm-backed Kalshi clashes with PolyMarket after a viral “little rats” tweet; inside the influencer war and the CFTC license flex.
🔹 Conference FOMO No More – New-York-privileged hosts roast ETH CC in Cannes and declare the age of fly-to-France crypto tourism officially over.
🔹 Reg-Tech vs. Fin-Tech – From transfer agents to T+1 settlement: why outdated TradFi plumbing, not blockchains, still blocks global access to U.S. securities.
🔹 Super-App Skepticism – The panel pokes holes in “super-app” buzzwords and explains why sequencing—product-first, chain-later—matters more than catchy slogans.
⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly
Guests
⭐️ Ryan Watkins, Co-Founder of Syncracy Capital
⭐️ Jon Charbonneau, Co-founder & General Partner at DBA
Timestamps
0:00 Intro
02:59 Robinhood Chain
15:05 Debate on Tokenized Stocks
27:18 Perpetuals (Perps) in the Crypto Market
37:15 Robinhood's New Crypto Traders
39:26 The Solana ETF Approval
41:17 Understanding Staking and ETFs
43:36 The Future of Proof of Stake
46:20 Governance in Ethereum and Other Chains
56:26 Corporate Chains and Validator Selection
01:04:31 Polymarket vs. Kalshi
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ROUNDTABLE: Crypto's IPO Era | HYPE vs. SOL vs. PUMP | Jon & Bread
Crypto markets are buzzing and institutional appetite is peaking. With Circle’s IPO wildly oversubscribed and a new wave of companies racing to go public, we unpack what this means for the industry.
Jon and Bread join us to break down the hype around crypto IPOs, why TradFi wants stablecoin exposure, and what it signals for projects like Solana, Ethereum, and Hyperliquid. We also debate value accrual, ETH vs BTC narratives, and whether apps or platforms will dominate the next phase of crypto. This is the IPO Era of crypto—let's dissect the winners and the delusions.
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🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
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TIMESTAMPS & RESOURCES
0:00 Intro
0:32 Vibe Check
https://x.com/intern/status/1932238240880222270
https://x.com/blknoiz06/status/1932072994731647435
10:13 Crypto’s IPO Era
https://www.tradingview.com/chart/?symbol=NYSE%3ACRCL
https://x.com/HadickM/status/1931323504525279522
18:11 Ethereum Valuation Debate
https://x.com/DeeZe/status/1932475461348835800
29:29 Hype vs SOL vs PUMP
https://www.tradingview.com/chart/?symbol=KUCOIN%3AHYPEUSDT
40:44 Hyperliquid vs Centralized Exchanges
https://dune.com/uwusanauwu/perps
50:35 PumpFun’s Token Sale
58:16 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
How Should ETH Be Valued? | Ryan Berckmans vs. Jon Charbonneau
Jon Charbonneau and Ryan Berckmans join Bankless to debate Ethereum’s future: is ETH undervalued, or has the market already spoken?
We unpack whether Ethereum can rival Bitcoin as a store of value, if L2s will drive real value back to ETH, and whether Solana’s momentum signals deeper trouble for Ethereum. Jon argues ETH has lost its lead and may never reclaim it. Ryan contends Ethereum’s neutrality and institutional traction make it the inevitable hub for the onchain economy.
This is the definitive conversation on where ETH stands—and where it’s heading.
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🌐SELF | PROVE YOUR SELF
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🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
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TIMESTAMPS
0:00 Intro
0:32 Is ETH special?
32:55 How ETH should be valued
51:42 ETH over or undervalued?
1:09:59 Being wrong on ETH
1:13:00 Closing & Disclaimers
------
RESOURCES
Ryan Berckmans
https://x.com/ryanberckmans
Jon Charbonneau
https://x.com/jon_charb
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
ROUNDTABLE: The REV Debate - Real Metric or Fake News? Jon, Bread, & Andy8052
In this episode of the Bankless Podcast, hosts discuss Real Economic Value (REV). Triggered by Jon's exploration of how ETH and SOL prices correlate with REV, the team delves into REV's role as a value capture metric and demand signal for blockchain networks. We evaluate the implications for network valuations, debate the sustainability of relying on REV, and analyze competitive dynamics between Ethereum and Solana. The conversation concludes with musings on crypto investment risks and the evolving identity of digital currencies in relation to app utility.
Jon Charbonneau: https://x.com/jon_charb
Bread: https://x.com/0xBreadguy
Andy8052: https://x.com/andy8052
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🌐SELF | PROVE YOUR SELF
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🟠HEMI | BTC & ETH, ONE NETWORK
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---
TIMESTAMPS
0:00 REV
https://x.com/jon_charb/status/1923739890115543264
https://x.com/TrustlessState/status/1924835154700234866
17:56 Stablecoins vs Native Currencies
28:38 Tribalism
https://x.com/post_polar_/status/1924458711940055246
https://x.com/RyanSAdams/status/1924202146117153172
39:30 The Trenches
https://dune.com/beincrypto/solana-launchpads
49:14 Pump . Fun
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Launchcoin & Believe | ETH's 50% Candle | Coinbase Listed on S&P 500 | Jon, Bread, & Andy8052
In this episode of the Bankless Roundtable, host David Hoffman is joined by crypto enthusiasts Zero X Bread Guy, John Charbonneau, and Andy8052 to discuss the recent surge in Ethereum's price, which skyrocketed nearly 50% this week. The panel analyzes the impact of the Believe app and Launchcoin on internet capital markets, Coinbase's entry into the S&P 500, and Robinhood's new Layer 2 solution. They explore the implications of these developments for investor confidence and market liquidity, alongside the rising interest in meme-based tokens. The conversation wraps up with thoughts on Ethereum vs. Solana and the importance of community engagement in the evolving crypto landscape.
Jon Charbonneau: https://x.com/jon_charb
Bread: https://x.com/0xBreadguy
Andy8052: https://x.com/andy8052
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🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle
🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
---
TIMESTAMPS
0:00 ETH vs SOL vs BTC
5:40 Internet Capital Markets
https://x.com/gabrielhaines/status/1922293923420000346
https://dexscreener.com/solana/yrrustgpugdp8bbfosqdefssen6sa75zs1qjvgnhtmy
https://www.believescreener.com/
https://x.com/believeapp
22:19 Memecoin Launchpads
https://x.com/believeapp/status/1922075588115775489
https://x.com/zhusu/status/1922178773375418733
30:32 Ethereum Up 50%
https://www.coingecko.com/en/coins/ethereum
46:25 Coinbase Listed
https://x.com/coinbase/status/1922046840528113880
53:47 Robinhood Acquires Wonderfi
https://x.com/hanni_abu/status/1922341347844841611
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Is ETH Back? Memecoins Here to Stay? HYPE's HyperLiquid EVM | Jon, Bread, & Andy8052
Jon Charbonneau, Bread, and Andy8052 join David to break down Ethereum’s bold pivot back to Layer 1 and what it means for the future of crypto.
They also dive into the implications of scaling the L1 over rollups, the looming death of longtail L2s, and the shifting meta around value accrual, memecoins, and onchain activity. The crew also debates ETH’s monetary identity, HyperLiquid’s EVM ambitions, and whether Ethereum can reassert itself as crypto’s dominant tech and cultural platform.
Jon Charbonneau: https://x.com/jon_charb
Bread: https://x.com/0xBreadguy
Andy8052: https://x.com/andy8052
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TIMESTAMPS & RESOURCES
0:00 Intro
1:58 Ethereum Pivot Has a Tagline
https://x.com/hosseeb/status/1917052715911549399
https://x.com/0xngmi/status/1916910787936797005
18:49 Ethereum Value Accrual
30:29 Fun Chain Premium
34:00 Memecoin Meta These Days
50:17 HyperLiquid EVM
58:01 1 Gorilla vs 100 Men
https://x.com/search?q=1%20Gorilla%20v%20100%20Men&src=typed_query
1:04:07 Closing & Disclaimers
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Is Ethereum Back on Track? | Jon Charbonneau & @0xBreadguy
Jon Charbonneau and Bread join David Hoffman to unpack Ethereum’s pivotal moment—facing tough choices to re-focus on its Layer 1.
They break down Ethereum’s shift back toward prioritizing L1 growth, the delicate dance between Layer 1 and Layer 2 strategies, and why Ethereum must reclaim DeFi as its core strength. The conversation also explores the nuanced dynamics between Ethereum’s cultural vision and technical roadmap, how Layer 2s fit into Ethereum’s evolving ecosystem, and what this strategic recalibration means for Ethereum's future in a competitive crypto landscape.
Jon Charbonneau: https://x.com/jon_charb
Bread: https://x.com/0xBreadguy
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🌐SELF | PROVE YOUR SELF
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🏦INFINEX | THE CRYPTO-EVERYTHING APP
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------
TIMESTAMPS & RESOURCES
0:00 Intro
5:28 Jon & Bread’s reaction to the Dankrad/Angsar episode
https://www.bankless.com/podcast/ethereums-strategic-pivot-ansgar-dankrad-mike-ippolito
https://x.com/TrustlessState/status/1914402754891559253
https://x.com/TrustlessState/status/1914330497905299790
27:56 Unichain or Ethereum L1 is DeFi?
https://x.com/TrustlessState/status/1913633500206428201
35:07 Making the L1 competitive while keeping L2s happy
44:38 L2s Parasitic?
48:49 Bitcoin Roadmap Bread vs. Jon
57:09 Decline of the ETH price & all asset prices overpriced?
1:05:02 ETH/BTC growth slowdown reason
1:13:35 The politics side of the conversation
1:19:05 What Bread & Jon are excited about
1:26:49 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Can Ethereum Compete with Bitcoin, Solana & Celestia? | Mike Ippolito & Jon Charbonneau
What is Ethereum’s North Star, and does it even need one?
There has been angst in the Ethereum community, growing over the last year, as Ethereum has become squeezed by its competition. Bitcoin’s story as money is growing in mainstream society. Solana has captured the hot ball of money in crypto. And Celestia’s data availability continues to progress at a faster rate than what is found at home in Ethereum.
This is Ethereum’s Three-Front War, a topic we covered in a recent episode with Justin Drake. And today we‘re joined by Jon Charbonneau and Mike Ippolito to contextualize and diagnose what Ethereum needs in order to thrive in this competitive landscape.
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------ ✨ Mint the episode on Zora ✨ https://zora.co/collect/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/109?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
------ TIMESTAMPS
0:00 Intro 6:00 Jon’s Article 16:48 How did we get here? 23:16 Ethereum’s Three Front War 43:14 Ethereum Wins by its Synergies 52:52 Ethereum’s Focus 1:01:58 Ethereum Tactical Advice 1:18:18 Ultra Sound Money vs World Computer 1:30:26 Closing & Disclaimers
------ RESOURCES
Mike Ippolito https://x.com/mikeippolito
Jon Charbonneau https://x.com/jon_charb
Jon’s Article https://dba.xyz/ethereums-north-star/
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
What's a Fair Value for Crypto Networks Like BTC, ETH and SOL? - Ep. 721
How do you determine the value of decentralized networks like Bitcoin, Ethereum, or Solana? It’s not as straightforward as traditional investments.
Jon Charbonneau, general partner at crypto investment firm DBA, joins Unchained after writing a paper that dives deep into the complexities of valuing blockchain networks. He explains why applying traditional equity models to networks such as Bitcoin falls short, how tax inefficiencies in staking rewards impact valuations, and whether Layer 2 solutions like Optimism and Arbitrum are helping or hurting the long-term value of Layer 1 blockchains.
Also, he looks at the big question—are these networks sustainable in the long run?
Show highlights:
What motivated Jon to write the paper
What the main points of the paper are
Why tax inefficiencies in staking rewards are a critical factor in valuing decentralized networks and how they differ from traditional corporate taxes
What makes valuing networks tricky, as Jon explains how proof-of-work vs. proof-of-stake systems differ from traditional equity models
How he thinks about valuing Layer 2s and whether they are parasitic to the L1
Whether blockchains are sustainable in the long term
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
Polkadot
Mantle’s FBTC
Guest
Jon Charbonneau, co-founder and General Partner at DBA
L1 & L2 Token Value Capture
Links
Previous coverage of Unchained on this topic:
How to Figure Out Whether a Crypto Token Is Worth Its Trading Price
ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
Are Layer 2s Parasitic to Ethereum and ETH as an Asset?
Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
Ether-Bitcoin Ratio Is at Multi-Year Lows, But It’s Just ‘Temporary’ and an ‘Opportunity’
Timestamps:
00:00 Intro
01:25 What sparked Jon's interest in this topic?
03:35 Key takeaways from the paper
08:30 How staking taxes could change the game
13:46 Why traditional models fail for blockchain
20:10 Are Layer 2s helping or hurting Layer 1s?
26:51 Can blockchains survive long term?
29:20 News Recap
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Why Monad is Superscaling the EVM with Parallel Execution | Keone Hon & Jon Charbonneau
On today's episode Santi and Jason are joined by Keone Hon, co-founder of Monad, and Jon Charbonneau co-founder of dba, to discuss building performant blockchains and the tradeoffs between modular versus integrated architectures. They cover Monad's design decisions including choosing the EVM for developer portability, implementing optimistic parallel execution for efficiency, and developing the MonadDB state database for fast data access. They also unpack the hardware requirements for validators, alt L1 ecosystem competition, and how to build lasting communities around protocols. Stay tuned for all this and much more!
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- -
Arbitrum is a game-changer for daily Ethereum's users and developers, offering top applications and lower fees. As the leading scaling solution with 600+ apps, explore Arbitrum’s Portal to find your perfect fit. Interact with the home of DeFi, a flourishing NFT and creator ecosystem, and a rapidly growing Web3 gaming hub – Arbitrum has it all.
Get started at:
portal.arbitrum.io
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Secure your wallet for free at harpie.io.
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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.
Use the link below to learn more, and use EMPIRE10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!
Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home
- -
Timestamps:
(00:00) Why Build Monad?
(06:58) Why the EVM
(13:17) L2 vs L1 App Chain Decision
(15:21) Parallelized Systems & Scalability
(32:40) Monad Transaction Overview
(41:11) Arbitrum Ad
(41:59) Harpie Ad
(43:14) Validator Hardware Requirements
(56:27) Monad Vision & Competitive Position
(01:01:14) Attracting Users and Developer
(01:07:00) What Actually Goes Onchain?
- -
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
211 - Is DA a Good Business Model? - Neel Somani & Jon Charbonneau
What’s Data Availability (DA) and what’s its Business Model?
In this episode we’re welcomed by Jon Charbonneau, researcher-investor at DBA and Neel Somani, CEO of Eclipse.
We unpack everything Data Availability from what it unlocks to its economics. We also get into the DA Market covering participants like Celestia and EigenDA.
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🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
⚖️ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
💸 CRYPTO TAX CALCULATOR | USE CODE BANK30 https://bankless.cc/CTC
------ TIMESTAMPS
00:00 Intro 7:27 What is DA? 16:45 Is DA a Commodity? 23:40 DA Costs 30:23 What DA Unlocks 37:41 The DA Market 1:01:40 Network Effects 1:07:56 DA Economics 1:14:50 DA Value Capture 1:20:23 Celestia Monetary Premium 1:29:10 What’s Next for DA 1:34:29 Solana DA 1:36:01 Closing Thoughts
------ RESOURCES
Jon Charbonneau https://twitter.com/jon_charb
Neel Somani https://twitter.com/neelsalami
Celestia https://celestia.org/
EigenDA https://docs.eigenlayer.xyz/eigenda/overview
------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets.
See our investment disclosures here: https://www.bankless.com/disclosures
The Reboot | Uncommon Core 2.0 with Hasu and Jon Charbonneau
Uncommon Core - one of my favorite podcasts of all time - is back! This reboot is hosted by Hasu and Jon Charbonneau, two of the brightest minds in crypto. We are dropping their first episode here to share the news and because you’ll want to add this show to your podcast lineup!
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In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview of the key areas of crypto infrastructure today. Finally, we zoom into rollup decentralization roadmaps, and Jon shares a controversial new thesis about sequencer decentralization.
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Timestamps:
(00:00) Intro
(02:42) Interview start
(03:44) Jon's work week
(08:04) ChatGPT & writing
(10:57) Jon's start in crypto
(14:45) How to pick things to work on
(17:08) Outsider's perspective on crypto
(19:05) Jon's research process
(22:00) Jon's proudest moment in crypto
(23:06) Crypto Infrastructure overview
(29:58) Why crypto infrastructure is interesting
(35:57) Rollup decentralization overview
(42:44) Challenges decentralizing the sequencer
(47:46) Ethereum vs Cosmos approach to governance & decentralization
(53:35) User ability to opt out
(56:37) Staking vs. governance deciding sequencers
(01:08:31) L3s
(01:13:34) Superchain
(01:16:38) Summary of rollup decentralization
(01:21:08) Outro
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Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
UCC2 - https://twitter.com/UCC2_xyz
Website - https://ucc2.xyz
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
ETH Is NOT Ultrasound Money with Jon Charbonneau
In today's episode, Jon unpacks his relatively controversially titled new piece, "ETH Is Not Ultrasound Money: Part 1"
Is ETH doomed? Was Ultrasound money a myth? Tune in to hear Jon's arguments.
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------ Timestamps:
0:00 Intro 5:06 Jon's Argument 11:30 Triple Point Asset Thesis 17:52 ETH 18:53 The Disagreement 22:10 Semantics 26:40 Profit 30:00 PoW vs. PoS 33:15 Does Issuance Matter? & L1s & L2s 37:57 Blockchain Sustainability 42:00 Deflation vs. Inflation Value 47:50 How is Jon's Argument Bullish? 51:35 Alt L1s Issuance 59:20 Jon's Model Spreadsheet 1:17:53 Closing & Disclaimers
------ Resources:
Jon Charbonneau https://twitter.com/jon_charb
Jon's Essay https://joncharbonneau.substack.com/p/eth-is-not-ultrasound-money-part
Jon's Model Spreadsheet https://docs.google.com/spreadsheets/d/1UlxKC98STwN-AoonytC-qOscZ_99fAMpMvB6EfGGe9E/edit#gid=0
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures
Guide to the Ethereum Roadmap | Jon Charbonneau of Delphi Digital
Jon Charbonneau, Research Analyst at Delphi Digital joins David to talk about his recent essay titled, "The Hitchhiker's Guide to Ethereum."
Proposer / Builder Separation (PBS) Danksharding and ProtoDanksharding (DS + PDS) Data Availability Sampling (DAS)
What the absolute HELL are these things? What do they mean for Ethereum? What's the common theme behind all of them? And what do they mean for ETH?
All of these questions answered and so much more in the livestream.
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------ Timestamps:
0:00 Intro 6:00 The Vibe of the Ethereum Roadmap 8:50 The Hitchhiker's Guide to Ethereum 17:06 The End State of Ethereum 23:05 Data Availability Sampling 34:49 Proto to Full Danksharding 48:15 Proposer Builder Separation 54:01 Checks & Balances 56:10 Incentives in Being a Builder 1:01:50 Centralization 1:03:50 Comparing Ethereum’s Scaling Strategies 1:05:54 Value Capture 1:07:20 How Jon Understands Everything
------ Resources:
Jon Charbonneau https://twitter.com/jon_charb
Delphi Digital https://delphidigital.io/
The Hitchhiker's Guide to Ethereum https://members.delphidigital.io/reports/the-hitchhikers-guide-to-ethereum
Valuing Layer 1s - Memes, Money, or More? https://members.delphidigital.io/reports/valuing-layer-1s-memes-money-or-more
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures