Hyperliquid has become the breakout perp exchange of crypto. But is the market missing its biggest competitor? Delphi’s Flip and DeFi investor Will Price join David to make the case for Lighter, a ZK-powered Ethereum L2 with zero-fee retail trading, white-glove distribution, real-world asset perps, and a token buying back revenue at a surprising rate. Is LIT just a Hyperliquid beta trade, or is it one of the most underpriced bets in onchain finance?
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TIMESTAMPS
0:00 Intro
3:05 Why Lighter Is Different
5:32 ZK Rollup Advantages
6:46 Charging Traders, Not Retail
12:07 Fairness Without MEV
14:50 Why Hyperliquid Can’t Copy
18:03 Distribution Beyond Crypto
22:08 Latency & Flow Quality
26:50 Technical Edge Across the Stack
30:31 RWAs & Pre-IPO Markets
34:07 U.S. Perps Market Play
36:05 Back-End For Big Brokers
38:28 Bootstrapping Liquidity
41:54 Lighter As A Platform
46:34 Token Value & Buybacks
50:11 Market Cap Versus FDV
53:02 Valuing LIT Properly
57:51 Cracked Team & Better Comms
58:13 Joining The Lighter Community
58:51 What Comes Next
---
RESOURCES
Will Price
https://x.com/will__price
Trevor Flipper
https://x.com/trevor_flipper
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Will AI agents use cards or stablecoins? Here’s how two crypto VCs see the agentic future shaping up.
Sponsored by Nexo: A crypto lending and borrowing platform that lets users earn interest on digital assets and access credit against their holdings. Now available in the US with exclusive privileges for new clients. Get started today: http://nexo.com/unchained
What happens when merchants are code instead of storefronts? Noah Levine and Robbie Petersen debate whether stablecoins or cards win in an agentic economy, and more importantly, where the profit pools end up.
One sees headless merchants driving a new payment stack; the other warns that front ends never fully disappear. Both agree on this: traditional fraud detection will likely fail against AI behavior patterns, and the rails question masks a deeper problem of regulatory and social inertia.
The outcome hinges on whether permissionless infrastructure can outcompete existing payment incumbents, and whether agentic commerce actually scales beyond niche use cases.
Guest:
Noah Levine, Partner at a16z
Robbie Petersen, Junior Partner at Dragonfly
Learn more about your ad choices. Visit megaphone.fm/adchoices
Analysts Will Clemente, Joe Vezzani and Marcus Wu share their Bitcoin outlook amidst war. Plus, Will shares his thesis on Gen Z’s future, and Marcus previews his Bitcoin game theory model.
Thank you to our sponsors!
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Crypto Tax Girl
Bitcoin's price has largely held steady despite President Donald Trump's escalation of hostilities with Iran. Is this the bottom signal the market has been waiting for?
STIX investments chief Will Clemente, LunarCrush co-founder Joe Vezzani and Delphi Digital Research Analyst Marcus Wu explain why it looks like Bitcoin is bottoming, why a 10/10-style crash would have happened in crypto even without the Binance glitch, and why, regardless of the Jane Street rumors, it’s not beyond Wall Street to manipulate an asset.
They also address speculation that Jane Street has been suppressing Bitcoin's price and how AI's rapid advancement could impact crypto in light of Citrini Research's article and Jack Dorsey's Block layoffs.
Don't miss Joe's reasoning on why Trump could come to the market's rescue and Will's thesis on why zoomers face four unique financial and technological challenges. Plus Marcus also previews his new game theory model for trading the Bitcoin market.
Guest:
Marcus Wu, Research Analyst at Delphi Digital
Joe Vezzani, Co-founder and CEO of LunarCrush
Will Clemente, Investments at STIX
Previous appearances on Unchained:
Bitcoin Crashed Below $100K, But Smart Money Is Buying the Dip
Strong Hands Aren't Selling Bitcoin. So Who Is? - Ep. 183
Arthur Hayes and Will Clemente on the 2024 Bitcoin Halving
Links:
Unchained:
Why Gold Rose and Bitcoin Tumbled on Japan Bond Turmoil
Is Nic Carter Exaggerating Bitcoin’s Quantum Risk? Yes, Says One Core Dev
Bitcoin Rebounds as ETF Inflows Return, Jane Street Speculation Swirls
Terraform Estate Targets Jane Street in Explosive Terra Collapse Lawsuit
Crypto’s Black Friday Was Its Largest Liquidation Ever. What the Hell Happened?
Will’s essay
Climbing a Broken Ladder: A message to my fellow Zoomers
Marcus’s Bitcoin game theory model
Bitcoin Game Theory on Delphi Digital
Learn more about your ad choices. Visit megaphone.fm/adchoices
Thank you to our sponsor, Mantle. Sign up for their hackathon here!
Crypto markets this year failed to live up to expectations, raising questions about the trajectory for next year. The situation is further complicated by speculation that Bitcoin is about to kick off a multiyear decline in line with the so-called four year cycle.
In this Unchained podcast episode, Delphi Digital analysts Jason Pagoulatos and Jordan Yeakley break down the market and applications outlook for next year.
They look at whether the four year cycle would hold, what gold's run means for Bitcoin and the conditions that have led to recent market apathy. They also discussed whether the recent resurgence of privacy coins is a fad and who would come out on top in the race to become an “everything app.”
Is the four year cycle the result of multiple coincidences? And, is X the dark horse in the everything app meta?
Guests:
Jason Pagoulatos, Head of Markets at Delphi Digital
Jordan Yeakley, CFA, Research Analyst at Delphi Digital
Previous appearances on Unchained:
What Went Wrong With Pump's ICO and Where It Goes From Here
How Crypto Markets Are Post-Selloff, With Election/Fed Uncertainty
Links
Unchained:
Will Bitcoin’s New Phase Change It Forever? And Is the 4-Year Cycle Dead?
The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race
What Ethereum Will Look Like When It Implements Its New Privacy Focus
Why the Privacy Coins Mania Is Much More Than Price Action
Coinbase Launches Stock Trading and Prediction Markets
Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’
How the x402 Standard Is Enabling AI Agents to Pay Each Other
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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
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
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!
Re
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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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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. 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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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
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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🛞MANTLE | MODULAR LAYER 2 NETWORK
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🌐SELF | PROVE YOUR SELF
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🟠BINANCE | THE WORLDS #1 CRYPTO EXCHANGE
https://bankless.cc/binance
------
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
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
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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BANKLESS SPONSOR TOOLS:
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🦄UNISWAP | SWAP ON UNICHAIN
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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
The Movement Labs scandal exposed more than just one bad deal – it pulled back the curtain on a widespread problem in crypto: how some market makers, founders, and VCs play games to make money — whether the project succeeds or not.
In this episode, Laura speaks with José Macedo of Delphi Labs, Omar Shakeeb of SecondLane, and Taran Sabharwal of STIX to explain:
How market makers are supposed to work, and how they operate in crypto
Why insider selling is more common than you think
How projects like Movement, Mantra, and others exploit launch day hype
Whether VCs often enable this behavior with side deals that retail never hears about
And what the industry needs to do to fix this broken system
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
José Macedo, founder at Delphi Labs
Omar Shakeeb, cofounder of SecondLane
Taran Sabharwal, founder and CEO of STIX.
Movement Labs:
Unchained: How MOVE’s Contracts Put a Pump and Dump Into a Legal Agreement
CoinDesk: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen
Market making:
The Chopping Block: Can Crypto Clean Itself Up? Market Structure, Trust, and Regulation
Mantra Founder Is Burning 150 Million Tokens. Would He Try to Get Them Returned?
ZachXBT Ties REEF Founders to OM Token Crash
Timestamps:
👋 0:00 Intro
🤝 1:51 What Omar’s and Taran’s companies do
🎭 3:40 How market making works and how crypto twists the model
⚠️ 9:35 Why crypto’s market maker incentives are broken by design
🛠️ 16:25 What it would take to fix shady market maker behavior
🚩 26:20 How some founders exploit launch day hype to dump on retail
🧠 38:11 Did Mantra’s JP pull off a “genius” move or manipulate the market?
🔍 42:22 Whether crypto traders do any research before apeing in
💸 52:48 How founders are incentivized to dump their own tokens
🏦 59:09 Why VCs may be fueling this problem with insider deals
📉 1:02:37 What crypto needs to learn from traditional finance
✅ 1:06:13 The biggest fixes the industry must prioritize to stop these scams
Learn more about your ad choices. Visit megaphone.fm/adchoices
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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🌐SELF | PROVE YOUR SELF
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🏦INFINEX | THE CRYPTO-EVERYTHING APP
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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
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
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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------
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
📣RESERVE | INVEST IN CRYPTO NARRATIVES https://bankless.cc/reserve ------
Tom Shaughnessy from Delphi joins us to break down the AI x crypto space—where the value is, how to spot winning models, and why Silicon Valley AI and crypto AI are taking very different approaches. We also get into agent-based research, the fracturing of frontier models, and… a birthday surprise at the end.
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🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo
🦋MORPHO | CRYPTO-BACKED LOANS https://bankless.cc/Morpho
🏦ONDO | INSTITUTIONAL GRADE FINANCE https://bankless.cc/Ondo
----- ✨ Mint the episode on Zora ✨ https://zora.co/coin/base:0x683b869d53e77e7cc03a6fec7fec6934edcf29a7?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E
------ TIMESTAMPS
00:00 Start 04:42 Delphi's Interest In The Space 08:20 Initial AI Crypto Use Cases 09:18 The Era's Of AI 13:41 Where Does Value Accrual Come From 20:38 How Do You Choose The Winning Model? 27:08 Silicon Valley AI Vs Crypto AI 37:12 Fracturing Of Frontier Models 41:43 What's Exciting? 46:27 Due Diligence Via Agent 49:02 When To Use What Agent 53:10 A Birthday Surprise
------ RESOURCES
Tom Shaughnessy https://x.com/Shaughnessy119
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Low float and high fully diluted valuation (FDV) coins have been a hot topic in crypto this year. Yet, understanding these coins' unrealized gains is critical for truly grasping their pricing.
In this episode, Jose Macedo of Delphi Digital and Ari Paul of BlockTower Capital dive deep into metrics that help assess a coin’s true value. They discuss why upcoming token unlocks may put downward pressure on the market, how token unlocks could be better structured for long-term success, and whether VCs are extracting more value than they contribute.
Show highlights:
Why upcoming token unlock events are creating anxiety in the crypto market
The role unrealized gains play in token price volatility
How certain projects manipulate circulating supply metrics to influence perceptions
Tips for everyday investors to uncover accurate token information
The impact of secondary market trading on anticipated token unlock events
Why short-term token strategies often prevail over those focused on sustained success
Jose’s insights into why simple, time-based unlock models may outperform complex systems
Ari’s thoughts on the SEC’s investigations into VCs and their parallels to pump-and-dump schemes
Why many crypto projects face a bearish outlook due to pending token unlocks
How the intersection of memecoins and VC involvement could shape the next market cycle
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
Guests:
Jose Macedo, founder at Delphi Labs
Ari Paul, CIO of BlockTower Capital
Previous appearances on Unchained:
Ari Paul on Why Bitcoin Is a Good Value Buy
Ari Paul of BlockTower Capital on the Crypto Downturn and Why It Could Change Direction
Links
High FDV and unlocks:
Unchained:
How ‘Fully Diluted Valuation’ Can Be a Very Dangerous Metric for Crypto Markets to Rely On
Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
80% of Tokens on Binance Are Down Since Listing Date: SwissBorg Researcher
Cobie newsletter: New launches (part 1) - private capture, phantom pricing
Rocknblock: Token vesting explainer
CoinDesk: 'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting
Jose’s thread that inspired the episode
Ari’s post responding to Jose’s thread
Token.unlocks.app: Token vesting tracker
Solutions:
Hack VC: Potential Solutions to Crypto's Unlock Problem
Colony Lab: Early-Stage Program & Liquid Vesting
Imran Khan’s tweet on Blast https://x.com/lmrankhan/status/1806040646433522149
Timestamps:
00:00 Intro
02:46 Token unlocks creating market concerns
11:06 Unrealized gains to market cap ratio impact
13:06 Token supply manipulation tactics
21:11 How investors can verify token projects
24:21 Secondary market trading and unlock impacts
35:36 Current token launch strategy persistence
41:46 Short-term vs long-term project decisions
47:21 Time-based vs metric-based token unlocks
53:51 SEC investigations into VC practices
59:56 Bearish outlook for upcoming token unlocks
1:06:36 Investor risks in current cycle
1:13:11 Future of VCs in crypto and memecoins
Learn more about your ad choices. Visit megaphone.fm/adchoices
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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🔒 SAFE | INTRODUCING SAFENET https://bankless.cc/SAFE
------ ✨ 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
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
Learn more about your ad choices. Visit megaphone.fm/adchoices
In this episode, Jason is joined by the founders of Delphi Digital to talk about their journey from a small research firm to an investing, research, and consulting juggernaut. They unpack their unique "umbrella thinking" approach to decision-making, the challenges of managing a rapidly growing organization and portfolio, and their insights into the current state of the crypto market They also explore emerging trends in crypto including AI, gaming and potential impact on political changes in the industry. Finally, they share their bullish views on the future of crypto and the infrastructure needed to support its growth. Thanks for tuning in!
- -
Start your day with crypto news, analysis and data from Katherine Ross and David Canellis.
Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
Follow Jose: https://x.com/zemariamacedo
Follow Yan: https://x.com/yanliberman
Follow Anil: https://x.com/anildelphi
Follow Delphi Digital: https://x.com/Delphi_Digital
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- -
Anoma is the universal intent machine, introducing a new era of applications where you define the outcomes you want. Anoma’s intent-centric architecture provides a universal operating system for building intent-centric apps compatible with any blockchain. Anoma vastly improves blockchain UX, enables novel applications, and promotes a more human-centric future for decentralized technology.
Follow Anoma at x.com/anoma and signup for the newsletter at anoma.net
- -
re.al is the permissionless L2 for tokenized RWAs built on Arbitrum Orbit and the first L2 to return chain and protocol fees back to users, in reETH, ensuring they benefit from ecosystem growth. re.al has just launched a fully-transparent rewards (points) program returning 10% of $RWA supply to early users.
Not investment advice or product solicitation and not aimed at US persons. https://re.al/rewards/airdrop/O4UNU
- -
Renaud Partners has built the most elite network of native crypto marketers globally.
They create custom, expert teams to support founders with transformative strategy work.
If you’re a founder or a VC looking for support for your teams, head on over to RenaudPartners.com or give their co-founder Geoff a follow on x at https://x.com/ReoffGenaud
- -
Timestamps
(00:00) Introduction
(01:21) Delphi Origin Story
(12:25) Birth of Fat Protocol Thesis
(16:08) Pivoting from Research to Investing
(20:40) Portfolio Growth
(25:08) Decision Making Process
(30:10) Operations & Team Structure
(35:55) Selling Tokens
(40:02) Anoma ad
(41:03) Re.al Ad
(42:03) Invisible North Ad
(43:00) Delphi 10 Year Vision
(48:26) Making Money this Cycle
(54:15) Where are We in the Cycle?
(01:01:35) Hottest Narratives this Cycle
- -
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.
After the unwinding of the Japan carry trade, the weak jobs report, and Jump’s dumping of ETH slammed crypto prices earlier this week, Jason Pagoulatos, head of markets at Delphi Digital, gives his insights on where prices are headed. He explains why he thinks Ethereum has underperformed so far in 2024, how the ETH ETFs might impact the price as outflows from Grayscale’s ETHE dwindle, and how the election, moves by the Fed, and the adoption of Bitcoin ETFs by Morgan Stanley advisors will affect BTC.
Show highlights:
00:00 Intro
01:34 Why the markets have rebounded since the weekend selloff
04:11 The role of Jump in the ETH selloff and why ETH has been underperforming so much this year
14:18 Whether Grayscale’s ETHE slowing down the outflows will reverse the trend for ETH
17:53 Why Jason believes that investment advisors will continue to push bitcoin to their clients
20:18 How the macroeconomic environment is affecting crypto prices now and the impact in the near future
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
iTrustCapital
Polkadot
Token 2049
Guest
Jason Pagoulatos, head of markets at Delphi Digital
Learn more about your ad choices. Visit megaphone.fm/adchoices
The problem of low float, high fully diluted valuation (FDV) coins is one that is frequently discussed in crypto. But there’s another wrinkle: investors need to understand the unrealized gains of these coins to really understand the price.
In this episode, Jose Macedo of Delphi Digital and Ari Paul of Blocktower Capital explain the various metrics that reveal what a coin is really worth, why a wave of token unlocks that will be hitting the crypto markets in the next few years are not bullish, and whether there is a better way to design token unlocks for teams and insiders.
Plus, they cover whether venture capitalists are extractive to crypto, whether these games with circulating supply and FDV have caused investors to turn to memecoins, and why they believe the ICO era was better for retail investors.
Show highlights:
00:00 Intro
01:58 Why upcoming token unlocks are creating market jitters
10:22 How the ratio of unrealized gains to market cap influences token price movements
12:22 How some token projects manipulate their reported circulating supply
20:24 Whether and how everyday investors can uncover the truth about token projects
23:37 What secondary market trading says about the potential impact of upcoming token unlocks
34:50 Why Jose believes that the current token launch strategy, despite its flaws, is still favored by insiders and unlikely to change soon
41:02 Why some projects favor decisions that are more likely to result in short-term gains over long-term success
46:36 Why Jose believes that simple time-based token unlocks often work better than complex metrics, and how projects can balance funding with realistic success metrics
53:04 Why Ari believes the SEC's investigations into VCs for acting as securities dealers might be justified, and how these practices resemble pump-and-dump schemes
59:11 With numerous token unlocks looming, why the outlook is bearish for many projects, and what challenges they face in mitigating potential sell-offs
1:05:52 Why many crypto investors might end up holding the bag in the current cycle, despite plans to sell early and avoid losses
1:12:27 What the future role of VCs is in crypto, and how the influx of token unlocks and the rise of memecoins could shape the bull cycle
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
Guests:
Jose Macedo, founder at Delphi Labs
Ari Paul, CIO of Blocktower Capital
Previous appearances on Unchained:
Ari Paul on Why Bitcoin Is a Good Value Buy
Ari Paul of BlockTower Capital on the Crypto Downturn and Why It Could Change Direction
Links
High FDV and unlocks:
Unchained:
How ‘Fully Diluted Valuation’ Can Be a Very Dangerous Metric for Crypto Markets to Rely On
Who’s to Blame for the Underperformance of Low Float, High FDV Tokens?
80% of Tokens on Binance Are Down Since Listing Date: SwissBorg Researcher
Cobie newsletter: New launches (part 1) - private capture, phantom pricing
Rocknblock: Token vesting explainer
CoinDesk: 'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting
Jose’s thread that inspired the episode
Ari’s post responding to Jose’s thread
Token.unlocks.app: Token vesting tracker
Solutions:
Hack VC: Potential Solutions to Crypto's Unlock Problem
Colony Lab: Early-Stage Program & Liquid Vesting
Imran Khan’s tweet on Blast https://x.com/lmrankhan/status/1806040646433522149
Learn more about your ad choices. Visit megaphone.fm/adchoices
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!
- -
Follow Jon: https://twitter.com/jon_charb
Follow Keone: https://twitter.com/keoneHD
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
- -
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
- -
Harpie is the most advanced on-chain security solution for monitoring and protecting your crypto wallet from theft in real time. Harpie detects, blocks, and recovers compromised assets from malicious transactions before they execute, and is the only security tool to also protect users from off-chain signature attacks like the recent Ledger Connect Kit exploit.
Secure your wallet for free at harpie.io.
- -
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.
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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⚖️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
This is our first time ever covering a TradFi stock! However, Coinbase is a different beast…
Coinbase is a behemoth of a company, growing since May of 2012. CEO Brian Armstrong has been on Bankless a number of times.
Today, we’re bringing on two analysts–independent researcher Jay (0xJaypeg) and Delphi Digital analyst Michael Rinko.
Today’s episode will not be a history lesson on Coinbase, if you’re looking for that, we’ll highly recommend checking out Coinbase’s documentary: COIN: A FOUNDER'S STORY
Today’s episode is all about $COIN the asset. Down from its ATH of $342/share in Nov. 2021 to $85 today—and with a current market cap of $17.8B— are you bullish $COIN? Why or why not?
------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-coin-bull-case
----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT
------ TIMESTAMPS
0:00 Intro 4:30 The Business of Coinbase 8:40 Diversifying the Business 14:30 Analyzing Equities 17:20 Coinbase USDC 23:30 Yields and Interest Revenue 31:45 The Staking Business 37:00 The Take Rate 43:45 Growth of Staked ETH 48:20 Coinbase International 56:45 Derivatives Revenue and Regulation 1:06:00 Coinbase Bank and Custody 1:17:00 BASE 1:31:00 Ranking Coinbase’s Opportunities 1:35:00 Coinbase Assets 1:38:20 The Company Itself 1:48:00 Predicting $COIN 1:54:50 The Bear Case
----- RESOURCES
Michael on Twitter https://x.com/mrink0
Jay on Twitter https://x.com/0xjaypeg
Delphi Digital Report https://members.delphidigital.io/reports/coinbase-from-sleeping-giant-to-industry-leader
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
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!
__
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.
__
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
__
Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
UCC2 - https://twitter.com/UCC2_xyz
Website - https://ucc2.xyz
__
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.
Today we are joined by Josh Rosenthal to learn how history predicts crypto's future. We discuss how history's revolutions shaped our beliefs and culture, what happens when technology outpaces society, what's next for crypto, why increased volatility is coming and more!
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Timestamps:
(00:00) Technology Drives History
(07:11) How the Renaissance Changed Everything
(13:41) Global Revolutions: The Domino Effect
(33:26) Carbon Ad
(35:08) The SEC’s Clampdown Contextualized by History
(57:44) How Crypto Will Shape Society
(01:12:30) Incoming Chaos and Managing Volatility
- -
Follow Josh: https://twitter.com/JoshuaRosenthal
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Resources
Josh Rosenthal on Empire (The Crypto Renaissance, May 2021)
https://spoti.fi/3NLnh8c
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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.
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
Josh Rosenthal is our favorite crypto native historian. He has a Ph.D. in history, and received a Fulbright Scholarship to the Sorbonne’s Institute for Advanced Studies.
Josh moved beyond traditional academia, sold some Web2 companies, and is now a crypto investor. He’s the historian that helped us craft the Crypto Renaissance podcast episode, which many people credit as the reason why they got into crypto.
And he’s here to do it again with the Crypto Revolution on the 4th of July, harkening a new independence day for the crypto nation.
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------ Topics Covered:
0:00 Intro 6:00 Josh Rosenthal 14:43 The Broad Themes of History 23:33 A Permissioned World 28:40 The Context of Revolution 36:21 Taxation and Value 42:30 The Revolutionary Goal 46:34 Launching an Experiment 50:51 Coordination 54:07 The Whiskey Rebellion 1:02:45 Flawed Policies 1:07:45 Net Improvements 1:16:28 Vocation 1:23:52 The Land of Opportunity 1:30:24 The Public Forum 1:37:50 Permissionless Building 1:45:40 Digital States 1:51:25 Make things easier 1:57:30 Get building 1:59:58 Help others 2:05:00 Closing
------ Resources:
Josh Rosenthal https://twitter.com/JoshuaRosenthal?s=20&t=_dhf5sZnqBpbG_SMeKcvrg
The Crypto Renaissance https://shows.banklesshq.com/p/-the-crypto-renaissance-josh-rosenthal
----- 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
In this episode of Empire, Jason is joined by Josh Rosenthal - a former historian turned serial entrepreneur and crypto VC. Josh's encyclopedic knowledge of history - from the Middle Ages to the Renaissance and beyond - and ability to draw a throughline between historical events, Web3 and our world today is truly fascinating.
Josh contends that we are living through the greatest Renaissance in history. How will historians look back on today? Tune in to find out.
We discuss:
- medieval life
- what defines a Renaissance
- the advent of a dynamic identity
- signs of a reformation
- what drives history
- layering ownership into communication
- the pendulum between aggregation and decentralization
- how Web3 brings the missing element to the internet
- why we are living through THE greatest Renaissance
- how will society be impacted
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Follow Josh: https://twitter.com/JoshuaRosenthal
Follow Jason: https://twitter.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
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(00:00) Introduction
(04:07) Medieval You
(10:30) Taking the Red Pill
(17:45) Self-Generating Demand
(21:16)The New Reformation
(27:42) A Recreation of Society
(32:15) Crypto Is A Counterweight To Aggregation
(37:18) Paraswap Ad
(38:26) Choosing Your Identity
(41:59) Synthetic Worlds and Chaotic Change
(46:51) Distinguishing the Institution From The Ideology
(53:37) Zoom Out
(56:46) Our Questions Affect the Outcomes
(57:51) Have We Lost Our Ingenuity?
(1:06:09) Institutions Eventually Give In
(1:07:10) Embracing Pluralism
(1:11:36) What Will the World Look Like?
(1:15:08) Crypto's Impact on the Middle Class
(1:21:18) New Jobs and Opportunities
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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.
