The fight for Hyperliquid’s USDH stablecoin is more than a ticker battle—it’s a referendum on how crypto distribution, governance, and incentives will shape the next trillion-dollar market.
In this episode of Bits + Bips, Steve Ehrlich sits down with Delta Blockchain Fund’s Kavita Gupta, Galaxy Digital’s Alex Thorn, and Frax founder Sam Kazemian to dig into the big questions: Who will win the USDH war, and why does distribution matter more than design? Are DATs fulfilling their promises—or raising money without accountability? Why are L2s the wrong place for tokenized stocks? And where exactly is the trillion-dollar opportunity in stablecoins?
Sponsors:
Xapo
Walrus
Host:
Steve Ehrlich, Executive Editor at Unchained
Guests:
Kavita Gupta, Founder & Managing Partner of Delta Blockchain Fund
Alex Thorn, Head of Firmwide Research at Galaxy Digital
Sam Kazemian, Founder of Frax Finance
Links:
Unchained:
The Competition Is On. Who’ll Win the USDH Ticker on Hyperliquid?
Stablecoin Issuers Enter Bidding War to Launch Hyperliquid’s USDH
Sky Joins Bidding War to Launch Hyperliquid’s USDH
Timestamps:
🎬 0:00 Intro
🔥 4:17 The bidding war for Hyperliquid’s USDH
🗳️ 25:12 Whether the Hyperliquid DAO is truly decentralized
⚠️ 29:22 Are DATs already broken as a product?
🌶️ 35:00 How some DATs avoid fulfilling their promises after raising money
📈 40:27 Why yield-maximization is critical for DATs—and what risks it creates
💵 53:22 Where the trillion-dollar opportunity in stablecoins might actually be
🏛️ 55:35 Why tokenized stocks belong on L1s, not L2s
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Kavita Gupta is the founder and CEO of Delta Blockchain Fund.
Gupta — a former executive at ConsenSys — launched the fund in September 2021 and it currently sits at $125 million AUM.
In this episode of The Scoop, Gupta discusses how the recent surge in crypto prices has impacted the venture landscape, and shares what sectors of the market she is paying the most attention to.
According to Gupta, most early-stage crypto valuations are still fairly reasonable — which is leading to a steady stream of activity amongst veteran VCs in the space.
"Smarter, seasoned VCs have actually been more active in this market because it's the right valuation — it's also told you which founders are here to stay."
This episode is brought to you by our sponsors PayPal.
Make your crypto move with PayPal. Get started today at PayPal.com/crypto
At Non-Fungible Castle 2021, an NFT exhibition in Prague, four NFT experts debate some of the hottest topics in the metaverse, like how to value NFTs, whether insider trading exists, what makes Ethereum-based NFTS so special, and the environmental impact of NFTs.
Guests include Maria Paula Fernandez, co-founder at JPG, Kavita Gupta, cofounder of FINTECH.TV, Oliver Halsman Rosenberg, artist, and Gmoney, an NFT collector. Show highlights:
what an NFT is
why NFTs have value
what the “myth of decentralization” has to do with NFT valuation
why collectors like gmoney prefer to collect NFTs on Ethereum vs. other chains
how provenance and IP rights interact with value
why gmoney thinks Solana Punks are like fake Chanel bags
what “owning an NFT” actually means
whether newbies need to be protected from buying scam NFTs
the “rite of passage” of falling pretty to a rug pull and the concept of “do your own research” (DYOR)
what can be done about insider-trading-like activities in NFTs
how to navigate public-facing blockchains when your address is doxed
different ways to link off-chain assets to NFTs
what the crypto industry can do to better understand the NFT impact on climate change
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links
Non-Fungible Castle 2021
Website: https://www.nfcastle.com/
Conference recordings: https://www.nfcastle.com/conference
Twitter: https://twitter.com/nf_castle
Tweet thread of Laura’s experience at NFCastle 2021:
https://twitter.com/laurashin/status/1449731658928824320
Maria Paula Fernandez
Medium: https://mariapaulafernandezneglia.medium.com/
LinkedIn: https://www.linkedin.com/in/mar%C3%ADa-paula-fern%C3%A1ndez-no-social-selling-please-a96a8034/
Kavita Gupta
Twitter: https://twitter.com/KavitaGupta19
Oliver Halsman Rosenberg
Instagram: https://www.instagram.com/oliver_halsman_rosenberg/?hl=en
LinkedIn: https://www.linkedin.com/in/oliver-halsman-rosenberg-940a0935
gmoney
https://twitter.com/gmoneyNFT
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