Unchained

Laura Shin

Your No-Hype Resource for All Things Crypto

  • 45 minutes 35 seconds
    Ethena's L1 Shows Fat Apps Are on the Rise. Can They Beat Fat Protocols? - Ep. 804

    Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?

    For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks.

    Are we watching the rise of “Fat Apps” instead?

    On this episode, Ryan Watkins, Co-founder at Syncracy Capital, talks about: 

    • Why the biggest apps are generating more revenue than many layer 1s
    • Why Ethena is launching its own blockchain
    • What this means for Ethereum, Solana & other L1s
    • How blockchains can compete on value capture

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

    Thank you to our sponsors!

    Guest

    Links


    Timestamps:

    • 👋0:00 Intro
    • 💰 2:12 Why apps are out-earning the blockchains they run on
    • 🔗 5:44 Ethena’s move: why it’s launching its own chain
    • 📈 8:33 The rise of “Fat Apps” and what it means for crypto
    • 🚀 12:50 How today’s crypto founders think differently from past builders
    • 🏆 15:51 The blockchain architectures that will dominate
    • ⚖️ 22:32 Whether L1s can compete in this new environment
    • 📊 241:27 How blockchains accrue value and why MEV isn’t the best metric
    • 📰 31:00 News Recap

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    21 March 2025, 1:00 pm
  • 59 minutes 25 seconds
    The Chopping Block: Solana’s Ad Disaster, AI Takes Over & the Great Blockchain Pivot - Ep. 803

    Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew unpacks Ethereum’s existential crisis and whether the rollup-centric roadmap is backfiring. Plus, AI is rapidly changing how crypto is built, traded, and secured—so what happens when blockchain and AI collide? We also dig into Solana’s controversial ad, Ethereum Foundation’s leadership shake-up, and why macro forces are still running the show.


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


    Show highlights

    🔹 AI’s Invasion of Software Engineering – Why AI is replacing developers & what it means for crypto startups

    🔹 Ethereum’s Rollup Reckoning – The “rollup-centric roadmap” was supposed to save Ethereum, but is it actually weakening it?

    🔹 The Solana Ad Disaster – How Solana’s political ad backfired & alienated both sides of the aisle

    🔹 Is Ethereum Becoming IBM? – Why Ethereum risks getting stuck as the slow-moving corporate giant of crypto

    🔹 The Great AI Pivot – Why top engineers are abandoning language models for robotics & what it means for the future

    🔹 AI Trading Bots & Crypto Security Risks – How prompt injections could turn AI-powered wallets into honeypots

    🔹 Ethereum’s New Leadership – Does the Ethereum Foundation finally have a plan to fix its credibility problem?

    🔹 The XRP Bartender Index – The unexpected bar tab metric that tracks XRP market sentiment

    🔹 Will AI Replace VCs? – The case for AI-led investment strategies & automated due diligence


    Hosts

    ⭐️Haseeb Qureshi, Managing Partner at Dragonfly

    ⭐️Robert Leshner, CEO & Co-founder of Superstate

    ⭐️Tarun Chitra, Managing Partner at Robot Ventures

    ⭐️Tom Schmidt, General Partner at Dragonfly 


    Disclosures

    Links

    Solana Ad repost by @basedkarbon: https://x.com/basedkarbon/status/1901809992514052319 



    Timestamps - 

    • 00:00 Intro
    • 01:48 Solana's Controversial Ad Campaign
    • 08:14 Memorable Crypto Ads
    • 11:27 AI's Impact on Research & Crypto
    • 18:33 Future of AI in Crypto and Beyond
    • 29:29 Security Concerns with AI
    • 36:49 EF's Leadership Changes
    • 40:20 The Future of Ethereum and Rollups


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    20 March 2025, 4:00 pm
  • 1 hour 19 minutes
    Bits + Bips: Why the Stock Market Wipeout Might Not Achieve What Trump Wanted - Ep. 802

    The financial market is getting wrecked, inflation is still a problem, and bitcoin isn’t acting like the hedge that it’s supposed to be. Is this a real economic shift, or just noise?

    With tariffs, stagflation fears, and fiscal dominance taking center stage, hosts James Seyffart, Joe McCann, Ram Ahluwalia and Noelle Acheson break down:

    • Why markets are struggling—and whether a recession or stagflation is coming
    • Whether the Fed has become irrelevant
    • How the stablecoin bill could rescue sales of treasuries
    • Why bitcoin isn’t following gold’s rally
    • The factors that could kickstart the next crypto boom
    • The latest on all the dozens of crypto ETFs in the works


    Sponsors:

    Hosts:

    Links

    The stagflation trade

    Budget bill

    Stablecoin bill:

    Solana futures

    Solana ad

    Unchained: Solana Deletes ‘Cringe’ Ad After Crypto Community Backlash


    Timestamps:

    👋 0:00 Intro

    📉 1:39 Stagflation fears and which tariffs actually matter for the economy

    🌎 6:11 Why the outlook for commodities is so uncertain

    📊 10:49 Is the Trump administration sabotaging itself?

    🐶 16:57 Why DOGE’s role in the market is bigger than you think

    📉 23:51 Why the 10-year yield isn’t dropping as expected

    💰 28:04 Will shrinking liquidity grind the market to a halt?

    🏛️ 32:37 Why the Fed has become irrelevant

    🔄 36:53 Is quantitative tightening (QT) ending? Plus, one key thing crypto investors don’t get

    ⚠️ 41:13 Why a recession is not a foregone conclusion

    🥇 48:25 Gold is hitting all-time highs—so why isn’t bitcoin following?

    🏦 51:24 How the stablecoin bill could save US government finances

    🚀 1:01:47 How bitcoin gets its next rally 

    📉 1:07:16 The hidden benefit of CME SOL futures

    ✅ 1:12:15 The latest on pending crypto ETF approvals

    📣 1:17:26 Reactions to the controversial Solana ad

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    19 March 2025, 11:00 am
  • 1 hour 12 minutes
    Joe McCann on Why Bitcoin Is the King and Memecoins Are Over—For Now - Ep. 801

    The memecoin trade might be over. And Joe McCann says that’s just the beginning.

    The founder of Asymmetric has been at the intersection of crypto, macro, and tech for years. He called the $BONK trade early, made moves before most saw the opportunity, and now? He’s shifting his focus.

    Meanwhile, the crypto markets are a bloodbath, with bitcoin, ether, and solana down 10%, 41%, and 35%, respectively, year-to-date.

    In this episode, Joe joins Unchained to discuss:

    • Why memecoins won’t work the way they used to
    • How institutions are approaching crypto in this cycle
    • Why prices are down so much
    • Why Bitcoin might be so hard to outperform
    • Whether Solana is still the fastest horse

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

    Thank you to our sponsors!

    Guest:

    Links

    Unchained: 


    Timestamps:

    👋 0:00 Intro

    🚀 2:19 How Joe’s background shaped his crypto investing approach

    🐶 10:25 Spotting the $BONK opportunity before the crowd

    📉 17:38 Why the memecoin trade might be over

    💰 21:51 Why Joe believes Pump.fun is NOT extractive

    📊 33:11 Why crypto prices have struggled despite a pro-crypto shift in Washington

    🎯 42:34 The moment Joe “finally” gives credit to Arthur Hayes

    ⏳ 45:15 Could having no catalyst actually BE the catalyst?

    🔥 49:22 Why Joe wasn’t convinced by the SOL inflation proposal

    ⚡ 56:45 Wait—no altcoin season?

    ⚙️ 1:01:34 What still excites Joe about Solana

    🏦 1:04:57 Why Asymmetric is betting on Bitcoin DeFi

    🤖 1:07:29 How AI is helping Joe’s team optimize its strategy

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    18 March 2025, 4:00 pm
  • 46 minutes 24 seconds
    Solana Insiders Wanted to Reduce Inflation, but It Failed. Here’s What the Proposal’s Author Thinks - Ep. 800

    The Solana ecosystem just completed a critical governance vote. SIMD-228, a proposal to tie Solana’s inflation rate to its staking participation rate, was put forward by Multicoin Capital and Anza, but despite a majority voting in favor, it failed to meet the required supermajority to pass.

    Tushar Jain, co-founder and managing partner at Multicoin Capital, who co-authored the proposal, joins the show to discuss:

    • Why he believes the proposal was necessary
    • Whether inflation is too high for Solana’s long-term health
    • If some validators voted against their own interests
    • The silver lining of the governance process
    • Why a smaller proposal focused on fee sharing did pass
    • Whether Multicoin Capital will resubmit a revised proposal

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

    Thank you to our sponsors!

    Guest

    • Tushar Jain, Co-founder and Managing Partner at Multicoin Capital

    Links


    Timestamps:

    🤝 0:00 Intro

    🗳️ 3:09 Why Solana’s inflation rate was initially an afterthought 

    💰5:20 Why inflation became untenable

    ⚙️ 6:23 What does it take to right-size inflation for Solana

    ⚙️ 7:18 How SIMD-228 would have worked

    🤯 11:00 Why Tushar “does not want to bet on people being dumb”

    💰 15:48 How this could have strengthened DeFi on Solana

    😕 17:49 Why Tushar was disappointed with the outcome but sees a silver lining

    📚 19:49 Could the vote have been fairer?

    ⚖️ 22:06 Whether smaller validators would be unfairly hurt by SIMD-228

    🔐 27:37 Does Solana pay too much for security?

    📈 27:55 Would this have boosted the price of SOL?

    ✔️28:19 Whether validators should ask stakers how to vote

    ✅ 30:13 What the passing of SIMD-123 means for the network

    🔄 32:40 Will Multicoin resubmit the proposal?

    📰 34:50 News Recap

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    14 March 2025, 7:00 pm
  • 58 minutes 32 seconds
    The Chopping Block: The Macro Special – Trump’s Trade War, Bitcoin Reserve & Market Chaos - Ep. 799

    Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Quinn Thompson, Master of Macro at Lekker Capital, to dissect Trump’s Bitcoin Reserve. The US government is now officially hodling Bitcoin —Trump’s executive order creates a BTC reserve using seized funds. But markets didn’t buy the hype. Bitcoin tanked, and traders are still questioning what this means for crypto’s future. Meanwhile, the global macro picture is a disaster—stocks are down, trade wars are escalating, and recession fears are mounting.Is this controlled demolition of the economy, or just a side effect of Trump’s economic agenda? And most importantly, what does this mean for crypto? Let’s dive in.

    Show highlights

    🔹 Trump’s Bitcoin Reserve Announcement – The US government officially holds BTC, but it’s not buying more. No new demand—just a change in optics.

    🔹 Digital Asset Stockpile – XRP, ADA, SOL? Treasury isn’t sure what it owns, and no guarantee these altcoins stay on the balance sheet.

    🔹 Market Reactions – Bitcoin pumped, then crashed. No net buying pressure, just an end to government auctions of seized BTC.

    🔹 Trade War Fallout – Tariffs hit Mexico, Canada, EU, and China—S&P 500 posts worst day since 2022, losing $1.4T in market cap.

    🔹 Trump’s Endgame? – Is this a controlled demolition of asset prices, or just chaos in motion?

    🔹 Crypto’s Liquidity Crunch – The Fed isn’t stepping in (yet), but the macro backdrop is grim. Rate cuts may be the only way out.


    Hosts

    ⭐️Haseeb Qureshi, Managing Partner at Dragonfly

    ⭐️Tarun Chitra, Managing Partner at Robot Ventures

    ⭐️Tom Schmidt, General Partner at Dragonfly 

    ⭐️Robert Leshner, CEO & Co-founder of Superstate


    Guest

    ⭐️Quinn Thompson, Founder & CIO at Lekker Capital


    Disclosures


    Timestamps 

    • 00:00 Intro
    • 02:36 Trump’s Bitcoin Reserve
    • 05:17 Bitcoin Tanks
    • 14:30 How This Affects Crypto & Traditional Finance
    • 19:36 Trade Wars Escalate
    • 31:30 Corn Twitter Is Mad
    • 35:16 Why Stocks & Crypto Are Dumping in Sync
    • 41:39 Trump's Historical Stance on Tariffs
    • 54:57 Government Spending and Crypto Market


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    13 March 2025, 4:00 pm
  • 1 hour 31 minutes
    Bits + Bips: Trump Has Spread Uncertainty Across All Markets. What’s Next? - Ep. 798

    The markets are a bloodbath.

    If you’re feeling lost in the markets right now, you’re not alone. Stocks are getting crushed, bonds are sliding, and crypto isn’t escaping the carnage. The question is: why is everything selling off—and where does it go from here?

    One thing is clear: the next market move is extremely hard to predict. Between Trump’s economic policies, inflation worries, and DOGE’s cuts, there’s a storm of conflicting signals.

    So, is this pain temporary? Or are we looking at a long trend downward?

    Sponsors:

    Hosts:

    Guest:

    Links

    Recession? 

    Inflation

    DXY

    Powell’s comments:

    Bonds:

    Tariffs:

    Japan and the carry trade:

    China’s deflation: 

    Ukraine War talks: 


    Timestamps:

    • 👋 0:00 Intro
    • 📉 3:05 What’s behind this brutal market selloff
    • 🤔 7:26 Why making a market prediction right now is nearly impossible
    • 🇺🇸 13:41 How Trump’s economic moves drive uncertainty
    • ⚠️ 19:37 Is the Trump administration intentionally triggering a recession?
    • 💰 20:30 The real impact of “austerity” on the economy
    • 📉 22:59 What must happen before the market bottoms out
    • 🔥 26:52 Where inflation might head next
    • 📊 36:21 What the VIX is saying about the market
    • 📉 39:00 How markets will react to today’s CPI numbers
    • 🚀 43:40 When might Trump push for tax cuts?
    • 🏦 49:19 Will ETF buyers create a bitcoin floor?
    • 💴 55:12 What a declining Japanese yen reveals about demand for risky assets
    • ₿ 1:00:35 Why BTC is the furthest that it has ever been from altcoins
    • 🛍️ 1:11:00 What new groups might step in and buy bitcoin?📉
    • 🤦‍♂️ 1:20:25 Whether the Trump administration “fucked up” the economy

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    12 March 2025, 11:00 am
  • 1 hour 13 minutes
    White House Crypto Summit: Two Attendees Share Why It Matters - Ep. 797

    The election of Donald Trump marked a sea change for U.S. crypto policy.

    The symbolism of that transformation was on full display at the White House’s first-ever Crypto Summit, at which President Trump met with several crypto business leaders. But what was actually said behind closed doors? And does this mark the beginning of a truly pro-crypto shift—or just another short-lived political move?

    In this episode, BitGo CEO Mike Belshe and former CFTC Chairman Chris Giancarlo break down what really happened at the summit, whether the proposed Bitcoin reserve is a smart idea or a political gimmick, and why some believe the U.S. dollar could one day be backed by BTC.

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

    Thank you to our sponsors!

    Guests:

    Links

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    11 March 2025, 4:00 pm
  • 43 minutes 30 seconds
    Which Crypto Assets Belong in a Reserve? This VC Says Not XRP and ADA - Ep. 796

    Trump’s latest crypto moves have sent the market on a rollercoaster.

    First, he posted on Truth Social that a U.S. crypto reserve would include XRP, Solana, and Cardano. A couple hours later, he had to clarify that Bitcoin and Ethereum would also be included. The market jumped 12%—only to crash the next day.

    Meanwhile, the White House crypto summit is happening Friday, and not everyone is happy with the guest list. Some say it’s a step toward real regulation, while others argue that without DeFi voices, it’s just a meeting of centralized players.

    So what does it all mean? David Nage, VC at Arca, joins Unchained to talk about:

    • 4:55 Why David is unfazed by crypto’s swings around Trump’s reserve posts
    • 9:03 David’s take on Cardano and XRP being named for the crypto reserve list
    • 18:11 Why he thinks Bitcoin is a strong candidate for a national reserve asset
    • 22:52 Why David isn’t impressed with the guest list at the White House Crypto Summit
    • 26:26 Why the markets have been struggling—and what could finally turn things around
    • 28:52 News Recap


    Will real crypto policy changes emerge from this? Or is this just another distraction in a year full of big promises?

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

    Thank you to our sponsors!

    Guest

    Links

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    7 March 2025, 2:00 pm
  • 58 minutes 20 seconds
    The Chopping Block: Crypto Strategic Reserve, Trump vs. Crypto, Bitcoin’s Future - Ep. 795

    Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner break down the biggest stories in crypto. This week, we’re joined by special guest Laura Shin to dissect Trump’s Strategic Crypto Reserve fiasco. Why did he name-drop XRP and Cardano first? Was this real policy or just a market pump? Meanwhile, Crypto Twitter is melting down over Trump’s crypto summit guest list—who made the cut, and who got snubbed? Plus, another SEC lawsuit bites the dust, and memecoins look deader than ever. Let’s get into it.

    Show highlights

    🔹 Trump’s Crypto Reserve Announcement – Trump proposes a U.S. Crypto Strategic Reserve, initially boosting XRP, ADA, SOL, BTC, and ETH—only for markets to fully reverse in 48 hours.

    🔹 Who Picked These Coins? – XRP & ADA make the list despite having lower adoption than SOL or ETH. Was this a serious policy move or just pay-to-play politics?

    🔹 Trump’s 5D Chess or Just a Meme? – Did the Trump team just pick random coins off CoinMarketCap? Or was this an orchestrated move to pay back donors?

    🔹 The Crypto Council Drama – Trump’s Crypto Council implodes before launch due to infighting over seats. First summit features Ripple’s Garlinghouse, Michael Saylor, Chainlink’s Nazarov, Brian Armstrong, and Jesse Powell—but no actual protocol founders.

    🔹 Is Crypto Being Used for Politics? – Nic Carter calls the plan a grift, saying the U.S. government should not buy altcoins with taxpayer money. Even Bitcoin maxis are skeptical.

    🔹 Trump’s Obsession With Bitcoin Prices – Reports claim Trump personally tracks Bitcoin price movements and wants BTC to hit $150K during his presidency—is he manipulating markets?

    🔹 The SEC Softens on Crypto? – Enforcement pivots as the SEC drops cases against Cumberland and Kraken. Will the Coinbase lawsuit be next?

    🔹 Market Exhaustion Sets In – Despite the noise, traders are tired. The market isn’t buying into Trump’s crypto plans—was this just another empty promise?


    Hosts

    ⭐️Haseeb Qureshi, Managing Partner at Dragonfly

    ⭐️Tarun Chitra, Managing Partner at Robot Ventures

    ⭐️Tom Schmidt, General Partner at Dragonfly 

    ⭐️Laura Shin, Journalist, Author of ‘The Cryptopians,’ Founder and CEO of Unchained

    Disclosures


    Timestamps

    • 00:00 Intro
    • 01:05 Market Reactions to Trump's Announcement
    • 03:25 Skepticism of the Crypto Reserve
    • 07:02 Strategic Value of Crypto Reserve
    • 11:11 Political and Market Implications
    • 18:52 Security Concerns & Future Speculations
    • 31:30 Government Control of Crypto
    • 39:50 Potential Forks & Government Influence
    • 45:37 Crypto Summit & Council 

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    6 March 2025, 5:00 pm
  • 1 hour 27 minutes
    Bits + Bips: Why a US Strategic Crypto Reserve Doesn’t Even Make Sense - Ep. 794

    A strategic crypto reserve for the U.S. economy? That’s Trump’s latest proposal (or directive?)—and the reaction from the industry has been… let’s just say, mixed. Would it even work? And does it create more problems than it solves?

    Meanwhile, the White House is hosting a crypto roundtable—but not everyone is convinced it’s going to be productive. Who will be in the room, what will actually be discussed, and will it help or hurt the industry?

    On this episode of Bits + Bips, hosts James Seyffart and Noelle Acheson together with guests Steve Hou and Steven Ehrlich break it all down. Will tariffs and macro factors keep weighing on crypto? What’s driving the explosion in new ETFs? And what happens if banks start issuing their own stablecoins?

    Plus: What could be the real next catalyst for the crypto market.

    Show highlights:

    • 6:13 - Whether a strategic crypto reserve makes sense for the U.S.
    • 14:50 - How this reserve could actually give people outside of crypto second thoughts
    • 24:37 - What the Crypto Roundtable will be about and whether it’s what the industry wanted
    • 27:32 - Whether David Sacks is directing the reserve allocations so as to personally benefit
    • 32:07 - Why Noelle was surprised after the SEC stated memecoins are not securities
    • 42:22 - James’ insights into the avalanche of altcoin ETFs
    • 47:10 - The significance of BlackRock adding IBIT to its model portfolio
    • 54:02 - How macro news drove risk assets to such a selloff on Monday
    • 58:12 - Why the 10YT is such a significant chart to watch
    • 1:10:21 - Whether the war in Ukraine is coming to an end
    • 1:16:20 - What the next catalyst for crypto is
    • 1:19:07 - Whether stablecoins are a good business for banks


    Thank you to our sponsors!


    Hosts:

    Guests:

    Links

    Crypto reserve:

    Crypto roundtable: 


    Memecoins:

    ETFs: 

    Macro:

    Stablecoins:

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    5 March 2025, 12:00 pm
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