Unchained

エピソード

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  Guy Young on Why Ethena Launched a Neobank on Top of Its Stablecoin 15.09.2026 52分

  Ethena's Guy Young explains why the companybuilt a neobank that pays 6% in yield, 5% cash back, and never tells users they're holding self-custodial stablecoins instead of dollars. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== DeFi's total value locked never reclaimed its 2021 peak, even four years and a full bull market later. That data point convinced Ethena Labs founder Guy Young the onchain dream needed a backup plan. Young joins Laura Shin days after launching Ethena Pay, a neobank paying 6% on dollar deposits and 5% cashback in AVAX while hiding from users that their balance sits in a self-custodial stablecoin wallet, not a bank account. He argues yield, not brand loyalty, is what pulls the next hundred million users onto crypto rails. They cover why Young shrugs off Tether-backed Plasma as a rival, how USDe's backing shifted from a basis trade toward AAA-rated real-world-asset lending, why a Revolut-style KYC breach is a risk Ethena can't fully control, and why card spend and FX fees, not USDe's own yield, are the revenue line he is actually chasing. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Guy Young - Founder and CEO of Ethena Labs Timestamps 🏦 01:25 Why Guy built a neobank after DeFi's TVL never beat its 2021 peak 🥊 07:16 Why Guy doesn't see Tether-backed Plasma as a competitor 🕵️ 17:57 How Ethena Pay hides self-custody from users who don't know it 🌍 19:10 The nearly 50-country rollout and Ethena's slow, controlled go-to-market 📣 22:30 1inch Aqua: See how the shared liquidity platform lets LPs back multiple positions with one wallet balance at http://unchainedcrypto.com/go/1inch-yt ⛰️ 23:18 Why Ethena Pay chose Avalanche, not Ethereum, for settlement 🏛️ 29:20 How USDe's backing shifted from basis trades to AAA-rated RWA lending 🔓 33:00 What the Revolut KYC breach means for Ethena Pay's own compliance risk 💳 39:55 Why card spend, not USDe's yield, is the metric Guy actually chases 🚀 47:50 The 7-figure deposits that surprised Guy in Ethena Pay's first two weeks Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Should Stock Tokens Be Limited to KYC'd Users? Or Be Tradeable by Anyone? 11.09.2026 38分

  The SEC's next tokenization rule could force platforms to get issuer sign-off for stock tokens first. Securitize’s Brett Redfearn lays out what's actually at stake for Wall Street. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠⁠ ======================================================== AMC CEO Adam Aron's public feud with Robinhood over its AMC stock tokens erupted into a war of words last week, with the AMC chief calling the tokens "contemptible" and Robinhood's chief legal officer, and former SEC commissioner, Dan Gallagher firing back that Robinhood would "not DECIST" mocking a misspelling in Aron’s tweet. Brett Redfearn, President of Securitize and a former SEC Trading and Markets Division director, joins Laura Shin to referee the fight. He explains why issuers deserve a say before their stock gets tokenized, and breaks down the three real categories of stock tokens, from Securitize's issuer-sponsored model to Robinhood's offshore synthetic. Redfearn unpacks why an AMC token pair once traded at 60 times its reference price, details the SEC's looming innovation exemption and the Securities Transfer Association's push for an issuer opt-out, and explains why non-KYC tokens could let bad actors amass stakes in defense contractors. The debate, he says, will decide whether tokenization becomes Wall Street's next upgrade or its next flashpoint. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Brett Redfearn - President of Securitize Timestamps 🥊 00:54 Brett unpacks the AMC-Robinhood spat and who has the stronger legal argument 📣 10:15 1inch Aqua: See how the new shared liquidity platform works at http://unchainedcrypto.com/go/1inch-yt 🧩 11:12 The 3 types of stock tokens, from issuer-sponsored to Robinhood's synthetic 🔐 21:33 Why Brett wants KYC before permissionless DeFi meets tokenized stocks 🏛️ 28:32 The Securities Transfer Association's push for an issuer opt-out 🗳️ 33:38 What Robinhood should do with the voting rights on its collateral shares 🏢 35:29 How many public company CEOs actually want their stock tokenized Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Uneasy Money: Is OpenAI Training on Your Private Chats to Win the AI Race? 10.09.2026 1時間 21分

  Alex Thorn and Jon join Kain and Taylor to unpack a Bitcoin hack, two new frontier models, and why nobody trusts their AI chats anymore. ======================================================== Thank you to our sponsors! Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠http://unchainedcrypto.com/go/1inch-sn⁠⁠⁠ ======================================================== A Bitcoin sidechain lost $300 million to a consensus bug this week, and the hackers who returned 85% of it are trying to extort a "bug bounty" out of Blockstream for the rest. Alex Thorn, Head of Firmwide Research at Galaxy, and Jon, Head of Strategy at Venice and co-founder of ShapeShift, join Kain Warwick and Taylor Monahan to unpack how AI models are now finding exploits faster than the humans who wrote the code, and to push back on the idea that returning stolen funds makes anyone a white hat. They also dig into Astra and Fable 5.1, two frontier models that landed days after a mathematician working inside OpenAI's Codex clashed publicly with OpenAI over who actually solved a Millennium Prize-adjacent proof.  Jon and Alex explain why the "don't train on my data" toggle may not mean much, and why identity is becoming the real privacy battleground. The conversation closes on whether an Anthropic researcher quitting this week is a warning the industry is choosing to ignore. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Alex Thorn - Head of Firmwide Research at Galaxy ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jon - Head of Strategy at Venice and Co-founder of ShapeShift Timestamps 🔓 01:15 How a consensus bug let hackers mint $300M in fake Bitcoin 📜 7:50 Why the Liquid hackers are no white hats 🤖 17:16 Did an AI agent find the Liquid exploit? ⚖️ 28:10 Taylor on why there’s no excuse for the hackers’ actions 💧 32:08 1inch Aqua: See how the shared liquidity layer works at http://unchainedcrypto.com/go/1inch-sn 🧠 32:54 Astra and Fable 5.1 land, and one is writing eerily compressed code 📐 35:19 The Millennium Prize proof fight between OpenAI and an Anthropic researcher 🧬 44:48 Kain on fast takeoff, recursive self-improvement, and paperclipped kids 🕵️ 55:18 How to keep your novel research out of an AI's training data ⚰️ 01:07:03 Why an Anthropic researcher's resignation has Kain and Taylor spooked Learn more about your ad choices. Visit megaphone.fm/adchoices
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  The Chopping Block: FOMO's Co-Founder Defends the Memecoin Trenches, Hunter Biden's $LAPTOP, and AMC vs Robinhood 10.09.2026 1時間 3分

  FOMO co-founder Paul Erlanger joins Haseeb, Tom, and Tarun to answer last week's unc takes on memecoins: why a fully transparent social graph beats copy trading, how FOMO became the biggest app on Robinhood Chain, Hunter Biden's LAPTOP token, the three-way launchpad war, AMC's fight with Robinhood over tokenized stock, and the AI race to solve Navier-Stokes. Welcome to The Chopping Block, where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra are joined by FOMO co-founder Paul Erlanger to chop it up about the latest in crypto. After getting dunked on as uncs for last week's memecoin takes, the crew brings on the founder at the center of it. Paul lays out FOMO's case for a fully transparent trading social graph, Tarun reports back from a holiday weekend in the trenches, and Haseeb holds the line on where memecoin trading actually destroys value. Then: Hunter Biden's $LAPTOP token, the Pons versus Stonk.fun versus Pump launchpad war, AMC's CEO versus Robinhood's tokenized stocks, and the OpenAI versus Anthropic fight over who solved Navier-Stokes. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Paul explains why FOMO refuses to build copy trading and bets on full transparency instead: trade well and the feed follows you. 🔹 Tarun spent his holiday weekend trenching, finished up a respectable 10 percent thanks to Hunter Biden copycat coins, and says it felt more like a video game than trading. 🔹 FOMO had 94,000 active wallets on Robinhood Chain, three times the next largest app, and its users no longer know which chain they are on. 🔹 Haseeb draws the line: buying Doge is harmless, but the memecoin production function is where retail reliably loses money. 🔹 Paul and Haseeb converge on churn: an app that lets customers incinerate themselves flames out fast, so FOMO rewards holding and theses over launching. 🔹 Hunter Biden's LAPTOP token launches on Base with airdrops to Trump token losers and a scraped Channel 5 subscriber list. 🔹 Pons, Stonk.fun, and Pump fight over launchpad revenue while Paul stays agnostic and pitches Team Tags as the highest-intent distribution channel ever built. 🔹 AMC's CEO calls Robinhood's tokenized stock vile, and the panel debates whether one-to-one backed equity tokens fix the fundraising objection. 🔹 Tarun explains Navier-Stokes and why math academia is depressed after OpenAI's $15 million compute run at a Millennium Prize problem. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Paul Erlanger, Co-Founder of FOMO Disclosures Timestamps 00:00 Intro 01:06 Paul vs. the uncs 03:37 From dYdX to FOMO 05:14 Tarun's weekend in the trenches 08:40 Transparency vs. copy trading 12:27 FOMO's distribution power on Robinhood Chain 17:52 Where memecoin trading destroys value 21:10 Churn, theses, & traders as the next celebrities 27:08 Shaming, sidewallets, & clans 32:35 Hunter Biden's $LAPTOP token 37:15 Stock coins, bond ETF fees, &  how long the meta lasts 42:52 AMC's CEO vs Robinhood's tokenized stock 47:51 One-to-one backed equity & earnings calls as TV shows 52:20 OpenAI, Anthropic, & the Navier-Stokes drama 58:49 Is math research over? Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Bits + Bips: AMC's CEO Calls Robinhood's Stock Tokens 'Vile.' 09.09.2026 19分

  📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips AMC's CEO spent the holiday weekend calling Robinhood's tokenized AMC shares "contemptible" and "vile." Austin Campbell, Ram Ahluwalia, and Chris Perkins break down what a "reverse ADR" actually is, why Ram thinks most of this is derivatives repackaged as innovation, and why Chris pushes back using Robinhood Chain's own financials. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern - https://x.com/austincampbell Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida - https://x.com/ramahluwalia Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto - https://x.com/perkinscr97 This clip is from a longer conversation on tokenized stocks, meme coins, frontier AI, and the Fed. Full episode here: https://youtu.be/cDFv4OCihgU?si=qdPWALHcmHc97SEc  We go live every Monday - subscribe to catch it live. 👉 Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at http://unchainedcrypto.com/go/1inch-yt   Chapters: 🥊 00:20 AMC's CEO calls Robinhood's tokenized stock vile: what it actually is 📊 06:36 Ram: stock tokens are "derivatives for the sake of derivatives" 🔍 11:17 Why Austin says the AMC fight reveals microstructure ignorance 🏗️ 14:40 Ram: real innovation looks like CDO Square 2.0, not this 💰 21:41 Chris defends Robinhood Chain's financials Learn more about your ad choices. Visit megaphone.fm/adchoices
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  How GenLayer Is Building a Court System for Disputes Between AI Agents 07.09.2026 1時間

  Albert Castellana and Arthur Hayes walk through how GenLayer resolves an AI agent's dispute in minutes, for cents, without a single human judge involved. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠⁠ ======================================================== Every legal system assumes a human sits on the other side of a dispute. Albert Castellana, CEO of GenLayer Labs, is betting that assumption breaks down within the decade, once AI agents start disagreeing with each other faster than any court could keep up. Castellana built the idea after StakeHound, the liquid-staking company he ran before Lido existed, lost $150 million when a custodian misplaced two keys, and he saw how slow and costly the legal system was. He joins Arthur Hayes, CEO of Flop Labs and CIO of Maelstrom, to argue agentic commerce cannot scale without its own dispute layer, since agents cannot be jailed. They cover how GenLayer escalates a dispute to up to 1,500 AI validators for a verdict in minutes, how it compares to Kleros, UMA, and the failed Aragon Court, and why Hayes wants Flop plugged into GenLayer once both go live. If agents cannot go to jail, escrowed money may be the only leverage left. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Arthur Hayes - CEO of Flop Labs and CIO of Maelstrom ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Albert Castellana - Co-Founder and CEO of GenLayer Labs Timestamps 🏛️ 01:20 Albert Castellana on the $150 million custody failure that led him to build GenLayer 🤖 05:20 Why Flop needs GenLayer's dispute layer to make agentic commerce work ⚖️ 07:26 The kinds of disputes AI agents will actually have with each other 📣 13:38 1inch Aqua: See how the shared liquidity platform works at http://unchainedcrypto.com/go/1inch-yt 📜 14:29 How an intelligent contract escrows funds and calls in AI validators 🔗 18:51 Inside GenLayer's architecture: the L2 chain and 1,500 validators 💵 27:21 What an AI verdict actually costs: 50 cents to $100, minutes to hours 🔒 34:30 Why AI agents can't go to jail, so escrow is the only enforcement ⚔️ 40:14 How GenLayer compares to the AAA, Kleros, UMA, and the failed Aragon Court 🕵️ 49:29 Can the validator network be gamed or bought off? 🚀 54:34 What's next for GenLayer's token launch and Flop's Q4 airdrop Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Why the Question Over How to Regulate Perps Has Turned Into a Fight 04.09.2026 32分

  The CME is suing its own regulator over how perps get classified, and the ruling decides who in the US can trade them. Three lawyers make the case for futures over swaps. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠⁠ ======================================================== The CME is suing its own regulator. At stake is a single word: is a perpetual futures contract a swap, locked to institutional trading desks, or a future, open to any retail trader in the US? Cathy Yoon, General Counsel at Temporal, Tiffany J. Smith, Partner at WilmerHale, and Jake Chervinsky, CEO of Hyperliquid Policy Center, join Laura Shin at the Real World Assets Summit to make the case for futures. The CME was invited onto the panel to argue its side, but Yoon called their last-minute decision to bow out as "cowardice." They dig into the CFTC's recent approval of true perpetual futures for Coinbase and Kalshi, the running jurisdictional split between the CFTC and SEC, and Bloomberg's report that Hyperliquid is in talks to come onshore through Kraken's Bitnomial. Chervinsky argues Hyperliquid isn't an exchange at all, just neutral infrastructure any exchange could use.  Yoon closes with a warning: most of Capitol Hill, she says, still doesn't understand there's a whole world running onchain. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Cathy Yoon - General Counsel of Temporal ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tiffany J. Smith - Partner at WilmerHale and Co-Chair of its Blockchain & Cryptocurrency Working Group Jake Chervinsky - CEO of Hyperliquid Policy Center Timestamps ⚖️ 02:24 Why the CME is suing the CFTC over classifying perps as futures or swaps 🌍 13:00 Why RWA perps overtook crypto perps, and who ends up regulating them 📣 18:03 1inch: See how Aqua's shared liquidity platform puts idle capital to work at http://unchainedcrypto.com/go/1inch-yt 🌐 20:42 Is Hyperliquid an exchange or neutral infrastructure? Jake makes his case 🏛️ 26:10 If you were the regulator: how each panelist would design fair rules for perps Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Uneasy Money: Inside the AI Agent Scandal That Cheated, Then Covered Its Tracks 03.09.2026 1時間 18分

  OpenAI's AI agents already had the exam answers. So why did they hack Hugging Face anyway? Kain, Tay, and Austin Griffith explain. ======================================================== Thank you to our sponsors! Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠http://unchainedcrypto.com/go/1inch-sn⁠⁠ ======================================================== OpenAI's AI agents didn't just get caught cheating on a security test. According to the postmortem, they already had the answers, and hacked Hugging Face's systems not to cheat, but to learn who was scoring them and cover their tracks. Kain Warwick and Taylor Monahan bring on Austin Griffith, Builder Enablement at the Ethereum Foundation, to work through what that cover-up actually means, and why Griffith thinks Nick Bostrom's twenty-year-old paperclip thought experiment stopped being hypothetical the moment agents started writing production-grade code. They also cover the tokenized HIMS stock pump, Rune's fake $100 million NASDAQ LARP, Kyle Samani's abrupt exit from Multicoin, and the Cronos validators who rolled back a hack. If agents can trick each other to avoid detection, what happens once they're running your portfolio, or your toaster? Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Griffith - Builder Enablement at the Ethereum Foundation and Founder of BuidlGuidl Timestamps 📈 01:09 How degens pumped BONER and HIMS on Robinhood Chain 📱 11:39 Austin calls FOMO's tokenized-stock UX crypto's smoothest onboarding yet 💧 25:51 1inch Aqua: See how it works at http://unchainedcrypto.com/go/1inch-yt 🎭 26:37 Rune's fake $100M NASDAQ short squeeze LARP 🍄 33:39 The Chinese mushroom stock trading at an on-chain premium 🤖 34:46 OpenAI agents already had the answers and hacked to hide it ⚠️ 51:04 Bostrom's paperclip problem, 20 years later 🧠 54:20 Kain on the Claude 5.1 mixup that proved he can't tell the models apart 💸 01:04:13 Kyle Samani's $100 million 'line' with Multicoin 🔄 01:07:01 Cronos rolls back a $100M hack, and Moonwell gets hit again Learn more about your ad choices. Visit megaphone.fm/adchoices
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  The Chopping Block: Robinhood Chain's Memecoin Mania and Tokenized Stocks 03.09.2026 1時間 2分

  Laura joins Haseeb, Tom, and Tarun to unpack Robinhood Chain's surge, the strange fusion of stock tokens and memecoins, the damage speculative entertainment can do to retail, Solana's competitive position, and why regulated onchain markets will still look different across jurisdictions. Welcome to The Chopping Block, where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra are joined by Laura Shin to chop it up about the latest in crypto. The panel examines Robinhood Chain's second wave, stock-backed memecoins built from old DeFi mechanics, the line between financial entertainment and retail harm, the race with Solana, and the legal constraints facing global onchain markets. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Robinhood Chain's activity spikes as FOMO, tokenized stocks, and memecoins converge in one retail product. 🔹 Tarun explains how Ohm-style mechanics can pair a memecoin incentive with an underlying stock token. 🔹 The crew compares the new speculation to DeFi summer, GameStop, and what they call financial Jackass. 🔹 Haseeb argues that traders should ask an AI whether a supposed retail short squeeze can work before handing over their keys. 🔹 Laura separates the cultural appeal of speculative entertainment from the real damage repeated losses can do to retail confidence. 🔹 The panel asks whether Robinhood captured the tokenized-stock opportunity that Solana pioneered too early. 🔹 Tom and Tarun compare American FOMO culture with the more explicitly profit-driven social-trading pitches they heard in Asia. 🔹 The group explains why KYC is only one part of bringing HIP-3 markets onshore, alongside clearing, surveillance, collateral, and local law. Host ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Laura Shin, Foun of Unchained and CEO of the Show Disclosures Timestamps 00:00 Intro  00:58 Robinhood Chain's big wave 04:00 Ohm forks & stock-backed memecoins 10:50 Financial Jackass & generational speculation 15:13 DeFi code gets a second life 19:10 Does memecoin trading entertain or destroy retail? 34:37 Dream stock-memecoin pairings 36:12 Is Robinhood Chain overshadowing Solana? 44:19 Building FOMO for Asian markets 50:35 Hyperliquid in talks with Kraken parent  52:59 What regulated HIP-3 markets would require 58:26 Why global onchain markets still face local law Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Bits + Bips: Is Kalshi Headed to the Supreme Court Next? 02.09.2026 11分

  📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  A Ninth Circuit panel ruled 3-0 that Nevada can enforce its gambling laws against Kalshi's sports contracts, directly conflicting with an April ruling that put Kalshi under CFTC oversight instead. Andy Ross, Head of Institutional at Kalshi, joins the panel to make the case that prediction markets are nothing like sportsbooks, that Kalshi wants its winners to keep winning, and that its fastest-growing customers are not hedge funds but ice cream shops, kayak renters, and boat charter operators hedging ordinary business risk. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest: Andy Ross - Head of Institutional at Kalshi This clip is from a longer conversation on Kalshi's clash with state regulators over prediction markets. Full episode here: https://youtu.be/c5qwxUlaKQ4?si=9vIZPp0imIyuJIs3  We go live every Monday - subscribe to catch it live. 👉 Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at http://unchainedcrypto.com/go/1inch-sn.  Chapters: ⚖️ 00:20 Ninth Circuit rules 3-0 that Nevada can enforce gambling law against Kalshi 🎯 02:16 Andy on why prediction markets are not sportsbooks 🏛️ 04:44 Chris asks whether the CFTC believes it has federal preemption 🍦 06:21 Andy on ice cream shops, kayak renters, and boat charters hedging with Kalshi 📊 08:10 Ram asks where Kalshi's real trading volume actually comes from 🔬 09:21 Andy unveils Kalshi's 2.2 million-data-point calibration study  Learn more about your ad choices. Visit megaphone.fm/adchoices
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  How Cory Klippsten Would Decide How to Secure Bitcoin Post-Coldcard 02.09.2026 43分

  Bitcoin rallied 23% after Bessent's debt-buyback comments and settled near $80K. Swan's Cory Klippsten weighs in on what ETF inflows and onchain exchange moves really mean. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠⁠ ========================================================Bitcoin rallied 23 percent in a week after Treasury Secretary Scott Bessent said the government would double its long-term debt buybacks, settling near $80,000 without a leverage-driven blowoff. ETFs pulled in about $3 billion over two weeks, even as onchain data showed coins moving toward exchanges. Cory Klippsten, founder and CEO of Swan, joins Laura Shin to discuss why he distrusts popular Bitcoin forecasting tools. He calls stock-to-flow and power-law price models unfalsifiable "false gods" that leave holders with paper hands, and dismisses the quantum-computing scare as manufactured hype tied to 2025's penny-stock schemes. Yet he insists onchain self-custody is where value lives. The two weigh the ColdCard hack, which cost self-custody wallets roughly 1,400 coins, against larger losses at Mt. Gox, Celsius, and Quadriga. Klippsten covers Swan's RBX tool for converting GBTC into real Bitcoin, the custody spectrum topped by Swan Trinity, and why nobody will know for decades whether Bitcoin's fee market can replace its shrinking block reward. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Cory Klippsten - Founder and CEO of Swan Timestamps 📈 01:00 Cory Klippsten ties Bitcoin's $80K rally to Bessent's Treasury buyback move 📊 04:20 Laura asks about $3B in ETF inflows versus Bitcoin moving to exchanges 🔮 06:23 Cory debunks stock-to-flow and power law models for Bitcoin's price 🌊 14:23 1inch Aqua: See how LPs back multiple positions with one token balance and cover more pairs at http://unchainedcrypto.com/go/1inch-sn 🔐 15:13 Cory reacts to the ColdCard hack that drained over 1,000 Bitcoin 🔄 20:10 Swan's RBX lets holders convert GBTC shares into real Bitcoin tax efficiently 🗂️ 25:20 Cory maps a 5-step custody spectrum from self-custody to multi-institution ⚛️ 31:34 Cory calls the Bitcoin quantum threat panic 'manufactured bullshit' 🪙 35:19 Cory rejects freezing or tail-emitting Satoshi's coins, backs the fee market Learn more about your ad choices. Visit megaphone.fm/adchoices
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  How Tokenized Stocks Could Undercut Interactive Brokers' 77% Profit Margin 28.08.2026 31分

  Coinbase just launched fully backed tokenized stocks on Base.  Dromos Labs’ Alex Cutler says they’ll chip away at Interactive Brokers "77% profit margin." ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠⁠ 1inch.com⁠⁠⁠⁠ ======================================================== Coinbase this week launched tokenized versions of Apple, Nvidia, Meta, and Google stock on Base, moving past the prior synthetic tokenized-stock wrappers. The tokens are fully backed, held in trust, with ETF-style minting and redemption. Alex Cutler, CEO and Co-Founder of Dromos Labs, joins Laura Shin to unpack what real backing changes about tokenized stocks, and to argue decentralized exchanges can beat legacy brokers on cost and access. Cutler points to Aerodrome's roughly 25% share of AMM volume on the new assets, about $80 million traded and 5,000 wallets active within days, plus integrations across nine DeFi protocols including Aave, Morpho, and 1inch. He argues Interactive Brokers extracts a 77% profit margin as a middleman, and cites Nvidia's earnings, released after the bell, as proof onchain markets kept pricing news around the clock. They also cover the SEC innovation exemption and a roadmap of more assets, a Centrifuge migration to Aerodrome, and a launch on Circle's Arc chain. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: ⁠⁠⁠⁠Alex Cutler - CEO and Co-Founder of Dromos Labs Timestamps 🪙 01:15 How Cutler splits tokenized stocks: real backing vs synthetic wrappers 📈 04:44 Cutler's launch numbers: 25% of AMM volume, $80M traded, 5,000 wallets 💧 13:10 1inch Aqua: back multiple liquidity positions with one wallet balance at http://unchainedcrypto.com/go/1inch-x 🧩 13:59 Why composability across 9 DeFi protocols is Dromos' biggest draw 🌙 19:11 Cutler on 24/5 oracle risk: weekend price gaps are a feature, not a bug 🏛️ 24:23 Cutler on the SEC exemption bid and Armstrong's 10%-of-GDP vision Learn more about your ad choices. Visit megaphone.fm/adchoices
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  The Chopping Block: Crypto's Rebound, Reg Crypto, and AI Router Wars 28.08.2026 54分

  The crew sizes up Bitcoin's rebound, the fight to bring Hyperliquid onshore, the SEC's new token fundraising framework, and why Stripe's OpenRouter deal could make AI inference markets look a lot like DeFi. 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. Tom and Tarun check in from Bhutan after lunch with the king, then the crew tackles Bitcoin's rebound, the path to a compliant U.S. Hyperliquid, the SEC's proposed Regulation Crypto Assets, and the growing overlap between AI inference markets and DeFi market structure. Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. Show highlights 🔹 Tom and Tarun report from Bhutan after discussing Bitcoin mining, AI, and tokenization with the king. 🔹 Bitcoin pushes back toward $80,000 as ETF inflows and the debasement trade revive crypto sentiment. 🔹 The panel explains why a U.S. Hyperliquid would probably require KYC, surveillance, and separate liquidity. 🔹 Robert argues the SEC's $5 million startup exemption could reopen token crowdfunding for smaller projects. 🔹 Tom asks whether Regulation Crypto Assets solves an ICO-era problem that today's builders no longer have. 🔹 Tarun predicts financial engineers will try to scale the small-offering exemption through many token launches. 🔹 AI could overwhelm government processes by removing the bureaucratic proof-of-work that quietly rationed access. 🔹 Stripe's OpenRouter acquisition turns model routing, inference providers, and cached tokens into a DeFi-style market. 🔹 The hosts debate whether data rebates and inference tokens could finally revive crypto's 2017 data-ownership dreams. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Robert Leshner, Founder & CEO of Superstate Disclosures Links SEC Regulation Crypto Assets: https://www.sec.gov/rules-regulations/2026/08/s7-2026-27 OpenRouter is joining Stripe: https://openrouter.ai/blog/announcements/openrouter-is-joining-stripe/ Timestamps 00:00 Intro 01:22 Tom & Tarun meet the King of Bhutan 04:13 Bitcoin rebounds and crypto gets hot again 08:10 What a compliant U.S. Hyperliquid could look like 13:14 The SEC's proposed Regulation Crypto Assets 23:53 Are the new token rules eight years too late? 28:23 AI removes the government's bureaucratic speed bumps 31:12 Why AI inference tokens could power the next cycle 34:13 Stripe buys OpenRouter and AI starts looking like DeFi 43:28 Router economics, data markets, and new security risks 51:01 Bull-market vibes from Bhutan and Asia Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Treasury Puts DeFi On Notice as Roman Storm Trial Drags On 27.08.2026 1時間 14分

  Roman Storm's retrial slides to April 2027. Peter Van Valkenburgh argues prosecuting Tornado Cash's developers cost real ground in zero knowledge cryptography. ======================================================== Thank you to our sponsors! Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠http://unchainedcrypto.com/go/1inch-sn⁠ ======================================================== Treasury Secretary Scott Bessent has declared "economic D-Day" on Iran, leaving an open question over whether the sanctions crackdown reaches Uniswap and Ethereum or stops at Iranian exchanges, where humans are in the loop. Kain Warwick and Taylor Monahan take that gap to Peter Van Valkenburgh, executive director of Coin Center, whose defense of the Tornado Cash developers rests as much on zero knowledge cryptography as on sanctions law. They cover the GENIUS Act's freeze and seize rules for the stablecoin secondary market and Roman Storm's retrial, now pushed to April 2027, where speech protections clash with prosecutors' "frying pan" theory of money transmission. The SEC's proposed exemptions, the stalled Clarity Act, and Trump’s Hyperliquid all raise the same question: where does decentralization end and regulation begin? Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Peter Van Valkenburgh - Executive Director of Coin Center Timestamps 🎯 01:26 Bessent brands Iran sanctions 'economic D-Day', DeFi not exempt 🏦 11:15 Van Valkenburgh explains the freeze-and-seize rules coming for stablecoins 💰 15:18 Bessent claims a $1B Iranian crypto rug, but the receipts don't add up 🌊 25:08 1inch Aqua: back multiple liquidity positions with one wallet balance at http://unchainedcrypto.com/go/1inch-sn ⚖️ 25:50 Roman Storm's retrial slips to April as an acquittal motion looms 🔐 38:24 Why Van Valkenburgh calls Tornado Cash's developer a hero, not a villain 📜 47:22 SEC's 'Reg Crypto' plan opens two new paths to raise ICO-like capital 🏇 58:07 Trump name-drops Hyperliquid, raising hard questions for the CFTC Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Bits + Bips: How Bessent’s Treasury Buyback Is Fueling Bitcoin’s Rally 26.08.2026 18分

  📢 Bits + Bips has its own channel now — full episodes here: https://www.youtube.com/@Bitsandbips  Bitcoin is pushing toward $80,000 after Scott Bessent's Treasury long-end buybacks flipped spot ETF flows positive and rattled the bond market. Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Bitwise's Gordon Grant to unpack why rising Treasury volatility, and bizarre stress signals building in the TIPS market, are becoming a tailwind for Bitcoin's momentum trade. Hosts: Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest: Gordon Grant - Portfolio Manager and Head of Derivatives at Bitwise This clip is from a longer conversation on the CFTC's prediction-market brawl, parametric insurance, and a mystery AI model. Full episode here:https://youtu.be/tLKZl37uZ2g?si=Vp_6Y7PvXeDh_iJ8  We go live every Monday at 4:30pm ET — subscribe to catch it live. 👉 Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com. Chapters 💰 00:20 Market snapshot: Bitcoin near $80K as ETF inflows flip positive 🌊 03:32 Gordon on how Bessent linked Treasury vol to Bitcoin's own vol spike 📈 05:32 Ram on the 'extraordinary' price action and Bitcoin's momentum 🎙️ 07:39 Chris on the Bitcoin/gold chart and the Fed-Treasury accord 🧮 09:30 Austin on the fiscal-dominance divergence between the front and long end 🔒 10:54 Gordon on the 'buyer strike' driving Treasury illiquidity 🔄 15:19 Chris on why the basis trade's return is bullish for crypto Learn more about your ad choices. Visit megaphone.fm/adchoices
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  One Type of Post-Quantum Cryptography Is Most Popular. Why Is Crypto Trying Out Three? 25.08.2026 1時間 2分

  Some crypto products work with multiple chains on different post-quantum paths. NEAR’s Illia Polosukhin and Ledger's Charles Guillemet discuss how they manage that challenge. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠⁠ 1inch.com⁠⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠⁠ 1inch.com⁠⁠⁠ ======================================================== In March, a Google research team published a paper on breaking cryptographic keys with a quantum algorithm, so cautious about the finding that it released only a zero-knowledge proof the algorithm existed. Weeks later, an EigenLayer AI competition improved on that method in roughly 48 hours. Illia Polosukhin, co-founder of NEAR Protocol, and Charles Guillemet, CTO of Ledger, join Laura Shin for an update on the quantum threat whose deadline could be approaching fast. Both are creating products that deal with multiple chains that all have different post-quantum approaches.  They discuss why, of the three NIST-standardized, post-quantum algorithms, the crypto industry has splintered into different chains working with different ones, whereas most industries are converging on one, called lattice-based. They also debate what to do with Satoshi Nakamoto's bitcoins: do nothing, freeze them, or freeze and tail-emit new bitcoin, an option Guillemet favors even though Bitcoin's leaderless governance makes consensus hard to reach. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠Illia Polosukhin - Co-founder of NEAR Protocol ⁠Charles Guillemet - CTO of Ledger Timestamps 🔐 02:18 Illia and Charles map Shor's algorithm leap and EigenLayer's 48-hour crack 🧠 12:43 Why Matt Corallo's Bitcoin core skepticism reveals NEAR's design edge 📢 18:18 1inch Aqua: see how the shared liquidity platform works at http://unchainedcrypto.com/go/1inch-sn 🔀 23:28 How lattice vs hash based crypto split Ethereum from Bitcoin's plan 🌐 34:46 Charles: why this crypto fight is unique to blockchain, not elsewhere 🛠️ 37:04 Charles walks through Ledger's SDK and hardware wallet quantum roadmap 🔑 44:22 Why 'wrench attacks' expose the physical risk in quantum signing 🕵️ 46:11 Charles debunks the harvest now decrypt later myth for blockchains ₿ 54:52 The Satoshi's coins dilemma: three options and Bitcoin's security budget Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Uneasy Money: Why Erik Voorhees Calls AI's Hidden Filter 'Deceptive' 22.08.2026 1時間 14分

  Venice founder Erik Voorhees says crypto's real job was never speculation. It's becoming the rails AI agents actually need. Plus, why he sold equity, not tokens. ======================================================== Thank you to our sponsors! Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at http://unchainedcrypto.com/go/1inch-sn ======================================================== Stripe bought OpenRouter this month in one of the cleanest crypto-to-AI pivots yet, and Erik Voorhees says most of the industry drew the wrong lesson from it. Voorhees, founder and CEO of Venice AI, joins Kain Warwick and Taylor Monahan to argue that crypto's job was never to serve crypto people, it was to become the financial rails a decentralized AI future actually needs. He pushes back on the instinct to abandon tokens for pure AI plays, and on the assumption that America deserves to win the AI race just because it is America. They get into why Voorhees sold Venice's equity but refused to sell its VVV tokens, why he says the big labs are losing money "hand over fist" subsidizing $200-a-month plans, how DeepSeek reset the cost curve for inference, and why he calls the moderation layer sitting inside today's AI models "deceptive." His answer for who should actually win the AI race has nothing to do with flags. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kain Warwick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Host of Uneasy Money and Founder of Infinex and Synthetix ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Taylor Monahan⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Co-host of Uneasy Money and Security Expert Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Erik Voorhees - Founder and CEO of Venice AI Timestamps 🤝 01:51 Why Stripe buying OpenRouter is one of crypto's cleanest AI pivots 🪙 04:02 Why Erik says he can't pivot out of crypto even while building an AI company ⚖️ 12:43 Crypto has principles, AI didn't: unpacking the two industries' DC playbooks 💧 27:58 1inch Aqua: See how shared liquidity keeps LPs' tokens in their wallet at https://1inch.com/aqua 💰 28:44 Why Erik sold Venice's equity but refuses to sell its VVV tokens 🧩 42:51 Inside Venice's strategy for aggregating every major AI model in one app 📉 49:15 Why Erik says labs are bleeding money on $200 plans, and how DeepSeek reset AI pricing 🌐 57:30 Why Erik says America doesn't deserve to win the AI race by default 🔓 01:02:41 Why Erik has 'zero faith' in politics and trusts decentralized tech instead 🕵️ 01:09:56 Why Erik calls the moderation layer inside AI models 'deceptive' Learn more about your ad choices. Visit megaphone.fm/adchoices
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  Arthur Hayes on Why AI Agents Will Want to Transact in Units of Compute 21.08.2026 53分

  Arthur Hayes unveils Flop, a new protocol for AI compute, and makes the case for why Bitcoin is entering a fresh liquidity-driven leg up. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠⁠ 1inch.com⁠⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠⁠ 1inch.com⁠⁠ ======================================================== Bitcoin has been pumping in its sharpest move since March, after the US Treasury said it would double its long-end bond buybacks, and traders liquidated $1.44 billion in short positions within hours. Arthur Hayes, CEO of Flop Labs and CIO of Maelstrom, joins Laura Shin to argue the rally is proof the Treasury and the Fed are already running what he calls soft yield curve control, defending the 10-year near 5% by funding long-end purchases with short-term bill issuance instead of admitting real yields cannot rise. Hayes reiterates his year-end $5,000 target for ETH, traces how Japan's yen crisis could force the Fed's hand, and argues the AI CapEx boom is a real estate bet on depreciating chips that ends like subprime did. He also unveils Flop, his currency for AI agents, and why he is taking on a new CEO role after an already successful career. He also weighs in on Saylor's $218 million Bitcoin sale and reflects on his and his cofounders’ decision to shut BitMEX down. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guest: Arthur Hayes - CEO of Flop Labs and CIO of Maelstrom Timestamps 🏛️ 00:47 Why Arthur says the Treasury's buyback move is 'soft yield curve control' 📈 04:14 Why ETH is Maelstrom's largest position outside Bitcoin 🇯🇵 07:02 The yen quake: how Japan's repatriation could force the Fed's hand 📣 13:41 Visit 1inch to swap tokenized securities, crypto and more at http://1inch.com/ 🤖 13:58 Why Arthur calls the AI boom 'just another boring real estate play' 💽 22:29 Inside Flop: Arthur's new currency for paying AI agents to compute ⚙️ 29:34 How Flop's miners and validators actually work 🪙 41:16 Flop's halving schedule and why Floplabs only takes a cut for two years 📉 45:45 Why Arthur says don't buy MicroStrategy anymore 🔌 48:37 Why Arthur shut down BitMEX on his own terms Learn more about your ad choices. Visit megaphone.fm/adchoices
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  EIP-8363: Should ETH Be Sound Money or a Productive Asset? 20.08.2026 1時間 14分

  Ethereum wants to slash staking yields toward zero. Gitcoin's Kevin Owocki, DV Labs' Oisín Kyne, and Ethereum-France's Jérôme de Tychey debate whether that breaks DeFi. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit⁠ 1inch.com⁠ to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at⁠ 1inch.com⁠ ======================================================== Ethereum's core developers are considering a decision that could cut ETH's staking yield toward zero, and DeFi's biggest names are furious about it. Jérôme de Tychey, President of Ethereum-France and a co-author of EIP-8363, joins Kevin Owocki, founder of Gitcoin, and Oisín Kyne, CEO of DV Labs, to argue through the proposal's tradeoffs. Aave's Stani Kulechov, Ether.fi's Mike Silagadze, and Joseph Chalom have all pushed back, warning the change guts DeFi's biggest source of yield. They cover the Nakamoto coefficient and why a 51% staking cartel could censor blocks for free, why solo stakers could see after-tax income collapse, and why Oisín is skeptical of an enshrined liquid staking token. Jérôme defends why Ethereum can pay stakers less and still be more secure than rivals boasting 7% yields. All Core Devs meets Thursday, August 20, and the real deadline lands October 26, when the network decides if EIP-8363 is mature enough to move forward. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kevin Owocki - Founder of Gitcoin ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Oisín Kyne - CEO and Co-founder of DV Labs ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jérôme de Tychey - President of Ethereum-France Timestamps 🏛️ 01:38 Jérôme lays out EIP-8363's validator reward burn curve 🔥 08:02 Oisín on why a 51% cartel could censor blocks for free ⚖️ 10:39 Jérôme's rebuttal: finality security versus censorship risk 📣 14:38 1inch: See how Aqua's shared liquidity pools work at https://1inch.com/aqua 💼 16:13 Kevin on Aave, Bankless, and DeFi's backlash to the burn 🧾 33:18 Why solo stakers could see after-tax income near zero 🏦 45:39 Does killing ETH's yield scare off institutional buyers? ⚛️ 51:03 Ultrasound money versus productive asset: ETH's identity fight 🔐 56:41 Why Oisín is skeptical of an enshrined liquid staking token 🥇 59:34 Can ETH's shrinking yield compete with Solana and stablecoins? 🔮 01:05:27 Post-quantum costs, and when All Core Devs decides EIP-8363's fate Learn more about your ad choices. Visit megaphone.fm/adchoices
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  DEX in the City: The CFTC's Kalshi Rescue and the Limits of Emergency Power 19.08.2026 46分

  The CFTC has used emergency powers just six times ever. Twice this month, both for Kalshi. Jessi, Jacob, and Jane ask whether that protects innovation or sets a dangerous precedent. ======================================================== Thank you to our sponsor! 👉 Visit 1inch to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at http://unchainedcrypto.com/go/1inch-sn ======================================================== The CFTC has invoked its rarely used emergency authority just six times in its history. Twice in the past month, it did so to shield Kalshi. Jessi Brooks argues that's normalizing a dangerous kind of agency overreach. With KK Bos and Vy Le away this week, Brooks welcomes Jacob Robinson, host of the Law of Code podcast, and Jane Khodarkovsky, a financial integrity and sanctions expert, to debate whether shielding Kalshi from state regulators protects innovation or tramples states' rights. They also unpack the SEC's abruptly canceled 400-page market-structure proposal, Anthropic's new EU-mandated watermark on Claude's outputs and the First Amendment questions it raises, and a presidential memorandum letting vetted private companies run offensive cyber operations against foreign criminal groups under DOJ and DHS oversight. Robinson makes the case for treating the fight against crypto hackers like modern-day privateering — arguing what the industry really needs is its own letter of marque. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jessi Brooks⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, General Counsel at Ribbit Capital⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jacob Robinson - Host of the Law of Code podcast ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jane Khodarkovsky - Financial Integrity & Sanctions Expert Timestamps 🏛️ 02:40 Why Jacob calls the CFTC's Kalshi rescue inevitable, and Jessi disagrees ⚖️ 17:45 Why the reasons behind the SEC's shelved 400-page crypto rulemaking stay murky 💧 21:48 1inch Aqua: See how shared liquidity works at https://1inch.com/aqua 🤖 22:34 Why Claude's new EU-mandated watermark reads as compelled speech to Jacob 🔪 23:24 Jane's take on the watermark rule: a hammer when you need a scalpel 🛰️ 35:21 Jessi previews the CFTC's first public meeting on AI in markets 🔐 36:41 Jane unpacks Trump's memo letting private firms fight cybercrime abroad 🏴‍☠️ 46:24 Why Jacob wants a modern "letter of marque" for crypto's hackers Learn more about your ad choices. Visit megaphone.fm/adchoices