Rise of Perp DEXes and Hyperliquid's Lead

Thank you to our sponsor, Mantle!

In this Unchained podcast episode, guests Alex Thorn and Ryan Graham share their 2026 outlook for Bitcoin and the broader crypto market, exploring why the year looks unusually uncertain.

The conversation also digs into questions around Ethereum’s long-term value, whether killer apps are enough to drive adoption, prediction markets’ push into sports betting, and why the privacy meta could continue in 2026.

Hosts:

• Laura Shin

Guests:

• Ryan Graham, Research Analyst at Messari
• Alex Thorn, Head of Firmwide Research at Galaxy Digital

Links:

• DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead
• Ethereum’s Vitalik Buterin Says Blockchain Trilemma ‘Has Been Solved’
• Solana Withstands Week-Long DDoS Attack
• Solana Mulls Proposal to Lower Inflation Rate
• Western Union Files ‘WUUSD’ Trademark After Solana Stablecoin Reveal
• Why the Privacy Coins Mania Is Much More Than Price Action
• The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race
• How to Trade Prediction Markets Without an Opinion on the Event
• Why Wall Street Banks Need to Launch Their Own Stablecoins
• How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens
• Klarna Launches Stablecoin Built on Stripe’s Tempo Chain
• How the x402 Standard Is Enabling AI Agents to Pay Each Other

Learn more about your ad choices. Visit megaphone.fm/adchoices