Unchained

Mike Cagney, CEO of Figure Technology Solutions, shares insights on why many tokenization projects falter, discussing his company's innovations in mortgage tokenization. He argues that big banks are now at the forefront of blockchain development. Jason Brett, a former banking regulator, highlights how President Trump's World Liberty Financial may breach regulatory frameworks, raising questions about its centralized nature despite claims of decentralization. They delve into the implications for DeFi, governance, and the need for a clearer market structure.

Join Steven Ehrlich, a crypto markets analyst, and Dougie DeLuca from Figment Capital for a deep dive into the changing landscape of digital assets. Steven highlights why digital asset treasury stocks (DATs) went from premiums to steep discounts, arguing it’s a long-term bet rather than an easy arbitrage opportunity. Dougie makes a bold case that 'crypto is dead' in its current form, emphasizing the necessity for mainstream adoption and sustainable products. They explore the risks and opportunities for investors in this evolving market.

Guy Young, CEO of Ethena Labs, joins hosts Kain Warwick, Luca Netz, and Taylor Monahan for a riveting discussion on token rights and DAO dynamics. They dive into the murky waters of what token holders can actually expect and examine the structural flaws in DAO models. The conversation highlights recent controversies like Circle's acquisition of the Axelar team, questioning accountability and rights for token holders. Young proposes that centralized exchanges might play a key role in enforcing these rights, challenging existing models to improve market integrity.

Join Johann Kerbrat, Senior VP at Robinhood Crypto, as he unpacks the company's ambitions to create a super app. He discusses the potential impact of tokenized stocks on IPOs and the growing interest in prediction markets despite regulatory hurdles. Johann also shares insights on how Robinhood's diverse crypto offerings cater to different types of users and the importance of building a secure, user-friendly platform. With a focus on leveraging blockchain for innovative financial solutions, Robinhood aims to push the boundaries of traditional investing.

Jill Gunter, co-founder and Chief Strategy Officer at Espresso Systems, brings her expertise in blockchain infrastructure to the forefront. In a compelling discussion, she shares insights from a recent SEC roundtable on privacy in crypto, marking a shift in regulatory attitudes. Jill recounts a personal experience of losing $30K in a crypto exploit, reinforcing her commitment to privacy without fear of disclosure. They explore how crypto can enhance security for traditional finance and discuss the complex implications of Do Kwon's sentencing.

Vladimir Novakovski, Founder and CEO of Lighter, dives into the tumultuous world of crypto derivatives, sharing insights from a recent liquidation shock. He explains Lighter's approach to auto-deleveraging, which aims for transparency and fairness, contrasting with traditional models. The discussion touches on zero-fee trading, the evolving market dynamics with perps, and the implications of token launches. Notably, they explore the tensions between token holders and dev teams as crypto structures shift, making for a riveting conversation on the future of finance.

Elisabeth Kirby, Head of Market Structure at Tradeweb, joins the hosts to explore the current state of cryptocurrency markets. They discuss the stalled US market structure legislation and its implications for institutional entry into crypto. Elisabeth highlights JPMorgan's innovative tokenization of money market funds and TradeWeb's work on on-chain trades. The group debates the prospects of Ethereum and Solana in the institutional sphere, as well as the challenges that macroeconomic conditions present for future crypto rallies.

Shehan Chandrasekera, CPA and Head of Tax Strategy at CoinTracker, delves into the complexities of crypto tax reporting, emphasizing the significance of tax-loss harvesting and the implications of the new 1099-DA form. Sebastien Derivaux, Co-founder of Steakhouse Financial, highlights the risks of high-yield chasing in DeFi, the future of stablecoins beyond the US dollar, and the importance of institutional-grade risk curation. Together, they discuss crucial tax strategies and emerging trends shaping the crypto landscape.

Markus Thielen, CEO of 10x Research and expert in crypto trading strategies, dives into the evolving world of prediction markets. He outlines why these markets are still in their early stages and discusses the migration of crypto traders toward them. Markus shares insights on Polymarket and Kalshi, highlighting their strengths and weaknesses. He also reveals ten unique trading strategies that allow for successful predictions without previous biases and emphasizes the importance of the collective wisdom from market participants.

Tensions rise as Jupiter faces accusations from Kamino over misleading contagion risks in their DeFi products. The hosts debate the implications of Hyperliquid's algorithm and its controversial liquidations. Lighter's zero-fee model comes under scrutiny, with comparisons to Robinhood's approach to retail trading. Meanwhile, Farcaster's shift to a wallet-first strategy opens discussions on the future of Web3 social media. The podcast navigates through complex market dynamics, lending strategies, and the evolving landscape of decentralized finance.