Unchained

Guy Young, founder of Ethena Labs, and Rob Hadick, General Partner at Dragonfly, delve into the future of Digital Asset Treasuries and the rise of Stablecoin X Assets. They discuss why altcoins could soon join Bitcoin and Ethereum on public markets. With $360 million backing for a SPAC merger, they're testing the waters for altcoin treasuries. The duo also debates the intricacies of crypto valuation, the allure of ETH staking rewards, and whether these trends bring lasting value or just reheated concepts.

Avichal Garg, Managing Partner at Electric Capital, and Tomasz K. Stańczak, Co-Executive Director at the Ethereum Foundation, dive into Ethereum's game-changing moments. They unpack the Tornado Cash trial's legal impacts on developers, raising concerns over liability amidst regulatory ambiguity. The conversation shifts to Wall Street's embrace of ETHZilla, hinting at institutional adoption of Ethereum. They explore the evolving relationship between traditional finance and DeFi, and the collaborative efforts to create a community-driven financial ecosystem. Get ready for some hot takes!

Emmett Hollyer, General Manager of Solana Mobile, discusses the launch of the Seeker phone, boasting enhanced security features like Seed Vault and its potential to transform crypto identity. He believes this could boost crypto adoption significantly. Sam Enzer, a former federal prosecutor, analyzes the Roman Storm trial, highlighting its mixed verdict as a potential win for the crypto community and the implications for developers of privacy tools. The conversation touches on legal complexities in the evolving landscape of cryptocurrency.

Ben Werkman, Chief Investment Officer at Swan Bitcoin, joins to dissect why recent job data revisions may signal more than just statistical noise. He and the hosts explore how markets might be mispricing macro risks and the implications for crypto investment strategies. They dive into the future of tokenized equity and discuss Coinbase's potential to unlock private market value. Additionally, they touch on new regulatory signals possibly enabling banks to hold crypto and the rise of 'super apps' combining payment and trading features.

Jim Bianco, President and Macro Strategist at Bianco Research, delves into the implications of sticky inflation and the end of 0% interest rates and money printing. He sheds light on how the pandemic reshaped the economy and discusses the evolving retail investment landscape. Bianco offers insights on stablecoins as potential game-changers in finance, critiques the outdated payments system, and speculates on future regulatory challenges. He even ventures into potential political impacts on the Fed and the fascinating events surrounding the GameStop short squeeze.

A heated discussion unfolds as the crew addresses the DOJ's threat against Dragonfly over its Tornado Cash investment. With Roman Storm's trial looming, they explore the dire implications for crypto developers and investors. The trial sparks debate over whether financial privacy is becoming a crime and how U.S. law may adapt to these challenges. Alongside this, personal anecdotes about micro-cap adventures reveal the chaotic dynamics of crypto investments, while a fresh regulatory stance from the SEC hints at potential relief for the industry.

Lance Vitanza, Managing Director at TD Cowen, joins Owen Lau, Executive Director at Oppenheimer & Co., to delve into the earnings season of crypto companies. They discuss Strategy's impressive $10 billion net income driven by Bitcoin and new accounting rules, while Coinbase's disappointing results spark debates on its future after missed estimates. Vitanza highlights systemic risks tied to Bitcoin holdings, while Lau presents a bullish outlook on Coinbase, emphasizing the potential of new banking partnerships and upcoming market shifts.

Stani Kulechov, the founder of Aave and ETHLend, dives into Ethereum's 10-year legacy and its resilience against competition. He passionately discusses why Aave remains committed to Ethereum, unveiling plans for Aave V4 and its institutional initiative, Horizon. Stani also critiques the Ethereum Foundation and shares insights on blending traditional finance with decentralized protocols. With a history rooted in DeFi, he highlights the evolving landscape and the importance of integrating real-world assets into this financial revolution.

Tomasz Stanczak, Co-Executive Director at the Ethereum Foundation and Founder of Nethermind, discusses Ethereum's 10th anniversary and its recent challenges. He reflects on the community's resilience and the Foundation's revamped focus on user experience and developer engagement. Tomasz shares an ambitious secondary roadmap, envisioning Ethereum as a platform for AI and a new open-source society while addressing the need for innovation in a competitive landscape. Prepare for insights on Ethereum’s future amidst a shifting crypto environment!

Katalin Tischhauser, Head of Research at Sygnum Bank, and Jake Ostrovskis, Head of Sales Trading at Wintermute, dive into the reasons behind Ethereum's recent surge and its implications for the crypto market. They discuss how corporate treasuries and shifting ETF flows are reshaping crypto dynamics. The duo also tackles the impact of rising tariffs and the Federal Reserve's monetary policy, while exploring how tokenization could revolutionize the US dollar and the broader financial landscape.