Unchained

Kain Warwick, founder of Synthetix and Infinex, dives into his latest venture: a perpetuals DEX on Ethereum's mainnet. He explains the rationale behind this contrarian move and details his hybrid optimistic order book model. Kain discusses the challenges of operating on Layer 1, including gas costs and liquidations, while envisioning a future where DeFi can outcompete centralized exchanges. The conversation also touches on the choice of USDT as a settlement asset and the potential of intertwining services into a 'super app' for on-chain trading.

In this discussion, CJ Hetherington, CEO of Limitless Labs and a skeptic of centralized exchange practices, reveals alleged listing terms from Binance that sparked major controversy. Joined by Nick Tomaino, founder of 1confirmation, they delve into the consequences of these opaque practices on retail investors and the broader crypto ecosystem. The pair emphasizes the urgent need for transparency and critiques how short-term strategies harm long-term projects. They also advocate for a decentralized future, arguing that the revolution must prioritize genuine community involvement.

Doug Colkitt, Founder of Ambient Finance and a notable contributor at Fogo, dives into the chaos of a historic $19B liquidation in the crypto market. He sheds light on Auto-Deleveraging (ADL) and how it wreaked havoc on delta-neutral strategies. The group unpacks the collapse of Binance’s USDe and the design challenges underlying perpetual exchanges. Colkitt also advocates for better infrastructure through on-chain clearing and insurance funds to fortify the future of trading. A fascinating exploration of the wild world of crypto!

Carlos Guzman, a research analyst at GSR with expertise in market making, joins the discussion to dissect crypto's massive crash. They explore theories of coordinated attacks and market failures that triggered cascading liquidations, uncovering the sinister dynamics behind liquidity collapse and extreme spreads. Carlos explains the risks surrounding perpetual contracts and draws eerie parallels between the crypto crash and the 2011 equities flash crash. The group debates potential reforms and lessons from traditional finance to strengthen crypto's market structure.

Diogenes Casares, founder of Klyra Protocol and experienced crypto analyst, joins to dissect the dramatic crypto crash that wiped out $19 billion in hours. He discusses how Trump's tariff tweet precipitated widespread liquidations and why altcoins plummeted by up to 95%. Diogenes explains the role of auto-deleveraging and flaws within exchange infrastructures that compounded the chaos. He also explores the potential for insider knowledge among traders and reflects on the industry's need for structural change to prevent future meltdowns.

Tarun Chitra, co-founder of Gauntlet and a quantitative DeFi expert, joins the discussion on crucial crypto developments. They dive into Polymarket's impressive $2B fundraising and its impact on prediction markets. The guests dissect the intense KOL wars between Kalshi and Polymarket, addressing the ethics of influencer marketing. They also explore Zcash's resurgence in the privacy crypto space and its cultural implications, alongside Galaxy One's promising yields and what it means for the future of on-chain lending.

Rob Hadick, General Partner at Dragonfly, and Mert Mumtaz, CEO of Helius, dive into the fiercely competitive world of stablecoins. They discuss the implications of the new U.S. stablecoin law and explore why apps are incentivized to issue their own stablecoins. The conversation highlights Tether's ongoing dominance, the potential rise of Circle's new Layer 1, Arc, and the challenges of managing liquidity across multiple stablecoins. With network effects at play, they speculate on which contenders might emerge as the ultimate winners.

Joshua Lim, Co-Head of Markets at FalconX, provides insights into Bitcoin’s options dynamics and institutional demand. Ram Ahluwalia, CEO of Lumida, argues that the current rally is more about asset revaluation than dollar debasement. Austin Campbell, NYU professor, discusses the systemic risks in on-chain finance. Ryan Yi analyzes how companies like Coinbase and Robinhood are advancing on-chain adoption. The conversation delves into market indicators of euphoria and the evolving landscape of crypto adoption.

In this lively discussion, Adam Back, CEO of Blockstream and a Bitcoin pioneer, teams up with Chris Guida, a savvy Bitcoin and Lightning developer. They dive into the heated debate around Bitcoin's future—is it about payments or something broader? Adam argues for lifting limits on op_return to combat 'spam,' while Chris warns this may worsen the problem. Their chat also covers crucial historical lessons, the potential impact on miners' revenue, and whether the network could face splits. It's a must-listen for Bitcoin enthusiasts!

Tom Lee, Chairman of BitMine and a key Ethereum advocate, dives into the exciting world of Digital Asset Treasuries (DATs) and Ethereum's projected 'supercycle'. He discusses how DATs are shaping Ethereum's marketing strategy, while also highlighting potential risks and market dynamics. With a focus on the ongoing Perp DEX wars between Hyperliquid and Aster, the duo explores the implications of token unlocks and zero-fee models. The conversation also touches on the resurgence of Zcash and the mainstreaming of prediction markets.