Crypto networks are meant to be decentralized, community owned systems. But they’re turned out to be dominated by whales and to have more mercenaries who are just interested in getting free tokens to dump them, rather than having long-term believers who want to build the ecosystem. How can tokens be launched in a way that gets token holders aligned with long-term success? 

Today’s guests, Mike Dudas, founding partner of 6th Man Ventures, and Matt O’Connor, co-founder of Legion, believe there’s room for improvement. In this episode, they share how Legion aims to reshape the process, focusing on fair distribution, incentivizing organic user growth, and building loyal communities. They explore Legion’s approach to token sales, its compatibility with regulatory frameworks, and why it might be the key to bringing new people into crypto.

Show highlights:

• How Legion was born and what its main goal is
• The problems with how token launches currently work 
• Why projects don’t want to return to the ICO model
• Whether the criteria to earn a better reputation on Legion is gameable 
• How Legion actually works and what the role of KYC is
• What type of regulatory framework Legion is leveraging
• How MiCA’s rules for token offerings allowed for this type of project to emerge
• Whether the U.S. should follow Europe in establishing a crypto framework like MiCA
• What the business model of Legion is
• What the difference is between Legion and other similar platforms such as Cobie’s Echo
• Whether token sales is a better distribution mechanism than airdrops

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Polkadot
• Mantle
• Robinhood & Arbitrum

Guests:

• Mike Dudas, Founding partner of 6th Man Ventures
• Matt O’Connor, Co-Founder of Legion
• Matt’s open source publication: guide.notion.site/Tokenomics-for-Builders-The-Practitioner-s-Guide-to-Token-Design-b5154feba117415cafd67678355e317b">Tokenomics for Builders

Links

• Unchained: Legion Launches New Tool to Identify Best Contributors in Crypto Fundraises
• Legion Whitepaper

Timestamps:

• 00:00 Intro
• 01:49 How Legion was born and its main goal
• 05:33 What’s wrong with current token launches?
• 11:13 Why projects avoid the ICO model
• 13:37 Can Legion’s reputation system be gamed?
• 26:18 How Legion works and the role of KYC
• 35:23 The regulatory framework behind Legion
• 39:06 How MiCA enabled this type of project
• 44:09 Should the U.S. adopt a framework like MiCA?
• 46:32 What is Legion’s business model?
• 50:28 How Legion differs from Cobie’s Echo
• 53:18 Are token sales better than airdrops for distribution?

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, Robert Leshner welcomes two special guests: Mike Novogratz, CEO of Galaxy, and Shaun Maguire, general partner at Sequoia Capital, for a one-of-a-kind debate on how the upcoming 2024 U.S. presidential election could shape the future of crypto. With the stakes higher than ever, they explore what a Harris or Trump presidency could mean for crypto regulation, market infrastructure, and the populist undercurrents driving the industry forward. From blockchain voting possibilities to the macroeconomic forces impacting Bitcoin and stablecoins, the conversation pushes beyond policy to the heart of crypto's role in tomorrow's world. This episode delivers crucial insights on the political forces that could redefine crypto’s trajectory in the U.S. and beyond.

Show highlights

🔹 Crypto in the Election Crosshairs: Mike Novogratz and Shaun Maguire debate how a Trump or Harris presidency could reshape the U.S. crypto landscape.

🔹 Deregulation vs. Innovation: Trump’s pro-deregulation stance meets Harris’s pro-innovation campaign promises. Which path is better for crypto growth?

🔹 Crypto's Populist Appeal: How Trump’s base connects with crypto’s populist movement and why that resonates with “the people at the bottom” of the income bracket.

🔹 Deep State and Political Jaywalking: Shaun Maguire dives into the concept of “political jaywalking” and its impact on trust in U.S. elections.

🔹 The Future of Blockchain Voting: Could blockchain-based voting bring transparency to elections? The crew weighs in on the feasibility and timing of decentralized voting.

🔹 Bitcoin's Role in Macro Trends: With U.S. debt surging, Mike and Shaun share their thoughts on Bitcoin as a hedge, whether Trump or Harris takes office.

🔹 The Crypto Political Machine: A look at how crypto insiders engage with political campaigns and the industry’s impact on down-ballot races.

🔹 Wildcard Assets: How a national Bitcoin reserve might impact U.S. fiscal policy – could it ever happen under Harris?

Hosts

⭐️Robert Leshner, CEO & Co-founder of Superstate

Guests

⭐️Mike Novogratz, CEO of Galaxy

⭐️Shaun Maguire, general partner at Sequoia Capital

Disclosures

Timestamps 

• 00:00 Introduction
• 02:03 Shaun’s Argument for Trump
• 05:10 Mike's Argument for Harris
• 11:10 Political Bias and Prediction Markets
• 18:25 Flynn & Political Jaywalking
• 24:26 Macroeconomic Implications for Crypto
• 30:29 Bitcoin Price Predictions Post-Election
• 32:38 Gold & Central Bank Dynamics
• 34:41 Nation States & Bitcoin Reserves
• 37:35 Military Technology & Future Dominance
• 39:10 Presidential Campaign Issues & AI
• 47:44 Election Integrity & Blockchain Voting
• 53:17 Crypto's Influence in Politics
• 56:42 $WLFI Endeavors
• 01:00:17 Closing Thoughts

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As the 2024 U.S. election draws near, the crypto market is buzzing with speculation on what’s next. Arthur Hayes, co-founder of BitMEX, joins Unchained to discuss how Bitcoin and altcoins might react depending on who wins. Hayes shares his insights on election trade strategies, from the importance of sticking to the majors to his preference for Solana over Ethereum in the short term.

He also dives into whether Trump will fulfill his promises to the crypto community and drops a banger explanation on what could be the next Federal Reserve move. (Hint: it’s not about interest rates.) 

Plus, Unchained reporter Veronica Irwin joins the show to discuss her latest scoops on Stand With Crypto’s scoring system and SEC Commissioner Hester Peirce’s stance on whether she would want to become Chair of the agency in replacement of Gary Gensler.

Show highlights:

•    01:39 How the market could react based on the election outcome
•    03:53 Has a Trump win been priced in? What if there’s no clear winner?
•    06:30 Arthur’s short-term trade strategy for the elections
•    13:00 Will Bitcoin surge, and is an altcoin rotation coming?
•    16:52 Why Arthur favors SOL over ETH right now
•    21:28 Whether Layer 2s are parasitic to Ethereum
•    24:19 Could crypto regulation reform come after the election?
•    26:12 Whether Trump would deliver on his promises to the crypto community
•    29:45 The election outlook for memecoins
•    30:52 Why traders should focus on high-cap AI memecoins
•    36:41 Why Arthur believes the Fed need to restart quantitative easing
•    47:55 How much money China will print to tackle its property crisis
•    52:21 Arthur’s take on Japan’s political shift and economic impact
•    54:44 Whether Stand With Crypto has been honest with the crypto community
•    56:20 A potential conflict of interest of one of the top executives
•    56:58 Stand With Crypto’s affiliation with PAC Fairshake
•    1:04:19 Whether Hester Peirce will become SEC Chair if Trump wins
•    1:08:27 Crypto News Recap

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Polkadot
• Mantle’s FBTC

Guest

• Arthur Hayes, Co-Founder of BitMEX and CIO at Maelstrom
• Previous appearances on Unchained: 
• Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different
• Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
• Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH 
• Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
• The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
• How Crypto and Blockchain Technology Could Change Financial Services

Links

• Unchained: 
• Why You Might Have to Wait a Little Longer for a Crypto Bull Market
• What Needs to Happen for Altcoins to Finally Pump: Report
• Arthur’s latest blog post

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. This week, the crew tackles everything from AI-powered memecoins and the explosive rise of GOAT token to the ongoing rivalry between Ethereum and Solana. They break down the appeal of AI-driven assets, analyze Trump’s World Liberty Finance flop, and debate whether Ethereum’s current fragmentation is hurting its narrative. With Halloween thrills and market chills, this episode delivers insider insights on the trends pushing crypto forward.

Show highlights

🔹 GOAT Token Madness: The latest in AI memecoin hype and how GOAT token captured the attention of investors and Twitter alike.

🔹 Memecoin Stagecraft: Are AI-driven coins here to stay, or is it all clever stagecraft? Our thoughts on the future of AI-based assets. 

🔹 AI Meets Memecoins: Is character-driven AI the secret sauce in building compelling memecoins? Exploring the potential of charismatic, interactive assets. 

🔹 World Liberty Finance Flop: Trump's crypto token sale misses the mark—are accredited investor rules and lack of memes to blame? 

🔹 Trump’s Role in Crypto: How Trump’s “hands-off” approach may have impacted World Liberty’s slow start. 

🔹 Ethereum vs Solana: Ethereum’s current challenges and Vitalik’s roadmap defense—can Ethereum reclaim its narrative from Solana’s simpler, single-layer approach? 

🔹 Fragmentation in Ethereum’s Ecosystem: How Ethereum’s L2 rollup competition might be confusing new users and hurting its narrative.

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Disclosures

Timestamps

• 00:00 Intro
• 02:12 The Rise of GOAT Token
• 11:41 The Future of AI Coins & Meme-Based Value
• 21:50 The Importance of Attention in Crypto
• 23:53 Trump's World Liberty Finance Token Sale
• 31:24 Ethereum's Struggles and Vitalik's Response

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Subscribe to Unchained’s new regulatory newsletter Unregulated.

With the presidential race in the spotlight, it’s easy to overlook the powerful role that Congress could play in shaping crypto policy in the coming years. From committee chairs to legislative allies, crypto advocates are keenly focused on the outcome of key Congressional races. Kristin Smith of the Blockchain Association and Alex Grieve of Paradigm join us today to break down which races and committees are critical for crypto, why the industry is more visible in Washington than ever, and what the chances are for lame duck legislation this year. 

Read more: How Congressional Committee Leadership Could Shake Out for Crypto This Election

Show highlights:

• Why this election is “incredibly important” for crypto 
• How the presence of Fairshake is increasingly noticed by Washington
• Why some committees are more important than others for the industry
• Why the Senate Banking Committee is key
• Whether Alex and Kristin are concerned about Sen. Warren becoming chair of the Senate Banking Committee
• What could happen to the House Financial Services Committee
• Who is likely to take on both of the Agricultural Committees, which is in charge of the CFTC
• How the Senate Commerce affects the crypto industry
• How the members of the House Energy Committee don’t have a strong stance on crypto
• What the stance of the Finance Committee on crypto is
• Why there is an opportunity in the House Ways and Means Committee
• Whether crypto tax legislation is in the works
• Who could be the SEC Chair under a Trump or Harris presidency
• Who could be the next Chair of the CFTC
• Whether Yellen will be replaced on Treasury, with many pro-crypto options on tap
• Why the Federal Reserve matters much more if they get to regulate stablecoins
• What the odds are for crypto legislation being passed this year

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Polkadot
• Mantle
• Robinhood & Arbitrum

Guests:

• Kristin Smith, CEO of the Blockchain Association
• Kristin’s Op-ed on Unchained: In the Ongoing SAB 121 Fight, Here’s How Crypto Can Move Forward With Bipartisan Support
• Previous appearances on Unchained:
• Kristin Smith on Why Crypto Legislation Could Be Passed by Year's End 
• Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
• What the Crypto Industry Could See Under a Biden Administration
• Alexander Grieve, VP of Government Affairs at Paradigm

Links

• Previous coverage of Unchained on the elections:
• With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
• Why Congressman Ro Khanna Is Hopeful the Democratic Party Will Embrace Crypto
• Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins the Election
• Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair

Timestamps: 

• 00:00 Intro
• 01:55 Why this election is pivotal for crypto
• 04:50 How Fairshake’s presence is catching Washington’s eye
• 16:39 Which committees matter most for crypto?
• 22:49 Why the Senate Banking Committee is crucial
• 28:54 Concerns about Sen. Warren as potential chair?
• 38:15 Possible shifts in the House Financial Services Committee
• 41:47 Who could control the Agricultural Committees and CFTC oversight?
• 47:35 How the Senate Commerce Committee impacts crypto
• 51:04 House Energy Committee’s stance on crypto
• 53:21 Finance Committee’s crypto perspective
• 55:03 Opportunities in the House Ways and Means Committee
• 57:28 Is crypto tax legislation in the works?
• 1:01:23 Potential SEC Chairs under Trump or Harris
• 1:03:57 Who could be the next CFTC Chair?
• 1:05:46 Will Yellen be replaced with a pro-crypto Treasury option?
• 1:08:06 Why the Fed’s role could be pivotal for stablecoin regulation
• 1:10:46 Odds of crypto legislation passing this year

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Subscribe to our new regulatory newsletter Unregulated: https://unchainedcrypto.substack.com/s/unregulated

The two-week-old GOAT memecoin, which hit a market cap of almost $880 million on Thursday, is captivating everyone in crypto. Not because this is memecoin szn, but because its rise was fueled by an AI called Truth Terminal, which is itself a baby of two other AI models. 

Teng Yan, founder of Chain of Thought, joins Unchained to break down how this unexpected AI creation has turned into a phenomenon, why it has captured the attention of the crypto world, and what the future holds for AI-driven tokens. 

At the end, Laura also discusses with Unchained’s regulatory reporter Veronica Irwin two interesting and important news stories: who Kamala Harris is vetting for SEC chair and how one Senate race could inadvertently give Senator Elizabeth Warren more power over crypto. 

Show highlights:

• How an AI experiment unexpectedly led to the creation of GOAT and sparked interest in AI-generated subcultures
• How "Terminal of Truth" evolved its own personality, gained attention from Marc Andreessen, and began posting about a new "Goat Sea gospel" religion
• How the spelling mistake sparked skepticism about the AI model
• What happened with the $50,000 in BTC that Marc Andreessen gave to Truth Terminal
• Whether an AI can have its own wallet and what the implications are 
• Whether AI memecoins could start surging on other chains
• What we can expect in terms of the proliferation of AI memecoins
• What the future looks like for the intersection of crypto and AI
• Who Kamala Harris is considering for SEC Chair if she wins the U.S. election
• Why one Senate race could give Elizabeth Warren more power over crypto

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Polkadot
• Mantle’s FBTC

Guest

• Teng Yan, Founder of Chain of Thought
• Teng’s article: GOAT: The Gospel of Goatse 

Links

• Previous coverage of Unchained on GOAT:
• GOAT Hits a Record $879 Million Market Cap After Brian Armstrong Offers to Help Truth Terminal
• GOAT: How AI Agents Talking Turned Into a $268 Million Memecoin 'Religion'
• of-an-electric-mind.webflow.io/">Infinite backrooms
• Andy : https://x.com/AndyAyrey
• Andy Ayrey's (creator of Truth Terminal) research paper on LLMtheism: 
• Truth Terminal's X account 
• Kaito: GOAT’s mindshare

Timestamps: 

• 00:00 Intro
• 01:28 How an AI experiment led to the creation of GOAT
• 06:16 The rise of “Terminal of Truth” and its unexpected evolution
• 11:57 How a simple spelling mistake raised skepticism
• 20:09 What happened to the $50,000 in BTC from Marc Andreessen?
• 21:06 Whether AI models can have their own wallets
• 24:17 Whether AI memecoins will surge on other chains
• 26:19 What’s next for the rise of AI memecoins
• 28:35 The future of AI and crypto’s intersection
• 31:39 Who Kamala Harris may consider for SEC Chair
• 34:12 How one Senate race could boost Elizabeth Warren’s power over crypto
• 40:33 News Recap

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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner slice into the juiciest topics in crypto. In this episode, the crew is joined by special guest Anatoly Yakovenko, the mastermind behind Solana, for a deep dive into the network’s evolution and future. The conversation kicks off with a look at Solana's rapid rise from its rocky early days to its current status as a blockchain powerhouse. They debate the role of memecoins in Solana’s ecosystem and whether they’re here to stay or just a passing craze. Next, Anatoly opens up about Fire Dancer’s impact on the network’s scaling and performance, sparking a broader discussion about vertical vs. horizontal scaling. Finally, they explore Solana’s ambitious push into the mobile space with the Seeker phone and its implications for the broader crypto industry. Packed with expert insights, bold predictions, and a few surprises, this episode is a must-listen for anyone following the future of blockchain.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights

🔹 Solana’s Rise: Solana’s journey from early turbulence to becoming a blockchain powerhouse.

🔹 Memecoin Frenzy: The explosive growth of memecoins on Solana and their impact on the ecosystem.

🔹 Fire Dancer Impact: How Fire Dancer could revolutionize Solana’s scalability and performance.

🔹 Vertical vs Horizontal Scaling: Is Solana’s vertical scaling approach stronger than Ethereum’s rollups?

🔹 Seeker Phone: Solana’s ambitious push into mobile with the Seeker phone and its potential disruption of the app store landscape.

🔹 ETHOS Phone: How does Ethereum’s new phone compare to Solana’s mobile vision?

🔹 Network Extensions: The introduction of network extensions and whether they align with Solana’s long-term vision.

🔹 App Chains: Could the rise of app-specific chains lead to fragmentation or strengthen Solana’s ecosystem?

🔹 Developer Experience: The challenges of Solana’s development environment and their impact on innovation.

🔹 Ethereum Rivalry: With both networks advancing, how is the competition between Solana and Ethereum shaping up?

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly 

⭐️Tom Schmidt, General Partner at Dragonfly 

⭐️Tarun Chitra, Managing Partner at Robot Ventures

Special Guest

⭐️Anatoly Yakovenko, Co-Founder & CEO Solana Labs

Disclosures

Timestamps 

• 00:00 Intro
• 02:56 TCB’s Criticisms
• 05:12 Evolution of Solana's Ecosystem
• 17:36 Solana's Competition
• 22:05 What Is Solana's Moat?
• 28:31 The Role of Atomicity and Composability
• 34:11 Network Extensions
• 44:20 First Mover vs. Second Cohort
• 48:44 Future of Asset Types and Content
• 52:49 Developer Experience and Token Implementations
• 1:00:38 Solana Phone vs. EthOS
• 1:09:16 Thoughts and Criticism

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In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann are joined by Jeff Park of Bitwise to discuss some of the latest developments in the crypto world. They share their thoughts on a controversial ECB paper about Bitcoin, breaking down why they believe the authors missed the mark. They also dive into the rising institutional interest in spot Bitcoin ETFs and how Trump’s momentum in the polls could impact the market, especially for altcoins. Plus, the conversation explores the significance of Bitcoin ETF options and why they could have a larger impact than many expect.

Show highlights:

• Why the guys believe that the ECB paper on Bitcoin is a joke
• How the Minneapolis Fed report said that prohibiting Bitcoin would allow the government to operate at permanent deficits 
• The institutional demand for spot bitcoin ETFs
• How Trump has been rising in the polls and what the Trump trade looks like at the moment
• Whether polls and Poylmarket bets on the U.S. elections are manipulated
• How the Fed is putting more focus on jobs than inflation
• When the bitcoin ETF options might launch and which issuers will get it first
• How memecoins succeed and the rise of AI memecoins like GOAT, fueled by the AI bot truth_terminal
• What the $1.1 billion acquisition by Stripe of stablecoin company Bridge means 
• Why Donald Trump’s World Liberty Financial token sale was a flop

Sponsors:

• Gemini
• Stellar 

Hosts:

• James Seyffart, Research Analyst at Bloomberg Intelligence
• Alex Kruger, Founder of Asgard
• Joe McCann, Founder, CEO, and CIO of Asymmetric

Guest:

• Jeff Park, Head of Alpha Strategies at Bitwise

Links

• ECB paper on bitcoin: Bitcoin Appreciation Could Be ‘Fuelling The Division Of Society’
• Omid Malekan’s malekan.medium.com/bitcoin-has-plenty-of-utility-a-rebuttal-to-the-the-distributional-consequences-of-bitcoin-by-42b9672c7fa1">rebuttal to the paper by Bindseil & Schaaf (of the ECB)
• Minneapolis Fed report: Unique Implementation of Permanent Primary Deficits? | Federal Reserve Bank of Minneapolis
• Alex Kruger’s tweet on memecoins 
• Alex Thorn’s tweet on bitcoin adjusted by inflation

Timestamps:

• 00:00 Intro
• 03:08 Why the ECB’s Bitcoin paper missed the mark
• 10:17 Political motivations behind the Minneapolis Fed report on Bitcoin
• 14:18 Rising institutional demand for spot Bitcoin ETFs
• 21:38 How Trump’s poll momentum could impact crypto
• 32:14 Are election polls and Polymarket bets manipulated?
• 43:36 Why the Fed is prioritizing jobs over inflation
• 52:37 When will Bitcoin ETF options launch?
• 1:01:08 What makes memecoins, including AI memecoins like GOAT, succeed?
• 1:13:00 The significance of Stripe’s $1.1 billion crypto deal
• 1:18:02 Why the WLFI token sale was a “flop”

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Africa is quickly becoming one of the most dynamic regions for crypto adoption, but the story unfolding there is very different from what many in the West might imagine. 

Chris Maurice, co-founder and CEO of Yellow Card, joins the show to share how stablecoins are already transforming businesses across the continent, solving real-world problems, and taking on SWIFT. Plus, he explains why USDT is the stablecoin of choice there. 

He also dives into the long-term economic impact of crypto adoption and explains why anyone serious about business should be paying close attention to Africa. 

Show highlights:

• What Yellow Card is and the focus on U.S. Dollar stablecoins
• The complexities of doing business in Africa
• Which African countries have the highest rate of adoption
• Chris’s background and his fun story of how he got into working in Africa
• How operating a company in Africa is different from other places
• Why Yellow Card is currently operating with three stablecoins, and the dominance of USDT
• Why Yellow Card only offers centralized stablecoins
• Why everyone should pay more attention to the continent, according to Chris

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Polkadot
• Mantle
• Robinhood & Arbitrum

Guest:

• Chris Maurice, cofounder and CEO of Yellow Card

Links

• Previous coverage of Unchained on stablecoins and emerging markets: 
• Anita Posch on Why ‘Bitcoin Is a Tool for Freedom’ – Especially in Africa
• 6 Stablecoins That Are Driving the Sector’s Two-Year High in Market Capitalization
• Castle Island Ventures’ report: Stablecoins: The Emerging Market Story

Timestamps: 

• 00:00 Intro
• 02:03 What Yellow Card is and why it focuses on U.S. dollar-denominated stablecoins
• 04:31 The complexities of doing business in Africa
• 10:42 Which African countries have the highest crypto adoption
• 19:17 How Chris got into working in Africa
• 25:11 How operating in Africa differs from other regions
• 32:42 Why USDT dominates Yellow Card’s stablecoin business
• 38:31 Why Yellow Card only uses centralized stablecoins
• 39:22 Does Africa deserve more attention?

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How do you determine the value of decentralized networks like Bitcoin, Ethereum, or Solana? It’s not as straightforward as traditional investments.

Jon Charbonneau, general partner at crypto investment firm DBA, joins Unchained after writing a paper that dives deep into the complexities of valuing blockchain networks. He explains why applying traditional equity models to networks such as Bitcoin falls short, how tax inefficiencies in staking rewards impact valuations, and whether Layer 2 solutions like Optimism and Arbitrum are helping or hurting the long-term value of Layer 1 blockchains.

Also, he looks at the big question—are these networks sustainable in the long run?

Show highlights:

• What motivated Jon to write the paper
• What the main points of the paper are
• Why tax inefficiencies in staking rewards are a critical factor in valuing decentralized networks and how they differ from traditional corporate taxes
• What makes valuing networks tricky, as Jon explains how proof-of-work vs. proof-of-stake systems differ from traditional equity models
• How he thinks about valuing Layer 2s and whether they are parasitic to the L1
• Whether blockchains are sustainable in the long term

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Polkadot
• Mantle’s FBTC

Guest

• Jon Charbonneau, co-founder and General Partner at DBA
• L1 & L2 Token Value Capture

Links

• Previous coverage of Unchained on this topic:
• How to Figure Out Whether a Crypto Token Is Worth Its Trading Price
• ETH Is Down Bad, While Layer 2s Are Ripping. Are L2s Parasitic to Ethereum?
• Are Layer 2s Parasitic to Ethereum and ETH as an Asset?
• Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
• Ether-Bitcoin Ratio Is at Multi-Year Lows, But It’s Just ‘Temporary’ and an ‘Opportunity’

Timestamps: 

• 00:00 Intro
• 01:25 What sparked Jon's interest in this topic?
• 03:35 Key takeaways from the paper
• 08:30 How staking taxes could change the game
• 13:46 Why traditional models fail for blockchain
• 20:10 Are Layer 2s helping or hurting Layer 1s?
• 26:51 Can blockchains survive long term?
• 29:20 News Recap

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