REV Debate, Bitcoin Treasury Companies, Decentralization Vibes, and More!

Does High REV Signal a Blockchain’s Strength or Its User Exploitation?

Is REV a breakthrough metric for valuing blockchains or just a distraction from what really matters? Tom Dunleavy and Austin Federa discuss.

A debate has been heating up on crypto Twitter about Real Economic Value (REV) — a metric meant to measure the value blockchains accrue from user activity. REV includes transaction fees and MEV tips, but excludes issuance — the inflationary rewards paid to validators. Some say it’s the clearest window into genuine usage. Others argue it’s a flawed and misleading proxy.

So we brought the argument to Unchained. Tom Dunleavy, Head of Venture at Varys Capital, says fees are headed to zero, and blockchains shouldn’t be valued like companies. Meanwhile, Austin Federa, Co-founder of DoubleZero, believes REV offers a real lens on activity, maturity, and demand.

The conversation covers:

• Whether REV is a meaningful metric (and how to game it)

• Whether L2 tokens are fundamentally broken

• What happens to security when fees (and MEV) go to zero

• If high REV signals product-market fit or just economic noise

• How to value blockchains, if not with REV

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Bitcoin Treasury Companies Are Taking Off. Could They Eventually Crash?

From Strategy to Trump Media, everyone’s joining the crypto treasury bandwagon. But why now, and what risks do these structures pose? Cosmo Jiang of Pantera explains.

Public crypto treasury companies are in the news right now.

Just this week, Sharplink Gaming announced a $425 million raise to create an Ethereum treasury vehicle, backed by Consensys. Meanwhile, Trump Media said it will buy $2.5 billion worth of bitcoin. And in a headline grab, GameStop revealed a $500 million Bitcoin purchase. There’s even a newly launched XRP treasury company backed by Saudi royal capital.

But why are these vehicles suddenly the structure of choice for accessing crypto exposure? What kinds of assets are best suited for them? And are they safe or a ticking time bomb?

Pantera Capital’s Cosmo Jiang joins Unchained to unpack:

• The structures and strategies behind these companies

• Why Solana is appearing more than Ethereum (and what that says)

• How XRP’s brand power could matter more than its adoption

• The risks these vehicles pose to investors and to markets

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

The Chopping Block: Decentralization Used to Mean Something. Now It’s Just a Vibe.

Why the Sui Hack Feels Like Ethereum Classic All Over Again

In this episode, the gang reunites to confront a troubling pattern: we’re making the same mistakes all over again. From the $223 million Sui hack and validator-led censorship to Coinbase’s insider data breach and the Trump token dinner spectacle, this week feels like a remix of the industry’s most painful lessons. The crew reflects on how decentralization is being quietly redefined, why newer chains ignore crypto’s origin story, and what it means when memecoins are the new access pass to political influence. Also: James Wynn’s billion-dollar trades, fading cypherpunk values, and a creeping sense that the crypto future looks a lot like its past.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

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