Good Sunday! Here’s what we unpacked this week on Unchained:

•  🧱 Tokenization & Market Structure

  Why most tokenization projects fail, how Figure made onchain mortgages work, and how new rules could expose centralized crypto — including Trump-linked WLFI.

• 📉 Are DAT Stocks a Buy — or a Value Trap?
  Why crypto treasury stocks swung from huge premiums to deep discounts, why the GBTC comparison breaks down, and why buying DATs is a long-term conviction bet — not an arbitrage trade.

•  💀 Why “Crypto Is Dead” — and Why That Might Be Good
  Why crypto as a subculture is fading, how institutions and fintechs are reshaping the space, and why builders who don’t adapt to real users risk being left behind.

• ⚖️ Uneasy Money on Token Holder Rights (or Lack Thereof)
  Why token holders may have fewer rights than they think, what the Aave DAO fight reveals about governance, and why “every DAO has failed” might not be hyperbole.

•  📱 Inside Robinhood’s Super App Ambitions
  How Robinhood plans to fuse stocks and crypto, why prediction markets are central to its strategy, and whether tokenized stocks could make IPOs obsolete.

•  🔐 DEX in the City on Crypto Privacy and Regulation
  What the SEC’s privacy roundtable signals about a regulatory shift, why onchain finance may be more secure than TradFi, and how privacy can actually serve the public interest.

• ⚔️ The Chopping Block on Perps Wars and ADL Transparency
  What October 10’s liquidations exposed about auto-deleveraging, why Hyperliquid and Tarun’s research clashed publicly, and how zero-fee trading could reset perp market structure.

•  🏦 Bits + Bips on the Next Crypto Bull Cycle
  Why institutions are tokenizing everything, which chains Wall Street may actually trust, and why the bull case is quietly strengthening — even as markets stall.

•  🎯 How to Trade Prediction Markets Without an Opinion
  Why math beats insider info, how “near-certain” Polymarket trades work, and why the real edge is the wisdom of the crowd — not guessing outcomes.

Lessons From a Successful Tokenization Project & What Market Structure Reveals About Trump-Linked WLFI’s False Promises: Bits + Bips

A double-header episode examining what actually works onchain, and how new rules could force crypto to prove its decentralization claims.

In this double-header episode of Bits + Bips, Steven Ehrlich first speaks with Figure CEO Mike Cagney about why most tokenization projects fail, how Figure built an onchain mortgage replacement, and why he believes big banks may now be leading blockchain innovation.

Then, Jason Brett joins the show to explain how an upcoming crypto market structure bill could expose President Trump’s World Liberty Financial as centralized, and why that matters for DeFi, regulation, and the industry’s credibility.

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

DAT Stocks Are on Sale. Are They a Buy? Plus, Why Crypto Is Dead

Markets are reassessing crypto’s value at the same moment builders are rethinking who crypto is for.

In this combined episode of Unchained, Steven Ehrlich first breaks down why crypto treasury stocks (DATs) have swung from massive premiums to deep discounts, why comparisons to GBTC can be misleading, and why buying these stocks isn’t a clean arbitrage trade but a long-term, high-conviction bet.

You can read Steve’s full report here and you can subscribe for 95% OFF before the end of year! 😱

Then, Figment Capital’s Dougie DeLuca zooms out to the broader shift underway. As fintechs and institutions embrace blockchain infrastructure, he argues that “crypto as we know it” may be fading—and that crypto natives risk being left behind unless they adapt to real users, sustainable products, and mainstream distribution.

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

Uneasy Money: Why Token Holders Have No Rights & Why Every DAO ‘Has Failed’

The Aave DAO challenged Aave Labs for control over revenue allocation, while Axelar token holders were left holding the bags after the Circle acquisition.

What rights do token holders have? Is everyone getting rugged?

In this episode of Uneasy Money, Ethena founder Guy Young joins hosts Kain Warwick, Luca Netz and Taylor Monahan to interrogate the lack of clarity around token expectations and rights as Aave DAO goes against Aave Labs and Circle acquires the Axelar team.

Do centralized exchanges hold the solution?

Plus, does MOVE’s Rushi Manche deserve a second chance? And how can you stay safe from the fake Zoom scam?

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

Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’

Robinhood has announced one big crypto move after another over the past year as it aims to become a “super app.” But Johann Kerbrat says “there’s still a lot of work to be done.”

Robinhood is moving toward offering a full suite of crypto services and overhauling the infrastructure underpinning its stock trading services with blockchain technology.

In this episode of Unchained, Robinhood Crypto Senior Vice President and General Manager Johann Kerbrat discusses the company’s “super app ambitions” and potential competition with Coinbase.

He also discusses the platform’s entry into prediction markets and resistance from state regulators. Could state opposition to prediction markets drive businesses offshore?

Plus, will tokenized stocks make IPOs redundant? And where are we in the crypto market?

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

DEX in the City: How Privacy in Crypto Makes Everyone’s Finances More Secure

Is the SEC about to usher in a new era for crypto privacy? The crew discusses the key takeaways from the SEC’s privacy roundtable and Do Kwon’s sentence.

The SEC this week held a roundtable on financial surveillance and privacy in another sign of the major shift in the regulator’s approach to crypto.

In this DEX in the City episode, Espresso co-founder Jill Gunter joins hosts Jessi Brooks and Katherine Kirkpatrick Bos to unpack the major talking points and takeaways from the roundtable. And more importantly, what it signals about the SEC’s approach to crypto and privacy.

With legacy financial institutions coming onchain, like JPMorgan and DTTC, they discuss how crypto can actually help prevent data breaches and have a better product for users and companies alike.

Interestingly, Jill recounts how she lost $30,000 in an exploit involving crypto mixer Railgun and why she didn’t even try to hide it from regulators at the roundtable.

Plus, was Do Kwon’s sentence excessive? Well, according to Jessi, it’s a complicated question, but she unpacks what people misunderstood about the judge’s decision.

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: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race

The Chopping Block digs into the fallout from October 10’s historic perp liquidations, the Hyperliquid–Tarun ADL research clash, Lighter’s zero-fee trading model, and the growing rift between tokens and equity reshaping crypto M&A.

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode features special guest Vladimir Novakovski, Founder of Lighter, joining the crew to unpack the fallout from October 10’s historic perpetuals liquidation event and the ADL research that sparked a public clash with Hyperliquid. The panel digs into how auto-deleveraging really works, why these failures were long hidden inside centralized exchanges, and what decentralized perps must fix to truly outperform TradFi.

The conversation then turns to the intensifying perp wars. With Lighter’s zero-fee trading model, premium tiers for pros, and a looming token launch, the hosts debate whether crypto is headed for a Robinhood-style fee reset, why TVL may matter more than volume, and how RWAs, FX perps, and cross-margining are reshaping market structure. Finally, they tackle the growing divide between tokens and equity as devcos get acquired and tokenholders are left behind.

Perps are evolving, incentives are breaking — let’s get into it.

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

Bits + Bips: What Could Spark the Next Crypto Bull Cycle?

As Wall Street tokenizes everything, a deeper battle is brewing over market structure — and which chain institutions will actually trust.

On this episode of Bits + Bips, hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins are joined by Elisabeth Kirby, Head of Market Structure at Tradeweb, for a wide-ranging conversation about the future of crypto markets — and who will control them.

They unpack why US market structure legislation stalled, how the SEC’s enforcement-first approach shaped the last cycle, and what it signals that JPMorgan, BlackRock, and others are moving forward with tokenization.

The group debates whether Ethereum’s institutional edge is durable, whether Canton can scale beyond early adopters, and why Solana’s “decentralized Nasdaq” vision still faces hard questions.

The episode closes with a sober look at macro conditions, risk appetite, and why crypto may be stuck waiting, even as the long-term institutional thesis quietly strengthens.

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

How to Trade Prediction Markets Without an Opinion on the Event

Prediction markets are all the rage, but how do you trade them without a leg up on information? Markus Thielen says it’s about math and  “the wisdom within the crowd.”

The prediction market meta is piping hot and everyone wants a piece of the pie.

In this episode of Unchained, 10x Research founder Markus breaks down what the competition boils down to. Plus, will other platforms follow Polymarket’s lead and launch a token?

He also walks through a “near certain” trade nestled in Polymarket and shares 10 strategies that can be used to trade prediction markets without an opinion.

One key nugget: “It’s the wisdom within the crowd.”

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

In Case You Missed It 👀

How the Crypto Market Structure Law Would Expose that Trump’s WLFI Isn’t DeFi

Trump’s DeFi platform may force him to choose between regulatory credibility and personal profit, with consequences for the entire industry.

Crypto Treasury Stocks Are on Sale. Is Now the Time to Buy?

History shows upside, but without easy arbitrage, risks remain high.

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