Unchained

Arthur Hayes, the co-founder of BitMEX and CIO at Maelstrom, teams up with Adam Schlegel, the head of private equity at Maelstrom, to discuss a $250M fund targeting profitable yet overlooked crypto companies. They delve into why private equity is the next big wave in crypto, emphasizing cash buying opportunities for founders looking to exit. The duo also highlights the ignored potential of Asian crypto companies and provides insights into their approach for thorough due diligence and the dynamic landscape of crypto investing.

Lawrence Lepard, an investment manager and author, shares compelling insights on why the fiat system is unsustainable and details how Bitcoin could revolutionize finance and even defund war. He passionately discusses Bitcoin's superiority over gold and his predictions for cryptocurrency's future. Meanwhile, filmmaker James Craig delves into his documentary, 'Code Is Law,' exploring the ethics behind smart contract exploits. He uncovers the stories of infamous hacks, examining whether exploiting code is theft or a legal gray area.

Mike Silagadze, founder of EtherFi and Top Hat, and Itamar Lesuisse, co-founder of Ready (formerly Argent), delve into the revolutionary world of crypto neobanks. They discuss how these self-custodial platforms redefine asset control, combining savings, spending, and investing. The guests explain the role of layer 2 networks in making crypto cards viable, the innovative approach to credit without credit scores, and the potential of on-chain FX markets, particularly in Africa, as a breakthrough for the crypto banking landscape.

Mert, Co-founder & CEO of Helius, returns to discuss the massive Zcash rally and the philosophical tension it stirs among Bitcoin supporters. He dives into the implications of a recent $500M Tempo fundraise and the exodus from Ethereum, touching on the cultural challenges within the Ethereum Foundation. Mert introduces his idea of a Solana-native stablecoin, USD-Manlet, while critiquing DeFi's current user experience. The conversation wraps up with an analysis of the recent AWS outage and its consequences for crypto services.

The hosts dive into whether Bitcoin is undervalued compared to gold, exploring macroeconomic drivers. They discuss Binance's controversial listing fees and the implications of Tempo's recent $500 million fundraising amidst a stablecoin race. Insights on DeFi's struggles during recent market turmoil and predictions about future stablecoin dominance by 2040 keep the conversation lively. Plus, debates on Digital Asset Treasuries raise critical questions about their sustainability and the evolving landscape of institutional crypto.

Avery Ching, CEO and co-founder of Aptos, dives into the future of blockchain infrastructure. He discusses how a lack of transparency harmed traders during recent market events and how Decibel aims to change that with a fully on-chain perpetual exchange. Ching highlights partnerships, including one with World Liberty Financial, and the potential of Jiocoin to onboard 500 million users in India. He emphasizes the need for accountability in crypto trading and explains how Aptos can reduce systemic risks through enhanced visibility.

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.