Unchained

• The Chopping Block: Robinhood’s Vlad Tenev on Tokenized Privates, 24/7 Stocks & AI-Verified Code - Ep. 891

  Altcoin froth meets real-asset rails. Vlad explains why Robinhood built an L2, how tokenized stocks—and even private shares like OpenAI/SpaceX—could trade on-chain, and what that means for accreditation, access, and the public/private wall. Plus: DATs, DTCC in a tokenized world, and AI that formally proves smart contracts. 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 week, Robinhood co‑founder/CEO Vlad Tenev joins to explain Robinhood Chain, why they chose a Layer 2 over a Layer 1, and the plan to bring tokenized stocks — including private shares — on‑chain. We get into the OpenAI/SpaceX kerfuffle, accreditation rules, and whether permissionless tokenization erodes the public/private boundary. Then we zoom out to 24/7 trading, Digital Asset Treasuries, and how formal verification (Lean proofs) could make smart contracts safer. Show highlights 🔹 Robinhood Chain L2 vs. L1 – Why Vlad Tenev chose a Layer 2 over a Layer 1 for tokenized stocks and real-world assets. 🔹 Tokenized Stocks & Private Shares – How Robinhood could put U.S. equities and private company equity (OpenAI, SpaceX) on-chain via SPVs and secondaries. 🔹 OpenAI/SpaceX Tokenization Debate – Issuer consent vs. permissionless exposure: what the kerfuffle reveals about private markets on-chain. 🔹 Retail Access & Accreditation Reform – Moving from wealth-gated accreditation to disclosure + self-certification so more investors can participate. 🔹 Ex-US Rollout for Tokenized Equities – Stablecoin-style playbook with KYC/geofencing and permissionless assets where allowed. 🔹 24/7 Trading for Stocks – From 24/5 to 24/7 markets; what this means for DTCC, transfer agents, and market plumbing. 🔹 Wallet + Chain + Custody Stack – Vertical integration advantages: pricing, UX, and liquidity when Robinhood owns more of the rails. 🔹 Digital Asset Treasuries (DATs) – Yield dynamics, mNAV compression, and how DATs stack up against staking ETFs. 🔹 Memecoins vs. Real Assets – “You can buy memes but not OpenAI” paradox and why investor-protection rules feel backward. 🔹 AI-Verified Smart Contracts – Lean proofs, formal verification, and reducing smart-contract risk beyond manual audits. 🔹 Harmonic’s “Aristotle” – Vlad’s AI hitting IMO gold-medal-level math performance and what that means for code safety. 🔹 Robinhood’s Next Decade – Retail super app → B2B/institutional rails and ex-US expansion for tokenized finance. Hosts: ⭐️ Haseeb Qureshi, Managing Partner at Dragonfly ⭐️ Robert Leshner, CEO & Co-founder of Superstate⭐️ Tarun Chitra, Managing Partner at Robot Ventures⭐️ Tom Schmidt, General Partner at Dragonfly  Guest: ⭐️ Vlad Tenev, CEO & Co-founder of Robinhood Timestamps 00:00 Intro 01:52 L2 vs. L1 Trade-Offs 04:19 Tokenized Stocks on Robinhood Chain  07:56 Private Markets Onchain 16:10 Accreditation Reform & Compliance  21:47 24/7 Trading for Equities 31:05 Public vs. Private Boundary 32:59 Memecoin Paradox vs. Real-Asset Tokenization 35:27 Digital Asset Treasuries (DATs)  37:50 Robinhood’s Business Mix  41:38 Retail to Institutions: Global Expansion 46:44 Harmonic AI & Lean Proofs 54:48 Safer Smart Contracts Beyond Manual Audits Disclosures Learn more about your ad choices. Visit megaphone.fm/adchoices

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• The LayerZero/Wormhole Bidding War Shows How to Value a Crypto Business - Ep. 890

  The drama is heating up in crypto M&A. LayerZero, the omnichain interoperability protocol, shocked the market with a $110 million bid to acquire Stargate DAO — the very bridge it originally launched. Then Wormhole jumped in, asking the DAO to pause the vote so it could make a counter-offer. This episode unpacks the first-ever so-called onchain bidding war: how to value DAOs like real businesses, why LayerZero and Wormhole are fighting over Stargate, and whether this deal marks the beginning of a consolidation wave across crypto. Guests David Nage of Arca and M&A advisor Lawson Bae of Relayzero break down the numbers, the strategy, and what this turning point means for the industry. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Sui Xapo Bank Guests: David Nage, VC Portfolio Manager at Arca Lawson Bae, Founder of Relayzero Links: Unchained:  Wormhole Foundation to Counter LayerZero’s Bid for Stargate LayerZero Foundation Proposes $110 Million Stargate Acquisition, Retiring STG for ZRO Tokens  Timestamps: 🎬 0:00 Intro 🧱 2:57 Why LayerZero wants to buy Stargate, the bridge it launched 💸 8:36 Whether the $110 million offer from LayerZero was actually fair 🕵️‍♂️ 14:07 How Wormhole may be trying to make things difficult for its biggest rival 📊 16:35 Why David thinks the $110 million number can be justified 📈 21:07 How the number of daily active users factors into valuing crypto projects 🔢 27:07 What a “reasonable multiple” for Stargate could look like 🗳️ 30:34 How the Stargate DAO should approach this pivotal decision 🤝 34:49 Why this deal shows that crypto M&A is booming Learn more about your ad choices. Visit megaphone.fm/adchoices

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• Companies Are Competing to Bring Crypto to the Masses. Who Is Best Positioned? - Ep. 889

  Subscribe to the new Bits + Bips channels! 📺 YouTube  🎧 Podcast → Apple Podcasts, Spotify, Pocket Casts, Fountain 🐦 X / Twitter  Crypto is moving past speculation — and into the battle for mass adoption. In this episode, Phantom CEO Brandon Millman and Pudgy Penguins CEO Luca Netz join Unchained to debate who will own the next hundred million users. Will it be product-led startups, Web2 giants like X and Meta, or crypto-native apps like Phantom? From payments to trading wars to the “everything app” dream, they unpack where the real value will accrue — and why the easy money era for entrepreneurs is over. Thank you to the sponsors who make this show possible! Re  Mantle Guests: Brandon Millman, CEO and co-founder of Phantom Luca Netz, CEO of Pudgy Penguins Timestamps: 🎬 0:00 Intro 🚧 3:34 Why Brandon still thinks it’s a great time to build in crypto ⚡ 5:55 How Luca sees this moment as an “inflection point” for the industry 👥 9:36 What Brandon and Luca’s personal journeys reveal about building in Web3 🌍 18:07 Who’s best positioned to onboard the next wave of users into crypto 💸 25:05 How distribution is key and why Luca desperately wants to invest in Phantom 😀 💳 37:00 Who might win the payments race and what gives them the edge 📱 51:26 Whether Solana’s Seeker phone has any real shot at breaking through 🔗 58:32 How Robinhood might use Privy and Bridge to dominate the crypto stack ⚔️ 1:01:17 What the new crypto trading wars say about Robinhood, Coinbase, and Kraken 🤔 1:06:05 Whether Coinbase lacks a good product team 📲 1:10:36 Whether the “everything app” dream actually makes sense Learn more about your ad choices. Visit megaphone.fm/adchoices

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• Crypto Firms, Fintechs and Banks Hope to Dominate Stablecoins. Who Will Win? - Ep. 888

  Stablecoin-focused blockchains are popping up everywhere. Stripe, Circle, and more are betting they can dominate payments. But are these chains even needed? And will Ethereum ever be ready for real-world assets?  Austin Campbell, NYU professor and founder of Zero Knowledge Consulting, joins Unchained to cut through the hype. From why “the market eventually eats you” to how consumers, not companies, could be the real winners, Campbell unpacks the competitive landscape and warns that the ultimate champion might be someone who isn’t even on the field today. Thank you to our sponsors! Walrus Xapo Bank Guest: Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Links: Unchained:  Circle to Launch Layer 1 Blockchain ‘Arc’ Stripe Is Building Its Own Layer 1 Blockchain: Report Fortune: Top crypto VC Matt Huang to lead Stripe blockchain Tempo as CEO, stay at Paradigm Timestamps: 🎬 0:00 Intro 💸 4:23 Whether the world really needs stablecoin-specific blockchains 🧪 9:45 How Stripe’s Tempo chain could gain an edge in the payments game 🌐 12:25 Why Circle’s Arc might struggle to stand out 🏆 15:19 Who could emerge as the winner of the stablecoin payments race 🗺️ 20:35 What the broader stablecoin chain landscape looks like right now 🏦 23:36 Whether crypto companies have a real shot at disrupting traditional finance 🙋‍ 27:51 Who could end up being the biggest winners 🧱 31:52 Why Ethereum may not be ready for the RWA moment 🔮 34:52 Who’s best positioned to capitalize on the next wave of blockchain-based payments Learn more about your ad choices. Visit megaphone.fm/adchoices

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• The Chopping Block: Corpo Chains, Monero’s AI Vampire Attack, and DAT Mania - Ep. 887

  Altcoin season meets corporate blockchains as Circle and Stripe launch their own L1s, Monero suffers the biggest 51% attack in history (powered by an AI named “Garth”), and the crew debates whether the DAT boom is heading toward equilibrium or mania. 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. In this episode, the crew dives into the surprising altcoin rally and asks whether ETH still counts as an alt. The big news: Circle unveils Arc, Stripe leaks Tempo — and crypto Twitter is not impressed. We explore why major fintechs are launching their own chains instead of using Ethereum L2s, and whether stablecoin-centric blockchains are the future or just profit grabs. Then: the wildest headline of the week — Monero gets hit with a 51% attack by Qubic, a project training an AI called “Garth,” in what might be the largest attack of its kind. We break down the game theory, the proof-of-work vs. proof-of-stake debate, and what this foreshadows for Bitcoin’s security decades from now. Also: Trump’s executive order opens the door for crypto in 401(k) plans, we speculate about a future GPU debt market crisis, and dissect the state of play in Digital Asset Treasuries (DATs) — including whether yield advantages over staking ETFs mean we’re only halfway to mania. Show highlights 🔹 ETH vs. Alts – Is Ethereum still an altcoin, or has it graduated to “major” status? 🔹 Circle’s Arc & Stripe’s Tempo – Why are fintech giants launching their own L1s instead of using Ethereum L2s? 🔹 Crypto Twitter Backlash – The ethos clash between “public goods” culture and corporate profit motives. 🔹 Monero’s 51% Attack – Qubic’s AI Garth mines enough hash power to take over Monero as a “proof of concept.” 🔹 Game Theory & Chain Security – Why PoW is fun (and dangerous) to reason about, and how PoS differs. 🔹 Bitcoin’s Future Risk – How tail emissions (or lack thereof) could leave BTC open to similar attacks. 🔹 401(k) Goes Crypto – Trump’s executive order allows digital assets in retirement accounts. 🔹 GPU Debt Crisis Fanfic – Tarun’s prediction for a future financial meltdown. 🔹 DATs Debate – Are Digital Asset Treasuries sustainable, or primed for a spectacular unwind? 🔹 Yield Edge over ETFs – Why DATs may outperform staking ETFs in capturing on-chain yield. ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly  Democratizing Access To Alternative Assets For 401(K) Investors  https://www.whitehouse.gov/presidential-actions/2025/08/democratizing-access-to-alternative-assets-for-401k-investors/  Timestamps 00:00 Intro 01:01 Crypto Market Sentiments 02:29 Circle’s Arc & Stripe's Tempo 07:34 Corporate Chains vs. L2 Solutions 17:57 Monero's 51% Attack by Qubic 27:11  Real-World & Protocol Incentives 29:33 Monero's Tail Emission & Bitcoin's Future 34:39 Trump’s Executive Order: Crypto in 401(k)s 37:15 Next Financial Crisis? GPU Debt Crisis 41:15 DAT Mania Potential & mNAV Compression Learn more about your ad choices. Visit megaphone.fm/adchoices

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