In today's @Unchained_pod Daily newsletter: 🔥 Bitcoin hits a three-month high above $82K as 67-day negative funding streak raises short squeeze risk 🏛️ White House targets July 4 for CLARITY Act passage as ethics fight heats up 🏦 JPMorgan, Ondo, Mastercard and Ripple settle tokenized Treasuries on XRP Ledger in under 5 seconds 🟠 White House adviser says bitcoin reserve announcement coming "in the next few weeks" ⚡ Read today’s biggest crypto news… and subscribe for more! https://t.co/ZAgfmWrhSL

Name & Symbol: Ondo ($ONDO)
Address: 0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3

Great discussion here with @adcv_ There was a lot of discussion on the 12.55% base rate number from my piece. I did a poor job on disaggregating the numbers in the original post so let me show my work. The build is bond math: Yield = Rf + EL + risk premia + liquidity. Each line prices a structurally distinct hazard. The double-counting test is whether a single event maps to a single line item. Drift hit governance. Mango hit oracles. Kelp hit composability. None share a failure mode. Risk-free base: 4.30%. 10Y UST, observable. If you prefer SOFR (3.65%), the framework drops to 11.90%. I like adding some term permia so 10Y for me. Technical EL: 1.50%. Hack/exploit risk, not borrower default. Prob default (PD) ~1.75% (calibrated against 0.5-2.0% annual DeFi loss rate to TVL), Loss given default (LGD) 87.5% (recovery is 5-15% when whitehats return funds, ~0% in DPRK cases). Some may say: "my LGD is near zero." That's borrower default LGD on prime collateral. Agreed. I'm pricing exploit LGD where the attacker drains the pool. Euler ($197M), Cream ($130M), Curve ($73M), Resolv ($25M) are the relevant denominator. Oracle manipulation: 0.75%. Code executes perfectly, price feed gets corrupted. Mango ($117M), Cream ($130M), several smaller events. Comp: post-LIBOR scandal, derivatives carried 30-50bps for benchmark integrity risk. Not theoretical. KelpDAO last week happened because Aave's oracle accepted rsETH at face value while the bridge was compromised. $196M of bad debt. Governance & admin key: 1.00%. Social-layer attack premium. Code works. Oracles work. Humans get compromised. Drift: $285M, six-month North Korean social engineering campaign culminating in admin key compromise. Bybit: $1.4B. Ronin: $625M. Multichain: ~$130M when the CEO holding all the keys was reportedly detained. Sentora: social engineering = 55% of all crypto exploit losses in 2025. Halborn: off-chain incidents = 80.5% of funds lost in 2024. The attack surface has moved upstream of the code. Multisig is mitigation, not elimination. Composability cascade: 1.25%. Closest comp: AAA-rated CDO tranches in 2008. They didn't blow up because the AAA underlying defaulted. They blew up because the correlation assumptions in the structure were wrong. Kelp is exactly this. Aave's code worked. Aave's oracles worked. The exploit happened two protocols upstream. Aave depositors lost $196M for an event Aave didn't control. Sized using LRT-exposed TVL (~15-20% of DeFi) and Kelp's realized loss rate. My softest number. Defensible range 0.50-2.00%. Regulatory asymmetry: 1.25%. Forward-looking by construction. Anchors: offshore vs onshore EM credit spread 50-100bps; CDS on issuers facing binary regulatory outcomes 100-200bps. Real precedents: Tornado Cash OFAC sanctions froze $400M, BaFin forced Ethena out of the EU. Counter: "GENIUS Act brought clarity." GENIUS prohibits fiat-backed stablecoins from paying yield, which is precisely why the $20B yield-bearing ecosystem exists as a workaround. The premium is the option price on that re-rating. Stablecoin depeg tail: 0.50%. Insurance pricing on a fat-tailed event. USDC at $0.87 (SVB weekend), UST to zero. ~1 meaningful depeg per 18-24 months. 5% expected loss × 60% annual probability = 18bps base. Marked to 50bps for convexity. Stream Finance's xUSD depegged 77% in a day in Nov 2025, creating $285M in systemic exposure. Liquidity premium: 0.50%. Direct lending pays 100-200bps over duration-matched HY for illiquidity. DeFi has better liquidity than direct lending in normal regimes, worse in stress. Priced at lower bound. Aave's recent four-day 99.87% utilization lockout is the proof point. Model uncertainty risk premium: 1.50%. The move from physical to risk-neutral pricing. TradFi credit prices this at 30-50% of EL for established asset classes with 100 years of data. DeFi has 5 years and primitives mutate constantly. Sized at ~33% of cumulative EL. LTCM blew up because they didn't price variance-of-variance correctly. The 1998 Russian default was 14 sigma on their model because the lookback excluded crisis. The DeFi dataset excludes March 2020, FTX, any future systemic event. Same problem. Sum: 12.55% with a defensible range 9-14% across upper/lower bounds, and once again, something you should adjust up or down depending on the counterparty and collateral.

Name & Symbol: Drift ($DRIFT)
Address: DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7

"Pump's buyback revenue is not tied to the token. They're completely decoupled. It's not some token price flywheel. "But there was a period of time when people would say, 'Never airdrop, you just get a bunch of people who dump on you.'" -- @kaiynne disagreeing with @LucaNetz who think Pump should airdrop https://t.co/0w64OuLS51

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

"If I was [Pump], I would give people the biggest airdrop they've ever seen, and pray that the token would draw down 95% and then they could buy the entire float, and this would be vertical, up only. "But they decided to redact the airdrop." 🤷 -- @LucaNetz on the Pump buybacks/lack of airdrop https://t.co/J8fPffoEji

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

After Lazarus drained $300M from KelpDAO/Aave, Morpho walked away with just $1M in exposure. I spoke with @PaulFrambot about how @Morpho went nearly unscathed, what institutions are really thinking right now, and whether DeFi can grow up before regulators decide it doesn't deserve to. 🎧 Timestamps: 🦋 02:25 How Morpho ended up with only a $1M shortfall when Lazarus stole $300M from Aave 🔑 05:43 Are DeFi lenders being compensated for the risk they take? 🏛 11:12 What the Kelp-LayerZero blame game reveals about DeFi risk 🔍 14:01 Morpho's 'Etherscan for lending' model, and how to pick a vault 📞 15:53 Paul's calls with institutions after the hack, and what they said 🤔 24:08 Arbitrum froze $71M of stolen funds. Was that the right call? 🚀 29:54 Why Paul thinks DeFi 2.0 is just getting started 🤖 33:31 Why AI makes DeFi an open target, and the one defense that still works

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

The moment curators realized the Resolv hack was happening, they set Morpho supply caps to zero. Morpho's own documentation warns that setting caps to zero doesn't stop the attack. Most curators didn't know that. https://t.co/P1vIs3eM4Z

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Across Protocol is considering retiring its token and offering equity instead. What does that say about the DAO model? https://t.co/QpeiTvzyBx

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

I spoke with Maple's Sid Powell (@syrupsid ) and @PaulFrambot of Morpho about where institutional crypto lending is heading, why DAOs struggle to move fast, and what the DeFi mullet model really requires to work. Don’t miss it! Timestamps: 🏦 0:58 What makes Maple Finance a hybrid between CeFi and DeFi lending 🌾 3:37 How Maple's Syrup stablecoin generates yield from institutional loans 🤝 7:14 Why Ethena proposed using Maple as a backing asset for USDe 🏛️ 11:43 How institutional interest in crypto has held up despite the bear market ⚙️ 18:05 How Maple thinks about multi-chain deployment and Ethereum vs. Solana 🗳️ 22:25 Why DAO governance creates tension with moving nimbly as a business 🦙 35:24 How Morpho powers Coinbase's DeFi lending with a Web2 user experience 🔄 49:27 Why Morpho V2 introduces fixed-rate, fixed-term lending to DeFi 🏗️ 59:52 How Morpho's foundation-only structure avoids the DAO governance trap 🤖 1:05:28 Why Morpho uses formal verification, not just AI, to defend against smart contract hacks

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

"The world is coming onchain ... Morpho provides the infrastructure" @PaulFrambot https://t.co/iSjFuEDUZe

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Okay thinking this @zachxbt saga through, its pretty fucking wild. So one or more KOLs pay Zach to investigate Axiom for insider trading by tracking the KOLs' private wallets they use to bundle tokens before shilling. In the investigation, Zach in the process of conducting it gives the KOLs inside information that he is looking into Axiom. Zach then announces that an investigation is happening, following which Polymarket creates a prediction market for the target of investigations. At least one of the KOLs (the only ones with inside information) then psyops the entire timeline into thinking its Meteora with freshly funded wallets, so everyone starts bidding Meteora. They then buy 'No' on Meteora to take the liquidity of anyone who believed it was in fact Meteora. They then silently take liquidity on Axiom, before bidding it up in the hours leading to the reveal. Can @MeteoraAG now retain @zachxbt to investigate the KOLs insider trading the prediction markets?

Name & Symbol: Meteora ($MET)
Address: METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL

Is Base making the right choice? In this episode of Uneasy Money, @PrimordialAA joins hosts @kaiynne, @tayvano_ to dive into: 👀 Base's shocking decision to leave the OP Stack and Zora's move to Solana 😬 How Anthropic fumbled OpenClaw's Peter Steinberger 💡 What Bryan says is most important for chains adopting blockchain rails 💥 How OpenAI's EVMbench could make smart contracts more resilient Timestamps: 🚀 0:00 Introduction ⁉️ 1:46 Does Base's move away from the OP Stack and Zora's migration to Solana make sense? 😬 10:49 What Base's move means for Optimism 🤔 17:42 Was Coinbase wrong to try to make Base App a super app? 🦞 23:33 OpenAI acqui-hires Peter Steinberger: a “generational fumble” for Anthropic? 🥲 30:16 How Steinberger's bad experience with “crypto people” reveals a brand problem 💡 40:33 Why LayerZero Labs decided to launch Zero blockchain 🤯 51:10 Why Bryan says it wasn't difficult to get institutions to invest in Zero 📍 56:11 What Bryan says matters most to institutions looking to adopt blockchain rails 💥 1:00:47 What institutions buying altcoins means for crypto 🤖 1:04:27 How tools like OpenAI's EVMbench could make smart contracts safer

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

85% of tokens launched in 2025 ended the year negative. Delphi Consulting’s token advisory team has been building tooling to model sell pressure for teams going through TGE. If you're planning a token launch, this is a great resource.👇 https://t.co/8BwW56tfpz

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

Zora is launching attention markets on Solana. "Clearly Zora got a heads-up. Unless Solana gave them a big incentive, I really don't understand this." @tayvano_ https://t.co/2YgOdrosIO

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

In today’s @Unchained_pod Daily newsletter: 🎨 Base favorite Zora picks Solana for its next big bet 🏢 Gemini’s post IPO reality check deepens 🕵️ A shadowy $436 million IBIT position raises capital flight questions 📩 Don’t miss out—read here & sign up for daily updates! https://t.co/Oava7PO8Ez

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

👀 Having Zora pivot from a Base app to an attention market on Solana was not on y 2026 Bingo card

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

"We have to scale beyond crypto assets. In the RWA space, there are traditional assets that are already established (like t-bills). The bigger opportunity for RWAs is to tap assets that are not necessarily so traded, like energy." https://t.co/lsi9GM9p0d

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

i have recently been getting a few offers from fintech, trading and defi projects and realised i wanna get back into the growth game what i am looking for: - full agency - trading related, esp rwa markets - idgaf about pay. i want glory and credit for making the token pump my cv: - brought in 1b+ tvl across various projects like ethena lido euler - worked with most major traders vcs whales kols - ex goldman fx trader - i know everyone

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

My (non-crypto) friend an amazing idea for using crypto to unlock an $8 trillion extremely illiquid and obscure asset class. Is there a good RWA chat group or event where my friend could meet a RWA-focused cofounder with a technical background? Taking suggestions 👇🏻

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

$SPX is back at Murad's entry He round-tripped over $65,000,000 for the culture. 2 years, 104 weeks, 745 days of bull posting just to end up near breakeven. And he's not done yet. Lesson in there. https://t.co/b5GeyCDGjO

Name & Symbol: SPX6900 ($SPX)
Address: 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c

"People are focusing on quick money grab from a token flip." @ramahluwalia https://t.co/Ev2K80G8P6

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

% Below All-Time High S&P 500: -3% Apple: -5% Google: -5% Gold: -14% Amazon: -15% Meta: -16% Nvidia: -19% Tesla: -21% Microsoft: -29% Palantir: -38% Netflix: -40% Bitcoin: -51% Ethereum: -63% MicroStrategy: -81% Dogecoin: -88% Fartcoin: -93% Trump Coin: -95% Melania Coin: -99%

Name & Symbol: Fartcoin ($Fartcoin)
Address: 9BB6NFEcjBCtnNLFko2FqVQBq8HHM13kCyYcdQbgpump

Amazing to learn about the @thedaofund on @Unchained_pod today! Lots of opportunities for @safe builders to apply to the fund to make owning accounts easier and more secure.

Name & Symbol: Safe Token ($SAFE)
Address: 0x5afe3855358e112b5647b952709e6165e1c1eeee

⚠️ LATEST: Binance Warns of Fake Listing Agents, Offers $5M Whistleblower Reward Binance outlined official token listing process, emphasizing projects should never engage with third-party entities and should apply directly with the exchange. The exchange identified seven entities and individuals falsely claiming to be Binance listing agents offering to list tokens in exchange for payment.

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

There’s no such thing as a free +10% DeFi yield Risk curators have been at the center of the storm. Steakhouse Financial’s @SebVentures breaks down what most DeFi users misunderstand about yield, vault safety, and the coming stablecoin wave on @bitsandbips Plus: the liquidity problem with tokenized onchain credit funds & the role of new stablechains like Tempo and Plasma  👇 Timestamps: 🥩 0:27 Understanding Steakhouse Financial and its growth rate 🧠 2:27 What “risk curation” actually means and why Steakhouse focuses on institutions 💵 5:20 How @SteakhouseFi vaults generate stablecoin yields ⚙️ 8:07 What risk curators can—and can’t—control in a decentralized environment ⚠️ 12:56 What recent volatility revealed about #DeFi vaults and the collapse of Stream Finance 📉 17:01 Whether “safe” high yield is even possible 🧱 19:06 The liquidity problem with tokenized credit funds onchain 🌊 27:16 How Steakhouse is positioning for the stablecoin boom ⛓️ 28:52 How stablechains like #Tempo and #Plasma could change the game 🏦 30:15 Why Steakhouse plans to integrate tokenized deposits 🌍 32:23 Steakhouse’s 2026 bet on non-USD #stablecoins

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

Are Ethereum devs now more aware of the market? In this episode of Uneasy Money, hosts @kaiynne, @tayvano_ & @LucaNetz delve into: 💥 Ethereum's Fusaka upgrade 🧐 The reactions to Infinex's ICO 🚀 Hyperliquid's growing equities perps futures ⚔️ The Kamino v. Jupiter drama 🚨 Anthropic's smart contract study and the Yearn Finance hack Timestamps: 🚀 00:00 Introduction ⚡️ 01:32 How Ethereum's shipping cadence has changed ⛽️ 9:36 Will #Ethereum gas fees spike again? ⚔️ 12:26 Infinex's token sale controversy 💡 12:54 Kain explains the reasoning behind Infinex's ICO model 💥 18:47 What's driving the #Infinex ICO controversy 🧏 24:11 How Hyperliquid's HIP-3 upgrade is changing DeFi participation 🤔 25:58 Are #Hyperliquid's tokenized equities perps asking for SEC trouble? 🤺 38:48 #Kamino v. #Jupiter drama 🧐 44:59 Does #Solana’s commercial tilt encourage more “gloves off” competition? 👀 50:51 Will Kamino users exit en masse? ❕️51:32 #Anthropic's smart contract study coincides with #Yearn Finance hack 💡 54:40 How AI can help bolster crypto security

Name & Symbol: Kamino ($KMNO)
Address: KMNo3nJsBXfcpJTVhZcXLW7RmTwTt4GVFE7suUBo9sS

Firstly, I have no special knowledge about this situation that isn’t public, but think it’s less sinister than is implied. Secondly, I think this is a really interesting capital structure for the Berachain round, and likely was this way to satisfy some specific needs of the investor and/or Berachain. I’m a big fan of Chesterton’s Fence, so let’s speculate on why this fence was built. The summarized claim made in this article is that Brevan Howard, which co-led the Series B round, had a side letter with refund rights. There is also a typical “most favored nation” clause so any better, future SAFT agreements must keep Brevan Howard on equivalent terms as the newer, better agreements. So what exposure does Brevan Howard get from this arrangement? $25m paid for tokens, with a right for a refund in the first year. So you have the upside if the token moons, but some level of downside protection if it tanks. This sounds a bit like convertible debt. If Brevan Howard had loaned Berachain $25m at 0% interest, but it converted to tokens if it was above $3, then you would have a similar exposure. Similar would become even more equivalent if the convertible debt was put-able (they could demand repayment at any time). Personally, I don’t think people would be making so much noise about this had it been structured as a $25m convertible, put-able note. So why didn’t they do it that way? Leaving aside PR of having Brevan Howard co-lead a round — which I don’t find compelling because you’d still have the headline that they were investing $25m in Berachain — what problems does it solve to have a token sale that acts like debt instead of debt that acts like a token sale? From Berachain’s perspective, it’s almost assuredly better to use token sale with refund rights. Debt is a liability, and would perhaps make them technically insolvent if not managed to avoid it. You also would have to use fairly sophisticated accounting for the embedded derivative in the debt. That’s probably a lot easier to do with a token purchase that has a 1 year refund window. So for Berachain, this makes the capital structure simpler and the balance sheet cleaner than with a comparable debt structure. Now, if this had been done with equity, I agree this could be venturing into a legal battle. You effectively are making Brevan Howard senior in claims (just like it would with debt) to other investors in the Series B. Except… these are tokens. How can you be senior in claims on a token when there’s no claims to make (that I’m aware of)? Tokens are a product, manufactured by the issuer. Berachain does not owe fiduciary duty to token purchasers any more than a guy at the farmer’s market owes fiduciary duty to me for buying some parsnips. Importantly, unlike with equity, there’s probably no legally persuasive expectation of being pari passu like within a share class. While debt is a foreign concept to most crypto startups (although I had one offer me convertible debt as a way to angel invest this year, but they were on the sophisticated side), different lockup or vesting schedules is not. So the idea that one investor may finagle a sweeter deal than a smaller one is not lacking precedent. At the end of the day, people have to remember that tokens are not equity. This is not akin to taking money for equity and secretly giving a way out to one investor. What we call investors are more like customers, at least in their relationship to a token issuer. They buy a product (a token) at a price. Brevan Howard just did a good job in negotiating a favorable return policy identical to that of IKEA, Athlete, Home Depot, or Kohl’s.

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

Stablecoins are everywhere, but who wins the race? 🏁 Amid the plethora of announcements we saw this week, @HadickM & @hexonaut joined me to break down: 😨 Why Ethena’s USDe lost $5B in market cap in 20 days 🏦 Stripe’s Tempo vs. Circle’s Arc: can they compete with Tether? 🔥 How TradFi giants are entering the stablecoin games Timestamps: 🎬 0:00 Intro and ads: @binance 📉 1:09 Why Ethena’s #USDe plunged from $15B to $10B 🔮 5:34 Rob’s view on the future of Ethena 💸 7:06 Why Spark exited #Ethena despite being an early believer ⚔️ 11:32 Protocol-native stablecoins—and why Rob and Sam disagree about the trend 💡 21:03 What it really takes to win the stablecoin wars + what makes Tempo's strategy “interesting” 💳 32:11 Tether’s USAT launch: can it succeed? 🏦 36:27 How #Tether and #Ripple are using the same acquisition playbook 🔥 39:40 Plasma’s emissions strategy and whether it’s sustainable 🏛️ 44:10 Inside #Circle’s #Arc testnet and its 100+ institutional partners ⛓️ 51:08 #Codex and the debate: should stablechains be L1s or L2s? 💵 56:42 How @sparkdotfi aims to stand out in the new wave of stablecoin competition 🏢 1:00:04 Why TradFi players are entering the space with so much strength 🚀 1:06:04 Why Rob remains so bullish on the future of #stablecoins

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Totally agree on this and huge thanks to @laurashin for this golden video Arthur Hayes isn’t just trading tokens anymore he’s actually buying the companies behind them. To see how deep he’s going with this move, watch this Unchained episode featuring @CryptoHayes & Adam Schlegel Where they talk about: • Maelstrom’s $250M private equity fund built to buy strong crypto firms • Adam’s journey from Morgan Stanley to Haveli to Maelstrom • Why Maelstrom believes the next big crypto wave lies in private equity • How investing has evolved from beta to venture capital to real revenue • The focus on Asia and LatAm’s overlooked crypto opportunities • How Maelstrom evaluates companies and performs due diligence • Inside their $250M anchor fund and LP co-investment model • The types of companies they’re targeting and fund structure details • Why Arthur believes the four-year market cycle is dead • Investor requirements and the $5M minimum commitment • What Coinbase’s Echo acquisition means for the future of exchanges • How DEX perps are pushing CEXs into zero-fee trading wars • Thoughts on Binance, ADL liquidations, and leverage risk • Prediction markets like Polymarket, Kalshi, and Limitless • Why falling rates could hit Tether and Circle but boost Ethena • who Arthur thinks will lead the next phase of crypto’s evolution If you care about where the market’s truly heading, this conversation is worth your time.

Name & Symbol: Echo Protocol ($ECHO)
Address: 0x06238c1b8e618abedf17669228dc95fb2d2e210b

Arthur Hayes isn’t just trading tokens... he’s buying the companies behind them! ⚔️ On @unchained_pod, @CryptoHayes & Adam Schlegel reveal: 💼 Why Maelstrom is raising $250M to buy crypto’s cash machines 📈 The shift from tokens → venture capital → real revenue ⚔️ How DEX perps are forcing CEXes into zero-fee wars 💵 Why falling rates could crush Tether and Circle but boost Ethena Timestamps: 🎬 0:00 Intro 📰 1:08 @MaelstromFund0's $250M private equity fund to buy crypto firms 👤 1:42 Adam’s background and path from Morgan Stanley to Haveli to Maelstrom 💼 3:51 Why Maelstrom believes the next crypto boom is in private equity 📈 4:42 Arthur on how crypto investing evolved from beta → VC → PE 🌏 10:05 Geographic focus: Asia and LatAm’s overlooked crypto firms 🧭 11:49 How Maelstrom evaluates targets and performs due diligence 🛠️ 17:02 Inside Maelstrom’s $250M anchor fund and LP co-invest model 👀 26:01 The types of companies Maelstrom is targeting ⚙️ 30:16 Fund structure and Arthur’s role in Maelstrom PE 📊 36:05 “The four-year cycle is dead”: Arthur on today’s crypto market 💰 39:18 Investor requirements and $5M minimum commitment 🏦 42:09 Coinbase’s #Echo acquisition and what it means for exchanges ⚔️ 47:59 The perps war, how DEXs are forcing CEXs toward zero-fee trading 💥 52:18 #Binance, ADL liquidations, and leverage risk 🔮 56:27 Prediction markets: #Polymarket vs #Kalshi vs #Limitless 💵 59:06 Stablecoins and rates, why #Tether and #Circle could lose to @ethena_labs 📈 1:04:15 Who wins the next phase of crypto’s evolution 🔚 1:08:14 Closing thoughts

Name & Symbol: Echo Protocol ($ECHO)
Address: 0x06238c1b8e618abedf17669228dc95fb2d2e210b

Crypto M&A is heating up 🔥 Coinbase just bought Echo, and @CryptoHayes has $250 M ready to deploy. What does all this consolidation mean for the industry? We’re live! 🎙️ https://t.co/Hl3yaE5zDg

Name & Symbol: Echo Protocol ($ECHO)
Address: 0x06238c1b8e618abedf17669228dc95fb2d2e210b

Unchained is already on Zora, Pods, and Fountain... and now PumpFun! If crypto is reinventing media, I want to see it firsthand. We’re live, come chat about it! 💬 https://t.co/IJLueBibYc

Name & Symbol: Zora ($ZORA)
Address: 0x1111111111166b7fe7bd91427724b487980afc69

In today’s Unchained Daily: • 🔥 Hyperliquid’s Jeff Yan calls out the “revenue FUD” • 🧠 DeFiLlama brings Aster back, but questions remain • 🧰 Binance bots busted — 600 accounts banned • 💸 OpenSea plans a SEA drop that gives back to the community 🎯 Read it now… and make sure you never miss one. Subscribe! https://t.co/v8bx1h9F2s

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

Retail = exit liquidity 😬 @cjhtech exposes how projects pay 8% of token supply for listings — only to dump on users later. 💸 https://t.co/SWRvcKfDGD

Name & Symbol: TokenFi ($TOKEN)
Address: 0x4507cef57c46789ef8d1a19ea45f4216bae2b528

Aster did an airdrop of 300M to the users The users: https://t.co/rV8x9jmjHK

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

Only four assets out of the 429 in total on Binance (spot only) are up from the pre-crash prices. Zcash - up 17% RDNT - up 15% Succinct - up 12% Morpho - up 3% The remaining 425 assets are all down https://t.co/CaF3augxv2

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Only four assets out of the 429 in total on Binance (spot only) are up from the pre-crash prices. Zcash - up 17% RDNT - up 15% Succinct - up 12% Morpho - up 3% The remaining 425 assets are all down https://t.co/CaF3augxv2

Name & Symbol: Succinct ($PROVE)
Address: 0x7ddf164cecfddd0f992299d033b5a11279a15929

“hardcoding USDe’s price to USDT… presents significant advantages without increasing the protocol’s risk” ~$30B was wiped in yesterday’s liquidation cascade. but it could’ve been so much worse... while $USDE depegged across defi and on most exchanges yesterday, its oracle price on aave was hardcoded to $1 that single decision effectively protected billions in levered positions most of the leverage in defi right now is built on looping $USDE. across plasma + eth markets, there’s over $2.6B supplied, with many farming that ~50% APY because aave used the USDT oracle, none of those positions got touched. no cascade. no wipeout. nothing. 😅

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

My thoughts on yesterday’s crypto crash: TLDR: We’ll be fine. We always are. I’ve been in this industry for 9 years now, and I’d say I’ve really seen it all. The COVID crash, the $LUNA meltdown, the FTX collapse, you name it. But what we witnessed yesterday felt very different from most things I’ve experienced before. While many coins look completely wrecked on the charts, it didn’t feel as dramatic to me as some of the true black swan events we’ve seen in the past. Don’t get me wrong, I’m not trying to downplay it. Yesterday was the largest liquidation event in crypto history, and my heart genuinely goes out to everyone - friends, colleagues, and beyond - who suffered massive losses that will take a long time to recover from. I wish this on no one. However, while we still don’t fully understand what happened, the big difference this time is that there doesn’t seem to be a fundamental reason for such an extreme crash. Sure, Trump’s tariff threats against China might have started the dump, but that alone surely doesn’t justify -99% crashes across major caps. It really feels like something went seriously wrong behind the scenes at Binance or a major market maker, triggering a one-of-a-kind liquidation cascade that wiped out liquidity across the board and sent some assets literally to zero. As much as I criticize Binance at times, they’ve always had the most robust trading infrastructure in the industry. So seeing price action like this even happen on their platform felt very strange, and even stranger was the fact that Binance literally stopped working for 10–20 minutes when I tried to buy those -90% dips. That suspicion grew even stronger when I switched to DEXs to buy. Prices there for assets like $PUMP or $JTO were around 25% higher than on Binance. Tokens like $CARDS, which aren’t listed on major exchanges, were affected significantly less. Normally, during fundamental market crashes, it’s exactly the other way around. Rumors are already flying, and I’m sure we’ll get more clarity in the next few days. But from what I can judge and from almost a decade of living and breathing this industry: my gut says this was a massive technical issue, not a fundamental one. And that, to me, is bullish. For context, the COVID crash and FTX collapse hit me hard. Back then, I genuinely thought it might be over. I remember feeling anxious for days, even weeks, questioning my entire future in this space. This time felt completely different. I bought immediately, and after reflecting for about 10 hours, I want to buy even more. I know many of you are going through a tough time right now, and I’m deeply sorry for your losses. Nobody could have predicted this and trust me, even the biggest OGs and professionals in this space got hit badly. But nothing fundamental has changed about this industry. The only question you should ask yourself right now is: “How much do I truly believe in crypto long term?” If you doubt that crypto as a whole can survive or thrive long term, I understand why you might be too afraid to buy right now. But in that case, you probably weren’t here for the right reasons to begin with. As for me, I have zero doubt. This industry isn’t just here to stay, it’s on track to 10x from here and beyond. It’s only a matter of time. So why would I panic over a technical glitch that caused prices to drop -99%? Of course, it’s painful, but rationally speaking, this might be one of the greatest opportunities you’ll ever get in your lifetime. Don’t bury your head in the sand, not after everything we’ve survived over the past years. Events like this separate the wheat from the chaff, the winners from the losers. If it’s even remotely possible for you right now, just survive. That’s all you need to do. I promise you, you won’t regret it.

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

$10B liquidation event, biggest in history but look at what didn't break: hyperliquid printed $20M fees, aave/pendle/fluid had zero downtime, ZEC went inverse and recovered in an hour liquidity and infrastructure resilience just separated real from fake accumulation happening on aave at $215, hype doing record buybacks this is where you find what survives

Name & Symbol: Fluid ($FLUID)
Address: 0x6f40d4a6237c257fff2db00fa0510deeecd303eb

The $10B liquidation figure floating around is fake, the real number is likely much higher, somewhere in the $30B–$40B+ range. On Hyperliquid alone, nearly $7B was liquidated. Here’s the full breakdown for anyone interested: Total liquidations since 20:45 UTC: - Total Value: $6,702,223,168.08 - Total Backstop: $4,352,720,741.58 - Total Market: $2,349,502,426.49 Breakdown by asset (top 10 by market): - BTC: $781,848,860.51 - ETH: $539,690,395.94 - SOL: $246,037,906.19 - HYPE: $116,710,437.27 - DOGE: $76,753,273.71 - ASTER: $76,606,241.66 - XRP: $73,144,750.79 - XPL: $43,076,401.99 - ENA: $32,104,013.63 - PUMP: $30,501,142.72 All data is sourced from the Liquidations Telegram. The channel was deleted mid-crash for spamming, but since they log everything separately in their own database, the full dataset is still available.

Name & Symbol: Plasma ($XPL)
Address: 0x405fbc9004d857903bfd6b3357792d71a50726b0

The $10B liquidation figure floating around is fake, the real number is likely much higher, somewhere in the $30B–$40B+ range. On Hyperliquid alone, nearly $7B was liquidated. Here’s the full breakdown for anyone interested: Total liquidations since 20:45 UTC: - Total Value: $6,702,223,168.08 - Total Backstop: $4,352,720,741.58 - Total Market: $2,349,502,426.49 Breakdown by asset (top 10 by market): - BTC: $781,848,860.51 - ETH: $539,690,395.94 - SOL: $246,037,906.19 - HYPE: $116,710,437.27 - DOGE: $76,753,273.71 - ASTER: $76,606,241.66 - XRP: $73,144,750.79 - XPL: $43,076,401.99 - ENA: $32,104,013.63 - PUMP: $30,501,142.72 All data is sourced from the Liquidations Telegram. The channel was deleted mid-crash for spamming, but since they log everything separately in their own database, the full dataset is still available.

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

The $10B liquidation figure floating around is fake, the real number is likely much higher, somewhere in the $30B–$40B+ range. On Hyperliquid alone, nearly $7B was liquidated. Here’s the full breakdown for anyone interested: Total liquidations since 20:45 UTC: - Total Value: $6,702,223,168.08 - Total Backstop: $4,352,720,741.58 - Total Market: $2,349,502,426.49 Breakdown by asset (top 10 by market): - BTC: $781,848,860.51 - ETH: $539,690,395.94 - SOL: $246,037,906.19 - HYPE: $116,710,437.27 - DOGE: $76,753,273.71 - ASTER: $76,606,241.66 - XRP: $73,144,750.79 - XPL: $43,076,401.99 - ENA: $32,104,013.63 - PUMP: $30,501,142.72 All data is sourced from the Liquidations Telegram. The channel was deleted mid-crash for spamming, but since they log everything separately in their own database, the full dataset is still available.

Name & Symbol: Pump.fun ($PUMP)
Address: pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

Unchained is LIVE today at 9am ET! @HadickM and @0xMert_ join me to discuss stablechains and stablecoin mania. 📺 Tune in here on X or on YouTube or PumpFun! 👀 https://t.co/i0nYM8c2Gq

Name & Symbol: TaleX ($X)
Address: 0x0510101ec6c49d24ed911f0011e22a0d697ee776

In today’s Unchained Daily: • 🤑 Grayscale’s ETH holders can now earn staking rewards • 🧩 Polygon’s POL token might get a major makeover • 💫 PLUME flies after SEC gives it the green light And more! 🌎 Read today’s must-know crypto news… and subscribe! https://t.co/CCL8pzn7yb

Name & Symbol: Plume ($PLUME)
Address: 0x4c1746a800d224393fe2470c70a35717ed4ea5f1

In today’s Unchained Daily: • 🚫 DeFiLlama drops Aster data after questionable volume pattern • 💥 Bitcoin rockets past $125K and counting • 🪙 MetaMask’s $30M rewards season kicks off • 🏦 Walmart’s OnePay app gears up for crypto rollout 🎯 Read it now… and make sure you never miss one. Subscribe! https://t.co/FT5VEAqbSQ

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

We've been investigating aster volumes and recently their volumes have started mirroring binance perp volumes almost exactly Chart on the left is XRPUSDT on aster, you can see the volume ratio vs binance is ~1 Chart on the right is XRP perp volume on hyperliquid, where there's some decorrelation Aster doesn't make it possible to get lower level data such as who is making and filling orders, so until we can get that data to verify if there's washtrading, aster perp volumes will be delisted

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

Aster may be Binance-backed, but @RyanWatkins_ says Hyperliquid already beat Binance on the hottest new token launches 👀 That’s why CEXs are nervous https://t.co/4vEtrBSoE9

Name & Symbol: Aster ($ASTER)
Address: 0x000ae314e2a2172a039b26378814c252734f556a

In today’s Unchained Daily: • 📈 Perp DEXes cross the $1T monthly line • 🚀 Bitcoin’s Uptober run hits $121K • ⏰ CME wants crypto trading all day, every day • 🪙 VanEck eyes staked ETH ETF with Lido • 🎧 DoubleZero’s new “internet for crypto” explained 📈 Read the latest update… and get more daily! Subscribe. https://t.co/ZKE8FyKJvz

Name & Symbol: DoubleZero ($2Z)
Address: J6pQQ3FAcJQeWPPGppWRb4nM8jU3wLyYbRrLh7feMfvd

Could NASDAQ trading actually move onchain? 📊 @Austin_Federa says DoubleZero could be the network that makes it possible. https://t.co/8NpA3cGsCt

Name & Symbol: DoubleZero ($2Z)
Address: J6pQQ3FAcJQeWPPGppWRb4nM8jU3wLyYbRrLh7feMfvd

.@DoubleZero launched its mainnet today! Here’s everything you need to know about it. (Plus: what happened with the big allocation to Jump?) https://t.co/hRvYwFWYzT

Name & Symbol: DoubleZero ($2Z)
Address: J6pQQ3FAcJQeWPPGppWRb4nM8jU3wLyYbRrLh7feMfvd