In today's Unchained Daily newsletter: 🔥 The Senate will leave for recess without voting on the Clarity Act 💰 Trump could defer crypto capital gains taxes under ethics divestiture plan 🐛 Volunteer red team logs 85 critical bugs across 390 Bitcoin projects ⚖️ Late Ondo founder's mother sues to remove CEO Ian De Bode 📈 Read the latest update… and get more daily! Subscribe. https://t.co/kY4YFkd1J5

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

🏦 Circle just named its 11 founding validators for Arc, including BlackRock, Visa, Mastercard, and DTCC, ahead of the blockchain's Sept. 16 public launch. Full list: https://t.co/MJ6bKGQB1U

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

Real estate, solar farms, mineral rights: it's all headed onchain. But who writes the rules? Salman Banaei ( @banamlas ), General Counsel of RWA chain Plume (ex-CFTC, ex-SEC, ex-Uniswap Labs), joins @kkirkbos, Jessi Brooks, and @TuongvyLe12 live today at 12pm ET.

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

Lorenzo Valente of ARK joins Bits + Bips today. His stat: Hyperliquid did more volume in real-world assets than in crypto in a single week. RWAs were 54% of the total. We're live now on @bitsandbips 👇 https://t.co/rKglf3BHFW

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

📰 DEX aggregator Odos is winding down operations. The app moves to read-only on July 27, with all services shutting down permanently on July 30, 2026. Details: https://t.co/o8dLoQihwq

Name & Symbol: Odos ($ODOS)
Address: 0xca73ed1815e5915489570014e024b7ebe65de679

Nothing like a Comm'r Peirce statement to get securities lawyers debating Reves and notes again! As @veda_labs has submitted to the SEC, decentralized on-chain lending protocols generally do not implicate Reves. The discussion often begins with Reves’s family resemblance test. But that skips over the threshold question. Reves presupposes the existence of a note - an instrument evidencing a borrower’s obligation to repay a debt. Before asking whether an instrument bears a “family resemblance” to a security, we must first identify the note itself. That was straightforward in a situation like BlockFi: customers transferred assets to BlockFi, making it the obligor, who deployed customer assets on its own balance sheet, rehypothecated them, and contractually promised repayment. Customers were ultimately relying on BlockFi’s creditworthiness. That is the paradigmatic debtor-creditor relationship to which Reves naturally applies. Decentralized lending protocols such as @aave and @Morpho are fundamentally different. The protocol does not borrow customer assets, incur an independent repayment obligation, issue debt backed by its own credit, raise capital for its own business, or intermediate lending through its own balance sheet. Rather, it provides a non-custodial, rules-based mechanism through which users lend and borrow pursuant to predetermined smart contract logic. That distinction is legally significant, not just a design difference. To be sure, protocols may make governance decisions regarding collateral eligibility, risk parameters, and other aspects of protocol design. But those decisions govern how the protocol operates; they do not transform the protocol into an intermediary borrower that incurs an independent obligation to repay suppliers. Traditional notes evidence an extension of credit premised on the borrower’s promise to repay. Protocol lending instead relies on ex ante overcollateralization, algorithmic collateral management, and automatic liquidation. Repayment is designed to come from collateral, not from an intermediary's willingness or ability to satisfy its obligations. The lender’s principal risks are collateral risk, market risk, and smart contract risk, rather than the credit risk of a balance-sheet intermediary. Ask: Who is the issuer? Whose motivations are relevant? Who is raising capital? Whose creditworthiness is the lender evaluating? Whose promise to repay is reflected in the alleged note? In BlockFi, the answer to those questions was obvious. In decentralized lending protocols, it is not. And that’s why decentralized lending protocols do not generally implicate Reves. The doctrine was developed to determine when an instrument evidencing an issuer's indebtedness should be treated as a security. Where there is no intermediary borrower, no balance-sheet financing, and no instrument embodying an independent promise to repay, the legal predicate for Reves is absent. None of this is to suggest that every on-chain lending arrangement falls outside the securities laws. Protocol design matters, and different architectures may produce different analyses. But decentralized, non-custodial lending should not be analyzed simply by analogy to centralized lending businesses. They are fundamentally different models.

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

'Ethereum should charge more.' That's @kaiynne's take on the latest Uneasy Money, and what stuck with me: he thinks weak L2s should be forced to become their own L1s. 🤔 According to @tayvano_, though, the lost revenue may not be lost at all. Worth the listen. Timestamps: 🪂 01:30 Benjamin and Weso explain how Cap's Stabledrop plan fell apart post-TGE 💸 08:05 Weso on why uncapped points programs turn into runaway marketing spend 🐦 21:31 Kain and Taylor on crypto Twitter's algorithm flip after a year of exile 📱 24:17 Cape: Get 33% off your first six months of privacy-first mobile service at https://t.co/2ZtLziXsHV 🏛️ 25:09 Why EthSystems, the newest EF spinout, splits Kain on bullish or bearish 🤝 30:20 Taylor on Jesse handing Base app duties to Cobie and what it signals 🎰 36:28 Robinhood Chain's memecoin surge, Morpho ties, and the CashCat backstory ⚖️ 41:17 Is Ethereum undercharging L2s? Kain makes the case for pushing costs to L1 🔓 55:51 BarnBridge's SEC-era DAO, this week's governance exploit, and the https://t.co/1iDi8iLh1X fix that stops it ☢️ 01:11:31 The Ostium hack: North Korea-linked actor, stolen keys, oracle compromise 💥 01:26:24 Closing rapid-fire: Euler's recovery and an old Vyper compiler bug revisited

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

'It's just a little bit crazy to throw all this money with no accountability,' @metaproph3t told me about ENS's treasury. @DrNickA sees it differently. They also touched on BonkDAO, VVV and MetaDAO. 🍯 Timestamps: 🏛️ 01:06 Laura frames the DAO reckoning: disbandments, low turnout, and the Venice fight 📉 08:26 How ENS DAO's collapsing voter turnout let a 3% stake decide its fate ⚖️ 12:55 Proph3t on why voting is a cost, and how a 51% attack captures a DAO 🏦 19:11 Nick maps DAOs' next phase: substructures picked for expertise, not popularity 🍯 24:09 Why Jeff Lau called ENS's treasury plan a honeypot with zero accountability 📣 28:50 Cape: Get 33% off six months of privacy first mobile service at https://t.co/2ZtLziXsHV 🏗️ 29:49 Why founders like Nick Johnson get vilified for wanting DAOs to run efficiently 🗳️ 36:35 Why Nick Johnson's silent vote against ENS's Security Council reads as an attack 💰 41:34 How BonkDAO lost $20 million to one proposal backed by just seven votes 🧩 46:22 Why Proph3t would not buy Venice's VVV token despite defending its disclosures 🔮 56:45 Proph3t on MetaDAO's origin story: pro oversight, not pro governance

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

Uneasy Money is live! @kain and @tayvano_ sit down with Cap founder @Benjamin918_ and @the_weso on Cap's Stabledrop, EthSystems leaving the EF, Cobie and the Base app, and three DeFi drains no audit would've caught. https://t.co/1LicwLZyKE

Name & Symbol: Cap ($CAP)
Address: 0x99991c6aabba5a096f24f250b73580f5179b9999

🎭 Enso just exposed "toxic pools" — DeFi liquidity pools engineered to show your wallet a great price during simulation, then execute at a worse rate once the trade is mined. https://t.co/nHX24I5h2i

Name & Symbol: Enso ($ENSO)
Address: 0xfeb339236d25d3e415f280189bc7c2fbab6ae9ef

Ten years on Ethereum, zero oracle hacks. @nomos_paradox tells @Steven_Ehrlich that record is no accident. It is what happens when a team treats security like a religion, not a checklist. 🔐 Worth a listen for anyone lending against tokenized funds. Timestamps: 🎙️ 00:41 Niklas Kunkel on what actually separates the oracle providers, and why most people get it wrong 🛠️ 02:39 The origin story: why building MakerDAO forced Niklas to invent the oracle from scratch ⚠️ 06:35 The hidden single point of failure lurking inside every DeFi protocol 🏦 11:07 Chronicle's bet: from pricing tokens to verifying the real collateral behind tokenized RWAs 🧾 15:30 Don't trust, verify: how Chronicle rebuilds BlackRock's BUIDL fund from scratch, independently 📣 24:50 Cape: Get 33% off your first six months with code unchained at https://t.co/2ZtLziXsHV 📈 27:07 The hottest RWA trade nobody's talking about: why CLOs like Galaxy's new tokenized credit product are taking off 🚀 32:36 The SpaceX pre-IPO token mess: buyers paid up, then never got their shares 🌉 36:21 The KelpDAO exploit and the uncomfortable truth: every bridge is just an oracle in disguise 📊 42:28 Chronicle's next growth wave: tokenized equities and the redemption gap that could break them ⛓️ 48:15 The counterintuitive one: why even fully onchain-issued funds still can't skip proof of asset

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

another good short talk with @vnovakovski shedding more light on why Robinhood x Lighter goes way beyond a simple wallet integration, from the 50/50 revenue split and rwa collateral to Vlad actively helping shape a CFTC path for decentralized perps and the more he explains it, the more obvious it gets that Lighter is aiming to become real regulated market infra, not just another perp app or whatever else critics keep trying to frame it as

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

Ten years on Ethereum, zero oracle hacks. @nomos_paradox tells @Steven_Ehrlich that record is no accident. It is what happens when a team treats security like a religion, not a checklist. 🔐 Worth a listen for anyone lending against tokenized funds. Timestamps: 🎙️ 00:41 Niklas Kunkel on what actually separates the oracle providers, and why most people get it wrong 🛠️ 02:39 The origin story: why building MakerDAO forced Niklas to invent the oracle from scratch ⚠️ 06:35 The hidden single point of failure lurking inside every DeFi protocol 🏦 11:07 Chronicle's bet: from pricing tokens to verifying the real collateral behind tokenized RWAs 🧾 15:30 Don't trust, verify: how Chronicle rebuilds BlackRock's BUIDL fund from scratch, independently 📣 24:50 Cape: Get 33% off your first six months with code unchained at https://t.co/2ZtLziXsHV 📈 27:07 The hottest RWA trade nobody's talking about: why CLOs like Galaxy's new tokenized credit product are taking off 🚀 32:36 The SpaceX pre-IPO token mess: buyers paid up, then never got their shares 🌉 36:21 The KelpDAO exploit and the uncomfortable truth: every bridge is just an oracle in disguise 📊 42:28 Chronicle's next growth wave: tokenized equities and the redemption gap that could break them ⛓️ 48:15 The counterintuitive one: why even fully onchain-issued funds still can't skip proof of asset

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

🚨@vnovakovski told me the Robinhood Chain perps deal was '12 years in the making,' dating back to high school. 🤝 We get into the 50/50 revenue split and how he thinks about the USDG collateral risk. 🎧 Timestamps: 🤝 01:28 Why Vlad calls the Robinhood Chain deal "12 years in the making" and how the revenue is split 🤓 03:40 How Robinhood perps differs from Lighter's own app 💸 05:03 What if means if USDG is the quote asset on Robinhood's perps and USDC is the quote asset on Lighter 💬 11:04 Novakovski on Lighter's Telegram Wallet deal vs Hyperliquid's builder codes 📣 12:50 Cape: Get 33% off six months of privacy first mobile service at https://t.co/2ZtLziY0xt 💼 13:44 Fidelity: Explore crypto and DeFi careers at https://t.co/8dua6AZQXA 📉 14:31 Why RWA perps are hitting highs while crypto native perp volume cools ⚠️ 18:00 How Lighter prices liquidation risk when tokenized stocks are collateral 🏛️ 21:14 Novakovski on the regulatory pathway DEXs need to move onshore

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

What the VVV token actually does, from Austin Griffith, who stakes it: "You stake VVV and you get something called DIEM... you get dollars' worth of inference every day against their models... I don't pay the inference costs. It's really nice." https://t.co/R3JDltP6r4

Name & Symbol: Venice Token ($VVV)
Address: 0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf

What happens when the hosts of DEX in the City become the guests? On this TRM Talks crossover, @kkirkbos, Jessi Brooks, and @TuongvyLe12 get questioned by @ARedbord on the SEC, the CFTC, and crypto's worst hacks. ⚖️ Timestamps: 🛡️ 02:29 OFAC's first IRGC-linked exchange sanctions on Zedcex and Zedxion 🧭 05:20 How Vy, Katherine, and Jessi went from the SEC, BigLaw, and DOJ into crypto 🎙️ 14:10 The origin story behind the DEX in the City name and its all-women cast 🏛️ 18:25 Vy on the SEC trading ambiguity for rules, and "tech-neutral" regulation 📈 22:36 Katherine on why DCMs are suddenly crypto's hottest acronym 💙 25:38 Cape: Get 33% off your first six months with code unchained at https://t.co/2ZtLziY0xt 🩹 26:12 Jessi on reframing illicit finance around victims, not just enforcement 🔐 30:03 Jessi and Vy on Drift, Kelp, and why the recent hacks were ops failures 🕵️ 34:52 Katherine on why privacy is necessary for on-chain markets 🔮 40:04 Lightning round: Jessi on agentic finance, Katherine on perps, Vy on vaults

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

In today's Unchained Daily newsletter: 🔥 Securitize tokenized $295 million of its own stock on NYSE debut day 🏦 Standard Chartered became the first globally systemic bank with direct USDC minting access 📈 Ondo launched tokenized BlackRock and Micron shares under the SEC's custodial model 📈 Read the latest update… and get more daily! Subscribe. https://t.co/tepugdYTZF

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

The more degen retail is probably using options as a way to get excess leverage. To buy out of the money calls to get asymmetric exposure, either on the downside or upside. Bitcoin is much more call-heavy than traditional markets 🤠 -- David Lawant https://t.co/MaZkYjGj5M

Name & Symbol: Degen ($DEGEN)
Address: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed

For the past decade, you needed to make a choice….go full crypto degen or stay tradfi. Don’t cross the streams… Now, there is only one choice: convergence. https://t.co/lZMTWwcfk8

Name & Symbol: Degen ($DEGEN)
Address: 0x4ed4e862860bed51a9570b96d89af5e1b0efefed

What surprised me most about this week's Uneasy Money: @kaiynne says he burned roughly 200M tokens — about $5,000 of API value — in four hours on a $200 Claude plan. He argues consumer AI plans are 100x subsidized, and that the subsidy ends on the 22nd when Fable goes API-only. 🤯 Worth your time. 🎧 Timestamps: 🤖 00:40 Why Kain says Fable 5 should have been named Fable zero 🛡️ 03:50 Taylor on how Fable downgrades the second anything touches security 🕵️ 10:42 Taylor on stolen AI keys, tokens and North Korea's new favorite loot 🧠 15:48 Does Fable reason like a senior engineer? Kain's 100-doc planning test 💸 20:06 How Kain pulled $5,000 of API value from a $200 Claude plan in four hours 🐧33:45 How Igloo budgets $50K a month on AI, and the bot "brain" running the org 📊 44:00 Multichain Advisors: start building real traction with the team behind $50B at https://t.co/fsTy2PEDx6 🎪 44:41 https://t.co/K2pCykwr1R's bounty circus: tattoo typo, the Bootywork coin, Luca's steelman 🚨 55:36 How one infected device cost Humanity Protocol its bridge, token, and treasury

Name & Symbol: Humanity Protocol ($H)
Address: 0x44f161ae29361e332dea039dfa2f404e0bc5b5cc

What surprised me most about this week's Uneasy Money: @kaiynne says he burned roughly 200M tokens — about $5,000 of API value — in four hours on a $200 Claude plan. He argues consumer AI plans are 100x subsidized, and that the subsidy ends on the 22nd when Fable goes API-only. 🤯 Worth your time. 🎧 Timestamps: 🤖 00:40 Why Kain says Fable 5 should have been named Fable zero 🛡️ 03:50 Taylor on how Fable downgrades the second anything touches security 🕵️ 10:42 Taylor on stolen AI keys, tokens and North Korea's new favorite loot 🧠 15:48 Does Fable reason like a senior engineer? Kain's 100-doc planning test 💸 20:06 How Kain pulled $5,000 of API value from a $200 Claude plan in four hours 🐧33:45 How Igloo budgets $50K a month on AI, and the bot "brain" running the org 📊 44:00 Multichain Advisors: start building real traction with the team behind $50B at https://t.co/fsTy2PEDx6 🎪 44:41 https://t.co/K2pCykwr1R's bounty circus: tattoo typo, the Bootywork coin, Luca's steelman 🚨 55:36 How one infected device cost Humanity Protocol its bridge, token, and treasury

Name & Symbol: Humanity Protocol ($H)
Address: 0x44f161ae29361e332dea039dfa2f404e0bc5b5cc

The most capable AI model ever launched this week, but it won't be auditing your smart contracts anytime soon. @kaiynne, @tayvano_ and @LucaNetz on Fable 5's DeFi lockout, the Zcash bug AI did find, and Humanity Protocol's $32M laptop. Uneasy Money is live 🎧 https://t.co/PDMtEKfREN

Name & Symbol: Humanity Protocol ($H)
Address: 0x44f161ae29361e332dea039dfa2f404e0bc5b5cc

💰 $175 million. Paradigm. a16z. Ribbit Capital. Apollo. VanEck. Circle. That's the Morpho cap table now. $11B in deposits. $2B valuation. And the thesis? Every bank and pension fund will want onchain credit exposure. https://t.co/JKT36kdtS0

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

We’ve just raised $175M, in a round co-led by @paradigm, @a16zcrypto, and @RibbitCapital, the largest raise DeFi has ever seen. Credit is the bedrock of our civilization, but the infrastructure underneath is fragmented, extractive, and closed to most of the world. That is what @Morpho is here to change. Morpho is building the open credit network for the world. The global credit market is $ 200T. We are building the infrastructure layer that will move it onchain, and every institution, fintech, and bank that wants to participate in the next era of finance will connect to this network. After four years of being heads down building Morpho, we now count more than $11B in deposits and integrations with leading financial institutions including @Coinbase, @Binance, @FireblocksHQ, @SG_Forge, @krakenfx, @Bitwise, and dozens of others building on Morpho to offer better products to their users. But this is just the beginning. This raise will allow us to accelerate: activating the global credit network at scale, building the go-to-market engine to match our ambition, and bringing more institutions onto the network faster. Having any kind of onchain strategy in this era will mean going through Morpho at some point. Reach out and let's talk. And if you want to help build the open credit network for the world, we have plenty of open roles. Let’s fly 🦋

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

A co-founder of OpenZeppelin said he’s telling friends and family to exit blue chip DeFi. @MikeSilagadze’s response: “Stop with the decentralization theater.” @isaacpatka: This three-multisig architecture should be the baseline. New Unchained: Timestamps: 💥 00:00 Is all of DeFi unsafe? Responding to the OpenZeppelin co-founder’s viral tweet 💙 07:35 Coinbase: Get 20% off the first year of your Coinbase One annual plan at https://t.co/gUBZGviDOn 🛡️ 9:21 The real DeFi risk taxonomy: opsec, contagion, and bridge failure vs. code bugs 🎭 13:29 Why Mike says fake decentralization makes users less safe 🔐 16:54 The three-multisig architecture every DeFi protocol needs 🔴 20:57 Mike: not having a pause button is irresponsible 🤖 22:44 The AI threat: arms race or advantage for defenders? 🎯 26:45 Social engineering: humans are the weak link, so design around them ⚖️ 33:20 Code is not law — and why Arbitrum got it right 🌉 36:15 Bridge risk: rate limits, monitoring, and why one-of-one bridges should never be allowed as collateral 📦 42:04 Aave vs. Morpho: isolated markets, contagion, and the Kelp attack fallout 📋 48:50 Tips for users + why SEAL certifications matter more than audits alone

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

A co-founder of OpenZeppelin said he’s telling friends and family to exit blue chip DeFi. @MikeSilagadze's response: “Stop with the decentralization theater.” @isaacpatka: This three-multisig architecture should be the baseline.. New Unchained release. Timestamps: 💥 00:00 Is all of DeFi unsafe? Responding to the OpenZeppelin co-founder’s viral tweet 💙 07:35 Coinbase: Get 20% off the first year of your Coinbase One annual plan at https://t.co/gUBZGvjbDV 🛡️ 9:21 The real DeFi risk taxonomy: opsec, contagion, and bridge failure vs. code bugs 🎭 13:29 Why Mike says fake decentralization makes users less safe 🔐 16:54 The three-multisig architecture every DeFi protocol needs 🔴 20:57 Mike: not having a pause button is irresponsible 🤖 22:44 The AI threat: arms race or advantage for defenders? 🎯 26:45 Social engineering: humans are the weak link, so design around them ⚖️ 33:20 Code is not law — and why Arbitrum got it right 🌉 36:15 Bridge risk: rate limits, monitoring, and why one-of-one bridges should never be allowed as collateral 📦 42:04 Aave vs. Morpho: isolated markets, contagion, and the Kelp attack fallout 📋 48:50 Tips for users + why SEAL certifications matter more than audits alone

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

NEW: hyperliquid:native FLIPS solana:So11111111111111111111111111111111111111112 IN FULLY DILUTED VALUATION SOURCE: https://t.co/ym5lj1q3nb https://t.co/W2XVaOMlQm

Name & Symbol: Wrapped SOL ($SOL)
Address: So11111111111111111111111111111111111111112

Mad about how Tornado Cash and crypto devs have been treated by prior administrations? The new CLARITY Act draft would prevent that from happening again with what’s called a “specific intent” standard. @kkirkbos, @TuongvyLe12, and @JoshR_GSR on why that matters — and where passage odds actually stand. @DEXintheCityPod Timestamps: ⚖️ 0:00 Intro — new CLARITY Act draft drops; why there’s still a lot of work to do 📜 5:27 Blockchain Regulatory Certainty Act developer protections and why the “specific intent” standard is so important 🏦 11:06 How TradFi actually feels about crypto market structure legislation 📊 14:45 What CLARITY must achieve: the US as the center for crypto innovation and the security/commodity line 🎰 18:11 Lightning round — passage odds: KK at 35%, Vy at 90%, Josh at 45% 🌸 21:32 Does the recent M&A wave, massive VC raises and Circle's Arc token presale mean it’s crypto spring? 💙 27:41 Coinbase: Get 20% off the first year of your Coinbase One annual plan at https://t.co/TqXkwCQZh3 📈 29:39 The least bearish bear market in history — RWA wave and institutional onchain demand ♀️ 33:41 The E11even controversy: ‘Maybe we should just not have strippers at official events.’ 🎤 34:56 SEC Chair Paul Atkins' speech recognizing that onchain infrastructure can achieve the same goals as TradFi rails 📚 43:00 The education gap: most legislators still at Bitcoin-level crypto knowledge 🤖 46:46 AI good news: Redmod AI system may detect pancreatic cancer early

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

Mad about how Tornado Cash and crypto devs have been treated by prior administrations? The new CLARITY Act draft would prevent that from happening again with what’s called a “specific intent” standard. @kkirkbos, @TuongvyLe12, and @JoshR_GSR on why that matters — and where passage odds actually stand. @DEXintheCityPod Timestamps: ⚖️ 0:00 Intro — new CLARITY Act draft drops; why there’s still a lot of work to do 📜 5:27 Blockchain Regulatory Certainty Act developer protections and why the “specific intent” standard is so important 🏦 11:06 How TradFi actually feels about crypto market structure legislation 📊 14:45 What CLARITY must achieve: the US as the center for crypto innovation and the security/commodity line 🎰 18:11 Lightning round — passage odds: KK at 35%, Vy at 90%, Josh at 45% 🌸 21:32 Does the recent M&A wave, massive VC raises and Circle's Arc token presale mean it’s crypto spring? 💙 27:41 Coinbase: Get 20% off the first year of your Coinbase One annual plan at https://t.co/TqXkwCQZh3 📈 29:39 The least bearish bear market in history — RWA wave and institutional onchain demand ♀️ 33:41 The E11even controversy: ‘Maybe we should just not have strippers at official events.’ 🎤 34:56 SEC Chair Paul Atkins' speech recognizing that onchain infrastructure can achieve the same goals as TradFi rails 📚 43:00 The education gap: most legislators still at Bitcoin-level crypto knowledge 🤖 46:46 AI good news: Redmod AI system may detect pancreatic cancer early

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

.@kaiynne @lucanetz and @tayvano_ are live now discussing Anthropic/OpenAI secondaries, more hacks, Circle's ARC token sale and more! https://t.co/iwMNlcEv6Y

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

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