Unchained

Strategy posted a record $10 billion in net income. Coinbase missed estimates and stock dropped. But analysts say both tell a deeper story about how crypto companies are adapting. It’s earnings season in crypto—and the stories couldn’t be more different. Strategy (formerly MicroStrategy) just posted $10 billion in net income, boosted by Bitcoin’s price and new fair value accounting rules. But can the company keep this up? Coinbase missed Q2 estimates, sending its stock down. Yet Owen Lau of Oppenheimer says the long-term setup may be more bullish than the market thinks. In this double interview, Unchained’s Steven Ehrlich sits down with: * Lance Vitanza from TD Cowen to break down Strategy’s accounting shift, capital markets evolution, and whether its growing BTC pile presents systemic risks * Owen Lau from Oppenheimer to unpack Coinbase’s earnings miss, how new bank partnerships may remake it as a TradFi infrastructure provider, and why Q3 may tell a different story Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! * Mantle * FalconX Guests: * Lance Vitanza [https://www.linkedin.com/in/lance-vitanza-cfa-b198549], Lance Vitanza, Managing Director & Director of Equity Research at TD Cowen * Owen Lau [https://sps.columbia.edu/person/owen-lau], Executive Director and Senior Analyst in the equity research department of Oppenheimer & Co Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Ethereum just turned 10, and Stani Kulechov, founder of Aave, one of the earliest and most influential lending protocols in DeFi, is more bullish on the OG layer 1 blockchain than ever.  In this wide-ranging interview, he reflects on Ethereum’s resilience, explains why Aave is still laser-focused on it despite the rise of competitors like Solana, and gives us a preview of Aave V4 and its institutional play, Horizon.  If you want to understand where DeFi is going, you’ll want to hear what Stani has to say.   Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! * Focal by FalconX [https://www.falconx.io/focal] * Xapo Bank [http://xapobank.com/unchained] Guest: * Stani Kulechov [https://x.com/StaniKulechov], founder and CEO of Aave and ETHLend Links: * Recent episode of Unchained with EF’s co-ED Tomasz: As Ethereum Turns 10, Where Is the Foundation Focused Next? [https://unchainedcrypto.com/podcast/as-ethereum-turns-10-where-is-the-foundation-focused-next/] * Unchained: Aave Labs Unveils V4 Upgrade Proposal, Introducing a Unified Liquidity Layer and 'Fuzzy' Rates [https://unchainedcrypto.com/aave-v4-to-come-mid-2025-with-unified-liquidity-layer-and-fuzzy-rates/] * DefiLlama: Aave stats [https://defillama.com/protocol/aave] * Reuters: JPMorgan considers offering loans backed by clients' cryptocurrency holdings  [https://www.reuters.com/business/finance/jpmorgan-considers-offering-loans-backed-by-clients-cryptocurrency-holdings-ft-2025-07-22/] Timestamps: 🎬 0:00 Intro 🎉 4:58 What Ethereum’s 10-year milestone means to Stani 🏗️ 9:09 How Aave became the top lending protocol on Ethereum 🧐 13:02 Why Stani has been critical of the Ethereum Foundation 🏦 17:16 How TradFi institutions could quietly run on Aave infrastructure 💸 25:08 What Stani thinks about the complaints over Ethereum revenues and fees 🌉 30:27 Why Aave hasn’t launched on Solana 💼 35:32 How Ethereum treasury companies are putting Aave to work 🔧 41:15 What Aave V4 is bringing to the protocol and why it matters 🌍 48:18 How Horizon could bridge DeFi and real-world assets 🤝 50:43 Why DeFi might thrive even as TradFi and fintech move onchain 🗳️ 57:57 Whether DAO governance is fundamentally flawed Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Subscribe to the new Bits + Bips channels! 📺 YouTube [https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ]  🎧 Podcast → Apple Podcasts [https://podcasts.apple.com/us/podcast/bits-+-bips/id1827931786], Spotify [https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ], Pocket Casts [https://pocketcasts.com/podcasts/678de3c0-49ec-013e-61bc-0affe65aac09], Fountain [https://fountain.fm/show/yeLGq9GBIeQvwEgXOsCF]🐦 X / Twitter [https://x.com/bitsandbips]  Ethereum turned 10 on Wednesday, capping off a decade of trials and travails — but also triumphs. After years of being the heart of crypto’s onchain economy, Ethereum stalled last year, losing mindshare and market share to Bitcoin and Solana. During that time, some long-time supporters publicly aired frustrations with the Ethereum Foundation. Now, there’s a palpable shift in energy. In this episode, Tomasz Stanczak, the co-executive director of the Ethereum Foundation, reflects on the 10-year anniversary and talks about what’s ahead.  From internal strategy overhauls to his plans to tackle Ethereum’s UX and developer experience, Tomasz shares how the Foundation is trying to re-center Ethereum — and why he’s betting on it for the next decade.  He also lays out what he calls a “secondary roadmap,” including bold ambitions like building Ethereum into a platform for AI, machines, and even a new kind of open-source society. Thank you to our sponsors! * Ledn [https://www.ledn.io?utm_source=unchained&utm_medium=podcast&utm_campaign=unchained_2025&utm_content=unchained] * Mantle [https://www.mantle.xyz/] Guest: * Tomasz K. Stańczak [https://x.com/tkstanczak], Co-Executive Director at the Ethereum Foundation and Founder of Nethermind Links: * Unchained: Ethereum Turns 10 Years Old [https://unchainedcrypto.com/ethereum-turns-10-years-old/] * Tomasz’s tweet [https://x.com/tkstanczak/status/1911524465927983447] about the roadmap Timestamps: 🎬 0:00 Intro 🎉 7:46 How Tomasz is reflecting on Ethereum’s 10th birthday and its recent struggles 🧠 10:41 What Ethereum means to Tomasz and how he explains it to the normies 🏗️ 17:28 Why the Ethereum Foundation plays a different kind of role in crypto development 👔 22:59 How Tomasz ended up as co-executive director of the EF 🗣️ 27:25 What he learned from hundreds of conversations about how Ethereum could improve 🎯 29:47 Why the Foundation is now focused on three core goals 💼 36:34 How and why the EF is also embracing business development 🪙 42:40 Why Tomasz wants people minting directly on Ethereum Layer 1 📣 46:14 How the Foundation’s communication strategy has changed and why it matters 📉 52:48 Why the EF isn’t focused on ETH’s price—at least not directly 🧾 57:50 Whether the Foundation is worried about Ether’s shifting asset narrative 🔗 1:03:34 How the EF is working to fix interoperability issues within Ethereum 🏦 1:05:59 Why the Foundation sold ETH to SBET and how its treasury strategy is evolving 🏛️ 1:14:09 How Ethereum became the chain of choice for institutions Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

What’s fueling crypto’s market surge?  This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall. With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure.  Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar. Check out the sponsors who make this show possible! * Bitwise [https://bitwiseinvestments.com/ciomemo] * Mantle [https://www.mantle.xyz/] * Hosts: * Steve Ehrlich [https://x.com/steven_ehrlich], Executive Editor at Unchained * Ram Ahluwalia [https://x.com/ramahluwalia], CFA, CEO and Founder of Lumida Guests: * Katalin Tischhauser [https://www.linkedin.com/in/katalin-tischhauser-b995b6b/?originalSubdomain=ch], Head of Research at Sygnum Bank * Jake Ostrovskis [https://x.com/JO_wintermute], Head of Sales Trading (OTC) at Wintermute Links Markets:  * Unchained: Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million [https://unchainedcrypto.com/spot-ether-etfs-extend-16-day-inflow-streak-with-453-million/] DATs: * Cointelegraph: Tron Inc. seeks $1B to grow TRX holdings as stock rallies [https://cointelegraph.com/news/tron-inc-1b-fundraise-trx-holdings-justin-sun-merger] * CoinDesk: Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation [https://www.coindesk.com/business/2025/07/21/crypto-treasury-fever-spreads-to-ethena-as-360m-spac-deal-targets-ena-accumulation] * CEA Industries Inc. Press Release: CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World [https://www.globenewswire.com/news-release/2025/07/28/3122430/0/en/CEA-Industries-and-10X-Capital-with-the-support-of-YZi-Labs-announce-500-Million-Private-Placement-to-Establish-Largest-Publicly-Listed-BNB-Treasury-Company-in-the-World-NASDAQ-VAP.html] * The Block: Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury [https://www.theblock.co/post/364426/specialty-finance-company-mill-city-announces-450-million-offering-to-establish-corporate-sui-treasury?utm_source=twitter&utm_medium=social] * Barron's: MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10% [https://www.barrons.com/articles/microstrategy-bitcoin-preferred-stock-yield-6c46f52e] Trump and Powell * Fortune: Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway [https://fortune.com/2025/07/29/will-jerome-powell-cut-interest-rates-federal-reserve-trump/] * CNBC: Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats [https://www.cnbc.com/2025/07/24/trump-powell-fed-visit.html] Timestamps: 🎬0:00 Intro 🔥 6:03 Why ETH’s comeback is reigniting crypto markets 🧠 11:23 Why Ram says “animal spirits are back” 💸 15:06 When tariffs could finally start pushing prices higher 📉 18:06 Whether BTC dominance is fading—and if alt season is finally here 🏭 22:27 How tariffs are already hurting some businesses ⚖️ 27:49 Whether Strategy’s new preferred share class adds risky complexity 🏚️ 32:32 Why many new treasury-backed projects might not survive 📊 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums 🔮 51:28 What the real endgame is for all these DATs ⚔️ 59:00 How the Powell-Trump tension could shake up markets 🔗 1:12:44 Why tokenization is gaining momentum across finance 📈 1:18:55 Whether stablecoins could revive global demand for the US dollar Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Pump raised $600 million in 12 minutes. Then the token crashed… and sentiment with it. In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market. We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! * Xapo Bank [http://xapobank.com/unchained] * Focal by FalconX [https://www.falconx.io/focal] Guests: * Simon Smockey [https://x.com/simononchain], Researcher at Delphi Digital * Yan Liberman [https://x.com/yanliberman?], Co-Founder of Delphi Digital and Managing Partner of Delphi Ventures * Jason Pagoulatos [https://x.com/3xliquidated], Head of Markets at Delphi * Previous coverage on the ICO:  * Pump.fun Just Raised $600M. What Does This Mean for DeFi, Solana & Social Media? [https://unchainedcrypto.com/pump-fun-just-raised-600m-what-does-this-mean-for-defi-solana-social-media/] * Pump.fun’s $1 Billion ICO Has Caused Controversy. Can It Succeed? [https://www.youtube.com/watch?v=69t3aOMoJiY] * Unchained: * Pump.fun Becomes Third Largest ICO, Raises $600M in 12 Minutes  [https://unchainedcrypto.com/pump-fun-becomes-third-largest-ico-raises-600m-in-12-minutes/] * PUMP Traders Make Big Options Bets on the Token Surging Past Its ICO Price [https://unchainedcrypto.com/pump-traders-make-big-options-bets-on-the-token-surging-past-its-ico-price/] * Pump.fun Draws Backlash After Confirming PUMP ICO [https://unchainedcrypto.com/pump-fun-draws-backlash-after-confirming-pump-ico/] * TG Podcast: Alon: Raising $1B, $PUMP Token, Airdrop, and More [https://www.youtube.com/watch?v=BiU4ppg6Bag] Timestamps: 🎬 0:00 Intro 💥 2:53 How Pump’s months-long hype set the stage, and why it may have backfired 🔓 11:07 Whether the lack of investor lockups hurt confidence in the token 😬 17:13 Why Jason found Alon’s post-ICO interview with Threadguy underwhelming 📉 22:52 Why Yan still sees strong risk-reward in PUMP despite the crash 🔥 24:29 What Pumpfun can do now to reignite interest and rebuild momentum 💸 34:19 Whether buybacks or business reinvestment is the better path forward 📱 36:37 How realistic the “everything app” vision is, and whether M&As can save it 🌍 47:16 What strategies could finally bring normies onchain 🧵 53:22 Whether the PUMP launch proves that decentralization is dead Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]