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Unchained
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Apps like Ethena are launching their own blockchains, raising the question: Do blockchains actually capture value, or do apps?
Blockchains were supposed to capture the majority of the value in crypto. But what if that’s wrong?
For years, the Fat Protocols Thesis argued that blockchains would be the biggest winners. But new data suggests that apps like Uniswap, Ethena, and others are now out-earning many networks.

Uneasy Money: Is Jupiter Incompetent or Evil? And Is Hyperliquid's ADL Flawed? - Ep. 976

How AI Agents Hacked Smart Contracts for $1 Apiece - DEX in the City - Ep. 975

The Chopping Block: Web3 Dies, L1 Valuations Clash & Crypto Burnout - Ep. 977

Will Bitcoin's New Phase Change It Forever? And Is the 4-Year Cycle Dead? - Ep. 974

Bits + Bips: Why TradFi Knows It Needs Crypto More Than Ever to Stay Relevant - Ep. 973

Bits + Bips: How Stocks May Decouple From Bitcoin—and Why TradFi Should Love a HYPE DAT - Ep. 972

