Unchained

Kalshi just brought crypto perps to the US, targeting a $90 trillion offshore market. Its Head of Crypto, John Wang, explains the bet, the risks, and who Kalshi is actually competing with.

The biggest names in finance are building on Ethereum, but ETH itself is bleeding value against bitcoin. Here’s where the money is really going.

The crew breaks down the SpaceX IPO’s crypto-like low float dynamics and Hyperliquid’s price prediction, debates accredited investor laws and failed tokenized stock allocations, dives into Fable 5’s export control shutdown after Amazon flagged a jailbreak to the Treasury Secretary, and argues whether open source AI models will eat frontier pricing.

The biggest names in finance are building on Ethereum, but ETH itself is bleeding value against bitcoin. Here’s where the money is really going.

Hsiao-Wei Wang stepped down as co-executive director and board member of the Ethereum Foundation, the latest of at least eight senior departures in five months, leaving board member Bastian Aue to steer the nonprofit amid scrutiny of its governance and rising competition.

OpenSea postponed its SEA token generation event indefinitely as NFT market capitalization fell 50% since January, even as the platform’s OS2 rebuild shifts most volume to crypto trading.

Nike quietly exited its NFT business by selling RTFKT months after shutting it down, as former holders pursue legal action over lost value.

Nick O’Neill, more popularly known by his persona “Choose Rich Nick,” delves into how he became internet famous, the man behind the persona, his endgame and the secret to his success.

Coinbase spent $375 million acquiring Cobie’s Up Only NFT and his fundraising platform Echo, signaling a push into crypto media and onchain capital markets.

Kalshi just brought crypto perps to the US, targeting a $90 trillion offshore market. Its Head of Crypto, John Wang, explains the bet, the risks, and who Kalshi is actually competing with.

The CFTC and SEC issued a joint request for comment on clarifying the definitions of “swaps” and “security-based swaps,” including for perpetual futures and event contracts, the same day CME sued the CFTC over its approval of Kalshi’s perpetuals as futures rather than swaps.

CME CEO Terrence Duffy said the exchange plans to sue the CFTC, arguing Kalshi’s perpetual futures are misclassified swaps, the same day a Michigan federal judge ruled sports prediction markets aren’t under CFTC jurisdiction, leaving the question headed for appeals.

OpenAI, Anthropic, SpaceX and the AI IPO cycle face a structural problem: a cheap, capable open source exit is already drawing enterprise users away before either company goes public.