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Unchained

2025 Crypto Year in Review, Part 1: Shit Talking Edition - Ep. 990

64 min episode · 2 min read
·
Doug Colkitt

Episode

64 min

Read time

2 min

Topics

Health & Wellness, Investing, Fundraising & VC

AI-Generated Summary

Key Takeaways

  • Presidential meme coins: Trump launched his meme coin Friday before inauguration, Melania followed Sunday, creating massive Solana demand that stress-tested the network successfully. The timing and dual launch signaled unprecedented crypto involvement from leadership, though it drained liquidity from other markets and sparked concerns about conflicts of interest.
  • Libra coin execution: Hayden Davis convinced Argentina's president to launch Libra coin, then appeared on multiple podcasts discussing the project despite legal risks. The legality remains undecided, highlighting how standard pump-and-dump mechanics may not clearly violate existing regulations when executed through official channels with government involvement.
  • Bybit hack recovery: North Korean developers compromised Gnosis Safe to execute the largest crypto hack in history, moving two billion dollars without a test transaction. Bybit CEO went live within six hours, answered public questions directly, and covered losses with profits, demonstrating effective crisis communication that defied typical legal advice.
  • Hyperliquid differentiation: Hyperliquid maintains community trust through revenue-generating buybacks that create actual token value, contrasting with typical crypto projects. The platform demonstrates profitability as a paradigm shift, though recent controversies around low-liquidity manipulation and rule changes reveal ongoing centralization challenges despite technical success.
  • Creator coin reality: Base positioned creator coins as distinct from Solana meme coins, targeting Instagram influencers with 1% trading fees rather than token dumps. The model requires stablecoin adoption to reach mainstream users, as current onboarding friction prevents normies from participating in what remains speculative trading disguised as creator monetization.

What It Covers

Laura Shin hosts Gort and Doug Colkitt for an unfiltered review of 2025 crypto events, covering Trump and Melania meme coins, the Libra coin scandal, Bybit hack, Hyperliquid's success, and the creator coin debate.

Key Questions Answered

  • Presidential meme coins: Trump launched his meme coin Friday before inauguration, Melania followed Sunday, creating massive Solana demand that stress-tested the network successfully. The timing and dual launch signaled unprecedented crypto involvement from leadership, though it drained liquidity from other markets and sparked concerns about conflicts of interest.
  • Libra coin execution: Hayden Davis convinced Argentina's president to launch Libra coin, then appeared on multiple podcasts discussing the project despite legal risks. The legality remains undecided, highlighting how standard pump-and-dump mechanics may not clearly violate existing regulations when executed through official channels with government involvement.
  • Bybit hack recovery: North Korean developers compromised Gnosis Safe to execute the largest crypto hack in history, moving two billion dollars without a test transaction. Bybit CEO went live within six hours, answered public questions directly, and covered losses with profits, demonstrating effective crisis communication that defied typical legal advice.
  • Hyperliquid differentiation: Hyperliquid maintains community trust through revenue-generating buybacks that create actual token value, contrasting with typical crypto projects. The platform demonstrates profitability as a paradigm shift, though recent controversies around low-liquidity manipulation and rule changes reveal ongoing centralization challenges despite technical success.
  • Creator coin reality: Base positioned creator coins as distinct from Solana meme coins, targeting Instagram influencers with 1% trading fees rather than token dumps. The model requires stablecoin adoption to reach mainstream users, as current onboarding friction prevents normies from participating in what remains speculative trading disguised as creator monetization.

Notable Moment

MicroStrategy's debt strategy gets reframed as a potential Bitcoin neobank play, where Saylor taps unique capital pools unavailable to direct Bitcoin buyers, creating structured products that could evolve into lending and liquidity services if Bitcoin becomes a global reserve asset over decades.

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Episode Transcript

So where I disagree Is Trump a trader coin? Is Trump coin a trader coin? Yeah. In my opinion. I mean, so, like He's he's under your pay. You know? He's only getting paid 400 k a year to be president. He's gotta monetize somehow. Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. Thanks for joining this live stream. Just a heads up, this is a prerecord, but I I feel quite certain you'll wanna, listen to this one. Before we get started, a quick reminder, nothing you hear on Unchained is investment advice. This show is for informational and entertainment purposes only, and my guest and I may hold assets discussed on the show. For more information, visit unchainedcrypto.com. If you look at most debts today, they depend on quite a complex mesh of different infrastructure, a lot of which is centralized. Walrus is a decentralized data platform. It's particularly good with large unstructured data files, and it allows you to store and use those without dependency on any centralized systems. It works really well as part of the SWIS stack. It was created by Miston Labs, who are also the originators of that SWIS stack. And what that means is natively together, they allow developers to build, with trust, ownership, privacy, baked in right from the beginning. And what this does is it allows you to build use cases that monetize data in ways that just have not been possible before. So there are whole new revenue streams that are now available to builders to, to come and build on Morris. Today's topic is twenty twenty five year in review. Here to discuss are Gort, host of the Gort Show, and Doug Colkitt, cofounder of Fogo and Ambient Finance. Welcome, Doug and Gort. Hi. Thanks for, thanks for having me. Excited to be here. Happy to be here. Hopefully, we can make it funny. I promise you we can make this funny in some capacity. So, I do appreciate you having us on. Okay. So, everyone, just a heads up. We are not here for serious discussion. This is here we are here to basically just shoot the shit over the big events of 2025. This is not meant to be informative. This is meant to be pure entertainment. So we are basically going to just run through a big list of highlights of the news from the year. And to my mind, I think we have to start with the Trump and Melania meme coins. That really was the big introduction to crypto in 2025. So I'm curious to hear your thoughts, Gord and Doug, about what happened then and, you know, what you thought it meant for the coming year and for what was then the coming year in crypto. Doug, take it take it take it first. Well, I wasn't I wasn't convinced by the Trump coin, but, the Melania coin came out. It was …

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