Unchained
Unchained
Laura Shin
Two VCs on Why the 4-Year Cycle Is Dead, DATs & Hyperliquid vs. Binance - Ep. 892
1 hour 8 minutes Posted Aug 27, 2025 at 1:00 pm.
Intro
Whether the DAT trend is peaking or just getting started
Whether SOL DATs include locked funds from the FTX estate
Why Jon hasn’t touched any of these products
Why Peter still sees long-term value in these vehicles
Why ETH is suddenly hot in TradFi and how SOL could follow
What makes a stablecoin-specific chain attractive
How crypto overlooked privacy for far too long
What it’ll take for stablecoin chains to win the payments game
Whether stablechains could hurt Ethereum, Tron, or Solana
Which stablechain has the best shot at success
Why Hyperliquid beat Robinhood in trading volume
How Hyperliquid could break Binance’s listing chokehold
What makes anonymous, no-KYC products appealing
Whether the 4-year crypto cycle is officially dead
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Show notes
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Is crypto no longer moving in predictable four-year waves? 
From the rise of DATs and stablecoin-specific chains, to Hyperliquid challenging Binance itself, the industry is fracturing into segments with  winners and losers. 
In this episode, Hack VC’s Peter Hans and DBA’s Jon Charbonneau debate whether Solana is next in line for a TradFi pump, why ETH suddenly flipped from dead to indispensable, and how onchain exchanges could finally free projects from Binance’s grip.
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Guests:
Peter Hans, Partner and Global Head of Business Development at Hack VC
Jon Charbonneau, co-founder and general partner of DBA
Links:
Rob Hadick’s tweet on the DAT trend 
Vinny Lingham’s tweet on the locked SOL in DATs
Unchained: 
Hyperliquid Surpasses Robinhood in Trading Volume for Three Months Straight
Circle to Launch Layer 1 Blockchain ‘Arc’
Stripe Is Building Its Own Layer 1 Blockchain
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