Uploaded July 2026 | Updated September 2026, 2 weeks ago
Vladimir Novakovski of Lighter joins the Chopping Block crew to untangle one of crypto's oldest debates: what happens when tokens and equity coexist. The gang digs into the Venice/VVV controversy, breaks down Lighter's new Perps integration with Robinhood Chain and the fragmentation questions it raises, dissects the wild BonkDAO governance exploit, and reacts to the eye-popping $2.4 billion in crypto income disclosed in Trump's financial filings.
Show highlights
🔹 Haseeb breaks down why Venice's VVV token is not equity and not a Uniswap style governance token in disguise
🔹 Vlad explains how Lighter's programmatic buybacks and single C corp structure align token holders and equity holders
🔹 The gang debates Delaware fiduciary law, shareholder primacy, and what happens when buyback capital runs dry
🔹 Vlad lays out the vision of tokenized equity merging with crypto tokens into a single on-chain asset
🔹 Lighter's Robinhood Chain deal goes live with Lighter powering native Perps trading inside Robinhood Wallet
🔹 Vlad addresses concerns about liquidity fragmentation across separate Lighter instances
🔹 BonkDAO gets exploited as an attacker buys governance tokens and votes themselves $20 million
🔹 Robert compares the Bonk exploit to the infamous Beanstalk and Compound Humpty governance attacks
🔹 Trump's financial disclosure reveals $2.4 billion in pre-tax crypto income, sparking a debate on crypto's political future
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, Founder & CEO of Superstate
Guest
⭐️Vladimir Novakovski, Founder of Lighter
Timestamps
00:00 Intro
03:40 Tokens vs equity: the Venice VVV debate begins
06:12 Fiduciary duty, Delaware law, and Lighter's C corp structure
08:00 What happens when buyback capital runs out
12:42 Why Venice launched a token in the first place
19:18 Comparing VVV to BNB and overloaded crypto assets
25:28 Lighter's Robinhood Chain deal and native Perps launch
37:02 BonkDAO governance exploit and the $20M vote
44:02 Lessons from Beanstalk and Compound's Humpty saga
47:09 Trump's $2.4B crypto income disclosure reactions
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
++++++++++++++++++++++++++++++++++++++++++++++++
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Unchained: Your no-hype resource for all things crypto!
Vladimir Novakovski of Lighter joins the Chopping Block crew to untangle one of crypto's oldest debates: what happens when tokens and equity coexist. The gang digs into the Venice/VVV controversy, breaks down Lighter's new Perps integration with Robinhood Chain and the fragmentation questions it raises, dissects the wild BonkDAO governance exploit, and reacts to the eye-popping $2.4 billion in crypto income disclosed in Trump's financial filings.
Show highlights
🔹 Haseeb breaks down why Venice's VVV token is not equity and not a Uniswap style governance token in disguise
🔹 Vlad explains how Lighter's programmatic buybacks and single C corp structure align token holders and equity holders
🔹 The gang debates Delaware fiduciary law, shareholder primacy, and what happens when buyback capital runs dry
🔹 Vlad lays out the vision of tokenized equity merging with crypto tokens into a single on-chain asset
🔹 Lighter's Robinhood Chain deal goes live with Lighter powering native Perps trading inside Robinhood Wallet
🔹 Vlad addresses concerns about liquidity fragmentation across separate Lighter instances
🔹 BonkDAO gets exploited as an attacker buys governance tokens and votes themselves $20 million
🔹 Robert compares the Bonk exploit to the infamous Beanstalk and Compound Humpty governance attacks
🔹 Trump's financial disclosure reveals $2.4 billion in pre-tax crypto income, sparking a debate on crypto's political future
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, Founder & CEO of Superstate
Guest
⭐️Vladimir Novakovski, Founder of Lighter
Timestamps
00:00 Intro
03:40 Tokens vs equity: the Venice VVV debate begins
06:12 Fiduciary duty, Delaware law, and Lighter's C corp structure
08:00 What happens when buyback capital runs out
12:42 Why Venice launched a token in the first place
19:18 Comparing VVV to BNB and overloaded crypto assets
25:28 Lighter's Robinhood Chain deal and native Perps launch
37:02 BonkDAO governance exploit and the $20M vote
44:02 Lessons from Beanstalk and Compound's Humpty saga
47:09 Trump's $2.4B crypto income disclosure reactions
_______________________________________________________
#bitcoin #ethereum #crypto #cryptocurrencies
++++++++++++++++++++++++++++++++++++++++++++++++
Subscribe to our channel!
Website → unchainedcrypto.com
Unchained Daily Newsletter (FREE!)→ unchainedcrypto.beehiiv.com/subscribe
Unchained X → https://x.com/unchained_pod
Apple → podcasts.apple.com/us/podcast/id1123922160?ls=1
Spotify → open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w
RSS Feed → https://feeds.megaphone.fm/LSHML4761942757
Unchained: Your no-hype resource for all things crypto!
