Description
The Chopping Block confronts a reality check as Web3 social unravels, L1 valuations ignite a market-wide reckoning, and new research exposes massive ADL failures hiding in plain sight.
🔥 EPISODE LINK 🔥
CHECK OUT THE EPISODE LINKS AND DETAILS HERE
👉 https://unchainedcrypto.com/podcast-chopping-block/the-chopping-block-web3-dies-l1-valuations-clash-crypto-burnout/ 👈
Show highlights
🔹 Farcaster pivots; Tarun calls A16z-style “ownership economy” Web3 (NFTs, own-your-posts) officially dead.
🔹 Web3 social stalls — Twitter clones drowned in spam, airdrop farming, and weak network effects; prediction markets emerge as the real crypto social layer.
🔹 Users’ revealed prefs — People claim to want decentralization/privacy but consistently choose convenience and incumbents.
🔹 RIP “Web3” — Term traced from Gavin Wood to A16z marketing; panel agrees it no longer reflects where crypto is actually succeeding.
🔹 L1 valuation battle — Santi’s PE-ratio critique vs Haseeb’s long-horizon “onchain finance will be huge” thesis; debate centers on how to value chains post-ICO/NFT era.
🔹 How many L1s survive? — Tarun expects activity to concentrate in a small set due to issuance, liquidity, and coordination costs; L1 “premium” still props up dino chains.
🔹 Burnout + disillusionment — Ken Chan’s “I wasted 8 years” resonates but feels mistimed amid strong fundamentals; panel contrasts sugar-water casino loops with real infra building.
🔹 ADL failures exposed — Tarun’s research shows October 10’s cascading liquidations revealed outdated ADL assumptions; better algorithms could’ve saved hundreds of millions.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Links
Ken Chan’s “I Wasted 8 Years of My Life in Crypto”
🔗 https://x.com/kenchangh/status/1994854381267947640
Tarun Chitra’s Autodeleveraging: $653 million lost to a greedy heuristic?
🔗 https://x.com/kenchangh/status/1994854381267947640
Timestamps
00:00 Intro
02:24 Farcaster Pivot & “Web3 Is Dead”
25:09 The L1 Valuation War
28:43 Which L1s Actually Survive?
39:22 “I Wasted 8 Years in Crypto”
41:40 Builder Burnout & Reality Checks
50:51 Tarun’s ADL Paper & Oct 10 Failures
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#bitcoin #ethereum #crypto #cryptocurrencies
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