GSR IS HIRING GLOBALLY 🚨 🚨 🚨 VP Legal — New York (hybrid) My firm GSR is hiring. Competitive salary. Deal work across M&A, venture, broker-dealer, asset management — 4 to 7 years, top-firm trained.

DATs are heating up. The original PIPEs were losers because everyone had the trade backwards. Now liquid funds are realizing that when a DAT trades below 1x mNAV, you can get more token exposure per dollar. At 0.33x mNAV, you’re effectively getting ~3x the exposure to the underlying token…if you believe the discount eventually closes.

Uniswap isn’t just for certain kinds of assets. It’s an expressive platform for all assets and everything is going onchain. As Hayden puts it: “People underestimate programmable finance in the form of tokens.” We get into what that future looks like in the latest episode of The Crypto Tape.

This week on @GSR_io’s The Crypto Tape: Uniswap protocol has done $5 trillion in trading volume. But when I sat down with @haydenzadams at the RWA Summit in Brooklyn, he still talked about what Uniswap is building like it’s in the early innings. We unpacked why Hayden thinks tokenization is really about the digitization of value, why automated market makers win on cost of capital rather than raw efficiency, and why he describes Uniswap as a liquidity network - not a decentralized exchange. We also got into what Robinhood chain reveals about the growth of both RWAs and memes, where firms like GSR fit as automated market makers reshape liquidity, and the distribution flywheel that can make a Uniswap pool effectively “listed on every exchange at once.” A wide-ranging conversation about where markets are heading and what the next generation of liquidity infrastructure could look like. Episode drops tomorrow.

Hunter Biden is launching a meme coin. $LAPTOP goes live Sept. 9 on Base, with 30% of supply allocated to founders, 20% earmarked for $TRUMP holders and other communities, and up to 30% subject to burns tied to future events.

A full-page Bitcoin ad in today’s WSJ: “The fringe phase is officially over.” It argues that 1 in 4 Americans owns bitcoin, that it secures $1.25 trillion in wealth, powered the most successful ETF launch in history, and is now held on corporate and government balance sheets.

Dalio: own “a bit of Bitcoin.” Druckenmiller’s Duquesne: $23M bet on PURR. Tudor Jones: loaded up on IBIT. Citi, Morgan Stanley and JPMorgan are building out their crypto teams. Retail left crypto for dead but the institutions have never been more here.

Bitmine is now 97% of the way to its “Alchemy of 5%” goal just 14 months in, holding 4.8% of ETH’s 120.7M total supply. A few other things that stand out: • 5.07M ETH staked, worth ~$12.4B at $2,440/ETH • Added to the Russell 1000 Large-Cap Index in June • Series A Preferred now trades on the NYSE as $BMNP • MAVAN is scaling as Bitmine’s institutional Ethereum staking platform

Bernstein reiterated its Outperform rating on Robinhood with a $160 price target, implying roughly 85% upside from current levels. The firm argues Robinhood’s crypto business is evolving beyond trading, with Robinhood Chain, tokenized stocks, Bitstamp, Robinhood Earn, and prediction markets emerging as its next major growth drivers.

Wow. Less than a month after launch, Robinhood Chain has become the largest network by tokenized stock holders, surpassing Solana, BNB Chain, Ethereum, and Base. Distribution matters. Source: @tokenterminal

Stop whatever you’re doing. I don’t care that it’s a Friday in the middle of summer. If you work in crypto, take two minutes to submit a letter urging the Senate to bring the Clarity Act to the floor for a vote. This is one of the easiest ways to make your voice heard.

This bear market is ushering in the age of the DEX. The DEX-to-CEX spot volume ratio is now above 20%, after peaking at nearly 28% earlier this year. The market has been increasingly favorable to DEXs. Uniswap, for example, is up 30% over the past month, compared with Coinbase's 6% gain.

Ethereum's institutional moment is here. I sat down with Joseph Chalom (@joechalom), CEO of @SharpLink and former BlackRock crypto partnerships lead, on @GSR's The Crypto Tape to unpack why he believes ETH has a license to win. Give it a listen.