Crypto enthusiasts, if you've been keeping an eye on the latest shifts in the blockchain world, you won't want to miss the recent episode of Unchained's Uneasy Money podcast. Hosted by Kain Warne (@kaiynne), Taylor Monahan (@tayvano_), and Luca Netz (@LucaNetz), this discussion tackles some hot-button topics that are especially relevant to meme token creators and traders. Laura Shin shared the highlights in this tweet, breaking down the key segments for easy navigation.

The Revival of ICOs: Old School vs. New Wave

The conversation kicks off with a deep dive into how the current ICO (Initial Coin Offering) meta stacks up against the frenzy of 2017. Back then, ICOs were all about hype and quick fundraising, often leading to massive gains—or painful losses. Today, things feel familiar yet evolved, with fair launches and community-driven token distributions taking center stage. This is particularly exciting for meme tokens, where viral marketing and rapid community building can make or break a project.

Luca Netz, CEO of Pudgy Penguins, shares why he'd still opt for an airdrop with their $PENGU token even amid the ICO craze. Airdrops, for the uninitiated, are when projects distribute free tokens to holders or users to boost engagement and decentralization. It's a strategy that's powered many meme tokens to stardom, rewarding early adopters and creating buzz. Luca emphasizes that in the meme space, authenticity and community loyalty trump short-term fundraising tactics.

Kain chimes in with a throwback to raising 30,000 ETH at the 2017 market peak— that's decentralized finance (DeFi) history right there. These stories highlight how founders need resilience and a clear vision to navigate crypto's volatile waters.

What It Takes to Thrive as a Crypto Founder

Shifting gears, the hosts explore the grit required for success in crypto entrepreneurship. Luca breaks it down simply: it's about adaptability, understanding market cycles, and building products that resonate. For meme token projects, this means leveraging humor, culture, and social media to create lasting value beyond the initial pump. Think of how tokens like Dogecoin or PEPE have turned memes into multi-billion-dollar ecosystems through clever branding and community involvement.

Hyperliquid Drama: Protocol Protection vs. User Interests

A chunk of the episode focuses on the "FUD" (Fear, Uncertainty, Doubt) surrounding Hyperliquid, a decentralized perpetual futures exchange. Some high-profile traders are jumping ship, raising questions about the platform's priorities. The core tension? Should protocols safeguard their own integrity or bend to user demands? This debate hits home for meme token traders who often use perps (perpetual contracts) to leverage positions on volatile assets.

The hosts speculate on whether a new contender could rise in the perp DEX (Decentralized Exchange) arena. For meme insiders, this underscores the importance of choosing platforms that balance innovation with user trust—after all, a single black swan event could wipe out gains from even the hottest meme pumps.

Ethena's Bull Case and Hidden Risks

Wrapping up, they discuss Multicoin's long position on Ethena, a synthetic dollar protocol. Kain and Luca share their histories with Multicoin, adding personal flavor to the analysis. But the real gem is the breakdown of Ethena's potential black swan risks—those rare, catastrophic events that could destabilize the system. In meme token terms, it's a reminder to diversify and not put all your eggs in one high-yield basket.

If you're into meme tokens, this episode is a goldmine for understanding how broader crypto trends like ICOs and DeFi risks intersect with the fun, fast-paced world of memes. Head over to Unchained to listen to the full podcast and stay ahead in the game. What are your thoughts on airdrops versus ICOs for meme launches? Drop a comment below!