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Feb 15, 2026
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LONG
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BlackRock has chosen Uniswap X for its $2.2B tokenized treasury fund and has explicitly acquired UNI tokens (buying the asset, not just using the software). Historically, institutions avoided "alts" (tokens other than BTC/ETH). BlackRock buying UNI creates a "token sink" and legitimizes DeFi governance tokens as investable assets for TradFi, moving beyond the "valueless governance token" meme. LONG UNI as the premier institutional DeFi rail; LONG BLK as the beneficiary of tokenized RWA fees. Regulatory crackdown on DeFi interfaces; KYC/Permissioned pools failing to gain traction. |
Unchained (Chopping Block)
No Altcoin Season? Tell That to the TradFi Pl...
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Feb 15, 2026
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LONG
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Stripe is launching agent payments, and AI models are accelerating to a point where they will autonomously transact. AI agents don't sleep and don't need to be "convinced" to buy; they just execute tasks. This creates a high-velocity, 24/7 economy where agents pay agents. Crypto rails (stablecoins) are the native currency for these non-human actors. LONG infrastructure that enables machine-to-machine value transfer. AI safety regulations capping autonomous payments; centralized rails (Stripe) capturing value over decentralized protocols. |
Unchained (Chopping Block)
No Altcoin Season? Tell That to the TradFi Pl...
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Feb 11, 2026
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LONG
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AI Agents are beginning to pay each other autonomously (e.g., Stripe integration, on-chain payments). Agents don't sleep and don't care about user interfaces; they care about programmatic liquidity. This creates a massive velocity of money for assets used as "gas" or "currency" between agents. Crypto rails are permissionless, making them the default rail for agent commerce over restrictive banking APIs. LONG. The intersection of AI and Crypto payments is the primary narrative for the next cycle. Agents may prefer stablecoins (USDC) over volatile assets, reducing value accrual to speculative tokens. |
Unchained (Chopping Block)
BlackRock on Uniswap, Chain Wars, and AI Agen...
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Feb 11, 2026
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NEUTRAL
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Base (Coinbase's L2) removed social features (Farcaster integration) from its main app to refocus entirely on trading and financial utility. This is a "safe" corporate pivot to maximize short-term revenue (trading fees) rather than betting on a speculative social future. While financially prudent for quarterly earnings, it sacrifices the potential "super app" moat that social integration offered. NEUTRAL. Good for short-term financials, bad for long-term innovation/dominance. Competitors like Binance or Solana capture the "consumer crypto" market while Coinbase retreats to pure finance. |
Unchained (Chopping Block)
BlackRock on Uniswap, Chain Wars, and AI Agen...
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Feb 11, 2026
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LONG
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BlackRock launched a $2.2B tokenized treasury fund tradable on Uniswap via Uniswap X and explicitly acquired UNI tokens. Historically, institutions avoided DeFi governance tokens due to compliance fears. BlackRock buying UNI signals a regime shift where "blue chip" DeFi tokens become investable institutional assets, creating a new class of "Token Sinks" where large players buy and hold rather than farm and dump. LONG. Institutional accumulation creates a price floor and legitimizes the asset class. Regulatory crackdown on DeFi interfaces or KYC friction limiting volume. |
Unchained (Chopping Block)
BlackRock on Uniswap, Chain Wars, and AI Agen...
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Feb 04, 2026
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LONG
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Warwick confirms Infinex has just launched its token (INX) and is actively conducting buybacks ("All things being equal, buybacks are better"). He states the platform is designed to close the UX gap with centralized exchanges within six months. The "Super App" thesis relies on a winner-take-most interface. If Infinex succeeds in abstracting gas and bridging across chains (Solana, Monad, ETH), it becomes the primary liquidity funnel for retail users, accruing value to the governance token via buybacks and volume. Long as a play on the "UX Abstraction" narrative. Execution risk in a "down only" market (post-10/10 crash); high competition from wallets like MetaMask/Phantom pivoting to similar models. |
The Block
The case for a crypto super app in a multi-ch...
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Feb 04, 2026
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LONG
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Warwick explicitly names Poly Market and Hyperliquid as examples of apps where "demand is super high" but "barriers are still high." He notes that once friction is removed, using them becomes a "no-brainer." Infinex is effectively a "frontend aggregator." It does not replace these protocols; it routes volume to them. If the Super App thesis works, the underlying "best-in-class" derivatives and prediction protocols (Backend) will see a surge in volume from users who previously couldn't figure out how to bridge/swap to use them. Long the underlying protocols that Infinex integrates. Regulatory crackdowns on prediction markets or derivatives; failure of the frontend aggregator to gain traction. |
The Block
The case for a crypto super app in a multi-ch...
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Feb 04, 2026
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LONG
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Warwick states Infinex is built for a "multi-chain world" where Solana is a "real thing," and mentions supporting upcoming chains like MegaETH and Monad. He notes they use "Sunrise" for liquidity provisioning on Solana. The "Super App" removes the tribalism and friction of specific chains. By abstracting gas (paying gas for the user), Infinex increases the velocity of money across *all* integrated L1s. A successful super app is bullish for the underlying infrastructure it sits on top of, as it removes the "bridging barrier" that currently keeps liquidity siloed. Long the L1 infrastructure basket. Commoditization of L1 blockspace; technical exploits in the bridging/aggregation layer. |
The Block
The case for a crypto super app in a multi-ch...
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Feb 04, 2026
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AVOID
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Warwick argues that if the industry cannot get people trading directly on-chain, "the experiment has been a failure." He predicts that in 5-10 years, pure-play on-chain apps will be the dominant form factor, replacing the current dominance of CEXs. This is a disruption thesis. Currently, CEXs win on UX. If Infinex (or similar apps) achieve UX parity (Passkeys, no seed phrases, instant deposit), the competitive moat of CEXs evaporates, forcing them to either hybridize or lose market share to non-custodial interfaces. Avoid CEX tokens as a long-term hold if you subscribe to the UX abstraction thesis. CEXs successfully pivot to become "Super Apps" themselves (Warwick admits they are trying to hybridize). |
The Block
The case for a crypto super app in a multi-ch...
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Jan 31, 2026
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WATCH
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"Pump Fun is up 25% in the past seven days... meme coins are back." Speculative liquidity is returning to the market, but it is concentrating in the "trenches" (meme coins) rather than utility tokens. The "shovel seller" in this gold rush is the platform facilitating the launches (Pump Fun). WATCH/LONG the infrastructure tokens supporting high-velocity meme trading (e.g., Solana ecosystem implied). Regulatory scrutiny on launchpads; rapid exhaustion of retail liquidity. |
Unchained (Chopping Block)
How Ethereum May Have One-Upped Bitcoin in On...
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Jan 31, 2026
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LONG
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The Ethereum Foundation is actively funding research and testnets for "Quantum Resistance," while Bitcoiners largely ignore the threat or refuse to upgrade. Kane calls this "the most bullish thing I've seen out of the EF in a while." This is a narrative dominance play. By addressing a 10-year existential threat now, Ethereum positions itself as the "safe" institutional grade asset for the next decade. Institutional allocators worried about tail risks (like quantum computing breaking encryption) will favor the chain that is proactively immunizing itself over the one that is ideologically rigid. LONG ETH as a flight-to-safety trade within the crypto ecosystem. Quantum computing remains a distant threat; the market may not price this premium for years. |
Unchained (Chopping Block)
How Ethereum May Have One-Upped Bitcoin in On...
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Jan 31, 2026
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LONG
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"Agents can't go and make a Wells Fargo account or a Morgan Stanley account... that to me has to be where the next bull run is going to come." AI Agents (like Clawbot) are becoming autonomous. They need to transact. They cannot pass KYC at a bank. Therefore, they *must* use permissionless crypto rails. The protocols that provide the easiest API/SDK access for agents to hold and swap value (likely stablecoins on high-throughput chains) will capture this automated volume. LONG DeFi protocols that facilitate automated payments and permissionless wallet creation. Regulatory crackdowns on "non-human" financial actors. |
Unchained (Chopping Block)
How Ethereum May Have One-Upped Bitcoin in On...
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