Listen to the episode on YouTube, Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Thank you to our sponsor!
    • Cape: Your biggest crypto vulnerability isn’t your wallet, it’s your phone number. Cape is America’s privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED).

Investors who bought pre-IPO SpaceX exposure through tokenized markets this year found out the hard way that some wrappers were an SPV stacked inside another SPV, and the shares were never there when it came time to redeem.

Niklas Kunkel, founder and CEO of Chronicle Labs and a founding member of MakerDAO, joins Steven Ehrlich to argue that catching failures like that is the entire point of an oracle. Chronicle rebuilds a fund from its underlying collateral instead of taking an issuer’s word, a discipline traced back to inventing DeFi’s first oracle while building Maker from scratch.

He details how that model verifies BlackRock’s BUIDL fund and the crypto collateral behind Galaxy’s first tokenized CLO, then revisits the KelpDAO exploit that froze Aave, calling a compromised bridge an oracle under a different name. Ten years after Chronicle’s first oracle went live without a hack, Kunkel says that rigor decides which parts of the RWA market survive.

Host:

    • Steven Ehrlich – Head of Research, SharpLink & Host of Bits + Bips: The Interview

Guest: