In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins tackle a packed agenda: from the fairness of Binance’s listing fees to the ways in which DeFi didn’t perform well during the “Black Friday” crash, why Tempo’s $500 million raise might have been a political ploy, and the growing war over stablecoin dominance.
The trio debates whether Bitcoin is undervalued compared to gold, why Ethereum’s 10-year track record gives it an edge, and whether today’s Digital Asset Treasuries (DATs) are just froth, or the permanent backbone of institutional crypto.
Plus: Austin makes a bold prediction about the stablecoin that will dominate by 2040.

Sponsors:

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<a href="https://www.mantle.xyz/">Mantle</a>
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Hosts:

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<a href="https://x.com/ramahluwalia">Ram Ahluwalia</a>, CFA, CEO and Founder of Lumida
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<a href="https://x.com/CampbellJAustin">Austin Campbell</a>, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
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<a href="https://x.com/perkinscr97">Christopher Perkins</a>, Managing Partner and President of CoinFund

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Links:

Binance Listing Fee Drama
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Unchained: 
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<a href="https://unchainedcrypto.com/binance-listing-fee-fight-whats-a-fair-price-to-list-on-the-top-crypto-exchange/">Binance Listing Fee Fight: What’s a Fair Price to List on the Top Crypto Exchange?</a>
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<a href="https://unchainedcrypto.com/binance-claims-it-does-not-profit-from-token-listings/">Binance Claims It Does Not Profit From Token Listings</a>
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Jesse Pollak (Base) <a href="https://x.com/jessepollak/status/1976739673512067569">chimes</a> in
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Tempo & Dankrad
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Fortune: <a href="https://fortune.com/crypto/2025/10/17/stripe-paradigm-tempo-series-a-5-billion-thrive-capital-greenoaks-joshua-kushner/">Exclusive: Stripe-backed blockchain startup Tempo raises $500 million round led by Joshua Kushner’s Thrive Capital and Greenoaks</a>
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Ethereum core dev Dankrad Feist <a href="https://www.theblock.co/post/375126/prominent-ethereum-developer-dankrad-feist-departs-ef-to-join-stablecoin-focused-layer-1-tempo?utm_source=rss&utm_medium=rss">joins</a> Tempo
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Reactions:
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<a href="https://x.com/RyanSAdams/status/1979287482203279636">Ryan</a> Adams (Bankless): Tempo will optimize for itself, not ETH.
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<a href="https://x.com/DrNickA/status/1979492079194546448">Nick</a> Almond: Not a death sentence for ETH
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<a href="https://x.com/0xBreadguy/status/1979186891049308574">Breadguy</a>: Big loss. Dankrad was a major L1 scaling advocate.
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Black Friday
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<a href="https://x.com/drwconvexity/status/1979211257933693236">Dan Wilson</a>: 3 big lessons post-crash
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Gold vs. BTC
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GOLD/BTC <a href="https://www.etoro.com/markets/goldbtc">up</a> ‎23.5% in past month
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<a href="https://open.substack.com/pub/onchainmind/p/bitcoin-is-undervalued-vs-gold?r=3nu6r0&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false">Bitcoin Is Undervalued vs. Gold</a>
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DATs
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Bloomberg: <a href="https://www.bloomberg.com/news/articles/2025-10-17/huobi-founder-li-lin-set-to-launch-1-billion-ether-accumulator">Huobi Founder Li Lin Set To Launch $1 Billion Ether Accumulator - Bloomberg</a>
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CoinDesk: <a href="https://www.coindesk.com/business/2025/10/16/ripple-set-to-enter-corporate-treasury-business-with-usd1b-acquisition-of-gtreasury">Ripple Set to Enter Corporate Treasury Business With $1B Acquisition of GTreasury</a>
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Timestamps:
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🎬 0:00 Intro
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💸 3:39 Binance listing fees — fair price for distribution or pay-to-play?
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🏛️ 10:19 What is the best way to go public?
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⚔️ 11:57 How exchanges really compete behind the scenes
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💥 15:00 “Black Friday”: why Chris calls it catastrophic — but with a silver lining
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🧱 24:52 What the industry must fix to prevent another meltdown
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💵 30:15 How Tempo’s $500M raise represents peak frothiness
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🚨 39:12 Is Dankrad’s exit from the Ethereum Foundation a red alarm for ETH?
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🔮 43:07 Austin’s bold prediction: which stablecoin wins by 2040
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🥇 46:17 Is Bitcoin undervalued compared to gold?
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🏗️ 52:21 Why DATs are here to stay despite the market carnage
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</ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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