Vladimir Novakovski of Lighter joins the Chopping Block crew to untangle one of crypto's oldest debates: what happens when tokens and equity coexist. The gang digs into the Venice/VVV controversy, breaks down Lighter's new Perps integration with Robinhood Chain and the fragmentation questions it raises, dissects the wild BonkDAO governance exploit, and reacts to the eye-popping $2.4 billion in crypto income disclosed in Trump's financial filings.
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto, joined this week by special guest Vladimir Novakovski of Lighter.
The crew dives deep into the resurfaced tokens-versus-equity debate sparked by Dragonfly's investment in Venice and its VVV token, with Haseeb making the case that Venice is fundamentally different from Uniswap Labs style structures. Vlad explains how Lighter has approached the same dilemma through programmatic buybacks and a single C corp structure, and the group debates fiduciary duties, Delaware law, and what a merged DeFi/TradFi future for equity and tokens might look like. From there, they unpack Lighter's big Robinhood Chain announcement, including Lighter's new role as the native Perps engine inside Robinhood Wallet, and whether running a separate instance fragments liquidity. The episode wraps with a breakdown of the BonkDAO governance exploit that let an attacker vote themselves $20 million in tokens, and a reaction to Trump's staggering $2.4 billion in pre-tax crypto income revealed in his latest financial disclosure.

Listen to the episode on <a href="https://bit.ly/3w9HQ7J">Apple Podcasts</a>, <a href="https://bit.ly/3wiIOyy">Spotify</a>, <a href="https://pods.media/the-chopping-block">Pods</a>, <a href="https://fountain.fm/">Fountain</a>, <a href="https://podcastaddict.com/">Podcast Addict</a>, <a href="https://pocketcasts.com/">Pocket Casts</a>, <a href="https://music.amazon.com/">Amazon Music</a>, or on your favorite podcast platform.

Show highlights
🔹 Haseeb breaks down why Venice's VVV token is not equity and not a Uniswap style governance token in disguise
🔹 Vlad explains how Lighter's programmatic buybacks and single C corp structure align token holders and equity holders
🔹 The gang debates Delaware fiduciary law, shareholder primacy, and what happens when buyback capital runs dry
🔹 Vlad lays out the vision of tokenized equity merging with crypto tokens into a single on-chain asset
🔹 Lighter's Robinhood Chain deal goes live with Lighter powering native Perps trading inside Robinhood Wallet
🔹 Vlad addresses concerns about liquidity fragmentation across separate Lighter instances
🔹 BonkDAO gets exploited as an attacker buys governance tokens and votes themselves $20 million
🔹 Robert compares the Bonk exploit to the infamous Beanstalk and Compound Humpty governance attacks
🔹 Trump's financial disclosure reveals $2.4 billion in pre-tax crypto income, sparking a debate on crypto's political future

Hosts
⭐️<a href="https://twitter.com/hosseeb">Haseeb Qureshi</a>, Managing Partner at Dragonfly
⭐️<a href="https://twitter.com/tomhschmidt">Tom Schmidt</a>, General Partner at Dragonfly
⭐️<a href="https://twitter.com/rleshner">Robert Leshner</a>, Founder & CEO of Superstate
Guest
⭐️<a href="https://twitter.com/vnovakovski">Vladimir Novakovski</a>, Founder of Lighter
Timestamps
00:00 Intro
03:40 Tokens vs equity: the Venice VVV debate begins
06:12 Fiduciary duty, Delaware law, and Lighter's C corp structure
08:00 What happens when buyback capital runs out
12:42 Why Venice launched a token in the first place
19:18 Comparing VVV to BNB and overloaded crypto assets
25:28 Lighter's Robinhood Chain deal and native Perps launch
37:02 BonkDAO governance exploit and the $20M vote
44:02 Lessons from Beanstalk and Compound's Humpty saga
47:09 Trump's $2.4B crypto income disclosure reactions
<a href="http://choppingblock.xyz">Disclosures</a> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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The Chopping Block: Tokens vs Equity, Lighter's Robinhood Perps Deal, and Trump's $2.4B Crypto Windfall

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