Cap's founders on shrinking their Stabledrop from $11M to $4M — plus a $23M hack traced toward North Korea, a BarnBridge governance exploit, and Kain's case to force weak L2s to become their own L1s.
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Cap's founders on shrinking their Stabledrop from $11M to $4M — plus a $23M hack traced toward North Korea, a BarnBridge governance exploit, and Kain's case to force weak L2s to become their own L1s.
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Cap committed to a roughly 11 million dollar Stabledrop in February, promising early users stablecoins instead of tokens. A delayed token sale raised less than hoped, and the reward shrank to about 4 million, forcing a fast rewrite of who got paid.
Benjamin Sarquis Peillard, Founder and CEO of Cap, and Weso of Cap join Kain Warwick and Taylor Monahan to walk through a restructuring that made yield-token holders whole, left farmers without a windfall, and argue points programs are an uncapped marketing expense many projects cannot afford.
The conversation widens into EthSystems, a new Ethereum Foundation spinout backed by Joe Lubin, SharpLink and BitMine, Jesse Pollak handing Base product leadership to Cobie, Robinhood Chain's Morpho integration, and whether Ethereum mainnet undercharges L2s.
They revisit BarnBridge's SEC-era DAO structure, a dormant governance exploit, a MetaMask and Revoke.cash delegation tool, and a 23 million dollar Ostium hack Taylor traced toward North Korea.
Kain closes with a Three Mile Island analogy: complex systems fail not from one mistake, but from small shortcuts compounding at once.
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Guests:
Timestamps
🪂 01:30 Benjamin and Weso explain how Cap's Stabledrop plan fell apart post-TGE
💸 08:05 Weso on why uncapped points programs turn into runaway marketing spend
🐦 21:31 Kain and Taylor on crypto Twitter's algorithm flip after a year of exile
📱 24:17 Cape: Get 33% off your first six months of privacy-first mobile service at https://cape.co/unchained
🏛️ 25:09 Why EthSystems, the newest EF spinout, splits Kain on bullish or bearish
🤝 30:20 Taylor on Jesse handing Base app duties to Cobie and what it signals
🎰 36:28 Robinhood Chain's memecoin surge, Morpho ties, and the Cashcat backstory
⚖️ 41:17 Is Ethereum undercharging L2s? Kain makes the case for pushing costs to L1
🔓 55:51 BarnBridge's SEC-era DAO, this week's governance exploit, and the Revoke.cash fix that stops it
☢️ 01:11:31 The Ostium hack: North Korea-linked actor, stolen keys, oracle compromise
💥 01:26:24 Closing rapid-fire: Euler's recovery and an old Vyper compiler bug revisited
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