Crypto investors love to throw around “FDV” as if it’s the ultimate measure of value. But what if that number is more misleading than helpful?  In this episode, DBA’s Jon Charbonneau explains his proposal to cut Hyperliquid’s supply by nearly half, why he believes FDV overstates real valuations, and how outdated tokenomics are holding projects back.  We also cover whether the Hyperliquid team should take smaller allocations if they cut the token supply and what Jon thinks of Arthur Hayes’ HYPE sale just weeks after saying the token would 10x. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsor, ⁠Mantle⁠! Guest: Jon Charbonneau, Co-founder and General Partner of DBA Links: Proposal to Reduce HYPE Total Supply by 45% by Jon Charbonneau, Co-founder of DBA Maelstrom post: HYPE's Damocles Sword Unchained: Nearly $12 Billion in HYPE Token Unlocks Loom Ahead: Maelstrom  Timestamps: 🎬 0:00 Intro 📉 0:35 What Jon thinks people get wrong when they use FDV as a valuation metric 🧮 4:05 How Jon’s proposal would change Hyperliquid’s supply and valuation 🆘 12:20 If the Assistance Fund is removed, how can emergencies be handled? 📊 15:05 How token supplies should really be evaluated when valuing projects ⏳ 20:44 Why current tokenomics reflect an outdated model ✂️ 24:56 Should the Hyperliquid team be taking a smaller allocation too? 🤔 28:15 What Jon thinks of Arthur Hayes selling HYPE right after calling for the moon 🔮 31:351 How Hyperliquid should move forward with Jon’s proposal Learn more about your ad choices. Visit megaphone.fm/adchoices