Robinhood isn?t just adding another crypto feature?it?s assembling a new exchange stack: stock tokens, an Ethereum L2 built for real-world assets, and a wallet that can plug into DeFi. Johann Kerbrat (GM of Crypto at Robinhood) joins Bankless to unpack what ?24/7 markets? actually requires, why liquidity and routing are the hidden battleground for tokenized equities, and how ?Certified by Robinhood? could become a distribution moat for onchain apps. Along the way, they compare Robinhood?s approach to tokenization with the NYSE?s 24/7 tokenized platform plans and Nasdaq?s tokenized securities proposal, and dig into what U.S. regulatory clarity would need to unlock stock tokens stateside. Subscribe for more on the new financial rails being built in real time. --- ?ROCKETPOOL https://bankless.cc/Rocketpool --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BRIX | EMERGING MARKET YIELD https://bankless.cc/brix ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 3:43 Is Robinhood Building a New Exchange? 4:45 Robinhood Chain testnet: what it enables for builders 9:17 What?s actually unique about this L2 10:44 ?Certified by Robinhood? explained 12:52 Mainnet timing & NYSE/Nasdaq vs Robinhood tokenization approaches 16:34 Stock tokens today: EU access, U.S. questions 18:16 The liquidity problem (and how routing fixes it) 21:28 What tokenized equities unlock beyond trading 23:23 Robinhood Wallet?s role in the stack 24:57 The CLARITY Act: what matters to Robinhood 30:49 Strategic bets: Talos, Bitstamp, and going institutional 38:51 Lighter + perps: DeFi vs CeFi (and the U.S. CFTC wall) 43:21 What?s next: ?one ecosystem? + prediction markets 45:13 Builder call-to-action --- RESOURCES Johann Kerbrat https://x.com/JohannKerbrat --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

MegaETH mainnet is live, kicking off a new frontier for Ethereum scaling: ultra-low latency, massive throughput, and an execution environment built to unlock apps that can?t exist on L1. Lei Yang & Namik break down why Vitalik?s latest L2 framing validates ?barbell? scaling, what users actually inherit from Ethereum (censorship resistance, exit guarantees, and fraud-proof security assumptions), and why stages + governance are harder than they look.  Plus: the mainnet stress test (11.4B tx in 7 days, 55k peak TPS), the economics shift toward stablecoin yield with USDM, proximity markets for MEV, and MegaETH?s aggressive app-incubation strategy. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch ------ TIMESTAMPS 0:00 Intro 0:41 Vitalik?s L2 Pivot Tweet 14:05 Property Rights on MegaETH 21:10 Stage 2 & Rollup Design 30:34 MegaETH?s Stress Test Numbers 40:42 MegaETH?s Throughput 47:02 Business Model 52:15 MEV 1:00:18 Other MegaETH Products 1:02:19 App Strategy 1:07:04 Mega Mafia 1:10:48 MegaETH x AI Agents 1:15:53 Mega Token 1:20:17 Mainnet Release 1:21:11 Closing & Disclaimers ------ RESOURCES Lei Yang https://x.com/yangl1996 Namik https://x.com/NamikMuduroglu  MegaETH https://www.megaeth.com/  MegaETH Stress Test https://stress.megaeth.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

A single Vitalik tweet just snapped Ethereum?s scaling narrative into focus: the rollup-centric roadmap is over, and a new path is here. Ryan and David break down what Vitalik actually said (and what he didn?t), why stage 2 plus rollup interop proved far slower than anyone hoped, and why L1 scaling, powered by ZK, may be Ethereum?s real reset button in 2026. Along the way, they unpack the quiet death of the ?L2s are Ethereum? meme, the community?s whiplash reaction, and what differentiated ?gen 2? L2s must do to earn their place in the alliance. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 The Rollup-Centric Roadmap: 2020 ? 2026 1:26 What Vitalik Actually Said 3:15 The Understated Bombshell: L1 Scaling + ZKVM 6:28 ?Branded Shards? Are Over 8:12 ?L2s Are Ethereum? Is Dead (But Not the Alliance) 12:29 Vitalik?s Follow-Up: Differentiation Wins 15:51 The Reaction: Praise, ?I Told You So,? and Anger 18:23 The NATO Analogy for L2s 20:51 The Messaging Risk: Does Ethereum Push Rollups Away? 23:25 Why Did It Take So Long to Say This Out Loud? 30:09 Was Modular Wrong? What We Thought vs What We Got 33:20 Ryan?s Retrospective: Wins + Three Missteps 38:01 David?s Take: ZKVM Precompile = ?Manhattan Project? 39:57 The Cost: Wasted Time, Misallocated Capital, Leadership Tension 45:39 What Happens Next: Base Leaving, New North Star, Anyone?s Game 51:04 Signs the Pivot Is Working --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto enters a full-blown pain market as Bitcoin, ETH, tech stocks, and even gold sell off together. Ryan and David break down why crowded trades are unwinding across markets, what the Warsh Fed chair pick means for rates and risk assets, and whether crypto has become uniquely fragile in this cycle. They dig into Vitalik?s L2 pivot and what it signals about Ethereum?s next era, unpack massive institutional paper losses at Strategy, BitMine, and Galaxy, and analyze Polymarket odds on where Bitcoin goes next. Plus: OGs selling to ETF buyers, the Clarity Act standoff between banks and crypto, and how to survive the psychology of a real bear market. --- ?KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 3:23 Markets https://x.com/KobeissiLetter/status/2019413451471483282 https://x.com/MelMattison1/status/2018821072934846482 https://x.com/KobeissiLetter/status/2018215213959729487 https://imgur.com/xGMBu9p https://www.coingecko.com/en/coins/bitcoin https://www.coingecko.com/en/coins/ethereum https://x.com/zerohedge/status/2017679054619414773 https://x.com/AggrNews/status/2017670162481053771 https://imgur.com/fOOPShT https://x.com/KobeissiLetter/status/2018251708833669137 https://x.com/fundstrat/status/2018317901682373032 https://x.com/mmmikema/status/2017517404461666668 https://www.coindesk.com/markets/2026/02/04/tom-lee-says-bitmine-s-usd6-billion-ether-paper-loss-is-by-design https://x.com/deitaone/status/2018680207368950085 https://x.com/nic_carter/status/2018698942083412050 https://x.com/Polymarket/status/2017655487936807237 https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027/?via=bankless https://x.com/ericbalchunas/status/2019079756008800685 https://x.com/Matt_Hougan/status/2018695396386570257 https://x.com/Zeneca/status/2017713330341953547 24:49 Federal Reserve & Kevin Warsh https://x.com/KobeissiLetter/status/2017204939139764607 https://x.com/AshCrypto/status/2017223525522919707 https://x.com/Eric_BIGfund/status/2017077398479470788  https://x.com/shahh/status/2017266603126292607 https://x.com/avichal/status/2017107032034464256 https://x.com/RayDalio/status/2017687126926602643 https://x.com/LukeGromen/status/2013334684130746521 https://x.com/AltcoinDaily/status/2017296093621719062 31:57 Ethereum Roadmap Pivot https://x.com/RyanSAdams/status/2018727620624384059 https://x.com/VitalikButerin/status/1267464298919534593 https://x.com/VitalikButerin/status/2019341766407725170 https://x.com/tkstanczak/status/2018969582506328077 https://x.com/haydenzadams/status/2018739946706596309 https://x.com/RyanWatkins_/status/2018722118955913367 https://x.com/josephdelong/status/2019116049694880021 https://x.com/Shaughnessy119/status/2018745708648574999 https://x.com/KhanAbbas201/status/2019155752955289652 45:16 Clarity Act & Stablecoin Yield https://x.com/coinbureau/status/2016953240601186316 https://x.com/fintechfrank/status/2017622525987954840 https://x.com/aosipovich/status/2017173012546486292 https://x.com/Bankless/status/2017335175533715783 https://www.coindesk.com/policy/2026/02/02/white-house-crypto-meeting-on-market-structure-bill https://x.com/BrendanPedersen/status/2018456230214435027 https://x.com/EleanorTerrett/status/2018472709622292899 https://x.com/Cointelegraph/status/2019207030276300833  https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless https://www.coindesk.com/policy/2026/02/03/trump-adviser-says-white-house-won-t-allow-crypto-bill-to-attack-president-on-ethics https://x.com/tier10k/status/2017780627894898788 https://x.com/Cointelegraph/status/2018467240136294821  https://x.com/NeerajKA/status/2019108061969866759  57:05 MetaMask Stocks & Bitwise Acquisition https://x.com/OndoFinance/status/2018722106553348414 https://www.theblock.co/post/388379/bitwise-acquires-chorus-one https://www.8004scan.io 58:31 Polymarket & Culture https://x.com/Polymarket/status/2018731372920344582 https://x.com/litcapital/status/2018734492999885030 https://x.com/nycmayor/status/2019105073423327680 https://polymarket.com/sports/nfl/games/week/15/nfl-sea-ne-2026-02-08/?via=bankless 1:03:02 Closing & Disclaimers 1:03:18 Moment of Zen https://x.com/tomwarren/status/2019039874771550516  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

AI agents aren?t ?coming? to Ethereum?they?re already here, spinning up on dedicated machines, clicking through wallets, deploying contracts, and even building apps for themselves. In this episode, Ryan and David sit down with Davide Crapis and Austin Griffith to map the emerging agent stack: ERC-8004 as a decentralized identity + reputation layer, x402 as payment rails for agent-to-agent commerce, and the real-world ?Clawdbot? experiments that show what happens when an agent gets a wallet, a codebase, and a mandate. Along the way: prompt-injection risks, why agents read calldata like it?s their native language, and why it may be the best time in history to be a solo builder?even as it gets harder to be a junior dev. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 ?AI is the new UI,? and you?ll be talking to your wallet 4:09 Is there an arms race for AI activity across chains? 7:32 The Clawdbot/OpenClaw moment: agents get OS-level power 13:18 Why crypto is native to agents 19:41 Austin?s setup: Claude bot, heartbeat loops, and real autonomy 22:28 The token incident: how a bot ?got a treasury? 28:46 Prompt injection meets wallets 38:20 ERC-8004 explained: identity, reputation, validation 40:35 x402 + 8004: discovery + payment rails for agent commerce 48:38 8004 ?scans? and early adoption reality 1:05:32 What agents could build when they can hire other agents 1:12:38 Tooling for the new builder era: Speedrun ? Wingman 1:25:23 ?Worst time to be a junior dev?? 1:28:15 Predictions: clean English becomes the sign of AI --- RESOURCES Austin Griffith https://x.com/austingriffith Davide Crapis https://x.com/DavideCrapis --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Michael Nadeau went risk-off in October and has been targeting Bitcoin's fair value near $65K. In this episode, he joins Ryan to unpack what changed after BTC broke below $80K, why he does not think this is the macro low yet, and what a real bottom typically looks like (capitulation, then apathy). They also dig into the new wild card: incoming Fed chair Kevin Warsh, and why ?rates down? could still mean tighter liquidity if the balance sheet shrinks. Mike walks through the key cycle signals he is watching (MVRV/realized price, 200-week moving average, long-term holder behavior, miners), how Bitcoin tends to lead the Nasdaq Composite, and the price zones on his watch list for ETH and SOL as he prepares to scale back into risk. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ --- ?KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 3:03 New Fed Chair Announcement 8:54 Macro Analysis of Kevin Warsh 14:56 Labor Market Concerns 23:09 Wealth Destruction Phase 26:31 Long-Term Market Projections 31:21 Bitcoin vs. Stocks 39:51 Market Sentiment & Cycles 42:10 Tactical Investment Strategies 55:29 Long-Term Optimism for Crypto 58:06 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Capitalism may be heading toward an ?event horizon,? where a handful of firms become so entrenched they?re effectively the last companies standing. We break down the four ?Infinity Gauntlet? pillars: intelligence, energy, capital, and labor. And why collapsing costs in AI and robotics could make abundance, and monopolies, the default outcome. From Google?s data + compute flywheel to the Tesla/SpaceX/xAI convergence and even space-based energy/data centers, we map the new battlefield and what it means for building a future-proof portfolio (not investment advice). Josh Kale https://x.com/JoshKale  ------ ? LIMITLESS | SUBSCRIBE & FOLLOW https://pod.link/1813210890 https://www.youtube.com/@Limitless-FT  https://x.com/LimitlessFT  ------ ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ? EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch  ------ TIMESTAMPS 0:00 The Infinity Gauntlet of Capitalism 6:50 Intelligence 18:15 Capital 25:04 Energy 30:05 Labor 42:45 Google 47:20 Nvidia 49:16 Tesla 56:55 SpaceX 1:13:54 Amazon 1:15:12 Microsoft 1:16:35 Meta 1:19:34 Apple 1:22:22 Who Wins? 1:25:45 Elon Musk 1:26:46 Endgame Portfolio 1:29:17 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Markets wobble as gold and silver hit all time highs, raising the big question of what comes next for crypto. Ryan and David unpack the macro shock driving the move, from Fed independence and shutdown risk to a weaker dollar narrative, and why Tether is quietly becoming one of the world?s largest gold holders. They make the case for Ethereum?s comeback, from surging usage to serious quantum resistance efforts, break down Fidelity?s new onchain dollar, and dig into MegaETH?s eye popping stress test. Plus: prediction markets go mainstream, a bizarre $40 million government crypto theft, and a new Vitalik meme to close it out. --- ?KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 3:22 Markets https://x.com/Vivek4real_/status/2014721850937380963 https://imgur.com/vumkykb https://x.com/longstcc/status/2016429742904508789 https://www.cnbc.com/2026/01/28/fed-meeting-today-live-updates.html https://polymarket.com/event/lisa-cook-out-as-fed-governor-by-september-30/?via=bankless https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless. https://polymarket.com/event/will-there-be-another-us-government-shutdown-by-january-31/?via=bankless 16:25 Gold & Silver All-Time Highs https://www.tradingview.com/chart/1RYLG2gC/?symbol=TVC:GOLD https://companiesmarketcap.com/assets-by-market-cap https://x.com/KobeissiLetter/status/2016890828925313192 https://x.com/philippilk/status/2016089604588290348 https://x.com/historydefined/status/2016360674058760269 https://x.com/fintechfrank/status/2015596117195444375 https://x.com/DegenerateNews/status/2016870767426707457 https://thedefireport.io/research/why-is-bitcoin-underperforming-gold 28:11 Dollar Reserve Currency Discussion & Tether Gold Reserves https://x.com/FluentInFinance/status/2015424544333328808 https://x.com/KobeissiLetter/status/2016259771616444454 https://x.com/barkmeta/status/2016351131727770107 https://x.com/WatcherGuru/status/2016307227158601780 https://cryptonews.com/news/tether-quietly-becomes-one-of-the-biggest-global-gold-market-players-holds-140-tons-of-gold 33:15 Ethereum Usage Scaling & Ethereum Quantum Resistance & ETH Bull Case https://x.com/JasonYanowitz/status/2016128371755811109 https://x.com/riley_gmi/status/2016193883764371469 https://sergeenkov.com/record-high-activity-ethereum-2026 https://x.com/drakefjustin/status/2014791629408784816 https://x.com/VivekVentures/status/2015510724244611168 https://x.com/LorenzoARK/status/2015594553579868566 43:47 Fidelity Digital Dollar https://x.com/DegenerateNews/status/2016505433322635443 https://x.com/sytaylor/status/2016569801678704807 45:40 Tether Onshore Stablecoin (USA?) https://x.com/paoloardoino/status/2016151121522204953 46:46 MegaETH Mainnet & Stress Test https://x.com/megaeth/status/2016511667644064164 https://x.com/megaeth/status/2014376592378888503 https://www.growthepie.com https://app.hyperliquid.xyz/trade https://x.com/NamikMuduroglu/status/2016909695609364917 53:27 Uniswap Auctions https://x.com/Uniswap/status/2016513436771922218 https://x.com/Benjamin918_/status/2016515467960016958 54:34 Robinhood & Talos https://www.coindesk.com/business/2026/01/29/robinhood-is-investing-in-crypto-trading-platform-talos-at-usd1-5-billion-valuation 57:15 Prediction Markets Expansion https://x.com/brian_armstrong/status/2016593041532870677 https://x.com/shayne_coplan/status/1989005876611461429 57:42 OpenAI & Human Verification https://x.com/forbes/status/2016622235902234794 1:00:24 Government Contractor Theft Story https://x.com/zachxbt/status/2015430549846777964 https://x.com/zachxbt/status/2014685299025060154 1:03:11 Meme of the Week https://x.com/0xcyp/status/2016556046697779495 1:04:01 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Celo is quietly powering real-world payments at global scale. In this episode, David and Ryan sit down with Marek Olszewski, CEO of cLabs, to unpack how Celo became a fast, low-cost payments layer used for remittances, savings, onchain FX, and identity across emerging markets. They explore why Celo stayed focused on peer-to-peer payments while others chased trends, how Opera?s MiniPay onboarded hundreds of thousands of daily users, and why stablecoins are reshaping global finance from the ground up. The conversation spans onchain FX, proof of personhood with Self.xyz, Ethereum?s L2 future, and why fast, cheap payments, not hype, may be crypto?s real unlock. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ? EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Celo?s Origin Story and Design Philosophy 5:18 The Long Bet on P2P Payments 17:19 700,000 Daily Users: The Data Behind the Narrative 22:11 MiniPay: Global Venmo Built on Celo 30:28 Solving the Last-Mile Banking Problem 37:36 Celo x Opera partnership 40:37 Stablecoins, FX, and the Rise of Onchain Forex 46:53 Perpetuals for FX: UpDown.xyz 49:37 Open Finance vs. Governments and the Battle for the Payments Stack 59:13 Why Celo Chose Ethereum L2 Over an L1 Path 1:06:02 Self.xyz and Proof of Personhood 1:14:06 Putting It All Together: Celo?s Endgame --- RESOURCES Marek Olszewski https://x.com/marek_ Celo https://celo.org/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Iran is a real-world stress test of freedom: the Islamic Republic is built to outlast dissent. In this special Iran Unchained episode, David talks with Sana Ebrahimi and Amin Soleimani about the regime?s control stack, including unelected theocracy, street-level coercion, corruption as governance, and propaganda that reaches far beyond Iran?s borders. They unpack gender apartheid, internet blackouts during uprisings, why protests keep returning, and what the West gets wrong about ?intervention? and regional stability. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget-futures ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 1:21 ?How does it feel to be Iranian right now?? 3:39 Sana?s background: Tehran ? U.S., and a life shaped by protests 4:38 What is the Iranian regime and what does it want? 9:51 What an Ayatollah is and how that status concentrates power 16:46 Promises vs reality: revolutionary slogans, economic collapse, and control loops 24:15 1979?s alliance, the Marxists, and the purge that followed 34:53 Repression as a system: arrests, torture, and fear as governance 39:15 ?Let this land burn?: why the regime doesn?t step down 41:23 Gender apartheid, Mahsa Amini and the spark that keeps reigniting protests 51:58 Protest math: why people still return to the streets 55:18 The internet blackout playbook 1:02:52 ?Regime apologists? abroad: media, think tanks, and narrative capture 1:07:17 Why the West gets confused: Palestine politics and cognitive dissonance 1:17:56 Western intervention: ?Not Iraq, not Afghanistan? 1:28:57 The diaspora, brain drain, and what a free Iran could unlock 1:31:40 What they?re hoping for next and how to help --- RESOURCES Ameen Soleimani https://x.com/ameensol Sana Ebrahimi https://x.com/__Injaneb96 Iran Unchained fundraiser https://www.iranunchained.com/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Zcash founder Zooko Wilcox joins Bankless to argue that privacy is back on the critical path?because AI turns chain surveillance into pattern-recognition at scale?and that the real bottleneck for cypherpunk tools has always been UX and onboarding. We dig into Zcash?s ?encrypted Bitcoin? meme, the dev fund?s evolving design (and why it helped Zcash survive), recent ZEC momentum, and the wallet/intents stack that makes private spending actually usable. Plus: why ?value at rest? beats ?value in flight,? what it would take for Ethereum to get meaningful privacy, and the debate over strengthening the 21M cap (and whether Zcash should add new security mechanisms without losing the meme). ------ ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget-futures ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch  ------ TIMESTAMPS 0:00 Intro 0:46 What Failed 3:58 What Succeeded 5:04 Institutional Adoption 6:53 Areas Neglected 10:51 The Cypherpunk Vision 18:53 Can The Cypherpunks Win? 23:19 Crypto?s Path to Success 27:44 Crypto vs Linux 30:39 AI Cypherpunks? 33:05 Optimism 35:49 AI Surveillance 37:10 Zcash 43:02 Zcash Dev Fund 51:45 Zashi Governance Drama 56:32 Zcash Privacy Practices 1:15:56 AI Privacy Consequences 1:22:31 Is Zec a Store of Value 1:26:01 Encrypted Bitcoin? 1:29:01 Ethereum Privacy & Anoma 1:33:14 Closing & Disclaimers ------ RESOURCES Zooko https://x.com/zooko  Zcash https://z.cash/  Zashi https://z.cash/ecosystem/zashi-wallet/  Anoma https://anoma.net/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Markets slide this week as Trump floats taking Greenland and tariff threats resurface, pushing investors toward gold. Ryan and David break down what Davos revealed about a shifting world order, why crypto finally had a real seat at the table, and the moments from Brian Armstrong and Larry Fink that framed Crypto versus Central Banks. Plus: the NYSE unveils a tokenized trading platform and whether it validates or co-opts DeFi, Farcaster and Lens are acquired as on-chain social hits a crossroads, and a Jefferies strategist drops Bitcoin over quantum fears. Finally, an update on the Clarity Act delay and the race for the next Fed chair. --- ? IMMUNEFI | $IMU TOKEN LAUNCH https://bankless.cc/ImmunefiICO --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget-futures ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 2:31 Why are markets down https://x.com/KobeissiLetter/status/2013591373006676322 https://x.com/FoxNews/status/2013603538513863126 https://edition.cnn.com/2026/01/14/politics/greenland-trump-nato-denmark https://x.com/CBSNews/status/2013983374549946581  https://x.com/KobeissiLetter/status/2014089644288196691 https://polymarket.com/event/will-trump-acquire-greenland-before-2027 https://polymarket.com/event/will-the-us-acquire-any-part-of-greenland-in-2026 https://x.com/fejau_inc/status/2013610390698041805 https://x.com/thestalwart/status/2013580367123423518 https://x.com/Strategy/status/2013598056000725476 15:12 Davos power shifts https://x.com/CommerceGov/status/2013638111977222213  https://x.com/KanwalSibal/status/2013863207962845315 https://x.com/alreadydawn/status/2011855946298032188 https://x.com/WatcherGuru/status/2013947391733342444 https://x.com/MSBIntel/status/2014311838092284200 https://x.com/gazza_jenks/status/2014316956787077193 https://x.com/RWAwatchlist_/status/2014302865515479322 25:45 Next Fed Chair https://polymarket.com/event/who-will-trump-nominate-as-fed-chair https://en.wikipedia.org/wiki/Kevin_Warsh 29:23 NYSE tokenization platform https://ir.theice.com/press/news-details/2026/The-New-York-Stock-Exchange-Develops-Tokenized-Securities-Platform/default.aspx https://x.com/sytaylor/status/2013248790988214418 https://x.com/jdorman81/status/2013273153544323438 https://x.com/intangiblecoins/status/2013302033286054109 https://x.com/malekanoms/status/2013597558413664443 37:10 Onchain social handover https://farcaster.xyz/dwr/0x72aab3a5 https://x.com/neynarxyz/status/2014046158700659072 https://x.com/0xfoobar/status/2014169292736979296 https://x.com/StaniKulechov/status/2013617272464580990 https://lens.xyz/news/mask-network-to-steward-the-next-chapter-of-lens https://x.com/hishboy/status/2014050332675121169 https://x.com/VitalikButerin/status/2013884907659944205 https://firefly.social/signup https://x.com/RyanSAdams/status/2014338767847354766 https://x.com/VitalikButerin/status/2011325527567544393 45:57 Clarity Act delay https://x.com/DegenerateNews/status/2014119477923705271 https://x.com/eleanorterrett/status/2014139061103907238 https://x.com/brian_armstrong/status/2012612712044573151 https://x.com/patrickjwitt/status/2013776653902614547 https://polymarket.com/event/clarity-act-signed-into-law-in-2026 50:00 Stablecoin payroll https://x.com/base/status/2013752842822038000 https://imgur.com/a/9kriKIV 51:42 Bitcoin & quantum https://x.com/matthew_sigel/status/2013266516112712139 https://www.linkedin.com/feed/update/urn:li:activity:7414027710861045761/ https://x.com/bitcoinofficesv/status/1961564696856727947 https://x.com/batsoupyum/status/2013606402976293243 https://x.com/nic_carter/status/2013781321638695383 https://www.coinbase.com/blog/coinbase-establishes-independent-advisory-board-on-quantum-computing-and-blockchain 59:40 Regulation & Trad https://x.com/WatcherGuru/status/2013626808474968164 https://x.com/felixprotocol/status/2011831820371828920 https://x.com/0xBroze/status/2011832444102561838 https://x.com/JupiterExchange/status/2013987873943334919 1:01:02 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto in 2026 is consolidating into a handful of high-stakes rivalries:  Ethereum vs. Solana for the center of gravity, Coinbase vs. Robinhood for the finance super-app, and Polymarket vs. Kalshi for prediction markets.  Arnav Pagidyala (Bankless Ventures) joins David and Ryan to map the investment implications, why incentives-driven L1s keep leaking liquidity, what makes Morpho?s institutional playbook work, and whether Hyperliquid, wallets, and onchain rails start eating the exchange business.  We also dig into the comeback of ICOs, what it would take for tokens to become truly investable, and why proof-of-personhood and privacy-preserving KYC may become unavoidable infrastructure. ------ ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget-trading ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch  ------ TIMESTAMPS 0:00 Intro 1:12 Ethereum & Solana 7:33 Why Solana is Winning 9:27 L1 Valuations 13:13 Coinbase & Robinhood 17:16 Base Contentcoins 20:32 Kalshi & Polymarket 23:19 Prediction Market Tokens 24:45 Store of Value Duopoly 27:21 Tokens in 2026 29:41 Tokens & Equity Alignment 31:01 MetaDAO 32:42 ICOs 34:44 Morpho 39:17 Morpho & Aave 40:41 Perp Exchanges 44:28 Proof of Personhood 48:42 Fat Wallet Thesis 51:45 X & Crypto 53:27 AI & Vibecoding 55:28 Is Crypto Dead? 57:18 Capital Stack Moving Onchain 59:10 What About TradFi? 1:02:15 Closing & Disclaimers ------ RESOURCES Arnav Pagidyala https://x.com/0xArnav  Bankless Ventures https://x.com/banklessvc  Investing Trends for 2026 https://www.youtube.com/watch?v=Poes3EpAR5c ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Washington takes center stage this week as crypto collides with power, policy, and markets. Ryan and David break down the CLARITY Act fight in the Senate, why banks want to kill stablecoin yield, and why Coinbase says the bill may be worse than no bill at all. They also unpack Trump?s DOJ targeting Jerome Powell and what it means for Fed independence, silver?s explosive move as markets search for safety, X?s push toward becoming a crypto super app, and the NYC mayor?s meme coin disaster. Plus: Tom Lee?s surprising MrBeast investment and what it signals about capital, culture, and crypto?s next phase. --- ?ZAMA | $ZAMA PUBLIC AUCTION  https://bankless.cc/zama-auction --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 2:25 DOJ opened an investigation into Jerome Powell https://x.com/federalreserve/status/2010510130970849338  https://x.com/federalreserve/status/2010510130970849338 https://x.com/LynAldenContact/status/2010526966953202125 https://www.reuters.com/legal/government/powell-probe-highlights-trump-doj-role-white-house-enforcer-2026-01-14/ https://polymarket.com/event/jerome-powell-out-as-fed-chair-by 10:44 Markets https://x.com/JesseCohenInv/status/2011311082896572766 https://www.coinnews.net/2025/01/09/american-silver-eagle-series-welcomes-2025-w-proof-edition/ https://www.google.com/finance/beta/quote/GLD:NYSEARCA https://x.com/echodatruth/status/2010568502474571870 https://www.cnbc.com/2026/01/13/cpi-inflation-report-december-2026.html https://polymarket.com/dashboards/fed-rates 20:52 Most important Legislation for crypto?ever? https://x.com/Cointelegraph/status/2010709769187676430 https://x.com/DavidMMcintosh/status/2010389058271289845 https://www.aba.com/-/media/documents/letters-to-congress-and-regulators/ltrsenatestablecoin20260105.pdf https://www.coindesk.com/policy/2026/01/11/jpmorgan-downplays-stablecoin-threat-as-local-bankers-warn-of-usd6-6t-risk https://x.com/EleanorTerrett/status/2009795675635306737 https://x.com/USTransparent https://x.com/haydenzadams/status/2009809558605299914 https://x.com/SenLummis/status/2010939496830030038 https://x.com/jchervinsky/status/2011464338528166081 https://x.com/jchervinsky/status/2011464341556428936 https://x.com/davidsacks47/status/2011650262361129193 https://polymarket.com/event/clarity-act-signed-into-law-in-2026 https://x.com/Matt_Hougan/status/2010841027800895514 42:09 NYC Mayor Eric Adams issued a memecoin https://x.com/runecrypto_/status/2010847811781230781 https://x.com/ericadamsfornyc/status/2010849167258566727 https://x.com/bubblemaps/status/2010890093431832789 https://x.com/ericadamsfornyc/status/2011541285354815932 https://x.com/buynyctoken/status/2011501230288257452 https://x.com/haydenzadams/status/2010945632505127317 46:41 TOM LEE - BITMINE?.invests $200m in MR BEAST MEDIA https://x.com/DegenerateNews/status/2011774463818518813  https://x.com/DegenerateNews/status/2011810278980120830  49:53 World Liberty Financial launched a lending platform https://worldlibertyfinancial.com/markets https://www.coindesk.com/policy/2026/01/13/senate-s-warren-wlfi-tied-bank-application-should-be-halted-until-trump-divests https://www.coingecko.com/en/coins/dolomite 51:45 Polygon?.ALL IN on STABLECOIN STACK with two major acquisitions https://x.com/0xPolygon/status/2011076681302446556 https://x.com/HadickM/status/2011099510957580437 https://x.com/sandeepnailwal/status/2009763000895344766 https://x.com/obchakevich_/status/2008876239285637419 54:21 X is rolling out Smart Cashtags & Killing InfoFi https://x.com/nikitabier/status/2010277345651990564 https://x.com/jessepollak/status/2010404608263520356 https://www.theblock.co/post/385805/kaito-token-plummets-x-revises-api-policies-ban-infofi-crypto-projects https://x.com/nikitabier/status/2011825522817270230 https://www.coingecko.com/en/coins/kaito 58:33 BitGo IPO - $2 billion! ($100 billion in custody) https://x.com/AccessIPOs/status/2010727529238417549 59:16 The Golden Globes integrated Polymarket into their broadcast https://x.com/shayne_coplan/status/2010862175607488709 1:00:38 David?s Market of the Week https://polymarket.com/event/khamenei-out-as-supreme-leader-of-iran-by-january-31 https://x.com/polymarket/status/2009382529384497184 1:05:00 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

What if the biggest threat to your freedom isn?t a bad decision - but a scoreboard you never agreed to? Philosopher C. Thi Nguyen joins Bankless to unpack how modern life quietly turns values into points: likes, GPAs, net worth, rankings, and performance metrics that feel objective - but often flatten what matters most. We explore what games really are, why ?gamified? platforms like social media can be uniquely corrosive, and how ?value capture? pulls you from meaning into measurable proxies. Then we get practical: playfulness, reflective control, and ?value federalism? as ways to use metrics without letting them use you. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 0:58 ?Is this the game you really want to be playing?? 5:45 What counts as a game (Bernard Suits? definition) 11:38 Bankless ?serious games? and the cheating test 16:29 Social media as ?game-ish,? not truly a game 21:28 The magic circle and why points get dangerous 24:08 Rotten Tomatoes vs. forming your own taste 33:27 Portability: why metrics flatten nuance 38:15 Value capture: when your values get outsourced 45:52 Plato?s cave: ?metrics are the new shadows? 54:12 The outsourcing dilemma: we can?t know everything 1:01:47 Playfulness as an antidote to metric hypnosis 1:12:55 Switching rule-sets: D&D, indie games, and redesigning incentives 1:16:22 Reflective control: using metrics without being used 1:20:21 Two endings: cynicism, hope, and the tradeoff of scale 1:23:38 Value federalism + why "Civilization" makes Thi miserable --- RESOURCES C. Thi Nguyen https://x.com/add_hawk C. Thi Nguyen?s ?The Score? Book https://www.penguin.co.uk/books/457380/the-score-by-nguyen-c-thi/9780241653975 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Is Canton a real blockchain or a new kind of capital-markets operating system? Digital Asset co-founder Yuval Rooz explains why Canton prioritizes privacy as ?need-to-know? information sharing and a federated ?cantons? design that still allows atomic cross-canton transactions without bridges. We unpack the two-tier architecture (edge validators + super validators that stitch cantons together and validate the public Canton Coin) and what that means for governance in regulated finance. Plus: DTCC?s tokenization pilot starting with U.S. Treasuries, and why CC fees are USD-denominated with a burn/mint mechanism designed to track real network utility.  ------ ? DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE https://www.bankless.com/podcast/debrief-is-canton-even-a-real-blockchain ------ ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch ------ TIMESTAMPS 0:00 Intro 0:57 Canton Origin 8:02 Vitalik?s Post 14:15 Canton Philosophy 24:19 Canton Architecture vs Competitors 34:27 RWA Property Rights Debate 38:17 Canto Super-Validators 50:39 Canton Critiques 56:56 Decentralized vs Open Finance 1:02:16 Are Decentralized RWAs Possible? 1:07:04 Is Canton a Real Blockchain? 1:14:20 Canton Metrics 1:22:17 DTCC Relationship 1:25:27 Canton Token 1:30:43 Ethereum vs Canton in 2030 1:31:55 Closing & Disclaimers ------ RESOURCES Yuval Rooz https://x.com/YuvalRooz  Canton https://www.canton.network/  Omid Malekan vs Austin Campbell Professor Debate https://www.youtube.com/watch?v=m-h-PeUOvDw RWA Analytics https://app.rwa.xyz/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Prediction markets are turning into real-time intelligence, and policymakers are already reacting. In this week?s Weekly Rollup, Ryan and David unpack the Venezuela ?Maduro? trade, the debate over fairness vs. public signal, and Polymarket?s expansion into real estate markets. They also cover Bitcoin?s lowest-vol year ever, Solana?s DEX surge, Ethereum?s stablecoin settlement ATH, Morgan Stanley?s crypto ETF filings, Zcash?s governance blowup, Lighter?s massive $LIT airdrop, Vitalik?s ?trilemma solved? claim, Wyoming?s state stablecoin, and Strategy?s path toward major indices. --- ?ZAMA | $ZAMA PUBLIC AUCTION  https://bankless.cc/zama-auction --- BANKLESS SPONSOR TOOLS: ?POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 2:49 Markets https://www.linkedin.com/pulse/2025-ray-dalio-kaf8e/ https://x.com/dampedspring/status/2008568524046991733 https://www.coinglass.com/pro/i/bl https://www.dlnews.com/articles/regulation/bitcoin-least-volatile-year/ https://x.com/NTmoney/status/2007111582317215767 https://x.com/KobeissiLetter/status/2007167084980044071 https://x.com/smyyguy/status/2009282261384888407 https://x.com/Cointelegraph/status/2007980573365502161 https://x.com/ericbalchunas/status/2008527564550156315 https://x.com/WatcherGuru/status/2008926447205843202 https://x.com/Matt_Hougan/status/2008542347425149247 14:03 Did Polymarket reveal the Venezuela invasion hours prior the announcement? https://www.war.gov/News/News-Stories/Article/Article/4370431/trump-announces-us-militarys-capture-of-maduro/ https://x.com/JoePompliano/status/2007455311351718118 https://x.com/0xKelle/status/2008099287851561262 https://x.com/JakeSherman/status/2007497192974459372 https://x.com/QuiverQuant/status/2008029132484206664 https://x.com/WatcherGuru/status/2008245382539882784 https://x.com/zoomerfied/status/2008184924377960502 25:41 Polymarket Market of the Week 27:42 ZEC dump and resignation  https://x.com/solidintel_x/status/2009172254496870816 https://x.com/DefiIgnas/status/2009235841751613660 31:05 Lighter launched the Lighter Infrastructure Token https://x.com/Lighter_xyz/status/2005862682608472263 https://x.com/bubblemaps/status/2006296418622001313 https://defillama.com/protocol/perps/lighter-perps https://x.com/Lighter_xyz/status/2008309047787753497 35:27 Has Ethereum resolved the blockchain trilemma?  https://x.com/VitalikButerin/status/2007559523528233041 https://x.com/ralexstokes/status/2008707458563535022 https://x.com/VitalikButerin/status/2008174642066845778 https://x.com/dankrad/status/2008466291913265443 45:49 SEC Commissioner Caroline Crenshaw resigned https://x.com/EleanorTerrett/status/2007195935403847868 46:32 Major US retailers are accepting crypto payments https://finance.yahoo.com/news/walmart-starbucks-more-accepting-crypto-202205775.html 48:14 Wyoming launches first US state-issued stablecoin https://x.com/WatcherGuru/status/2008958574962028924 50:00 MSCI decided not to exclude DATs from their indexes https://www.msci.com/indexes/index-resources/index-announcements 51:28 Closing & Disclaimers  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Brent Johnson returns to Bankless to update the Dollar Milkshake Theory and explain why the de-dollarization narrative misses the bigger trend. He argues markets may want out of the dollar, but the Eurodollar system keeps pulling demand back in, and ?dollar down? headlines do not break the framework. Brent also covers how debt stress can spill into political instability, why stablecoins and the GENIUS Act could accelerate re-dollarization, and what this means for monetary sovereignty. We close with China?s counter-strategy and how Brent thinks about positioning from here. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 1:20 De-Dollarizing vs Re-Dollarizing: Milkshake Recap 4:18 What a Sovereign Debt Crisis Actually Means 5:45 Central Banks as ?Professional Can-Kickers? 8:56 Can They Slowly Let the Air Out? 11:03 Can AI Productivity Save the System? 13:06 2025 Setup: The Narrative for Dedollarization 18:06 BRICS: Conference Talk vs Structural Reality 23:37 Store of Value vs Medium of Exchange 34:24 ?Crisis = Dollar Up? (and the April Exception) 39:06 Stablecoin Redollarization and the GENIUS Act 47:20 Monetary Sovereignty, Faster Bank Runs, Faster Dollarization 52:34 China?s Response: Two Currency Stacks 54:21 Positioning as an Investor --- RESOURCES Brent Johnson https://x.com/SantiagoAuFund The Dollar Milkshake Theory https://research.santiagocapital.com/p/the-dollar-milkshake --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto is maturing while attention moves elsewhere. In this Weekly Rollup, David Hoffman and Anthony Sassano break down silver, gold, and the S&P hitting new highs, the Aave civil war over control and fees, Uniswap?s unification win, a new pro crypto CFTC chair, and why quantum computing may be Bitcoin?s biggest long term risk. --- BANKLESS SPONSOR TOOLS: ?BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium ?THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report ?ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 1:25 2025 & 2026  6:47 Markets  https://finance.yahoo.com/news/silver-10x-d-p-500-145100823.html https://x.com/KobeissiLetter/status/2003514479649390697 https://x.com/WatcherGuru/status/2003611075116433413 https://x.com/WatcherGuru/status/2003573927407440012 https://x.com/PeterSchiff/status/2004364997401760040 https://x.com/matthew_sigel/status/2006002866507690243 https://x.com/Cointelegraph/status/2006078375924793591 https://x.com/Mrcryptoxwhale/status/2005388225482031317 16:50 Is Aave in a civil war? https://x.com/obsrvgmi/status/2003089533995471074 https://x.com/aave/status/1996591393817473247 https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://governance.aave.com/t/arfc-aave-token-alignment-phase-1-ownership/23616 https://x.com/StaniKulechov/status/2002933974969315561 https://snapshot.org/#/s:aavedao.eth/proposal/0xbc606159ddeae0184c2086055637d3f357351ec0adc4c9f4150751bc41918eba https://x.com/Marczeller/status/2004494332359741859 https://x.com/StaniKulechov/status/2004503414705643866 https://www.coingecko.com/en/coins/aave 29:55 Uniswap UNIfication  https://x.com/haydenzadams/status/2005306028506923234 https://vote.uniswapfoundation.org/proposals/93 41:36 Michael Selig is the new CFTC Chairman https://x.com/cointelegraph/status/2001834127696249077 https://x.com/MichaelSelig/status/2003090594508214534 https://youtube.com/live/fPdqwebmJzE https://youtube.com/live/yIKRSDhAf4A 48:39 Nic Carter says, Quantum is the biggest risk to Bitcoin https://murmurationstwo.substack.com/p/bitcoin-and-the-quantum-problem-part https://x.com/adam3us/status/2002049157662753197 https://x.com/Pledditor/status/2001896737775194208 https://x.com/Fiskantes/status/2002005763343184156 https://x.com/caprioleio/status/2001990974940274921 https://larryswedroe.substack.com/p/the-quantum-computing-threat-to-financial 1:02:11 Anthony?s 2026 Excitement 1:03:31 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

David Hoffman sits down with Mike Ippolito to unpack why 2025 felt brutal despite new all-time highs and why that tension matters for 2026. They argue crypto is entering its ?2002 internet? phase, where speculation fades, fundamentals matter, and consolidation accelerates. The conversation covers why Ethereum may see a renaissance, why Bitcoin sentiment could struggle, how prediction markets and equity perps actually play out, and what builders and investors should focus on as crypto matures from hype into real value creation. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium Mike Ippolito https://x.com/MikeIppolito_ https://x.com/MikeIppolito_/status/1870938934337020106 https://blockworks.co/podcast/bellcurve  ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:41 Evaluating 2025: The Best Worst Year 7:19 Looking Ahead to 2026 15:40 Investor Relations in Crypto 24:29 Evolving Revenue Discussions 27:44 The Future of DATS 30:06 VC Investment Trends 35:13 Prediction Markets: Incumbents Win 39:52 The Ethereum Renaissance 45:42 The Quantum Threat to Bitcoin 55:06 Consolidation in Blockchain Infrastructure 1:05:07 Corporate Chains: Hot Starts, Cold Ends 1:10:43 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ben Lakoff and Arnav Pagidyala from Bankless Ventures lay out how they?re thinking about crypto investing heading into 2026. The conversation spans four persistent pillars of every cycle: DeFi, tokenization, capital formation, and speculation and how each is evolving as crypto matures. Topics include the next wave of on-chain lending, equity perps, DeFi neobanks, verticalized tokenization platforms, compliant ICOs, prediction and opinion markets, and where AI agents may reshape crypto-native finance. A candid look at what?s investable now, what?s changing, and how Bankless Ventures is underwriting the next cycle. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep  ------ TIMESTAMPS 0:00 Intro 11:59 DeFi 36:20 Tokenization 50:25 Capital Formation 1:00:44 Speculation Markets 1:09:58 AI 1:13:26 Founders & Teams 1:15:31 Closing & Disclaimers ------ RESOURCES Ben Lakoff https://x.com/benlakoff  Arnav https://x.com/0xArnav  Bankless Ventures https://x.com/banklessvc  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Ryan and David skip a quiet holiday weekly rollup and instead break down the biggest 2026 crypto forecasts from Bitwise, Coinbase, Galaxy, Grayscale, CoinShares, Fidelity, a16z, and Pantera. They lay out the clearest consensus, stablecoins as real payment rails, tokenization scaling beyond pilots, and ETFs expanding institutional access, then hit the big debates around regulation, prediction markets, token value capture, and the growing quantum question for Bitcoin. ------ ?M0 | THE UNIVERSAL STABLECOIN PLATFORM https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 2:14 Predictions for Stablecoins 6:42 Tokenization Trends 11:27 ETF Explosion 11:45 Market Structure Legislation 14:06 Prediction Markets Rise 15:20 Quantum Concerns 20:29 Broad Themes Emerge 24:11 Hybrid Finance Concept 28:02 Privacy in Crypto 33:27 DEX Transition Predictions 35:09 Tokenomics Evolution 39:43 Controversies in Predictions 42:58 Market Cycles & Macro Trends 48:12 Year-End Reflections on Ethereum 1:01:08 Bitcoin's Performance Overview 1:10:03 Future Visions for Crypto 1:10:40 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Is the crypto cycle already over? Ben Cowen returns to break down what a post-euphoria cycle looks like, why Bitcoin may have already topped, and how 2026 could play out across crypto, stocks, and macro. We explore the case for a prolonged bear market, why a true alt season may not arrive, and the narrow scenarios where Ethereum could still make a fleeting run at new highs. From Fed policy and labor markets to AI stealing investor attention, this episode maps the competing paths ahead and what patient investors should be watching next. ------ ?INTO THE CRYPTOVERSE | GET 10% OFF https://intothecryptoverse.com/ref/bankless/ ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:49 Bitcoin's Cycle & its Implications 2:18 Ethereum's Performance & Expectations 8:58 Future Predictions for Ethereum 10:39 Comparing Ethereum to Tesla 12:32 The State of the Altcoin Market 18:26 Disappointment & Hope for ETH Holders 20:23 Macro Factors Affecting Crypto 24:37 Why No Euphoria This Cycle? 32:56 The Shift of Investor Attention 37:56 The Future of Crypto Cycles 44:16 The Need for Utility in Crypto 56:14 Gold vs. Bitcoin: A Comparison 59:45 Bitcoin's Unique Position in the Market 1:02:31 Patience and Strategy for Crypto Investors 1:06:01 Closing & Disclaimers ------ RESOURCES Ben Cowen https://x.com/intocryptoverse Ben?s Channel https://www.youtube.com/@intothecryptoverse ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Joey Krug (Founders Fund partner, former Pantera co-CIO, and Augur co-founder) returns to unpack whether the ?crypto-native era? is fading as institutions and mainstream apps adopt crypto rails without adopting crypto culture.  We dig into prediction markets? breakout (and why Polymarket finally found product-market fit), the coming regulatory fights around market structure and ?insider? edges, and what?s next for founders building in a post-cypherpunk, distribution-first phase of crypto. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep  ------ TIMESTAMPS 0:00 Intro 5:45 Is Crypto-Native Dead? 16:37 Lessons From Augur 20:29 Prediction Market?s Success 25:24 Just Gambling? 27:50 Prediction Market Regulation 41:03 Founders Fund Polymarket Bet 44:37 FBI Raid 46:47 Founders Fund Crypto Investment Thesis 53:46 DATs 57:02 Layer1 Valuation 1:00:40 ETH Valuation 1:04:32 What Would Joey Build Today? 1:06:13 Crypto x AI 1:10:09 Frontier Tech x Crypto 1:14:26 4-Year Cycles 1:16:16 Less Upside in Crypto Now? 1:19:37 Crypto Privacy 1:20:41 Last & Next Decade 1:23:05 Closing & Disclaimers ------ RESOURCES Joey Krug https://x.com/joeykrug  Augur https://augur.net/  Founders Fund https://foundersfund.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Crypto prices are down, but the most important players are still building. In this week?s Weekly Rollup, Ryan and David break down Coinbase?s push to become a financial super app, JPMorgan?s first tokenized money market fund on Ethereum, and why regulators are quietly opening the door for onchain settlement through DTCC pilots. They also unpack Solana?s Firedancer finally going live, the growing fight over tokenholder rights at Aave and what Uniswap?s unification proposal gets right, and why tokenization and prediction markets are advancing faster than prices suggest. --- ?M0 | THE UNIVERSAL STABLECOIN PLATFORM https://bankless.cc/m0  --- BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS & RESOURCES 0:00 Intro 2:14 Markets https://www.google.com/finance/beta/quote/BTC-USD?hl=en&window=1Y&comparison=SOL-USD%2CETH-USD&type=line https://www.coindesk.com/markets/2025/12/12/barclays-sees-down-year-for-crypto-in-2026-without-big-catalysts https://www.nbcnews.com/business/economy/cpi-november-inflation-rate-rcna249847 https://x.com/0xNonceSense/status/2000561186497233247  https://x.com/leshka_eth/status/2000738467953967362 12:38 Bankless Announcements https://x.com/Bankless/status/2001694903084937469 https://www.bankless.com/ico-watch/ https://x.com/JustDeauIt/status/2001380424329892009 20:12 Coinbase System Update https://x.com/i/broadcasts/1BRJjgWpwwpxw  https://www.coinbase.com/ccm https://dune.com/entropy_advisors/robinhood-stock-tokens https://www.coinbase.com/prediction-markets https://app.morpho.org/base/borrow https://swap.cow.fi/#/1/swap/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48/GOOGLON 37:50 Aave Drama, v4 & the 2026 Master Plan https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://x.com/aave/status/1996591393817473247 https://x.com/DefiIgnas/status/1999728596626342177 https://www.circle.com/blog/circle-signs-agreement-to-acquire-interop-labs-team-intellectual-property https://x.com/howdymerry/status/1991932582938943798 https://x.com/haydenzadams/status/2001566377656602705 https://x.com/StaniKulechov/status/2001036446098919461 https://x.com/RyanSAdams/status/2001303903447466476 47:20 Solana BreakPoint https://x.com/solana/status/1999399841957576741 https://x.com/phantom/status/1999442547039756491 https://x.com/jerallaire/status/2000926577727562023 https://x.com/theoneandomsy/status/1999654845607710749 52:48 SEC says DTCC can tokenize stocks https://x.com/Snapcrackle/status/1999389068321300814 https://www.youtube.com/watch?v=CS5cDEyEf38 https://www.dtcc.com/news/2025/december/17/dtcc-and-digital-asset-partner-to-tokenize-dtc-custodied-us-treasury-securities https://www.coingecko.com/en/coins/canton 57:06 JPMorgan launched their first ever tokenized money market fund - Ethereum https://x.com/ethereum/status/2000665928598524014 57:56 Do Kwon was sentenced to 15 years in prison  https://x.com/zoomerfied/status/1999237162361888869 59:43 New York Times put out another anti-crypto piece  https://x.com/intangiblecoins/status/2000334663479447557 https://x.com/EricBalchunas/status/2000573428093341865 1:01:23 Netflix announced new Bitcoin comedy  https://x.com/BitcoinArchive/status/1999491003451867515 1:03:02 Closing & Disclaimers  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Trading is no longer just a financial activity; it has become a spectator sport. In this episode, Threadguy explains how Gen Z?s internet-native fluency, built through sneaker markets, NFTs, and meme cycles, translates into a new kind of market intuition: attention, momentum, and mimetics. We delve into ?Entertainment Finance,? where perps, prediction markets, and live trading are starting to resemble streaming and esports more closely than Wall Street. Along the way, we explore why ?internet capital markets? may pull everything on-chain over time, what happens when every asset becomes content, and why creators and traders will keep pushing into the open frontier. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Threadguy: ?Gen Z crypto face? 2:58 Sneaker Twitter: trade-first upbringing 8:03 Onboarding via social proof 13:08 Two Gen Z money paths 16:53 Crypto as opportunity engine 20:38 Why he won?t leave crypto 23:35 Media growth and infinite TAM 29:31 Entertainment finance: markets as content 37:28 Risk takers become ?athletes? 42:27 PVP arcs and downfall appetite 44:25 Trading mimetics: valuation doesn?t matter 49:53 One internet note, spills to equities 55:15 Counterparty: home for internet markets 58:40 Token launch replaces IPO 1:02:38 Where to follow + content grind --- RESOURCES Threadguy https://x.com/notthreadguy Threadguy?s Twitch https://www.twitch.tv/threadguy --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

The Fed cut rates and announced $40B/month in T bill purchases. Is that the signal to buy back into crypto? Mike says no. In this episode, we explain why ?QE light? is not real easing, the key indicators Mike needs before flipping risk on, and what Bitcoin?s onchain market structure suggests about where this cycle could go next. ---- ?THE DEFI REPORT | FOLLOW & SUBSCRIBE https://thedefireport.transistor.fm/ https://thedefireport.io/ https://x.com/the_defi_report https://x.com/JustDeauIt ---- TIMESTAMPS 0:00 Introduction to the DeFi Report 2:28 Current Market Positioning 9:25 Federal Reserve's Actions Explained 13:13 Economic Conditions & Predictions 18:35 Big Picture of Economic Strategy 23:17 Analyzing Bitcoin's Market Structure 29:57 Closing & Future Outlook ---- Not financial or tax advice. For educational purposes only.

Bitwise?s Matt Hougan and Ryan Rasmussen return with 10 big predictions for 2026. From the case for $1M BTC (and why the classic four-year cycle may be dead) to a world where ETFs soak up more than 100% of new BTC/ETH/SOL supply. We get into Bitcoin volatility vs. mega-cap tech, crypto equities vs. tech equities, and why Polymarket could smash past its 2024 election-era highs. Plus: stablecoins as an ?escape valve? that emerging economies may blame for currency stress, on-chain also known as ?ETFs 2.0,? and how the Clarity Act could be the starter?s gun for ETH and SOL to run. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ?UNISWAP | CONTINUOUS CLEARING AUCTIONS https://bankless.cc/uniswap-cca ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Last Year Predictions 13:12 1. Bitcoin Breaks 4-Year Cycle 16:19 2. BTC Less Volatile Than NVDA 22:09 3. ETFs Purchasing New Supply of Crypto 30:02 4. Crypto Equities Outperforming Equities 37:23 5. Prediction Markets All-Time Highs 42:50 6. Stablecons Destabilizing Currencies 48:16 7. Onchain Vaults Doubling in AUM 52:56 8. Clarity Act Triggering ETH & Sol All-Time Highs 56:40 9. Ivy League Endowments Investing in Crypto 58:49 10. 100+ Crypto ETPs Launching 1:01:14 Bitwise Announcement 1:04:08 Bonus. Bitcoin Equity Correlation Falling 1:07:29 Progress in 2025 1:10:48 Cross-Generational Wealth Transfer? 1:13:02 Closing Thoughts & Disclaimers ------ RESOURCES Matt Hougan https://x.com/Matt_Hougan  Ryan Rasmussen https://x.com/RasterlyRock  Bitwise https://bitwiseinvestments.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

AI is becoming the most powerful surveillance machine ever built and most people are feeding it their deepest secrets without realizing who can read them. Proton founder Andy Yen joins Bankless to explain how Big Tech captures your identity, why AI chat logs are a privacy disaster waiting to happen, and what a self-sovereign, user-aligned future could look like. We explore how AI models profile you, why subscription business models don?t guarantee privacy, how Proton built Lumo without retaining user data, and why encrypted email remains the cornerstone of your digital identity. Andy also breaks down EU ?chat control,? Apple?s privacy-washing, the crisis of trust in crypto, and the practical steps anyone can take today to reclaim their digital freedom. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ?UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Intro 2:18 Why Privacy Matters More Than Ever 3:24 How Screwed Are We? Andy?s 1?10 Privacy Score 5:43 Who Can Read Your AI Chats? 12:22 Worst-Case Scenarios: AI Breaches & Behavioral Profiles 15:08 AI Knows You Better Than You Know Yourself 16:55 Privacy as a Digital Civil Liberty 20:26 Can Big Tech Ever Offer Real Privacy? 26:28 Why Lumo AI Can Be Private (and Big Tech Won?t Copy It) 31:08 What Lumo Runs On & How It Competes With Frontier Models 35:45 The Case for a Self-Sovereign AI 38:46 How Proton?s Foundation Model Really Works 45:47 Can Private AI Be Sustainable? 49:47 The Full Proton Privacy Stack 54:59 The Messy State of Encrypted Chat Apps 58:49 Browsers, Search, and the Dark Patterns of AI Integration 1:02:53 Are iPhones Actually Private? 1:12:42 The Fight Over Encryption: EU Chat Control & Beyond 1:26:08 ?A Backdoor for the Good Guys? ? Why It Can?t Work 1:29:42 Financial Privacy = Freedom 1:32:58 Crypto?s Reputation Problem 1:39:24 Practical Privacy: The One High-Leverage Step 1:45:15 Two Futures: One Dark, One Bright --- RESOURCES Andy Yen https://x.com/andyyen --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

The final Fed meeting of 2025 delivered a surprise rate cut, but the real story is how the market is reacting. In this week?s Weekly Rollup, Ryan and David unpack what the new policy shift means for crypto liquidity, why regulators across the SEC, CFTC, and OCC are suddenly embracing onchain markets, and how Tom Lee?s massive ETH accumulation is reshaping sentiment. We also get into Ethereum?s growing momentum from ZK advancements and blob upgrades, the ZKsync Atlas rollout, Base?s bridge drama with Solana, and Farcaster?s pivot away from social. Plus, the rise of tokenization, new prediction market rails, and whether this week marks the first real cycle turn for Ethereum. ------ ?REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya    ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 5:01 Markets https://x.com/EricBalchunas/status/1998424357232922883 https://www.theblock.co/post/381737/bitmine-13-2-billion-holdings-eth-treasury-expands-november-slowdown https://x.com/RyanWatkins_/status/1998529576331522334 https://x.com/MikeIppolito_/status/1998495400869900626 https://www.cnbc.com/2025/12/10/fed-interest-rate-decision-december-2025-.html https://x.com/jameslavish/status/1998835306800505140 https://x.com/KobeissiLetter/status/1998407015756964343 https://x.com/JustDeauIt/status/1998905919577452765 24:52 Farcaster is pivoting to a wallet https://farcaster.xyz/dwr/0xd29fe760 https://x.com/DefiIgnas/status/1997915182073626802 https://x.com/eth_call/status/1998406182092906534 http://x.com/nic_carter/status/1998813611997745386 https://x.com/TrustlessState/status/1999134280757235767 37:11 ZK ? early stage of unleashing Ethereum?s vision https://x.com/zksync/status/1996678308214264145 https://x.com/zksync/status/1996678311997853752 https://x.com/StaniKulechov/status/1996990055043223659 https://x.com/zksync/status/1998405700637356056 https://x.com/Celo/status/1998780366988128562 47:06 Did Base launch a vampire attack on Solana?s liquidity? https://x.com/jessepollak/status/1996750308933091359 https://x.com/vibhu/status/1996698682545107247 https://x.com/0xyoussea/status/1997763313909092415 https://x.com/solana/status/1999035191323759024 52:30 Ethereum's first Blob Parameter Only (BPO) fork is now live on the network https://x.com/i/status/1998936032314523977 https://dune.com/hildobby/blobs 56:17 Regulators are doing a complete 180 https://x.com/OndoFinance/status/1998015670278148283 https://x.com/coinbureau/status/1997128653650657338 https://www.coindesk.com/policy/2025/12/08/cftc-launches-digital-assets-pilot-allowing-bitcoin-ether-usdc-as-collateral https://x.com/joechalom/status/1998421401049710686 https://x.com/WatcherGuru/status/1998379541132402987 https://www.fdic.gov/news/inactive-financial-institution-letters/2023/fil23001.html https://x.com/USComptroller/status/1998793576663187561 https://www.whitehouse.gov/presidential-actions/2025/08/guaranteeing-fair-banking-for-all-americans/ https://occ.gov/news-issuances/news-releases/2025/nr-occ-2025-123a.pdf https://www.bankless.com/read/news/occ-calls-out-americas-largest-banks-for-politicized-and-unlawful-debanking-behaviors https://www.theblock.co/post/381815/sen-moreno-calls-crypto-bill-talks-decently-frustrating-as-senate-races-toward-year-end-goal-posts  1:05:03 The New York Times put out an anti-stablecoin explainer piece https://x.com/0xDeployer/status/1997754736158900440 https://x.com/nic_carter/status/1997866686439928004 1:06:50 Gemini can now offer prediction markets in the US - Stock Surges Nearly 14% https://x.com/gemini/status/1998880024401973615 https://x.com/gondorfi/status/1998754620416344483 https://gondor.fi/ 1:07:49 Meme of the Week https://x.com/Bankless/status/1998064876892442788 1:09:36 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

ICOs are suddenly back, but this time the projects are real, the mechanisms are better, and retail isn?t shut out. Ryan and David break down why MegaEth, Monad, Aztec, Zama, and Infinex are launching public sales all at once, how onchain auctions are fixing 2017?s mistakes, and what regulatory clarity means for U.S. participation. They also dive into the rise of internet native capital markets on Ethereum, the shift away from airdrop farming, and why fair price discovery could be a defining theme of 2026. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:13 Are ICOs Back? 2:54 The Rise of Capital Formation 5:04 Learning from 2017 ICO Mania 7:19 Regulatory Challenges & Arbitrage 10:56 Recent ICOs Overview 17:01 Exploring the MegaEth Sale 26:21 Monad's Unique Approach 30:40 The Innovative Aztec ICO 45:19 Upcoming Auctions: Zama & Infinex 1:04:41 The Future of Capital Formation 1:07:46 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

What was really happening inside the SEC during the Gensler years? Today, we sat down with Corey Frayer, former senior crypto policy advisor to SEC Chair Gary Gensler and now Director of Investor Protection at the Consumer Federation of America. We dig into how the agency thought about securities law, DeFi, Uniswap, stablecoins, SAB 121, and why platforms like Coinbase and Kraken ended up in the crosshairs. Corey defends the Gensler playbook while responding to the industry?s harshest criticisms, from ?regulation by enforcement? to claims of a political war on crypto.  Corey Frayer: https://www.linkedin.com/in/corey-frayer-990a6b2  ------ ? DEBRIEF | RYAN & DAVID UNPACKING THE EPISODE https://www.bankless.com/podcast/debrief-inside-gary-genslers-sec  ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ?UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 4:58 Crypto Industry Misconceptions 7:59 Corey?s Role & Background 14:20 How it All Started 24:16 No Path to Register? 31:26 Technology vs Economic Activity 38:22 Protecting Investors 41:07 DeFi Regulation 44:53 Uniswap?s Wells Notice 57:00 Fake DeFi vs True DeFi 1:03:41 Google Analogy 1:08:35 The Howey Test 1:16:53 SEC: Good or Evil? 1:26:52 GENIUS Bill 1:29:10 SAB 121 1:33:01 Crypto & SEC Political Impact 1:36:02 Paul Atkin?s SEC 1:38:15 What Would Corey Change? 1:41:23 Gary?s Text Messages 1:43:10 Is ETH a Security? 1:44:39 Gary Gensler?s Radio Silence 1:47:37 Gary?s Twitter April Fools PFP 1:50:44 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

At our Bankless Summit in Buenos Aires, four standout talks captured the frontier of crypto?s next chapter. Lincoln Murr lays out why x402 is emerging as the missing payment layer for the agentic internet. Shay Ketsdever explains how bots already run modern markets, and how programmable auctions and privacy can turn the bot economy into something that benefits people instead of exploits them. Michael Dong shows how real-time ZK proving unlocks a hundred-fold expansion of Ethereum?s computational power. And Luca Prosperi reframes money as a network, warning that today?s stablecoin architecture is a single point of failure and arguing for a more resilient, distributed monetary system. ------ ?BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP LABS | SWAP NOW https://bankless.cc/uniswap-labs ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:26 x402 & The Agentic Internet | Lincoln Murr 22:58 The Bot Economy: When AI & MEV Collide | Shea Ketsdever 47:16 1000x the L1: The Path To Infinite Compute | Michael Dong 1:09:25 A Network Theory of Money | Luca Prosperi ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Bitcoin hit a rare signal this week, dropping to its cheapest level relative to gold in nearly 15 years. Is that a buy signal or something deeper in the macro picture? Ryan and David break down what the BTC?gold anomaly really means, how liquidity, rates, and Trump?s surprise Fed Chair pick factor in, and whether the market is entering a shallow cycle instead of a true winter. We also cover Ethereum?s Fusaka upgrade, Vitalik?s push to bring builders back to L1, Polymarket?s mainstream breakout and CNN?Kalshi deal, and Aztec?s 16K ETH privacy auction. Plus, the SEC?s coming innovation exemption and the growing alliance between Larry Fink and Brian Armstrong. ------ ?REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya    ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:09 Spotify Wrapped  https://x.com/AviiWeb3/status/1996326825736487062 https://x.com/RyanSAdams/status/1996331131164373441 7:17 Markets https://x.com/stacy_muur/status/1995761132527911338 https://www.coindesk.com/markets/2025/11/29/why-gold-is-winning-over-bitcoin-in-2025-liquidity-trade-and-trust https://x.com/simonkim_nft/status/1993744596908802121 https://x.com/RyanSAdams/status/1996543833753174365 https://www.reuters.com/world/us/trump-says-new-federal-reserve-chair-be-announced-early-next-year-2025-12-02/ https://polymarket.com/event/who-will-trump-nominate-as-fed-chair https://thedefireport.io/research/macro-risks-are-mispriced#rate-cuts https://www.strategy.com/press/strategy-announces-establishment-of-1-44-billion-usd-reserve-and-updates-fy-2025-guidance_12-1-2025 https://www.tradingview.com/chart/52u4tG3f/ https://x.com/BlackRock/status/1995537254022869438 https://x.com/WatcherGuru/status/1996264980241617007 https://x.com/brian_armstrong/status/1996275431625159096 https://www.coindesk.com/business/2025/12/02/bank-of-america-greenlights-wealth-advisors-to-recommend-up-to-4-bitcoin-allocation https://x.com/WatcherGuru/status/1996270024663957881 30:20 Polymarket Live in the U.S. on 60 mins & Kalshi CNN https://x.com/Polymarket/status/1996231420117688701 https://apps.apple.com/us/iphone/charts/6004 https://polymarket.com/event/will-polymarket-us-go-live-in-2025 https://app.artemisanalytics.com/asset/polymarket https://www.forbes.com/profile/shayne-coplan https://youtu.be/ZA5bY4K9XPs https://x.com/60Minutes/status/1995293602612691238 https://x.com/WhaleInsider/status/1995886355713589307 https://x.com/WALLACHLEGAL/status/1994039650877628546 https://x.com/Kalshi/status/1996233186251075862 40:27 Ethereum Fusaka is live! https://x.com/sassal0x/status/1996336227474423991 https://x.com/VitalikButerin/status/1996342458234605895 https://x.com/sassal0x/status/1996442356464361817 https://etherscan.io/gastracker https://x.com/VitalikButerin/status/1995209899182375024 https://ultrasound.money https://x.com/haydenzadams/status/1995349830265159782 https://x.com/nero_eth/status/1995480367050920265 https://x.com/nero_eth/status/1995487640309944639 50:05 Tether Fud https://x.com/CryptoHayes/status/1994915256150495652 https://x.com/JosephA140/status/1994943733054542124 https://x.com/MonetSupply/status/1995187007803285936 53:21 The AZTEC token sale just crossed 15.9k ETH committed https://x.com/aztecnetwork/status/1996054062450786392 https://x.com/haydenzadams/status/1996088299354497325 https://x.com/BillHughesDC/status/1995851990082224151 55:28 SEC announced Innovation Exemption https://x.com/BitcoinMagazine/status/1995839722854514838 https://x.com/DeItaone/status/1995849795219378590 56:22 Uniswap & Revolut https://x.com/Uniswap/status/1995873897334669428 56:45 Bullish UK Crypto? https://www.legislation.gov.uk/ukpga/2025/29/pdfs/ukpga_20250029_en.pdf https://www.theblock.co/post/381181/uk-new-law-crypto-property 55:25 Meme of the Week https://x.com/jonwu_/status/1995483574238347289 58:58 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

This episode showcases four of the most important talks from our Bankless Summit event in Buenos Aires for Devconnect, each capturing how Ethereum is evolving as it enters the real world. Tomasz K. Sta?czak reveals the EF?s new priorities around developer acceleration, founder support, institutional engagement, and unifying the L2 ecosystem. Ansgar Dietrichs explains why Ethereum is shifting from long-term exploration to near-term execution, detailing the plan to 3x L1 scale annually and accelerate real-time ZKVM progress. Dankrad Feist makes the case for a DeFi-centric L1 where Ethereum becomes the global liquidity layer for RWAs and high-value settlement. And Danny Ryan closes with a raw, personal account of building proof of stake, surviving an SEC scare, and why he still believes Ethereum can meaningfully reshape global finance. These talks matter because they chart the clearest picture yet of where Ethereum is heading, what the next decade requires, and how its core builders are steering it there. ------ ?BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:19 Tomasz K. Sta?czak Ethereum's Next 5 Years 28:00 Ansgar Dietrichs Scaling Ethereum 2026: Why & How? 53:22 Dankrad Feist | Ethereum's DeFi Centric Strategy 1:10:22 Danny Ryan | The Last 8 Years: Ethereum, Burnout, & Coming Back ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Michael Nadeau called the top before the 10/10 crash. In this episode, he sits down with Ryan to explain why. They break down the onchain data that flipped him risk off, Bitcoin?s decisive break below the 50-week moving average, and why global liquidity and rate cuts may not rescue this cycle. Michael shares the price zones where Bitcoin becomes compelling again, how long-term holder behavior maps to past tops, and the framework he?s using to build a high conviction watch list for the next bull. Michael Nadeau https://x.com/JustDeauIt ------ ?REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya  ?? THE DEFI REPORT | SIGN-UP & SUBSCRIBE (CODE: TDRPRO30) https://thedefireport.io/sign-up https://buy.stripe.com/dRm3cv84e6FYfFzbVgebu01 ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:48 Market Downturn Analysis 5:22 Risk-Off Position Insights 8:25 Market Structure Breakdown 9:49 October Call Reflection 11:27 November Confirmation 13:48 Market Psychology Overview 24:43 Cycling Through Market Phases 28:55 Wealth Destruction Zone 34:11 Markets KPIs 38:47 Long-Term Holder Dynamics 44:02 Cycle End Analysis 49:07 Global Liquidity Conditions 52:15 Trading Strategies Discussion 56:13 Price Points & Metrics 1:04:47 Watch List Strategy 1:07:38 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

If crypto wins without privacy, did we actually win? In this episode, Ryan sits down with Aztec co-founders Zac Williamson and Joe Andrews to unpack their eight-year quest to build a private world computer for Ethereum, covering the Aztec ignition chain, zero-knowledge-powered ?private intents,? and how you can route trades across L1 and L2s without exposing your strategies or balances. They dive into ZK Passport (turning your NFC e-passport into a proof of personhood), the coming breakdown of selfie KYC in an AI world, holistic on-chain identity, Aztec?s one-shot move to a fully decentralized L2. Along the way, Zac and Joe get candid about the regulatory risk of building privacy rails, echoes of the early SSL wars, and what keeps them grinding after nearly a decade of R&D to ship Aztec Alpha --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: ? COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ? FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ? UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ? MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ? EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep --- TIMESTAMPS 0:00 Intro 6:00 The State of Privacy on Ethereum in 2025 9:47 Identity as the Missing Piece of Privacy 11:52 AI Deepfakes Just Broke Web2 KYC 20:19 How ZK Passport Plugs Into Aztec (and the Token Sale) 23:04 Holistic On-Chain Identity: Bottom-Up, Not Top-Down 30:54 From Private Bitcoin to a Private World Computer 36:36 Private Intents: Using Aztec as Ethereum?s Privacy Router 43:15 Compliant DeFi with ZK Identity in the Loop 48:37 Does This Actually Solve Privacy on Ethereum? 50:38 Ignition Chain Launch: Stage-2 Rollup with Decentralized Sequencers 56:19 One-Shot Decentralization, Alpha/Beta, and Security Model 1:05:37 Scaling a Private Rollup: TPS, Fees, and the Aztec Stack 1:11:40 Noir, No VM for Private State, and New DeFi Primitives 1:17:08 Selective Disclosure and ZK Receipts for Regulators 1:21:29 Privacy vs Nation States: The Second Crypto Privacy War 1:29:45 Why Keep Building Privacy After 8 Years? 1:33:37 Token Sale, Fair Auctions, and Running an Aztec Node 1:37:33 Closing Thoughts: The Most Cypherpunk L2 Since 2016? --- RESOURCES Zac Williamson https://x.com/Zac_Aztec Joe Andrews https://x.com/jaosef Aztec https://x.com/aztecnetwork --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ethereum is transparent by design, and that?s a problem if you don?t want your entire financial life on display. Rand Hindi, co-founder of Zama, joins us to explain how fully homomorphic encryption (FHE) can turn Ethereum into an encrypted, confidential blockchain where contracts stay composable and UX feels exactly the same. We get into why blockchains were public in the first place, why ?anonymous addresses? were never enough, how FHE compares to ZK and MPC, and what a world of private DeFi, encrypted stablecoins, and on-chain ?digital immortality? could look like.  ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:24 Why Are Blockchains Public? 9:11 Privacy vs Confidentiality 11:13 Zama: Privacy on Ethereum 15:05 Fully Homomorphic Encryption (FHE) 19:34 Multi-Party Computation (MPC) 23:50 FHE vs ZK 37:25 FHE Critiques 40:08 Nation State Attacks 45:58 Combining ZK & FHE 49:20 Privacy Season 51:39 Compliance 1:00:18 Zama 1:04:03 Confidential Tokens 1:08:12 How it Works 1:11:30 Zama Token & Protocol 1:14:09 Privacy Competitors 1:17:36 Fhenix 1:19:46 Rand?s Background 1:23:07 AI Privacy 1:26:42 Longevity 1:33:01 Crypto & Privacy in 2026 1:33:33 Closing & Disclaimers ------ RESOURCES Rand Hindi https://x.com/randhindi  Zama https://www.zama.org/  Fhenix https://www.fhenix.io/  Unit Ventures https://github.com/randhindi/unit-vc  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Happy Thanksgiving! Ethereum is heading into one of its biggest upgrades of the year. In this week?s Weekly Rollup, Ryan and Anthony Sassano break down the Fusaka hard fork, what it ships for L2 scaling and gas limits, and why Justin Drake?s real-time ZK proving demo could reshape Ethereum sooner than expected. They revisit the four-year cycle debate, unpack Tom Lee?s ?supercycle? conviction, and catch up on Monad?s mainnet launch, the CFTC clearing Polymarket for U.S. users, and growing concern about Bitcoin?s quantum risk. Anthony Sassano & The Daily Gwei  https://x.com/sassal0x https://x.com/thedailygwei  ------ ?REYA | ETHEREUM FOR TRADERS https://bankless.cc/reya  ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS & RESOURCES 0:00 Intro 2:49 Markets https://x.com/SERdotxyz/status/1992978303817490589 https://x.com/fundstrat/status/1990082437116780901 https://x.com/SAMALTCOIN_ETH/status/1993316804303687813 https://ethval.com/ https://x.com/TaikiMaeda2/status/1991911063034757578 https://x.com/hosseeb/status/1992297969383854575 https://x.com/cryptomanran/status/1991823369453351261 https://app2.msci.com/webapp/index_ann/DocGet https://x.com/matthew_sigel/status/1991616596419191285 https://x.com/saylor/status/1991875241107222701 21:40 Ethereum's Fusaka is coming next week!  https://x.com/sassal0x/status/1992755722980032889 https://x.com/ripeth/status/1993405655076778302 https://forkcast.org/upgrade/fusaka https://x.com/sassal0x/status/1993415381978169577 https://x.com/sassal0x/status/1993517759528157580 https://forkcast.org/upgrade/glamsterdam https://x.com/nero_eth/status/1991947238042431859 https://x.com/sassal0x/status/1993097491844415657 https://x.com/drakefjustin/status/1991836045076263380 https://x.com/no89thkey/status/1992561927298359752 https://x.com/sassal0x/status/1993058178096152881 https://x.com/jchaskin22/status/1993355808285831474 https://x.com/ripeth/status/1990793070842163669 https://x.com/Aayush_gupta_ji/status/1991128951347896337 https://x.com/donnoh_eth/status/1991471292655235148 https://x.com/RyanSAdams/status/1993418143977373974 https://x.com/sassal0x/status/1991167063784849550 https://x.com/sassal0x/status/1992335400271257768 51:54 Monad mainnet is live!  https://x.com/monad/status/1992956417263935947 https://youtu.be/op2-a-sO6Y0 https://x.com/RyanSAdams/status/1991896909955604816 https://x.com/coinbase/status/1992544829515898937 https://www.coingecko.com/en/coins/monad 57:00 Polymarkets can now be integrated into brokerages! (First crypto app?) https://x.com/shayne_coplan/status/1993405727785075151 1:00:01 Nic Carter - Quantum and Bitcoin?as early as 2030. https://x.com/RyanSAdams/status/1993727697852432684 https://murmurationstwo.substack.com/p/bitcoin-and-the-quantum-problem-part-47f https://x.com/nic_carter/status/1993754323252031644 https://www.youtube.com/watch?v=5DRDjeMmOPw 1:08:08 Daily Gwei comes back in regular cadence https://x.com/sassal0x/status/1993418606714266072 1:09:23 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Monad just launched Mainnet! That?s why Ryan sits down with Monad co-founder Keone Hon today. We ask the blunt question: do we really need another general-purpose L1? Why not just build this as an Ethereum L2 instead? Keone explains how Monad?s parallel, pipelined EVM works under tight consumer-hardware constraints (32GB RAM, 2TB SSD, 100 Mbps), delivering ~500M gas/sec, 400ms blocks, and fast finality while preserving decentralization. Enjoy the episode! ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Another L1? 1:36 Why L1 vs L2? 2:46 Decentralization 10:19 Run at Home vs Datacenter Chains 12:09 The Purpose of a Blockchain 14:06 The Purpose of Monad 16:00 Why EVM? 28:33 Solana for the EVM? 29:47 Monad vs Ethereum 34:23 Monad Scaling 36:40 Ethereum Roadmap 39:43 How Monad Benefits Ethereum 42:51 Keone?s Background 50:49 How Fast is Too Fast? 59:12 MEV 1:04:07 Monad Layer2s? 1:05:14 Monad Launch Decentralization 1:06:00 Launch Ecosystem 1:08:22 Monad Token 1:16:55 L1 Token Valuations 1:19:18 Monad vs MegaETH 1:23:59 Monad?s Success Case 1:25:57 Mainnet 1:27:11 Closing & Disclaimers ------ RESOURCES Keone Hon https://x.com/keoneHD Monad https://x.com/monad  Monad Website https://www.monad.xyz/  Monad Links https://linktr.ee/monad_xyz  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Global liquidity veteran Michael Howell joins to map out the ?master variable? driving asset prices: a 65-month global liquidity and debt refinancing cycle that underpins booms, busts, and the recent ?everything bubble.? He breaks down the coming debt maturity wall, rising repo stress, the shift from Fed QE to ?Treasury QE,? and a new capital war between a US dollar stablecoin system and China?s gold-backed strategy. Plus, what all of this means for Bitcoin, gold, equities, and how to position as the current cycle rolls over.  ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Intro 0:45 Global Liquidity: Theory of Everything? 14:49 Will it Go Up Forever? 24:50 Where Are We in The Cycle? 34:23 Asset Allocation 47:14 Can The Monetary Regime Break? 58:55 China Gold vs US Tech 1:04:29 Crypto & Gold 1:08:03 4-Year Cycles 1:12:40 AI Bubble 1:15:14 Global Liquidity Limitations 1:18:39 Next 3-6 Months 1:20:24 Assets to Hold 1:21:25 Closing & Disclaimers ------ RESOURCES CrossBorder Capital https://x.com/crossbordercap  CrossBorder Capital Website https://crossbordercapital.com      Capital Wars Substack https://capitalwars.substack.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

We analyze the crypto market's turbulence as Bitcoin falls below $90k, signaling potential bear market conditions. Also, it?s DevConnect! We discuss investor sentiment, and examine key updates like Vitalik Buterin's roadmap for Ethereum and Aave's new app. Tune in for essential market updates! ------ ? BLACK FRIDAY | BANKLESS PREMIUM https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow ?FRAXNET | MINT, REDEEM, & EARN https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital ------ TIMESTAMPS 0:00 Intro 5:09 Markets https://www.reuters.com/world/china/global-markets-trading-day-graphic-2025-11-13/ https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html https://polymarket.com/event/fed-decision-in-december https://economictimes.indiatimes.com/tech/technology/peter-thiel-sells-entire-nvidia-stake-amid-ai-bubble-fears/articleshow/125379608.cms https://x.com/amitisinvesting/status/1991263435493974047?s=20 https://coinmarketcap.com/charts/fear-and-greed-index/ https://x.com/intocryptoverse/status/1989965484150628639?s=20 https://x.com/tomcrown/status/1990179433282683287?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://x.com/BitcoinArchive/status/1989337109878964499?s=20 https://cryptohayes.substack.com/p/snow-forecast https://thedefireport.io/research/btc-market-structure-is-broken#broken-momentum https://x.com/nic__carter/status/1989713072970178899?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g 25:37 Devconnect https://x.com/RyanSAdams/status/1991172751302832498?s=20 https://x.com/adietrichs/status/1991203626358899081?s=20 https://x.com/kocikowski/status/1991202772289745101?s=20 https://x.com/wildbambii/status/1991144720605532336?s=20 https://x.com/richardchen39/status/1990941231937896513?s=20 https://x.com/TrustlessState/status/1990741519301570859?s=20 42:21 Aave App Launch https://x.com/aave/status/1990421343175672159?s=20 https://x.com/alpha_pls/status/1990453904899706971?s=20 https://x.com/0xMari0/status/1990829156712530307?s=20 46:04 Aztec's Decentralized L2 https://x.com/aztecnetwork/status/1991214517594759652?s=20 https://x.com/lisacuesta/status/1991233718271332597?s=20 48:50 Coinbase's New Features https://www.theblock.co/post/379516/coinbase-app-code-include-early-prediction-market-stock-trading-modules https://x.com/RyanSAdams/status/1990453391252935157 59:35 Bitcoin Purchases by Harvard https://www.theblock.co/post/378967/harvard-triples-down-on-bitcoin-bet-with-spot-etf-buys-from-worlds-largest-academic-endowment 1:01:21 El Salvador's Bold Bitcoin Moves https://www.theblock.co/post/378967/harvard-triples-down-on-bitcoin-bet-with-spot-etf-buys-from-worlds-largest-academic-endowment 1:02:26 BlackRock's Ethereum Trust https://x.com/EricBalchunas/status/1991257411483537813?s=20 1:03:24 Institutional Interest in ETH https://x.com/RyanSAdams/status/1990460127510695940?s=20 1:05:09 Closing ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

America isn?t just leading the AI race; it?s increasingly built on it. Investor?author Ruchir Sharma joins Bankless to unpack why U.S. growth, stock gains, and even debt complacency are now tethered to a single story, and what a sensible hedge looks like. We trace how U.S. dominance happened, what could puncture the current euphoria, and where the real diversification lives: quality stocks that have lagged, broad ex-US exposure with currency tailwinds, and selective bets in India, China, and reform winners like Greece and Poland. We also tackle the ?gold + stocks up together? puzzle, why that correlation can bite in a tightening cycle, and Ruchir?s ?two cheers? case for Bitcoin as a portfolio asset whose utility still has room to grow. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 The Contrarian Take: American Exceptionalism Peaks 4:06 Theme of the 2020s 6:42 ?America Is One Big Bet on AI? 13:07 The Counterfactual 19:01 Is This an AI Bubble? 22:59 The Catalyst That Pops Bubbles 29:05 How U.S. Dominance Happened 34:41 Moral Hazard & Household Risk 37:24 Green Shoots Abroad 39:37 Practical Rebalance for U.S.-Heavy Investors 50:17 How to Start Outside the U.S. 1:00:58 Gold & Stocks: Partying Together 1:05:47 Real Hedges Now 1:09:39 Bitcoin: Two Cheers 1:13:08 Closing Thoughts --- RESOURCES Ruchir Sharma https://ruchirsharma.com Ruchir?s FT Articles https://www.ft.com/ruchir-sharma --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Bryan Johnson lays out ?Don?t Die,? a moral framework that puts existence first and turns longevity into a shared fight against entropy. We pressure-test the hard stuff: selfishness, inequality, stagnation, and the so-called two-species future. Bryan argues these are solvable with smart societal engineering if ?don?t die? is for everyone. He breaks down Blueprint as a practical on-ramp with evidence-based health, behavior, and social habits. We finish on crypto, from his Braintree days with Coinbase to how web3 could power a broad ?don?t die? commons. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Don?t Die 8:18 Beating Entropy 18:35 Existence as The Highest Virtue 21:01 Isn?t Don?t Die Selfish? 27:12 AI Alignment 31:36 Collective Don?t Die 33:34 Don?t Die & AI 37:36 Longevity Escape Velocity 40:57 The Two-Species Future 47:07 A Path Without Creative Destruction? 52:40 Bryan?s 500-Year Lifespan 59:19 Blueprint 1:04:52 Crypto 1:06:23 Closing Thoughts ------ RESOURCES Bryan johnson https://x.com/bryan_johnson  Bryan Johnson Links https://bryanjohnson.komi.io/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Market uncertainty? On this week?s Weekly Rollup, Ryan and guest co-host Tom Schmidt dig into a jittery crypto market, Trump?s new economic ideas aimed at boosting sentiment, and whether the four-year cycle prophecy is finally catching up with Bitcoin. They also cover Coinbase bringing ICOs back to U.S. retail, Uniswap?s long-awaited fee switch moment, and JPMorgan launching a deposit token on Base. Plus: Zcash?s 4,000 percent surge, Ethereum?s renewed privacy push, Binance tightening rules on shielded coins, and a privacy-wallet developer receiving a five-year prison sentence. ------ ?BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/devconnet-2025 https://bankless.cc/m0 ------ BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:05 Markets https://x.com/KobeissiLetter/status/1988811150402916672 https://x.com/intocryptoverse/status/1987681686218228125 https://x.com/QwQiao/status/1988769174005698675 https://x.com/bonchieredstate/status/1987276536584818914 https://x.com/RepThomasMassie/status/1987537420263338275 https://x.com/ts_hodl/status/1987279165041545634 https://x.com/kianejatian/status/1987373998087270424 https://x.com/pro__trading/status/1987343377718038585 https://x.com/biancoresearch/status/1988035796490694949 https://edition.cnn.com/2025/11/11/business/trump-dividend-payment-tariff-stimulus https://polymarket.com/event/will-trump-create-a-tariff-dividend-in-2025 20:08 Privacy season in crypto?  https://x.com/damskotrades/status/1986772019854160184 https://www.coingecko.com/en/coins/zcash https://x.com/CryptoHayes/status/1973733637582708971 https://x.com/AvgJoesCrypto/status/1986822768667525347 https://x.com/hasufl/status/1985288958603927788 https://x.com/VitalikButerin/status/1988035181127626810 https://x.com/MisterMonero/status/1986520956333170844 https://x.com/tyler/status/1988609730646778061 https://www.coindesk.com/policy/2025/11/06/samourai-wallet-developer-sentenced-to-5-years-in-prison-for-unlicensed-money-transmitting https://storage.courtlistener.com/recap/gov.uscourts.nysd.615997/gov.uscourts.nysd.615997.154.1_1.pdf https://x.com/RyanSAdams/status/1986845985088168271 35:00 Uniswap turning on the fee switch! https://x.com/haydenzadams/status/1987990314997739625 https://x.com/PaulFrambot/status/1988075691359748317 https://x.com/RyanSAdams/status/1988266505096536085 https://imgur.com/a/OuSZTXk https://imgur.com/a/AxKHIMi https://dune.com/kunallegendd/uniswap-revenue-estimates https://x.com/EffortCapital/status/1988263477593440611 https://x.com/DefiIgnas/status/1988245763957125539 https://x.com/DefiIgnas/status/1988188661578449219 https://x.com/lemiscate/status/1988204573400723544 https://x.com/jchervinsky/status/1988333836611011037 https://x.com/milesjennings/status/1988628499087736998 https://x.com/haydenzadams/status/1988846923080421878 https://x.com/haydenzadams/status/1988044454939279379 49:59 Coinbase is launching an ICO platform & Monad ICO https://x.com/coinbase/status/1987883986924843073 https://x.com/BillHughesDC/status/1987969709711458584 https://x.com/brian_armstrong/status/1987884634789556488 https://x.com/monad/status/1987884528724017167 https://x.com/confugen/status/1987886741689454708 https://x.com/onchainmo/status/1987889262893945022 https://x.com/marggaarin/status/1987884981683642725 https://x.com/0xkydo/status/1988111486418661546 55:23 Bank Adoption https://x.com/WhaleInsider/status/1988468697980129350 https://x.com/sytaylor/status/1988543985049116942 https://x.com/WatcherGuru/status/1988246045222912207  https://x.com/RyanSAdams/status/1987882958234218601 1:01:44 Crypto Geopolitics  https://x.com/RyanSAdams/status/1988341005431828918 https://www.bloomberg.com/news/articles/2025-11-11/china-accuses-us-of-orchestrating-13-billion-bitcoin-hack?srnd=homepage-americas https://x.com/RyanSAdams/status/1988627943107490112 1:07:35 Closing & Disclaimers  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ethereum hasn?t reached full speed yet. Now it might. Justin Drake of the Ethereum Foundation outlines Lean Ethereum, a plan to optimise the stack so validators stop executing and start verifying. With zk proofs in under 12 seconds and on-prem provers around 10 kW, the base layer can reach gigagas capacity and roughly 10,000 TPS while getting more decentralized. Add Fossil, seconds-level finality, and post-quantum signatures, and the changes stick. We unpack the EthProofs race, the four-phase path to mandatory proofs, the three-times-a-year gas target in EIP-7938, and why native rollups could remove gas ceilings for L2s. If you?re wondering whether Ethereum can scale without turning into a data center chain, this is the roadmap. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 Intro: What is Lean Ethereum? 3:32 Beast Mode? Gas & Blocks 5:39 GigaGas, TeraGas, Gap to Target 9:32 Why Scale L1: Decentralization Tradeoffs 20:22 Provability, Power, Real-Time, Decentralization 24:43 L1 Security: Money, Key Uses 28:59 Lean Ethereum: SNARKs, Beast, Fort 36:32 SNARKs & zkVMs: What, Why 48:50 Execute?Verify: Validators & Lean Client 56:08 Builders, Provers, PBS, Fossil 1:08:49 Devconnect Demo, EthProofs, Roadmap Phases 1:31:06 Rollout, Gas Limits, Slots, Hardware 1:44:33 Home Provers: Power, Costs, Incentives/Penalties 1:54:38 Data Availability, Lean Consensus, Upgrades 2:04:22 Talent, Competition, Community, Closing --- RESOURCES Justin Drake https://x.com/drakefjustin Lean Ethereum https://blog.ethereum.org/2025/07/31/lean-ethereum --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

BlackRock?s Head of Crypto Robbie Mitchnick joins Ryan to unpack how institutions are actually allocating (and why correlation to ?digital gold? matters), what the ETF data says about demand for BTC and ETH, and why the October leverage flush didn?t dent long-term adoption. We dig into BlackRock?s tokenization roadmap, from the BUIDL-style tokenized money market funds and the Genius Act angle to the stablecoin flywheel, plus what?s still missing: secondary liquidity and pragmatic regulatory clarity. Robbie lays out a realistic 24?36 month path, a 2026 ?show-me? phase for real utility, and candid advice for allocators on sizing and asset selection. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Is It Over? 11:54 Institutional Response to Liquidations 13:57 Bitcoin vs Gold 16:36 Bitcoin?s IPO Moment? 19:29 Next Catalyst 24:23 Institutional Growth 26:41 Central Bank Adoption 28:25 BlackRock ETFs 30:21 Ethereum ETFs 32:38 Tokenization Roadmap 35:33 GENIUS-Aligned Money Market Fund 38:08 Progress in Tokenization 43:04 Regulatory Clarity 46:30 Bull Case for Tokenization 48:08 Is Wall Street Convinced? 49:59 Bear Case for Tokenization 52:01 Restructuring Banks 54:16 How Many Stablecoins? 55:10 1-Year Goals 57:37 Advice to Institutional Investors 59:47 Closing & Disclaimers ------ RESOURCES Robbie Mitchnick https://x.com/robbiemitchnick  Blackrock Digital Assets https://www.blackrock.com/us/financial-professionals/investments/products/bitcoin-investing  ?Bitcoin?s Silent IPO? https://finance.yahoo.com/news/bitcoins-silent-ipo-analyst-addresses-144047837.html  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?

Is the crypto bull market really over, or just pausing while AI takes the spotlight? On this week?s Weekly Rollup, Ryan and guest co-host Haseeb break down Bitcoin?s 10/10 crash, hidden leverage, and the ?Bitcoin silent IPO? thesis. They also cover the $128M Balancer hack, DeFi?s decentralization debate, L2 vanity metrics, Brian Armstrong?s prediction market stunt, and why Peter Thiel says Bitcoin?s becoming a BlackRock coin. ------ ?UNISWAP UNO DECK GIVEAWAY | COMPLETE THE SURVEY TO ENTER https://www.bankless.com/survey ------ BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 2:14 Markets https://x.com/intocryptoverse/status/1985771197460558099 https://x.com/ColinTCrypto/status/1985781111713390894 https://www.cnbc.com/2025/11/03/stock-market-today-live-updates.html https://edition.cnn.com/2025/11/05/business/nvidia-palantir-michael-burry-stock https://www.nbcnews.com/politics/politics-news/35-days-government-shutdown-record-longest-history-election-day-rcna241576 https://polymarket.com/event/when-will-the-government-shutdown-end-545?tid=1762452064029 https://x.com/KobeissiLetter/status/1985791658689024101 https://visserlabs.substack.com/p/bitcoins-silent-ipo-why-this-consolidation https://x.com/StreamDefi/status/1985556360507822093 https://x.com/AzFlin/status/1985496697255170279 https://x.com/deepcryptodive/status/1985693763121889722 https://x.com/deepcryptodive/status/1986047552135835855 https://x.com/DefiIgnas/status/1984947279942611123 https://x.com/seanlippel/status/1984013993111888013 https://x.com/DTAPCAP/status/1985733571097567457 30:46 Balancer hacked for $128M - biggest DeFi hack all year, OG protocol https://x.com/Balancer/status/1985390307245244573 https://x.com/Balancer/status/1986104426667401241 https://x.com/hasufl/status/1985284234064408997 https://x.com/suhailkakar/status/1985331523646615664 https://x.com/peckshieldalert/status/1985281156259201044 https://x.com/berachain/status/1985288599152042101 https://x.com/hosseeb/status/1985394967712510295 https://x.com/RyanSAdams/status/1985707754636345619 44:57 Did Brian Armston manipulate a CFTC regulated market? https://x.com/0xTyrael/status/1984023540111437882 https://x.com/brian_armstrong/status/1984048706220609998 https://x.com/hasufl/status/1984253822898962867 https://x.com/adamscochran/status/1984077017738801420 https://x.com/kylascan/status/1984304278882877849 https://x.com/jdorman81/status/1984284538210779428 https://x.com/VitalikButerin/status/1984254951141593470 https://x.com/probaaron/status/1984039423412203558 https://x.com/hosseeb/status/1986496773737881907 53:22 Ethereum L2s scaling & RWAs https://www.growthepie.com/ethereum-ecosystem/metrics https://x.com/RyanSAdams/status/1986440364014620943 https://stokes.io/blob-scaling-fyi/ https://x.com/tomwanhh/status/1983657507940893158 https://app.rwa.xyz/ 57:24 Is BlackRock bullish or bearish for crypto? https://x.com/WhaleInsider/status/1983924685382295782  https://x.com/0xMert_/status/1985071565042749663 1:05:33 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Payment chains are heating up. Not every ?stablecoin chain? is playing the same game. Codex cofounder and CEO Haonan Li joins David to map the real landscape: what neutrality looks like in practice, why the bottleneck isn?t TPS but fiat-to-stable friction, and how on-chain FX could pull global flows. We dig into the Bear-Chain incentive trap. Why Codex chose to build as an Ethereum L2. The case for app-specific rollups that return value to ETH. And the growing split between projects that bundle value toward Ethereum and those that pull it away. --- ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 Intro 1:10 Codex?s Market Positioning 2:24 How Stablecoin Chains Differ 4:55 Neutrality For Chains And Customers 8:11 Codex?s Focus: Fiat Friction & Wholesale FX 14:16 The Golden Goose: On-Chain Transfers Vs On-Ramps 17:49 Liquidity, Demand, Exotics: The Case For On-Chain FX 24:55 Why An Ethereum L2: Technical & Economic Rationale 32:50 Founding Codex, Contrarian Thesis & Focused L2s 40:23 Community Dynamics, Tempo, Bundlers Vs Unbundlers 1:00:16 Closing Thoughts --- RESOURCES Haonan Li https://x.com/haonan Codex https://www.codex.xyz/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Micropayments were always meant to be part of the internet, but the technology never existed to make them work. Until now. David sits down with Sam Ragsdale, CEO of Merit Systems, to unpack x402, a new protocol reviving the long-dormant ?Payment Required? status code to enable crypto-powered microtransactions across the web. They explore how x402 could transform how machines, AI agents, and humans pay for internet resources, reshape online business models beyond ads, and unlock a new economy of autonomous agents and programmable commerce. ------ ?SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: ?FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet ?UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain ?MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle ?EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ?BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We?re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Intro 0:10 What is x402? 6:19 Internet Micropayments 9:45 x402 Encryption 12:10 x402 Inception 15:20 How x402 Transactions Work 27:02 x402 Experiments 39:46 Paywalls 43:53 A New Internet? 47:12 Call to Builders 49:21 Merit Systems 53:56 Resources 55:36 Closing & Disclaimers ------ RESOURCES Sam Ragsdale https://x.com/samrags_  Merit Systems https://www.merit.systems/  x402scan https://www.x402scan.com/  Coinbase x402 https://www.coinbase.com/en-pt/developer-platform/products/x402  Stratechery - The Agentic Web and Original Sin https://stratechery.com/2025/the-agentic-web-and-original-sin/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures?