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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. Stańczak 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. Stańczak 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

Land isn’t just dirt under buildings—it’s the world’s oldest, strangest asset, worth an estimated $180T, quietly steering credit cycles, politics, and who gets to build the future. Economist editor and Money Talks host Mike Bird joins us to decode the “land trap”: why superstar cities underbuild, how mortgages turned banks into land-collateral machines, and what Japan’s 1980s super-bubble can (and can’t) teach us about China’s managed deflation today. We trace ownership from Babylonian stone ledgers to modern cadastres, ask whether America ever ran a de facto “land standard,” and explore pragmatic exits: build where demand is, deepen capital markets so homes aren’t the only savings vehicle, and tax land value uplift to fund infrastructure. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($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 Why Housing Is Unaffordable 4:20 Demand, Supply & Social Spillovers Of Housing Costs 10:31 Land As Collateral, Money & Banking 16:29 Henry George, Georgism & Early Land Reform Politics 22:22 Monopoly, Georgism’s Decline & Why Reform Faded 29:45 Policy Dilemmas: Homeownership, Infrastructure & Land-Value Capture 32:38 Land’s Scale, Uniqueness & Three Attributes 43:27 Origins Of Property Records & Cadastral Systems 49:45 Dead Capital: Hernando De Soto & Formal Property Rights 54:35 Land-Backed Money Experiments & Early U.S. Land Banks 1:00:32 Japan’s 1980s Land Boom & Aftermath 1:18:19 China’s Land Model, Three Red Lines & Unfinished Adjustment 1:26:43 Summary: Land Traps & Policy Levers 1:35:09 Lightning Round, Takeaways & Outro --- RESOURCES Mike Bird https://x.com/Birdyword Mike Bird’s “The Land Trap” https://www.penguinrandomhouse.com/books/753001/the-land-trap-by-mike-bird/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Luke Gromen makes the case that “debasement” isn’t a trade, it’s the new regime. We unpack why assets look strong in dollars yet stagnate in gold/Bitcoin terms, the global reserves shift back toward gold, how a U.S. gold reprice to $10k–$20k could fund a balance-sheet reset, the risks of “paper gold,” Bitcoin’s potential catch-up (and a possible East=gold, West=BTC split), AI as an accelerant, and a pragmatic portfolio framework for navigating a 100-year reset. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($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 4:15 How Long is The Trade? 11:23 Gold vs Treasury Reserves 19:34 Gold All Time Highs 23:17 Gold Buying Pressure 29:08 Back to The Gold Standard? 37:37 The Transition 43:10 Central Bank Gold Accumulation 49:20 Gold Demonetization 57:00 Types of Gold 1:05:17 Gold vs Bitcoin 1:10:06 The Future of Bitcoin 1:16:19 4-Year Cycles 1:19:02 Tokenized Gold 1:24:19 100 Year Reset Portfolio 1:28:25 Closing & Disclaimers ------ RESOURCES Luke Gromen https://x.com/LukeGromen  "The Debasement Trade" https://x.com/LukeGromen/status/1974184554782220583 FFTT, LLC https://fftt-llc.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Markets got the treat they were waiting for with a Fed rate cut and pause on quantitative tightening, but prices still fell. Why? This week, Ryan and David break down why the markets got spooked, what Powell really said about December cuts, and what it means heading into November. We also cover MegaETH’s oversubscribed ICO, Monad’s airdrop, Polymarket’s confirmed token, and JP Morgan’s $34B Base token estimate. Plus Solana’s new ETF, Western Union’s stablecoin, Circle’s controversial L1 launch, the X402 payment boom, and the latest on Consensys and Securitize IPOs. ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/devconnet-2025  https://bankless.cc/m0  ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($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 5:03 Markets https://www.tradingview.com/chart/1RYLG2gC/ https://www.tradingview.com/chart/1RYLG2gC/ https://x.com/fundstrat/status/198307855327420049 https://x.com/KobeissiLetter/status/1983595486259950049 https://polymarket.com/event/fed-decision-in-december?tid=1761832318180 https://x.com/KobeissiLetter/status/1983613170691535094 https://x.com/KobeissiLetter/status/1983606477479899214 https://x.com/TKL_Adam/status/1983560866436927875 https://x.com/KobeissiLetter/status/1983855569996861631 https://www.coindesk.com/markets/2025/10/28/solana-etfs-could-draw-over-usd3b-if-bitcoin-ether-etf-trends-repeat https://x.com/ETHZilla_ETHZ/status/1982901255782445420 https://www.strategicethreserve.xyz/ 30:32 3 of the most exciting tokens this year & new valuations! It’s token launch season! https://x.com/megaeth/status/1983188518756339906 https://x.com/TrustlessState/status/1982831157491184073 https://x.com/megaeth/status/1982502453515071847 https://x.com/kunalgoel/status/1983304334835077425 https://x.com/0xd1namit/status/1981661321101009388 https://claim.monad.xyz/ https://app.hyperliquid.xyz/trade/MON https://app.hyperliquid.xyz/trade/MEGA https://www.theblock.co/post/376134/coinbases-base-token-could-be-worth-34-billion-jpmorgan-says 44:36 Circle’s Arc EVM L1 goes to public testnet - RSA triggered https://www.arc.network/blog/circle-launches-arc-public-testnet 47:00 x402 gets its first signs of traction - 200,000% growth week over week https://www.x402scan.com/ https://dune.com/programmer/x402 52:27 Trump names Michael Selig to chair CFTC https://x.com/CoinMarketCap/status/1983262571277762907 https://www.youtube.com/watch?v=fPdqwebmJzE https://x.com/davidsacks47/status/1982009725110600145 https://x.com/cdixon/status/1981834098932167131 53:41 Trump Media is about to launch a prediction market https://www.bloomberg.com/news/articles/2025-10-28/trump-media-plans-to-enter-booming-prediction-markets-business https://x.com/WatcherGuru/status/1982976302803234955 56:46 Western Union is building exclusively on Solana  https://x.com/solana/status/1983215174883430839 https://x.com/DegenerateNews/status/1983265904348803569 https://x.com/camillionaire_m/status/1983506060343185571 https://x.com/0xMert_/status/1983517171234861273 https://x.com/calilyliu/status/1983386544271704528 https://x.com/vibhu/status/1983568810360643945 1:03:21 3 themes this cycle: Acquisitions, Banks, IPO https://aave.com/blog/stable-acquire https://x.com/farcaster_xyz/status/1981398124242620852 https://www.wsj.com/finance/regulation/zelle-stablecoin-cryptocurrency-7ef515e7 https://www.coinbase.com/blog/coinbase-and-citi-collaborate-to-build-the-future-of-payments https://x.com/brian_armstrong/status/1982850023718105337 https://www.prnewswire.com/news-releases/securitize-the-leading-tokenization-platform-to-become-a-public-company-at-1-25b-valuation-via-business-combination-with-cantor-equity-partners-ii-302596208.html https://app.rwa.xyz/platforms https://www.theblock.co/post/376845/metamask-parent-consensys-pursues-ipo-jpmorgan-goldman-axios 1:09:55 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Neobanks might be the quiet coordination hack that makes Visa optional. David sits down with Frax’s Sam Kazemian to map the new payment stack: why cards today settle over Visa yet still onboard users into stablecoins, how Frax USD (payments) pairs with sFRAX USD (savings), and why Ethereum remains the “savings/issuance” base while specialized payment chains battle for flows. Sam unpacks Frax’s white-label issuance strategy and RWA plumbing, shares an institutional DD story that highlights reliability over hype, and lays out the metrics that actually matter—card acceptance, bank deposits, chain coverage, and real-world spend. If you’re tracking how stablecoins, neobanks, and RWAs converge into an on-chain economy, this one connects the pipes. --- 📣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 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠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 0:54 What Is a Neobank 2:45 Crypto Neobanks & Frax’s Two-Coin Model 5:28 Strategy: Be the Pipes, Not the Card 14:48 Design: RWAs On-Chain & Compliance Surface 18:16 Cards Today, Native Pay Tomorrow 28:52 The Standards Fight 33:30 Institutional Proof Point & Growth Curve 40:28 Closed-Loop On-Chain Economy 55:36 What to Track Next --- RESOURCES Sam Kazemian https://x.com/samkazemian --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

NBA Star Tristan Thompson and Coinbase CLO Paul Grewal break down why pro athletes are moving into Bitcoin, crypto, and onchain prediction markets. We cover stablecoin rewards after the Genius Act, Coinbase’s fight to preserve consumer yield and staking, the CFTC vs. state path for prediction markets, and Tristan’s new onchain app, basketball.fun. ------ 📣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 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠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 0:54 An Athlete & a Lawyer? 2:47 Athletes Love Crypto 8:19 Bitcoin & Trust 15:16 Stablecoin Yields 18:41 Crypto vs Banks 21:34 Tristan’s Crypto Interests 26:58 Crypto’s UX 35:48 Prediction Markets 43:58 Prediction Market Regulation 48:41 Anti-Crypto Democrats 51:00 Basketball.fun 56:00 Gary Gensler’s Deleted Texts 1:00:25 Closing & Disclaimers ------ RESOURCES Tristan Paul https://x.com/RealTristan13  Paul Grewal https://x.com/iampaulgrewal  Basketball.fun https://www.basketball.fun/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ 

Downtober drags on… but not all is bearish. On this week’s Weekly Rollup, Ryan and David break down why sentiment feels cold despite strong BTC, and the three ways this cycle could play out. Plus, gold is ripping! Can crypto catch up? We also cover Dankrad’s jump to Tempo, Coinbase’s Echo deal, Polymarket’s NHL play, the Fed’s potential FedWire opening, and the AI trading showdown. ------ 📣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 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠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 4:00 Markets https://x.com/QuintenFrancois/status/1980893883161882974 https://x.com/VentureCoinist/status/1979622508732276761 https://x.com/QuintenFrancois/status/1980935843763150926 https://x.com/cryptogucci/status/1981367758278578590 https://x.com/qthomp/status/1981040936890081390 https://x.com/qthomp/status/1981044811894550678 https://x.com/FinFreedom414/status/1980614441315033342 https://x.com/VentureCoinist/status/1979622508732276761 https://x.com/JasonYanowitz/status/1980620067315282091 https://x.com/Barchart/status/1979149096700031112 https://x.com/Barchart/status/1981195191110574116 https://x.com/KobeissiLetter/status/1980994433849135340 https://x.com/KobeissiLetter/status/1980994455328149603 https://x.com/elerianm/status/1976244432317096373 https://www.visualcapitalist.com/central-banks-now-hold-more-gold-than-u-s-treasuries/ https://x.com/charliebilello/status/1979553653393383654 https://x.com/KobeissiLetter/status/1979563634805133590 https://x.com/charliebilello/status/1979542689977667913 https://x.com/BTC_Archive/status/1980614921357283448 25:04 Trump Pardons CZ https://x.com/WSJ/status/1981377689270231336 https://www.wsj.com/finance/currencies/trump-pardons-convicted-binance-founder-7509bd63?mod=hp_lead_pos2 https://x.com/cz_binance/status/1981404850832494666 30:19 Dankrad is moving to Tempo https://x.com/dankrad/status/1979133618254405775 https://x.com/AggrNews/status/1979220336680833433 https://x.com/TrustlessState/status/1979900912903586286 https://x.com/EffortCapital/status/1979158689605882109 https://x.com/ethereumJoseph/status/1980279130638672175 39:04 The Fight for Bitcoin’s Soul - Neutral blockspace or Bitcoin only https://x.com/BitMEXResearch/status/1978545931600511157 https://www.bankless.com/read/bitcoins-nft-schism-is-intensifying https://x.com/VitalikButerin/status/1978643578328137883 https://x.com/RyanSAdams/status/1979188770747408728 48:25 Coinbase bought Cobie’s Echo https://x.com/cobie/status/1980579379244855384 https://x.com/A_Leutenegger/status/1980589269891837972 https://x.com/TheEylon/status/1981405829010956687 https://x.com/CryptoKaleo/status/1980385803630227570 https://x.com/brian_armstrong/status/1981410026746261971 53:41 Polymarket announces they’re the Official Prediction Market for the NHL https://x.com/shayne_coplan/status/1981016949309239616 https://x.com/Kalshi/status/1980976183241240858 https://x.com/TrustlessState/status/1981024439887151337 https://x.com/zoomerfied/status/1981010074093969831 56:57 OpenSea wants to become “trade everything” app https://x.com/dfinzer/status/1979200646763929835 58:45 FED is going to give crypto companies direct access to its Fedwire  https://www.theblock.co/post/375513/waller-signals-feds-shift-toward-embracing-crypto-proposes-skinny-master-account-for-payment-innovators https://x.com/CoinDesk/status/1980728462022529203  https://polymarket.com/event/who-will-trump-nominate-as-fed-chair?tid=1761236821603 https://www.therage.co/us-btc-forfeiture/ https://x.com/francispouliot_/status/1978129578754191580 1:04:04 AI models entered a trading competition https://x.com/jay_azhang/status/1979312946154033227 https://nof1.ai/ https://nof1.ai/leaderboard https://www.youtube.com/watch?v=fijrhqJ88Sc&t=457s 1:06:30 RSA excited about AI - give your AI a wallet to spend with x402 https://x.com/CoinbaseDev/status/1981064709555310825 https://nexus.thirdweb.com/ https://x.com/RyanSAdams/status/1980985187484758401 1:08:33 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

a16z crypto’s CTO Eddy Lazzarin and partner Daren Matsuoka return for our annual State of Crypto to map where 2025 really is on the curve: a price–innovation cycle poised to hand the baton back to builders, Bitcoin holding ~50% share, and 70M people now using crypto on-chain out of 716M owners. We dig into why institutions are actually shipping (not just PR), how stablecoins now rival Visa-scale volumes and sit among top U.S. Treasury holders, why DEX spot share near 20% changes price discovery, and how perps, infra throughput, and fee-switch economics are reshaping revenue across chains. Plus: prediction markets’ second act, the AI×crypto handshake (agents, proof-of-humanity, IP), and Bitcoin’s long-dated quantum dilemma. --- 📣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 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠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 Price–Innovation Cycle: Where We Are Now 3:46 Bitcoin Dominance & Market Correlations 12:09 User Geography & Adoption: MAUs vs Owners 20:15 Institutions & TradFi: Motives, Stablecoins, Integration 27:40 Stablecoin Scale: Volumes, Treasuries & Dollar Power 39:03 Stablecoin Decoupling & DeFi Growth 42:33 Perps, Protocol Revenue & Prediction Markets 47:55 Infrastructure: TPS, Scalability & Bottlenecks 49:51 Token Valuation & Chain Revenue 59:24 Bitcoin’s Quantum Risk: Paths & Responses 1:02:48 AI × Crypto: Use Cases & Decentralization 1:04:00 Outlook & Closing: Predictions & Cycle Top? --- RESOURCES Eddy Lazzarin https://x.com/eddylazzarin Daren Matsuoka https://x.com/DarenMatsuoka a16z’s Quantum Computing Podcast https://a16zcrypto.com/posts/podcast/quantum-computing-what-when-where-how-fact-vs-fiction/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Is the crypto cycle already over, or is this just a reset before one last push? Michael Nadeau from The DeFi Report joins Ryan to break down why he went 70% cash ahead of the flash crash, what late-cycle data he’s watching, and the signals that would flip him back risk on. We dig into Bitcoin’s 50-week moving average, ETH’s $8–10K scenarios, slowing ETF flows, rising leverage, and whether global liquidity and AI could still drive a melt-up. Michael explains why this cycle has felt muted, what would confirm a top, and how he’s positioning into year-end. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ ------ 📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPAN 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  ------ 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 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠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 0:48 Crypto Cycle: Is It Over? Mike's Risk-Off Strategy  https://thedefireport.io/research/portfolio-update 2:15 Flash Crash Insights  3:14 Crypto Investor Profiles  https://thedefireport.io/ 5:40 Understanding Market Cycles  https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 7:34 Late Cycle Analysis  https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 12:41 Shifting to Risk Off  https://thedefireport.io/research/portfolio-update 18:54 On-Chain Data Insights  https://thedefireport.io/research/where-might-eth-top#scenario-analysis-for-eth 21:47 Stages of the Cycle https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 26:12 Wealth Distribution Phase https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 28:15 Realized Profits Comparison  https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 32:00 Global Liquidity Discussion  https://x.com/RaoulGMI/status/1977140156386660654  https://x.com/RaoulGMI/status/1977498706510487748 33:52 Gold vs. Bitcoin  https://x.com/merlijntrader/status/1978793051062509966 1:01:52 The Shittiest Bull Market Ever  https://x.com/cryptorbion/status/1979614717707489461 1:08:31 What Would Change Mike's Mind? https://www.coinglass.com/bull-market-peak-signals 1:17:14 Future of the DeFi Report  https://thedefireport.io/research/portfolio-update  https://thedefireport.io/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Futarchy flips governance on its head—decisions aren’t voted on, they’re traded on.  In this conversation with Felipe Montealegre of Thea Research and Proph3t, co-founder of MetaDAO, we explore how market-driven governance can eliminate the token “rug pull” problem, create true shareholder protections on-chain, and unlock the next era of crypto capital markets.  From prediction markets and token design to MetaDAO’s “ownership coins,” this is how futarchy could make crypto investable again. ------ TIMESTAMPS 0:00 Intro 1:51 What is Futarchy? 4:26 US Capital Markets vs Futarchy 6:39 Futarchy Incentives 12:01 Futarchy Market Participants 16:05 A New Form of Governance 18:59 Liquidity & Insider Participation 24:03 Futarchy Genesis 31:31 Crypto Rugs 47:45 Trustworthy Tokens 53:00 Umbra Example 1:00:37 MetaDao 1:07:20 Unrugable Tokens 1:12:42 Regulation 1:18:31 What’s Next? 1:20:48 Closing & Disclaimers ------ RESOURCES Felipe Montealegre https://x.com/theiaresearch  Proph3t https://x.com/metaproph3t  MetaDao https://metadao.fi/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Markets just saw a $19B wipeout in a single day. In this week’s Weekly Rollup, we break down the Friday Flash Crash, what really caused it, and whether it signals the end of the cycle or just a reset. We also cover Binance’s leaked listing fees, a major Chinese tech company quietly building on Ethereum, and reports that the U.S. may add $14B in Bitcoin to its strategic reserve. Plus, Democrats renew their push against DeFi, and Larry Fink gears up for BlackRock’s next big crypto play. ------ 📣IMMUNEFI | CRYPTO SECURITY OS  https://bankless.cc/Immunefi ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($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 3:14 Markets https://x.com/sykodelic_/status/1978728444038152542 https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart https://x.com/Pledditor/status/1978783238614126798 https://x.com/NateGeraci/status/1978254468970909820 https://x.com/iamDCinvestor/status/1978227611722486016 https://x.com/Cointelegraph/status/1978800773480825133 https://x.com/RyanSAdams/status/1978441509788590590 https://x.com/growthepie_eth/status/1978460964245631206 https://x.com/RyanSAdams/status/1978549428114882674 https://x.com/jconorgrogan/status/1978563381880582649 https://x.com/Paxos/status/1978565015943950411 https://www.kerrisdalecap.com/wp-content/uploads/2025/10/Kerrisdale-BitMine-Immersion.pdf https://www.strategicethreserve.xyz/ https://x.com/AltcoinDaily/status/1978562431640346760 29:31 Black Friday - (Flash Crash Friday) of 2025 https://x.com/kookcapitalllc/status/1976778625942011964 https://x.com/QuintenFrancois/status/1976906323058213118 https://x.com/KobeissiLetter/status/1976664345435414918 https://x.com/diogenes/status/1976947177520808270 https://x.com/TedPillows/status/1977000112216805431 https://x.com/diogenes/article/1976947177520808270/media/1976938624139841536 https://x.com/0xdoug/status/1976850615621107743 https://x.com/wacy_time1/status/1976772080768368886 https://x.com/lighter_xyz/status/1976855873344749847 https://x.com/Rabby_io/status/1912055838702784639 https://x.com/StaniKulechov/status/1976777483824644454 https://x.com/traderview2/status/1976762799159234661 https://x.com/cobie/status/1976788855006302686 https://x.com/kris/status/1976939942254461094 https://x.com/RaoulGMI/status/1976875434785554831 48:21 Binance listing fees were leaked https://x.com/sjdedic/status/1852049944380932142 https://x.com/cjhtech/status/1978039748565532700 https://x.com/jessepollak/status/1978095944232026236 https://x.com/CryptoDefiLord/status/1978353232838623581 https://x.com/PhilOnChain/status/1978498099493621941 https://x.com/ViktorBunin/status/1978445847235907632 https://x.com/cz_binance/status/1978391907374899379 https://x.com/gregosuri/status/1853219191391650137 https://www.bankless.com/podcast/exposing-binances-listing-fees-cj-hetherington 54:05 MEGAETH VS MONAD TOKENS https://x.com/monad/status/1978525785800495400 https://x.com/megaeth_labs/status/1978449245931012439 https://www.bankless.com/read/news/megaeth-commences-mega-ico-registration-on-cobies-sonar-platform 58:01 Ant Group - Alipay introduced its L2  https://x.com/james_gaps/status/1978350046861984079 https://x.com/Jrag0x/status/1978358112458342697 https://x.com/RyanSAdams/status/1978431508575613213 59:51 Ethereum Phone - dGEN1 left the factory  https://x.com/jessepollak/status/1976710468539715895 1:01:19 US seized 127,000 BTC linked to pig butchering scam https://x.com/zoomerfied/status/1978101347401539638 https://x.com/SilvermanJacob/status/1978121251303334130 https://x.com/business/status/1978122242895630685 https://x.com/tayvano_/status/1978273602719158448 https://x.com/zackbshapiro/status/1978151239796854817 1:06:02 Dems countered the Market Structure bill  https://x.com/jchervinsky/status/1976380118437331425 https://x.com/haydenzadams/status/1976678889909805501 1:08:54 Closing & Disclaimers  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

A $19B liquidation wave hit crypto 10 days after Lighter’s public mainnet—so we asked founder/CEO Vladimir Novakovski why they built a ZK L2 Perp DEX on Ethereum, how the escape hatch actually protects users, and what really happened under extreme stress. We dig into ADL vs. LLP, trader-first design, and why verifiability (not vibes) should govern order matching and liquidations. Vlad shares throughput targets, why Lighter chose custom ZK circuits over a generalized ZKVM, and what’s next: Spot, universal cross-margin, and a ZKVM sidecar for a broader platform play. We close with lessons from the cascade, realistic tradeoffs of being an L2, and how L2Beat “stage upgrades” fit into the roadmap. --- 📣IMMUNEFI | CRYPTO SECURITY OS https://bankless.cc/Immunefi --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($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 3:04 Guest Intro & ZK L2 “Why” 4:58 L2 Security & Verifiability 11:35 Verifiable Matching & Liquidations 14:02 Mainnet Launch & Liquidation Stress Test 18:16 Outage: Timeline & Make-Good 18:58 Scorecard: Lighter vs Hyperliquid vs Binance 22:20 ADL 101: Why Automated Deleveraging Exists 32:32 “Customer-First” Design Stance 38:32 Takeaways: Transparency, Proofs, Details 41:48 Causes Considered & Vlad’s Market Lens 49:31 Why a Perp DEX: Product & Fit 57:42 L1 vs L2: Tradeoffs, Sovereignty, Incentives 1:06:45 Roadmap: Spot, ZKVM Sidecar, Cross-Margin, New Markets 1:11:21 Points, Token Timing & Transparency 1:15:31 Closing Thoughts --- RESOURCES Vladimir Novakovski https://x.com/vnovakovski Lighter https://x.com/lighter_xyz --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Binance listing fees, finally out in the open. CJ Hetherington, Founder of Limitless, published the offer he received after no NDA. 8% of total token supply and $250k. We dig into why the founders accept deals like this, the hidden sell pressure, and how onchain price discovery can replace CEX gatekeeping. CJ also breaks down Limitless on Base, instant-settlement price markets, and the path to Coinbase via Aerodrome. ------ 📣IMMUNEFI | CRYPTO SECURITY OS https://bankless.cc/Immunefi ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($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 Centralized Exchange Listing Fees 3:08 The Binance Drama Unfolds 3:41 Introducing Limitless 5:00 Conversation with CJ 15:28 The Hidden Costs of Listing Fees 25:17 The Future of Onchain Markets 28:44 Building on Base 32:39 Limitless: A New Prediction Market 43:43 Exploring Limitless Features 53:10 User-Generated Markets & Censorship 1:06:10 How to Engage with Limitless ------ RESOURCES CJ https://x.com/cjhtech Limitless https://x.com/trylimitless ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Tom Lee and Arthur Hayes map how crypto is flipping Wall Street: BTC at fresh highs, ETH’s comeback, and a surge of institutional capital, tokenization, and stablecoin rails. Tom lays out Bitmine’s big ETH accumulation and bold targets (BTC $200–250k, ETH $10–12k), while Arthur dives into cycles, liquidity, why perps outshine leveraged ETFs, and the looming clash between prediction markets and TradFi. Plus: banks turning into on-chain tech companies and what Tether’s rise signals for the new banking stack. Please visit https://fundstrat.com/tom  for complimentary access to Tom Lee's daily market updates, real-time market alerts, live webinars, and curated stock lists. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 🐂BULLISH | TRADING COMPETITION https://bankless.cc/trading-competition 💠BIT DIGITAL ($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 0:42 BTC All Time Highs 5:07 ETH Performance & Bitmine 9:32 DATs Market 15:26 4-Year Cycles 25:32 5% Bitmine’s Target 28:00 Tom’s Involvement in Ethereum 32:42 ETH’s Position 38:37 Compute for Finance 40:53 Tether’s $500B Valuation 44:57 USDT Flips BTC? 46:35 Crypto Equities 48:26 Hacks & Exploits 50:39 Financial Entertainment 55:13 Perps 58:38 Price Targets 1:00:45 2026 Wish List 1:03:06 Closing & Disclaimers ------ RESOURCES Tom Lee https://x.com/fundstrat  Arthur Hayes X - https://x.com/cryptohayes IG - https://www.instagram.com/cryptohayes/ LinkedIn - https://www.linkedin.com/in/arthur-hayes-b493b42/ Substack - https://cryptohayes.substack.com/ Bitmine https://bitminetech.io/  Fundstrat https://fundstrat.com/tom  Maelstrom https://maelstrom.fund/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Gold shatters $4,000, Bitcoin quietly hits new all-time highs, and Wall Street just made its biggest bet yet on prediction markets. In this week’s Weekly Rollup, we break down why the debasement trade is heating up, how the AI bubble is shaping markets, and what it all means for crypto’s next move. We cover BNB’s explosive run to the #3 spot, ICE’s $2B investment in Polymarket, and ETH staking ETFs officially going live. Plus, Solana ETF approval looks imminent, Asian capital rotates onchain, and Galaxy steps back into retail with a familiar face at the helm. ------ 📣IMMUNEFI | CRYPTO SECURITY OS  https://bankless.cc/Immunefi ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 🐂BULLISH | TRADING COMPETITION https://bankless.cc/trading-competition 💠BIT DIGITAL ($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 3:31  Markets https://www.theblock.co/post/373369/bitcoin-hits-new-all-time-high-crosses-125000-for-the-first-time-as-uptober-momentum-builds https://x.com/RayDalio/status/1973766977421275598 https://x.com/BTC_Archive/status/1975562328377528702  https://x.com/jvb_xyz/status/1975047567852671125 https://x.com/matthew_sigel/status/1976251057421647886 https://www.coinglass.com/bull-market-peak-signals https://x.com/Grayscale/status/1975262626377834938 https://x.com/joechalom/status/1975251314117648420 https://x.com/TheCryptoLark/status/1975147566351237315 https://x.com/EricBalchunas/status/1976037299373646270 21:56 Gold ATH, Equities at ATH and PTJ is calling out the AI bubble! https://x.com/elerianm/status/1975782709084500136 https://companiesmarketcap.com/assets-by-market-cap/#google_vignette https://x.com/SpencerHakimian/status/1975608283751981521 https://x.com/FluentInFinance/status/1975704684808560774 https://x.com/lisaabramowicz1/status/1975121018428809484 https://x.com/noahkaufmanmd/status/1975930839201702195 https://x.com/1MarkMoss/status/1973775891626164276 https://thedefireport.io/research/does-bitcoin-follow-gold#correlation-analysis https://x.com/esaagar/status/1975290951787745581 https://x.com/spikedoanz/status/1975806155470635429 https://x.com/MauiBoyMacro/status/1975589846971523102 https://x.com/pumatheuma/status/1976085531500200220?s=46 https://www.cnbc.com/2025/10/06/cnbc-transcript-tudor-investments-founder-cio-paul-tudor-jones-on-squawk-box-today.html https://x.com/AltcoinDaily/status/1975363814167380090  https://x.com/dgt10011/status/1975353090128638415 https://x.com/RyanSAdams/status/1975560592166355425 41:48 Why is BNB pumping! https://imgur.com/a/4d6Pnb3 https://x.com/cz_binance/status/1975595775540257262 https://defillama.com/chain/bsc https://x.com/RyanSAdams/status/1975601864423940288 https://x.com/TheCryptoDog/status/1975602134189285606 https://x.com/mattyboomboom/status/1975888004074922144 https://x.com/RyanSAdams/status/1975909116431515777 https://x.com/eugenegeu/status/1975110416876577133 https://finance.yahoo.com/news/cz-returns-binance-speculations-getting-105754644.html 49:17 ICE - NYSE parent company is investing into Polymarket & Distributing Polymarket - $2 billion https://x.com/polymarket/status/1975528768039985449?s=46 https://x.com/CoinDesk/status/1975935472586125456 https://x.com/shayne_coplan/status/1975534265698812046 https://x.com/shayne_coplan/status/1975994093529690405?s=46 51:20 Galaxy launched Galaxy One https://x.com/galaxyhq/status/1975173116428234999 https://x.com/GalaxyOneZac/status/1975140872753999932 https://www.tradingview.com/chart/1CDu50yK/?symbol=NASDAQ%3AGLXY https://x.com/solspacecadet/status/1975262934797353010 56:11 Monad Airdrop Claim Portal incoming Tuesday Oct 14th https://x.com/monad/status/1976279260869619994 https://dropstab.com/coins/monad 57:40 3 things Ryan is excited about: https://x.com/RyanSAdams/status/1976044336111341719 https://x.com/Jrag0x/status/1976180218814660675 https://x.com/brian_armstrong/status/1975948961845538985 https://x.com/maxbranzburg/status/1975214629552091239 https://blog.ethereum.org/2025/10/08/privacy-commitment https://notes.ethereum.org/@niard/KohakuRoadmap https://beta.walletbeat.eth.limo/wallet/summary/ 1:02:18 Moment of Zen https://x.com/cocothecorncob/status/1975373485410033673  1:02:45 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

In this episode of Bankless, Ryan and David dive into prediction markets and their place in today’s financial landscape. They unpack how peer-to-peer markets differ from traditional sportsbooks, spotlighting Polymarket and Kalshi, and explore scalability, regulation, and societal impact. Are these markets tools for informed decision-making or just another gambling avenue? ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/summit-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 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 🐂BULLISH | TRADING COMPETITION https://bankless.cc/trading-competition 💠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 to Prediction Markets 2:43 Bankless Summit Announcement 5:32 How Prediction Markets Work 8:06 Who the Big Players Are 14:31 Kalshi’s Breakout and U.S. Access 19:08 Prediction Markets as Media 20:27 How Big Are They Right Now https://x.com/Polymarket/status/1975528768039985449 https://x.com/shayne_coplan/status/1975534265698812046 https://www.tradingview.com/chart/?symbol=NASDAQ%3ADKNG 26:17 Where This Is Headed https://x.com/Domahhhh/status/1973576583064567961 26:40 Sportsbooks vs. Prediction Markets https://www.tradingview.com/chart/?symbol=NASDAQ%3ADKNG https://www.tradingview.com/chart/?symbol=NYSE%3AFLUT 31:43 Why Sportsbooks Are Systemically Unfair 39:10 Rules, Regulators, & Court Fights 54:43 Why This Matters for Society 1:00:31 Wrap Up & What to Watch Next ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Why does China build so much faster—and what does that reveal about two very different ways of running a society? Ryan and David sit down with Dan Wang, author of Breakneck: China’s Quest to Engineer the Future, to unpack China’s “engineers-in-charge” model versus America’s “lawyerly” governance. We cover how this shapes daily life and growth (from subways and high-speed rail to batteries, EVs, and drones), common western misconceptions about China (surveillance, social credit, “imminent collapse”), why U.S. capital markets soar while Chinese manufacturing dominates, what an American “abundance agenda” could look like, and Dan’s closing prescription: the U.S. needs ~20% more engineering; China needs ~50% more rights-protecting legalism.  ------ 📣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 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 🐂BULLISH | TRADING COMPETITION https://bankless.cc/trading-competition 💠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 US Lawyers vs China Builders 8:50 Becoming Elite in China vs US 14:55 Motivating Forces 18:26 China’s Misconceptions 24:38 Protests in China 26:00 US vs China Innovation 27:59 Digital Authoritarianism 34:49 Social Credit System? 36:51 Will China Collapse? 42:53 China & Crypto 47:59 China’s Capital Markets 49:46 Path to Wealth 54:29 Property Rights 58:49 Stock Price vs Productivity 1:02:35 The 1960s 1:04:56 Abundance Agenda 1:06:51 US Weakness Relative to China 1:10:53 The Best of Both Worlds 1:13:43 Is China a Security Threat? 1:14:52 US Manufacturing Comeback? 1:20:20 US Global Talent Hub 1:25:07 China’s US Misconceptions 1:27:03 US Success Scenario 1:29:39 Closing & Disclaimers ------ RESOURCES Dan Wang https://x.com/danwwang  Breakneck: China's Quest to Engineer the Future https://www.amazon.com/Breakneck-Chinas-Quest-Engineer-Future/dp/1324106034  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ 

OpenAI’s personalization leads, Christina Kaplan and Samir Ahmed map the shift from an “assistant with a notebook” to Pulse—the part of ChatGPT that quietly preps your day while you sleep. We unpack how short- and long-term memory work across sessions and why April’s subtle update changed the experience, show how daytime chats stay aligned with overnight prep, and close on the big questions: privacy, consent, and why this is an assistant/representative—not a digital clone. ------ 💫 LISTEN TO THE FULL EPISODE https://pod.link/1813210890 https://youtube.com/watch?v=cDrllt2zn5M ------ TIMESTAMPS 0:00 Intro 1:03 Why Memory Mattered 6:00 User Reception 9:45 Under the Hood: Short vs Long Term 12:20 Behavior Shift & Data Strategy 20:26 What is Pulse? ------ RESOURCES Christina Kaplan https://x.com/ChristinaHartW Samir Ahmed https://x.com/PageOfSamir ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

How do you spend money in ways that actually make life better? Morgan Housel, author of the new book The Art of Spending Money, explores status vs. satisfaction, the hedonic treadmill, and why money’s best use is buying independence. We also cover quiet compounding, a practical 15-stage path to financial freedom, when to spend vs. save, helping kids without spoiling them, and small experiments that raise the utility of every dollar. ------ 📣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 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 🐂BULLISH | U.S. EXCHANGE LAUNCH  https://bankless.cc/bullish 💠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 2:29 Who’s The Book For? 5:49 There’s No Universal Formula 12:59 What People Want 19:36 Money as a Curse 22:03 Taking a Step Off 26:59 Holding vs Spending 30:26 Identity Traps 33:50 Secret to Contentment 37:32 External vs Internal Benchmarks 40:41 Making an Impact 42:37 Social Debt 50:51 Quiet Compounding 55:10 Financial Freedom 1:02:20 Money & Parenting 1:09:48 Balancing Saving & Spending 1:14:44 Small Purchases 1:16:59 Trying New Things 1:19:29 Morgan’s Financial Decisions 1:21:37 Closing & Disclaimers ------ RESOURCES Morgan Housel https://x.com/morganhousel?lang=en  The Art of Spending Money https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠