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Ethereum’s next big leap might not look like a single “flip the switch” moment—but it could change how the chain verifies everything. In this episode, Ansgar Dietrichs comes back to unpack the ZK EVM: why “re-executing every block” has been Ethereum’s hidden scaling tax, how real-time proofs finally make a different verification model viable, and what it would take to transition safely without sacrificing the verifiability that keeps Ethereum credibly neutral. They explore the three true bottlenecks of blockchain scaling (compute, IO, bandwidth), the roadmap from optional proofs to mandatory proofs, and why client diversity could look radically different in a ZK-native future. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast ⚡ EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDRpro --- TIMESTAMPS 0:00 Intro 0:43 Ethereum’s Biggest Upgrade 4:35 The Core Idea: Verify Blocks Without Re-Executing 10:40 From Bitcoin’s “Verify Cheaply” to Verifying Full Execution 16:22 Cryptography 2.0: Proving Arbitrary Computation 22:56 Scaling All 3 Constraints: Compute, IO, Bandwidth 32:33 Why Ethereum Has Been “Slow” by Design 38:29 3× Per Year: Scaling Now, Not Someday 41:28 ZK Isn’t About Faster Blocks (But Speed Still Improves) 46:33 Rollout Plan: Optional Proofs → Mandatory Proofs 49:59 Dependencies: Block-in-Blobs, Repricing, New State Trees 54:14 Security Reality Check: Performance → Security → Production 1:01:24 Client Diversity in a ZK World 1:10:51 Timeline: ZK Ethereum, Around 2030 1:16:31 Second-Order Wins: L2 Bridging and Beyond Crypto 1:20:49 Closing: Build the Boring Infrastructure, Enable the Apps --- RESOURCES Ansgar Dietrichs https://x.com/adietrichs --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

A legal war over prediction markets just went public. Ryan and David break down the CFTC’s claim of exclusive authority, the backlash from state officials and lawmakers, and why this fight is really about whether markets or politics get to define truth. They explore why AI-powered prediction markets may be crypto’s strongest product-market fit yet, and why that scares regulators. Plus: Harvard rotates from Bitcoin into Ethereum, Base breaks from Optimism, Zora expands to Solana, the Ethereum Foundation leadership reshuffles, signs of life for the Clarity Act, institutions buying DeFi tokens, Europe’s unrealized-gains wealth tax, autonomous “life” on Ethereum, OpenAI’s EVMbench, and what ETHDenver says about where crypto goes next. --- 📣ROCKET POOL | PERMISSIONLESS STAKING https://bankless.cc/Rocketpool --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/galaxy-podcast  ⚡EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria  🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix  🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDRpro  --- TIMESTAMPS & RESOURCES 0:00 Intro 2:27 MARKETS  https://x.com/hiwhaledegen/status/2023372409303450065 4:33 PREDICTION MARKETS REGULATORY FIGHT https://x.com/ChairmanSelig/status/2023744651216240966  https://x.com/GovChristie/status/2023821634344550892 https://x.com/SenWarren/status/2023877196323188764 https://x.com/govcox/status/2023795059980988874 https://x.com/RepCasten/status/2024212119491588303 https://x.com/brian_armstrong/status/2023794107274194944 https://x.com/SenatorHagerty/status/2023802779899252901 https://x.com/SenMcCormickPA/status/2023831838461194501 https://x.com/tyler/status/2023761976481259585 https://x.com/kylascan/status/2023786873605476719 https://x.com/ADoricko/status/2023834015699173398 https://x.com/abcampbell/status/2024281289700802568 https://x.com/NTmoney/status/2024505537514394104 25:18 BASE LEAVES OPTIMISM https://blog.base.dev/next-chapter-for-base-chain-1 https://x.com/lex_node/status/2024181767813427402 https://x.com/intangiblecoins/status/2024184295493886317 https://www.coingecko.com/en/coins/optimism https://www.coingecko.com/en/coins/arbitrum https://www.coingecko.com/en/coins/polygon https://x.com/web3_data/status/2023716576126755249 https://polymarket.com/event/will-base-launch-a-token-in-2025-341/?via=bankles 35:24 ZORA EXPANDS TO SOLANA https://x.com/zora/status/2023797263651533053 https://x.com/js_horne/status/2023809356739838390 https://x.com/brian_armstrong/status/2023872648032272642 https://x.com/haydenzadams/status/2023990750082445561 40:04 ETHEREUM FOUNDATION SHAKEUP https://x.com/tkstanczak/status/2022315368430067847 https://x.com/VitalikButerin/status/2022318344288792618 https://x.com/aerugoettinea/status/2022318885047779576 https://x.com/dannyryan/status/2022318587281572257 44:56 CLARITY ACT SIGNS OF LIFE https://x.com/brian_armstrong/status/2024238762021036201  https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankles https://x.com/altcoindaily/status/2024174959707541638  49:16 APOLLO x MORPHO (INSTITUTIONS BUYING DEFI TOKENS) https://x.com/AggrNews/status/2022482933974544669 https://x.com/RyanWatkins_/status/2022680420270379400 https://x.com/DefiIgnas/status/2023054776762876157 52:14 AAVE TOKEN ALIGNMENT PROPOSAL https://x.com/TheiaResearch/status/2022037595568603406 https://x.com/Marczeller/status/2022073505341219033 https://www.coingecko.com/en/coins/aave 56:09 NETHERLANDS UNREALIZED GAINS WEALTH TAX https://x.com/BitcoinNewsCom/status/2021978390870347923 https://x.com/balajis/status/2022360046122995851 58:55 AUTONOMOUS LIFE ON ETHEREUM (CONWAY) https://x.com/0xSigil/status/2023877649475731671 https://x.com/sterlingcrispin/status/2024254432498639322 1:04:56 OPENAI EVMbench https://openai.com/index/introducing-evmbench/ 1:06:24 ETHDENVER REFLECTIONS https://x.com/EthereumDenver/status/2024234929840935318 https://x.com/TrustlessState/status/2024215091856527753 1:08:05 CLOSING & DISCLAIMERS --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Lyn Alden joins us to make sense of the “everything, everywhere, all at once” macro moment. A fourth-turning-style unwind of the long-term debt cycle, rising fiscal dominance, and a rare, headline-level clash over Fed independence—plus what a Kevin Warsh Fed might actually do under real-world constraints.  We dig into the “gradual print” era, why gold is ripping, how a more multipolar monetary order could emerge (gold, bitcoin, and stablecoins in different roles), and what trade war dynamics mean for the dollar’s privilege.  Lyn also explains why Bitcoin has lagged gold this cycle, how much the four-year crypto cycle still matters, the risks around treasury companies and quantum narratives, and how she’s thinking about portfolio construction in 2026. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watchch ------ TIMESTAMPS 0:00 What’s Happening? 6:23 The Fourth Turning 13:59 Fed Independence 30:40 New Fed Chair Kevin Warsh 37:46 The Gradual Print 42:16 Gold 53:56 China vs US 1:07:14 Bitcoin vs Gold 1:12:37 Crypto 4-Year Cycles 1:23:26 Proof-of-Work vs Proof-of-Stake 1:28:12 Frontier Tech 1:35:11 Lyn Alden’s 2026 Portfolio 1:39:24 Cash Strategy 1:41:30 Closing & Disclaimers ------ RESOURCES Lyn Alden https://x.com/LynAldenContact  Lyn Alden Newsletter https://www.lynalden.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Crypto feels cooked in 2026, and the Super Bowl proves it. Ryan and David unpack Coinbase’s Backstreet Boys rug pull ad and what it reveals about crypto’s collapsed public narrative. Then they dig into the brutal selloff, why IBIT’s record volume hints at forced TradFi liquidation, and what Polymarket is pricing for Bitcoin under $50K. From Robinhood’s prediction markets exploding into a real revenue engine to the political fight over who regulates “gambling vs markets,” the thesis is clear: finance is the only use case still scaling. Plus: LayerZero’s new “world computer” L1, MegaETH and Aztec’s bear market launch playbook, Vitalik finally calling ETH a store of value, ENS staying on L1, BlackRock bringing BUIDL to Uniswap, and the weirdest loose end of all, SBF’s missing tungsten cube. --- 📣ROCKET POOL | PERMISSIONLESS STAKING https://bankless.cc/Rocketpool --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 0:32 Super Bowl Coinbase Commercial  https://x.com/julia_fiedler5/status/2020672759508967576 10:02 Markets https://x.com/cryptorand/status/2021894696268660736 https://x.com/TheDemocrats/status/2019492504614150375 https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027/?via=bankles https://x.com/intocryptoverse/status/2019835733503255006 https://x.com/DegenerateNews/status/2020846896084852796 https://x.com/blckchaindaily/status/2021967204653445163  https://x.com/WatcherGuru/status/2020860553732768085 https://www.strategicethreserve.xyz https://x.com/WatcherGuru/status/2021325189674357204 25:46 Prediction Markets Growth has been explosive https://x.com/theoneandomsy/status/2021399052366250280 https://x.com/TrustlessState/status/2021603112541102400  https://x.com/movietimedev/status/2021278393136808099 https://x.com/mattplatkin/status/2021335653091508323 https://x.com/GovChristie/status/2019515642836054038 https://x.com/michaelselig/status/2019533204068393280 34:51 A tail of Three Chains - LayerZero, Robinhood, MegaETH https://x.com/LayerZero_Core/status/2021338847972663394 https://x.com/a16zcrypto/status/2021348447656476841 https://www.coingecko.com/en/coins/layerzero https://x.com/LayerZero_Core/status/2021343796236321036 https://x.com/RobinhoodApp/status/2021585052417630465 https://youtu.be/KcpMRlmrkEw https://x.com/megaeth/status/2020876108342927670 https://x.com/TrustlessState/status/2021265395307495795 https://x.com/Zac_Aztec/status/2021707048497602777 https://x.com/sjdedic/status/2021960471704707177 https://www.coingecko.com/en/coins/zama https://app.hyperliquid.xyz/trade/MEGA https://www.coingecko.com/en/coins/layerzero 44:04 Are non-financial crypto dead? https://x.com/matthuang/status/2020858831065043159 https://x.com/jessepollak/status/2020962065100538091 https://x.com/cdixon/status/2019837259575607401 https://x.com/hosseeb/status/2020451853633511696 50:04 ETH & BlackRock https://x.com/VitalikButerin/status/2019814868140933287 https://x.com/ensdomains/status/2019789111557808146 https://x.com/BrantlyMillegan/status/2019791852531069313 https://x.com/vitalikbuterin/status/2019818956530274327 https://x.com/haydenzadams/status/2021587358999630034 https://x.com/KalshiTrade/status/2021586037034651819 https://fortune.com/2026/02/11/blackrock-uniswap https://finance.yahoo.com/news/uniswap-token-jumps-following-blackrock-165720913.html https://www.coingecko.com/en/coins/uniswap 57:13 MrBeast acquired a Gen Z‑focused banking app https://x.com/MrBeast/status/2020910218360782929 https://x.com/BuckOnTwidder/status/2021005048654987354 59:17 You can now give your agent a self-custodial wallet!  https://x.com/programmer/status/2021649037074870627 https://docs.cdp.coinbase.com/agentic-wallet/quickstart. https://x.com/base/status/2021413560740721048 1:01:10 Safemoon founder sentenced to 100 months in prison https://x.com/IRS_CI/status/2021340944143196568? 1:02:19 SBF suck up…full on propaganda - pardon by summer? https://x.com/SBF_FTX/status/2021932965047988515 https://themissingbillions.com/ 1:05:42 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Last week felt like four different crashes happening at the same time: AI software stocks melting down, crypto capitulating, gold and silver whipping around, and markets suddenly panicking about AI CapEx. Jim Bianco returns to Bankless to explain what actually changed: why AI is collapsing the cost of building software (and threatening SaaS pricing models), how “synthetic Bitcoin” in TradFi can amplify volatility even when nothing breaks onchain, and why the next crypto cycle can’t be powered by “permission” narratives, it has to be powered by replacement and building. --- 📣KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 0:44 Super Bowl ads as a market metaphor 2:30 WTF was last week? Four selloffs collide 8:38 Why crypto traded like “software” in the selloff 13:52 AI CapEx fears: are we overbuilding the infrastructure? 17:00 The 1999 playbook: infra boom → crash → app-layer winners 28:53 Where the value accrues: users, not the hyperscalers 35:36 Gold & silver: why silver behaves like an “altcoin” 39:09 Why Jim is bearish on China 44:21 Trump, Europe, defense spending, and the “go to 11” problem 49:09 Synthetic Bitcoin: the offchain float problem 56:52 Crypto’s next narrative: replacement, not permission 1:01:57 Kevin Warsh, Fed independence, and a new Fed–Treasury accord 1:09:40 Portfolio wrap: puke signals, building signals, and 4–5–6 returns --- RESOURCES James Bianco https://x.com/biancoresearch --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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