Bankless

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. ------

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. ---

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. ------

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. ---

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. ------

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. ------

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. ---

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. ------

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. ------

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. ---

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/ ------

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. ------

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. ---

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. ------

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. ------

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. ------

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? ------

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.  ------

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. ------

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. ------

In this week's Weekly Rollup, Uptober kicks off with Bitcoin and Ethereum surging toward all-time highs as Tom Lee drops another $1B into ETH and Vanguard finally opens its doors to crypto ETFs. We cover Stripe's push to break the Tether–Circle duopoly with its new stablecoin platform, Cloudflare's surprising entry into onchain payments, and Swift teaming up with Consensys on blockchain rails. Plus, Zcash rockets 200%, Ethereum's Lighter perps exchange goes live, and Circle sparks debate with plans for reversible USDC. ---

Authoritarian regimes are upgrading their playbook — from surveillance cameras and spyware to algorithmic censorship and AI-driven policing. Steven Feldstein, senior fellow at Carnegie and author of The Rise of Digital Repression, joins Bankless to map the expanding world of repression technology. We cover everything from Nepal's protest movement to China's sophisticated censorship stack, the global spyware industry, and the unsettling rise of predictive policing and AI in warfare. Along the way, Feldstein explains how financial repression and social credit systems extend state power into the economic sphere — and where crypto fits into the story of resistance.

Authoritarian regimes are upgrading their playbook — from surveillance cameras and spyware to algorithmic censorship and AI-driven policing. Steven Feldstein, senior fellow at Carnegie and author of The Rise of Digital Repression, joins Bankless to map the expanding world of repression technology. We cover everything from Nepal's protest movement to China's sophisticated censorship stack, the global spyware industry, and the unsettling rise of predictive policing and AI in warfare. Along the way, Feldstein explains how financial repression and social credit systems extend state power into the economic sphere — and where crypto fits into the story of resistance. ---

Is this really the cycle top, or just a reset before Q4 fireworks? Michael Nadeau from The DeFi Report joins Ryan to decode the latest onchain and macro data. We dig into Bitcoin's key levels, ETH's $4K line, and why September's liquidation event might have cleared the path for new highs in Q4. Michael explains what a “mini alt season” tells us about dominance, where fresh capital could come from, and how to think about positioning ahead of year-end. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/research/is-the-top-in ——————

Crypto vs. Banks — the proxy war for the future of money is heating up. Summer Mersinger, CEO of the Blockchain Association and former CFTC Commissioner, joins Bankless to unpack the battle over the GENIUS Act, why banks are fighting to roll it back, and how stablecoins have become the frontline. From Elizabeth Warren's fading influence to the $700M bank lobbying machine, we explore what's really happening on Capitol Hill, the global stakes for stablecoins, and how upcoming U.S. policy could reshape innovation, regulation, and consumer freedom. ---

In this week's Weekly Rollup, we break down “Downtemper” market moves as Bitcoin and Ethereum slide, and examine why Vitalik Buterin is calling low-risk DeFi Ethereum's true backbone. We highlight Tether's ambitious $500B raise, Polymarket's mainstream moment on South Park, and Gary Gensler's testy CNBC appearance. We also cover Paul Atkins' push for pro-crypto regulation, the heated debate over whether Base should be regulated like Nasdaq, and the surprising deletion of 86 million bank accounts in Vietnam as digital ID mandates expand. ------

James Seyffart from Bloomberg Intelligence joins to break down the state of crypto ETFs and their explosive growth.  We cover the rise of Bitcoin and Ethereum ETFs, the debate between ETFs and DATs, and the institutional inflows reshaping the market. James explains how advisors, hedge funds, and sovereign wealth funds are participating, the regulatory hurdles around staking ETFs, and why basket products may be the next big wave.  We also explore the implications of tokenized ETFs, the S&P 500's gatekeeping of crypto companies, and what to watch for in the coming months as approvals and new products hit the market. ------ TIMESTAMPS 0:00 Intro 1:18 DATs vs ETFs 6:18 DATs Final Equilibrium  9:21 ETFs 1-Year Check-in 23:42 Crypto Indexes 30:41 ETF Approval Process 41:03 Solana ETF 44:17 BTC & ETH ETFs 56:11 What's Driving the Price? 59:39 Crypto Companies in the S&P 1:07:17 Blackrock Tokenized ETFs? 1:13:59 Key Outcomes 1:19:14 Closing & Disclaimers ------ RESOURCES James Seyffart https://x.com/JSeyff  https://www.linkedin.com/in/jamesseyffart  Bloomberg Intelligence https://www.bloomberg.com/professional/products/bloomberg-terminal/research/bloomberg-intelligence/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Vitalik Buterin just declared DeFi as Ethereum's “killer app.” In his new post, he compares it to Google Search, the dependable core business that powers everything else. Ryan and David break down why Vitalik believes DeFi has finally earned this title, how it survived the volatility of the last cycle, and what it means for ETH as collateral, culture, and revenue. They cover the Google analogy, the risks DeFi has outgrown, and why this moment could define Ethereum's future. ------

What happens when stablecoins break apart the traditional business model of banks? Economist Charles Calomiris explains how the “unbundling” of payments and lending reshapes finance, why politics matter more than technology, and what this revolution could mean for the dollar's future. ------

In this Weekly Rollup, we discuss the implications of recent Federal Reserve rate cuts on crypto markets, exploring their potential benefits for Bitcoin and Ethereum. We highlight the SEC's easing of crypto ETF regulations, Tether's new compliant stablecoin, and SEC Chair Paul Atkins' vision for clearer regulations. Finally, we touch on how global finance is adapting to crypto innovations in Ghana and Nepal. ---

What if payment chains are the “AWS moment for money”? Simon Taylor — fintech veteran, ex-Barclays crypto lead, and author of FinTech Brainfood — joins Bankless to map the convergence of fintech and crypto. From stablecoins serving as the Trojan horse for tokenisation to Tempo's push for a payments chain, Simon explains why finance is on the brink of its biggest infrastructure shift since Visa. We cover the rise of payments L1s, the regulatory roulette of stablecoins, and whether neutrality and permissionlessness can survive in corporate-led networks. Plus, Simon breaks down the differences between stablecoins, tokenized deposits, and CBDCs — and explains why the future of finance is already being rebuilt on-chain. ---

Why do recessions feel like a relic of the past? Macro strategist Vincent Deluard argues we've entered an era where fiscal dominance, structural inflation, and relentless asset debasement reshape how capital flows and how investors must position themselves. We cover the U.S. supercycle, the role of tech and energy, why the “2% inflation target” is dead, and what a portfolio looks like in the age of permanent stimulus. ------

In the 2nd Weekly Rollup of Flat-tember, we discuss whether the crypto bull market is over amid rising unemployment and market uncertainty. We cover stablecoin competition for Hyperliquid partnerships, Justin Sun's frozen WFLI tokens, and Nasdaq's tokenized equities. With Ethereum leading in asset tokenization, they also reflect on lost SEC Chair Gensler's texts and the rise of DAOs, alongside major moves from Fidelity and Robinhood. —-

Ryan & David sit down with Ondo Finance's Nathan Allman and Ian De Bode to map the path from stablecoins to tokenized treasuries to tokenized stocks. We break down why Ondo's wrapper model is set out to win, how blockchain brings 24/5 primary markets with 24/7 secondary markets, Defi composability and liquidity at fair prices. Ethereum and Ondo are leading a $100T onchain migration you can't miss. ------

Hyperliquid is less than a year old, yet it's already rivalling Ethereum and Solana in revenue. In this episode, Ryan and Michael from the DeFi Report dive deep into the rise of crypto's hottest exchange: from its fair-launch token drop to its Binance-like UX, to why whales and builders can't get enough of it. We cover the project's inception story, the ecosystem forming around HyperEVM, and the unique buyback model funnelling millions back into its token. Along the way, we unpack tough questions about valuation, decentralization, and regulatory risk. Is Hyperliquid the future of on-chain trading or just another bull market phenomenon? Tune in for a full breakdown of the fundamentals, the risks, and the potential upside. ---

Zach Abrams—co-founder of Bridge, acquired by Stripe—joins Ryan to unpack Stripe's stablecoin strategy and why tokenized dollars are poised to devour global payments. We cover Bridge's sale to Stripe, how “fiat L1 / stablecoin L2” rails unlock faster, cheaper cross-border payouts (from startups to government aid), the case for many issuer- and app-specific stablecoins with better yield sharing, and what the Tempo chain targets for payment-scale throughput, privacy, and finality.  ------

In this episode, we discuss Ethereum's rise past $4,780 and co-host David Hoffman's insights from Burning Man. We explore Ethereum's treasury dynamics, the debut of the World Liberty Financial Token, and potential Bitcoin and Ethereum listings on major exchanges. The episode also covers advancements in tokenized securities, competition in prediction markets, and the quirky rise of tokenized Pokémon cards. Join us for a concise look at the latest in crypto! ---

Austin Campbell (NYU) and Omid Malekan (Columbia) debate a simple question: is Ethereum ready to host real-world assets? They walk through stress tests—what if an exchange is hacked, a stablecoin breaks, or a court order targets the chain—and whether the network should ever step in. You'll hear where they agree and disagree, what protections are realistic today, and what still needs to be built before RWAs can scale. ------

What does BlackRock's former crypto lead see in Ethereum that others still miss? Joseph Chalom joins Bankless to take us inside the IBIT/ETHA ramp, why BUIDL launched on Ethereum mainnet, and the simple—but powerful—framework he uses to value ETH as “high-octane money.” We break down staking inside ETFs, the tokenization roadmap from stablecoins to the S&P in your wallet, and the real mechanics of ETH treasury companies—mNAV premiums, ATMs, converts, and the transparency metrics that matter. Less hype, more architecture: if security, liquidity, and 24/7 settlement are the future, this is the bridge. ---

On this week's Weekly Rollup, Ryan and Haseeb debate if ETH's new all-time high signals the top or just the start, with whales rotating from BTC into ETH and alt season heating up. Powell hints at rate cuts, ETFs keep pulling billions, and Tom Lee's billion-dollar ETH bet takes center stage while treasury premiums sink. Meanwhile, Google teases an L1, Hyperliquid outpaces Robinhood, and Europe floats a digital euro, setting up another pivotal week in crypto. ---

ETHZilla wants to turn ETH into Wall Street's new reserve asset, and they've built a plan to do it. Ryan sits down with Avichal Garg (Electric Capital) and Mac Rudisill (ETHZilla) to unpack why ETH treasuries exploded this cycle, how credit markets (converts, preferreds, and debt) supercharge accumulation, and why stablecoins → DeFi → ETH forms a flywheel that turns Ether into high-quality collateral. We dig into leverage discipline, mNAV premiums, operational security, and the business math that makes an ETH treasury look more like Berkshire than a hype trade. Plus: can this wave trigger a DeFi after-boom, and what does “winning” actually mean for ETHZilla? ---

Crypto cycles have always topped on a four-year rhythm, but are we heading for a Q4 2025 peak or an extended run into 2026? Michael Nadeau from The DeFi Report joins Ryan to break down the onchain and macro signals shaping this cycle. We cover Powell's dovish pivot at Jackson Hole, global liquidity trends, and why loosening bank lending standards could fuel risk-on markets. Michael explains how whale Bitcoin selling, ETH's breakout, and muted altcoin flows fit into the bigger cycle map. Finally, we dive into portfolio strategy, from core holdings to high-beta “hot sauce” bets, and why holding fewer, higher-conviction assets is the edge most investors miss. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io https://thedefireport.io/research/how-many-assets-should-you-hold-in-a-crypto-portfolio#closing-thoughts ------

Eric Peters, CIO of Coinbase Asset Management joins Ryan to chart how crypto matured to today's institutional market with deep liquidity, ETF rails, and stablecoin clarity. They unpack why Wall Street is leaning in, why the next wave is digitally native issuance of treasuries, bonds, and equities on Ethereum, and how macro tailwinds (fiscal dominance, Fed–Treasury convergence, AI-driven productivity) intersect with crypto's reflexivity.  Risks and realities aren't ignored—over-financialized “treasury companies,” security lapses, and policy whiplash—plus a 12–18 month roadmap of real on-chain use cases as pensions and sovereigns start arriving.  ------

On this week's Weekly Rollup Ryan and David ask if the cycle top is in and whether alt season is coming, debating if it is time to buy the dip or sell everything while reviewing 30 market signals. ETH ETFs pull in over $3B as Tom Lee buys and Saylor mints more MicroStrategy shares, yet prices remain stuck and treasury premiums compress. Meanwhile the Fed signals a pro-crypto shift, Wyoming unveils a state stablecoin, and New York threatens new taxes, setting up another pivotal week in crypto. ---

What if everything you thought about the dollar was wrong? Monetary historian Jeff Snider joins Bankless to deliver a radical thesis: the Federal Reserve doesn't control the U.S. dollar; a sprawling offshore system of interbank ledger money does. This hidden network, known as the Eurodollar system, is the real engine of global finance, and it's been breaking down for over 15 years. In this episode, we unpack how Eurodollars work, why the Fed lost control, the eerie similarities between stablecoins and shadow banking, and why Jeff sees a “Silent Depression,” masked by asset booms but driven by deflationary forces. If you've been bullish on crypto because of debasement fears, Jeff's counter-narrative might challenge everything you believe. ---

Perplexity CEO Aravind Srinivas joins the show to explore how AI agents, personalization, and new browsing models could transform the internet experience.  From replacing mundane workflows with proactive assistance to envisioning a fully AI-native operating system, Aravind shares his long-term vision, the thinking behind Perplexity's new Comet browser, and why curiosity will remain humanity's most valuable skill in the AI era. We also dive into competing with Big Tech, protecting users from AI-generated “slop,” and the architectural choices that make AI-assisted browsing faster, more reliable, and more personal. ------

Contrarian strategist Michael Green lays out why “passive” isn't passive at all—it's a flow-driven algorithm, turbocharged by policy, that funnels capital into mega-caps, starves small caps, and raises the odds of market non-clearing shocks. We unpack Sharpe's arithmetic vs. rebalancing reality, lessons from Volmageddon, the aging of investor cohorts, why stress may be deflationary before inflationary, and how to “doom-proof” a portfolio with assets that throw off cash (including overlooked duration/TIPS and munis). Michael also separates crypto's burn-it-down narrative from its true promise: tokenized, programmable securities that fix TradFi's paper plumbing. ------

On this week's Weekly Rollup, ETH flirts with ATH while BTC tags a new one, PPI spooks then fades? Ryan and david dig into a $1B ETH ETF day, Tom Lee's 1M ETH treasury, and the ETH/BTC setup. Also, Stripe and Circle launch L1s, Coinbase routes Aerodrome in-app, Uniswap's Wyoming DUNA and fee switch path, Monero's 51% attack, plus quick hits on Do Kwon and bank pushback on the Genius Act. ---

Jake Chervinsky and Amanda Tuminelli join us to unpack the Roman Storm verdict—what it means for DeFi, why Section 1960 is a looming threat to open-source developers, and the strong grounds for appeal. We discuss the legal, political, and legislative paths forward, the role of Congress in protecting developers, and how the crypto industry can mobilize to prevent future prosecutions. ------