Bankless

AI is getting dangerously good at smart contract security. Faster than crypto is ready for. Alpin Yukseloglu joins Bankless to break down EVMBench (built with OpenAI), a benchmark testing whether AI agents can detect, patch, and exploit real fund-draining bugs and why the jump from ~12–13% exploit-finding to 70%+ could rewrite today's security assumptions. We unpack what that “70%” really means, why crypto's verifiability is an ideal training ground, why AI labs haven't prioritized crypto data yet, and what a 24/7 blackhat vs whitehat AI arms race means for DeFi. ---

Nat Eliason joins to show what it looks like to build a “zero human company” with OpenClaw agents. — led by Felix, an AI CEO that ships products, runs ops, and even manages other agents for support and sales.  We unpack how Felix went from an overnight info product to a full marketplace for agent “skills” (Clawmart) and a bespoke service that deploys custom OpenClaw employees for real businesses, hitting nearly $80k in revenue since early February while operating on surprisingly low monthly costs. ------

Crypto still feels like a minefield for humans: Haseeb Qureshi argues that's a clue, not a bug: blockchains and smart contracts are machine-readable systems that AI agents can parse, simulate, and execute far more reliably than people, shifting crypto's core user from humans clicking through wallets to agents acting on our behalf. We also dig into the two-track future of agent commerce (safe, human-approved flows vs. the wild-west frontier), why major AI labs have avoided crypto training so far (liability), how agent-driven discovery could rewrite DeFi competition, and what this means for Dragonfly's investing playbook. ------

February ends with peak FUD. Ryan and David unpack why crypto is stuck in historic “Extreme Fear” even without a major blowup, and why markets feel like they've entered an uncertainty bubble. They break down the Supreme Court striking Trump's tariffs, Trump immediately finding new legal doors to bring them back, and the looming $150B+ refund fight. Then the “Citrini Crash”: AI doomer scenarios going viral, spooking stocks, and leaving investors terrified that AI will be either not good enough or far too good. Plus: fresh allegations that Jane Street helped accelerate Terra's collapse, Meta's stablecoin reboot for its billions of users, ZachXBT's Axiom insider trading exposé, Hyperliquid's new DC policy push, Robinhood's retail venture fund, Coinbase's 24/5 stocks rollout, and the Pentagon's ultimatum to Anthropic over AI guardrails. ---

Crypto's newest threat isn't a smart contract exploit, it's a knock at your door. In this episode, Ryan sits down with Jameson Lopp (Casa) and Beau (former CIA, now safety at Pudgy Penguins) to map the real security landscape for crypto holders in 2026: the phishing traps you'll see daily, the physical “wrench attacks” that terrify the community, and the practical systems that can make both dramatically less effective. If going bankless is about freedom, this is the playbook for keeping that freedom without turning into your own security team. ---

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. ---

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. ---

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. ------

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. ---

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. ---

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. ---

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. ------

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. ---

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. ---

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. ---

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/ ---

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  ------

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. ---

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. ---

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. ---

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). ------

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. ---

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. ------

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. ---

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. ---

Is Canton a real blockchain or a new kind of capital-markets operating system? Digital Asset co-founder Yuval Rooz explains why Canton prioritizes privacy as “need-to-know” information sharing and a federated “cantons” design that still allows atomic cross-canton transactions without bridges. We unpack the two-tier architecture (edge validators + super validators that stitch cantons together and validate the public Canton Coin) and what that means for governance in regulated finance. Plus: DTCC's tokenization pilot starting with U.S. Treasuries, and why CC fees are USD-denominated with a burn/mint mechanism designed to track real network utility.  ------

Prediction markets are turning into real-time intelligence, and policymakers are already reacting. In this week's Weekly Rollup, Ryan and David unpack the Venezuela “Maduro” trade, the debate over fairness vs. public signal, and Polymarket's expansion into real estate markets. They also cover Bitcoin's lowest-vol year ever, Solana's DEX surge, Ethereum's stablecoin settlement ATH, Morgan Stanley's crypto ETF filings, Zcash's governance blowup, Lighter's massive $LIT airdrop, Vitalik's “trilemma solved” claim, Wyoming's state stablecoin, and Strategy's path toward major indices. ---

Brent Johnson returns to Bankless to update the Dollar Milkshake Theory and explain why the de-dollarization narrative misses the bigger trend. He argues markets may want out of the dollar, but the Eurodollar system keeps pulling demand back in, and “dollar down” headlines do not break the framework. Brent also covers how debt stress can spill into political instability, why stablecoins and the GENIUS Act could accelerate re-dollarization, and what this means for monetary sovereignty. We close with China's counter-strategy and how Brent thinks about positioning from here. ---

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:

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. ------

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. ------

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. ------

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. ------

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. ------

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. ---

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. ---

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. ----

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. ------

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. ---

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. ------

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. ------

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  ------

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. ------

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. ------

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. ------

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 & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ ------

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 ---

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.  ------

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  ------

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! ------

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.  ------