2025 Rewind: End of the Infinite Money Glitch and Looking Ahead to 2026

In this episode, hosts Sebastien Couture, Brian Crain, and Friederike Ernst gather for their annual wrap-up to discuss the end of the "infinite money glitch": the era where tokens traded at billions without proven product-market fit. They explore the 2025 "spring cleaning" that devastated the altcoin market and the quiet, efficient entry of web2 incumbents like Revolut and Stripe. The discussion centers on the industry's maturation into a space where protocols are finally judged on their ability to generate real revenue and growth.The team analyzes the 2025 "spring cleaning" of altcoins alongside Polymarket’s mainstream breakout. As giants like Stripe and Revolut scale crypto integrations, the hosts debate if consolidating distribution power is diluting the original promise of decentralized agency. Finally, they address the existential quantum threat to Bitcoin and share their 2026 "hot takes.Topics00:00 Intro & Notable Memories 04:30 The Bybit Hack & Price Action 08:15 Polymarket & The Mainstream Breakout 12:00 The Altcoin "Spring Cleaning" 18:45 Axelar & The Circle Acquisition 25:30 Incumbents: Back-end Upgrades vs. Values33:15 Social Media & The Economics of Attention 42:00 Staking Consolidation & Distribution Power 50:30 The Quantum Threat to Bitcoin 58:45 2026 Predictions: RWAs & PerpsLinks Sebastien on X: https://x.com/seb3point0 Brian on X: https://x.com/crainbf Friederike on X: https://x.com/tw_tter Gnosis: https://gnosis.io/Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

In this episode, host Sebastian Couture is joined by Ismael Hishon-Rezaizadeh, CEO of Lagrange, to explore the intersection of frontier cryptography and national security. Ismael discusses the transition of zero-knowledge (ZK) technology from a "token-centric" crypto tool to a vital component of defense, specifically focusing on its role in securing autonomous drone swarms and closing the hypersonic missile gap.They delve into Deep Proof, Lagrange's ZK-machine learning library, which facilitates verifiable AI execution while protecting sensitive model intellectual property and private input data. Ismael introduces the concept of "Accountable Autonomy," arguing that cryptographic proofs are necessary to ensure that lethal "kill chain" decisions are made by the correct models under verified inputs, removing the risks inherent in "black box" AI decision-making. Finally, the conversation touches on the geopolitical competition with China, the importance of domestic chip manufacturing, and why the US market's ability to align private sector innovation with military needs is a decisive strategic advantage.Topics00:00 Intro & Context04:15 ZKML vs. Venice09:30 Protecting Model IP15:00 Dual-Use Defense Pivot21:45 The Palantir Comparison27:10 US-China Chip Race35:20 Drone Swarm Consensus42:15 Accountable Autonomy Explained49:00 Kill Chain Verifiability55:30 EU vs. US DefenseLinksIsmael on X: https://x.com/Ismael_H_R Lagrange Labs: https://www.lagrange.dev/Anduril Industries: https://www.anduril.com/Gnosis: https://gnosis.io/Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

Fresh off the launch of the Ignition Chain and a successful community-led $61M token sale, Aztec Network co-founder Zac Williamson joins Friederike Ernst to unpack the "existential" journey of building programmable privacy. Zac opens up about the "sacrificial altar" moment where the team decided to kill their live product, Aztec Connect which had 60k users because they realized true decentralized privacy required rebuilding from scratch rather than iterative upgrades.They dive deep into the architecture of the new network, which utilizes a hybrid state model (encrypted UTXOs for privacy, public accounts for transparency) to enable composable applications. Zac challenges the cryptographic dogma of "don't roll your own crypto," arguing that for pioneers, relying on "battle-tested" libraries is impossible. He explains why decentralized sequencers are not just a moral choice but a security necessity to prevent government-mandated backdoors. Finally, Zac contrasts the chaotic but decentralized resistance to surveillance in the US with the increasing top-down control in the UK and Europe, framing Aztec as essential "defense in depth" for the digital age.Topics00:00 Intro 03:45 The "Sacrificial Altar": Killing Aztec Connect10:15 Hybrid Architecture: UTXOs vs. Accounts16:30 Why You Must "Roll Your Own Crypto"22:00 Decentralization as a Defense Against Backdoors28:15 Performance: Throughput & Latency Trade-offs34:40 Private Smart Contracts: Gaming & Identity41:00 The Macro View: US vs. EU SurveillanceLinksGnosis: https://gnosis.io/Zac Williamson on X: https://twitter.com/Zac_AztecAztec Network: https://aztec.networkNoir Language: https://noir-lang.orgSponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

Ethereum co-founder Joe Lubin joins Friederike Ernst to discuss why we are at the "end of a supercycle," a chaotic transition period where legacy institutions are finally adopting blockchain rails not just for efficiency, but for survival. They explore the "inevitable convergence" where the US government may actively rely on stablecoins to absorb debt, effectively using crypto to extend the lifespan of the dollar. At the same time, banks scramble to compete with self-custodial wallets. Joe also details the structural evolution of Consensys, from an "organic blob" incubating projects like Gnosis to a focused software powerhouse. He differentiates Linea from competitors by highlighting its commitment to permissionless innovation where anyone can deploy a rollup without a "sign-off". He shares his vision for MetaMask evolving into a user-owned "full-service bank. Topics00:00 Intro & Paradigm Shift04:15 Crypto-Anarchy vs. Enterprise10:30 Banks & Stablecoins16:00 The Economic Supercycle24:45 Consensys History & Spin-outs33:20 Linea & Decentralization42:15 L1 Scaling & ZK48:00 Permissionless Rollups55:30 Future OptimismLinksJoe Lubin on X: https://twitter.com/ethereumJosephConsensys: https://consensys.ioLinea: https://linea.buildMetaMask: https://metamask.ioGnosis: https://gnosis.io/ Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

Quantum computing is often dismissed as a distant sci-fi future, but Ethereum OG John Lilic and Oxford physicist Stefano Gogioso argue the timeline is shrinking fast with roadmaps converging around 2030. In this episode, they break down the "woeful" state of quantum readiness in crypto, explaining how Shor's algorithm could eventually shatter the elliptic curve cryptography protecting Bitcoin and Ethereum.They also explore the terrifying concept of "harvest now, decrypt later," which implies that encrypted data and privacy coins like Monero may essentially be compromised already. Finally, they introduce "Quantum Money," a revolutionary form of digital cash developed by Stefano’s startup NeverLocal, which relies on the laws of physics rather than blockchain consensus to prevent double-spending.Topics00:00 Intro03:00 John’s Quantum Awakening08:00 Defining Quantum Computing13:30 Logical Qubits Explained18:15 Crypto’s "Woeful" Readiness23:30 "Harvest Now" Threat28:45 Monero’s Privacy Risk33:15 What is Quantum Money?40:00 Investment & HedgingLinksJohn Lilic on X: https://x.com/LilicJohnStefano Gogioso on X: https://x.com/StefanoGogiosoNeverLocal: https://neverlocal.com Quantum.info: https://quantum.infoGnosis: https://gnosis.io/Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

“DevConnect 2025 was about touching and feeling Ethereum IRL”Nathan Sexer, lead of the DevConnect 2025 and Events team at the Ethereum Foundation, gives a peek into the largest iteration of Devconnect ever, with 20,000 attendees, and why the team pivoted to a "World's Fair" format, creating tangible districts for DeFi and Privacy to let attendees truly "touch and feel" the ecosystem.The conversation gets real about the friction of the physical world. He explained why Argentina’s crypto-native culture makes it the perfect host, how hyperinflation fueled bottom-up adoption, and even the venue-wide internet failure became an accidental "feature," breaking the on-screen silos and pushing genuine face-to-face connections.A massive geopolitical win was how the team worked with the government to issue 1,000+ visas for attendees from over 130 nationalities to make this event in the true spirit of borderless crypto.The Ethereum Foundation is heading to Mumbai in 2026! The goal for India is to unify a fragmented developer diaspora and bring regulatory attention to one of the world's most critical tech hubs.Topics00:00 Intro & Scale04:15 World's Fair Concept09:50 Why Argentina?14:30 Operational Challenges18:15 Internet Blackout22:00 Booth Renaissance28:30 Privacy Priority33:00 Devcon Mumbai37:40 Indian DevelopersLinksDevcon Twitter/X: https://twitter.com/EFDevconNathan Sexer on X: https://x.com/nethan_ethEthereum Foundation: https://ethereum.orgGnosis: https://gnosis.io/Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

At DevConnect 2025, Sebastian and Friederike speak with Peter Van Valkenburgh about the rapidly evolving battle for digital rights. Peter challenges the industry's comfort with transparency, arguing that "transparency will destroy neutrality." He uses the history of SWIFT to illustrate how a once-neutral messaging system was captured by geopolitical interests because it wasn't "technically blind" to the data it processed. He argues that for blockchains to survive as global settlement layers, they must be "actually blind" to transactions, making neutrality a technical reality rather than a policy choice.The conversation turns to the aggressive legal tactics currently deployed against developers. Peter highlights the Pereira Bueno case, where prosecutors charged MEV searchers with wire fraud for being "dishonest validators" a concept Peter argues completely undermines the game-theoretic security of permissionless networks. He also breaks down the mixed bag of Tornado Cash litigation. While the sanctions against the protocol were successfully challenged and invalidated for Americans, the criminal conviction of developer Roman Storm for "unlicensed money transmission" sets a terrifying precedent for anyone publishing open-source code.On a constructive note, Peter introduces Coin Center's "John Hancock Project," which advocates for replacing the current, ineffective KYC/AML regime (which seizes less than 1% of illicit funds) with a system based on privacy-preserving attestations and self-sovereign risk scores. Finally, Peter shares surprising optimism regarding the US Securities and Exchange Commission (SEC). He notes that under the influence of Commissioners Hester Peirce and Paul Atkins, the agency has shifted from an aggressive adversary to a potential ally, openly discussing the benefits of full asset tokenization and the constitutional necessity of financial privacy.Topics00:00 The Telegram vs. Signal security rant05:15 The "Transparency Paradox": Why transparent Layer 1s cannot remain neutral in the long run10:40 The SWIFT Analogy: How a neutral messaging layer became a politicized settlement enforcer15:50 The Pereira Bueno Case: Why labeling MEV strategies as "wire fraud" threatens all validators23:10 L2 Sequencing Risks: Centralization and the need for "dumb pipes" 28:30 The Failure of KYC: Why 99.8% of illicit funds are missed and the cost of mass surveillance35:00 The "John Hancock Project": Using ZK-proofs and attestations to replace identity surveillance42:15 Tornado Cash Update: Sanctions invalidated vs. the dangerous precedent of Roman Storm’s conviction49:00 The SEC's 180: Hester Peirce, Paul Atkins, and the push for tokenized equitiesLinks mentioned in the episode: Gnosis: https://gnosis.io/ Coin Center: https://www.coincenter.orgEpicenter - All Episodes: https://epicenter.tv/Report: Tear Down This Walled Garden: https://www.coincenter.org/tear-down-this-walled-garden/ Pereira Bueno Amicus Brief: https://www.coincenter.org/amicus-brief-mev-wire-fraud/ Peter on X: https://x.com/valkenburghSebastian on X: https://x.com/seb3point0Friederike on X: https://x.com/tw_tter Sponsors:Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

Captured live at Cosmoverse 2025, this episode brings host Sebastian in conversation with Michael (better known as Cryptocito, Cosmos investor via Cito Ventures) and Magnus (@0xMagmar, Co-CEO Cosmos Labs). Against a backdrop of institutional gravitas, central banks mingling alongside Revolut executives, the conversation traces Cosmos' arc across five Cosmoverses, from Medellín's raw developer fervor to the polished, enterprise-oriented event unfolding here. It's a marker of the ecosystem's maturation, one that demands Cosmos "grow up" to weave itself into the fabric of global finance, governance, and economies beyond its insular origins.Magnus lays out Cosmos Labs' forward path: Systematically acquiring and refining homegrown innovations, such as the EVM rebuild over six months into a core stack component and consolidating privacy primitives from projects like Secret Network and Penumbra into seamless, enterprise-grade tools. These advancements, long championed by Cosmos builders, now stand ready for institutional adoption. On quantum threats, enterprises show little concern for now, but the panel underscores blockchains' unique vulnerabilities: Unlike centralized systems, they require broad coordination for upgrades, where Bitcoin's inertia pales against Cosmos' app-chain flexibility, allowing isolated chain overhauls without dragging down the broader network, a resilience Ethereum lacks. Topics covered in this episode:0:00 Introduction & Cosmoverse Vibe Check2:30 Reflections on Five Cosmoverses6:45 Ecosystem Maturation: Grassroots to Institutional Focus11:20 Cosmos Labs' Roadmap: Unifying Privacy & EVM Innovations16:50 Building Cohesive Stack Features for Enterprises22:15 Privacy Tools: Secret Network, Penumbra, and Nym27:40 Quantum Computing Threats & Blockchain Vulnerabilities33:10 Coordination Challenges: Hard Forks vs. App-Chain Modularity38:25 Sovereign Day Argentina: CBDC & Gov Sovereignty Summit43:50 Leadership Adaptation & Community Inclusion49:20 Future Vision: Cosmos as Global Finance Enabler54:00 Closing Thoughts & Event ShoutoutsEpisode links: - Michael (@Cryptocito) (https://x.com/Cryptocito )- Magnus (@0xMagmar) (https://x.com/0xMagmar)- Gnosis (https://gnosis.io/)- Epicenter - All Episodes (https://epicenter.tv/)- Cosmoverse 2025 (https://cosmoverse.org/)Sponsors: - Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io This episode is hosted by Sebastien Couture. Show notes and listening options: https://epicenter.tv/

Brian Fabian Crain and Michael Egorov, Curve Finance founder, discuss Curve's origins: solving inefficient DAI/USDC swaps after MakerDAO borrows by creating a DeFi AMM for stablecoins and LSTs. It hit 1M TVL with a bonding curve concentrating liquidity at 1:1, more effective for pegged assets than Uniswap. Features grew to include BTC wrappers, stETH pairs, and crvUSD (a CDP stablecoin with reversible liquidations & a peg-keeper). Governance uses veCRV: Locking CRV grants voting power proportional to lock duration, a mechanism now refined in Yield Basis. Yield Basis solves impermanent loss in volatile pools (e.g., BTC/crvUSD). Users deposit BTC; the protocol borrows crvUSD, pairs it at 2x leverage (50% debt/equity), and uses LP tokens as collateral. This gives 1:1 asset tracking, while fees accrue from auto-rebalancing arbitrage. Simulations show 20%+ APY (may decline as BTC volatility drops) under a $50B TVL cap. It complements Curve by directing veCRV incentives to crvUSD pools, enhancing liquidity, fees, and DAO revenues. Key considerations: manual migrations, deterring forks, and dev support to scale. Topics Discussed 00:00 Introduction to Curve Finance and YieldBases 02:24 Understanding Curve's Unique Mechanisms 07:58 The Concept of veTokenomics 15:27 Lessons Learned from Building Curve 22:20 Exploring YieldBasis and Its Innovations 29:47 Understanding Yield Basis and Collateralization 32:25 Navigating Market Volatility and Liquidation Events 35:32 Metrics and Performance Insights of Yield Basis 38:35 Scaling Yield Basis: Future Directions 40:33 Yield Expectations and Market Dynamics 43:12 Potential Growth and Liquidity Challenges 46:18 Expanding to Other Chains and Governance Tokens 49:35 The Symbiotic Relationship with Curve 54:31 Upcoming Milestones and Future Developments Links Mentioned Michael Egorov on X Curve Finance Yield Basis Gnosis Epicenter - All Episodes SponsorsGnosis: Building decentralized infrastructure since 2015. With Gnosis Pay, the first Decentralized Payment Network. Start leveraging its power at gnosis.io This episode is hosted by Brian Fabian Crain.

Sci-fi titan Neal Stephenson, whose Snow Crash coined the term 'metaverse' and Cryptonomicon, which foreshadowed crypto in 1999, joins Friederike to discuss his "hard sci-fi" method: building immersive, consistent worlds, not prophecy. He's now co-founder of Lamina1, aiming to restore Web1's ethos and give creators IP sovereignty with direct micropayments, breaking free from Web2's "walled gardens."Neal unpacks Web3's promise like "intent-casting" flipping ad models while citing its critical traps: abysmal UX, criminal stigma, and the "soul-crushing" risk of just upgrading incumbent systems.Spotlighting Lamina 1's game "Artifact," he argues Web3's true success will be measured when the technology becomes invisible and safe, proving its value by restoring sovereignty to its users and creators, rather than through speculative hype.Topics discussed in this episode:(00:00) Introduction to Decentralization and Blockchain(01:20) The Role of Storytelling in Technology Prediction(03:48) The Balance of Optimism and Pessimism in Fiction(06:27) Web3: Promises and Pitfalls(08:36) The Evolution of the Web: From Decentralization to Centralization(13:37) Metrics for a Decentralized Web(15:55) Lamina One: A New Vision for the Metaverse(23:44) Creating a Financial Layer for the Creator Economy(25:08) Legal Implications of Smart Contracts(27:38) The Strength of Smart Contracts(31:04) Decentralization vs. Centralization in the Creator Economy(36:21) The Decline of Centralized Platforms(41:23) Financialization and the Creative Economy(45:47) The Future of Web3 and User Experience(51:17) Potential Failure Modes of Web3Links mentioned in this episode: Neal Stephenson, Co-founder Lamina1: https://x.com/nealstephenson Lamina 1: https://lamina1.com/home Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at gnosis.io This episode is hosted by Friederike Ernst.