State Of Crypto 2025 | a16z Crypto — Eddy Lazzarin & Daren Matsuoka

Neobanks might be the quiet coordination hack that makes Visa optional. David sits down with Frax’s Sam Kazemian to map the new payment stack: why cards today settle over Visa yet still onboard users into stablecoins, how Frax USD (payments) pairs with sFRAX USD (savings), and why Ethereum remains the “savings/issuance” base while specialized payment chains battle for flows. Sam unpacks Frax’s white-label issuance strategy and RWA plumbing, shares an institutional DD story that highlights reliability over hype, and lays out the metrics that actually matter—card acceptance, bank deposits, chain coverage, and real-world spend. If you’re tracking how stablecoins, neobanks, and RWAs converge into an on-chain economy, this one connects the pipes. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 Intro 0:54 What Is a Neobank 2:45 Crypto Neobanks & Frax’s Two-Coin Model 5:28 Strategy: Be the Pipes, Not the Card 14:48 Design: RWAs On-Chain & Compliance Surface 18:16 Cards Today, Native Pay Tomorrow 28:52 The Standards Fight 33:30 Institutional Proof Point & Growth Curve 40:28 Closed-Loop On-Chain Economy 55:36 What to Track Next --- RESOURCES Sam Kazemian https://x.com/samkazemian --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

NBA Star Tristan Thompson and Coinbase CLO Paul Grewal break down why pro athletes are moving into Bitcoin, crypto, and onchain prediction markets. We cover stablecoin rewards after the Genius Act, Coinbase’s fight to preserve consumer yield and staking, the CFTC vs. state path for prediction markets, and Tristan’s new onchain app, basketball.fun. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Intro 0:54 An Athlete & a Lawyer? 2:47 Athletes Love Crypto 8:19 Bitcoin & Trust 15:16 Stablecoin Yields 18:41 Crypto vs Banks 21:34 Tristan’s Crypto Interests 26:58 Crypto’s UX 35:48 Prediction Markets 43:58 Prediction Market Regulation 48:41 Anti-Crypto Democrats 51:00 Basketball.fun 56:00 Gary Gensler’s Deleted Texts 1:00:25 Closing & Disclaimers ------ RESOURCES Tristan Paul https://x.com/RealTristan13  Paul Grewal https://x.com/iampaulgrewal  Basketball.fun https://www.basketball.fun/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Downtober drags on… but not all is bearish. On this week’s Weekly Rollup, Ryan and David break down why sentiment feels cold despite strong BTC, and the three ways this cycle could play out. Plus, gold is ripping! Can crypto catch up? We also cover Dankrad’s jump to Tempo, Coinbase’s Echo deal, Polymarket’s NHL play, the Fed’s potential FedWire opening, and the AI trading showdown. ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/devconnet-2025  https://bankless.cc/m0  ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 4:00 Markets https://x.com/QuintenFrancois/status/1980893883161882974 https://x.com/VentureCoinist/status/1979622508732276761 https://x.com/QuintenFrancois/status/1980935843763150926 https://x.com/cryptogucci/status/1981367758278578590 https://x.com/qthomp/status/1981040936890081390 https://x.com/qthomp/status/1981044811894550678 https://x.com/FinFreedom414/status/1980614441315033342 https://x.com/VentureCoinist/status/1979622508732276761 https://x.com/JasonYanowitz/status/1980620067315282091 https://x.com/Barchart/status/1979149096700031112 https://x.com/Barchart/status/1981195191110574116 https://x.com/KobeissiLetter/status/1980994433849135340 https://x.com/KobeissiLetter/status/1980994455328149603 https://x.com/elerianm/status/1976244432317096373 https://www.visualcapitalist.com/central-banks-now-hold-more-gold-than-u-s-treasuries/ https://x.com/charliebilello/status/1979553653393383654 https://x.com/KobeissiLetter/status/1979563634805133590 https://x.com/charliebilello/status/1979542689977667913 https://x.com/BTC_Archive/status/1980614921357283448 25:04 Trump Pardons CZ https://x.com/WSJ/status/1981377689270231336 https://www.wsj.com/finance/currencies/trump-pardons-convicted-binance-founder-7509bd63?mod=hp_lead_pos2 https://x.com/cz_binance/status/1981404850832494666 30:19 Dankrad is moving to Tempo https://x.com/dankrad/status/1979133618254405775 https://x.com/AggrNews/status/1979220336680833433 https://x.com/TrustlessState/status/1979900912903586286 https://x.com/EffortCapital/status/1979158689605882109 https://x.com/ethereumJoseph/status/1980279130638672175 39:04 The Fight for Bitcoin’s Soul - Neutral blockspace or Bitcoin only https://x.com/BitMEXResearch/status/1978545931600511157 https://www.bankless.com/read/bitcoins-nft-schism-is-intensifying https://x.com/VitalikButerin/status/1978643578328137883 https://x.com/RyanSAdams/status/1979188770747408728 48:25 Coinbase bought Cobie’s Echo https://x.com/cobie/status/1980579379244855384 https://x.com/A_Leutenegger/status/1980589269891837972 https://x.com/TheEylon/status/1981405829010956687 https://x.com/CryptoKaleo/status/1980385803630227570 https://x.com/brian_armstrong/status/1981410026746261971 53:41 Polymarket announces they’re the Official Prediction Market for the NHL https://x.com/shayne_coplan/status/1981016949309239616 https://x.com/Kalshi/status/1980976183241240858 https://x.com/TrustlessState/status/1981024439887151337 https://x.com/zoomerfied/status/1981010074093969831 56:57 OpenSea wants to become “trade everything” app https://x.com/dfinzer/status/1979200646763929835 58:45 FED is going to give crypto companies direct access to its Fedwire  https://www.theblock.co/post/375513/waller-signals-feds-shift-toward-embracing-crypto-proposes-skinny-master-account-for-payment-innovators https://x.com/CoinDesk/status/1980728462022529203  https://polymarket.com/event/who-will-trump-nominate-as-fed-chair?tid=1761236821603 https://www.therage.co/us-btc-forfeiture/ https://x.com/francispouliot_/status/1978129578754191580 1:04:04 AI models entered a trading competition https://x.com/jay_azhang/status/1979312946154033227 https://nof1.ai/ https://nof1.ai/leaderboard https://www.youtube.com/watch?v=fijrhqJ88Sc&t=457s 1:06:30 RSA excited about AI - give your AI a wallet to spend with x402 https://x.com/CoinbaseDev/status/1981064709555310825 https://nexus.thirdweb.com/ https://x.com/RyanSAdams/status/1980985187484758401 1:08:33 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

a16z crypto’s CTO Eddy Lazzarin and partner Daren Matsuoka return for our annual State of Crypto to map where 2025 really is on the curve: a price–innovation cycle poised to hand the baton back to builders, Bitcoin holding ~50% share, and 70M people now using crypto on-chain out of 716M owners. We dig into why institutions are actually shipping (not just PR), how stablecoins now rival Visa-scale volumes and sit among top U.S. Treasury holders, why DEX spot share near 20% changes price discovery, and how perps, infra throughput, and fee-switch economics are reshaping revenue across chains. Plus: prediction markets’ second act, the AI×crypto handshake (agents, proof-of-humanity, IP), and Bitcoin’s long-dated quantum dilemma. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 Price–Innovation Cycle: Where We Are Now 3:46 Bitcoin Dominance & Market Correlations 12:09 User Geography & Adoption: MAUs vs Owners 20:15 Institutions & TradFi: Motives, Stablecoins, Integration 27:40 Stablecoin Scale: Volumes, Treasuries & Dollar Power 39:03 Stablecoin Decoupling & DeFi Growth 42:33 Perps, Protocol Revenue & Prediction Markets 47:55 Infrastructure: TPS, Scalability & Bottlenecks 49:51 Token Valuation & Chain Revenue 59:24 Bitcoin’s Quantum Risk: Paths & Responses 1:02:48 AI × Crypto: Use Cases & Decentralization 1:04:00 Outlook & Closing: Predictions & Cycle Top? --- RESOURCES Eddy Lazzarin https://x.com/eddylazzarin Daren Matsuoka https://x.com/DarenMatsuoka a16z’s Quantum Computing Podcast https://a16zcrypto.com/posts/podcast/quantum-computing-what-when-where-how-fact-vs-fiction/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Is the crypto cycle already over, or is this just a reset before one last push? Michael Nadeau from The DeFi Report joins Ryan to break down why he went 70% cash ahead of the flash crash, what late-cycle data he’s watching, and the signals that would flip him back risk on. We dig into Bitcoin’s 50-week moving average, ETH’s $8–10K scenarios, slowing ETF flows, rising leverage, and whether global liquidity and AI could still drive a melt-up. Michael explains why this cycle has felt muted, what would confirm a top, and how he’s positioning into year-end. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ ------ 📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPAN https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find  ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:48 Crypto Cycle: Is It Over? Mike's Risk-Off Strategy  https://thedefireport.io/research/portfolio-update 2:15 Flash Crash Insights  3:14 Crypto Investor Profiles  https://thedefireport.io/ 5:40 Understanding Market Cycles  https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 7:34 Late Cycle Analysis  https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 12:41 Shifting to Risk Off  https://thedefireport.io/research/portfolio-update 18:54 On-Chain Data Insights  https://thedefireport.io/research/where-might-eth-top#scenario-analysis-for-eth 21:47 Stages of the Cycle https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 26:12 Wealth Distribution Phase https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 28:15 Realized Profits Comparison  https://thedefireport.io/research/cycle-awareness-update#fear-greed-index 32:00 Global Liquidity Discussion  https://x.com/RaoulGMI/status/1977140156386660654  https://x.com/RaoulGMI/status/1977498706510487748 33:52 Gold vs. Bitcoin  https://x.com/merlijntrader/status/1978793051062509966 1:01:52 The Shittiest Bull Market Ever  https://x.com/cryptorbion/status/1979614717707489461 1:08:31 What Would Change Mike's Mind? https://www.coinglass.com/bull-market-peak-signals 1:17:14 Future of the DeFi Report  https://thedefireport.io/research/portfolio-update  https://thedefireport.io/ ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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

Markets just saw a $19B wipeout in a single day. In this week’s Weekly Rollup, we break down the Friday Flash Crash, what really caused it, and whether it signals the end of the cycle or just a reset. We also cover Binance’s leaked listing fees, a major Chinese tech company quietly building on Ethereum, and reports that the U.S. may add $14B in Bitcoin to its strategic reserve. Plus, Democrats renew their push against DeFi, and Larry Fink gears up for BlackRock’s next big crypto play. ------ 📣IMMUNEFI | CRYPTO SECURITY OS  https://bankless.cc/Immunefi ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY  https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS & RESOURCES 0:00 Intro 3:14 Markets https://x.com/sykodelic_/status/1978728444038152542 https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart https://x.com/Pledditor/status/1978783238614126798 https://x.com/NateGeraci/status/1978254468970909820 https://x.com/iamDCinvestor/status/1978227611722486016 https://x.com/Cointelegraph/status/1978800773480825133 https://x.com/RyanSAdams/status/1978441509788590590 https://x.com/growthepie_eth/status/1978460964245631206 https://x.com/RyanSAdams/status/1978549428114882674 https://x.com/jconorgrogan/status/1978563381880582649 https://x.com/Paxos/status/1978565015943950411 https://www.kerrisdalecap.com/wp-content/uploads/2025/10/Kerrisdale-BitMine-Immersion.pdf https://www.strategicethreserve.xyz/ https://x.com/AltcoinDaily/status/1978562431640346760 29:31 Black Friday - (Flash Crash Friday) of 2025 https://x.com/kookcapitalllc/status/1976778625942011964 https://x.com/QuintenFrancois/status/1976906323058213118 https://x.com/KobeissiLetter/status/1976664345435414918 https://x.com/diogenes/status/1976947177520808270 https://x.com/TedPillows/status/1977000112216805431 https://x.com/diogenes/article/1976947177520808270/media/1976938624139841536 https://x.com/0xdoug/status/1976850615621107743 https://x.com/wacy_time1/status/1976772080768368886 https://x.com/lighter_xyz/status/1976855873344749847 https://x.com/Rabby_io/status/1912055838702784639 https://x.com/StaniKulechov/status/1976777483824644454 https://x.com/traderview2/status/1976762799159234661 https://x.com/cobie/status/1976788855006302686 https://x.com/kris/status/1976939942254461094 https://x.com/RaoulGMI/status/1976875434785554831 48:21 Binance listing fees were leaked https://x.com/sjdedic/status/1852049944380932142 https://x.com/cjhtech/status/1978039748565532700 https://x.com/jessepollak/status/1978095944232026236 https://x.com/CryptoDefiLord/status/1978353232838623581 https://x.com/PhilOnChain/status/1978498099493621941 https://x.com/ViktorBunin/status/1978445847235907632 https://x.com/cz_binance/status/1978391907374899379 https://x.com/gregosuri/status/1853219191391650137 https://www.bankless.com/podcast/exposing-binances-listing-fees-cj-hetherington 54:05 MEGAETH VS MONAD TOKENS https://x.com/monad/status/1978525785800495400 https://x.com/megaeth_labs/status/1978449245931012439 https://www.bankless.com/read/news/megaeth-commences-mega-ico-registration-on-cobies-sonar-platform 58:01 Ant Group - Alipay introduced its L2  https://x.com/james_gaps/status/1978350046861984079 https://x.com/Jrag0x/status/1978358112458342697 https://x.com/RyanSAdams/status/1978431508575613213 59:51 Ethereum Phone - dGEN1 left the factory  https://x.com/jessepollak/status/1976710468539715895 1:01:19 US seized 127,000 BTC linked to pig butchering scam https://x.com/zoomerfied/status/1978101347401539638 https://x.com/SilvermanJacob/status/1978121251303334130 https://x.com/business/status/1978122242895630685 https://x.com/tayvano_/status/1978273602719158448 https://x.com/zackbshapiro/status/1978151239796854817 1:06:02 Dems countered the Market Structure bill  https://x.com/jchervinsky/status/1976380118437331425 https://x.com/haydenzadams/status/1976678889909805501 1:08:54 Closing & Disclaimers  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

A $19B liquidation wave hit crypto 10 days after Lighter’s public mainnet—so we asked founder/CEO Vladimir Novakovski why they built a ZK L2 Perp DEX on Ethereum, how the escape hatch actually protects users, and what really happened under extreme stress. We dig into ADL vs. LLP, trader-first design, and why verifiability (not vibes) should govern order matching and liquidations. Vlad shares throughput targets, why Lighter chose custom ZK circuits over a generalized ZKVM, and what’s next: Spot, universal cross-margin, and a ZKVM sidecar for a broader platform play. We close with lessons from the cascade, realistic tradeoffs of being an L2, and how L2Beat “stage upgrades” fit into the roadmap. --- 📣IMMUNEFI | CRYPTO SECURITY OS https://bankless.cc/Immunefi --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors --- TIMESTAMPS 0:00 Intro 3:04 Guest Intro & ZK L2 “Why” 4:58 L2 Security & Verifiability 11:35 Verifiable Matching & Liquidations 14:02 Mainnet Launch & Liquidation Stress Test 18:16 Outage: Timeline & Make-Good 18:58 Scorecard: Lighter vs Hyperliquid vs Binance 22:20 ADL 101: Why Automated Deleveraging Exists 32:32 “Customer-First” Design Stance 38:32 Takeaways: Transparency, Proofs, Details 41:48 Causes Considered & Vlad’s Market Lens 49:31 Why a Perp DEX: Product & Fit 57:42 L1 vs L2: Tradeoffs, Sovereignty, Incentives 1:06:45 Roadmap: Spot, ZKVM Sidecar, Cross-Margin, New Markets 1:11:21 Points, Token Timing & Transparency 1:15:31 Closing Thoughts --- RESOURCES Vladimir Novakovski https://x.com/vnovakovski Lighter https://x.com/lighter_xyz --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Binance listing fees, finally out in the open. CJ Hetherington, Founder of Limitless, published the offer he received after no NDA. 8% of total token supply and $250k. We dig into why the founders accept deals like this, the hidden sell pressure, and how onchain price discovery can replace CEX gatekeeping. CJ also breaks down Limitless on Base, instant-settlement price markets, and the path to Coinbase via Aerodrome. ------ 📣IMMUNEFI | CRYPTO SECURITY OS https://bankless.cc/Immunefi ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($BTBT) | ETH TREASURY https://bankless.cc/bit-digital We’re being compensated by Bit Digital (NASDAQ BTBT) for this segment promoting their company and BTBT. The compensation is paid in cash as a one time payment. You can find additional information about Bit Digital and BTBT on their Investor page at https://bit-digital.com/investors ------ TIMESTAMPS 0:00 Centralized Exchange Listing Fees 3:08 The Binance Drama Unfolds 3:41 Introducing Limitless 5:00 Conversation with CJ 15:28 The Hidden Costs of Listing Fees 25:17 The Future of Onchain Markets 28:44 Building on Base 32:39 Limitless: A New Prediction Market 43:43 Exploring Limitless Features 53:10 User-Generated Markets & Censorship 1:06:10 How to Engage with Limitless ------ RESOURCES CJ https://x.com/cjhtech Limitless https://x.com/trylimitless ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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