The $200 Billion Shadow Market Behind Anthropic's Stock | Dio Casares

Markets are ignoring every warning sign as stocks hit new highs, but crypto may finally have its catalyst. Ryan and David break down the CLARITY Act’s key vote, Wall Street’s Ethereum push, Bitcoin’s $80K test, and why private AI stocks are creating chaos onchain. --- 📣GALAXY | INSTITUTIONAL DIGITAL FINANCE https://bankless.cc/Galaxy   --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | GET 20% OFF  https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo --- TIMESTAMPS & RESOURCES 0:00 Intro 2:46 Trump/Xi Meeting, Nvidia China Deal, and AI Stocks https://x.com/WhiteHouse/status/2054607212513730674 https://www.reuters.com/business/retail-consumer/us-clears-h200-chip-sales-10-china-firms-nvidia-ceo-looks-breakthrough-2026-05-14/ https://imgur.com/wLddwGM https://x.com/BullTheoryio/status/2054558694785077478 https://x.com/KobeissiLetter/status/2054177816573329496 https://fred.stlouisfed.org/graph/ https://x.com/coindesk/status/2054542868522365141 https://x.com/TedPillows/status/2054545275281182861 https://x.com/KobeissiLetter/status/2054940927379014035 https://x.com/KobeissiLetter/status/2054655260652716149 https://www.coingecko.com/en/coins/ethereum 28:06 Circle Earnings, Arc, and USDC Growth https://x.com/circle/status/2053785252037022157 https://x.com/marcarjoon/status/2054539947466522815 https://www.cnbc.com/2026/05/11/circle-closes-222-million-from-blackrock-apollo-for-arc-blockchain.html https://x.com/coingecko/status/2054042800203719158 32:54 Coinbase, USDC, and Hyperliquid Team Up + Anthropic and OpenAI Crack Down on Unauthorized Private Stock Sales https://x.com/wallstengine/status/2054928782918816102 https://app.hyperliquid.xyz/trade/xyz:CBRS https://x.com/caseycraig/status/2053568380796367301 46:57 CLARITY Act Passes Key Committee Vote https://x.com/brian_armstrong/status/2054552885376016718  https://x.com/DegenerateNews/status/2054968887796539789 https://x.com/valkenburgh/status/2054968314292486621 https://x.com/EleanorTerrett/status/2052890357952627000 https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless? https://x.com/FidelityPolicy/status/2054587652121284648 https://x.com/EleanorTerrett/status/2054295187048853637 https://www.banking.senate.gov/newsroom/minority/warren-statement-on-no-trump-ethics-provision-in-crypto-bill https://x.com/patrickjwitt/status/2054183222305554643 https://x.com/glxyresearch/status/2054635251503108596 https://x.com/EleanorTerrett/status/2054575825681367098 55:58 BlackRock, JPMorgan, and Fidelity Bring Money Markets to Ethereum https://x.com/VivekVentures/status/2054946669083390374 https://x.com/VivekVentures/status/2053101323390754982 https://x.com/NateGeraci/status/2052872497779896460 https://app.rwa.xyz/assets/BUIDL https://x.com/VivekVentures/status/2054305703272103977 https://x.com/EricBalchunas/status/2054316547712196688 https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-second-tokenized-fund-on-ethereum/ https://x.com/Etherealize_io/status/2054945868210450519 https://x.com/NateGeraci/status/2054355513182171502 59:23 Bankless Thesis Check-In https://x.com/RyanSAdams/status/2054969401154130163 https://www.bankless.com/docs/mcp 1:03:43 Euphoria Mainnet Launch https://x.com/Euphoria_fi/status/2054954998375535097 1:04:45 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Anthropic's secondary market is tens of billions of dollars deep, stacked with SPVs on top of SPVs charging 10% fees plus carry, and almost entirely opaque. Dio Casares of Patagon breaks down how it actually works: which deals Anthropic blesses and which get cease-and-desists, why fake share certificates show up in 10-20% of executed deals, what tokenized equities and pre-IPO perps actually represent, and the mess of lawsuits and stuck shares coming when Anthropic finally IPOs.  ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | MEMBER MONTH https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo  ------ TIMESTAMPS 0:00 Intro 0:40 What is Going on in Secondary Markets? 7:03 How Anthropic Secondary Markets Unfold 14:51 Anthropic’s Secondaries Social Elite 19:00 Emerging SPV Structure 21:51 Accidental Frauds? 27:04 After IPO Consequences 35:13 Private Market Lessons 38:21 Patagon Markets 43:54 Tokenized Perps 44:57 Closing Thoughts ------ RESOURCES Diogenes Cesares https://x.com/diogenes  Patagon Markets https://patagonmarkets.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

AI is no longer just a technology story. It is becoming a political fault line. Jasmine Sun joins Bankless to unpack the rise of AI populism, why backlash against data centers and AI labs is spreading across strange political coalitions, and whether jobs, inequality, and SuperPAC money could turn AI into a defining 2028 election issue. --- 🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPSIODE https://www.bankless.com/podcast/debrief-will-ai-populism-decide-the-2028-election --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | GET 20% OFF https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo --- TIMESTAMPS 0:00 What Is AI Populism? 2:56 Why AI Could Matter in 2028 11:13 Data Centers, Distrust, and Warning Shots 25:27 The Jobpacalypse Debate 43:25 Game Over for Labor? 51:52 The New AI Political Map 1:04:50 Power Inequality, Policy, and the Grand Bargain 1:18:37 How to Stay Useful in the AI Era --- RESOURCES Jasmine Sun https://x.com/jasminewsun Jasmine’s Substack https://substack.com/@jasmine --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

AI stocks are ripping, crypto is following, and the question is whether this is the next leg higher or the final frothy phase before a reset. Ryan and Michael Nadeau break down why Bitcoin is so tied to the NASDAQ right now, how today’s AI boom compares to 1999, and what investors should watch if the bubble keeps inflating or finally starts to burst. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://bankless.cc/BTDR-RSS --- 📣THE DEFI REPORT | 20% OFF ANNUAL PLANS https://bankless.cc/BTDR-RSS   --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | GET 20% OFF  https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo --- TIMESTAMPS & RESOURCES 0:00 Intro 1:48 The Bubble Debate 3:16 Defining the Bubble 4:33 Historical Perspectives on Bubbles 7:20 AI's Growth and Market Narratives 8:46 Technology Hype Cycles 11:21 Current Market Analysis 12:08 Understanding the Shiller PE Ratio 15:09 Revenue Growth Forecasts 18:19 Theories Behind Current Market Conditions 20:44 Analyzing Profit Margins 23:53 Price vs. Fundamentals 27:26 The Role of Market Sentiment 31:30 Historical Market Patterns 32:32 Lessons from the Dot-Com Era 35:17 Market Concentration and AI 39:38 The Future of AI Investments 41:45 Capital Flows in Tech 49:31 Geopolitical Implications and Market Behavior 53:25 Investor Positioning Strategies 1:04:30 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

North Korea isn’t just hacking crypto anymore, it’s studying it, infiltrating it, and turning DeFi’s weakest links into a state-run revenue machine. This time around, Ryan and David sit down with Ari Redbord of TRM Labs to unpack the Drift hack, the $6B DPRK crypto crime machine, how stolen funds move through THORChain, Bitcoin, OTC desks, and Chinese laundering networks, and why the fightback may require everything from better DeFi security to real-time Beacon alerts and offensive cyber. --- 🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPISODE https://www.bankless.com/podcast/debrief-why-north-korea-is-winning-crypto-crime-and-how-to-fight-back-ari-redbord-trm-labs --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | GET 20% OFF https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo --- TIMESTAMPS 0:00 Intro 2:16 The Drift Hack 5:15 Human Weak Points 11:16 The DPRK Hacker Network 14:56 The $6B Machine 20:32 Fighting Back 28:11 Seizures and Victims 38:58 Inside TRM Labs 47:01 Laundering Rails 52:51 The Beacon Network 58:06 Privacy vs Security 1:10:20 Code and Crime 1:14:49 Iran on Tron 1:22:55 Bitcoin and Power 1:28:49 Hardening DeFi --- RESOURCES Ari Redbord https://x.com/ARedbord TRM Labs https://www.trmlabs.com/ TRM’s DPRK Report https://www.trmlabs.com/resources/blog/north-korea-stole-76-of-all-crypto-hack-value-in-2026-with-just-two-attacks Ari’s Homeland Security Testimony https://www.congress.gov/119/meeting/house/119126/witnesses/HHRG-119-HM11-Wstate-RedbordA-20260421.pdf --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Stocks and AI are ripping to new highs, and crypto is getting pulled along for the ride. Ryan and David break down whether this rally is real or too frothy, what the CLARITY Act still needs to survive, why Coinbase layoffs are colliding with billion-dollar crypto raises, and what Saylor selling Bitcoin would actually mean. 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | GET 20% OFF  https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo --- TIMESTAMPS & RESOURCES 0:00 Intro 1:29 Markets  https://www.coingecko.com/  https://imgur.com/a/xfVRCtd https://thedefireport.io/research/btc-is-nearing-an-inflection-point#btc-vs-nasdaq-correlation https://www.google.com/finance/beta/quote/.INX:INDEXSP https://www.reuters.com/business/stunning-us-profit-strength-ignites-stocks-charge-record-peaks-2026-05-06/ https://x.com/claudeai/status/2052060691893227611 https://x.com/Cointelegraph/status/2052247071491604672 https://x.com/KobeissiLetter/status/2052042082185809991 https://app.hyperliquid.xyz/trade/vntl:ANTHROPIC https://x.com/jasongoepfert/status/2052110616622485834 https://x.com/RyanSAdams/status/2049971216413343991 https://x.com/KobeissiLetter/status/2050566239961956630 https://x.com/WhitePine009/status/2050578574348845271 https://x.com/Sam_Badawi/status/2050710130766074085/video/2  https://polymarket.com/event/us-x-iran-permanent-peace-deal-by/?via=bankless? https://x.com/RealStockCats/status/2052042448944124110 23:06 CLARITY Act Clears a Hurdle https://x.com/SenThomTillis/status/2051464145384489270 https://x.com/faryarshirzad/status/2050325150747484421 https://www.coindesk.com/policy/2026/05/01/clarity-act-text-lets-crypto-firms-offer-stablecoin-rewards-while-shielding-bank-yield https://x.com/intangiblecoins/status/2050331808240156721 https://x.com/kalshi_crypto/status/2052106907511320920 https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless? 31:20 Coinbase Layoffs vs Crypto Fundraises https://x.com/brian_armstrong https://x.com/0x_Lucas https://x.com/katie_haun/status/2051318562497716655 https://x.com/cdixon/status/2051633104549502989 https://x.com/emilios_eth/status/2051704246798549176 34:55 Is Saylor Selling Bitcoin? https://x.com/WatcherGuru/status/2051802384943194431  https://x.com/WatcherGuru/status/2051797790494261301 40:44 Arbitrum DAO Meets U.S. Courts https://unchainedcrypto.com/u-s-court-freezes-71-million-in-kelp-dao-eth-after-north-korea-terrorism-creditors-file-claim/ https://x.com/aave/status/2051329772190347560 https://x.com/tayvano_/status/2050407082084663430 https://x.com/ImperiumPaper 47:09 Ethereum L1 Is Scaling Again https://x.com/RyanSAdams/status/2051773131807690847 https://blog.ethereum.org/2026/05/02/soldogn-interop-recap https://forkcast.org/upgrade/glamsterdam 51:16 Strategic Bitcoin Reserve Update https://www.coindesk.com/policy/2026/05/06/u-s-bitcoin-reserve-update-coming-in-next-few-weeks-white-house-s-adviser-says https://www.dlnews.com/articles/people-culture/bo-hines-exits-white-house-crypto-post-amid-bitcoin-mystery/ https://polymarket.com/event/us-national-bitcoin-reserve-before-2027/?via=bankless? 59:31 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Spoiler alert: This episode contains spoilers for the documentary Finding Satoshi. Bill Cohan and Tyler Maroney unpack their new documentary Finding Satoshi, a four-year investigation into the identity of Satoshi Nakamoto. They explore why Satoshi’s identity still matters, the cypherpunk roots of Bitcoin, the public interest behind the mystery, and what the search reveals about privacy, money, power, and the mythology at the heart of crypto. ------ 🔎 FINDING SATOSHI | USE CODE: BANKLESS (20% OFF) https://www.findingsatoshi.com/bankless 🎬 DEBRIEF | RYAN & DAVID BREAKDOWN THE EPSIODE https://www.bankless.com/podcast/debrief-finding-satoshi-how-a-private-investigator-solved-the-mystery-of-bitcoins-creator  ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | GET 20% OFF  https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo  ------ TIMESTAMPS 0:00 Intro 1:17 Did We Find Him? 6:32 Why Find Satoshi? 11:54 Why OGs Didn’t Care 14:57 How Hard was the Investigation? 18:20 Talking to the Early Cypherpunks 19:58 Public Interest 26:08 Cypherpunk’s Ideology 39:07 Spoiler Alert: The Aha Moment 51:30 Satoshi’s Death 1:00:59 Bitcoin as a Public Good 1:05:23 Will Satoshi Come Back? 1:10:39 Was it All Planned? 1:11:52 Quantum Treasure Hunt 1:14:00 What would Satoshi think of Bitcoin Today? 1:17:09 Closing & Disclaimers ------ RESOURCES William D. Cohan https://x.com/WilliamCohan  Tyler Maroney https://x.com/tydamar  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Markets are ripping despite $120 oil and an escalating war. Ryan and David break down why the AI boom is drowning out macro risks, whether a wave of trillion-dollar IPOs could mark the top, and how DeFi just bailed itself out after its biggest hack ever. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | GET 20% OFF  https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | Get your 30-day access to Wealth Club Premier https://bankless.cc/nexo  --- TIMESTAMPS & RESOURCES 0:00 Intro 2:28 Oil War & $120 Oil Crisis https://x.com/pete_rizzo_/status/2049589290326212768 https://x.com/KobeissiLetter/status/2049713857728524691 https://x.com/KobeissiLetter/status/2049534394302394603 https://x.com/Rory_Johnston/status/2049834460233756744 https://x.com/KobeissiLetter/status/2048593172423495858 https://x.com/charliebilello/status/2049613424749838445 https://x.com/KobeissiLetter/status/2048461842540834913 https://x.com/biancoresearch/status/2049598646648181221 https://tether.io/news/tether-supports-freeze-of-more-than-344-million-in-usdt-in-coordination-with-ofac-and-u-s-law-enforcement/ https://x.com/AggrNews/status/2047711619304587602 https://x.com/SecScottBessent/status/2049281442451001711 16:46 Markets Rally vs Reality (AI Boom) or AI Bubble & IPO Top Signal https://x.com/KobeissiLetter/status/2049165243100827821 https://x.com/KobeissiLetter/status/2049149137292001672 https://x.com/NoLimitGains/status/2049213286311436597 https://x.com/shiri_shh/status/2049040515107270751 https://x.com/Shaughnessy119/status/2049228075766788402 https://x.com/IvayloPashov/status/2049475041113378909 https://x.com/realarmaansidhu/status/2047080574737592798 27:22 Fed, Powell, Rising Inflation, Bitcoin Narrative & National Security https://x.com/EdwardLawrence/status/2049583458393980995 https://x.com/firsttohearit/status/2049574617665c114570  https://x.com/KobeissiLetter/status/2049551229349511663 https://www.cnbc.com/2026/04/29/jerome-powell-says-he-will-continue-to-serve-as-a-fed-governor-even-after-chairmanship-ends-.html https://x.com/KobeissiLetter/status/2049609008399503750 https://x.com/pete_rizzo_/status/2049589290326212768 https://x.com/TFTC21/status/2049135996654981459  36:59 MegaETH Launch https://x.com/megaeth/status/2047352341473505435 https://cryptobriefing.com/megaeth-token-generation-event-set-for-april-30-2026/ https://x.com/bread_/status/2049870525779128345 https://dexscreener.com/megaeth/0x5fb29184c49546c13a14a3958f21e5759f0821f2 https://x.com/bubblemaps/status/2049874252153618436 https://www.youtube.com/watch?v=g4YI5u-hZJo 40:33 DeFi Bailout (KelpDAO → DeFi United) https://defiunited.world/ https://x.com/StaniKulechov/status/2047413237113868576 https://x.com/aave/status/2048189931856535887 https://x.com/CoinDesk/status/2049290843677151501 https://x.com/aave/status/2048958367658332413 https://x.com/jussy_world/status/2049534154488840259 48:30 Polymarket Insider Trading Case https://www.justice.gov/opa/pr/us-soldier-charged-using-classified-information-profit-prediction-market-bets https://www.bbc.com/news/articles/clyxd5wrr0wo https://www.wsls.com/news/national/2026/04/28/us-soldier-charged-with-using-intel-to-win-400k-on-maduro-raid-to-appear-in-court-in-nyc/ https://x.com/shayne_coplan/status/2047712706342326496 51:27 “Code Is Not a Crime” vs Reality https://cointelegraph.com/news/acting-ag-blanche-signals-doj-pivot-code-is-not-a-crime https://x.com/Cointelegraph/status/2048834708088267256  https://www.therage.co/blanche-vegas/ https://x.com/valkenburgh/status/2048846522347884669 https://x.com/rstormsf/status/2049157683916464278 55:45 Stablecoins Go Mainstream (Visa + Meta) https://investor.visa.com/news/news-details/2026/Visa-Accelerates-Stablecoin-Momentum-Adding-Five-Blockchains-for-Settlement/default.aspx https://www.coindesk.com/business/2026/04/29/tech-giant-meta-starts-paying-some-creators-in-stablecoin-with-stripe-s-support https://x.com/dwr/status/2049551855991308387 58:50 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

$MEGA token is live, but the bigger story is what the launch says about the future of L2s. Co-Founders Shuyao and Lei join Bankless to unpack why MegaETH tied its TGE to app milestones, why USDM and proximity markets could become core revenue streams, and how the team is thinking about appchains, AI agents, security, and Stage 2 decentralization. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🟦 COINBASE ONE | GET 20% OFF https://bankless.cc/coinbase-one 🧭OKX | TRADE, EARN, PAY https://app.okx.com/join/USBANKLESS 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | YIELD + CREDIT LINE https://bankless.cc/nexo --- TIMESTAMPS 0:00 MegaETH Reaches TGE: KPIs and Milestones 3:10 The 10 Apps That Unlocked Launch 8:12 Composability for New Crypto Apps 11:22 World Markets as MegaETH’s Liquidity Hub 14:13 USDM and the First Revenue Stream 15:59 Co-Location, Low Latency, and Proximity Markets 19:40 Proximity Markets vs. MEV 22:13 Revenue and Token Value Accrual 25:15 Ethereum Decentralization as a KPI 27:40 Token Unlocks and Launch Supply 30:31 Terminal, Incentives, and Flux 32:28 MegaETH vs. Appchains 38:31 Could MegaETH Support Polymarket Scale? 41:12 AI Agents on a Fast, Cheap Chain 47:23 KelpDAO, Arbitrum, and L2 Decentralization 55:38 Life After TGE --- RESOURCES Shuyao Kong https://x.com/hotpot_dao Lai Yang https://x.com/yangl1996 --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Rory Johnston, the “oil quant,” joins us to explain why the Hormuz crisis could become the biggest oil shock in history. Oil markets are already screaming. Supply is trapped, inventories are being drained, and the market may still be underpricing the scale of the disruption.  If the Strait stays closed, Rory says the path to $200 oil is no longer crazy. It may be the next stop. This is oil, geopolitics, inflation, and markets all colliding at once. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast  🟦 COINBASE ONE | GET 20% OFF  https://bankless.cc/coinbase-one 🦊 METAMASK | DOWNLOAD NOW https://go.metamask.io/BL-Pod-Download  🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 💰NEXO | YIELD + CREDIT LINE https://bankless.cc/nexo 🧭OKX | TRADE, EARN, PAY https://app.okx.com/join/USBANKLESS ------ TIMESTAMPS 0:00 Intro 1:17 What is a Barrel of Oil? 7:04 How is Oil Transported? 8:24 Is Oil Fungible? 13:25 Oil Then Vs Now 17:10 Peak Oil? 24:59 Hydrocarbon World Distribution 29:32 What is Spare Capacity? 32:14 Inventories in the Buffer System 35:04 Oil Futures 38:59 Oil Curve 44:51 Economic Implications of Oil Markets 48:48 Straight of Hormuz 55:30 Future Oil Price Action 1:03:53 Steelmanning the Market Reaction 1:13:23 When will the Straight Open? 1:21:57 Is the USA Winning? 1:27:49 Pressuring Iran 1:31:48 Signals to Watch 1:33:36 Fast Forward to 2050 1:38:38 Closing & Disclaimers ------ RESOURCES Rory Johnston https://x.com/Rory_Johnston  Commodity Context https://www.commoditycontext.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠