The Stablecoin Chain Wars: Codex’s Bet on On-Chain FX | Cofounder Haonan Li

Payment chains are heating up. Not every “stablecoin chain” is playing the same game. Codex cofounder and CEO Haonan Li joins David to map the real landscape: what neutrality looks like in practice, why the bottleneck isn’t TPS but fiat-to-stable friction, and how on-chain FX could pull global flows. We dig into the Bear-Chain incentive trap. Why Codex chose to build as an Ethereum L2. The case for app-specific rollups that return value to ETH. And the growing split between projects that bundle value toward Ethereum and those that pull it away. --- 📣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 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠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 1:10 Codex’s Market Positioning 2:24 How Stablecoin Chains Differ 4:55 Neutrality For Chains And Customers 8:11 Codex’s Focus: Fiat Friction & Wholesale FX 14:16 The Golden Goose: On-Chain Transfers Vs On-Ramps 17:49 Liquidity, Demand, Exotics: The Case For On-Chain FX 24:55 Why An Ethereum L2: Technical & Economic Rationale 32:50 Founding Codex, Contrarian Thesis & Focused L2s 40:23 Community Dynamics, Tempo, Bundlers Vs Unbundlers 1:00:16 Closing Thoughts --- RESOURCES Haonan Li https://x.com/haonan Codex https://www.codex.xyz/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Micropayments were always meant to be part of the internet, but the technology never existed to make them work. Until now. David sits down with Sam Ragsdale, CEO of Merit Systems, to unpack x402, a new protocol reviving the long-dormant “Payment Required” status code to enable crypto-powered microtransactions across the web. They explore how x402 could transform how machines, AI agents, and humans pay for internet resources, reshape online business models beyond ads, and unlock a new economy of autonomous agents and programmable commerce. ------ 📣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 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠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 0:10 What is x402? 6:19 Internet Micropayments 9:45 x402 Encryption 12:10 x402 Inception 15:20 How x402 Transactions Work 27:02 x402 Experiments 39:46 Paywalls 43:53 A New Internet? 47:12 Call to Builders 49:21 Merit Systems 53:56 Resources 55:36 Closing & Disclaimers ------ RESOURCES Sam Ragsdale https://x.com/samrags_  Merit Systems https://www.merit.systems/  x402scan https://www.x402scan.com/  Coinbase x402 https://www.coinbase.com/en-pt/developer-platform/products/x402  Stratechery - The Agentic Web and Original Sin https://stratechery.com/2025/the-agentic-web-and-original-sin/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Land isn’t just dirt under buildings—it’s the world’s oldest, strangest asset, worth an estimated $180T, quietly steering credit cycles, politics, and who gets to build the future. Economist editor and Money Talks host Mike Bird joins us to decode the “land trap”: why superstar cities underbuild, how mortgages turned banks into land-collateral machines, and what Japan’s 1980s super-bubble can (and can’t) teach us about China’s managed deflation today. We trace ownership from Babylonian stone ledgers to modern cadastres, ask whether America ever ran a de facto “land standard,” and explore pragmatic exits: build where demand is, deepen capital markets so homes aren’t the only savings vehicle, and tax land value uplift to fund infrastructure. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($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 Why Housing Is Unaffordable 4:20 Demand, Supply & Social Spillovers Of Housing Costs 10:31 Land As Collateral, Money & Banking 16:29 Henry George, Georgism & Early Land Reform Politics 22:22 Monopoly, Georgism’s Decline & Why Reform Faded 29:45 Policy Dilemmas: Homeownership, Infrastructure & Land-Value Capture 32:38 Land’s Scale, Uniqueness & Three Attributes 43:27 Origins Of Property Records & Cadastral Systems 49:45 Dead Capital: Hernando De Soto & Formal Property Rights 54:35 Land-Backed Money Experiments & Early U.S. Land Banks 1:00:32 Japan’s 1980s Land Boom & Aftermath 1:18:19 China’s Land Model, Three Red Lines & Unfinished Adjustment 1:26:43 Summary: Land Traps & Policy Levers 1:35:09 Lightning Round, Takeaways & Outro --- RESOURCES Mike Bird https://x.com/Birdyword Mike Bird’s “The Land Trap” https://www.penguinrandomhouse.com/books/753001/the-land-trap-by-mike-bird/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Luke Gromen makes the case that “debasement” isn’t a trade, it’s the new regime. We unpack why assets look strong in dollars yet stagnate in gold/Bitcoin terms, the global reserves shift back toward gold, how a U.S. gold reprice to $10k–$20k could fund a balance-sheet reset, the risks of “paper gold,” Bitcoin’s potential catch-up (and a possible East=gold, West=BTC split), AI as an accelerant, and a pragmatic portfolio framework for navigating a 100-year reset. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep 💠BIT DIGITAL ($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 4:15 How Long is The Trade? 11:23 Gold vs Treasury Reserves 19:34 Gold All Time Highs 23:17 Gold Buying Pressure 29:08 Back to The Gold Standard? 37:37 The Transition 43:10 Central Bank Gold Accumulation 49:20 Gold Demonetization 57:00 Types of Gold 1:05:17 Gold vs Bitcoin 1:10:06 The Future of Bitcoin 1:16:19 4-Year Cycles 1:19:02 Tokenized Gold 1:24:19 100 Year Reset Portfolio 1:28:25 Closing & Disclaimers ------ RESOURCES Luke Gromen https://x.com/LukeGromen  "The Debasement Trade" https://x.com/LukeGromen/status/1974184554782220583 FFTT, LLC https://fftt-llc.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Markets got the treat they were waiting for with a Fed rate cut and pause on quantitative tightening, but prices still fell. Why? This week, Ryan and David break down why the markets got spooked, what Powell really said about December cuts, and what it means heading into November. We also cover MegaETH’s oversubscribed ICO, Monad’s airdrop, Polymarket’s confirmed token, and JP Morgan’s $34B Base token estimate. Plus Solana’s new ETF, Western Union’s stablecoin, Circle’s controversial L1 launch, the X402 payment boom, and the latest on Consensys and Securitize IPOs. ------ 📣BANKLESS SUMMIT 2025 | SPONSORED BY M0 https://bankless.cc/devconnet-2025  https://bankless.cc/m0  ------ BANKLESS SPONSOR TOOLS: 🪙FRAXNET | MINT, REDEEM, EARN  https://bankless.cc/fraxnet 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR L2 NETWORK https://bankless.cc/Mantle 🌳KGEN | REQUEST A DEMO  https://bankless.cc/KGEN-podcast 💠BIT DIGITAL ($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 5:03 Markets https://www.tradingview.com/chart/1RYLG2gC/ https://www.tradingview.com/chart/1RYLG2gC/ https://x.com/fundstrat/status/198307855327420049 https://x.com/KobeissiLetter/status/1983595486259950049 https://polymarket.com/event/fed-decision-in-december?tid=1761832318180 https://x.com/KobeissiLetter/status/1983613170691535094 https://x.com/KobeissiLetter/status/1983606477479899214 https://x.com/TKL_Adam/status/1983560866436927875 https://x.com/KobeissiLetter/status/1983855569996861631 https://www.coindesk.com/markets/2025/10/28/solana-etfs-could-draw-over-usd3b-if-bitcoin-ether-etf-trends-repeat https://x.com/ETHZilla_ETHZ/status/1982901255782445420 https://www.strategicethreserve.xyz/ 30:32 3 of the most exciting tokens this year & new valuations! It’s token launch season! https://x.com/megaeth/status/1983188518756339906 https://x.com/TrustlessState/status/1982831157491184073 https://x.com/megaeth/status/1982502453515071847 https://x.com/kunalgoel/status/1983304334835077425 https://x.com/0xd1namit/status/1981661321101009388 https://claim.monad.xyz/ https://app.hyperliquid.xyz/trade/MON https://app.hyperliquid.xyz/trade/MEGA https://www.theblock.co/post/376134/coinbases-base-token-could-be-worth-34-billion-jpmorgan-says 44:36 Circle’s Arc EVM L1 goes to public testnet - RSA triggered https://www.arc.network/blog/circle-launches-arc-public-testnet 47:00 x402 gets its first signs of traction - 200,000% growth week over week https://www.x402scan.com/ https://dune.com/programmer/x402 52:27 Trump names Michael Selig to chair CFTC https://x.com/CoinMarketCap/status/1983262571277762907 https://www.youtube.com/watch?v=fPdqwebmJzE https://x.com/davidsacks47/status/1982009725110600145 https://x.com/cdixon/status/1981834098932167131 53:41 Trump Media is about to launch a prediction market https://www.bloomberg.com/news/articles/2025-10-28/trump-media-plans-to-enter-booming-prediction-markets-business https://x.com/WatcherGuru/status/1982976302803234955 56:46 Western Union is building exclusively on Solana  https://x.com/solana/status/1983215174883430839 https://x.com/DegenerateNews/status/1983265904348803569 https://x.com/camillionaire_m/status/1983506060343185571 https://x.com/0xMert_/status/1983517171234861273 https://x.com/calilyliu/status/1983386544271704528 https://x.com/vibhu/status/1983568810360643945 1:03:21 3 themes this cycle: Acquisitions, Banks, IPO https://aave.com/blog/stable-acquire https://x.com/farcaster_xyz/status/1981398124242620852 https://www.wsj.com/finance/regulation/zelle-stablecoin-cryptocurrency-7ef515e7 https://www.coinbase.com/blog/coinbase-and-citi-collaborate-to-build-the-future-of-payments https://x.com/brian_armstrong/status/1982850023718105337 https://www.prnewswire.com/news-releases/securitize-the-leading-tokenization-platform-to-become-a-public-company-at-1-25b-valuation-via-business-combination-with-cantor-equity-partners-ii-302596208.html https://app.rwa.xyz/platforms https://www.theblock.co/post/376845/metamask-parent-consensys-pursues-ipo-jpmorgan-goldman-axios 1:09:55 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

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