What’s the Story? AI Stocks, Crypto Downturn, Metals Selloff, SaaSpocalypse | Jim Bianco

Last week felt like four different crashes happening at the same time: AI software stocks melting down, crypto capitulating, gold and silver whipping around, and markets suddenly panicking about AI CapEx. Jim Bianco returns to Bankless to explain what actually changed: why AI is collapsing the cost of building software (and threatening SaaS pricing models), how “synthetic Bitcoin” in TradFi can amplify volatility even when nothing breaks onchain, and why the next crypto cycle can’t be powered by “permission” narratives, it has to be powered by replacement and building. --- 📣KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 0:44 Super Bowl ads as a market metaphor 2:30 WTF was last week? Four selloffs collide 8:38 Why crypto traded like “software” in the selloff 13:52 AI CapEx fears: are we overbuilding the infrastructure? 17:00 The 1999 playbook: infra boom → crash → app-layer winners 28:53 Where the value accrues: users, not the hyperscalers 35:36 Gold & silver: why silver behaves like an “altcoin” 39:09 Why Jim is bearish on China 44:21 Trump, Europe, defense spending, and the “go to 11” problem 49:09 Synthetic Bitcoin: the offchain float problem 56:52 Crypto’s next narrative: replacement, not permission 1:01:57 Kevin Warsh, Fed independence, and a new Fed–Treasury accord 1:09:40 Portfolio wrap: puke signals, building signals, and 4–5–6 returns --- RESOURCES James Bianco https://x.com/biancoresearch --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Robinhood isn’t just adding another crypto feature—it’s assembling a new exchange stack: stock tokens, an Ethereum L2 built for real-world assets, and a wallet that can plug into DeFi. Johann Kerbrat (GM of Crypto at Robinhood) joins Bankless to unpack what “24/7 markets” actually requires, why liquidity and routing are the hidden battleground for tokenized equities, and how “Certified by Robinhood” could become a distribution moat for onchain apps. Along the way, they compare Robinhood’s approach to tokenization with the NYSE’s 24/7 tokenized platform plans and Nasdaq’s tokenized securities proposal, and dig into what U.S. regulatory clarity would need to unlock stock tokens stateside. Subscribe for more on the new financial rails being built in real time. --- 🚀ROCKETPOOL https://bankless.cc/Rocketpool --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🌐BRIX | EMERGING MARKET YIELD https://bankless.cc/brix 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 3:43 Is Robinhood Building a New Exchange? 4:45 Robinhood Chain testnet: what it enables for builders 9:17 What’s actually unique about this L2 10:44 “Certified by Robinhood” explained 12:52 Mainnet timing & NYSE/Nasdaq vs Robinhood tokenization approaches 16:34 Stock tokens today: EU access, U.S. questions 18:16 The liquidity problem (and how routing fixes it) 21:28 What tokenized equities unlock beyond trading 23:23 Robinhood Wallet’s role in the stack 24:57 The CLARITY Act: what matters to Robinhood 30:49 Strategic bets: Talos, Bitstamp, and going institutional 38:51 Lighter + perps: DeFi vs CeFi (and the U.S. CFTC wall) 43:21 What’s next: “one ecosystem” + prediction markets 45:13 Builder call-to-action --- RESOURCES Johann Kerbrat https://x.com/JohannKerbrat --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

MegaETH mainnet is live, kicking off a new frontier for Ethereum scaling: ultra-low latency, massive throughput, and an execution environment built to unlock apps that can’t exist on L1. Lei Yang & Namik break down why Vitalik’s latest L2 framing validates “barbell” scaling, what users actually inherit from Ethereum (censorship resistance, exit guarantees, and fraud-proof security assumptions), and why stages + governance are harder than they look.  Plus: the mainnet stress test (11.4B tx in 7 days, 55k peak TPS), the economics shift toward stablecoin yield with USDM, proximity markets for MEV, and MegaETH’s aggressive app-incubation strategy. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🃏SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch ------ TIMESTAMPS 0:00 Intro 0:41 Vitalik’s L2 Pivot Tweet 14:05 Property Rights on MegaETH 21:10 Stage 2 & Rollup Design 30:34 MegaETH’s Stress Test Numbers 40:42 MegaETH’s Throughput 47:02 Business Model 52:15 MEV 1:00:18 Other MegaETH Products 1:02:19 App Strategy 1:07:04 Mega Mafia 1:10:48 MegaETH x AI Agents 1:15:53 Mega Token 1:20:17 Mainnet Release 1:21:11 Closing & Disclaimers ------ RESOURCES Lei Yang https://x.com/yangl1996 Namik https://x.com/NamikMuduroglu  MegaETH https://www.megaeth.com/  MegaETH Stress Test https://stress.megaeth.com/  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

A single Vitalik tweet just snapped Ethereum’s scaling narrative into focus: the rollup-centric roadmap is over, and a new path is here. Ryan and David break down what Vitalik actually said (and what he didn’t), why stage 2 plus rollup interop proved far slower than anyone hoped, and why L1 scaling, powered by ZK, may be Ethereum’s real reset button in 2026. Along the way, they unpack the quiet death of the “L2s are Ethereum” meme, the community’s whiplash reaction, and what differentiated “gen 2” L2s must do to earn their place in the alliance. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🃏SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 The Rollup-Centric Roadmap: 2020 → 2026 1:26 What Vitalik Actually Said 3:15 The Understated Bombshell: L1 Scaling + ZKVM 6:28 “Branded Shards” Are Over 8:12 “L2s Are Ethereum” Is Dead (But Not the Alliance) 12:29 Vitalik’s Follow-Up: Differentiation Wins 15:51 The Reaction: Praise, “I Told You So,” and Anger 18:23 The NATO Analogy for L2s 20:51 The Messaging Risk: Does Ethereum Push Rollups Away? 23:25 Why Did It Take So Long to Say This Out Loud? 30:09 Was Modular Wrong? What We Thought vs What We Got 33:20 Ryan’s Retrospective: Wins + Three Missteps 38:01 David’s Take: ZKVM Precompile = “Manhattan Project” 39:57 The Cost: Wasted Time, Misallocated Capital, Leadership Tension 45:39 What Happens Next: Base Leaving, New North Star, Anyone’s Game 51:04 Signs the Pivot Is Working --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto enters a full-blown pain market as Bitcoin, ETH, tech stocks, and even gold sell off together. Ryan and David break down why crowded trades are unwinding across markets, what the Warsh Fed chair pick means for rates and risk assets, and whether crypto has become uniquely fragile in this cycle. They dig into Vitalik’s L2 pivot and what it signals about Ethereum’s next era, unpack massive institutional paper losses at Strategy, BitMine, and Galaxy, and analyze Polymarket odds on where Bitcoin goes next. Plus: OGs selling to ETF buyers, the Clarity Act standoff between banks and crypto, and how to survive the psychology of a real bear market. --- 📣KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🃏SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 3:23 Markets https://x.com/KobeissiLetter/status/2019413451471483282 https://x.com/MelMattison1/status/2018821072934846482 https://x.com/KobeissiLetter/status/2018215213959729487 https://imgur.com/xGMBu9p https://www.coingecko.com/en/coins/bitcoin https://www.coingecko.com/en/coins/ethereum https://x.com/zerohedge/status/2017679054619414773 https://x.com/AggrNews/status/2017670162481053771 https://imgur.com/fOOPShT https://x.com/KobeissiLetter/status/2018251708833669137 https://x.com/fundstrat/status/2018317901682373032 https://x.com/mmmikema/status/2017517404461666668 https://www.coindesk.com/markets/2026/02/04/tom-lee-says-bitmine-s-usd6-billion-ether-paper-loss-is-by-design https://x.com/deitaone/status/2018680207368950085 https://x.com/nic_carter/status/2018698942083412050 https://x.com/Polymarket/status/2017655487936807237 https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027/?via=bankless https://x.com/ericbalchunas/status/2019079756008800685 https://x.com/Matt_Hougan/status/2018695396386570257 https://x.com/Zeneca/status/2017713330341953547 24:49 Federal Reserve & Kevin Warsh https://x.com/KobeissiLetter/status/2017204939139764607 https://x.com/AshCrypto/status/2017223525522919707 https://x.com/Eric_BIGfund/status/2017077398479470788  https://x.com/shahh/status/2017266603126292607 https://x.com/avichal/status/2017107032034464256 https://x.com/RayDalio/status/2017687126926602643 https://x.com/LukeGromen/status/2013334684130746521 https://x.com/AltcoinDaily/status/2017296093621719062 31:57 Ethereum Roadmap Pivot https://x.com/RyanSAdams/status/2018727620624384059 https://x.com/VitalikButerin/status/1267464298919534593 https://x.com/VitalikButerin/status/2019341766407725170 https://x.com/tkstanczak/status/2018969582506328077 https://x.com/haydenzadams/status/2018739946706596309 https://x.com/RyanWatkins_/status/2018722118955913367 https://x.com/josephdelong/status/2019116049694880021 https://x.com/Shaughnessy119/status/2018745708648574999 https://x.com/KhanAbbas201/status/2019155752955289652 45:16 Clarity Act & Stablecoin Yield https://x.com/coinbureau/status/2016953240601186316 https://x.com/fintechfrank/status/2017622525987954840 https://x.com/aosipovich/status/2017173012546486292 https://x.com/Bankless/status/2017335175533715783 https://www.coindesk.com/policy/2026/02/02/white-house-crypto-meeting-on-market-structure-bill https://x.com/BrendanPedersen/status/2018456230214435027 https://x.com/EleanorTerrett/status/2018472709622292899 https://x.com/Cointelegraph/status/2019207030276300833  https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless https://www.coindesk.com/policy/2026/02/03/trump-adviser-says-white-house-won-t-allow-crypto-bill-to-attack-president-on-ethics https://x.com/tier10k/status/2017780627894898788 https://x.com/Cointelegraph/status/2018467240136294821  https://x.com/NeerajKA/status/2019108061969866759  57:05 MetaMask Stocks & Bitwise Acquisition https://x.com/OndoFinance/status/2018722106553348414 https://www.theblock.co/post/388379/bitwise-acquires-chorus-one https://www.8004scan.io 58:31 Polymarket & Culture https://x.com/Polymarket/status/2018731372920344582 https://x.com/litcapital/status/2018734492999885030 https://x.com/nycmayor/status/2019105073423327680 https://polymarket.com/sports/nfl/games/week/15/nfl-sea-ne-2026-02-08/?via=bankless 1:03:02 Closing & Disclaimers 1:03:18 Moment of Zen https://x.com/tomwarren/status/2019039874771550516  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

AI agents aren’t “coming” to Ethereum—they’re already here, spinning up on dedicated machines, clicking through wallets, deploying contracts, and even building apps for themselves. In this episode, Ryan and David sit down with Davide Crapis and Austin Griffith to map the emerging agent stack: ERC-8004 as a decentralized identity + reputation layer, x402 as payment rails for agent-to-agent commerce, and the real-world “Clawdbot” experiments that show what happens when an agent gets a wallet, a codebase, and a mandate. Along the way: prompt-injection risks, why agents read calldata like it’s their native language, and why it may be the best time in history to be a solo builder—even as it gets harder to be a junior dev. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 🃏SHOWDOWN | NEXT-GEN POKER https://bankless.cc/showdown 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 “AI is the new UI,” and you’ll be talking to your wallet 4:09 Is there an arms race for AI activity across chains? 7:32 The Clawdbot/OpenClaw moment: agents get OS-level power 13:18 Why crypto is native to agents 19:41 Austin’s setup: Claude bot, heartbeat loops, and real autonomy 22:28 The token incident: how a bot “got a treasury” 28:46 Prompt injection meets wallets 38:20 ERC-8004 explained: identity, reputation, validation 40:35 x402 + 8004: discovery + payment rails for agent commerce 48:38 8004 “scans” and early adoption reality 1:05:32 What agents could build when they can hire other agents 1:12:38 Tooling for the new builder era: Speedrun → Wingman 1:25:23 “Worst time to be a junior dev…” 1:28:15 Predictions: clean English becomes the sign of AI --- RESOURCES Austin Griffith https://x.com/austingriffith Davide Crapis https://x.com/DavideCrapis --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Michael Nadeau went risk-off in October and has been targeting Bitcoin's fair value near $65K. In this episode, he joins Ryan to unpack what changed after BTC broke below $80K, why he does not think this is the macro low yet, and what a real bottom typically looks like (capitulation, then apathy). They also dig into the new wild card: incoming Fed chair Kevin Warsh, and why “rates down” could still mean tighter liquidity if the balance sheet shrinks. Mike walks through the key cycle signals he is watching (MVRV/realized price, 200-week moving average, long-term holder behavior, miners), how Bitcoin tends to lead the Nasdaq Composite, and the price zones on his watch list for ETH and SOL as he prepares to scale back into risk. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/ --- 📣KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ⚡EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 3:03 New Fed Chair Announcement 8:54 Macro Analysis of Kevin Warsh 14:56 Labor Market Concerns 23:09 Wealth Destruction Phase 26:31 Long-Term Market Projections 31:21 Bitcoin vs. Stocks 39:51 Market Sentiment & Cycles 42:10 Tactical Investment Strategies 55:29 Long-Term Optimism for Crypto 58:06 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Capitalism may be heading toward an “event horizon,” where a handful of firms become so entrenched they’re effectively the last companies standing. We break down the four “Infinity Gauntlet” pillars: intelligence, energy, capital, and labor. And why collapsing costs in AI and robotics could make abundance, and monopolies, the default outcome. From Google’s data + compute flywheel to the Tesla/SpaceX/xAI convergence and even space-based energy/data centers, we map the new battlefield and what it means for building a future-proof portfolio (not investment advice). Josh Kale https://x.com/JoshKale  ------ 💫 LIMITLESS | SUBSCRIBE & FOLLOW https://pod.link/1813210890 https://www.youtube.com/@Limitless-FT  https://x.com/LimitlessFT  ------ 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ⚡ EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch  ------ TIMESTAMPS 0:00 The Infinity Gauntlet of Capitalism 6:50 Intelligence 18:15 Capital 25:04 Energy 30:05 Labor 42:45 Google 47:20 Nvidia 49:16 Tesla 56:55 SpaceX 1:13:54 Amazon 1:15:12 Microsoft 1:16:35 Meta 1:19:34 Apple 1:22:22 Who Wins? 1:25:45 Elon Musk 1:26:46 Endgame Portfolio 1:29:17 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Markets wobble as gold and silver hit all time highs, raising the big question of what comes next for crypto. Ryan and David unpack the macro shock driving the move, from Fed independence and shutdown risk to a weaker dollar narrative, and why Tether is quietly becoming one of the world’s largest gold holders. They make the case for Ethereum’s comeback, from surging usage to serious quantum resistance efforts, break down Fidelity’s new onchain dollar, and dig into MegaETH’s eye popping stress test. Plus: prediction markets go mainstream, a bizarre $40 million government crypto theft, and a new Vitalik meme to close it out. --- 📣KRAKEN | DEFI EARN https://bankless.cc/Kraken --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ⚡EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 3:22 Markets https://x.com/Vivek4real_/status/2014721850937380963 https://imgur.com/vumkykb https://x.com/longstcc/status/2016429742904508789 https://www.cnbc.com/2026/01/28/fed-meeting-today-live-updates.html https://polymarket.com/event/lisa-cook-out-as-fed-governor-by-september-30/?via=bankless https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless. https://polymarket.com/event/will-there-be-another-us-government-shutdown-by-january-31/?via=bankless 16:25 Gold & Silver All-Time Highs https://www.tradingview.com/chart/1RYLG2gC/?symbol=TVC:GOLD https://companiesmarketcap.com/assets-by-market-cap https://x.com/KobeissiLetter/status/2016890828925313192 https://x.com/philippilk/status/2016089604588290348 https://x.com/historydefined/status/2016360674058760269 https://x.com/fintechfrank/status/2015596117195444375 https://x.com/DegenerateNews/status/2016870767426707457 https://thedefireport.io/research/why-is-bitcoin-underperforming-gold 28:11 Dollar Reserve Currency Discussion & Tether Gold Reserves https://x.com/FluentInFinance/status/2015424544333328808 https://x.com/KobeissiLetter/status/2016259771616444454 https://x.com/barkmeta/status/2016351131727770107 https://x.com/WatcherGuru/status/2016307227158601780 https://cryptonews.com/news/tether-quietly-becomes-one-of-the-biggest-global-gold-market-players-holds-140-tons-of-gold 33:15 Ethereum Usage Scaling & Ethereum Quantum Resistance & ETH Bull Case https://x.com/JasonYanowitz/status/2016128371755811109 https://x.com/riley_gmi/status/2016193883764371469 https://sergeenkov.com/record-high-activity-ethereum-2026 https://x.com/drakefjustin/status/2014791629408784816 https://x.com/VivekVentures/status/2015510724244611168 https://x.com/LorenzoARK/status/2015594553579868566 43:47 Fidelity Digital Dollar https://x.com/DegenerateNews/status/2016505433322635443 https://x.com/sytaylor/status/2016569801678704807 45:40 Tether Onshore Stablecoin (USA₮) https://x.com/paoloardoino/status/2016151121522204953 46:46 MegaETH Mainnet & Stress Test https://x.com/megaeth/status/2016511667644064164 https://x.com/megaeth/status/2014376592378888503 https://www.growthepie.com https://app.hyperliquid.xyz/trade https://x.com/NamikMuduroglu/status/2016909695609364917 53:27 Uniswap Auctions https://x.com/Uniswap/status/2016513436771922218 https://x.com/Benjamin918_/status/2016515467960016958 54:34 Robinhood & Talos https://www.coindesk.com/business/2026/01/29/robinhood-is-investing-in-crypto-trading-platform-talos-at-usd1-5-billion-valuation 57:15 Prediction Markets Expansion https://x.com/brian_armstrong/status/2016593041532870677 https://x.com/shayne_coplan/status/1989005876611461429 57:42 OpenAI & Human Verification https://x.com/forbes/status/2016622235902234794 1:00:24 Government Contractor Theft Story https://x.com/zachxbt/status/2015430549846777964 https://x.com/zachxbt/status/2014685299025060154 1:03:11 Meme of the Week https://x.com/0xcyp/status/2016556046697779495 1:04:01 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Celo is quietly powering real-world payments at global scale. In this episode, David and Ryan sit down with Marek Olszewski, CEO of cLabs, to unpack how Celo became a fast, low-cost payments layer used for remittances, savings, onchain FX, and identity across emerging markets. They explore why Celo stayed focused on peer-to-peer payments while others chased trends, how Opera’s MiniPay onboarded hundreds of thousands of daily users, and why stablecoins are reshaping global finance from the ground up. The conversation spans onchain FX, proof of personhood with Self.xyz, Ethereum’s L2 future, and why fast, cheap payments, not hype, may be crypto’s real unlock. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast ⚡ EUPHORIA | REAL-TIME ONE-TAP TRADING https://bankless.cc/euphoria 🏅BITGET TRADFI | TRADE GOLD WITH USDT https://bankless.cc/bitget 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/TDR-pro 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Celo’s Origin Story and Design Philosophy 5:18 The Long Bet on P2P Payments 17:19 700,000 Daily Users: The Data Behind the Narrative 22:11 MiniPay: Global Venmo Built on Celo 30:28 Solving the Last-Mile Banking Problem 37:36 Celo x Opera partnership 40:37 Stablecoins, FX, and the Rise of Onchain Forex 46:53 Perpetuals for FX: UpDown.xyz 49:37 Open Finance vs. Governments and the Battle for the Payments Stack 59:13 Why Celo Chose Ethereum L2 Over an L1 Path 1:06:02 Self.xyz and Proof of Personhood 1:14:06 Putting It All Together: Celo’s Endgame --- RESOURCES Marek Olszewski https://x.com/marek_ Celo https://celo.org/ --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures