Bankless Podcast Rollup: "Silver Parabolic | Aave Civil War | Uniswap Unifies | New CFTC Chair | Bitcoin vs. Quantum"
Date: January 2, 2026
Hosts: David (B) and Anthony Sassano (A), guest host substituting for Ryan

Episode Overview

This Rollup episode covers the major crypto and traditional finance news at the top of 2026. The hosts dive into:

• The dramatic moves in silver, gold, and S&P 500, and their impact versus crypto's own sluggish price action.
• The ongoing "Aave Civil War" – a debate over governance, decentralization, and protocol ownership in the Aave community.
• Uniswap’s successful "unification" proposal, charting a new path for DeFi protocol structure and value capture.
• Appointment of a pro-crypto CFTC Chair and ongoing U.S. regulatory shifts in digital assets.
• The growing urgency around Bitcoin's vulnerability to quantum computing, and what it means for its future.
• Reflections on 2025 and predictions/excitement for 2026.

2025 in Review & The New Crypto Zeitgeist

[00:33 – 06:35]

• Cultural Shift & Cleansing:

  • 2025 was a volatile but maturing year for crypto. Many “worthless” or dead projects fell away, largely due to institutional indifference and lack of retail bid for anything but BTC and ETH.
  • "Crypto kind of went from being a teenager to like an adult now...some people get left behind in that transition." — Anthony [01:45]
  • The “you’re early” narrative is gone as crypto reaches mainstream awareness with institutions and even the U.S. President discussing it.

• Changing Market Dynamics:

  • Institutions are focused mostly on BTC and ETH, uninterested in most alts.
  • The fabled "alt season" failed to materialize—many OGs are burned out, and the scene lost “underground” appeal.
  • "It’s going through a culling...what it means to be in crypto is fundamentally changing." — David [03:45]

TradFi Outperforms Crypto: The Silver, Gold, & S&P 500 Rallies

[06:35 – 11:05]

• Market Highlights:
  • Silver went "parabolic," rising 150–160% in late 2025, driven by both monetary hedging and industrial demand (e.g., solar, electronics).
  • Gold broke $4,500/oz (+60–65% YTD); S&P 500 hit new ATH at 6,909 (+17–18% YTD, three straight double-digit years).
  • "Turns out the alt season is in precious metals." — David [06:35]
  • Precious metal surges are contrasted with crypto’s stagnation and are driven by both speculation and real-world fundamentals.

Rebuilding & Rotations: Crypto Price Action and Fundamentals

[11:05 – 16:51]

• Pain, Patience, and Foundations:
  • Post-culling, there's optimism that those who stick it out will benefit from industry maturation.
  • BTC is up modestly, long-term holders have stopped selling—a bullish signal.
  • Ethereum data availability tokens (DATs) are absorbing large amounts of ETH, signaling robust demand foundations.
  • "Investors are just waiting for something to rotate back into, and crypto is the last non-bubble standing." — Anthony [13:38, 16:51]

Deep Dive: Aave Civil War

[16:51 – 24:52]

• The Conflict:

  • Tension between AAVE Labs (centralized entity) & the DAO, triggered by AAVE Labs redirecting front-end swap fees from the DAO to itself—seen as "stealth privatization".
  • Aggressive DAO proposals sought to seize IP and assets back from Labs, but failed in recent votes (with notably concentrated voting power).
  • Community split: Should DAOs own all facets, or do core teams deserve compensation/control for the infrastructure they build?

• Governance & Risks:

  • "If these things are to succeed long term ... you can't have some centralized entity just bolted on and leeching off." — Anthony [21:17]
  • Real risk of hostile takeovers or misaligned incentives if not resolved.
  • Comparison to Uniswap, which faced similar tensions.

Uniswap Unifies: Protocol Maturity & Token Value

[28:25 – 38:01]

• Unification Proposal:

  • Uniswap Labs and Foundation merged structurally; Labs is now a paid service provider to the DAO, protocol-owned economic value is clarified.
  • "If Aave wants a playbook, that's it...this is the gold standard for mature DeFi protocols." — Anthony [31:33]

• Protocol Fees:

  • Front-end fees across Uniswap products are gone, setting stage for protocol-level fee switch (benefitting token holders).
  • Burn of 100 million UNI tokens as a retroactive gesture, acknowledging past possible value capture.
  • Revenue captured now buys and burns UNI on the market—creates real buy-pressure for the token.
  • "It's a blueprint to follow...this is to me is like the gold standard right now." — Anthony [33:53]

• Debating Value Capture:

  • Debate over fee-based valuation versus speculative/store-of-value; many protocols are overvalued relative to revenue.
  • Anticipation that UNI token holders, if dissatisfied, may pressure to turn fees back on elsewhere.

Regulatory Update: Pro-Crypto CFTC Chair & U.S. Landscape

[41:39 – 48:10]

• Mike Selig Confirmed as CFTC Chair:

  • Known for an innovation-friendly, steady policies; plans to prioritize crypto market structure, spot market oversight, prediction markets.
  • "Definitely a friend that we now have in the CFTC...feels good." — David [42:03]
  • Crypto faces a branding problem in the U.S., partly due to high-profile meme coins and political associations, but institutional adoption is shifting perceptions.

• Brand Problem & The Path Out:

  • The overarching retail image is still colored by speculation and grift, but as TradFi products come online, normalization will occur.
  • Mainstream brands like JP Morgan offering crypto-backed loans now act as social proof for legitimacy.

Bitcoin’s Existential Threat: Quantum Computing

[48:43 – 61:39]

• Nick Carter’s Quantum Alarm

  • Quantum poses real, timeline-sensitive existential risk: public keys could be cracked, coins stolen, and the project could “divide by zero.”
  • Institutional players & ETF issuers now take the risk seriously; some require contingency before deploying capital.

• Bitcoin’s Cultural Inertia:

  • Bitcoin ossified too early; the developer culture lacks the shipping/upgrading mentality needed for major overhauls.
  • "I have very little faith they’re going to be able to fix this...bitcoin long term is not going to survive." — Anthony [52:24]
  • Comparison to Ethereum’s pragmatic, proactive approach to quantum and protocol upgrades.
  • Security budget problems and quantum threat are existential, and BTC's ideological community is cited as a further obstacle.

• Wider Industry Risk:

  • Bitcoin's collapse would be painful industry-wide short-term, but not fatal for crypto as a whole; other blockchains (ETH) are preparing more effectively.

Notable Quotes & Memorable Moments

• On Crypto’s Maturity:
  “Crypto kind of went from being a teenager to like an adult now.” — Anthony [01:45]

• On Market Rotation:
  “Turns out the alt season is in precious metals.” — David [06:35]

• On DeFi Protocol Structure:
  “If Aave wants a playbook, that’s it [Uniswap’s Unification]...this is the gold standard.” — Anthony [31:33]

• On Bitcoin’s Quantum Problem:
  “It does just seem crazy to say that if bitcoin does nothing, it will literally fail as a project...it will actually completely believe that.” — David [57:33]

• On Human Nature and Crypto Tribalism:
  “...when something you care about is being attacked, you’re naturally going to be defensive about that. ... But where it becomes a problem is...when you literally don’t admit that there is any issue at all.” — Anthony [59:05]

Crypto 2026: Hopes and Predictions

[62:22 – End]

• Tech Upgrades:
  • Anthony is most excited about “Glamsterdam,” the next major Ethereum upgrade, expected to be massive in scale.
• Optimism for Maturation:
  • Excited for continued TradFi adoption, improved tech, and (hopefully) better asset price performance in 2026.

Final Thoughts

This episode paints a picture of a crypto industry undergoing painful but inevitable maturation. As the fun and chaos of the early days cool and institutions crowd in, the focus now shifts to fundamentals, governance, real value capture, and existential risks (e.g., quantum). The biggest themes: maturing protocols, regulatory tailwinds, and a dawning realization that being "early" is in the past, but the real work—and rewards—now lie ahead for those who stick around and participate in this new era.

Key Timestamps Breakdown

• 00:33 – 06:35: 2025 in review, cultural change
• 06:35 – 11:05: Silver, gold & S&P 500 rally
• 16:51 – 24:52: Aave civil war deep dive
• 28:25 – 38:01: Uniswap unification, protocol design, fee capture
• 41:39 – 48:10: New CFTC chair, US regulatory shifts, brand problem
• 48:43 – 61:39: The Bitcoin vs Quantum Computing discussion
• 62:22 – End: 2026 predictions, Ethereum’s “Glamsterdam,” closing reflections

For more detail on any segment or direct quotes, refer to the timestamps throughout this summary.