
Hosted by Bankless · EN

Multicoin provides investment advice to certain private fund clients that own HYPE tokens discussed herein and stands to gain in the event that the price of the token increases.Multicoin's HYPE valuation report discussed in this podcast can be found as a link in the show notes. Any trading discussion is for informational purposes only and is not a recommendation to engage in derivatives, leverage, or any specific trading strategy.---🧭OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS---Hyperliquid is already one of crypto’s biggest perp stories, but Multicoin’s Tushar Jain thinks the market may still be looking at it too narrowly. In this episode, David sits down with Tushar to unpack the deeper thesis: portfolio margining as the hidden unlock, HIP3 and builder codes as the path to platformization, real traction versus farmed volume, and why HYPE’s value-capture model is unusually direct for crypto.---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium---TIMESTAMPS0:00 Intro1:50 Perps Get TradFi’s Attention3:17 More Than a Perp DEX6:29 Why Portfolio Margining Matters11:13 HIP3 and Permissionless Market Creation13:47 Hyperliquid Becomes a Platform19:54 The On-Ramp Question21:36 Perps Are Not the Whole Thesis28:04 Cash Flow as the Credibility Signal33:05 Valuation Multiples and Lighter34:36 Multicoin’s HYPE Framework42:05 Token Value Capture43:34 Unlocks, Wealth, and Team Motivation48:30 The US Perps Question52:27 Does Hyperliquid Need to Come Onshore?54:32 The Final Bull Case---RESOURCESTushar Jainhttps://x.com/tushar_jainMulticoin's Hype Analysis and Valuation report can be found here:https://multicoin.capital/2026/06/25/hyperliquid-hype-analysis-and-valuation/The report includes important disclosures concerning the data and assumptions by Multicoin discussed today.Multicoin may have interests in companies mentioned during the episode.---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Robinhood Chain is live, and it may be one of the clearest signs yet that traditional finance is moving onto Ethereum rails. Johann Kerbrat, VP of Crypto at Robinhood, joins David to unpack the launch of tokenized stocks, USDG yield through Morpho, regulated and crypto-native perps, the Lighter integration, and why Robinhood Wallet is being built for the billions of people who have never used crypto before.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium---TIMESTAMPS0:00 Intro1:45 Robinhood Chain Goes Live2:45 Robinhood’s 15-Product Crypto Push5:47 Tokenized Stocks on Robinhood Chain11:32 USDG Yield and Robinhood Earn16:19 Perps Across Robinhood, Bitstamp, and Lighter19:44 The Lighter Partnership23:12 Will Robinhood and DeFi Converge?27:15 Why Robinhood Chose Arbitrum28:40 Building Crypto for Non-Crypto Users31:36 How to Get Started on Robinhood Chain---RESOURCESJohann Kerbrathttps://x.com/JohannKerbrat---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Crypto looks bullish again, but the receipts are complicated. David and Ryan unpack OpenUSD’s USDC threat, Robinhood Chain’s tokenized stocks, Saylor’s hedge-fund pivot, Venice’s token dilemma, Cloudflare’s stablecoin payments, and Trump’s $1.4B crypto haul.---📣OKX | THE NEW MONEY APPhttps://app.okx.com/en-us/join/usbankless---BANKLESS SPONSOR TOOLS:🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS & RESOURCES 0:00 Intro2:37 Market Bounce + Fed Watchhttps://x.com/KillaXBT/status/2072288076928266434https://www.cnbc.com/2026/07/01/kevin-warsh-ecb-forum-live-updates.htmlhttps://polymarket.com/event/fed-decision-in-july-181https://thedefireport.io/research/52-of-the-btc-supply-is-now-in-the-redhttps://x.com/Geiger_Capital/status/20726601060350283958:37 Strategy’s Digital Credit Capital Frameworkhttps://x.com/saylor/status/2071565162377568377https://x.com/Strategy/status/207156522569900476116:37 The Rise of Robinhood Chainhttps://x.com/RobinhoodApp/status/2072390893181481419https://x.com/charliekerr/status/2072477658802217187https://x.com/EntropyAdvisors/thread/2072395320752050212https://x.com/trent_vanepps/status/2072405895313588351https://x.com/Lighter_xyz/status/2072394977729040722https://x.com/Lighter_xyz/status/207240192509444110926:10 Venice AI Becomes a Unicornhttps://techcrunch.com/2026/07/01/venice-ai-becomes-a-unicorn-with-65m-series-a-as-its-privacy-first-ai-platform-takes-off/https://x.com/ErikVoorhees/status/2072326370206581037https://x.com/ErikVoorhees/status/2072336126912630921https://x.com/MikeIppolito_/status/2072353260795572281https://x.com/ChainLinkGod/status/2072378849921577306https://x.com/CosimoCapital/status/207245095827005039435:07 OpenUSD vs USDChttps://joinopenstandard.com/blog/introducing-open-usd/https://x.com/stripe/status/2071948464762618051https://x.com/jerallaire/status/2072252803163255179https://x.com/lorenzoark/status/2071997238713127404https://x.com/HadickM/thread/2072286093744234864https://x.com/koeppelmann/status/2071961529671418065https://x.com/paoloardoino/status/207198233091522577146:10 Ethereum Institutional Launcheshttps://x.com/ethereuminsti/status/2072304960142729373https://www.ethereuminstitutional.org/https://x.com/fundstrat/status/2072318453248094708https://x.com/Sharplink/status/2072307000298397834https://x.com/ethlabs_org/status/207232643859474892149:03 Trump’s $1.4B Crypto Disclosurehttps://x.com/aggrnews/status/2072059335081967812https://x.com/AC360/status/2072128334666879070 https://x.com/business/status/207206935006061783754:28 Solana Memecoin Revivalhttps://x.com/TrustlessState/status/2072653822283874481https://www.coingecko.com/en/coins/the-black-bullhttps://x.com/Adam_Tehc/status/2072183263893065930https://polymarket.com/event/what-price-will-ansem-hit-in-202659:20 Cloudflare x402 Stablecoin Paymentshttps://blog.cloudflare.com/monetization-gateway/https://youtu.be/TKVY4hVAd9g1:02:08 Meme of the Weekhttps://x.com/pubity/status/2072436231284072635https://x.com/FoxNews/status/2072357302942752993https://x.com/RidazLp2/status/2072563280602927377/photo/41:03:35 Closing & Disclosures---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

The stock market is starting to move onchain, and Ondo is one of the teams building the rails. Ian De Bode joins David to explain how Ondo brought tokenized SpaceX stock to Ethereum minutes after trading began, why tokenized equities need real market liquidity instead of shallow DEX pools, and how Ondo Perps could unlock a new generation of RWA trading by using tokenized stocks as collateral.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium---TIMESTAMPS0:00 Ondo’s RWA Moment1:17 How SpaceX Stock Hit Ethereum in Minutes2:57 What Actually Backs a Tokenized Stock?4:49 The Onchain and Offchain Market Machine10:29 Where the Demand Comes From12:46 The Most Popular Tokenized Stocks14:54 Why Perps Need Better Collateral20:46 New Strategies for Onchain Asset Management25:02 The Next 12 to 18 Months26:14 How Big Can Perps Get?28:46 Offshore Versus Onshore Perp Markets32:05 Inside Ondo Perps36:24 Why Not Build on Hyperliquid?37:49 Launch Timeline and Early Demand39:48 Will Wall Street Incumbents Compete or Help?43:52 Ondo’s 2026 Roadmap45:22 Remembering Nathan Allman---RESOURCESIan De Bodehttps://x.com/iandebode---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Michael Saylor’s Strategy bought itself time, but did it actually solve the problem? David sits down with Jeff Dorman and Matt Walsh to unpack Strategy’s increasingly complex capital structure, why $STRC and MSTR are now fighting for oxygen, whether Saylor may need to sell Bitcoin, and why the company is starting to look less like a levered BTC play and more like an actively managed hedge fund.---📣OKX | THE NEW MONEY APPhttps://app.okx.com/en-us/join/usbankless---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium---TIMESTAMPS0:00 Intro2:30 Can Stretch Return to 100?4:00 Explaining the New Framework4:43 Can the Capital Stack Coexist?6:39 Refunding the Converts8:32 MNAV Near the Breaking Point11:15 Option Value or Investor Betrayal15:37 Legal Risk and Retail Exposure19:52 Buying Time, Not Solving It22:20 Scenario Odds After the Pivot24:54 Sell Bitcoin or Wait28:59 M&A as a New Path34:13 Temporary Relief, Future Crash36:21 Slow Bleed, Not Bankruptcy40:58 Bitcoin Needs a Bigger Narrative46:56 Would Jeff Buy Stretch?48:26 Is the Model Actually Genius?52:09 Closing & Disclaimers---RESOURCESMatt Walshhttps://x.com/MattWalshInBosJeff Dormanhttps://x.com/jdorman81---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Ethereum has a new R&D lab, and its mission is blunt: make Ethereum and ETH win. In this episode, David sits down with Ansgar and Caspar, two co-founders of Ethlabs, to unpack why the organization exists, how it complements the Ethereum Foundation, and what it means to put Ethereum back on offense.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 What is Ethlabs?2:35 The EF Narrows Its Mission9:30 Putting Points on the Board13:06 Principles Need Users14:53 ETH the Asset and Ethereum the Network17:33 Scaling, Interop, and Growth Workstreams22:52 The Talent Behind Ethlabs25:27 What a New Organization Unlocks27:53 Pro Markets, Pro Growth, Pro ETH30:51 The Trillion Dollar ETH Question37:07 Who Steers Ethereum?39:55 Shared Vision, Different Path45:13 Funding Ethlabs51:54 Hiring for Ethlabs54:24 Ethereum’s Long Arc58:14 What Comes First---RESOURCESAnsgar Dietrichshttps://x.com/adietrichsCaspar Schwarz-Schillinghttps://x.com/casparschwaEthlabshttps://ethlabs.org/---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Markets are bleeding as Bitcoin breaks below $60K and Strategy faces its biggest test yet. Ryan and David unpack Saylor’s three-way squeeze, ETH Labs vs. the EF reset, quantum timelines moving up, and Illinois’ new crypto tax.---🧭OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Intro3:35 Bitcoin Below $60K and Strategy’s 3 Body Problemhttps://www.tradingview.com/chart/KZYJV3ef/https://www.strategy.com/https://x.com/saylor/status/2069028571880845340https://x.com/saylor/status/2069682624956612731https://x.com/Pentosh1/status/2069797143917855024https://x.com/jdorman81/status/2067616073479078386https://x.com/jdorman81/status/2069857950202835258https://x.com/ki_young_ju/status/2069646523668033833https://x.com/PeterSchiff/status/2070146847692185798https://polymarket.com/event/what-price-will-bitcoin-hit-before-202717:59 ETH, Stocks, South Korea Selloff, and the AI Trade20:59 Why Crypto Is Down: AI Attention, Debasement Pause, and the 4-Year Cycle27:06 Mover of the Week: $CARDS and Pokemon Cards as RWAshttps://www.coingecko.com/en/coins/collector-crypt31:32 Ethereum’s Center of Gravity Shifts: EF Cuts and ETH Labshttps://x.com/VitalikButerin/status/2069431500035023121https://blog.ethereum.org/2026/06/23/ef-structurehttps://x.com/aerugoettinea/status/2069017140846330107https://x.com/tkstanczak/status/2069454499509596582https://x.com/bobbyong/status/2069965817882755342https://x.com/ethlabs_org/status/2069104073245159573https://ethlabs.org/thesis.htmlhttps://x.com/TrustlessState/status/2069110440903196810https://x.com/trent_vanepps/status/206759312439898955151:50 White House Quantum EO: Are Crypto Timelines Moving Up?https://x.com/WhiteHouse/status/2069154174818754759https://x.com/projecteleven/status/2069151681015627881https://x.com/drakefjustin/status/206179372529922467657:25 Illinois Passes a 0.2% Crypto Transaction Taxhttps://x.com/0xBeaconLayer/status/2069120528238121154https://x.com/manwithadogg/status/2069158605664756205https://x.com/DarrenBaileyIL/status/207014951710246952759:50 Portfolio Check and Crypto Bottom Watch---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

What happens when powerful AI requires an ID, governments can restrict access by country, and your most private data flows through centralized systems? NEAR co-founder Illia Polosukhin joins David to explain why AI export controls could fracture the internet, how nationalized AI could become a surveillance layer, and why decentralized, user-owned AI may be the only real alternative. They also unpack Ironclaw, confidential inference, private agents, and NEAR’s push to make AI and assets fully sovereign.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Intro3:47 Pandora’s Box Opens6:03 AI Meets Government7:16 Decentralizing the Stack8:51 Why Ban Fable?11:18 Internet Balkanization13:57 KYC for AI?18:43 Nationalized Models21:07 Building Private AI26:30 Agent Marketplace30:26 User-Owned Alignment35:28 Winning Against Giants40:19 Regulation Fuels Crypto42:24 Global AI Adoption45:05 Compute Is the Bottleneck49:00 Enterprise Use Cases51:39 Confidential TVL Explained55:25 Full Sovereign Mode---RESOURCESIllia Polosukhinhttps://x.com/ilblackdragonNear Protocolhttps://www.near.org/---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Arthur Hayes is back on Bankless, and he’s taking the W off the table. After selling HYPE, NEAR and ZEC, Arthur walks through why the AI trade started to look less asymmetric, why oil and geopolitics may still be the bear case no one wants to price, and why ETH may offer one of the cleaner setups in crypto today. Then the conversation turns bigger: AI capex, circular revenue, China’s cheap models, GPU depreciation, and the moment Arthur thinks the Fed discovers it can’t print Moore’s Law.---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Why Arthur Sold HYPE, NEAR and ZEC4:26 The AI Trade Starts to Look Crowded6:25 How Arthur Is Positioned Now7:15 Crypto’s Strange Market Dispersion11:09 Oil, Iran and the Fake-Out Risk14:16 Why the Iran Deal May Not Be Durable17:29 Can AI Survive Higher Oil?21:20 The AI Bubble Thesis26:11 China’s Cheap AI Threat30:38 The Credit Event Arthur Is Watching35:51 The 2028 Perfect Storm39:45 Why AI Is Draining Crypto’s Bull Market44:28 Arthur on Inventing Perps48:11 Why Perps Could Eat Wall Street51:18 Socialized Loss Explained53:21 Onshore vs Offshore Perps55:50 Why Hyperliquid Can Flip Binance56:30 The Perp Inventor Does Not Use Leverage---RESOURCESArthur Hayeshttps://x.com/CryptoHayes---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures

Equities are rallying, but Bitcoin is breaking down. David and Tom unpack Saylor’s STRC stress, Warsh’s first FOMC, SpaceX’s mega-IPO, Jito’s breakout, Coinbase’s Everything Exchange, and why perps may be crypto’s next real growth engine.---📣OKX | THE NEW MONEY APPhttps://app.okx.com/en-us/join/usbankless---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix📊BITGET | TOKENIZED STOCKS 2.0https://bankless.cc/bitget-stocks🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS & RESOURCES 0:00 Intro3:07 Equities Up, Crypto Down: STRC Stresshttps://x.com/PeterSchiff/status/2067629492214829114https://x.com/zackvoell/status/2067628541257429213https://x.com/R89Capital/status/2067608064627491009https://x.com/jdorman81/status/206761607347907838611:21 First FOMC with Kevin Warshhttps://www.businessinsider.com/kevin-warsh-first-fomc-fed-meeting-interest-rates-2026-616:35 SpaceX Becomes One of the World’s Most Valuable Companies25:43 Mover of the Month: JTO31:01 Coinbase System Updatehttps://www.coinbase.com/blog/system-update-take-control-of-your-money-with-coinbasehttps://x.com/oost_marcel/status/2067268725883981841https://x.com/coinbase/status/2066890566667796530https://www.theblock.co/post/405012/coinbase-unveils-system-update-unlocking-an-ai-advisor-global-unified-liquidity-options-trading-and-more37:42 Anchorage Brings Hyperliquid to Institutionshttps://x.com/nathanmccauley/status/206690695146494796646:23 Blockworks Acquires Messarihttps://x.com/blockworks/status/206546832712057686350:40 UK Moves to Ban Social Media for Childrenhttps://x.com/keir_starmer/status/206645864001015857157:50 Polymarket World Cup Tradehttps://polymarket.com/sports/world-cup/brackethttps://polymarket.com/event/world-cup-winner59:50 Closing & Disclaimers---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures