Bankless

Prediction markets are turning into real-time intelligence, and policymakers are already reacting. In this week’s Weekly Rollup, Ryan and David unpack the Venezuela “Maduro” trade, the debate over fairness vs. public signal, and Polymarket’s expansion into real estate markets. They also cover Bitcoin’s lowest-vol year ever, Solana’s DEX surge, Ethereum’s stablecoin settlement ATH, Morgan Stanley’s crypto ETF filings, Zcash’s governance blowup, Lighter’s massive $LIT airdrop, Vitalik’s “trilemma solved” claim, Wyoming’s state stablecoin, and Strategy’s path toward major indices. --- 📣ZAMA | $ZAMA PUBLIC AUCTION  https://bankless.cc/zama-auction --- BANKLESS SPONSOR TOOLS: 🔮POLYMARKET | #1 PREDICTION MARKET https://bankless.cc/polymarket-podcast 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 2:49 Markets https://www.linkedin.com/pulse/2025-ray-dalio-kaf8e/ https://x.com/dampedspring/status/2008568524046991733 https://www.coinglass.com/pro/i/bl https://www.dlnews.com/articles/regulation/bitcoin-least-volatile-year/ https://x.com/NTmoney/status/2007111582317215767 https://x.com/KobeissiLetter/status/2007167084980044071 https://x.com/smyyguy/status/2009282261384888407 https://x.com/Cointelegraph/status/2007980573365502161 https://x.com/ericbalchunas/status/2008527564550156315 https://x.com/WatcherGuru/status/2008926447205843202 https://x.com/Matt_Hougan/status/2008542347425149247 14:03 Did Polymarket reveal the Venezuela invasion hours prior the announcement? https://www.war.gov/News/News-Stories/Article/Article/4370431/trump-announces-us-militarys-capture-of-maduro/ https://x.com/JoePompliano/status/2007455311351718118 https://x.com/0xKelle/status/2008099287851561262 https://x.com/JakeSherman/status/2007497192974459372 https://x.com/QuiverQuant/status/2008029132484206664 https://x.com/WatcherGuru/status/2008245382539882784 https://x.com/zoomerfied/status/2008184924377960502 25:41 Polymarket Market of the Week 27:42 ZEC dump and resignation  https://x.com/solidintel_x/status/2009172254496870816 https://x.com/DefiIgnas/status/2009235841751613660 31:05 Lighter launched the Lighter Infrastructure Token https://x.com/Lighter_xyz/status/2005862682608472263 https://x.com/bubblemaps/status/2006296418622001313 https://defillama.com/protocol/perps/lighter-perps https://x.com/Lighter_xyz/status/2008309047787753497 35:27 Has Ethereum resolved the blockchain trilemma?  https://x.com/VitalikButerin/status/2007559523528233041 https://x.com/ralexstokes/status/2008707458563535022 https://x.com/VitalikButerin/status/2008174642066845778 https://x.com/dankrad/status/2008466291913265443 45:49 SEC Commissioner Caroline Crenshaw resigned https://x.com/EleanorTerrett/status/2007195935403847868 46:32 Major US retailers are accepting crypto payments https://finance.yahoo.com/news/walmart-starbucks-more-accepting-crypto-202205775.html 48:14 Wyoming launches first US state-issued stablecoin https://x.com/WatcherGuru/status/2008958574962028924 50:00 MSCI decided not to exclude DATs from their indexes https://www.msci.com/indexes/index-resources/index-announcements 51:28 Closing & Disclaimers  --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Brent Johnson returns to Bankless to update the Dollar Milkshake Theory and explain why the de-dollarization narrative misses the bigger trend. He argues markets may want out of the dollar, but the Eurodollar system keeps pulling demand back in, and “dollar down” headlines do not break the framework. Brent also covers how debt stress can spill into political instability, why stablecoins and the GENIUS Act could accelerate re-dollarization, and what this means for monetary sovereignty. We close with China’s counter-strategy and how Brent thinks about positioning from here. --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS 0:00 Intro 1:20 De-Dollarizing vs Re-Dollarizing: Milkshake Recap 4:18 What a Sovereign Debt Crisis Actually Means 5:45 Central Banks as “Professional Can-Kickers” 8:56 Can They Slowly Let the Air Out? 11:03 Can AI Productivity Save the System? 13:06 2025 Setup: The Narrative for Dedollarization 18:06 BRICS: Conference Talk vs Structural Reality 23:37 Store of Value vs Medium of Exchange 34:24 “Crisis = Dollar Up” (and the April Exception) 39:06 Stablecoin Redollarization and the GENIUS Act 47:20 Monetary Sovereignty, Faster Bank Runs, Faster Dollarization 52:34 China’s Response: Two Currency Stacks 54:21 Positioning as an Investor --- RESOURCES Brent Johnson https://x.com/SantiagoAuFund The Dollar Milkshake Theory https://research.santiagocapital.com/p/the-dollar-milkshake --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Crypto is maturing while attention moves elsewhere. In this Weekly Rollup, David Hoffman and Anthony Sassano break down silver, gold, and the S&P hitting new highs, the Aave civil war over control and fees, Uniswap’s unification win, a new pro crypto CFTC chair, and why quantum computing may be Bitcoin’s biggest long term risk. --- BANKLESS SPONSOR TOOLS: 👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES https://bankless.cc/spotify-premium 🎯THE DEFI REPORT | ONCHAIN INSIGHTS https://bankless.cc/the-defi-report 💰ICO WATCH | UPCOMING PUBLIC TOKEN SALES https://bankless.cc/ico-watch --- TIMESTAMPS & RESOURCES 0:00 Intro 1:25 2025 & 2026  6:47 Markets  https://finance.yahoo.com/news/silver-10x-d-p-500-145100823.html https://x.com/KobeissiLetter/status/2003514479649390697 https://x.com/WatcherGuru/status/2003611075116433413 https://x.com/WatcherGuru/status/2003573927407440012 https://x.com/PeterSchiff/status/2004364997401760040 https://x.com/matthew_sigel/status/2006002866507690243 https://x.com/Cointelegraph/status/2006078375924793591 https://x.com/Mrcryptoxwhale/status/2005388225482031317 16:50 Is Aave in a civil war? https://x.com/obsrvgmi/status/2003089533995471074 https://x.com/aave/status/1996591393817473247 https://governance.aave.com/t/aave-cowswap-integration-tokenholder-questions/23530 https://governance.aave.com/t/arfc-aave-token-alignment-phase-1-ownership/23616 https://x.com/StaniKulechov/status/2002933974969315561 https://snapshot.org/#/s:aavedao.eth/proposal/0xbc606159ddeae0184c2086055637d3f357351ec0adc4c9f4150751bc41918eba https://x.com/Marczeller/status/2004494332359741859 https://x.com/StaniKulechov/status/2004503414705643866 https://www.coingecko.com/en/coins/aave 29:55 Uniswap UNIfication  https://x.com/haydenzadams/status/2005306028506923234 https://vote.uniswapfoundation.org/proposals/93 41:36 Michael Selig is the new CFTC Chairman https://x.com/cointelegraph/status/2001834127696249077 https://x.com/MichaelSelig/status/2003090594508214534 https://youtube.com/live/fPdqwebmJzE https://youtube.com/live/yIKRSDhAf4A 48:39 Nic Carter says, Quantum is the biggest risk to Bitcoin https://murmurationstwo.substack.com/p/bitcoin-and-the-quantum-problem-part https://x.com/adam3us/status/2002049157662753197 https://x.com/Pledditor/status/2001896737775194208 https://x.com/Fiskantes/status/2002005763343184156 https://x.com/caprioleio/status/2001990974940274921 https://larryswedroe.substack.com/p/the-quantum-computing-threat-to-financial 1:02:11 Anthony’s 2026 Excitement 1:03:31 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

David Hoffman sits down with Mike Ippolito to unpack why 2025 felt brutal despite new all-time highs and why that tension matters for 2026. They argue crypto is entering its “2002 internet” phase, where speculation fades, fundamentals matter, and consolidation accelerates. The conversation covers why Ethereum may see a renaissance, why Bitcoin sentiment could struggle, how prediction markets and equity perps actually play out, and what builders and investors should focus on as crypto matures from hype into real value creation. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium Mike Ippolito https://x.com/MikeIppolito_ https://x.com/MikeIppolito_/status/1870938934337020106 https://blockworks.co/podcast/bellcurve  ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep ------ TIMESTAMPS 0:00 Intro 0:41 Evaluating 2025: The Best Worst Year 7:19 Looking Ahead to 2026 15:40 Investor Relations in Crypto 24:29 Evolving Revenue Discussions 27:44 The Future of DATS 30:06 VC Investment Trends 35:13 Prediction Markets: Incumbents Win 39:52 The Ethereum Renaissance 45:42 The Quantum Threat to Bitcoin 55:06 Consolidation in Blockchain Infrastructure 1:05:07 Corporate Chains: Hot Starts, Cold Ends 1:10:43 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Ben Lakoff and Arnav Pagidyala from Bankless Ventures lay out how they’re thinking about crypto investing heading into 2026. The conversation spans four persistent pillars of every cycle: DeFi, tokenization, capital formation, and speculation and how each is evolving as crypto matures. Topics include the next wave of on-chain lending, equity perps, DeFi neobanks, verticalized tokenization platforms, compliant ICOs, prediction and opinion markets, and where AI agents may reshape crypto-native finance. A candid look at what’s investable now, what’s changing, and how Bankless Ventures is underwriting the next cycle. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24  https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🔵COINBASE | ETH & BTC BACKED LOANS https://bankless.cc/coinbase-borrow 🪙FRAXNET | MINT, REDEEM, & EARN  https://bankless.cc/fraxnet 🦄UNISWAP | CONTINUOUS CLEARING AUCTIONS  https://bankless.cc/uniswap-cca 🛞MANTLE | GLOBAL HACKATHON 2025 https://bankless.cc/mantle-hackathon 💤EIGHT SLEEP | IMPROVE YOUR SLEEP https://bankless.cc/eight-sleep  ------ TIMESTAMPS 0:00 Intro 11:59 DeFi 36:20 Tokenization 50:25 Capital Formation 1:00:44 Speculation Markets 1:09:58 AI 1:13:26 Founders & Teams 1:15:31 Closing & Disclaimers ------ RESOURCES Ben Lakoff https://x.com/benlakoff  Arnav https://x.com/0xArnav  Bankless Ventures https://x.com/banklessvc  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠