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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.

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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.

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TIMESTAMPS

0:00 Intro
1:50 Perps Get TradFi’s Attention
3:17 More Than a Perp DEX
6:29 Why Portfolio Margining Matters
11:13 HIP3 and Permissionless Market Creation
13:47 Hyperliquid Becomes a Platform
19:54 The On-Ramp Question
21:36 Perps Are Not the Whole Thesis
28:04 Cash Flow as the Credibility Signal
33:05 Valuation Multiples and Lighter
34:36 Multicoin’s HYPE Framework
42:05 Token Value Capture
43:34 Unlocks, Wealth, and Team Motivation
48:30 The US Perps Question
52:27 Does Hyperliquid Need to Come Onshore?
54:32 The Final Bull Case

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RESOURCES

Tushar Jain
https://x.com/tushar_jain

Multicoin'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.

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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.

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TIMESTAMPS

0:00 Intro
1:45 Robinhood Chain Goes Live
2:45 Robinhood’s 15-Product Crypto Push
5:47 Tokenized Stocks on Robinhood Chain
11:32 USDG Yield and Robinhood Earn
16:19 Perps Across Robinhood, Bitstamp, and Lighter
19:44 The Lighter Partnership
23:12 Will Robinhood and DeFi Converge?
27:15 Why Robinhood Chose Arbitrum
28:40 Building Crypto for Non-Crypto Users
31:36 How to Get Started on Robinhood Chain

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RESOURCES

Johann Kerbrat
https://x.com/JohannKerbrat

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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.

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https://bankless.cc/bitget-stocks

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

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TIMESTAMPS & RESOURCES 

0:00 Intro

2:37 Market Bounce + Fed Watch

https://x.com/KillaXBT/status/2072288076928266434

https://www.cnbc.com/2026/07/01/kevin-warsh-ecb-forum-live-updates.html

https://polymarket.com/event/fed-decision-in-july-181

https://thedefireport.io/research/52-of-the-btc-supply-is-now-in-the-red

https://x.com/Geiger_Capital/status/2072660106035028395

8:37 Strategy’s Digital Credit Capital Framework

https://x.com/saylor/status/2071565162377568377

https://x.com/Strategy/status/2071565225699004761

16:37 The Rise of Robinhood Chain

https://x.com/RobinhoodApp/status/2072390893181481419

https://x.com/charliekerr/status/2072477658802217187

https://x.com/EntropyAdvisors/thread/2072395320752050212

https://x.com/trent_vanepps/status/2072405895313588351

https://x.com/Lighter_xyz/status/2072394977729040722

https://x.com/Lighter_xyz/status/2072401925094441109

26:10 Venice AI Becomes a Unicorn

https://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/2072326370206581037

https://x.com/ErikVoorhees/status/2072336126912630921

https://x.com/MikeIppolito_/status/2072353260795572281

https://x.com/ChainLinkGod/status/2072378849921577306

https://x.com/CosimoCapital/status/2072450958270050394

35:07 OpenUSD vs USDC

https://joinopenstandard.com/blog/introducing-open-usd/

https://x.com/stripe/status/2071948464762618051

https://x.com/jerallaire/status/2072252803163255179

https://x.com/lorenzoark/status/2071997238713127404

https://x.com/HadickM/thread/2072286093744234864

https://x.com/koeppelmann/status/2071961529671418065

https://x.com/paoloardoino/status/2071982330915225771

46:10 Ethereum Institutional Launches

https://x.com/ethereuminsti/status/2072304960142729373

https://www.ethereuminstitutional.org/

https://x.com/fundstrat/status/2072318453248094708

https://x.com/Sharplink/status/2072307000298397834

https://x.com/ethlabs_org/status/2072326438594748921

49:03 Trump’s $1.4B Crypto Disclosure

https://x.com/aggrnews/status/2072059335081967812

https://x.com/AC360/status/2072128334666879070 

https://x.com/business/status/2072069350060617837

54:28 Solana Memecoin Revival

https://x.com/TrustlessState/status/2072653822283874481

https://www.coingecko.com/en/coins/the-black-bull

https://x.com/Adam_Tehc/status/2072183263893065930

https://polymarket.com/event/what-price-will-ansem-hit-in-2026

59:20 Cloudflare x402 Stablecoin Payments

https://blog.cloudflare.com/monetization-gateway/

https://youtu.be/TKVY4hVAd9g

1:02:08 Meme of the Week

https://x.com/pubity/status/2072436231284072635

https://x.com/FoxNews/status/2072357302942752993

https://x.com/RidazLp2/status/2072563280602927377/photo/4

1:03:35 Closing & Disclosures

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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.

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TIMESTAMPS

0:00 Ondo’s RWA Moment
1:17 How SpaceX Stock Hit Ethereum in Minutes
2:57 What Actually Backs a Tokenized Stock?
4:49 The Onchain and Offchain Market Machine
10:29 Where the Demand Comes From
12:46 The Most Popular Tokenized Stocks
14:54 Why Perps Need Better Collateral
20:46 New Strategies for Onchain Asset Management
25:02 The Next 12 to 18 Months
26:14 How Big Can Perps Get?
28:46 Offshore Versus Onshore Perp Markets
32:05 Inside Ondo Perps
36:24 Why Not Build on Hyperliquid?
37:49 Launch Timeline and Early Demand
39:48 Will Wall Street Incumbents Compete or Help?
43:52 Ondo’s 2026 Roadmap
45:22 Remembering Nathan Allman

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RESOURCES

Ian De Bode
https://x.com/iandebode

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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.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

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TIMESTAMPS

0:00 Intro

2:30 Can Stretch Return to 100?

4:00 Explaining the New Framework

4:43 Can the Capital Stack Coexist?

6:39 Refunding the Converts

8:32 MNAV Near the Breaking Point

11:15 Option Value or Investor Betrayal

15:37 Legal Risk and Retail Exposure

19:52 Buying Time, Not Solving It

22:20 Scenario Odds After the Pivot

24:54 Sell Bitcoin or Wait

28:59 M&A as a New Path

34:13 Temporary Relief, Future Crash

36:21 Slow Bleed, Not Bankruptcy

40:58 Bitcoin Needs a Bigger Narrative

46:56 Would Jeff Buy Stretch?

48:26 Is the Model Actually Genius?

52:09 Closing & Disclaimers

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RESOURCES

Matt Walsh

https://x.com/MattWalshInBos

Jeff Dorman

https://x.com/jdorman81

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Not financial or tax advice. See our investment disclosures here:

https://www.bankless.com/disclosures