Bankless

Google just dropped a major quantum warning for crypto, claiming a breakthrough that could accelerate the timeline to breaking Bitcoin and Ethereum’s core security. Ryan and David unpack what changed, how real the threat is, and why the industry may need to act sooner than expected.

Plus: Trump signals three more weeks in the Iran conflict and markets shrug it off, a $285M Solana DeFi hack exposes critical flaws, Ethereum’s new plan to unify L2s, and why crypto wallets are rapidly turning into full financial super apps.

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---

TIMESTAMPS & RESOURCES

0:00 Intro

1:46 Worst BTC Q1 Since 2018

https://www.theblock.co/post/395991/bitcoin-worst-q1-since-2018

https://imgur.com/Y8V3LyR 

3:15 Trump, Iran & Market Reaction

https://x.com/WhiteHouse/status/2039508709374636457

https://polymarket.com/event/us-forces-enter-iran-by/?via=bankless

https://polymarket.com/event/us-x-iran-ceasefire-by/?via=bankless

https://x.com/KobeissiLetter/status/2039525222311731260

https://x.com/KobeissiLetter/status/2039516924762096021

https://x.com/KobeissiLetter/status/2039715963730305106

https://x.com/TrustlessState/status/2039718732361040022

https://x.com/KobeissiLetter/status/2039691820419235841

https://x.com/WatcherGuru/status/2038650848931193203 

https://x.com/robinhanson/status/2038778655204122748

https://x.com/natesilver538/status/2038711622043144529

https://polymarket.com/event/which-party-will-win-the-house-in-2026/?via=bankless

https://polymarket.com/event/which-party-will-win-the-senate-in-2026/?via=bankless

18:35 Google’s Quantum Warning for Crypto

https://quantumai.google/static/site-assets/downloads/cryptocurrency-whitepaper.pdf

https://arxiv.org/abs/2603.28627

https://x.com/drakefjustin/status/2038847732152996108

https://x.com/nic_carter/status/2038804571791761821

https://x.com/mreiffy/status/2038878566796988776

https://x.com/nic_carter/status/2039065325627396309

https://x.com/_jonasschnelli_/status/2039403067511341368

https://x.com/_jonasschnelli_/status/2039049535822147890

41:39 $285M Drift Hack on Solana

https://x.com/DriftProtocol/status/2039564437795836039

https://defillama.com/perps

https://x.com/dbcrypt0/status/2039677244734677186

https://www.coingecko.com/en/coins/drift-protocol

https://x.com/StaniKulechov/status/2039587524075491794

https://x.com/haydenzadams/status/2039560830862164329

47:08 Ethereum Economic Zones & Aave V4

https://x.com/RyanSAdams/status/2038625973260722336

https://x.com/etheconomiczone/status/2038271122907578375

https://x.com/jbaylina/status/2038277153641377865

56:09 X Crypto Wallet + Phantom Super App

https://x.com/benjitaylor/status/2036882102420201832

https://x.com/Marczeller/status/2038300072367017988

https://x.com/phantom/status/2039027553940480448

57:43 Apyx, OpenAI, SpaceX & April Fools

https://x.com/RyanSAdams/status/2037607121676603530

https://x.com/hyperbridge/status/2039318963486625880

1:03:37 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

Three macro forces are converging that almost no one is pricing in correctly. Jeff Park returns to Bankless to lay out what he calls the "certain truths" shaping markets for the next two decades: collapsing demographics across every major economy, wealth concentration that now exceeds even the Gilded Age, and a labor market being structurally hollowed out by AI before robots even arrive.

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---
TIMESTAMPS

0:00 Intro
3:07 Certain Truth #1: Global Demographic Headwinds
8:26 What a Top-Heavy Population Means for Markets
15:05 The Japan Counter-Argument
26:01 Certain Truth #2: Wealth Concentration at Critical Levels
32:48 Capital Flight, Unrealized Gains, and the Drag on Demand
43:17 Real Estate as the Epicenter of Distortion
48:05 Bitcoin as a Spending and Savings Asset
52:08 Certain Truth #3: The Value of Labor Approaching Zero
1:01:27 The AI Industrial Revolution Comparison
1:04:38 The Convergence: Why All Three Truths Collide Now
1:08:19 Lightning Round: Asset Class Outlook
1:27:49 Closing Thoughts

---
RESOURCES

Jeff Park
https://x.com/dgt10011

Jeff’s paper
https://x.com/dgt10011/status/2031757205888762205

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

We examine the proposed Clarity Act and its impact on stablecoin yields and crypto finance. Ryan and David discuss geopolitical tensions in Iran and their effects on global markets. 

Highlights include Tom Lee's ETH staking venture, the NYSE's stock tokenization, and emerging quantum computing developments. We also touch on Coinbase’s stock dip, Tether’s auditing, and Fannie Mae's acceptance of crypto as collateral.

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🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN

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---

TIMESTAMPS & RESOURCES

0:00 Intro

3:29 Macro & Markets (Oil, War, Fed)

https://x.com/WhiteHouse/status/2035516932498030879

https://x.com/WhiteHouse/status/2036053106081902692

https://x.com/KobeissiLetter/status/2036811133915455745

https://x.com/KobeissiLetter/status/2037023604697710673

https://x.com/KobeissiLetter/status/2035862840284688507

https://x.com/Stocktwits/status/2036859288572862887

https://www.theblock.co/post/394878/bernstein-says-bitcoin-looks-bottomed-sees-226-upside-for-strategy

https://fred.stlouisfed.org/series/UMCSENT

https://thedefireport.io/research/markets-are-complacent#views-on-macro-oil-geopolitics

23:12 The Clarity Act and Stablecoin Yields

https://x.com/EleanorTerrett/status/2036279124382077137

https://x.com/nic_carter/status/2036469040684646844

https://x.com/Matt_Hougan/status/2036931850292387929

https://x.com/pete_rizzo_/status/2036420229543206962

https://x.com/StockSavvyShay/status/2036449942060015818

37:15 Tether Developments and Market Reactions

https://x.com/paoloardoino/status/2036428992195039699

https://x.com/nicrypto/status/2036387424620904893

https://x.com/BrendanPedersen/status/2036857950367567951

https://x.com/Shaughnessy119/status/2036876676852752674

https://polymarket.com/event/clarity-act-signed-into-law-in-2026/?via=bankless

40:55 Tokenizing Stocks: NYSE's New Partner

https://x.com/WSJ/status/2036411699633250532

https://x.com/BSCNews/status/2035019819238506993

45:54 Crypto-Backed Mortgages

https://x.com/zoomerfied/status/2037130261469462914

https://x.com/0xNairolf/status/2037149525022806030

https://x.com/DollarDecay/status/2037183407273161104

47:30 Ethereum's Staking Infrastructure Launch

https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-launch-of-mavan-made-in-america-validator-network-the-companys-proprietary-staking-solution-302724419.html

55:37 Stablecoins and Their Limitations in Freedom

https://x.com/aave/status/2036828379043787194

https://pq.ethereum.org/

https://x.com/charliesmirkley/status/2035364269873881322

https://www.theunseenandtheunsaid.com/p/the-great-american-tax-migration

58:30 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

MIT economist Christian Catalini joins Ryan and David to unpack his new paper, "Some Simple Economics of AGI," which argues that the scarce resource in the AI economy is no longer intelligence but verification: the human capacity to check, judge, and certify that AI output is correct. Christian walks through the two cost curves reshaping every industry (cost to automate vs. cost to verify), explains why entry-level jobs are collapsing first through what he calls the "missing junior loop," why even top experts are unknowingly training their replacements (the "codifier's curse"), and maps out the three roles that survive the transition: Directors, Meaning Makers, and Liability Underwriters.

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---
TIMESTAMPS

0:00 Intro
3:42 The Low-Grade Panic
6:43 Who Gets Hit First, and Hardest?
13:06 Coding as Canary, or Exception?
16:21 Human Cognition Was the Binding Constraint
19:59 What Is Verification, Exactly?
29:10 The Codifier's Curse
31:21 The Expanding Iceberg: Non-Measurable Work
38:32 The Two Racing Cost Curves
41:59 Trojan Horse Externality
48:46 The Four Quadrants: Where Do You Want to Be?
54:12 Liability Underwriters and the Venture Capital Parallel
55:41 Directors: Navigating Unknown Unknowns
59:49 60-80% of Your Job Can Be Displaced
1:06:24 Button Pushers vs. Founders: The Great Resorting
1:12:08 The Luddite Risk: Political Backlash Against AI
1:17:30 What Companies and Investors Should Do
1:22:56 The Crypto Connection
1:25:11 Don't Panic: A Closing Playbook

---
RESOURCES

Christian Catalini
https://x.com/ccatalini

Some Simple Economics of AGI
https://arxiv.org/html/2602.20946v2

Christian’s thread on his paper
https://x.com/ccatalini/status/2026311784421036223

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

NEAR founder and Transformer co-author Illia Polosukhin joins us to break down why today’s AI agents still fall short, what’s missing to make them actually useful, and how IronClaw could unlock secure, private, autonomous AI.

We also explore Illia’s bigger thesis: AI becomes the interface, blockchains become the backend, and both reshape how humans, agents, and digital markets interact.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

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🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN

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------

TIMESTAMPS

0:00 Intro

0:43 Illia’s AI Journey

8:19 AI x Blockchain Operating Systems

14:40 Will Humans & AIs Use the Same Systems?

18:20 Why Are AI Agents Still Useless?

28:54 AI Agent Privacy Concerns

35:30 IronClaw Privacy

39:21 AI Agent Limitations

47:00 Context Constraints

53:42 Will Small Teams Win?

57:16 Autonomous Agents & Businesses

1:01:00 Digital Life Forms?

1:02:42 e/acc Vs d/acc

1:09:44 Why isn’t AI Crypto-Pilled

1:14:31 Advice for Builders

1:18:30 Closing & Disclaimers

------
RESOURCES

Illia

https://x.com/ilblackdragon 

IronClaw

https://agent.near.ai/

NEAR
https://www.near.org/

Attention is All You Need

https://arxiv.org/html/1706.03762v7 

------

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

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Quantum used to be crypto’s distant sci-fi problem. Justin Drake says it now has a clock. In this episode, we unpack what “Q-Day” actually means, why Justin thinks 2032 is the date the entire industry should be planning around, and why Ethereum is targeting 2029 to get post-quantum ready.

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
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🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN
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---
TIMESTAMPS

0:00 When is Q-Day?
5:35 The moment quantum becomes crypto-relevant
10:11 How many qubits does it take to break crypto?
16:22 What a real Bitcoin quantum attack would look like
20:19 How much Bitcoin is actually vulnerable?
26:26 Burn, freeze, or salvage? Bitcoin’s impossible choice
35:06 Proof of seed phrase and Bitcoin’s post-quantum bottleneck
41:02 Ethereum’s exposure: smaller, but not zero
45:43 Ethereum’s tougher roadmap: three layers, three upgrades
50:29 The execution-layer plan: replace ECDSA without killing throughput
57:56 Post-quantum, post-AI cryptography
1:03:36 BLS, KZG, LeanVM, and the rest of the stack
1:06:42 Is this bigger than the Merge?
1:17:21 If Bitcoin stumbles, does all crypto stumble too?
1:19:35 “Quantum is not a challenge—it’s an opportunity”
1:21:27 AI, quantum, crypto and the 2032 convergence
1:28:04 Harvest now, decrypt later
1:30:09 Defensive accelerationism and Ethereum’s role
1:39:10 Stoicism, P-doom, and why he keeps building

---
RESOURCES

Justin Drake
https://x.com/drakefjustin/

Bitcoin Quantum Risk List
https://www.projecteleven.com/bitcoin-risq-list

Nic Carter Blog Posts
https://murmurationstwo.substack.com/p/bitcoin-developers-are-sleepwalking
https://murmurationstwo.substack.com/p/trillion-dollar-salvage
https://murmurationstwo.substack.com/p/bitcoin-developers-are-mostly-not

The Strawmap
https://strawmap.org/

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Ryan and David break down a historic week for crypto as the SEC and CFTC finally deliver long-awaited clarity, classifying major tokens and reshaping the market. At the same time, Bitcoin is outperforming stocks and gold amid global tensions, raising the key question: is this a real regime shift or just a relief rally? They also cover the rise of prediction markets, the emerging battle for agentic payments (Tempo vs. Stripe/Coinbase), and crypto’s cultural moment with Vanity Fair and the upcoming SBF Netflix series.

---

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🏅BITGET TRADFI | TRADE GOLD WITH USDT

https://bankless.cc/bitget

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN

https://bankless.cc/megaeth

---

TIMESTAMPS & RESOURCES

0:00 Intro

3:47 Macro & Markets (Oil, War, Fed)

https://apnews.com/article/iran-gas-field-south-pars-attack-5ad45090d3b66444467cc255ee966a37

https://energynow.com/2025/06/what-is-the-strait-of-hormuz-and-why-is-it-so-important-for-oil

https://truthsocial.com/@realDonaldTrump/posts/116253388303392718

https://polymarket.com/event/how-many-fed-rate-cuts-in-2026/?via=bankless?

https://x.com/QuintenFrancois/status/2033469474511429805

https://x.com/zerohedge/status/2033322952238723486

https://x.com/zerohedge/status/2032571409273167950

https://x.com/timevalueofbtc/status/2034612806386086296

https://x.com/fintechfrank/status/2033520517009846618

https://farside.co.uk/btc/

https://x.com/KobeissiLetter/status/2034403519609057593

https://x.com/intocryptoverse/status/2033954843048485174

https://thedefireport.io/research/saylor-is-back-in-the-market

22:35 SEC + CFTC Regulatory Clarity

https://x.com/SECGov/status/2033996940363317379

https://x.com/SECPaulSAtkins/status/2034012012460556526 

https://www.sec.gov/files/rules/interp/2026/33-11412.pdf

https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-regulation-crypto-assets-031726

https://x.com/Dogetoshi/status/2034011111008178657

https://x.com/BChillman/status/2033913119756714298

https://x.com/jchervinsky/status/2034003107391172946

https://x.com/EleanorTerrett/status/2034450575773884694

https://x.com/tradexyz/status/2034260987197444255

https://x.com/jchervinsky/status/2034269594282500329

44:44 Prediction Markets Expansion + Risks

https://dune.com/hildobby/polymarket

https://x.com/Polymarket/status/2034272538465841410

https://x.com/manniefabian/status/2033505062031344004

https://x.com/clashreport/status/2033513701735551202

https://polymarket.com/event/iran-military-action-against-israel-on/?via=bankless?

https://x.com/Polymarket/status/2033635318662860916

https://x.com/ChairmanSelig/status/2034625252831998397

52:16 Agentic Payments & Tempo (Standards War)

https://x.com/Quicknode/status/2034261280354394610

https://x.com/tempo/status/2034253707303338264

https://x.com/clairekart/status/2034279348480737719

https://visacli.sh/

https://x.com/worldnetwork/status/2033923684768092436

https://x.com/CoinDesk/status/2033883474755551595

58:39 Onchain Banking & Ethereum Upgrades

https://x.com/zksync/status/2033864749016809582

https://fastconfirm.it/

https://x.com/RyanSAdams/status/2033661196792967254

https://x.com/_julianma/status/2033851796574154808

https://x.com/adietrichs/status/2033863884067475634

1:02:38 Crypto Culture (Vanity Fair + SBF Netflix)

https://www.vanityfair.com/news/story/cryptos-true-believers

https://x.com/CamiRusso/status/2033946061685850353

https://x.com/DennisonBertram/status/2034013980771877353

https://x.com/netflix/status/2033981949740568829

1:08:31 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

Tempo Mainnet is live, but this episode isn’t really about just another chain launch. It’s about a bigger claim: that AI agents are about to need native money, and that the internet may need a new payment layer to support them. Georgios Konstantopoulos and Brendan Ryan join Bankless to unpack why Tempo launched with agentic payments front and center, what MPP actually is, how it compares to x402, and why they think machine-to-machine commerce could reshape everything from paid APIs to the business model of the web itself.

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🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN
https://bankless.cc/megaeth

---
TIMESTAMPS

0:00 Tempo Mainnet goes live
1:18 Why the launch is focused on agents
3:58 What MPP actually is
6:30 MPP vs x402
15:28 Why agentic commerce matters
20:08 The “original sin” of the internet
26:04 MCP, NLWeb, and the emerging agent stack
34:07 The onboarding flow: wallets for agents
37:11 How Tempo’s wallet security works
40:11 Tempo chain design and specs
51:13 Why build an L1 instead of an Ethereum L2?
56:10 The Ethereum tension
1:05:01 Agent identity, reputation, and ERC-8004
1:06:53 TIP20, stablecoins, and what can be built on Tempo
1:12:36 Builder opportunity in the agentic web

---
RESOURCES

Georgios Konstantopoulos
https://x.com/gakonst

Brendan Ryan
https://brendanjryan.com

---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

A deep dive into Trump’s emerging grand strategy and the geopolitical logic behind the Iran conflict. 

Kamran Bokhari joins Bankless to unpack how the U.S. is trying to reshape the Middle East, manage tensions with China and Russia, and transition from direct intervention toward a new model of burden-sharing, regional power balancing, and global restraint.

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🏅BITGET TRADFI | TRADE GOLD WITH USDT

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN

https://bankless.cc/megaeth

------

TIMESTAMPS

0:00 Intro

0:56 Iran War Unstated Motives

10:03 Trump’s Goals

18:43 China’s Role

26:43 Venezuela & Cuba

28:22 US China Relationship

34:27 Optimizing Global Relationships

39:56 Iran War Best Approach

47:12 Does Iran Want to Negotiate?

51:30 Iran Regime Change

56:51 Israel Interests

1:00:36 Marco Rubio

1:05:24 Signal in the Noise

1:07:25 Closing & Disclaimers

------
RESOURCES

Kamran Bokhari on X
https://x.com/KamranBokhari 

LinkedIn

https://www.linkedin.com/in/kamranbokhari/ 

New Lines Institute

https://newlinesinstitute.org/people/kamran-bokhari/ 

Forbes

https://www.forbes.com/sites/kamranbokhari/ 

------

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

https://www.bankless.com/disclosures⁠ 

The Ethereum Foundation’s new mandate has reignited one of Ethereum’s oldest debates:

Should it stay laser-focused on cypherpunk values, or lean harder into adoption, product, and market share?

Ryan and David debate CROPS, self-sovereignty, ETH as money, and whether the EF is protecting Ethereum’s soul or holding it back.

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🪐GALAXY | INSTITUTIONAL DIGITAL FINANCE

https://bankless.cc/galaxy-podcast 

🏅BITGET TRADFI | TRADE GOLD WITH USDT

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

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🐇MEGAETH | 1ST REAL-TIME BLOCKCHAIN

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TIMESTAMPS & RESOURCES

0:00 Intro

2:39 The EF Manifesto

https://x.com/ethereumfndn/status/2032460726728573298 

https://blog.ethereum.org/2026/03/13/ef-mandate 

https://ethereum.foundation/ef-mandate.pdf 

10:18 Bullish Takes

https://x.com/lay2000lbs/status/2033326038122438677 

https://x.com/EvgenyGaevoy/status/2033160316079534510 

https://x.com/malekanoms/status/2032599584640315706 

https://x.com/lex_node/status/2033189653587677343 

https://x.com/StaniKulechov/status/2032462574571204924 

15:15 Bearish Takes

https://x.com/dankrad/status/2032532067527856216 

https://x.com/tayvano_/status/2032549549550743925 

https://x.com/masonnystrom/status/2032558469786775993 

https://x.com/yugacohler/status/2033225486847885758 

https://x.com/hosseeb/status/2033603057347616869 

https://x.com/divine_economy/status/2033547178803708371 

27:43 Bullish Response to Bears

https://x.com/divine_economy/status/2033547178803708371 

https://x.com/dimabuterin/status/2033548385974735174 

35:44 David’s Takes

https://x.com/TrustlessState/status/2032832671206748551 

47:29 Ryan’s Takes

https://x.com/RyanSAdams/status/2032512531856503181 

56:32 We Can do Both

https://x.com/vibhu/status/2032574444724449605 

https://x.com/TrustlessState/status/2033545623345967572 

59:51 Closing & Disclaimers

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https://www.bankless.com/disclosures⁠