Bankless

Ethereum’s next big leap might not look like a single “flip the switch” moment—but it could change how the chain verifies everything. In this episode, Ansgar Dietrichs comes back to unpack the ZK EVM: why “re-executing every block” has been Ethereum’s hidden scaling tax, how real-time proofs finally make a different verification model viable, and what it would take to transition safely without sacrificing the verifiability that keeps Ethereum credibly neutral. They explore the three true bottlenecks of blockchain scaling (compute, IO, bandwidth), the roadmap from optional proofs to mandatory proofs, and why client diversity could look radically different in a ZK-native future.

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---
TIMESTAMPS

0:00 Intro
0:43 Ethereum’s Biggest Upgrade
4:35 The Core Idea: Verify Blocks Without Re-Executing
10:40 From Bitcoin’s “Verify Cheaply” to Verifying Full Execution
16:22 Cryptography 2.0: Proving Arbitrary Computation
22:56 Scaling All 3 Constraints: Compute, IO, Bandwidth
32:33 Why Ethereum Has Been “Slow” by Design
38:29 3× Per Year: Scaling Now, Not Someday
41:28 ZK Isn’t About Faster Blocks (But Speed Still Improves)
46:33 Rollout Plan: Optional Proofs → Mandatory Proofs
49:59 Dependencies: Block-in-Blobs, Repricing, New State Trees
54:14 Security Reality Check: Performance → Security → Production
1:01:24 Client Diversity in a ZK World
1:10:51 Timeline: ZK Ethereum, Around 2030
1:16:31 Second-Order Wins: L2 Bridging and Beyond Crypto
1:20:49 Closing: Build the Boring Infrastructure, Enable the Apps

---
RESOURCES

Ansgar Dietrichs
https://x.com/adietrichs

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

A legal war over prediction markets just went public. Ryan and David break down the CFTC’s claim of exclusive authority, the backlash from state officials and lawmakers, and why this fight is really about whether markets or politics get to define truth. They explore why AI-powered prediction markets may be crypto’s strongest product-market fit yet, and why that scares regulators. Plus: Harvard rotates from Bitcoin into Ethereum, Base breaks from Optimism, Zora expands to Solana, the Ethereum Foundation leadership reshuffles, signs of life for the Clarity Act, institutions buying DeFi tokens, Europe’s unrealized-gains wealth tax, autonomous “life” on Ethereum, OpenAI’s EVMbench, and what ETHDenver says about where crypto goes next.

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---

TIMESTAMPS & RESOURCES

0:00 Intro

2:27 MARKETS 

https://x.com/hiwhaledegen/status/2023372409303450065

4:33 PREDICTION MARKETS REGULATORY FIGHT

https://x.com/ChairmanSelig/status/2023744651216240966 

https://x.com/GovChristie/status/2023821634344550892

https://x.com/SenWarren/status/2023877196323188764

https://x.com/govcox/status/2023795059980988874

https://x.com/RepCasten/status/2024212119491588303

https://x.com/brian_armstrong/status/2023794107274194944

https://x.com/SenatorHagerty/status/2023802779899252901

https://x.com/SenMcCormickPA/status/2023831838461194501

https://x.com/tyler/status/2023761976481259585

https://x.com/kylascan/status/2023786873605476719

https://x.com/ADoricko/status/2023834015699173398

https://x.com/abcampbell/status/2024281289700802568

https://x.com/NTmoney/status/2024505537514394104

25:18 BASE LEAVES OPTIMISM

https://blog.base.dev/next-chapter-for-base-chain-1

https://x.com/lex_node/status/2024181767813427402

https://x.com/intangiblecoins/status/2024184295493886317

https://www.coingecko.com/en/coins/optimism

https://www.coingecko.com/en/coins/arbitrum

https://www.coingecko.com/en/coins/polygon

https://x.com/web3_data/status/2023716576126755249

https://polymarket.com/event/will-base-launch-a-token-in-2025-341/?via=bankles

35:24 ZORA EXPANDS TO SOLANA

https://x.com/zora/status/2023797263651533053

https://x.com/js_horne/status/2023809356739838390

https://x.com/brian_armstrong/status/2023872648032272642

https://x.com/haydenzadams/status/2023990750082445561

40:04 ETHEREUM FOUNDATION SHAKEUP

https://x.com/tkstanczak/status/2022315368430067847

https://x.com/VitalikButerin/status/2022318344288792618

https://x.com/aerugoettinea/status/2022318885047779576

https://x.com/dannyryan/status/2022318587281572257

44:56 CLARITY ACT SIGNS OF LIFE

https://x.com/brian_armstrong/status/2024238762021036201 

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

https://x.com/altcoindaily/status/2024174959707541638 

49:16 APOLLO x MORPHO (INSTITUTIONS BUYING DEFI TOKENS)

https://x.com/AggrNews/status/2022482933974544669

https://x.com/RyanWatkins_/status/2022680420270379400

https://x.com/DefiIgnas/status/2023054776762876157

52:14 AAVE TOKEN ALIGNMENT PROPOSAL

https://x.com/TheiaResearch/status/2022037595568603406

https://x.com/Marczeller/status/2022073505341219033

https://www.coingecko.com/en/coins/aave

56:09 NETHERLANDS UNREALIZED GAINS WEALTH TAX

https://x.com/BitcoinNewsCom/status/2021978390870347923

https://x.com/balajis/status/2022360046122995851

58:55 AUTONOMOUS LIFE ON ETHEREUM (CONWAY)

https://x.com/0xSigil/status/2023877649475731671

https://x.com/sterlingcrispin/status/2024254432498639322

1:04:56 OPENAI EVMbench

https://openai.com/index/introducing-evmbench/

1:06:24 ETHDENVER REFLECTIONS

https://x.com/EthereumDenver/status/2024234929840935318

https://x.com/TrustlessState/status/2024215091856527753

1:08:05 CLOSING & DISCLAIMERS

---

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

https://www.bankless.com/disclosures

Lyn Alden joins us to make sense of the “everything, everywhere, all at once” macro moment.

A fourth-turning-style unwind of the long-term debt cycle, rising fiscal dominance, and a rare, headline-level clash over Fed independence—plus what a Kevin Warsh Fed might actually do under real-world constraints. 

We dig into the “gradual print” era, why gold is ripping, how a more multipolar monetary order could emerge (gold, bitcoin, and stablecoins in different roles), and what trade war dynamics mean for the dollar’s privilege. 

Lyn also explains why Bitcoin has lagged gold this cycle, how much the four-year crypto cycle still matters, the risks around treasury companies and quantum narratives, and how she’s thinking about portfolio construction in 2026.

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------

TIMESTAMPS

0:00 What’s Happening?

6:23 The Fourth Turning

13:59 Fed Independence

30:40 New Fed Chair Kevin Warsh

37:46 The Gradual Print

42:16 Gold

53:56 China vs US

1:07:14 Bitcoin vs Gold

1:12:37 Crypto 4-Year Cycles

1:23:26 Proof-of-Work vs Proof-of-Stake

1:28:12 Frontier Tech

1:35:11 Lyn Alden’s 2026 Portfolio

1:39:24 Cash Strategy

1:41:30 Closing & Disclaimers

------
RESOURCES

Lyn Alden

https://x.com/LynAldenContact 

Lyn Alden Newsletter

https://www.lynalden.com/ 

------

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

https://www.bankless.com/disclosures⁠ 

Crypto feels cooked in 2026, and the Super Bowl proves it. Ryan and David unpack Coinbase’s Backstreet Boys rug pull ad and what it reveals about crypto’s collapsed public narrative. Then they dig into the brutal selloff, why IBIT’s record volume hints at forced TradFi liquidation, and what Polymarket is pricing for Bitcoin under $50K. From Robinhood’s prediction markets exploding into a real revenue engine to the political fight over who regulates “gambling vs markets,” the thesis is clear: finance is the only use case still scaling. Plus: LayerZero’s new “world computer” L1, MegaETH and Aztec’s bear market launch playbook, Vitalik finally calling ETH a store of value, ENS staying on L1, BlackRock bringing BUIDL to Uniswap, and the weirdest loose end of all, SBF’s missing tungsten cube.

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---

TIMESTAMPS & RESOURCES

0:00 Intro

0:32 Super Bowl Coinbase Commercial 

https://x.com/julia_fiedler5/status/2020672759508967576

10:02 Markets

https://x.com/cryptorand/status/2021894696268660736

https://x.com/TheDemocrats/status/2019492504614150375

https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027/?via=bankles

https://x.com/intocryptoverse/status/2019835733503255006

https://x.com/DegenerateNews/status/2020846896084852796

https://x.com/blckchaindaily/status/2021967204653445163 

https://x.com/WatcherGuru/status/2020860553732768085

https://www.strategicethreserve.xyz

https://x.com/WatcherGuru/status/2021325189674357204

25:46 Prediction Markets Growth has been explosive

https://x.com/theoneandomsy/status/2021399052366250280

https://x.com/TrustlessState/status/2021603112541102400 

https://x.com/movietimedev/status/2021278393136808099

https://x.com/mattplatkin/status/2021335653091508323

https://x.com/GovChristie/status/2019515642836054038

https://x.com/michaelselig/status/2019533204068393280

34:51 A tail of Three Chains - LayerZero, Robinhood, MegaETH

https://x.com/LayerZero_Core/status/2021338847972663394

https://x.com/a16zcrypto/status/2021348447656476841

https://www.coingecko.com/en/coins/layerzero

https://x.com/LayerZero_Core/status/2021343796236321036

https://x.com/RobinhoodApp/status/2021585052417630465

https://youtu.be/KcpMRlmrkEw

https://x.com/megaeth/status/2020876108342927670

https://x.com/TrustlessState/status/2021265395307495795

https://x.com/Zac_Aztec/status/2021707048497602777

https://x.com/sjdedic/status/2021960471704707177

https://www.coingecko.com/en/coins/zama

https://app.hyperliquid.xyz/trade/MEGA

https://www.coingecko.com/en/coins/layerzero

44:04 Are non-financial crypto dead?

https://x.com/matthuang/status/2020858831065043159

https://x.com/jessepollak/status/2020962065100538091

https://x.com/cdixon/status/2019837259575607401

https://x.com/hosseeb/status/2020451853633511696

50:04 ETH & BlackRock

https://x.com/VitalikButerin/status/2019814868140933287

https://x.com/ensdomains/status/2019789111557808146

https://x.com/BrantlyMillegan/status/2019791852531069313

https://x.com/vitalikbuterin/status/2019818956530274327

https://x.com/haydenzadams/status/2021587358999630034

https://x.com/KalshiTrade/status/2021586037034651819

https://fortune.com/2026/02/11/blackrock-uniswap

https://finance.yahoo.com/news/uniswap-token-jumps-following-blackrock-165720913.html

https://www.coingecko.com/en/coins/uniswap

57:13 MrBeast acquired a Gen Z‑focused banking app

https://x.com/MrBeast/status/2020910218360782929

https://x.com/BuckOnTwidder/status/2021005048654987354

59:17 You can now give your agent a self-custodial wallet! 

https://x.com/programmer/status/2021649037074870627
https://docs.cdp.coinbase.com/agentic-wallet/quickstart.

https://x.com/base/status/2021413560740721048

1:01:10 Safemoon founder sentenced to 100 months in prison

https://x.com/IRS_CI/status/2021340944143196568?

1:02:19 SBF suck up…full on propaganda - pardon by summer?

https://x.com/SBF_FTX/status/2021932965047988515

https://themissingbillions.com/

1:05:42 Closing & Disclaimers

---

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

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Last week felt like four different crashes happening at the same time: AI software stocks melting down, crypto capitulating, gold and silver whipping around, and markets suddenly panicking about AI CapEx. Jim Bianco returns to Bankless to explain what actually changed: why AI is collapsing the cost of building software (and threatening SaaS pricing models), how “synthetic Bitcoin” in TradFi can amplify volatility even when nothing breaks onchain, and why the next crypto cycle can’t be powered by “permission” narratives, it has to be powered by replacement and building.

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---
TIMESTAMPS

0:00 Intro
0:44 Super Bowl ads as a market metaphor
2:30 WTF was last week? Four selloffs collide
8:38 Why crypto traded like “software” in the selloff
13:52 AI CapEx fears: are we overbuilding the infrastructure?
17:00 The 1999 playbook: infra boom → crash → app-layer winners
28:53 Where the value accrues: users, not the hyperscalers
35:36 Gold & silver: why silver behaves like an “altcoin”
39:09 Why Jim is bearish on China
44:21 Trump, Europe, defense spending, and the “go to 11” problem
49:09 Synthetic Bitcoin: the offchain float problem
56:52 Crypto’s next narrative: replacement, not permission
1:01:57 Kevin Warsh, Fed independence, and a new Fed–Treasury accord
1:09:40 Portfolio wrap: puke signals, building signals, and 4–5–6 returns

---
RESOURCES

James Bianco
https://x.com/biancoresearch

---
Not financial or tax advice. See our investment disclosures here:
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Robinhood isn’t just adding another crypto feature—it’s assembling a new exchange stack: stock tokens, an Ethereum L2 built for real-world assets, and a wallet that can plug into DeFi. Johann Kerbrat (GM of Crypto at Robinhood) joins Bankless to unpack what “24/7 markets” actually requires, why liquidity and routing are the hidden battleground for tokenized equities, and how “Certified by Robinhood” could become a distribution moat for onchain apps. Along the way, they compare Robinhood’s approach to tokenization with the NYSE’s 24/7 tokenized platform plans and Nasdaq’s tokenized securities proposal, and dig into what U.S. regulatory clarity would need to unlock stock tokens stateside. Subscribe for more on the new financial rails being built in real time.

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---
TIMESTAMPS

0:00 Intro
3:43 Is Robinhood Building a New Exchange?
4:45 Robinhood Chain testnet: what it enables for builders
9:17 What’s actually unique about this L2
10:44 “Certified by Robinhood” explained
12:52 Mainnet timing & NYSE/Nasdaq vs Robinhood tokenization approaches
16:34 Stock tokens today: EU access, U.S. questions
18:16 The liquidity problem (and how routing fixes it)
21:28 What tokenized equities unlock beyond trading
23:23 Robinhood Wallet’s role in the stack
24:57 The CLARITY Act: what matters to Robinhood
30:49 Strategic bets: Talos, Bitstamp, and going institutional
38:51 Lighter + perps: DeFi vs CeFi (and the U.S. CFTC wall)
43:21 What’s next: “one ecosystem” + prediction markets
45:13 Builder call-to-action

---
RESOURCES

Johann Kerbrat
https://x.com/JohannKerbrat

---
Not financial or tax advice. See our investment disclosures here:
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MegaETH mainnet is live, kicking off a new frontier for Ethereum scaling: ultra-low latency, massive throughput, and an execution environment built to unlock apps that can’t exist on L1.

Lei Yang & Namik break down why Vitalik’s latest L2 framing validates “barbell” scaling, what users actually inherit from Ethereum (censorship resistance, exit guarantees, and fraud-proof security assumptions), and why stages + governance are harder than they look. 

Plus: the mainnet stress test (11.4B tx in 7 days, 55k peak TPS), the economics shift toward stablecoin yield with USDM, proximity markets for MEV, and MegaETH’s aggressive app-incubation strategy.

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https://bankless.cc/ico-watch

------

TIMESTAMPS

0:00 Intro

0:41 Vitalik’s L2 Pivot Tweet

14:05 Property Rights on MegaETH

21:10 Stage 2 & Rollup Design

30:34 MegaETH’s Stress Test Numbers

40:42 MegaETH’s Throughput

47:02 Business Model

52:15 MEV

1:00:18 Other MegaETH Products

1:02:19 App Strategy

1:07:04 Mega Mafia

1:10:48 MegaETH x AI Agents

1:15:53 Mega Token

1:20:17 Mainnet Release

1:21:11 Closing & Disclaimers

------
RESOURCES

Lei Yang

https://x.com/yangl1996

Namik

https://x.com/NamikMuduroglu 

MegaETH

https://www.megaeth.com/ 

MegaETH Stress Test

https://stress.megaeth.com/ 

------

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

https://www.bankless.com/disclosures⁠ 

A single Vitalik tweet just snapped Ethereum’s scaling narrative into focus: the rollup-centric roadmap is over, and a new path is here. Ryan and David break down what Vitalik actually said (and what he didn’t), why stage 2 plus rollup interop proved far slower than anyone hoped, and why L1 scaling, powered by ZK, may be Ethereum’s real reset button in 2026. Along the way, they unpack the quiet death of the “L2s are Ethereum” meme, the community’s whiplash reaction, and what differentiated “gen 2” L2s must do to earn their place in the alliance.

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---
TIMESTAMPS

0:00 The Rollup-Centric Roadmap: 2020 → 2026
1:26 What Vitalik Actually Said
3:15 The Understated Bombshell: L1 Scaling + ZKVM
6:28 “Branded Shards” Are Over
8:12 “L2s Are Ethereum” Is Dead (But Not the Alliance)
12:29 Vitalik’s Follow-Up: Differentiation Wins
15:51 The Reaction: Praise, “I Told You So,” and Anger
18:23 The NATO Analogy for L2s
20:51 The Messaging Risk: Does Ethereum Push Rollups Away?
23:25 Why Did It Take So Long to Say This Out Loud?
30:09 Was Modular Wrong? What We Thought vs What We Got
33:20 Ryan’s Retrospective: Wins + Three Missteps
38:01 David’s Take: ZKVM Precompile = “Manhattan Project”
39:57 The Cost: Wasted Time, Misallocated Capital, Leadership Tension
45:39 What Happens Next: Base Leaving, New North Star, Anyone’s Game
51:04 Signs the Pivot Is Working

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

Crypto enters a full-blown pain market as Bitcoin, ETH, tech stocks, and even gold sell off together. Ryan and David break down why crowded trades are unwinding across markets, what the Warsh Fed chair pick means for rates and risk assets, and whether crypto has become uniquely fragile in this cycle. They dig into Vitalik’s L2 pivot and what it signals about Ethereum’s next era, unpack massive institutional paper losses at Strategy, BitMine, and Galaxy, and analyze Polymarket odds on where Bitcoin goes next. Plus: OGs selling to ETF buyers, the Clarity Act standoff between banks and crypto, and how to survive the psychology of a real bear market.

---

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---

TIMESTAMPS & RESOURCES

0:00 Intro

3:23 Markets

https://x.com/KobeissiLetter/status/2019413451471483282

https://x.com/MelMattison1/status/2018821072934846482

https://x.com/KobeissiLetter/status/2018215213959729487

https://imgur.com/xGMBu9p

https://www.coingecko.com/en/coins/bitcoin

https://www.coingecko.com/en/coins/ethereum

https://x.com/zerohedge/status/2017679054619414773

https://x.com/AggrNews/status/2017670162481053771

https://imgur.com/fOOPShT

https://x.com/KobeissiLetter/status/2018251708833669137

https://x.com/fundstrat/status/2018317901682373032

https://x.com/mmmikema/status/2017517404461666668

https://www.coindesk.com/markets/2026/02/04/tom-lee-says-bitmine-s-usd6-billion-ether-paper-loss-is-by-design

https://x.com/deitaone/status/2018680207368950085

https://x.com/nic_carter/status/2018698942083412050

https://x.com/Polymarket/status/2017655487936807237

https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027/?via=bankless

https://x.com/ericbalchunas/status/2019079756008800685

https://x.com/Matt_Hougan/status/2018695396386570257

https://x.com/Zeneca/status/2017713330341953547

24:49 Federal Reserve & Kevin Warsh

https://x.com/KobeissiLetter/status/2017204939139764607

https://x.com/AshCrypto/status/2017223525522919707

https://x.com/Eric_BIGfund/status/2017077398479470788 

https://x.com/shahh/status/2017266603126292607

https://x.com/avichal/status/2017107032034464256

https://x.com/RayDalio/status/2017687126926602643

https://x.com/LukeGromen/status/2013334684130746521

https://x.com/AltcoinDaily/status/2017296093621719062

31:57 Ethereum Roadmap Pivot

https://x.com/RyanSAdams/status/2018727620624384059

https://x.com/VitalikButerin/status/1267464298919534593

https://x.com/VitalikButerin/status/2019341766407725170

https://x.com/tkstanczak/status/2018969582506328077

https://x.com/haydenzadams/status/2018739946706596309

https://x.com/RyanWatkins_/status/2018722118955913367

https://x.com/josephdelong/status/2019116049694880021

https://x.com/Shaughnessy119/status/2018745708648574999

https://x.com/KhanAbbas201/status/2019155752955289652

45:16 Clarity Act & Stablecoin Yield

https://x.com/coinbureau/status/2016953240601186316

https://x.com/fintechfrank/status/2017622525987954840

https://x.com/aosipovich/status/2017173012546486292

https://x.com/Bankless/status/2017335175533715783

https://www.coindesk.com/policy/2026/02/02/white-house-crypto-meeting-on-market-structure-bill

https://x.com/BrendanPedersen/status/2018456230214435027

https://x.com/EleanorTerrett/status/2018472709622292899

https://x.com/Cointelegraph/status/2019207030276300833 

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

https://www.coindesk.com/policy/2026/02/03/trump-adviser-says-white-house-won-t-allow-crypto-bill-to-attack-president-on-ethics

https://x.com/tier10k/status/2017780627894898788

https://x.com/Cointelegraph/status/2018467240136294821 

https://x.com/NeerajKA/status/2019108061969866759 

57:05 MetaMask Stocks & Bitwise Acquisition

https://x.com/OndoFinance/status/2018722106553348414

https://www.theblock.co/post/388379/bitwise-acquires-chorus-one

https://www.8004scan.io

58:31 Polymarket & Culture

https://x.com/Polymarket/status/2018731372920344582

https://x.com/litcapital/status/2018734492999885030

https://x.com/nycmayor/status/2019105073423327680

https://polymarket.com/sports/nfl/games/week/15/nfl-sea-ne-2026-02-08/?via=bankless

1:03:02 Closing & Disclaimers

1:03:18 Moment of Zen

https://x.com/tomwarren/status/2019039874771550516 

---

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

https://www.bankless.com/disclosures

AI agents aren’t “coming” to Ethereum—they’re already here, spinning up on dedicated machines, clicking through wallets, deploying contracts, and even building apps for themselves. In this episode, Ryan and David sit down with Davide Crapis and Austin Griffith to map the emerging agent stack: ERC-8004 as a decentralized identity + reputation layer, x402 as payment rails for agent-to-agent commerce, and the real-world “Clawdbot” experiments that show what happens when an agent gets a wallet, a codebase, and a mandate. Along the way: prompt-injection risks, why agents read calldata like it’s their native language, and why it may be the best time in history to be a solo builder—even as it gets harder to be a junior dev.

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TIMESTAMPS

0:00 “AI is the new UI,” and you’ll be talking to your wallet
4:09 Is there an arms race for AI activity across chains?
7:32 The Clawdbot/OpenClaw moment: agents get OS-level power
13:18 Why crypto is native to agents
19:41 Austin’s setup: Claude bot, heartbeat loops, and real autonomy
22:28 The token incident: how a bot “got a treasury”
28:46 Prompt injection meets wallets
38:20 ERC-8004 explained: identity, reputation, validation
40:35 x402 + 8004: discovery + payment rails for agent commerce
48:38 8004 “scans” and early adoption reality
1:05:32 What agents could build when they can hire other agents
1:12:38 Tooling for the new builder era: Speedrun → Wingman
1:25:23 “Worst time to be a junior dev…”
1:28:15 Predictions: clean English becomes the sign of AI

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RESOURCES

Austin Griffith
https://x.com/austingriffith

Davide Crapis
https://x.com/DavideCrapis

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