Bankless

War with Iran is back, but markets barely blinked. Ryan and David unpack Saylor’s $216 million Bitcoin sale, whether it marked the bottom, Robinhood Chain’s memecoin breakout, and Vitalik’s “Ethereum 3.0” roadmap.

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---

TIMESTAMPS

0:00 Intro

3:12 Iran War Returns, Markets Shrug & Saylor Sells 3,588 BTC — Was That the Bottom?

https://x.com/DrEliDavid/status/2074781504757027087 

https://x.com/saylor/status/2074101854875656316

https://www.bankless.com/read/how-strategy-can-sell-billions-in-bitcoin

https://x.com/rob_e89rtosmit/status/2074484772622172307

20:17  Robinhood Chain’s First Hit: Memecoins

https://x.com/vladtenev/status/2074695821896065360

https://x.com/haydenzadams/status/2075062776473546979

https://www.coindesk.com/tech/2026/07/09/cashcat-trader-turns-usd800-into-over-usd1-million-on-robinhood-s-brand-new-blockchain

https://dune.com/entropy_advisors/robinhood-chain-network-overview

28:17 Ethereum 3.0? Vitalik’s New Strawmap

https://x.com/VitalikButerin/status/2073459000398463446

https://strawmap.org

https://x.com/r2Jamong/status/2074053557284982925

https://x.com/barnabemonnot/status/2073708226701328474

https://x.com/dankrad/status/2073532475431887354

https://x.com/DefiIgnas/status/2073480431887056958

45:46 JPMorgan’s $700M Ethereum Fund & Paradigm Fundraise

https://cryptobriefing.com/jpmorgan-jltxx-tokenized-money-market-fund-surges-250-percent/

https://x.com/TradingProtocol/status/2074383012939141407

https://x.com/matthuang/status/2074873573983035801

53:13 The Fight for 24/7 Markets & David’s Portfolio Check-In

https://x.com/jchervinsky/status/2075230297134645744

https://x.com/econoar/status/2075056773724062031

https://x.com/rambo_xbt/status/2075192964259672434

https://x.com/TrustlessState/status/2062122936790581520

1:04:00 Closing & Disclaimers

---

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

https://www.bankless.com/disclosures

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

---
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.

---
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

---
RESOURCES

Johann Kerbrat
https://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.

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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

---

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

---
RESOURCES

Ian De Bode
https://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.

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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

---

RESOURCES

Matt Walsh

https://x.com/MattWalshInBos

Jeff Dorman

https://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.

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---
TIMESTAMPS

0:00 What is Ethlabs?
2:35 The EF Narrows Its Mission
9:30 Putting Points on the Board
13:06 Principles Need Users
14:53 ETH the Asset and Ethereum the Network
17:33 Scaling, Interop, and Growth Workstreams
22:52 The Talent Behind Ethlabs
25:27 What a New Organization Unlocks
27:53 Pro Markets, Pro Growth, Pro ETH
30:51 The Trillion Dollar ETH Question
37:07 Who Steers Ethereum?
39:55 Shared Vision, Different Path
45:13 Funding Ethlabs
51:54 Hiring for Ethlabs
54:24 Ethereum’s Long Arc
58:14 What Comes First

---
RESOURCES

Ansgar Dietrichs
https://x.com/adietrichs

Caspar Schwarz-Schilling
https://x.com/casparschwa

Ethlabs
https://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.

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---
TIMESTAMPS

0:00 Intro

3:35 Bitcoin Below $60K and Strategy’s 3 Body Problem
https://www.tradingview.com/chart/KZYJV3ef/
https://www.strategy.com/
https://x.com/saylor/status/2069028571880845340
https://x.com/saylor/status/2069682624956612731
https://x.com/Pentosh1/status/2069797143917855024
https://x.com/jdorman81/status/2067616073479078386
https://x.com/jdorman81/status/2069857950202835258
https://x.com/ki_young_ju/status/2069646523668033833
https://x.com/PeterSchiff/status/2070146847692185798
https://polymarket.com/event/what-price-will-bitcoin-hit-before-2027

17:59 ETH, Stocks, South Korea Selloff, and the AI Trade

20:59 Why Crypto Is Down: AI Attention, Debasement Pause, and the 4-Year Cycle

27:06 Mover of the Week: $CARDS and Pokemon Cards as RWAs
https://www.coingecko.com/en/coins/collector-crypt

31:32 Ethereum’s Center of Gravity Shifts: EF Cuts and ETH Labs
https://x.com/VitalikButerin/status/2069431500035023121
https://blog.ethereum.org/2026/06/23/ef-structure
https://x.com/aerugoettinea/status/2069017140846330107
https://x.com/tkstanczak/status/2069454499509596582
https://x.com/bobbyong/status/2069965817882755342
https://x.com/ethlabs_org/status/2069104073245159573
https://ethlabs.org/thesis.html
https://x.com/TrustlessState/status/2069110440903196810
https://x.com/trent_vanepps/status/2067593124398989551

51:50 White House Quantum EO: Are Crypto Timelines Moving Up?
https://x.com/WhiteHouse/status/2069154174818754759
https://x.com/projecteleven/status/2069151681015627881
https://x.com/drakefjustin/status/2061793725299224676

57:25 Illinois Passes a 0.2% Crypto Transaction Tax
https://x.com/0xBeaconLayer/status/2069120528238121154
https://x.com/manwithadogg/status/2069158605664756205
https://x.com/DarrenBaileyIL/status/2070149517102469527

59:50 Portfolio Check and Crypto Bottom Watch

---
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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.

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---

TIMESTAMPS

0:00 Intro

3:47 Pandora’s Box Opens

6:03 AI Meets Government

7:16 Decentralizing the Stack

8:51 Why Ban Fable?

11:18 Internet Balkanization

13:57 KYC for AI?

18:43 Nationalized Models

21:07 Building Private AI

26:30 Agent Marketplace

30:26 User-Owned Alignment

35:28 Winning Against Giants

40:19 Regulation Fuels Crypto

42:24 Global AI Adoption

45:05 Compute Is the Bottleneck

49:00 Enterprise Use Cases

51:39 Confidential TVL Explained

55:25 Full Sovereign Mode

---

RESOURCES

Illia Polosukhin

https://x.com/ilblackdragon

Near Protocol

https://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.

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---
TIMESTAMPS

0:00 Why Arthur Sold HYPE, NEAR and ZEC
4:26 The AI Trade Starts to Look Crowded
6:25 How Arthur Is Positioned Now
7:15 Crypto’s Strange Market Dispersion
11:09 Oil, Iran and the Fake-Out Risk
14:16 Why the Iran Deal May Not Be Durable
17:29 Can AI Survive Higher Oil?
21:20 The AI Bubble Thesis
26:11 China’s Cheap AI Threat
30:38 The Credit Event Arthur Is Watching
35:51 The 2028 Perfect Storm
39:45 Why AI Is Draining Crypto’s Bull Market
44:28 Arthur on Inventing Perps
48:11 Why Perps Could Eat Wall Street
51:18 Socialized Loss Explained
53:21 Onshore vs Offshore Perps
55:50 Why Hyperliquid Can Flip Binance
56:30 The Perp Inventor Does Not Use Leverage

---
RESOURCES

Arthur Hayes
https://x.com/CryptoHayes

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