Matt and Nic are back after a week off. In this episode:

• The Clarity market structure bill markup is delayed for now
• Coinbase backs out of supporting Clarity
• The bank lobby is trying to torpedo Clarity
• Kontigo is accused of ignoring sanctions
• X changes its API to block InfoFi
• California's wealth tax has backfired already
• BitMine invests $200m into Mr Beast's company
• Why tokenized deposits aren't as interesting as stablecoins

Content mentioned in this episode:

• Jason Mikula, Kontigo: Y Combinator's Venezuelan Sanctions Evasion Startup

Wyatt, Henry, and Jake recently put out a report called "Total Value Lost", exploring how best to assess the value of various DeFi markets - starting with lending markets. This episode is a continuation of that conversation, exploring what carries value in DeFi going forward, particularly on the back of a shaky market period. This discussion covers:

• Where does the recent, ongoing market selloff leave us?
• What metrics matter for onchain markets?
• What market dynamics contributed to the October 10 washout?
• How does leverage manifest in onchain markets, and what does it look like today?
• How do you assess the value of illiquid cryptoassets?
• What drives revenue multiples.
• Which protocols will benefit from the tokenization of other asset classes, and which will struggle?
• How do the individual behaviors and incentives of investment funds contribute to crypto market volatility?

Matt and Nic are back for the first OTB show of 2026. In this episode:

• Matt's ice rink adventures
• The House issues a draft of the PARITY Act
• The trouble with wealth taxes
• DATs continue to bleed out
• We talk about Nic's fiction story
• Predictions for 2026
• Is there a secret exchange insolvency?
• What constitutes insider trading for prediction markets?
• Is the four year cycle finally over?
• Is it time to try socialfi again?
• Kickstarter snafus

Content mentioned in this episode:

• Nic Carter, Trillion Dollar Salvage

Matthew Le Merle and Mitch Mechigian of Blockchain Coinvestors join the show. In this episode we discuss:

• The top 5 themes of 2025 for the blockchain industry
• 2026 predictions and key themes to monitor

To learn more about Blockchain Coinvestors visit fifthera.com/blockchain

Matt and Nic are back for more deals and news. In this episode:

• Secret exchange insolvency rumors
• Caroline Ellison is free
• David Sacks says CLARITY is getting a markup
• The Fed rescinds their 2023 Novel Activities Supervision program
• Insolvent exchange prediction markets
• Visa's stablecoin advisory business
• JPM launches a tokenized Treasury fund MONY
• Quantum FUD
• Why Quantum might be a surprise
• Bitwise 2026 predictions
• The four year cycle is over
• Grabby aliens and the Dark Forest

Content mentioned in this episode:

• Talos and Factset, Year in Review

Henry sits down with Corn, head of business development at Yearn Finance, for a conversation about the evolution and current state of defi. In this episode:

• The history of defi from 2020 to today, and how the TerraLuna crash impacted the market
• How incentive mechanisms in defi have changed in 2025
• What caused the collapse of xUSD and Stream Finance?
• What is the role of risk curators in defi?
• The state of onchain cybersecurity and recent hacks
• What is the appetite for defi from non-crypto users and institutions, and will a declining fed funds rate help?
• How do defi protocols drive value to their native tokens?
• How "decentralized" is defi today?

Matt and Nic are back with more news and deals. In this episode:

• CIV grows the team
• Nic does not regret 8 years in crypto
• People are getting blackpilled about crypto
• Does speculation in crypto have positive externalities?
• Matt has never seen LOTR
• Will web3 ever come back?
• The OCC lets banks broker crypto trades
• The Bitwise 10 lists
• Rushi Manche returns with a fund
• Circle is launching a private stablecoin
• The DTC gets a no action letter from the SEC to settle tokenized securities
• We do a Terra/Luna restrospective
• Terra's fatal mistake
• Oracle mishaps on prediction markets
• Why did the nation's largest teachers union come out against the Market Structure bill

Content mentioned in this episode:

• Nic Carter and Allen Farrington, All Falls Down

Matt and Nic are back with another week of news and deals. In this episode:

• Quantum risk again
• Are banks filled with spooks?
• The trouble with Taproot addresses
• Microstrategy's dollar reserve
• Kalshi is going on chain
• Prediction market predicaments
• Are insiders monetizing Google search information on Polymarket?
• Are prediction markets insider trading machines by definition?
• DAT activist fights
• Vanguard adds Bitcoin ETFs
• House Financial Services Committee releases their final report on OCP2.0
• What's going on with leverage in crypto?
• Are AI agents going to start stealing crypto?
• Is Eliezer Yudkowski to be trusted?
• AI is going to usher in the golden age of fraud

Stepan, founder of Squads, sits down with Wyatt on today's episode. In this discussion:

• Squads' evolution from a DeFi-facing product to servicing a broader range of companies' asset treasury needs.
• What are the pain points of local small-medium businesses?
• What is driving the gradual global movement from local currencies into USD stablecoins?
• The appetite for safe yield across user types.
• Other traditional digital banking players and how they are evolving with technology.
• How the stablecoin trend impacts governments.
• What happens to local banks?

Matt and Nic record a special Thanksgiving episode of OTB. In this episode:

• What's the deal with deep fried turkeys?
• Polymarket gets CTFC approval
• Klarna is launching a stablecoin on Tempo
• Upbit is hacked
• Berachain drama
• Tether gets a downgrade from S&P
• Robinhood is spinning up their own prediction market with Susquehanna
• Are Visa and Mastercard moving fast enough?
• Who are we thankful for?