The Breakdown

2 Groups Now Control Ethereum's Future. Here's What They Want. 01.07.2026 34m

David sits down with Paul Dylan-Ennis — lecturer at University College Dublin and member of the Ethereum Foundation’s Silviculture Society — to map the split between the EF and the newly-formed ETH Labs. TIMESTAMPS: (00:00) Intro (00:41) EF Silviculture Society (03:28) Full Cypherpunk (14:15) Roadmaps and Governance (17:58) Capture Resistance Concerns (24:19) What is Ethereum Success (27:13) New Primitives and AI (32:32) Ossification Timeline FOLLOW THE SHOW › David — https://x.com/dcanellis › Paul Dylan-Ennis — https://x.com/post_polar_ › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Binance Needs A Friend in The European Union 29.06.2026 29m

Binance is out of the EU as of July 1 after its MICA license application in Greece was rejected. David runs through who is and isn't licensed under MICA, checks Blockworks Research for Binance's actual spot market share (~33%), and looks at whether the outflow data suggests real damage. Then: the US government is now effectively approving AI model releases — Anthropic's Mythos 5 is live for a whitelist of 100+ orgs, Fable 5 still blocked, and OpenAI just did the same thing with GPT-V.Sol. David draws the parallel to how regulation changed crypto. Finally: Meta is building a prediction market app called Arena, with Zuck reportedly pursuing partnerships with Polymarket and Kaoshi. David checks Polymarket and Kaoshi's open interest data and asks whether Meta is just late to the party again. TIMESTAMPS: [To be filled in] FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

How Strategy Insiders Insulated Themselves From the Crash 26.06.2026 21m

FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Searching for the Ethereum Foundation's Remaining Cash 24.06.2026 23m

FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Is Strategy Really the Next Terra Luna? 22.06.2026 27m

Strategy’s STRC is still trading below its $100 target and has drawn comparisons to Terra Luna. David walks through how Terra Luna actually imploded, why Strategy's flywheel is meaningfully different, and the real problem he sees underneath it all. Enjoy! FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

The History of Standard Chartered Megabullish Price Predictions 17.06.2026 18m

Standard Chartered just put a $100 price target on Uniswap by 2030 — a 40× move from current levels. David walks through the call, the tokenization thesis underpinning it, and how Standard Chartered's past calls on Bitcoin, ETH, XRP, BNB and AVAX have actually played out. FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

The US Just Made the Case for Open-Source AI 15.06.2026 21m

Anthropic released Fable V — a wrapper around its Mythos model with strict guardrails. Within 24 hours, the White House forced it offline over a jailbreak that exposed Mythos's full cyber capabilities. David walks through David Sack’s thread, the export control, and why this is the strongest case yet for running your own open-source AI at home. Plus: Blockworks just acquired Messari, and the SpaceX IPO turned into a mess on crypto exchanges. Enjoy! TIMESTAMPS: (00:00) Intro (01:24) Anthropic (11:57) Blockworks Acquires Messari (14:38) SpaceX IPO FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Blockworks Acquires Messari 12.06.2026 28m

In this special episode, Blockworks announces its acquisition of Messari and unpacks what it means for crypto’s next phase. Michael and Jason explore why Messari’s breadth of data, APIs, and research complement Blockworks’ deep on-chain analytics, investor relations, and disclosure products. They also address crypto’s trust problem, the need for standardized data and disclosures, and how Blockworks aims to become the trusted data layer connecting issuers, investors, exchanges, regulators, and AI agents in on-chain markets. Learn more: https://blockworks.com/insights/blockworks-acquires-messari Follow Blockworks on X: https://x.com/Blockworks Follow Messari on X: https://x.com/MessariCrypto Follow Michael on X: https://x.com/MikeIppolito_ Follow Jason on X: https://x.com/JasonYanowitz

SpaceX Just Became the Most Valuable Post-IPO Company Ever 12.06.2026 21m

It's SpaceX IPO day, and it’s on track to be the most valuable post-IPO company in history — $1.77T, surpassing Saudi Aramco. David walks through the numbers, the pre-IPO trade on Hyperliquid, and why the edge wore off months ago. Plus: Nakamoto selling Bitcoin while Tom Lee's BitMine keeps stacking ETH, and where prediction market volumes are during the NBA Finals. TIMESTAMPS: (00:00) Intro (01:08) SpaceX IPO (07:27) Treasury Companies (15:47) Prediction Markets FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

BlackRock's Bitcoin ETF Is $13 Billion Underwater 10.06.2026 26m

BlackRock's IBIT is sitting about $13 billion underwater on its Bitcoin holdings. Every ETH ETF is in the red. David walks through which funds bought the top, which took profit, and what happens to crypto if ETF holders finally crack. Plus: a preview of DAS Asia and DAS London, and the SpaceX pre-IPO trade on Hyperliquid. TIMESTAMPS: (00:00) Intro (01:16) Crypto ETFs (15:54) DAS Events 2026 (18:07) SpaceX Perps FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Inside Pump.fun's New Bounty Platform 08.06.2026 30m

Pump.fun just rolled out Pump.fun Go — a bounty platform that pays you crypto for filming yourself doing… well, whatever. David on why this might actually matter for the next retail cycle. Plus: the coins quietly pumping through the bear, and the stablecoin chart suggesting we're still months from a bottom. TIMESTAMPS: (00:00) Intro (01:09) Pump.Fun Bounties (14:48) Token Winners (24:36) Stablecoins FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Brutal Zcash Bug Sat Hidden for 4 Years 05.06.2026 26m

A critical bug in Zcash's Orchard shielded pool could have minted unlimited counterfeit ZEC — and it sat there for 4 years. The price has lost ~47% in three days. David walks through what happened, why ZK trust keeps mattering, and what it means for holders. Plus: Polymarket's UMA ruling that Strategy didn't sell Bitcoin (it did), and the end of the Bitcoin ETF outflow streak. TIMESTAMPS: (00:00) Intro (01:11) Zcash Crash (14:53) Polymarket Strategy Drama (23:39) ETF Flows Update FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Crypto Still Sees Massive Returns On Par With Stocks 03.06.2026 21m

Everyone's saying crypto has been left behind by the stock market. David digs into the numbers — VVV outperformed SanDisk YTD, Hyperliquid beat NVIDIA and AMD, Stellar beat NVIDIA. The market is selecting winners. Plus: $4B of Bitcoin ETF outflows in 13 days (it's not as bad as it looks), and Microsoft's new "quantum-breaking" chip. TIMESTAMPS: (00:00) Intro (01:05) Crypto Left Behind? (10:24) Bitcoin ETF Flows (14:35) Microsoft Quantum Chip FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Dimon & Democrats Ready for War Over CLARITY 01.06.2026 25m

A centrist Democratic group is spending six figures to brand the CLARITY Act as "Trump's crypto grifto." Jamie Dimon is on the same side. David walks through what's actually happening and why crypto might need a Plan B. Plus: the SpaceX pre-IPO perp that flash crashed 45% on Hyperliquid, and Cardano canceling its annual conference. Enjoy! TIMESTAMPS: (00:00) Intro (01:10) Anti-CLARITY FUD (13:43) SpaceX Perps (16:58) Cardano FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

When Bitcoin’s Bear Market Might End 29.05.2026 13m

David maps the current Bitcoin bear market against every prior one — where we are, how much longer it could run, and where the bottom could land. FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

A Google Engineer Made $1.2M Insider Trading on Polymarket 28.05.2026 28m

A Google engineer allegedly profited $1.2 million on Polymarket betting that d4vd would be Google's most-searched person of 2025 — using Google's own internal data. Plus: Blockworks' new Token Transparency Alliance, and an OpenZeppelin co-founder telling friends and family to exit DeFi. TIMESTAMPS: (00:00) Intro (01:03) Polymarket Insider Trading (10:39) Transparency Alliance (21:56) DeFi Unsafe? FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter - https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Is This $250M AI Company Fake? 26.05.2026 34m

Polsia (AI Slop spelled backwards) just announced a $30M raise at a $250M valuation with one human employee. David thinks it's less a company, more performance art. Plus: Uber, Microsoft and NVIDIA all admit AI compute is too expensive, and Tether is launching what looks like a CBDC with the government of Georgia. Enjoy! TIMESTAMPS: (00:00) Intro (01:28) Polsia (06:22) Nexo Ad (06:57) Polsia (Cont.) (16:10) Nexo Ad (17:04) Polsia (Cont.) (18:29) AI Compute Costs (27:15) Tether FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Hyperliquid Hits ATH, XRP ETF Flows, and a $1B Pitch to Save Ethereum | The Breakdown 22.05.2026 32m

It's Bitcoin Pizza Day, and David runs through three Friday stories: Hyperliquid breaking all-time high (and why the buyback isn't really the driver), the XRP wallet and ETF flow narrative vs. what the data actually says, and Dankrad Feist's $1B proposal to "save Ethereum." Enjoy! TIMESTAMPS: (00:00) Intro (01:35) HYPE All-Time High (06:48) Nexo Ad (07:22) HYPE All-Time High (Cont.) (12:25) XRP ETF Flows (15:20) Nexo Ad (16:25) XRP ETF Flows (Cont.) (23:29) ETH Troubles FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

OpenAI Digs A Moat, Ethereum Foundation Loses Talent, And Polymarket’s UMA Problem | The Breakdown 20.05.2026 35m

David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy! TIMESTAMPS: (00:00) Intro (01:23) ETH Foundation Departures (17:00) Polymarket Dispute Judges (27:11) OpenAI Guaranteed Compute FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

The Messy State of Crypto Governance with Jito Foundation's Nick Almond | The Breakdown 18.05.2026 42m

Nick Almond of the Jito Foundation joins David to walk through why DAO governance is a mess, what “pragmatic decentralization” looks like in practice, and how the CLARITY Act will reshape governance going forward. Enjoy! TIMESTAMPS: (00:00) Intro (01:22) Why Governance Matters (03:43) Token Voting (05:12) Delegates and Multisigs (08:56) Nexo Ad (09:30) Sub-DAOs and Specialization (11:33) Governance Tokens Origins (15:47) Pragmatic Decentralization (18:22) Cosmetic Votes and Value (20:37) Nexo Ad (21:35) Arbitrum Governance (25:59) Regulation and CLARITY (29:11) Bitcoin Governance Lessons (34:03) Meta Governance and Agility (36:48) Tokens as Equity Future (39:41) Closing Thoughts FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › Nick Almond — https://x.com/DrNickA › Jito Foundation — https://x.com/jito_sol SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.