Bankless

Bitcoin has won the store-of-value argument, but can it become the foundation of an entirely new credit system? David Seroy of Alpen Labs joins David Hoffman to explore why Bitcoin’s next era may be defined by digital credit, ZK rollups, fixed-duration lending, and an onchain repo market rather than payments alone.

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🔮POLYMARKET | #1 PREDICTION MARKET
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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
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TIMESTAMPS

0:00 Hyperbitcoinization
3:51 Bitcoin’s Next Phase
9:57 The Talent Crisis
11:29 BitVM and ZK
16:26 Bitcoin L2s
19:06 Bitcoin Credit
28:28 Onchain Repo
34:09 The Yield Curve
38:21 Borrowing and Risk
43:24 Why L2s Failed
48:29 Saylor vs Onchain
54:51 Alpen and Strata
56:36 Ethereum’s Purpose

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RESOURCES

Alpen Labs
https://www.alpenlabs.io/

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

Inflation cooled, war intensified, and crypto climbed anyway. Ryan and David ask if the bottom is in, unpack Robinhood Chain’s surge past Base, and debate who benefits from Ethereum’s L2 boom.

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BANKLESS SPONSOR TOOLS:

📊BITGET | TOKENIZED STOCKS 2.0

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🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDE

https://app.okx.com/join/USBANKLESS 

🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless 

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TIMESTAMPS

0:00 Intro

0:29 Cycle Bottom Watch

https://x.com/TrustlessState/status/2077774313726304659

https://x.com/goodalexander/status/2077031311664197738

https://x.com/brian_armstrong/status/2076857638059720736

5:24 Inflation Cools, War Heats

https://x.com/kobeissiletter/status/2077008212994253025

https://x.com/geiger_capital/status/2077011477580451983

14:56 Crypto Outperforms Stocks

https://x.com/saylor/status/2076638696053276748

https://x.com/TrustlessState/status/2076647130572235017

https://x.com/TrustlessState/status/2077197119207756098

22:34 Robinhood Chain Breaks Out

https://x.com/donnoh_eth/status/2075890751834071189

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

https://www.coindesk.com/business/2026/07/15/the-launchpad-that-fueled-robinhood-chain-s-memecoin-boom-just-gave-away-all-its-revenue

https://dune.com/adam_tehc/the-robinhood-trenches

29:31 Base Pivots to Trading

https://x.com/jessepollak/status/2077427261586997745

https://x.com/jessepollak/status/2077550728416256489

https://x.com/austincampbell/status/2077545305789067398

36:15 Does ETH Earn Enough?

https://x.com/vladtenev/status/2076666114801877310

https://x.com/LorenzoARK/status/2076792007184298076

https://x.com/apolynya/status/2077301418860466487

https://x.com/TrustlessState/status/2077400104458154428

https://x.com/ethereumJoseph/status/2076838398510211122

47:29 L2s and Rent Sharing

https://x.com/sgoldfed/status/2077082053330272454

https://x.com/l2beat/status/2077764769436553272

https://l2beat.com/native-rollups

56:20 Ethereum Spinoffs Multiply

https://x.com/eth_systems/status/2077000602320805918

https://x.com/fradamt/status/2077739531520921621

58:49 DeFi Hacks May Be Peaking

https://x.com/hosseeb/status/2076682247168827849

https://x.com/maraoz/status/2059413451265441990

1:01:44 Buy-and-Burn Wins

https://x.com/TrustlessState/status/2077186630566224208

https://x.com/blknoiz06/status/2077773554033037509

1:06:29 Closing & Disclaimers

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

https://www.bankless.com/disclosures

NEAR wants users to stop thinking about blockchains altogether. Proximity Labs co-founder Kendall Cole joins David to explain how NEAR Intents connects 35 chains, powers products like Infinex, brings tokenized assets and confidential transactions into one seamless experience, and turns fragmented crypto markets into a single account where users see assets, not infrastructure.

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📊BITGET | TOKENIZED STOCKS 2.0

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🎯THE DEFI REPORT | ONCHAIN INSIGHTS

https://thedefireport.io/bankless

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TIMESTAMPS

0:00 Intro

2:29 Chains Need Neutrality

4:20 Near’s Chain Abstraction Vision

6:03 Wallets to Retail Expansion

9:30 Bootstrapping Liquidity and Partners

11:23 RWA Asset Explosion

15:00 Tokenized Stocks on Near

15:57 One App Across Chains

19:01 Near as Chain Abstraction

21:35 Trading Bots and Payments

24:54 MiCA’s Market Shock

28:16 Noncustodial Compliance Strategy

29:17 Euro Onramps into Near

31:38 Regulation Meets On-Chain Freedom

38:09 Confidential Intents Launch

41:15 Privacy for Users and Firms

43:36 Private Zcash Routing

46:50 Privacy for AI Models

49:52 Near’s Fee Capture Model

52:19 Crypto as Exchange Infrastructure

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RESOURCES

Kendall Cole

https://www.linkedin.com/in/kendall-cole-91b00534/

Proximity Labs

https://x.com/proximityfi

Near Intents

https://x.com/near_intents

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

https://www.bankless.com/disclosures

Onchain trading infrastructure is reaching a point where it can seriously compete with centralized exchanges. Jito founder Lucas Bruder joins David to introduce JTX, a new prosumer trading terminal built to bring major crypto assets, tokenized equities, perps, and eventually global markets into one onchain experience.

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BANKLESS SPONSOR TOOLS:

🔮POLYMARKET | #1 PREDICTION MARKET
https://bankless.cc/polymarket-podcast

📊BITGET | TOKENIZED STOCKS 2.0
https://bankless.cc/bitget-stocks

🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES
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TIMESTAMPS

0:00 Solana and Tokenized Stocks
2:22 What Is JTX?
8:44 A Better Trading UX
11:25 Better Execution
15:37 The JTX Roadmap
19:35 JTO and SOL Tokenomics
25:23 Why Solana Got Better
29:34 Prop AMMs Explained
37:25 Liquidity and Market Makers
40:04 Solana vs. Robinhood Chain
46:51 The JTX Rollout
48:07 Global Markets and the SOL Thesis

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RESOURCES

Lucas Bruder
https://x.com/buffalu__

JTX
https://x.com/jtx_trade

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

What happens when rebel money becomes institutional money? In this episode, David sits down with Bitcoin OG Dan Held to ask whether Bitcoin is actually going according to plan. They unpack Bitcoin’s cypherpunk origins, the rise of ETFs and corporate treasuries, Michael Saylor’s influence, Bitcoin’s missed scaling opportunities, privacy tradeoffs, quantum risk, the Satoshi mystery, and why Dan thinks Bitcoin can still flip gold.

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BANKLESS SPONSOR TOOLS:

🔮POLYMARKET | #1 PREDICTION MARKET
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📊BITGET | TOKENIZED STOCKS 2.0
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🎯THE DEFI REPORT | ONCHAIN INSIGHTS
https://thedefireport.io/bankless

👑BANKLESS PREMIUM | AD-FREE & BONUS EPISODES
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TIMESTAMPS

0:00 Is Bitcoin Going According to Plan?
2:39 Bitcoin’s Culture Changed, But Did the Code?
9:06 From Magic Internet Money to Digital Gold
15:08 Michael Saylor, Strategy and Concentration Risk
20:08 Is Bitcoin Becoming Too US-Coded?
24:12 Did Bitcoin Miss Its Scaling Moment?
29:42 Privacy, Cash and Bitcoin’s Tradeoffs
32:15 Satoshi’s Design Choices
37:50 BIPs, Quantum Risk and Bitcoin Upgrades
41:35 How Urgent Is Quantum?
44:14 The Satoshi Mystery
47:38 Bitcoin’s Next Phase of Adoption
49:23 Will Bitcoin Flip Gold?
53:11 Being Early Looks Crazy

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RESOURCES

Dan Held
https://x.com/danheld

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