Bankless

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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BANKLESS SPONSOR TOOLS:

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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
https://bankless.cc/polymarket-podcast

📊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

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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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

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

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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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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 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

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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.

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