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?

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

• Is Quantum FUD causing Bitcoin to sell off?
• Ray Dalio is worry about Quantum
• Scott Aaronson is worried about quantum computing
• Vitalik is worried about quantum
• Quantum upgrade scenarios
• Are we still suffering from the flash crash?
• The DATs are selling
• DAT spot arbitrage
• Will the US government end up with the Satoshi coins
• Should the government bail out AI?
• Will NFTs come back?
• IBIT is Harvard's largest 13F position
• David Frum on stablecoins
• Will stablecoins require a bailout?

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

• The Senate Ag Cmte publishes a Market Structure draft
• Paul Atkins' token taxonomy speech
• Fed Governor Stephen Miran gives a major stablecoin speech
• Grayscale files their S-1
• Coinbase announces a tokensale platform
• Coinbase is leaving Delaware
• The Coinbase BVNK deal falls through
• Visa Direct adds stablecoin support
• The Czech republic buys Bitcoin
• DATs are struggling
• CBDC holdouts
• Jack Dorsey bends the knee on stablecoins

Content mentioned:

• Stephen Miran, A Global Stablecoin Glut: Implications for Monetary Policy

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

• Tom Brady's clone dog
• We reminisce on the Nic Carter v Mike Green debate
• Is the government shutdown draining market liquidity?
• The trouble with Opendimes
• Balancer hacked
• Stream finance's xUSD collapses
• DATs are selling coins
• Why is Zcash rallying?
• Are stablecoins the lightbulb of crypto

Content mentioned:

• JW Verret, Comment Letter to Treasury GENIUS ANPR

Keone Hon, founder of the Monad Foundation joins the show. In this episode:

• From the point of view of Keone's trading background, what is the promise of blockchains?
• Reimagining financial systems with blockchains in 2025
• Why build Monad, and for anyone using a chain, why use Monad?
• How the importance of decentralization and chain efficiency becomes underscored during fragile market periods
• Auto-Deleveraging (ADL): What it is and why it is important.
• Where is there economic efficiency to be created?
• How has Keone gone about building a team to tackle this challenge?
• What would make Monad "successful" in 2-3 years?

Wyatt sits down with Giovanni Vignone, the founder of Octane Security, a crypto security platform focused on vetting application code pre-deployment. In this episode we discuss:

• What poses the greatest threat to crypto right now?
• How are hackers evolving?
• What are the important categories of crypto-facing cybersecurity?
• How much should startup teams be spending on security?
• How should teams think about counterparty risk?
• What do you wish early stage teams knew?
• Where is there room for improved security practices across the industry?