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