Bits + Bips: Will Crypto Rise on Liquidity or Will 2026 See Another Washout? - Ep. 988
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After a “weird” year in the markets, hosts Ram Ahluwalia and Christopher Perkins are joined by Ava Labs’ President John Wu for a candid debate about where crypto really is in the cycle—and what needs to happen next.
The panel wrestles with a question many investors are quietly asking: has the market washed out enough to set up the next move, or is something still missing? They explore why momentum has faded, what signs would suggest it’s coming back, and why 2026 keeps coming up in long-term conversations—even as near-term enthusiasm remains divided.
Plus, why TGEs are “dying” and, with the rise of super apps, does Coinbase has an edge on Web2 players like Robinhood?
Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Christopher Perkins, Managing Partner and President of CoinFund
Guest:
John Wu, President of Ava Labs
Links:
Unchained:
Circle Acquires Interop Labs Team, Excludes Axelar Foundation and Token
Aave’s Rushed Governance Vote Draws Backlash
UNI Token Rallies as Voting Begins on UNIfication Proposal
Bitcoin’s Demand Boom is Fading: CryptoQuant
Alex Thorn predicts BTC will reach $250K by end of 2027
Memento’s research on TGEs
Jeff Dorman on X: “I don’t know a single liquid fund that has bought a new token on TGE in over 2 years.”
CoinDesk: Coinbase rolls out stock trading, prediction markets and more in bid to become the 'Everything Exchange'
The Block:
Coinbase to acquire prediction markets startup The Clearing Company
AAVE token holder proposes 'poison pill' for DAO to absorb Aave Labs amid contentious revenue debate
Timestamps:
🎬 0:00 Intro
📉 1:55 What made this a truly “weird year” for markets
🗓️ 7:09 Why 2026 may be a breakout year and why not all tokens may survive
🌊 8:41 Whether a big washout is ahead and what actually brings momentum back
🔁 13:40 How the four-year cycle, midterms, and new cohorts keep reshaping crypto demand
🏦 20:30 The fight over institutional settlement layers and Canton’s rise
🧩 24:34 Why tokens exist at all and where real value capture is getting lost
⚖️ 30:19 How investors should think about the constant tug-of-war between equity and tokens
📊 41:07 Why Chris feels constructive on markets while Ram sees something missing
💵 43:52 Why stablecoins are quietly becoming the “new net interest income”
📱 44:51 How super apps are changing the game and why Coinbase may have an edge over Robinhood
🧟 53:16 Why token generation events are fading
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John Wu on Avalanche’s edge in the race for enterprise adoption
John Wu is the President of Ava Labs.
The Scoop's host, Frank Chaparro, was joined by Wu to discuss Avalanche’s growing institutional appeal, the rise of blockchain gaming, and how his background in traditional finance shaped his approach to building in crypto.
OUTLINE
00:00 - Introduction
00:51 - Sponsor break
02:11 - John Wu’s tradfi background
06:36 - Taking crypto seriously
09:27 - Ava Labs’ focus
11:11 - The gaming landscape
18:38 - Ava Labs x financial markets
24:30 - Challenges in building in Tradfi
26:11 - How enterprises select blockchains
29:03 - Project Guardian
31:52 - Looking ahead
GUEST LINKS
John Wu on X: https://x.com/John1wu
Ava Labs on X: https://x.com/AvaLabs
Ava Labs: https://www.avalabs.org/
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How Avalanche Will Outscale L2s | Emin Gün Sirer, John Wu
In this episode of Empire, Emin Gün Sirer and John Wu explain why Avalanche is the most scalable, decentralized L1. We start with why developers choose Avalanche, then quickly transition into the L2 debate. Emin explains why Subnets are superior and how the L2 vision and L2 reality are miles apart. We also talk about Avalanche's consensus engine, business development, the multichain future and more!
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Timestamps:
(00:00) Introduction
(01:01) Avalanche’s Core Thesis
(04:17) Why Build on Avalanche?
(14:19) The Problem with L2s
(19:08) Avalanche's Tradeoffs
(23:41) The Consensus Engine
(30:00) Learnings From Other Networks
(33:29) Solana vs Avalanche
(40:59) Avalanche’s Security Guarantees
(45:00) Business Development Strategy
(55:09) Warp: Communication Between Subnets
(1:00:01) On-Chain Governance
(1:01:41) Avalanche’s Community
(1:08:29) A Multichain Future?
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Follow Emin: https://twitter.com/el33th4xor
Follow John: https://twitter.com/John1wu
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Follow Santi: https://twitter.com/santiagoroel
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
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Resources
Avalanche
https://www.avax.network/
Ava Labs
https://www.avalabs.org/
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
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