Can Solana Edge Out Ethereum to Win the AI Agent & RWA Race?
Tushar Jain and Mike Ippolito make the bull case for Solana as competition heats up.
Thank you to our sponsors!
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With Ethereum refocusing on L1 and Hyperliquid adoption growing, Solana is arguably facing stronger competition than ever. Can it thrive still?
Multicoin co-founder Tushar Jain and Blockworks co-founder Mike Ippolito share several reasons to be excited about Solana, including Alpenglow and anticipated market microstructure design flexibility.
Find out why Tushar and Mike say Firedancer has not been a flop despite seemingly low adoption, why they don't see block building issues stopping Solana from challenging Hyperliquid, and why they say the network doesn't have to do anything to specifically attract AI agents. Plus, why they both believe that the RWA race is too early to call despite Ethereum's dominance.
Meanwhile, with Alpenglow still months away, Mike says the wait doesn’t matter — for the next 12 to 18 months BD and marketing matter more than tech for adoption.
#UN1047
Guest:
Tushar Jain, Co-Founder & Managing Partner at Multicoin Capital
Previous appearances on Unchained:
Solana Rejected Inflation Reduction-Here's Why
CoinFund's Jake Brukhman and Multicoin's Tushar Jain on Generalized Mining
Binance Hack: Should the Threat of Reorgs Be Used to Deter Hackers?
Multicoin on the 1 Thing Crypto Teams Miss in Their Quests for Success
Mike Ippolito, Co-Founder at Blockworks
Links:
Unchained:
Ethereum Lets Go of the Rollup Story. Here Are the 6 Tokens That Benefit
Jump Crypto’s Firedancer Goes Live on Solana Mainnet
BlackRock Just Chose Uniswap. The Market Didn’t Care. Here’s Why.
When AI Agents Take Over, What Does a Post-Human Economy Look Like?
Uneasy Money: How the Increasingly Better AI Agents Are Being Used Onchain
Pump.fun Cashed Out $436M Since Mid-October: Lookonchain
Zora Shocks Base Community With Solana Pivot
Learn more about your ad choices. Visit megaphone.fm/adchoices
27 Crypto Predictions for 2026 | Mike Ippolito
David Hoffman sits down with Mike Ippolito to unpack why 2025 felt brutal despite new all-time highs and why that tension matters for 2026. They argue crypto is entering its “2002 internet” phase, where speculation fades, fundamentals matter, and consolidation accelerates. The conversation covers why Ethereum may see a renaissance, why Bitcoin sentiment could struggle, how prediction markets and equity perps actually play out, and what builders and investors should focus on as crypto matures from hype into real value creation.
------
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Mike Ippolito
https://x.com/MikeIppolito_
https://x.com/MikeIppolito_/status/1870938934337020106
https://blockworks.co/podcast/bellcurve
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------
TIMESTAMPS
0:00 Intro
0:41 Evaluating 2025: The Best Worst Year
7:19 Looking Ahead to 2026
15:40 Investor Relations in Crypto
24:29 Evolving Revenue Discussions
27:44 The Future of DATS
30:06 VC Investment Trends
35:13 Prediction Markets: Incumbents Win
39:52 The Ethereum Renaissance
45:42 The Quantum Threat to Bitcoin
55:06 Consolidation in Blockchain Infrastructure
1:05:07 Corporate Chains: Hot Starts, Cold Ends
1:10:43 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Bell Curve X Empire | Prediction Markets, Crypto’s Mag 7 & Stablecoin Growth | Weekly Roundup
Join Michale, Mike, Yano and Santi on stage and LIVE from PERMISSIONLESS IV as they break down crypto's breakout moment for this week's roundup!
--
Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Michael - https://x.com/im_manderson
Follow Mike - https://x.com/MikeIppolito_
Follow Santi - https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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Get up to speed on the biggest stories in crypto each week. In five minutes. Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire
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Ledger, the global leader in digital asset security, proudly sponsors Expansion! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.Buy now on https://shop.ledger.com/?r=1da180a5de00.
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Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz
Chapters:
(00:00) Intro
(01:25) The Growth of Prediction Markets
(04:11) Polymarket vs Kalshi's Business Models
(09:32) Ads (Geodnet, Bitwise)
(11:08) Is Crypto Forming Its Own Mag 7?
(19:16) Ads (Geodnet, Bitwise)
(20:53) Global Capital Pools and the State of Venture
(30:21) Bitcoin Dominance Is Up Only
(36:21) Ads (Ledger, Citrea)
(37:52) Verifiable Apps and the Effectiveness of the DAO
(40:56) How to Play the Stablecoin Boom
—
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.
ROLLUP: Stablecoin Surge | Hyperliquid Drama | Tornado Cash Freed | Robinhood Banking
This week, Mike Ippolito joins us to break down crypto’s big flip as institutions rush into stablecoins—triggering excitement and anxiety alike. Hyperliquid faces drama after a high-stakes market manipulation attack, BlackRock's tokenized treasuries surge to nearly $2 billion, and the U.S. Treasury finally removes Tornado Cash from its sanctions list. Meanwhile, Robinhood enters banking, raising questions about DeFi’s future. We dive into all of this and so much more.
Follow Mike on X & Checkout Bell Curve:
https://x.com/MikeIppolito_
https://www.youtube.com/@bellcurvepodcast/videos
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-----
✨ Mint the episode on Zora ✨
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------
TIMESTAMPS & RESOURCES
0:00 Intro
0:56 Blockworks DAS Week Recap
6:45 Saylor’s Strategy bought more Bitcoin
https://x.com/WatcherGuru/status/1904155021781901741
https://x.com/SaylorBuysBTC/status/1904631210887836142
12:33 Stablecoin Gold Rush
https://x.com/TrustlessState/status/1905219932612178237
https://x.com/JasonYanowitz/status/1904886554708898112
https://x.com/KobeissiLetter/status/1904521913528975550
25:32 Blackrock’s BUIDL fund is expanding to Solana
https://x.com/solana/status/1904520943667716531
https://x.com/carlosdomingo/status/1904516023623028894
44:59 Hyperliquid
https://x.com/MacroCRG/status/1904895153384357990
https://x.com/HyperliquidX/status/1904923137684496784
https://x.com/toghrulmaharram/status/1904935313081856406
https://x.com/Dogetoshi/status/1904919007930577175
1:03:10 US lifted sanctions on Tornado Cash
https://x.com/matthuang/status/1904192079691170137
https://wewantjusticedao.org/
1:05:55 Robinhood Banking
https://x.com/RobinhoodApp/status/1905127283532484696
1:09:38 Closing & Disclaimers
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
ROLLUP: U.S. Crypto Task Force | Ethereum L1 Is Scaling | Microstrategy's Record BTC Buy | Uniswap v4 | Berachain's Massive Airdrop
This week on Bankless Weekly Rollup, we explore major crypto updates from Berachain’s mainnet launch and the rollout of its BERA token, to Uniswap V4’s new features and hooks that are shaking up decentralized trading. The episode delves into market dynamics including SEC moves led by Hester Peirce, Microstrategy’s rebranding, and the impact of US tariff actions on global trade. We also unpack Ethereum’s scaling upgrades and discuss the innovative strategies behind emerging DeFi protocols. Tune in for an in-depth look at the evolving crypto landscape and the key developments driving the space.
Thanks to Mike Ippolito for joining us: https://x.com/MikeIppolito
------ 📣 MORPHO | GO-TO LENDING INFRASTRUCTURE https://bankless.cc/Morpho
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⚖️ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo
🎮RONIN | THE FUTURE OF WEB3 GAMING https://bankless.cc/Ronin
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------ TIMESTAMPS & RESOURCES 00:00:00 Start
00:03:57 Why We Dumped, Again https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-imposes-tariffs-on-imports-from-canada-mexico-and-china/ https://x.com/benbybit/status/1886393172152156604 https://x.com/KobeissiLetter/status/1886373316249649437
00:15:33 L2 Updates https://x.com/ak47ink/status/1882228296626458970 https://blog.kraken.com/product/staking/new-us-staking
00:18:06 Microstrategy Rebrands to ‘Strategy’ https://www.bankless.com/read/microstrategy-rebrands-to-strategy https://x.com/saylor/status/1887229546199462309
00:19:28 The $20 Billion Dollar Bid https://x.com/MikeIppolito_/status/1887274787677913457 https://www.tradingview.com/chart/V7YvdegA/?symbol=NASDAQ%3AMSTR https://x.com/SemlerEric/status/1886764609924948349
00:26:31 US Lawmakers Plan For Digital Assets https://x.com/BanklessHQ/status/1886876049113588156
00:28:06 New Stablecoin Bill https://x.com/SenLummis/status/1886887005113790866
00:35:07 SEC Creates Crypto Task Force https://www.sec.gov/newsroom/speeches-statements/peirce-journey-begins-020425 https://x.com/HesterPeirce/status/1886864054477815861 https://x.com/AlexanderGrieve/status/1886869439293067404 https://x.com/EricBalchunas/status/1886910308762980788 https://www.sec.gov/newsroom/press-releases/2025-36 https://x.com/NateGeraci/status/1886870066924245297
00:42:42 Uniswap V4 Is Live! https://x.com/Uniswap/status/1885329579495080248?t=Twla8zs17AxKhHl4DKSkQA&s=19 https://x.com/TrustlessState/status/1885349829091459354 https://x.com/angstromxyz/status/1885011791761068427 https://x.com/flaunchgg/status/1878879274566107323 https://x.com/whetstonedotcc
00:49:41 Berachain Token Launch https://x.com/berachain/status/1887178672995537236 https://www.coingecko.com/en/coins/berachain
00:57:51 ETH To Increase Gas Limit https://x.com/data_always/status/1886573645687935463?s=46 https://x.com/VitalikButerin/status/1886579901039337759
01:01:38 Loss Of Ultra Sound https://ultrasound.money/ https://x.com/drakefjustin/status/1887108667675124174
01:08:02 Thanks To Mike
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
How to Build in Crypto: Lessons from 8 Leading Founders | Jesse Pollack, Jeremy Allaire, Anatoly Yakovenko & More
Do you think you’ve got what it takes to become a founder in crypto?
On the show today we’ve got 8 of crypto’s most famous and successful builders in crypto, each with about 15 minutes in time, giving you the wisdom they gained founding their own companies.
We’re joined by Jesse Pollack from Base, Jeremy Allaire from Circle, Anatoly from Solana, Stani from Aave, Kain from Synthetix, Mike & Jason from Blockworks, Kevin Owocki from Gitcoin and Lucas from Jito. Each one with their own perspectives, their own scars and hopefully by listening to this episode, you, the listener, can learn from their experiences to gain the confidence you need to venture into this world.
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⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
🌐 CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo
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------ TIMESTAMPS
0:00 Intro 2:52 Jesse Pollack - Base 15:45 Jeremy Allaire - Circle 34:53 Anatoly Yakovenko - Solana 51:00 Stani Kulechove - Aave 1:07:48 Kain Warwick - Synthetix 1:27:06 Mike & Yano - Blockworks 1:44:16 Kevin Owocki - Gitcoin 1:59:19 Lucas Bruder - Jito
------ RESOURCES
Jesse Pollack - Base https://x.com/jessepollak
Jeremy Allaire - Circle https://x.com/jerallaire
Anatoly Yakovenko - Solana https://x.com/aeyakovenko
Stani Kulechove - Aave https://x.com/StaniKulechov
Kain Warwick - Synthetix https://x.com/kaiynne
Jason Yanowitz - Blockworks https://x.com/jasonyanowitz
Mike Ippolito - Blockworks https://x.com/MikeIppolito_
Kevin Owocki - Gitcoin https://x.com/owocki
Onchain Capital Allocation Handbook https://allobook.gitcoin.co/
Lucas Bruder - Jito https://www.linkedin.com/in/lucasbruder/
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Can Ethereum Compete with Bitcoin, Solana & Celestia? | Mike Ippolito & Jon Charbonneau
What is Ethereum’s North Star, and does it even need one?
There has been angst in the Ethereum community, growing over the last year, as Ethereum has become squeezed by its competition. Bitcoin’s story as money is growing in mainstream society. Solana has captured the hot ball of money in crypto. And Celestia’s data availability continues to progress at a faster rate than what is found at home in Ethereum.
This is Ethereum’s Three-Front War, a topic we covered in a recent episode with Justin Drake. And today we‘re joined by Jon Charbonneau and Mike Ippolito to contextualize and diagnose what Ethereum needs in order to thrive in this competitive landscape.
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🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 📈 iYield: YOUR FINANCIAL PICTURE, SIMPLIFIED https://bankless.cc/iYield
🔒 SAFE | INTRODUCING SAFENET https://bankless.cc/SAFE
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------ TIMESTAMPS
0:00 Intro 6:00 Jon’s Article 16:48 How did we get here? 23:16 Ethereum’s Three Front War 43:14 Ethereum Wins by its Synergies 52:52 Ethereum’s Focus 1:01:58 Ethereum Tactical Advice 1:18:18 Ultra Sound Money vs World Computer 1:30:26 Closing & Disclaimers
------ RESOURCES
Mike Ippolito https://x.com/mikeippolito
Jon Charbonneau https://x.com/jon_charb
Jon’s Article https://dba.xyz/ethereums-north-star/
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Where is Ethereum Headed? | Mike Ippolito & Mike Neuder
The exploration of the Ethereum Roadmap continues.
Today on the show we’re bringing back Mike Neuder who was just on the show to give his defense of the Ethereum Roadmap and we’re also joined by Blockworks Mike Ippolito who brings a wealth of knowledge from around the crypto industry to add his thoughts to the conversation.
We cover the essence of Ethereum, the current state of rollups, value accrual and much more. We end the podcast with just overall bullish vibes and reflecting on what will take to make the promises of the crypto industry manifest in reality. Enjoy!
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⚡️ CARTESI | LINUX-POWERED ROLLUPS https://bankless.cc/CartesiGovernance
🦄UNISWAP | BROWSER EXTENSION https://bankless.cc/uniswap
⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
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------ TIMESTAMPS
0:00 Intro 7:29 The Essence of the Argument 17:50 Ethereum and Rollups 33:00 Ethereum’s Schism 40:23 Value Accrual 59:30 Nation State Resistance 1:04:52 The Bull Case for Crypto 1:10:03 What Will Take 1:16:25 Closing & Disclaimers
------ RESOURCES
Mike Ippolito https://x.com/mikeippolito
Mike Neuder https://x.com/mikeneuder
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
214 - L2 Tokens: Bullish or Bearish? with Sassal, Jordi, & Ippolito
✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-l2-tokens/
------ Are Layer2 Tokens bullish or are they just worthless governance tokens?
We’ve brought a team of expert panelists to help us answer that exact question.
Mike Ippolito, Jordi Alexander and Anthony Sassano explore Layer2 business models, where value is accrued and how to capture that upside.
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🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
💸 CRYPTO TAX CALCULATOR | USE CODE BANK30 https://bankless.cc/CTC
🦄 UNISWAP | SWAP SMARTER https://bankless.cc/uniswap
------ TIMESTAMPS
0:00 Intro 7:50 L2 Value Capture 13:37 Short-Term vs Long-Term 17:30 L2 Business Model 28:24 Worthless Governance Tokens? 42:04 Immutable & Base 53:40 Vertically-Integrated Chains 1:05:24 Do L2s Need Tokens? 1:15:38 L2 Experimentation 1:32:44 Capturing L2 Upside 1:38:44 Closing & Disclaimers
------ RESOURCES
L2Beat https://l2beat.com/scaling/summary
ETH in 2024 https://www.youtube.com/watch?v=0rPF8zNnfnE
Anthony Sassano https://twitter.com/sassal0x
Mike Ippolito https://twitter.com/MikeIppolito_
Jordi Alexander https://twitter.com/gametheorizing
------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets.
See our investment disclosures here: https://www.bankless.com/disclosures
186 - The Blockchain Trilemma - ETH Vs SOL Vs ATOM with Mike Ippolito
Today we're joined by Mike Ippolito, co-founder at Blockworks, who's here to breakdown his take on the Blockchain trilemma and how Ethereum, Solana, and Cosmos chains all attempt to solve it.
This wide ranging interview asks great questions and shines a light on what a multi-chain future might look like. ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-blockchain-trilemma/ ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT ------ 📣 AAVE V3 is Here! http://app.aave.com/ ------ BANKLESS SPONSOR TOOLS:
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⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum
🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle
🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap
👾STADER LABS | ETHX LIQUID STAKING https://bankless.cc/Stader ----- Resources:
On the margin podcast: https://podcasts.apple.com/us/podcast/on-the-margin/id1558223079
Mike: https://twitter.com/mikeippolito_ -----
TIMESTAMPS
0:00 Intro 6:13 Intro To Mike 11:16 The Three Frontiers 19:11 Recap and Overview 25:58 Different Approaches to The Scalability Trilemma 31:42 Explaining PEPC 36:13 A Point By Point Walkthrough 45:29 Ethereum Vs The Invisible Hand 56:58 Should The Free Market Be in Control? 1:01:11 Moloch 1:08:13 Solo Validators 1:10:31 Defining Decentralization 1:15:49 Power Law Winners 1:19:03 Roll Apps vs App Chains 1:29:09 Defining Soverign Rollups 1:33:29 Sequencer Incentives 1:36:20 Exploring The Superchain 1:41:31 Price Discovery on Chain 1:44:15 Making Crypto Accessable 1:48:50 Permissionless Panel 1:51:29 Outro and Disclaimers
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Crypto in 2023: Predictions Episode
In today’s episode of Empire, we bring on Mike and Mark from On The Margin to discuss our 2023 crypto thesis. We debate predictions on the Wallet Wars, ETH vs Bitcoin, the rise of insurance, app-specific vertical integration, the adoption of CBDCs, Coinbase vs DEXs, MEV as a business model and more!
- -
Timestamps:
(00:00) Introduction
(02:14) Crypto’s 2022 Wrapped
(11:52) The Bottom is in for Crypto, not for Equities
(19:35) Kings of Spot & NFT Trading Will Lose Market Share
(22:44) Stablecoins, DeFi’s Resurgence and Permissioned Protocols
(28:02) Regulators are Coming, and the CBDC debate
(33:23) MEV will be the Business Model for DeFi & Exchanges
(42:05) No Industry Takes Off Without Insurance
(48:48) A Market Bottom & the Value of Memes
(52:36) ETH vs Bitcoin (spicy)
(1:03:34) Miner Capitulation, Wallet Wars & Gaming
(1:11:31) Vertical Integration, Privacy and Payments
(1:17:51) The Rise of Professional Guilds
- -
Follow Mark: https://twitter.com/MarkYusko
Follow Mike: https://twitter.com/MikeIppolito_
Follow Santi: https://twitter.com/santiagoroel
Follow Jason: https://twitter.com/JasonYanowitz
Empire links
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On The Margin links
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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.
What To Expect from Crypto in 2022 | Mike Ippolito
In this episode of Empire Jason is joined by Blockworks Co-Founder Mike Ippolito for a very special episode. Six months after identifying the '7 biggest crypto trends', Mike returns to Empire to share his predictions for the crypto industry throughout 2022. Will Bitcoin surprise everyone with a major bull run in the new year? How large will DAOs become? Could a crypto company buy a bank?! Listen to find out.
Today's 7 biggest crypto trends: https://youtu.be/JjrQiNKN5U0
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Empire is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/
Follow me on Twitter @JasonYanowitz and let me know what you thought of the show!
Today's 7 biggest crypto trends
On this special episode of Empire, Blockworks co-founder Michael Ippolito tells us about today's biggest trends in crypto.
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Empire is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like Empire, visit http://blockworks.co/podcasts.
Follow me on Twitter @JasonYanowitz and let me know what you thought of the show!