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Blockworks

The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.

Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.

A Blockworks podcast.

Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/

The Breakdown

Daniel Shapiro joins to break down why AI and crypto may be destined to converge — from agent payments and identity to privacy, data markets, and the next big investable primitive.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

–

Follow Blockworks Research: https://x.com/blockworksres

Follow Daniel: https://x.com/_dshap

Follow David: https://x.com/dcanellis

—

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—--

Timestamps:

(00:00) Introduction

(04:17) Can AI Be Crypto’s Lifeline?

(02:43) AI-Native Payments

(06:35) Agents as the New Target Customer

(10:54) Agent Trading and Security Concerns

(13:00) Consumer vs Enterprise

(16:14) DAS Promo

(17:03) Will Crypto and AI Merge?

(21:40) Tokens in the AI x Crypto Stack

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Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Crypto Can Build The Agent Economy | The Breakdown

Some worry that AI could create a permanent underclass. Can crypto’s next primitive change that — or will value accrue elsewhere? Plus, insight from Daniel Shapiro, Blockworks Research analyst

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
–
Follow Blockworks Research: https://x.com/blockworksres
Follow Daniel: https://x.com/_dshap
Follow David: https://x.com/dcanellis
—

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—--
Timestamps:
(00:00) Intro
(01:45) Primitive Technology
(04:39) More than Picks and Shovels
(09:30) DAS Promo
(10:15) Accruel World

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Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Crypto, AI and the Permanent Underclass | The Breakdown

Paul Dylan-Ennis joins David Canellis to discuss decentralization theater, public goods, and the growing tension between crypto’s ideological roots and market-driven reality.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Paul: https://x.com/post_polar_

Follow David: https://x.com/dcanellis

—

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—--

Timestamps:

(02:04) Token Economy and WEF Essay Comparison

(08:15) The Gap Between Usage and Price

(17:45) Public Goods and Market Incentives

(26:57) Future of Crypto and Final Thoughts

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Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Crypto Can’t Accept That It’s a Subculture | The Breakdown | Full Interview

What does it actually mean to “own” a token? As regulation catches up, the token economy may be facing its biggest identity crisis yet. Plus, a conversation with Paul Dylan-Ennis.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

–

Follow Blockworks Research: https://x.com/blockworksres

Follow Paul: https://x.com/post_polar_

Follow David: https://x.com/dcanellis

—

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:

(00:00) Intro

(00:57) You Will Eat The Bugs

(03:18) Ownership Vs Access

(06:23) Regulatory Arbitrage

(08:55) DAS Promo

(09:44) The Triangle of Decentralization

(15:37) Onchain-Offchain Symmetry

(17:14) Interview with Paul Dylan-Ennis 

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Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Crypto’s Ownership Problem | The Breakdown

The race to be the “most used blockchain” misses the point. This episode examines the metrics behind Solana vs Ethereum — and why usage, revenue, and adoption are being misunderstood — followed by a discussion with Nick Almond on where these networks are actually headed.
Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
–
Follow Blockworks Research: https://x.com/blockworksres
Follow Nick: https://x.com/DrNickA
Follow David: https://x.com/dcanellis
—
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—-

Timestamps:
(00:00) Intro - The Fight Over ‘Real’ Crypto Metrics
(1:43) Ethereum By The Numbers
(3:56) Is Solana The ‘Most Used Chain?’
(6:09) Why No Single Chain Can Win Everything
(11:47) Different Chains, Different Jobs
(14:00) Interview with Nick Almond

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Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

The Myth of the “Most Used” Blockchain | The Breakdown

Privacy is back at the center of crypto’s narrative. This episode examines the limits of on-chain privacy, the role of KYC and the app layer, and how crypto onboarding has changed — before closing with Andrew M. Bailey of the Bitcoin Policy Institute. Enjoy!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
–
Follow Blockworks Research: https://x.com/blockworksres
Follow Andrew: https://x.com/resistancemoney
Follow David: https://x.com/dcanellis

—

Timestamps:
00:00 Intro
01:20 The Limits of On-Chain Privacy
3:00 Reality of the App Layer
7:57 DAS Promo
8:44 From Self-Mining to KYC Funnels
11:14 The Future of Privacy in Crypto
14:49 Interview with Andrew M. Bailey

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Disclaimer: Nothing said on The Breakdown 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. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Why Privacy Coins Aren’t Enough | The Breakdown

Today’s episode is the last episode of The Breakdown with me, NLW. To mark the end of this chapter, this show looks back at the biggest story from each year of the podcast, from the strange early days of 2018 through cycles of collapse, rebuilding, mainstreaming, and normalization, tracing how Bitcoin and crypto evolved alongside the show itself. It’s a reflection on the moments that mattered, the themes that endured, and why the story of power, money, and incentives is far from over, even as my time behind this mic comes to a close.

Enjoying this content?

 SUBSCRIBE to the Podcast: https://pod.link/1438693620

 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW

 Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

 Follow on Twitter:

 NLW: https://twitter.com/nlw

 Breakdown: https://twitter.com/BreakdownBW

NLW's Last Breakdown

Tether has officially launched its US-compliant stablecoin, USAT, a Genius Act–aligned, Treasury-backed token designed to operate squarely inside the American regulatory perimeter, giving the company a powerful hedge as global rules harden and tokenization accelerates. But the bigger story may be what comes next: Tether’s rapid accumulation of gold, now rivaling central banks and openly framed by CEO Paolo Ardoino as preparation for a fractured monetary order where gold-backed alternatives to the dollar emerge. The episode explores why USAT is less about replacing USDT than expanding optionality, how Tether is positioning itself as a quasi-sovereign financial actor straddling competing systems, and why dire warnings about stablecoin yield draining bank deposits look far less destabilizing when set against the scale of the global financial system.

Enjoying this content?

 SUBSCRIBE to the Podcast: https://pod.link/1438693620

 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW

 Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

 Join the discussion: https://discord.gg/VrKRrfKCz8

 Follow on Twitter:

 NLW: https://twitter.com/nlw

 Breakdown: https://twitter.com/BreakdownBW

Tether Goes Fully American and Doubles Down on Gold

As Washington digs out from a winter storm, there are signs that the long-stalled crypto market structure bill may be inching forward again, with behind-the-scenes negotiations aiming to revive a bipartisan path in the Senate Agriculture Committee. The episode unpacks the competing narratives around whether talks are truly back on track, the political tradeoffs shaping the next markup, and why stablecoin yield remains the most stubborn blocker. It also looks at how pressure is building from outside Washington, from Coinbase and Bloomberg’s Neil Ferguson pushing back on banking-lobby arguments, to new yield-bearing products from Bitwise and BlackRock that could make parts of the debate obsolete, before closing with a look at how Bitcoin miners’ grid-balancing role showed up during the latest round of extreme winter weather.

Enjoying this content?

 SUBSCRIBE to the Podcast: https://pod.link/1438693620

 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW

 Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

 Join the discussion: https://discord.gg/VrKRrfKCz8

 Follow on Twitter:

 NLW: https://twitter.com/nlw

 Breakdown: https://twitter.com/BreakdownBW

Market Structure Thaw as Stablecoin Fight Intensifies

A crypto-native deep dive into the systems, incentives, and power structures shaping the industry. Hosted by David C.

Crypto, AI and the Permanent Underclass | The Breakdown

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