The Breakdown

VVV is down 50% on news that should be good for Venice. David unpacks why — covering the token vs. equity distinction, Dragonfly's reasoning, and what the onchain data says about how many people are actually using Venice's paid features right now.

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› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

DISCLAIMER

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.

David sits down with Paul Dylan-Ennis — lecturer at University College Dublin and member of the Ethereum Foundation’s Silviculture Society — to map the split between the EF and the newly-formed ETH Labs.

TIMESTAMPS:

(00:00) Intro

(00:41) EF Silviculture Society

(03:28) Full Cypherpunk

(14:15) Roadmaps and Governance

(17:58) Capture Resistance Concerns

(24:19) What is Ethereum Success

(27:13) New Primitives and AI

(32:32) Ossification Timeline

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› Paul Dylan-Ennis — https://x.com/post_polar_

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

DISCLAIMER

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.

Binance is out of the EU as of July 1 after its MICA license application in Greece was rejected. David runs through who is and isn't licensed under MICA, checks Blockworks Research for Binance's actual spot market share (~33%), and looks at whether the outflow data suggests real damage. Then: the US government is now effectively approving AI model releases — Anthropic's Mythos 5 is live for a whitelist of 100+ orgs, Fable 5 still blocked, and OpenAI just did the same thing with GPT-V.Sol. David draws the parallel to how regulation changed crypto. Finally: Meta is building a prediction market app called Arena, with Zuck reportedly pursuing partnerships with Polymarket and Kaoshi. David checks Polymarket and Kaoshi's open interest data and asks whether Meta is just late to the party again.

TIMESTAMPS:

[To be filled in]

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› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

DISCLAIMER

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 THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

DISCLAIMER

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 THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

DISCLAIMER

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.