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

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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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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.

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.

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

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

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

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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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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.

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.
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Follow Blockworks Research: https://x.com/blockworksres
Follow Nick: https://x.com/DrNickA
Follow David: https://x.com/dcanellis
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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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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.

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.
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Follow Blockworks Research: https://x.com/blockworksres
Follow Andrew: https://x.com/resistancemoney
Follow David: https://x.com/dcanellis

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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.

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.

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