In this episode of the Bankless Podcast, hosts discuss Real Economic Value (REV). Triggered by Jon's exploration of how ETH and SOL prices correlate with REV, the team delves into REV's role as a value capture metric and demand signal for blockchain networks. We evaluate the implications for network valuations, debate the sustainability of relying on REV, and analyze competitive dynamics between Ethereum and Solana. The conversation concludes with musings on crypto investment risks and the evolving identity of digital currencies in relation to app utility. Jon Charbonneau: https://x.com/jon_charb Bread: https://x.com/0xBreadguy Andy8052: https://x.com/andy8052 —- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi --- TIMESTAMPS 0:00 REV https://x.com/jon_charb/status/1923739890115543264 https://x.com/TrustlessState/status/1924835154700234866 17:56 Stablecoins vs Native Currencies 28:38 Tribalism https://x.com/post_polar_/status/1924458711940055246 https://x.com/RyanSAdams/status/1924202146117153172 39:30 The Trenches https://dune.com/beincrypto/solana-launchpads 49:14 Pump . Fun --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

📣 BANKESS x FRAX MEETUP | Permissionless 2025 https://lu.ma/uf9mmcoa ------ This week, Ryan and David break down Ethereum’s explosive 50% surge and the surprising macro catalyst behind it: a U.S.–China tariff deal that has markets ripping. They cover Coinbase’s massive customer data leak (and Brian Armstrong’s $20M bounty response), Robinhood’s stealthy Layer 2 acquisition, and the rise of meme coins funding real apps. Plus, why Arthur Hayes thinks the bull market is just beginning. ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi ------ TIMESTAMPS & RESOURCES 0:00 Intro 0:06 “Who is laughing now?” statement from NYC Mayor https://x.com/WatcherGuru/status/1922036267685908761 3:47 Prices, Uniswap, & Aave https://x.com/jbrukh/status/1922315929578299580 https://dune.com/mud2monarch/countdown-to-three-trillion-united-states-dollars https://x.com/StaniKulechov/status/1921478583337312339 https://x.com/RyanSAdams/status/1921925615923388864 https://l2beat.com/scaling/summary 14:10 Tariff Truce - US and China agree to slash tariffs for 90 days - We’re Saved!!! https://www.cnbc.com/2025/05/12/us-and-china-agree-to-slash-tariffs-for-90-days.html https://x.com/biancoresearch/status/1921927955573264802 https://polymarket.com/event/us-recession-in-2025 https://cryptohayes.substack.com/p/fatty-fatty-boom-boom 28:40 Bad Coinbase news first - Coinbase MAJOR customer data leak Coinbase $20m award leading to the arrest of hackers https://x.com/brian_armstrong/status/1922967787309256807 https://x.com/coinbase/status/1922967576209998133 https://x.com/0xBreadguy/status/1923006791031587248 https://x.com/adamscochran/status/1923018728800686532 https://x.com/lemiscate/status/1922984240318193934 35:48 Coinbase becomes the first crypto company in S&P500 https://x.com/iamdcinvestor/status/1922068706084970750 https://x.com/cbfutures/status/1920850444093448225 https://www.tradingview.com/symbols/NASDAQ-COIN/ 37:28 Internet Capital Markets Meta https://www.jellyjelly.com/ https://dexscreener.com/solana/3bc2e2rxcfvf9op22lvbansvwos2t98q6ercroayqydq https://x.com/gabrielhaines/status/1922293923420000346 https://www.believescreener.com/ https://x.com/believeapp/status/1922780481684148519 https://x.com/alex_leiman/status/1922075531966550488 https://x.com/msg/status/1922708357686743551 https://x.com/pasternak/status/1922493500504867290 https://dune.com/adam_tehc/memecoin-wars https://x.com/WazzCrypto/status/1922826087467204636 https://x.com/TrustlessState/status/1922635525992644770 https://x.com/pumpdotfun/status/1921941742854512924? https://x.com/RyanSAdams/status/1922006135520764094 50:29 Robinhood will acquire Kevin O’Leary-Backed WonderFi - Leads to ETH L2. https://x.com/RobinhoodApp/status/1922245928691421671 https://www.wonder.fi 52:12 CryptoPunks have a new owner! https://x.com/cryptopunksnfts/status/1922291088431448396 https://x.com/econoar/status/1922339944774664660 https://www.coingecko.com/en/nft 53:46 Is the SEC becoming awesome now? pro-capital, pro-crypto SEC Paul Atkins said that his priority is to develop new rules for crypto tokens https://x.com/WatcherGuru/status/1921977322871140360 https://x.com/SECGov/status/1922001045087027349 https://x.com/RyanSAdams/status/1920585655039529220 https://www.sec.gov/files/ctf-memo-blackrock-05092025.pdf 58:42 Superstate is launching Opening Bell platform with their first client! https://x.com/superstatefunds/status/1920479311728869826 1:00:01 JD Vance will speak at Bitcoin 2025 https://bitcoinmagazine.com/politics/u-s-vice-president-jd-vance-to-speak-at-bitcoin-2025-confer 1:00:32 Meta is exploring stabecoins again! https://x.com/degeneratenews/status/1920557131201122806 1:01:59 Closing & Disclaimers ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures