In this thesis episode, we break down why adoption can accelerate while token holders underperform, what “value capture” really means, and the areas we think will matter most going into 2026.

• Hyperliquid's HIP-3 markets hit $804 million in OI
• Saylor buys 2,932 BTC, absorbing more than miners produce
• Polymarket x MLS - first major US sports league partnership
• Your MegaETH ecosystem guide

• Macro updates: State of Japan's bond market
• ZachXBT tracks down the man who hacked the US government's seized crypto
• TLDR of Ethereum's Post-Quantum era
• SEC drops its suit against Gemini Exchange
• Upcoming IPOs: CertiK & Ledger
• Was Peter Schiff right all along?

• In 3-5 years, "literally billions" of AI agents will use crypto and stablecoins - Circle's Jeremy Allaire
• MLMabc breaks down Hyperliquid team unlocks being OTC'd to a DAT
• Game changer for private DeFi: Railgun is rolling out Railgun Connect
• MetaDAO futarchy vote: MM or no MM?

• Trump’s Greenland deal
• Is Solana Mobile's Seeker going to the moon?
• AI coins to add to your radar
• Ondo Finance's onchain equity push
• Ark Invest's BTC target for 2030

• Key industry stats roundup
• Saylor adds over $2 billion in BTC
• Bitmine is aggressively pursuing its "Alchemy of 5%" goal, nearly 74% there
• Netherlands to start taxing unrealized capital gains
• W for ZCash - Winkelvoss twins gift Shielded Labs over $1.2 million
• Seeker airdrop goes live

• NYSE to create platform for 24/7 tokenized equity trading
• Coinbase and Circle to power Bermuda's transition to an onchain economy
• Pumpdotfun unveils $3 million "Build in Public" initiative
• blocmates' 2026 thesis goes live on the site

• Macro pressure mounts as Trump hits NATO allies with Greenland tariffs
• Analyzing Bags app's volume spike
• Trove ICO smells like a scam, MLM on the scene
• ZachXBT receives 10,000 HYPE tokens from the Hyperliquid Team