This Bankless podcast episode discusses the current state of the crypto market in March 2025, focusing on the disconnect between strong fundamentals (pro-crypto US government, Bitcoin strategic reserves) and negative market sentiment. The hosts analyze several news items, including the launch of the Converge blockchain (a permissioned validator set criticized for its centralized nature), Robinhood's partnership with prediction market Kalishi, and the failed SIMD228 proposal on Solana. They also discuss the recent changes in Ethereum Foundation leadership and the launch of the Ether Guild, a community initiative focused on promoting Ether as a monetary asset. A key takeaway is the debate surrounding the need for permissioned blockchains versus building KYC/AML compliance into the application layer. The discussion highlights the evolving dynamics between TradFi and DeFi, and the ongoing evolution of crypto market cycles.
