The Breakdown
Blockworks
The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.
Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.
A Blockworks podcast.
Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.
A Blockworks podcast.
Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
Episodes
Mentioned books
May 13, 2026 • 33min
Bhutan Times the Top, CLARITY Hits Markup, and the Onchain Pokemon Card Boom | The Breakdown
A deep dive into how Bhutan’s mining and sales lined up with Bitcoin’s 2025 peak. A look at the CLARITY markup and its tight triggers that might leave only a dozen or two chains labeled decentralized. A burst of interest in on-chain Pokémon card markets, tokenized physical cards, and new marketplace mechanics driving activity.
May 11, 2026 • 32min
Bored Apes Rally, Canton Raises at $2B and Saylor Raps the Bears | The Breakdown
A lightning tour of an NFT mini-revival, tracking sudden floor-price spikes and why tiny buys can sway illiquid markets. A deep look at Canton’s $2B raise, usage metrics and what that means for institutional crypto funding. A surprising AI rap response to criticism, plus the controversy around treasury-driven strategy and public pushback.
May 8, 2026 • 29min
Coinbase Down Again, HIP-4 vs Polymarket, and Dueling Big Tech Crypto Partnerships | The Breakdown
A multi-hour Coinbase outage tied to an AWS cooling failure and its market fallout. A data-driven look at prediction markets versus meme-coin trading and where HIP-4 fits in. New agentic commerce tie-ups from Solana + Google Cloud and AWS + Coinbase + Stripe and what early on-chain agent payments actually look like.
13 snips
May 6, 2026 • 32min
Coinbase's AI Layoffs, a16z's $2.2B Fund, and Strategy's $12.5B Loss | The Breakdown
Coinbase cuts 14% of staff amid an AI-driven rethink of engineering roles. The rise of a16z's $2.2B crypto fund and a wave of 2026 VC raises point to a possible infrastructure supercycle. MicroStrategy posts a $12.5B loss and hints at selling bitcoin, while debates swirl about on-chain micropayments and agentic commerce scalability.
May 4, 2026 • 25min
Clavicular x Polymarket, the CLARITY Act, and What MegaETH Tells Us About Retail | The Breakdown
A rundown of a viral nightclub clip involving a crypto firm's CMO and what it means for public perception. A policy update on the CLARITY Act’s compromise around stablecoin yields and reward mechanics. A look at MegaETH’s early launch metrics, on-chain activity, and what active address counts suggest about retail interest.
Apr 30, 2026 • 37min
MegaETH, the DeFi United Bailout, Meta’s USDC Push, and Blockworks Reaches $192M Valuation | The Breakdown
A deep dive into MegaETH’s single-sequencer tradeoffs and its points campaign revival. A massive $302M DeFi United fund to cover KelpDAO losses and whether that looks like a bailout. Meta rolling out USDC payouts in emerging markets and why stablecoin wages may not drive crypto adoption. Blockworks’ rebrand and $192M valuation as it aims to make on-chain data more legible.
4 snips
Apr 28, 2026 • 38min
How Crypto Is Fighting Back Against North Korea | The Breakdown
Nick Bax, a blockchain investigator and SEAL 911 incident responder, explains how DeFi is under attack from sophisticated actors. He outlines the shift from SIM swaps to remote access and social engineering. He covers multisig failures, AI’s role in speeding attacks, North Korean operatives using rented identities, and what it takes to become an on-chain investigator.
Apr 23, 2026 • 26min
Mythos Leaks, Crypto in the Strait of Hormuz, and DoorDash Stablecoins | The Breakdown
A Discord group guessed a private AI URL and used the model to build websites. A maritime scam demanded Bitcoin or Tether for safe passage through the Strait of Hormuz. DoorDash partners with Tempo to pilot stablecoin payouts across dozens of countries. A memecoin pops up tied to a Korean wolf story, highlighting crypto culture and marketing concerns.
4 snips
Apr 21, 2026 • 32min
Can AI Actually Trade Crypto? | The Breakdown
Weekee Tiew, co-founder of Virtuals Protocol and creator of Degen Claw, explores agentic trading and tokenized agents in crypto. He explains the Degen Claw arena, the AI Council that judges agent rationale, and why simple P&L metrics fail. Conversations cover agent commerce, agent-native wallets, and how crypto enables rapid experiments in AI-driven finance.
Apr 16, 2026 • 29min
Crypto Fed Chair, Polymarket Bots, and the Faketoshi Movie
A deep dive into a Fed pick’s public crypto filings and the surprising range of disclosed investments. A breakdown of a Polymarket betting bot built on the “nothing ever happens” idea and how it operates. A look at a Hollywood film centered on Craig Wright and concerns about how it could reshape public views of crypto history.
