INTERVIEW: The EIP That Destroys DeFi | Stani Kulechov & Mike Silagadze Ethereum’s latest staking proposal is sparking backlash across DeFi. @aave founder @StaniKulechov and @ether_fi CEO @MikeSilagadze join @TrustlessState to break down why stake tapering could push $ETH yield toward zero, weaken solo staking, drive capital out of DeFi, and make ETH less attractive to institutions. They debate Ethereum’s monetary policy, whether the network is overpaying for security, and why trying to make ETH more like Bitcoin could undermine what makes Ethereum valuable in the first place. [TIMESTAMPS] Intro 0:00 0:09 Ethereum’s Staking Debate 2:41 Stani’s First Reaction 7:48 Mike’s Centralization Concerns 14:37 DeFi Under Pressure 17:15 Stani on Yield and Cash Flow 24:54 The Case for Vanilla Ether 27:20 Mike Pushes Back 34:27 Issuance and Monetary Policy 35:16 Minimum Viable Issuance 40:47 Institutions Need Predictability 46:10 Conservative Yield, Not Zero 47:46 Legitimacy and Process 52:54 Final Verdict on the EIP

INTERVIEW: Why Every Chain, Wallet & App Is Integrating NEAR Intents | Kendall Cole @NEARProtocol wants users to stop thinking about blockchains altogether. @proximityfi co-founder Kendall Cole joins @TrustlessState to explain how @near_intents connects 35 chains, powers products like @infinex, brings tokenized assets and confidential transactions into one seamless experience, and turns fragmented crypto markets into a single account where users see assets, not infrastructure. [TIMESTAMPS] 0:00 Intro 2:29 Chains Need Neutrality 4:20 Near’s Chain Abstraction Vision 6:03 Wallets to Retail Expansion 9:30 Bootstrapping Liquidity and Partners 11:23 RWA Asset Explosion 15:00 Tokenized Stocks on Near 15:57 One App Across Chains 19:01 Near as Chain Abstraction 21:35 Trading Bots and Payments 24:54 MiCA’s Market Shock 28:16 Noncustodial Compliance Strategy 29:17 Euro Onramps into Near 31:38 Regulation Meets On-Chain Freedom 38:09 Confidential Intents Launch 41:15 Privacy for Users and Firms 43:36 Private zcash:native Routing 46:50 Privacy for AI Models 49:52 near:native’s Fee Capture Model 52:19 Crypto as Exchange Infrastructure

INTERVIEW: Wall Street’s Crypto Golden Era? | Charles Schwab’s Director of Digital Currencies Research & Strategy, Jim Ferraioli Crypto natives are giving up just as Wall Street is leaning in? @SchwabResearch's Jim Ferraioli joins @TrustlessState to explain why crypto may be living through its dot-com bust, what bitcoin:native actually is in a portfolio, why ethereum:native may already be a real economy, and where the next phase of institutional adoption could come from. [TIMESTAMPS] 0:00 Intro 3:15 Who Schwab Clients Are 5:42 First-Cycle Bitcoin Pain 8:45 Bitcoin Isn’t Digital Gold 15:46 Retail Gives Way to Institutions 20:27 ETF Flows and Allocations 22:59 Saylor, Strategy, and Bitcoin 28:23 Crypto’s Quiet Recession 36:38 Ether as Liquid VC 43:15 How ETH Price Rises 48:13 Perps, Hyperliquid, and Defense 54:05 Reading Crypto Signal

INTERVIEW: Strategy is Trapped & in Crisis — "It's Basically a Hedge Fund Now" | Jeff Dorman & Matt Walsh Michael @saylor's Strategy bought itself time, but did it actually solve the problem? @TrustlessState sits down with @jdorman81 and @MattWalshInBos to unpack @Strategy's increasingly complex capital structure, why $STRC and $MSTR are now fighting for oxygen, whether Saylor may need to sell Bitcoin, and why the company is starting to look less like a levered bitcoin:native play and more like an actively managed hedge fund. [TIMESTAMPS] 0:00 Intro 2:30 Can Stretch Return to 100? 4:00 Explaining the New Framework 4:43 Can the Capital Stack Coexist? 6:39 Refunding the Converts 8:32 MNAV Near the Breaking Point 11:15 Option Value or Investor Betrayal 15:37 Legal Risk and Retail Exposure 19:52 Buying Time, Not Solving It 22:20 Scenario Odds After the Pivot 24:54 Sell Bitcoin or Wait 28:59 M&A as a New Path 34:13 Temporary Relief, Future Crash 36:21 Slow Bleed, Not Bankruptcy 40:58 Bitcoin Needs a Bigger Narrative 46:56 Would Jeff Buy Stretch? 48:26 Is the Model Actually Genius? 52:09 Closing & Disclaimers

INTERVIEW: Fomo’s $75M Bet on Making Crypto Trading Mainstream Crypto trading is still built for insiders. @fomo's @seyong joins @TrustlessState to explain how the company’s $75 million raise is funding a trading app for everyone else, why the next wave of users will never manage wallets or gas fees, and how Fomo plans to bring tokens, perps, stocks, prediction markets, and more into one seamless experience. They also unpack why the memecoin trenches have become a rigged game, how radical transparency could protect everyday traders, and what it will take to make onchain finance truly mainstream. [TIMESTAMPS] 0:14 fomo Explained 2:15 Beyond Crypto Apps 5:44 User Growth And Adoption 9:15 Trading More Than Crypto 12:10 Lessons From The Trenches 15:19 What The Raise Funds 20:27 Memecoins And Risk 26:22 Radical Transparency 27:15 fomo Social Features 29:48 Product Priorities Ahead