Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
But that was actually pre-ChatGPT, right?
Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
So I didn't really conceive the actual value of this thing.
Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
And lo and behold, like, now with all of the agents that we have, like, you could actually make a very strong case for what WorldCoin is doing among other privacy-preserving, you know, or biometric-style protocols.
Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
And then the last thing maybe related to crypto itself is...
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
I think this privacy-preserving KYC will become a standard across a number of emerging applications.
Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
Like, imagine a points program gated by this, or an ICO, or earning rewards in a deepen protocol, or to be a voter in a DAO.
Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
Basically, all of these applications, which are very prone to Sybil attacks, well, this is one of the better conduits to make it Sybil-resistant.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
It's very difficult to say, because historically, privacy hasn't performed very well in crypto, like we can go down that rabbit hole.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
But I think it's just still a bit early for privacy, believe it or not, like as much as you know, you want and I want it, we're actually in the minority, probably closer to the cypherpunk crowd.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
You look at the...
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
Just the marginal new user in crypto.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
They're not so concerned about privacy.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
And that's why a lot of these businesses just haven't taken off yet.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
And then also introducing privacy without adding too much friction is incredibly important.
Bankless
The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
So, yeah.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
And actually, maybe the actual last thing I'll mention on this front is we have a lot of phenomenal FHE and ZK companies.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
You know, like Sysync, like Zama.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
I think they can and will do incredibly well over a longer period of time.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
It just probably won't be, I don't expect to break out maybe this year.
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The Duopolies of 2026: Ethereum & Solana, Coinbase & Robinhood, Polymarket & Kalshi | Ryan, David & Arnav Pagidyala
Absolutely.