Bankless
ROLLUP: Rate Cuts! | ZK Breakthroughs | Farcaster’s Pivot | SEC Onchain | NYT’s Stablecoin FUD
12 Dec 2025
Chapter 1: What surprise did the Fed meeting of December 2025 bring?
Bankless Nation is the second week of December's time for the Bankless Weekly Rollup. We got the latest Fed meeting, the last one of 2025 is now behind us. We got a rate cut. OK, rates went down. So can we be bullish now?
Chapter 2: How is the market reacting to the recent Fed rate cut?
I don't know. Maybe. Depends what the prices are telling us on the week. Actually, I don't know, David. Are we like I don't know if we're flat or if we're down in the week or we're up. I just like I have no I have no sense of this.
This is the information that people really tune in to the podcast to really get.
I know. I know.
If you want to be bullish, you can be bullish, Ryan. Okay. That's okay. That's okay. I'll give you some things to be bullish about. We're going to talk about ZK technology really maturing to the point of actually unlocking synchronous liquidity across the Ethereum roll-up design space. This is a ZK sync innovation. It's going live. It is live, fixing some of the fragmentation problems.
that we all know Ethereum has had, which is pretty cool.
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Chapter 3: What does Farcaster's pivot mean for the crypto social landscape?
You said the S word, though. You said synchronous. I'm not sure if it's synchronous. It might be async, David. As I understand it, Layer 2s get to tap into Layer 1 liquidity on their Layer 2, which means we don't... But is it atomically composable in a transaction?
I don't think. Not quite. It's async. Not quite.
It's happening on its own. But... Layer twos don't need their own liquidity anymore. Okay, so yes, maybe it's not synchronous, but there's one liquidity pool downstream of this innovation.
Chapter 4: How are ZK advancements impacting Ethereum's scalability?
I'm sorry for getting into the details. Let's just be bullish. It's bullish, okay? Yeah, I got some things for you to not be bullish about. Crypto social. We got some news around Farcaster quitting social and focusing onto wallets. As it turns out, crypto has always been about assets and trading assets. So we're going to talk about that and what that means.
And then also, Ryan's going to take us down... Perhaps memory lane about all of the three- and four-letter agencies that have done a 180 pivot when it comes to the regulation around crypto.
Chapter 5: Did Base's launch represent a vampire attack on Solana's liquidity?
And so I'm excited for that part of this rollout. Yeah, especially this, okay?
This week, SEC Chair Paul Atkins, the anti-Gensler, said this. This is a direct quote I'm going to give you. You ready for this?
Chapter 6: What is the significance of Ethereum's Blob Parameter Only fork?
All U.S. markets will be on-chain within two years. Wow. He used the term on-chain.
Chapter 7: How are regulators shifting their stance on crypto markets?
He doesn't mean 100% of the markets, but there will be an instantiation of all U.S. markets on-chain within two years, which is a very short amount of time. I don't know, David. All means all. He's saying all.
You've got to take him at all. Also, it's pretty funny that the OCC, remember they were debanking people last cycle? Well, this time they're getting angry at the banks for debanking people. They're doing some finger wagging.
Chapter 8: What insights does the New York Times article provide on stablecoins?
I had to tell you about that story. And a New York Times article writes about stable coins. It was a stable coin explainer piece, except for the fact they explained how stable coins are bad and dumb and we shouldn't have them.
Wait, I thought the world loves stable coins.
Not the New York Times. David, before we get in, we got to shout out our friends and sponsors over at Raya. This is a perps trading platform. Tell us about it.
Yeah, so there's just overall a problem in the perps trading space. You either get the speed of a centralized exchange, which traders don't just love but kind of need in order to be competitive, or you can get the security and property rights of a decentralized exchange, but that's often way too slow for any amount of meaningful activity in the perps space. Raya is closing that gap.
They have built a base rollup with ZK proofs, sub one millisecond trading. That seems like light speed. Zero trading fees while also inheriting 100% of Ethereum's uptime and security. No sequencer risk and no trade-off between speed and decentralization. That's Raya. Now a top six Perpdex driving over $1.5 billion in daily volume. And for all the ETH maxis out there, 20% of Raya's fees burn Ether.
Burn Ether. That's pretty cool. And so there is more information in the show notes, banklist.cc slash R-E-Y-A to learn more.
You know, they're also doing the thing that I know you're a fan of because we recorded an episode that you researched this week is they're doing the ICO. Oh, they're doing a token sale?
Since we published that episode, I have discovered four more token sales. I think it's on.
I think the meta is on.
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