Crypto’s bull run may be far from over, but the battleground is shifting.

On this week’s Bits + Bips, Bill Barhydt of Abra and Robert Leshner of Superstate join Ram Ahluwalia and Steven Ehrlich to debate:

The current state of the markets with a looming government shutdown
SWIFT’s move to build on Linea, an Ethereum layer 2
Hyperliquid vs Aster
The future of perps vs. spot
Why some DATs are starting to look like grifts
Whether DeFi billionaires will ultimately eclipse their CeFi predecessors

Plus: Binance’s and Tether’s valuation, CZ as the entrepreneur of the decade, and why the industry may be entering an era of “perpification.”