This episode features Dan and Carlos from Blockworks, recorded live at the Franklin Templeton studios during DAS NYC 2026. The conversation explores the institutional adoption of blockchain technology and the convergence of traditional finance with crypto.

Key themes include the success of Blockworks' Token Transparency Framework (TTF), the evolution of crypto companies into traditional financial services, and regulatory developments under potential SEC leadership changes. The discussion covers real-world blockchain adoption through companies like Helium, the emergence of crypto-native neobanks, and the ongoing debate about whether crypto and traditional finance are becoming one industry.

The hosts examine specific success stories like Helium's carrier offload business serving 1% of US mobile users, while also discussing new initiatives like Blockworks IR platform for on-chain investor relations and the Solana Foundation's direct product development approach.

Institutional Bull Market Reality Check

"It's an institutional bull market" has moved beyond cope to reality, with clear dispersion between struggling crypto-native startups and excited large banks asking "How do I get more of my business on chain?" - Dan

Major institutions including CFTC, SEC, Federal Reserve, BlackRock, Circle, and NYSE showed strong support at the conference, with NYSE's chief product officer expressing notable excitement about blockchain integration

Robinhood's Johan discussed 24/7 settlement capabilities and global trading access as key opportunities enabled by blockchain rails

Token Transparency Framework Gains Industry Traction

TTF received organic mentions in keynotes and discussions, solving the "screaming problem" of bad actors taking advantage of lack of disclosure standards

The B1 and B2 filings provide standardized disclosure for pre-token and post-token launch phases, giving investors better visibility into off-chain entity structures and business operations

"It's kind of an S1, but for crypto tokens" - the framework simplifies exchange listing processes by providing standardized due diligence information

Blockworks IR platform launched to provide real-time investor relations capabilities, enabling minute-by-minute updates instead of quarterly reports for on-chain businesses

Crypto-Native Neobanks Emerge as Finance Convergence

Companies like Phantom and Jupiter are evolving from crypto wallets and DeFi aggregators into full-stack neobanks with debit cards, fiat on/off ramps, and USD virtual accounts

"Do we still feel like there's two separate industries, or has our industry really merged with what we used to call TradFi and is now just finance?" - Dan's key prediction question for March 2027

Traditional neobanks like Mercado Pago require two years per market for licenses and infrastructure, while stablecoin-powered products are "global from day one"

On-chain card spend has increased significantly over the last six to twelve months, connecting money to apps to spending in seamless user experiences

Solana Foundation's Product-First Strategy

Solana Foundation launched direct products including Tokens XYZ and market maker onboarding tools, taking a "we can just do things" approach versus Ethereum Foundation's hands-off strategy

"If you can get out-competed by Vibu and Cloud Code, then you are not doing well" - Anatoly's perspective on foundation-built products

Market maker onboarding on Hyperliquid takes 48 hours versus significantly longer on Solana due to documentation complexity and fragmented liquidity

Foundation products focus on filling ecosystem gaps and improving onboarding experiences rather than competing directly with existing teams

Helium's Real-World Blockchain Success Story

One percent of US mobile users (approximately 3.5 million people) are on the Helium network without realizing it, generating real carrier offload revenue

HNT token has become deflationary as network revenue offsets emissions, with another halving event approaching in approximately one year

Helium is expanding internationally through partnerships with providers like Telefonica, solving "decades old" cost efficiency problems in the cellular sector

The business operates with physical devices in the real world serving non-crypto users, while value accrual happens on-chain through token structure

On-Chain Data Transparency vs Market Efficiency

Coinbase earnings can be predicted within 50 basis points using publicly available on-chain data, yet markets still show "wild volatility swings" on earnings announcements

"Jacob Sharpel's gone almost to the dot" in earnings estimates, demonstrating that accurate predictions are possible with on-chain analysis

Blockchain enables real-time investor updates through "emitting a stream to your investor base" as mentioned by Shamath on the All-In podcast with Paul Atkins

Companies with on-chain operations have "the unique ability to communicate your data constantly" rather than relying on quarterly disclosure cycles