Bankless – one of the most influential crypto media brands during the DeFi and Ethereum boom – is facing significant internal turmoil as many team members are laid off, and co-founder Ryan Sean Adams has declared the organization has entered its “second era.”
On May 21st, Lucas, a former member of Bankless, posted on social media that the majority of the project's team appeared to have been laid off in a single day. Chia to Lucas, the layoffs were quite sudden and without any official public announcement to assist those laid off in finding new jobs within the crypto industry. This information quickly attracted attention from the cryptocurrency community, especially given that many media companies and blockchain startups are restructuring to adapt to the new market cycle.
Not long before that, Bankless co-founder David Hoffman also caused controversy when he revealed he had sold all of his ETH holdings. This move surprised many Ethereum investors because David Hoffman has long been XEM one of the most influential voices in the Ethereum ecosystem and decentralized finance (DeFi). For years, the Bankless podcast has almost become a symbol of the "ultrasound money" wave, self-custody, and Ethereum's decentralized philosophy.
Conversely, co-founder Ryan Sean Adams stated that Bankless's "first era" has officially ended after six years of collaboration with David Hoffman. According to Ryan, Bankless's initial phase focused on exploring crypto, DeFi , and maximizing Ethereum's potential in the new financial landscape. However, the market has now changed significantly, and Bankless is entering its next phase of development with a new direction.
Ryan stated that he will be stepping back more, reducing Vai in content direction and guest interviews. However, he will still appear weekly on the Bankless podcast and continue to contribute to familiar segments related to Layer-2 and the Ethereum rollup. Going forward, David Hoffman will be the main driving force behind the brand. Ryan also emphasized that he remains optimistic about ETH and the future of Bankless.
The latest developments at Bankless reflect the challenging landscape currently facing the crypto media industry. Following a period of strong market growth fueled by US spot Bitcoin ETFs and the wave of AI-integrated blockchain, many Web3 media projects are beginning to face revenue pressure, content competition, and a shift in the community toward short-video platforms, AI agents, and Decentralized Social Media.
