Coinbase Down Again, HIP-4 vs Polymarket, and Dueling Big Tech Crypto Partnerships | The Breakdown

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 8 May 2026

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

David covers three Friday stories: Coinbase's hours-long outage on the back of an AWS cooling failure, the data on whether prediction markets are actually beating memecoins, and the dueling Solana + Google Cloud / AWS + Coinbase + Stripe agentic commerce announcements. TIMESTAMPS: (00:00) Intro (01:23) Coinbase AWS Outage (07:20) Nexo Ad (07:55) Prediction Markets, Memecoins, and HIP-4 (15:58) Nexo Ad (16:51) Prediction Markets, Memecoins, and HIP-4 (Cont.) (19:15) Agentic Commerce Meta FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcript

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0:00.0	It is Friday, May the 8th.
0:02.8	I'm your host David Canellis and this is The Breakdown.
0:04.6	I've got a few quick stories for you this morning to get you ready for the Friday, get
0:08.2	you ready for the weekend.
0:09.5	We are looking at Coinbase is down or at least it was down and now it's slowly coming
0:13.6	back online.
0:14.2	But I don't want to say I called it the other day when I said there was a snafu headed for
0:18.5	Coinbase now that it is relying on non-technical
0:21.2	team's shipping code. But it looks like it's not exactly Coinbase's fault this time around,
0:26.4	depending on how you look at it. We're also looking at prediction markets. Polymarket versus
0:30.3	Kowshi. Who's winning? Is Hyperliquids hit for a threat? We have some insights from a new
0:36.6	blockhorse research report that was posted on on X
0:39.1	yesterday. And we're also looking at the agentic commerce meta because there's been a bunch of
0:44.4	partnerships. Is it ticking off? Is there an on-chain agent economy? We're going to find out.
0:49.0	So without further ado, let's jump to it. This is The Breakdown.
1:03.4	This episode is brought to you by Nexo. Step into a new era of digital wealth, earn interest on your digital assets, borrow against them without selling and trade all in one platform.
1:07.7	Get started at nexto.com slash breakdown. Nothing said on the breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only and any views expressed by anyone on the show are opinions, not financial advice. Host and guests may hold positions in the company's funds or projects discussed. Okay, first, let's check out this Coinbase stuff. So Coinbase appears to be slowly coming back online after it was like a five or six, seven hour
1:29.2	outage overnight. It was apparently due to an AWS outage. So something to do with Amazon
1:37.4	itself. We have this report here from Reuters that kind of goes into it. And it's not just
1:43.2	Coinbase, obviously. If it was an AWS outage, And it's not just Coinbase, obviously.
2:00.8	If it was an AWS outage, then it's not just Coinbase that was affected. So is CME and everything like that. So we don't need to pick on Coinbase specifically too much. Let's see what Reuters has to say. Amazon's Cloud Unit reported an outage at one of its data center zones in Northern Virginia on Thursday. Well, Deriv, CME group and crypto exchange coin base said there were issues with their trading platforms.
2:05.6	So what is the issue? AWS said this issue stemmed from increased temperatures within a single
	...

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