Empire

This week, Josh Lim from FalconX joins the show to discuss the recent market sell-off. We deep dive into Josh's outlook for 2026, who is crypto's marginal buyer, the Ethereum L2 roadmap, Kyle Samani's announcement of leaving Multicoin and more. Enjoy! -- Follow Josh: https://x.com/joshua_j_lim Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire:https://x.com/theempirepod -- Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here: https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_empire&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=empire -- (00:00) Introduction (03:41) State of the Market (08:48) Josh's Outlook For 2026 (18:45) The SaaS-Pocalypse & Crypto's Marginal Buyer (26:12) Coinbase Ad (26:58) The Crypto to AI Rotation (37:24) The Ethereum L2 Roadmap (47:27) Kyle Samani Leaves Multicoin (01:01:45) Why Is Josh Still In Crypto? (01:03:57) Content of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, the Hivemind team breaks down the continued sell-off in markets, from crypto to software. We deep-dive into the historical L1 premium, the endgame for Hyperliquid, Bitcoin's quantum threat, Vitalik's post on L2s, and more. Enjoy! -- Follow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Yan: https://x.com/YanLiberman Follow LTR: https://x.com/maybeltr Follow Empire: ⁠https://x.com/theempirepod⁠ Subscribe on YouTube: ⁠https://bit.ly/4jYEkBx⁠ Subscribe on Apple: ⁠https://bit.ly/3ECSmJ3⁠ Subscribe on Spotify: ⁠https://bit.ly/4hzy9lH⁠ -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠ -- (00:00) Introduction (00:48) State of The Market (13:15) Are L1s Still Overvalued? (22:50) The Hyperliquid End Game (31:38) Bitcoin’s Quantum Threat (36:42) Ethereum’s L2 Roadmap -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we break down the state of stablecoins and why they’ve been able to bridge the gap into TradFi’s mainstream. Who’s adopting stablecoins and why? How are stablecoins changing the financial and legislative landscape? And what does this mean for the future of the larger crypto landscape?  -- Follow Canton: https://x.com/CantonNetwork Follow Mo: https://x.com/Mo_Bps Follow Eric: https://x.com/wesarn_real Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Timestamps: (0:00) Introduction (1:56) The Evolution of Stablecoins (8:43) The Stablecoin Stack (11:16) Who is Building on HIFI? (12:57) Cross-border Payments (15:55) Stablecoin Market Share (22:49) Canton's Stablecoin Strategy (26:09) The Stablecoin Landscape (28:33) The Importance of Privacy (31:58) Stablecoin Fragmentation (35:05) Agentic Payments (36:52) General Purpose vs Specialized Chains (41:29) What is the Industry Missing? (45:06) Closing Comments -- Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.

This week, we’re joined by CEO and Co-founder of BitGo, Mike Belshe, to discuss BitGo’s IPO, their motivations for going public, and the IPO process. We dive into allocation decisions, key product growth areas, and views on regulation, crypto market structure, and future industry evolution. Enjoy! – Follow Mike: https://x.com/mikebelshe Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod – Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:  https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_empire&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=empire  – Timestamps: (01:50) BitGos IPO & Early Supporters (07:22) Why go public (09:45) The IPO Process (30:39) Determining Allocations (37:49) Ads (Coinbase) (38:41) BitGos Role as an infrastructure company (46:15) BitGo's Fastest Growing Products (58:20) BitGo going forward (01:02:37) Web2 vs web3 (01:06:41) BitGo's Journey & Lessons Learned (01:14:39) Replacing the Incumbents —-- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, we break down the evolving DePIN thesis, from real revenue traction to infra financing, regulation, and why some networks are finally compounding at scale. We also discuss the boom in Hyperliquid RWAs, bringing money & companies onchain, 2026 IPOs, and more. Enjoy! -- Follow Salvador: https://x.com/DAnconia_Crypto  Follow Jason: https://x.com/JasonYanowitz  Follow Rob: https://x.com/HadickM  Follow Santi: https://x.com/santiagoroel  Follow Empire:https://x.com/theempirepod     -- Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:  https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_empire&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=empire   -- Timestamps: (00:00) Intro (00:44) Escape Velocity $61.74M Raise (05:500 The Case For DePIN (12:34) InfraFi And Bringing Money Onchain (22:07) Bear Case For DePIN And Top DePINs (30:57) Ads (Coinbase) (31:42) Metals And Hyperliquid RWAs (43:31) Crypto Integration Into FinTech (55:18) The State Of Compliance (58:49) 2026 IPOs (01:04:38) The Carvana Of Crypto (01:09:220 Content Of The Week (01:15:29) Claude Cowork -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, we’re joined by John Zettler, Director of Product at Kraken and Sun Raghupathi, Co-founder of Veda, to discuss their collaboration to bring onchain vaults to Kraken! We explore the growth of onchain vaults, how vaults package DeFi lending and yield strategies, vault mechanics, risk management, business models, comparisons to past yield products, and implications for DeFi adoption and future TVL growth. Enjoy! Resources 2026 Predictions Episode: https://youtu.be/yagd3CT2VQk?si=G1cFXBpODiWZ-pQR – Follow John: https://x.com/JohnZettler Follow Sun: https://x.com/sunandr_ Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod – Timestamps: (02:45) What is a vault (09:26) The Evolution of Vaults (14:31) Vault Key Parties (21:49) Vault Business Models (29:14) Building Vaults with Coinbase and Morpho (33:29) Vaults Today vs BlockFi & Celsius (37:42) Bringing Vaults to Kraken (39:55) Determining Yield & Adding More Vaults (41:51) What made Yano Bullish on Vaults (45:52) Behind the Scenes (50:24) Vault Risks (56:37) Morpho's Model vs Veda's Model (57:59) Closing Comments on Vaults and DeFi TVL — Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, we discuss Claude and the ongoing AI acceleration, AI’s impact on VC and SaaS, and the latest draft of the CLARITY Bill. We also dig into BitGo’s upcoming IPO, Polygon’s latest acquisitions, the Farcaster Sale, Larry Fink’s WEF comments, and more. Enjoy! -- Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire:https://x.com/theempirepod    -- Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:  https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_empire&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=empire  -- Timestamps: (00:00) Intro (02:55) Claude And The AI Acceleration (11:53) Leveraging Expertise, Competing Models & Company Structure (21:02) AI’s Impact On VC And SaaS (31:590 Ads (Coinbase) (32:44) Unpacking The CLARITY Bill (41:00) BitGo’s IPO (53:53) Polygon Acquisitions (01:00:47) Farcaster Sale & Decentralized Social (01:08:30) Larry Fink And Content Of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, the Hivemind team discusses Bitcoin’s recent price action, macro and equity market influences, perp DEX activity, and their outlooks on Solana, Hyperliquid, Lighter, and PumpFun. They also cover privacy coins, equity perps, and market cycles. Enjoy!Thanks for tuning in! – Follow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Yan: https://x.com/YanLiberman Follow Flip: https://x.com/trevor_flipper Follow Empire: ⁠https://x.com/theempirepod⁠ Subscribe on YouTube: ⁠https://bit.ly/4jYEkBx⁠ Subscribe on Apple: ⁠https://bit.ly/3ECSmJ3⁠ Subscribe on Spotify: ⁠https://bit.ly/4hzy9lH⁠ —- TIMESTAMPS (00:00) Introduction (01:39) Market Outlook (14:34) Saylor’s Buys & Onchain Trends (27:10) Robinhood’s Equity Perps (29:44) Thoughts on Lighter (42:43) Monero vs Zcash (54:55) Market Cycles —-- Disclaimer:  Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Chris Maurice, Co-founder & CEO of Yellow Card, joins us to explore how compliant crypto rails are reshaping everyday money movement across Africa. We dig into stablecoins as practical financial tools, the regulatory groundwork that makes them usable, and what it takes to build a pan-African fintech that can withstand FX volatility, fragmented payment systems, and shifting policy environments. -- Quadrillions brings together the voices defining the next era of finance. From institutional rails to stablecoins and privacy, the series dives into how traditional markets, crypto innovation, and regulatory frameworks are converging to bring the full force of capital markets onchain. Join hosts Jason Yanowitz, Yuval Rooz, and Eric Saraniecki for deep dives with special guests Shaul Kfir, Don Wilson, Mike Belshe, Justin Peterson, Acting Chair Caroline Pham, Eli Ben-Sasson, and more. Produced by Blockworks and Canton Network. For more information, check out https://quadrillionspod.com/ -- Follow Canton: https://x.com/CantonNetwork Follow Yellow Card: https://x.com/YellowCard_App Follow Chris: https://x.com/chrismaurice Follow Eric: https://x.com/wesarn_real Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Timestamps: (0:00) Introduction (2:02) Crypto Adoption Worldwide (6:24) What's Blocking Dollar Demand? (9:28) Canton's Focus on Emerging Markets (12:39) Infrastructure Challenges (15:46) The Role of Stablecoins (19:23) L1 Activity and Self-Custody Trends (25:04) FX Challenges (37:15) Regulations in Africa (41:37) Emerging Markets in Crypto -- Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.

This week, Lighter Founder & CEO Vladimir Novakovski discusses Lighter’s competitive edge over Hyperliquid, why he chose to be an L2 on Ethereum, and the role of their ZK innovations. We also touch on equity perps, Lighter’s partnership with Robinhood, and why Vlad chose to work in crypto. Enjoy! Follow Vlad: https://x.com/vnovakovski  Follow Jason: https://x.com/JasonYanowitz  Follow Empire: https://twitter.com/theempirepod  -- Timestamps (00:00) Intro (03:05) Why Vlad Chose Crypto & a Perp DEX (11:37) Competing as a Perp DEX (18:00) Why Be an L2 on Ethereum? (20:37) Unpacking Lighter’s Competitive Edge (25:46) Lighter’s ZK Innovations (32:33) Partnership with Robinhood (38:06) Equity Perps and Advantage Over Hyperliquid (44:11) Lighter Token & Valuation (51:56) What Are People Missing? -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed. Apple 🎙️: https://bit.ly/49KooP3   Spotify 🎙️: https://bit.ly/3NoHu60  YouTube 🎥: https://bit.ly/49XeCu6

This week, we discuss the rise of AI tools like Claude Code, and their impact across the industry. We also cover Rain’s growth, supply and demand dynamics in crypto, capital raising, and crypto and AI trends in 2026. Enjoy! – Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod – Timestamps(00:00) Introduction(02:15) Claude Code Changes the Game(13:00) Supply vs Demand and Where the Money Is(19:00) Rain’s Moat and Crypto Cards(32:00) Investment Criteria and Founder Qualities(38:00) Audience Question on Market Structure(01:04:08) Word of the day and Nikita Bier’s Beef with CT(01:08:30) Content of the Week —-- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, Qiao Wang joins the show to discuss how AI is transforming what it means to be an investor in 2026. We deep dive into Claude Opus 4.5 and its breakout moment, why Qiao got into the Google trade, constructing a portfolio for 2026, where to allocate time in the age of AI and more. Enjoy! -- Follow Qiao: https://x.com/QwQiao Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly. Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation. -- "Mantle Global Hackathon 2025 is live! Running from Oct 22 to Dec 31, Mantle invites builders to design the future of Real-World Assets (RWAs) on its modular L2 stack. Key Highlights: - $150,000 Prize Pool + Grants & Incubation opportunities - Access to Bybit's 7M+ verified users - Judges from Bybit Ventures, Spartan, Animoca Brands - 6 Tracks: RWA/RealFi, DeFi, AI, ZK, Infra, GameFi Join the Hackathon: https://www.hackquest.io/vi/hackathons/Mantle-Global-Hackathon-2025" -- Timestamps (00:00) Intro (02:33) Claude’s Opus 4.5 Breakout Moment (08:40) How Does AI Impact Startups? (13:10) Do Moats Still Exist? (20:00) Getting Into The Google Trade (23:38) Where To Allocate Time In 2026 (26:23) Ads (VanEck, Mantle) (28:25) Using AI Models For Investing (41:30) How Does AI Change Brand & Distribution? (44:49) Qiao’s Portfolio In 2026 (55:14) Health & Longevity -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

We're back with our first weekly roundup of 2026! This week we discuss Lighter token launch, Walmart's crypto strategy with OnePay, Erebor's $350m raise, what to expect in 2026 & more. Enjoy! -- Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Empire: https://twitter.com/theempirepod -- "Mantle Global Hackathon 2025 is live! Running from Oct 22 to Dec 31, Mantle invites builders to design the future of Real-World Assets (RWAs) on its modular L2 stack. Key Highlights: - $150,000 Prize Pool + Grants & Incubation opportunities - Access to Bybit's 7M+ verified users - Judges from Bybit Ventures, Spartan, Animoca Brands - 6 Tracks: RWA/RealFi, DeFi, AI, ZK, Infra, GameFi Join the Hackathon: https://www.hackquest.io/vi/hackathons/Mantle-Global-Hackathon-2025" -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Uniswap’s Trading API offers plug-and-play access to deep onchain and off-chain liquidity, delivering enterprise-grade crypto trading without the complexity - from one of the most trusted teams in DeFi. Click to get started with seamless, scalable access to Uniswap’s powerful onchain trading infrastructure. https://hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks -- Timestamps: (00:00) Introduction (06:16) Lighter's Token Launch (13:36) Walmart's Crypto Strategy with OnePay (19:09) Erebor Raises $350m At a $4b Valuation (23:22) Ads (Mantle, Geodnet, Uniswap) (26:05) The Clarity Act (36:44) What To Expect In 2026 (43:57) Content of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, the Hivemind team breaks down the current state of the markets and asks whether the start of 2026 will be bullish. We then dive into the ongoing token vs equity debate in crypto and explore the best way to structure ICOs. Enjoy! -- Follow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Jose: https://x.com/ZeMariaMacedo Follow Yan: https://x.com/YanLiberman Follow Empire: ⁠https://x.com/theempirepod⁠ Subscribe on YouTube: ⁠https://bit.ly/4jYEkBx⁠ Subscribe on Apple: ⁠https://bit.ly/3ECSmJ3⁠ Subscribe on Spotify: ⁠https://bit.ly/4hzy9lH⁠ -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠ -- (00:00) Introduction (01:53) Will Q1 Be Bullish For Crypto? (18:56) Crypto’s Token vs Equity Problem (26:43) The MetaDAO Model (39:48) What Defines Success For ICOs? (01:01:31) Solana’s Block Building Dilemma -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Acting Chairman Pham to discuss the CFTC’s “back to basics” regulatory approach, cooperation with the SEC, and the CFTC’s 12-month Crypto Sprint initiative. We dive into tokenized collateral, stablecoin regulation, global market harmonization, and strategies to make the U.S. the crypto capital of the world. -- Quadrillions brings together the voices defining the next era of finance. From institutional rails to stablecoins and privacy, the series dives into how traditional markets, crypto innovation, and regulatory frameworks are converging to bring the full force of capital markets onchain. Join hosts Jason Yanowitz, Yuval Rooz, and Eric Saraniecki for deep dives with special guests Shaul Kfir, Don Wilson, Mike Belshe, Justin Peterson, Acting Chairman Caroline Pham, Eli Ben-Sasson, and more. Produced by Blockworks and Canton Network. For more information, check out https://quadrillionspod.com/ -- Follow Canton: https://x.com/CantonNetwork Follow Acting Chairman Pham: https://x.com/CFTCpham Follow Yuval: https://x.com/YuvalRooz Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Timestamps: (0:00) Introduction (1:02) Getting Back to the Basics (7:37) CFTC vs SEC Responsibilities (12:06) The CFTC's Crypto Sprint (20:49) Tokenized Collateral (24:53) The Crypto Capital of the World -- Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.

Welcome to our final weekly roundup of the year! In this episode we reflect on our 2025 predictions before deep diving into our 2026 predictions. We discuss what to expect for stablecoins, prediction markets, the equity vs token debate & more. Enjoy! -- Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod -- Rob's 2025 predictions: https://x.com/HadickM/status/1876642292716482868 Santi's 2025 predictions: https://x.com/santiagoroel/status/1883931926047945064 Jason's 2025 predictions: https://x.com/JasonYanowitz/status/1876701413935325275 -- This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly. Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation. -- Uniswap’s Trading API offers plug-and-play access to deep onchain and off-chain liquidity, delivering enterprise-grade crypto trading without the complexity - from one of the most trusted teams in DeFi. Click to get started with seamless, scalable access to Uniswap’s powerful onchain trading infrastructure. https://hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks -- Timestamps: (00:00) Introduction (02:34) Rob’s 2025 Predictions (10:15) Santi’s 2025 Predictions (26:29) Jason’s 2025 Predictions (29:31) Ads (VanEck, Uniswap) (31:13) 2026 Predictions: Will ETH Be Higher or Lower? (32:35) Stablecoins In 2026 (41:38) Return of The DeFi Mullet (51:30) Markets In 2026 (57:09) Privacy & Onchain Identity (01:01:38) Prediction Markets Will 10x (01:08:14) U.S Exchange Competition (01:17:02) Equity & Tokens Will Merge (01:19:45) Regulation in 2026 (01:21:43) Final Predictions -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, Jill Gunter from Espresso joins the show to discuss the state of crypto today. We deep dive into how has crypto evolved, why privacy matters, predictions for 2026, will Espresso launch a token & more. Enjoy! -- Follow Jill: https://x.com/jillgun Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly. Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation. -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Uniswap’s Trading API offers plug-and-play access to deep onchain and off-chain liquidity, delivering enterprise-grade crypto trading without the complexity - from one of the most trusted teams in DeFi. Click to get started with seamless, scalable access to Uniswap’s powerful onchain trading infrastructure. https://hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks -- Timestamps (00:00) Introduction (02:44) The State of Crypto Today (10:21) How Has Crypto Evolved? (19:18) Ads (VanEck, Geodnet, Uniswap) (21:40) Why Privacy Matters (35:55) Who Wins In Crypto Infra? (45:56) Crypto's Identity Crisis (52:52) Predictions For 2026 (55:49) When Will Espresso Launch A Token? -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, we discuss whether 2025 marks crypto’s dot-com moment. We deep dive into how to allocate capital as crypto and fintech continue to merge, crypto’s token-vs-equity dilemma, Coinbase’s recent product releases, who wins the stablecoin race and more. Enjoy! -- Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod -- This Empire episode is brought to you by VanEck. Learn more about the VanEck Onchain Economy ETF (NODE): http://vaneck.com/EmpireNODE An investment in the Fund involves a substantial risk and is not suitable for all investors. It is possible to lose your entire principal investment. The Fund may invest nearly all of its net assets in either Digital Transformation Companies and/or Digital Asset Instruments. The Fund does not invest in digital assets or commodities directly. Digital asset instruments may be subject to risks associated with investing in digital asset exchange-traded products (“ETPs”), which include the historical extreme volatility of the digital asset and cryptocurrency market, as well as less regulation and thus fewer investor protections, as these ETPs are not investment companies registered under the Investment Company Act of 1940 (“1940 Act”) or commodity pools for the purposes of the Commodity Exchange Act (“CEA”). Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation. -- Uniswap’s Trading API offers plug-and-play access to deep onchain and off-chain liquidity, delivering enterprise-grade crypto trading without the complexity - from one of the most trusted teams in DeFi. Click to get started with seamless, scalable access to Uniswap’s powerful onchain trading infrastructure. https://hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks -- Timestamps: (00:00) Introduction (04:06) Is 2025 Crypto’s Dot Com Moment? (13:12) Crypto’s Token vs Equity Dilemma (28:30) Ads (VanEck, Uniswap) (30:12) Coinbase’s Product Releases (35:25) Who Wins The Stablecoin Race? (46:58) Vaults (56:50) Content of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, Dougie DeLuca joins the Hivemind team to discuss his recent piece "Crypto Is Dead". We deep dive into the shift that is happening within crypto as we head into 2026, why is sentiment so bad, where to allocate in 2026, where crypto has found PMF and more. Enjoy! -- Follow Dougie: https://x.com/DougieDeLuca Follow Jose: https://x.com/ZeMariaMacedo Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Yan: https://x.com/YanLiberman Follow Empire: ⁠https://x.com/theempirepod⁠ Subscribe on YouTube: ⁠https://bit.ly/4jYEkBx⁠ Subscribe on Apple: ⁠https://bit.ly/3ECSmJ3⁠ Subscribe on Spotify: ⁠https://bit.ly/4hzy9lH⁠ -- Crypto Is Dead: https://x.com/DougieDeLuca/status/2000957512862884100 -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠ -- Timestamps: (0:00) Introduction (0:56) Is Crypto Dead? (12:20) Why Is Sentiment So Bad? (28:52) Crypto’s Path Forward (34:21) Where To Allocate In 2026? -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

This week, Noah from Theia & Smac from Compound discuss why crypto’s next chapter won’t be powered by hype alone. They explain how valuations, narratives, fund structures, and real cash-flow durability are reshaping the industry, and why investors must adapt to a world where fundamentals finally matter. Enjoy! — Follow Noah: https://x.com/tradernoah Follow Smac: https://x.com/0xsmac Follow Jason: https://x.com/JasonYanowitz Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Compound Annual Meeting: https://x.com/mhdempsey/status/1999119478936785108?s=20 — Zcash is encrypted Bitcoin. Your digital bill of rights securing your freedom for the 21st century. Buy, store and spend ZEC privately using Zashi Wallet download today: https://electriccoin.co/zashi/ -- "Mantle Global Hackathon 2025 is live! Running from Oct 22 to Dec 31, Mantle invites builders to design the future of Real-World Assets (RWAs) on its modular L2 stack. Key Highlights: - $150,000 Prize Pool + Grants & Incubation opportunities - Access to Bybit's 7M+ verified users - Judges from Bybit Ventures, Spartan, Animoca Brands - 6 Tracks: RWA/RealFi, DeFi, AI, ZK, Infra, GameFi Join the Hackathon: https://www.hackquest.io/vi/hackathons/Mantle-Global-Hackathon-2025" -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Uniswap’s Trading API offers plug-and-play access to deep onchain and off-chain liquidity, delivering enterprise-grade crypto trading without the complexity - from one of the most trusted teams in DeFi. Click to get started with seamless, scalable access to Uniswap’s powerful onchain trading infrastructure. https://hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks -- Timestamps: (00:00) Intro (01:24) How Theia & Compound Are Positioned (05:58) Thoughts On Valuation Debate (10:50) Do Narratives & Storytelling Drive Markets? (22:24) Ads (Zcash) (23:01) Tension Between Old & New Investors (25:27) Having A View On Public Markets (28:53) Will Crypto Be The Fastest Horse Again? (33:44) Who Outperforms: Majors or Apps? (35:43) Ads (Zcash) (36:20) Identifying Durable Vs Ephemeral Advantages (40:49) State Of Crypto Liquid Funds (45:51) Activist Investing In Crypto (47:48) Ads (Mantle, Geodnet, Uniswap) (50:41) Views On Prediction Markets (53:55) Biggest Market Opportunities (01:01:36) Water Supercycle? — Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.