Uploaded December 2025 | Updated September 2026, 2 days ago
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!
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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: twitter.com/theempirepod
Compound Annual Meeting: https://x.com/mhdempsey/status/1999119478936785108?s=20
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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: hackquest.io/vi/hackathons/Mantle-Global-Hackathon-2025"
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Discover how GEODNET is changing the world: [https://geodnet.com]
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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. hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks
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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.
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: 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: 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: 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. 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.
