Uploaded April 2026 | Updated September 2026, 2 days ago
This week, Adrian Cachinero Vasiljevic & Luca Prosperi join the show to discuss what's next for DeFi in 2026. We deep dive into why are rates so low in DeFi today, how to mitigate risk, the growth of stablecoins, the fallout from Drift's exploit, the opportunity for prediction markets and more. Enjoy!
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Follow Adrian: https://x.com/adcv_
Follow Luca: https://x.com/LucaProsperi
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://x.com/theempirepod
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Referenced in the show:
https://kitchen.steakhouse.financial/
# 68 | The Physics of On-Chain Lending (I): dirtroads.substack.com/p/68-the-physics-of-on-chain-lending?triedRedirect=true
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ZKsync is the Bank Stack of Ethereum. It is a network of chains secured by cryptography, not validators. Its cutting-edge ZK innovation enables the privacy, performance and connectivity that businesses need to thrive in the digital assets economy.
To find out more visit: zksync.io
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Timestamps:
00:00 Introduction
03:42 Why Are Rates in DeFi So Low?
16:32 The Physics of Onchain Lending
24:33 ZKsync Ad
25:16 The Biggest Risk In DeFi Today
52:58 What’s Next For DeFi In 2026 & Beyond?
01:02:18 How To Mitigate Risk In DeFi
01:09:43 Fallout From Drift’s $280M Exploit
01:15:15 Prediction Markets
01:19:52 What's Exciting In Crypto Today?
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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, Adrian Cachinero Vasiljevic & Luca Prosperi join the show to discuss what's next for DeFi in 2026. We deep dive into why are rates so low in DeFi today, how to mitigate risk, the growth of stablecoins, the fallout from Drift's exploit, the opportunity for prediction markets and more. Enjoy!
--
Follow Adrian: https://x.com/adcv_
Follow Luca: https://x.com/LucaProsperi
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://x.com/theempirepod
--
Referenced in the show:
https://kitchen.steakhouse.financial/
# 68 | The Physics of On-Chain Lending (I): dirtroads.substack.com/p/68-the-physics-of-on-chain-lending?triedRedirect=true
--
ZKsync is the Bank Stack of Ethereum. It is a network of chains secured by cryptography, not validators. Its cutting-edge ZK innovation enables the privacy, performance and connectivity that businesses need to thrive in the digital assets economy.
To find out more visit: zksync.io
--
Timestamps:
00:00 Introduction
03:42 Why Are Rates in DeFi So Low?
16:32 The Physics of Onchain Lending
24:33 ZKsync Ad
25:16 The Biggest Risk In DeFi Today
52:58 What’s Next For DeFi In 2026 & Beyond?
01:02:18 How To Mitigate Risk In DeFi
01:09:43 Fallout From Drift’s $280M Exploit
01:15:15 Prediction Markets
01:19:52 What's Exciting In Crypto Today?
--
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.








![Token Transparency and The Hot Ball of Money (Hyperliquid/Circle) | Weekly Roundup
On this week’s Roundup, Yano and Santi explore Blockworks’ recently released Token Transparency framework, discuss the passing of the GENIUS act through the senate, and continue to marvel and engage with the fire plays right now - Hyperliquid and CRCL.
Start your day with crypto news, analysis and data from Katherine Ross.
Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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]
Get up to speed on the biggest stories in crypto each week. In five minutes.
Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire
Ledger, the global leader in digital asset security, proudly sponsors Expansion! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.
Buy now on https://shop.ledger.com/?r=1da180a5de00.
Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi.
Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo
Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz
Chapters:
00:00 Intro
01:24 Token Transparency Launch
22:30 Ads (Geodnet, Bitwise)
24:06 Permissionless
27:26 Stablecoin Summer
30:27 Market Update
39:45 Ads (Geodnet, Bitwise)
41:22 Hyperliquid
54:10 Ads (Ledger, Citrea)
55:41 Tron + USD1
01:01:21 Cycle Top?
01:12:20 Eigen Cloud
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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. Token Transparency and The Hot Ball of Money (Hyperliquid/Circle) | Weekly Roundup](https://i.ytimg.com/vi/hMrlrbAACeM/mqdefault.jpg)

