Uploaded November 2025 | Updated September 2026, 2 days ago
This week, we're back to discuss the top stories of the week. We deep dive into Klarna's stablecoin launch, the state of crypto VC, where to allocate in crypto today, Hyperliquid's launch of equity perps & more. Enjoy!
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Follow Jason: https://x.com/JasonYanowitz
Follow Rob: https://x.com/HadickM
Follow Santi: https://x.com/santiagoroel
Follow Empire: twitter.com/theempirepod
--
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
--
Referenced In The Show:
Jeff Yass - youtube.com/watch?v=qU9N75Fe1yU
Part 1: My Life Is a Lie - yesigiveafig.com/p/part-1-my-life-is-a-lie?publication_id=1272022&post_id=179492574&isFreemail=false&r=5205r&triedRedirect=true
Competition is for Losers with Peter Thiel - youtube.com/watch?v=3Fx5Q8xGU8k
--
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
--
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
--
This Empire episode is brought to you by VanEck.
Learn more about the VanEck Onchain Economy ETF (NODE): 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. hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks
--
00:00 Intro
07:14 Klarna Launches KlarnaUSD
17:25 Ads (Zcash, Katana)
18:41 Where To Allocate In Crypto?
41:03 The State of Crypto VC
44:16 Ads (Zcash, Katana)
45:32 The Prediction Market Wars
57:28 Ads (VanEck, Geodnet, Uniswap)
59:50 Hyperliquid Launches Equity Perps
01:07:21 Coinbase To Acquire Vector.fun
01:18:00 Berachain & Nova Digital’s $25 Million Refund Right
01:26:41 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, we're back to discuss the top stories of the week. We deep dive into Klarna's stablecoin launch, the state of crypto VC, where to allocate in crypto today, Hyperliquid's launch of equity perps & more. Enjoy!
--
Follow Jason: https://x.com/JasonYanowitz
Follow Rob: https://x.com/HadickM
Follow Santi: https://x.com/santiagoroel
Follow Empire: twitter.com/theempirepod
--
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
--
Referenced In The Show:
Jeff Yass - youtube.com/watch?v=qU9N75Fe1yU
Part 1: My Life Is a Lie - yesigiveafig.com/p/part-1-my-life-is-a-lie?publication_id=1272022&post_id=179492574&isFreemail=false&r=5205r&triedRedirect=true
Competition is for Losers with Peter Thiel - youtube.com/watch?v=3Fx5Q8xGU8k
--
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
--
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
--
This Empire episode is brought to you by VanEck.
Learn more about the VanEck Onchain Economy ETF (NODE): 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. hub.uniswap.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=ww_web_bw_awa_trading-api_20251117_podcast_clicks
--
00:00 Intro
07:14 Klarna Launches KlarnaUSD
17:25 Ads (Zcash, Katana)
18:41 Where To Allocate In Crypto?
41:03 The State of Crypto VC
44:16 Ads (Zcash, Katana)
45:32 The Prediction Market Wars
57:28 Ads (VanEck, Geodnet, Uniswap)
59:50 Hyperliquid Launches Equity Perps
01:07:21 Coinbase To Acquire Vector.fun
01:18:00 Berachain & Nova Digital’s $25 Million Refund Right
01:26:41 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.
![DAS Takeaways, Crypto’s Largest Liquidation Ever & Have We Peaked? | Weekly Roundup
This week, we break down the fallout from crypto’s largest-ever liquidation event. We deep dive into the problem with cryptos market structure, has the DAT bubble burst, Binances listing process, takeaways from DAS & more. Enjoy!
Follow Rob: https://x.com/HadickM
Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
Start your day with crypto news, analysis and data from David Canellis.
Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemons Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults.
Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo!
peaq, the Machine Economy Computer, proudly sponsors the Empire podcast.
peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots.
It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub.
For more about peaq, check out www.peaq.xyz
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
00:00 Introduction
01:17 DAS Takeaways
05:36 Crypto’s Largest Liquidation Ever
13:37 Ads (Blockdaemon, Peaq)
14:47 Perps, Crypto Liquidity & Market Structure
27:15 Ads (Blockdaemon, Peaq)
28:26 Binance’s Listing Process
43:43 Ads (Katana)
44:29 The DAT Bubble Has Burst
57:00 Has This Cycle Peaked?
01:05:20 Deals 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. DAS Takeaways, Crypto’s Largest Liquidation Ever & Have We Peaked? | Weekly Roundup](https://i.ytimg.com/vi/GFIQH7u8Yko/mqdefault.jpg)


![The Crypto Treasury Playbook
Gm! Ben Forman and Josh Solesbury from ParaFi Capital join Yano for this episode to dive into all the details, developments, the good and the bad and the future for publicly traded crypto vehicles!
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
Follow Josh: https://x.com/joshsolesbury
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees.
SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
Mantle is building the financial infrastructure for a tokenised future—bridging traditional finance and on-chain innovation through six integrated product pillars: Mantle Network, mETH Protocol, Function BTC, and the upcoming launches of MantleX, Mantle Banking, and the Mantle Index Four (MI4) Fund. Anchored by one of the largest community-governed treasuries in the industry, valued at over $4 billion, Mantle is delivering institutional-grade products designed for global capital markets.
Follow Mantle on X: https://x.com/Mantle_Official
Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.
The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live.
Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.
Visit https://www.ledn.io to learn more.
Chapters:
00:00 Intro
01:58 Parafi Investor Letter
02:54 Digital Asset Treasuries Overview Today
10:10 Ads (Skale, Katana)
11:57 Why Q2 + Q3 For Public Crypto Treasuries?
17:09 Largest Convertible Issuer
23:51 Scale of Public Crypto Treasury Vehicles
25:23 Ads (Skale, Katana)
27:11 Green Flags To Launch A Treasury Company
40:00 Reputational Risks
43:25 Why dont Treasury vehicles Impact native token price action
51:26 Ads (Mantle, Zenrock, ,LEDN)
53:56 Crypto Treasury Vehicles For Top 50
01:01:05 Low Capital Market Crypto Liquidity
01:03:15 Top Signals
01:10:09 The End Game
—
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. The Crypto Treasury Playbook](https://i.ytimg.com/vi/H86jVMqyr-w/mqdefault.jpg)


![Winners & Losers From PUMP’S ICO With Santi & Rob Hadick | Weekly Roundup
Happy Friday! On this roundup, Rob Hadick joins Santi and Yano again this week to discuss PUMP’S ICO, the future of creator driven revenue online, drama at Polymarket, where the best builders are today in the industry and how Agora is elevating stablecoins!
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
Follow Rob: https://x.com/HadickM
Follow Santi: https://x.com/santiagoroel
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
Mantle is building the financial infrastructure for a tokenised future—bridging traditional finance and on-chain innovation through six integrated product pillars: Mantle Network, mETH Protocol, Function BTC, and the upcoming launches of MantleX, Mantle Banking, and the Mantle Index Four (MI4) Fund. Anchored by one of the largest community-governed treasuries in the industry, valued at over $4 billion, Mantle is delivering institutional-grade products designed for global capital markets.
Follow Mantle on X: https://x.com/Mantle_Official
Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.
The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live.
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
03:07 Pump ICO
12:52 Ads (Geodnet, Bitwise)
14:29 Creator Strategy
23:55 Pump’s Revenue Clarity
26:31 Solana’s Future
29:40 Where Are The Best Builders?
35:45 Ads (Geodnet, Bitwise)
37:22 Acquisitions
48:24 Ads (Mantle, Zenrock, ,Citrea)
50:42 Zelensky Suit Polymarket Drama
01:00:27 Agora
—
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. Winners & Losers From PUMP’S ICO With Santi & Rob Hadick | Weekly Roundup](https://i.ytimg.com/vi/Ia3w8NVBZn0/mqdefault.jpg)
![Macro Updates, Industry Narratives & Big Tech Coming For Crypto | PERMISSIONLESS IV Recap Bonus Ep.
This week, were excited to share with our community a bonus episode which recaps PERMISSIONLESS IV, which just took place this past week in Brooklyn, NY. While Santi and Jason are not in this episode, the episode does feature some of the biggest names in the Blockworks podcast family and we hope you enjoy all the alpha!
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
Follow Boccaccio: https://x.com/salveboccaccio
Follow Danny: https://x.com/defi_kay_
Follow Rizzo: https://x.com/pete_rizzo_
Follow Felix: https://x.com/fejau_inc
Follow Jack: https://x.com/whosknave
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees.
SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.
Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
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.
Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.
Visit https://www.ledn.io to learn more.
Chapters:
00:00 Intro
01:21 Permissionless IV Takeaways
07:21 Big Industry Narrartives & Themes
12:24 Ads (Katana)
13:28 Stablecoins’ Future
19:05 Macro Outlook
22:08 Ads (Katana)
23:12 Big Tech Overloads
31:03 Predictions We Made That Were Wrong
—
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. Macro Updates, Industry Narratives & Big Tech Coming For Crypto | PERMISSIONLESS IV Recap Bonus Ep.](https://i.ytimg.com/vi/IgqYQgi2s0A/mqdefault.jpg)

![The Bull Market Confirmed | Weekly Roundup
Happy Friday, Yano and Santi are back for another roundup and we can officially say the bull market is back. From M&A, Pump’s ICO, and Santi and Yano’s market takes, this roundup dives deep into how to think about navigating in the 4th stage of the cycle!
Article Yano referenced - https://oldcoinbad.com/p/long-degeneracy
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
Follow Santi: https://x.com/santiagoroel
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
Mantle is pioneering Blockchain for Banking as a revolutionary new category that sits at the intersection of TradFi and web3.
Key elements for Mantle as the Blockchain for Banking:
- Transactions posted to the blockchain
- Compatibility with TradFi rails
- Integrated DeFi features
UR, built by Mantle, is the first real-world example: an on-chain money app offering Swiss IBANs and unified access to fiat (EUR, CHF, USD, RMB) and crypto — bringing crypto into everyday finance.
Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.
Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the Blockchain for Banking.
Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.
The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live.
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:
02:25 Market Update
06:07 Stage 4 Of The Cycle
12:48 Ads (Geodnet, Bitwise)
14:25 Bitcoin & Ethereum
23:50 Pump’s ICO
32:24 Ads (Geodnet, Bitwise)
34:00 Crypto Bull Market
55:07 Ads (Mantle, Zenrock, ,Citrea)
57:20 M&A Updates
01:05:48 LQR House
01:08:15 Weekly Content Recs
—
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. The Bull Market Confirmed | Weekly Roundup](https://i.ytimg.com/vi/K009oxS0qL0/mqdefault.jpg)
