Uploaded August 2026 | Updated September 2026, 2 days ago
Is DeFi’s future invisible financial infrastructure?
This week, Cofounder & CEO of Morpho, Paul Frambot, joins to explore Morpho’s ambition to bring global credit markets onchain for fintechs and institutions.
We discuss Midnight and fixed-rate lending, network effects, token-equity alignment, scaling distribution, and why direction can matter more than speed. Enjoy!
TIMESTAMPS:
00:00 Intro
00:19 Morpho’s Market And Token Thesis
09:00 Ribbit’s Role In Morpho
11:50 Morpho And Midnight Explained
20:42 Why DeFi Becomes Infrastructure
26:29 First Principles Beat Fast Execution
29:30 Building Crypto’s GTM Machine
37:52 Scaling Morpho Without Losing Direction
42:19 Funding A $200 Trillion Ambition
47:47 Where Morpho Grows Next
57:37 Midnight’s Path Beyond Crypto Credit
01:03:18 Agents And The Regulatory Frontier
FOLLOW PAUL
› X/Twitter – https://x.com/PaulFrambot
› Morpho – https://x.com/Morpho
FOLLOW THE SHOW
› Empire – https://x.com/theempirepod
› Jason – https://x.com/jasonyanowitz
› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh
› Blockworks – https://x.com/Blockworks
EVENTS
› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th
blockworks.com/events
DISCLAIMER
Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
Is DeFi’s future invisible financial infrastructure?
This week, Cofounder & CEO of Morpho, Paul Frambot, joins to explore Morpho’s ambition to bring global credit markets onchain for fintechs and institutions.
We discuss Midnight and fixed-rate lending, network effects, token-equity alignment, scaling distribution, and why direction can matter more than speed. Enjoy!
TIMESTAMPS:
00:00 Intro
00:19 Morpho’s Market And Token Thesis
09:00 Ribbit’s Role In Morpho
11:50 Morpho And Midnight Explained
20:42 Why DeFi Becomes Infrastructure
26:29 First Principles Beat Fast Execution
29:30 Building Crypto’s GTM Machine
37:52 Scaling Morpho Without Losing Direction
42:19 Funding A $200 Trillion Ambition
47:47 Where Morpho Grows Next
57:37 Midnight’s Path Beyond Crypto Credit
01:03:18 Agents And The Regulatory Frontier
FOLLOW PAUL
› X/Twitter – https://x.com/PaulFrambot
› Morpho – https://x.com/Morpho
FOLLOW THE SHOW
› Empire – https://x.com/theempirepod
› Jason – https://x.com/jasonyanowitz
› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh
› Blockworks – https://x.com/Blockworks
EVENTS
› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th
blockworks.com/events
DISCLAIMER
Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
![The Ether Machine Chairman: Real Risk of DATs, Who Wins From Stripe & Circle’s Chains | Roundup
0For this week’s roundup, Andrew Keys, from The Ether Machine, joins Yano, Santi and Rob to dive into the unique value prop that The Ether Machine offers investors, his thoughts on the overall DAT landscape and how DATs, outside of BTC and ETH, are likely too far down the risk curve. They also discuss the rise and proliferation of private L1s like Stripe’s and Circle’s and explore who the winners and losers will be of these new projects.
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 Andrew: https://x.com/AK_EtherMachine
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 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.
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 Introduction
02:06 Andrew Keys’ Background
03:24 Why ETH Not BTC
15:14 Why DATs
24:44 Ads (Geodnet, Bitwise)
26:21 Has The Vision Been Co-opted?
35:57 DAT Rollups + M&As
38:59 DATs Beyond BTC + ETH
43:03 Ads (Geodnet, Bitwise)
44:40 ETFs Are Flawed
50:34 Other Worthwhile Ecosystems
54:58 L1 Private Chain Launches
1:06:25 Ads (Mantle, Citrea)
1:08:04 Stripe’s L1 + Paradigm
1:13:32 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 Ether Machine Chairman: Real Risk of DATs, Who Wins From Stripe & Circle’s Chains | Roundup](https://i.ytimg.com/vi/KHGEZf0TnzY/mqdefault.jpg)

![It’s A Bull Market But Not The One You Wanted With Rob Hadick & Santiago Santos | Weekly Roundup
Happy 4th of July to our stateside followers! On this episode, Rob Hadick joins Santi to review the biggest news of the week focusing in on stablecoins, Circle IPO butterfly effects, robinhood’s arbitrum tokenization announcement at Cannes at ECC, 12 month outlook and the biggest opportunities today in crypto.
Robs Stablecoin Article - https://x.com/HadickM/status/1934680037795705133
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
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
02:08 Stablecoin Sentiment & Insights
22:40 Ads (Geodnet, Bitwise)
24:16 Evolution of LPs
27:02 Robinhood At ECC
42:14 Ads (Geodnet, Bitwise)
43:51 Mirror Tokens Explained
47:32 Talking About Crypto With TradFi
59:56 Ads (Ledger, Citrea)
01:01:27 2025 Exceeds Expectations
01:03:18 12 Month Outlook
01:08:59 BIG Opportunities In Crypto
—
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. It’s A Bull Market But Not The One You Wanted With Rob Hadick & Santiago Santos | Weekly Roundup](https://i.ytimg.com/vi/Kis7dFabcNk/mqdefault.jpg)



![The State of Crypto, 2026 Predictions & Espressos Token Launch | Jill Gunter
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 Cryptos 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. The State of Crypto, 2026 Predictions & Espressos Token Launch | Jill Gunter](https://i.ytimg.com/vi/MD-zdhCfAPo/mqdefault.jpg)



