Uploaded May 2025 | Updated September 2026, 3 days ago
Gm! This week we're back with another weekly roundup live at Token2049. We deep dive into our biggest takeaways form the conference, Ethereum's next chapter, L1 valuations vs app development, the new era of crypto founders & more. Enjoy!
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Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/jasonyanowitz
Subscribe to Blockworks Daily Newsletter: blockworks.co/newsletter
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Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: blockworks.co/event/permissionless-iv
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Marinade Labs develops staking technologies that strengthen Solana.
In 2021, our protocol was the first to bring liquid staking to the network; today, our sophisticated, high-performance staking delegation platform brings billions in liquidity and security to the SOL market. We have solutions for both DeFi and TradFi, including liquid and native staking, as well as direct enterprise integrations.
Our best-in-market features include user downside protection (through protected staking rewards) and optimized delegation (via our automated auction marketplace). Cryptoasset investors worldwide, from individual traders to global institutions, use Marinade to earn rewards on their SOL treasuries and holdings. We are headquartered in New York, with offices in the European Union, including Prague. To learn more about Marinade, visit marinade.finance.
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Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today.
Buy now at Ledger.com
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WalletConnect is the onchain connectivity network . If you’ve connected to a Web3 app, you’ve seen WalletConnect. It’s everywhere—an icon of trust in crypto, as recognizable as Visa at checkout.
The numbers speak for themselves: Over 220 million connections and 35 million users worldwide use WalletConnect to power their Web3 experience. @WalletConnect on X and Telegram or visit https://WalletConnect.Network
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Timestamps:
00:00 Intro
01:39 Takeaways From Token2049
03:54 Ads (Marinade)
04:43 A New Era Of Crypto Founders
07:56 L1s vs Apps
09:24 Ads (Marinade)
10:13 Ethereum's Next Chapter
14:33 Launching A Chain
16:48 Ads (Ledger, WalletConnect)
18:18 CeFi vs DeFi Trade-Off's
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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.
Gm! This week we're back with another weekly roundup live at Token2049. We deep dive into our biggest takeaways form the conference, Ethereum's next chapter, L1 valuations vs app development, the new era of crypto founders & more. Enjoy!
--
Follow Santi: https://x.com/santiagoroel
Follow Jason: https://x.com/jasonyanowitz
Subscribe to Blockworks Daily Newsletter: blockworks.co/newsletter
--
Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: blockworks.co/event/permissionless-iv
--
Marinade Labs develops staking technologies that strengthen Solana.
In 2021, our protocol was the first to bring liquid staking to the network; today, our sophisticated, high-performance staking delegation platform brings billions in liquidity and security to the SOL market. We have solutions for both DeFi and TradFi, including liquid and native staking, as well as direct enterprise integrations.
Our best-in-market features include user downside protection (through protected staking rewards) and optimized delegation (via our automated auction marketplace). Cryptoasset investors worldwide, from individual traders to global institutions, use Marinade to earn rewards on their SOL treasuries and holdings. We are headquartered in New York, with offices in the European Union, including Prague. To learn more about Marinade, visit marinade.finance.
--
Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today.
Buy now at Ledger.com
--
WalletConnect is the onchain connectivity network . If you’ve connected to a Web3 app, you’ve seen WalletConnect. It’s everywhere—an icon of trust in crypto, as recognizable as Visa at checkout.
The numbers speak for themselves: Over 220 million connections and 35 million users worldwide use WalletConnect to power their Web3 experience. @WalletConnect on X and Telegram or visit https://WalletConnect.Network
--
Timestamps:
00:00 Intro
01:39 Takeaways From Token2049
03:54 Ads (Marinade)
04:43 A New Era Of Crypto Founders
07:56 L1s vs Apps
09:24 Ads (Marinade)
10:13 Ethereum's Next Chapter
14:33 Launching A Chain
16:48 Ads (Ledger, WalletConnect)
18:18 CeFi vs DeFi Trade-Off's
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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.
![No, We Have Not Topped | Weekly Roundup
Happy Friday! On this week’s Roundup, Yano and Santi are joined by Ro to dive in and explore the signals, indicators and metrics that might or might not point to a top of the cycle. From Chamath’s SPAC, borrowing and lending numbers, Kanye meme coins, NFTs and more all provide unique insights into the potential frothy Q4 ahead of us.
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
Follow Roshun: https://x.com/roshunpatel
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 - Intro
04:01 Top Indicators Explored
25:33 Ads (Geodnet, Bitwise)
27:02 Lending Markets & Leverage
45:55 Private Markets
54:38 Ads (Geodnet, Bitwise)
56:00 Ads (Mantle,Citrea)
57:36 Overlooked Sectors
01:12:30 Content Recs
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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. No, We Have Not Topped | Weekly Roundup](https://i.ytimg.com/vi/n-HRRoTpJUY/mqdefault.jpg)
![Finding Alpha In Crypto, Mamdani Wins & The AI Gold Rush | Weekly Roundup
This week, Pranav Kanade joins the show to discuss the current state of markets. We deep dive into how Pranav finds alpha in crypto, Mamdanis win in NY, have we topped, are L1s overpriced, why the hot money is in AI & more. Enjoy!
Follow Pranav: https://x.com/vaneckpk
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
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/
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 Intro
02:49 The Opportunity For Tokenization
10:27 Mamdani Wins In NY
27:35 Finding Alpha In Crypto
32:05 Ads (Zcash, Katana)
33:17 Are L1s Overpriced?
36:18 Can People Actually Outperform BTC?
45:32 Have We Topped?
49:47 The Hot Money Is In AI
59:08 Ads (Zcash, Katana)
01:00:21 Can Crypto Ever Get To 100m+ Active Users?
01:12:42 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. Finding Alpha In Crypto, Mamdani Wins & The AI Gold Rush | Weekly Roundup](https://i.ytimg.com/vi/nndl0glVtBg/mqdefault.jpg)



![The Biggest Winner from Hyperliquid’s USDH | Weekly Roundup
Were back to discuss the top stories of the week. We deep dive into how crypto can redefine private equity, who wins from the battle for USDH, Figures IPO, could DeFi projects go public & 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
Referenced in the show:
A letter from Mike Cagney, Figure’s co-founder and executive chairman - https://www.figure.com/newsroom/company-voices/a-letter-from-mike-cagney-figure-co-founder-and-executive-chairman/
False Claim From Story: “vast majority was bought from founder”
Response:
This is simply not true. The vast majority was acquired from the Foundation in two transactions. First, the Foundation contributed $IP (at a discount) for shares in CASK. Additionally, the cash PIPE proceeds were used to buy tokens at a discount. These two transactions represent most of the total token balance held by CASK. The shareholder ownership for the Foundation and SY individually are all public in the S-1 filing. See page 153-157.
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]
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
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.
Timestamps:
00:00 Introduction
02:50 Inversion Raises $26.5M
10:51 A New Era For Private Equity
25:54 Hyperliquid’s USDH Proposal
47:31 Ad (Mantle, Geodnet)
48:54 The Stablecoin Superbowl: Who Wins?
1:02:08 Takeaways From Figure’s IPO
01:14:45 Could DeFi Projects Go Public?
01:16:37 Content Of The Week
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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. The Biggest Winner from Hyperliquid’s USDH | Weekly Roundup](https://i.ytimg.com/vi/pKAcEZx0aww/mqdefault.jpg)
![Ethereum’s Valuation, Saylor’s Next Move, and Prediction Markets | Weekly Roundup
This week, Santi and Rob discuss market volatility, MicroStrategy’s financial health, and Ethereum’s valuation. They also dive into current macro conditions, recent Tether FUD, and prediction markets. 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: https://twitter.com/theempirepod
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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/
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]
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
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[Timestamps]
00:00 Intro
04:40 The L1 Valuation Debate
16:28 Ads (Zcash, Katana)
17:44 The Markets Lack of Liquidity
30:07 Ads (Zcash, Katana)
31:24 Thoughts on Saylor & MicroStrategy
46:25 Ads (VanEck, Geodnet,Uniswap)
48:47 Recent Tether FUD
57:47 Thoughts on Prediction Markets
01:09:18 Kraken Acquires xStocks
01:12:04 Favorite Christmas Movies
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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. Ethereum’s Valuation, Saylor’s Next Move, and Prediction Markets | Weekly Roundup](https://i.ytimg.com/vi/pW5thkZnz5c/mqdefault.jpg)
![Inside Coinbase’s $375m Acquisition of Echo | Shan Aggarwal
This week, we’re joined by Coinbase’s Chief Business Officer, Shan Aggarwal, to discuss their acquisition of Echo. We dive into Coinbase’s strategy to bring capital markets onchain, Echo’s role in compliant onchain fundraising, integration of acquired teams, tokenized equities, prediction markets, and Coinbase’s broader goal of becoming an all-encompassing financial platform. Enjoy!
–
Follow Shan: https://x.com/ShanAggarwal
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]
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
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.
Timestamps:
00:00 Introduction
01:18 Shans Background
05:42 Acquiring Echo
15:49 Ads (Blockdaemon, Peaq)
17:01 Coinbases End Goal
21:19 Coinbase Listings
25:02 Coinbase Ventures
29:30 Ads (Blockdaemon, Peaq)
30:42 Advice for Founders
33:08 The Acquisition Process
41:27 Ads (Katana, Mantle)
43:04 Thoughts on Predictions Markets
57:56 Do Cycles Still Exist?
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. Inside Coinbase’s $375m Acquisition of Echo | Shan Aggarwal](https://i.ytimg.com/vi/r11_UZnMRiU/mqdefault.jpg)


