Empire

Latest Episodes:

Hyperliquid Just Had It's Breakout Moment May 22, 2026

Show notes

This week, we’re back with another weekly roundup to discuss why Hyperliquid is having its breakout moment by capitalizing on the trillion dollar IPO wave. We then deep dive into whether we’re entering a new bull market, if Ethereum is overvalued, SpaceX’s IPO, and more. Enjoy!

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Timestamps:

(00:00) Introduction

(02:20) Hyperliquid’s Breakout Moment

(23:38) SpaceX's IPO

(29:15) Are We Entering A New Bull Market?

(36:15) Why Ethereum Is Overvalued

(53:28) 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, Rob and our guests may hold positions in the companies, funds, or projects discussed.

Figure Co-Founder: How Figure Became A $10B Business | Mike Cagney May 19, 2026

Show notes

This week, Mike Cagney joins the show to discuss Figure and how it became the leading non-bank HELOC lender in the U.S. We deep dive into how Figure leverages blockchain rails to scale the next evolution of capital markets before Mike shares his thoughts on tokenization, being a public vs private company, how to fix tokens and more. Enjoy!

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Timestamps:

(00:00) Introduction

(03:20) How Do Blockchains Disrupt Capital Markets?

(09:28) Why Did Mike Build Figure?

(27:00) Will Figure Launch a Wallet?

(38:05) SoFi’s Superbowl Ads

(45:42) Tokenizing Equities

(55:08) The Provenance Blockchain

(01:01:46) Being a Public vs Private Company

(01:07:18) How To Fix Tokens

(01:12:27) What’s Next For Crypto In 5 Years?

AI Feels Like Crypto In 2017, Circle Raises $222M and Anthropic Cracks Down On SPVs May 14, 2026

Show notes

This week, we’re back with another weekly roundup to discuss the current AI mania and how it feels similar to crypto in 2017. We then deep dive into Circle's $222M raise, expectations for the Clarity Act, Anthropic's crackdown on SPVs and more. Enjoy!

Follow Jason: https://x.com/JasonYanowitz

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Timestamps:

(00:00) Introduction

(05:44) AI Today Feels Like Crypto In 2017

(27:12) Circle Raises $222M

(46:15) The Clarity Act

(59:03) Anthropic Cracks Down On SPV’s

(01:10:30) Content of The Week

How KelpDAO's $290M Exploit Nearly Killed DeFi | Stani Kulechov & Mike Silagadze May 04, 2026

Show notes

This week, Stani Kulechov & Mike Silagadze join the show to discuss the aftermath of the KelpDAO exploit. We deep dive into why this hack could have potentially killed DeFi, launching the DeFi United fund, how to mitigate against future hacks, why DeFi tokens are uninvestable and more .Enjoy!

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This episode is brought to you by Fidelity Crypto. Learn more at https://Fidelity.com/crypto

Fidelity Crypto was built in-house with over a dozen years of crypto experience. So you can trade crypto and stocks in one place at Fidelity, backed by industry-leading security. Fidelity Crypto. We're here to help you feel good about investing in crypto.

Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of complete loss. Securities offered by Fidelity Brokerage Services, LLC. Member NYSE, SIPC.

Timestamps:

(00:00) Introduction

(04:08) How The KelpDAO Exploit Could Have Killed DeFi

(14:13) Fidelity Crypto Ad

(14:48) Launching DeFi United

(30:12) Fidelity Crypto Ad

(30:52) The Future of Aave & EtherFi

(39:00) DeFi’s Speculative Premium

(43:00) How To Prevent DeFi Hacks?

(53:00) Why DeFi Tokens Are Uninvestable

Big Tech Earnings, DeFi United and Pump Fun’s Token Burn May 01, 2026

Show notes

This week, we’re back with another weekly roundup to discuss the current state of markets during earnings season. As equities push to new all time highs on stronger than expected results, we take a closer look at Robinhood’s numbers, the DeFi United recovery fund, Pump.fun’s token burn announcement and more. Enjoy!

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This episode is brought to you by Fidelity Crypto. Learn more at https://Fidelity.com/crypto

Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of complete loss. Securities offered by Fidelity Brokerage Services, LLC. Member NYSE, SIPC.

Timestamps:

(00:00) Introduction

(04:00) Takeaways From Earnings

(20:10) Fidelity Crypto Ad

(20:45) Stablecoin Chains

(24:28) State of The Market

(30:12) The DeFi United Recovery Fund

(42:04) Fidelity Crypto Ad

(42:45) Pump Fun’s Token Burn

(55:58) Content of The Week

A Quantum Fork is Coming to Bitcoin | Alex Pruden & Philip Martin Apr 27, 2026

Show notes

This week, Alex Pruden & Philip Martin join the show to discuss Bitcoin's rising quantum threat. We deep dive into what is the risk from quantum, what to do with Satoshi's coins, will we see a Bitcoin fork, how does DeFi mitigate hacks, how to protect your privacy and more. Enjoy!

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This episode is brought to you by Fidelity Crypto. Learn more at https://Fidelity.com/crypto

Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of complete loss. Securities offered by Fidelity Brokerage Services, LLC. Member NYSE, SIPC.

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: https://www.zksync.io/

Timestamps:

(00:00) Introduction

(01:02) The Quantum Computing Risk

(08:50) Bitcoin’s Quantum Risk

(12:20) Fidelity Crypto Ad

(12:55) What To Do With Satoshi’s Coins?

(35:12) Fidelity Crypto Ad

(35:52) The Biggest Threat to Bitcoin

(38:35) How Does DeFi Mitigate Hacks?

(46:27) Are Stablecoins At Risk To Quantum?

(50:15) ZKsync Ad

(50:49) How To Secure Your Privacy

(54:57) What's The Timeline For Quantum?

DeFi’s Latest $290M Hack, Kalshi vs Polymarket & Will the Clarity Act Pass? Apr 24, 2026

Show notes

This week, we’re back with another weekly roundup to discuss the latest DeFi exploit of KelpDAO which saw $290M in funds exploited. We deep dive into how to resolve the recent exploits in DeFi, the rivalry between Kalshi and Polymarket, will the Clarity Act pass and more. Enjoy!

Follow Jason: https://x.com/JasonYanowitz

Follow Santi: https://x.com/santiagoroel

Follow Rob: https://x.com/HadickM

Follow Empire: https://x.com/theempirepod

This episode is brought to you by Fidelity Crypto. Learn more at https://Fidelity.com/crypto

Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of complete loss. Securities offered by Fidelity Brokerage Services, LLC. Member NYSE, SIPC.

To find out more visit: https://www.zksync.io/

Timestamps:

(00:00) Introduction

(02:25) The Fallout From KelpDAOs Exploit

(18:08) Fidelity Crypto Ad

(18:43) Crypto Is At An Inflection Point

(39:10) Fidelity Crypto Ad

(39:51) Kalshi & Polymarket Push To Launch Perps

(01:00:58) ZKsync Ad

(01:01:33) Will The Clarity Act Pass?

(01:04:53) What Is USDai?

(01:09:52) Content of The Week

The Blockworks Vision Apr 22, 2026

Show notes

This week, Jason and Mippo sat down to discuss the Blockworks rebrand! They examine the trust problem in crypto, onchain capital markets, disclosure frameworks, industry consolidation, and Blockworks’ evolution over the years. Enjoy!

–

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Timestamps:

(00:00) Introduction

(02:10) The Current State of Crypto

(07:08) Crypto’s Trust Problem

(09:12) Blockworks’ Solution

(12:02) The Data Behind Tokens

(17:11) Blockworks’ Evolution

(25:00) Issues With Tokens

(35:25) The Blockworks Rebrand

(39:45) Crypto Sentiment

(43:51) Closing Comments

Solana vs Hyperliquid, Why Ethereum Is Overvalued & Crypto In 2026 | Logan Jastremski Apr 20, 2026

Show notes

This week, Logan Jastremski joins the show to discuss his current crypto thesis in 2026. We deep dive into who wins the competition for onchain trading volume between Solana and Hyperliquid, are L1s overvalued, Logan's highest conviction bets in 2026 and more. Enjoy!

Follow Logan: https://x.com/LoganJastremski

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To find out more visit: https://www.zksync.io/

Timestamps:

(00:00) Introduction

(01:02) Logan’s Crypto Thesis in 2026

(05:30) Are L1s Overvalued?

(16:02) Solana vs Hyperliquid

(29:40) ZKsync Ad

(30:15) Why Was Hyperliquid So Successful?

(43:35) Opportunities In 2026

(50:35) The Tesla Thesis

(56:54) Can Twitter Scale To A Finance Platform

(01:02:20) Which Would You Own: BTC vs NVDA

(01:05:28) Final Thoughts

Markets Bounce Back, The Hyperliquid Thesis and Kraken Raises $200M Apr 17, 2026

Show notes

This week, we’re back with another weekly roundup to discuss the current state of markets as the S&P hits a new all time high. We then deep dive into Tether's $150M recovery plan for Drift, Kraken's $200M raise, the impact on Microstrategy's $STRC, why have L2s underperformed and more. Enjoy!

Follow Jason: https://x.com/JasonYanowitz

Follow Santi: https://x.com/santiagoroel

Follow Empire: https://x.com/theempirepod

To find out more visit: https://www.zksync.io/

Timestamps:

(00:00) Introduction

(03:11) State of The Market

(12:40) The Hyperliquid Thesis

(25:18) ZKsync Ad

(25:52) Tether’s $150M Drift Recovery Plan

(28:17) The SEC’s New DeFi Guidance

(32:05) Microstrategy's $STRC