Empire

Latest Episodes:

The Bull Case For DePIN, RWAs on Hyperliquid & The Onchain Endgame | Weekly Roundup Jan 30, 2026

Show notes

This week, we break down the evolving DePIN thesis, from real revenue traction to infra financing, regulation, and why some networks are finally compounding at scale. We also discuss the boom in Hyperliquid RWAs, bringing money & companies onchain, 2026 IPOs, and more. Enjoy!

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Timestamps:

(00:00) Intro

(00:44) Escape Velocity $61.74M Raise

(05:500 The Case For DePIN

(12:34) InfraFi And Bringing Money Onchain

(22:07) Bear Case For DePIN And Top DePINs

(30:57) Ads (Coinbase)

(31:42) Metals And Hyperliquid RWAs

(43:31) Crypto Integration Into FinTech

(55:18) The State Of Compliance

(58:49) 2026 IPOs

(01:04:38) The Carvana Of Crypto

(01:09:220 Content Of The Week

(01:15:29) Claude Cowork

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.

Why Kraken Is Betting Big on Onchain Vaults | John Zettler & Sun Raghupathi Jan 26, 2026

Show notes

This week, we’re joined by John Zettler, Director of Product at Kraken and Sun Raghupathi, Co-founder of Veda, to discuss their collaboration to bring onchain vaults to Kraken! We explore the growth of onchain vaults, how vaults package DeFi lending and yield strategies, vault mechanics, risk management, business models, comparisons to past yield products, and implications for DeFi adoption and future TVL growth. Enjoy!

Resources

2026 Predictions Episode: https://youtu.be/yagd3CT2VQk?si=G1cFXBpODiWZ-pQR

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Timestamps:

(02:45) What is a vault

(09:26) The Evolution of Vaults

(14:31) Vault Key Parties

(21:49) Vault Business Models

(29:14) Building Vaults with Coinbase and Morpho

(33:29) Vaults Today vs BlockFi & Celsius

(37:42) Bringing Vaults to Kraken

(39:55) Determining Yield & Adding More Vaults

(41:51) What made Yano Bullish on Vaults

(45:52) Behind the Scenes

(50:24) Vault Risks

(56:37) Morpho's Model vs Veda's Model

(57:59) Closing Comments on Vaults and DeFi TVL

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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.

AI Breaking Software Economics, CLARITY Bill, & Debating BitGo’s IPO | Weekly Roundup Jan 23, 2026

Show notes

This week, we discuss Claude and the ongoing AI acceleration, AI’s impact on VC and SaaS, and the latest draft of the CLARITY Bill. We also dig into BitGo’s upcoming IPO, Polygon’s latest acquisitions, the Farcaster Sale, Larry Fink’s WEF comments, and more. Enjoy!

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https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_empire&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=empire

Timestamps:

(00:00) Intro

(02:55) Claude And The AI Acceleration

(11:53) Leveraging Expertise, Competing Models & Company Structure

(21:02) AI’s Impact On VC And SaaS

(31:590 Ads (Coinbase)

(32:44) Unpacking The CLARITY Bill

(41:00) BitGo’s IPO

(53:53) Polygon Acquisitions

(01:00:47) Farcaster Sale & Decentralized Social

(01:08:30) Larry Fink And Content Of The Week

Hivemind: Bitcoin Volatility, Perp DEX Trends, and Crypto Market Cycles Jan 22, 2026

Show notes

This week, the Hivemind team discusses Bitcoin’s recent price action, macro and equity market influences, perp DEX activity, and their outlooks on Solana, Hyperliquid, Lighter, and PumpFun. They also cover privacy coins, equity perps, and market cycles. Enjoy!Thanks for tuning in!

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TIMESTAMPS

(00:00) Introduction

(01:39) Market Outlook

(14:34) Saylor’s Buys & Onchain Trends

(27:10) Robinhood’s Equity Perps

(29:44) Thoughts on Lighter

(42:43) Monero vs Zcash

(54:55) Market Cycles

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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, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

Quadrillions: How to Win the World | Chris Maurice Jan 21, 2026

Show notes

In this episode, Chris Maurice, Co-founder & CEO of Yellow Card, joins us to explore how compliant crypto rails are reshaping everyday money movement across Africa. We dig into stablecoins as practical financial tools, the regulatory groundwork that makes them usable, and what it takes to build a pan-African fintech that can withstand FX volatility, fragmented payment systems, and shifting policy environments.

Quadrillions brings together the voices defining the next era of finance. From institutional rails to stablecoins and privacy, the series dives into how traditional markets, crypto innovation, and regulatory frameworks are converging to bring the full force of capital markets onchain.

Join hosts Jason Yanowitz, Yuval Rooz, and Eric Saraniecki for deep dives with special guests Shaul Kfir, Don Wilson, Mike Belshe, Justin Peterson, Acting Chair Caroline Pham, Eli Ben-Sasson, and more.

Produced by Blockworks and Canton Network. For more information, check out https://quadrillionspod.com/

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Timestamps:

(0:00) Introduction

(2:02) Crypto Adoption Worldwide

(6:24) What's Blocking Dollar Demand?

(9:28) Canton's Focus on Emerging Markets

(12:39) Infrastructure Challenges

(15:46) The Role of Stablecoins

(19:23) L1 Activity and Self-Custody Trends

(25:04) FX Challenges

(37:15) Regulations in Africa

(41:37) Emerging Markets in Crypto

Disclaimer: “Quadrillions” is a mini-series produced by Blockworks, and is sponsored by Canton Network. Nothing on this show is a recommendation to buy or sell securities or tokens. It’s for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks.

Our hosts, guests, and the Blockworks team may hold positions in companies, funds, or projects discussed, including those related to Canton Network.

Inside Lighter’s Plan to Overtake Hyperliquid | Vladimir Novakovski Jan 20, 2026

Show notes

This week, Lighter Founder & CEO Vladimir Novakovski discusses Lighter’s competitive edge over Hyperliquid, why he chose to be an L2 on Ethereum, and the role of their ZK innovations. We also touch on equity perps, Lighter’s partnership with Robinhood, and why Vlad chose to work in crypto. Enjoy!

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Timestamps

(00:00) Intro

(03:05) Why Vlad Chose Crypto & a Perp DEX

(11:37) Competing as a Perp DEX

(18:00) Why Be an L2 on Ethereum?

(20:37) Unpacking Lighter’s Competitive Edge

(25:46) Lighter’s ZK Innovations

(32:33) Partnership with Robinhood

(38:06) Equity Perps and Advantage Over Hyperliquid

(44:11) Lighter Token & Valuation

(51:56) What Are People Missing?

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.

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Claude Code, Stablecoin Adoption, and 2026 Trends | Weekly Roundup Jan 16, 2026

Show notes

This week, we discuss the rise of AI tools like Claude Code, and their impact across the industry. We also cover Rain’s growth, supply and demand dynamics in crypto, capital raising, and crypto and AI trends in 2026. Enjoy!

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–

Timestamps
(00:00) Introduction
(02:15) Claude Code Changes the Game
(13:00) Supply vs Demand and Where the Money Is
(19:00) Rain’s Moat and Crypto Cards
(32:00) Investment Criteria and Founder Qualities
(38:00) Audience Question on Market Structure
(01:04:08) Word of the day and Nikita Bier’s Beef with CT
(01:08:30) 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.

Claude Opus 4.5’s Breakout Moment & Investing in 2026 with Qiao Wang Jan 12, 2026

Show notes

This week, Qiao Wang joins the show to discuss how AI is transforming what it means to be an investor in 2026. We deep dive into Claude Opus 4.5 and its breakout moment, why Qiao got into the Google trade, constructing a portfolio for 2026, where to allocate time in the age of AI and more. Enjoy!

Follow Qiao: https://x.com/QwQiao

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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.

"Mantle Global Hackathon 2025 is live! Running from Oct 22 to Dec 31, Mantle invites builders to design the future of Real-World Assets (RWAs) on its modular L2 stack.

Key Highlights:

- $150,000 Prize Pool + Grants & Incubation opportunities

- Access to Bybit's 7M+ verified users

- Judges from Bybit Ventures, Spartan, Animoca Brands

- 6 Tracks: RWA/RealFi, DeFi, AI, ZK, Infra, GameFi

Join the Hackathon: https://www.hackquest.io/vi/hackathons/Mantle-Global-Hackathon-2025"

Timestamps

(00:00) Intro

(02:33) Claude’s Opus 4.5 Breakout Moment

(08:40) How Does AI Impact Startups?

(13:10) Do Moats Still Exist?

(20:00) Getting Into The Google Trade

(23:38) Where To Allocate Time In 2026

(26:23) Ads (VanEck, Mantle)

(28:25) Using AI Models For Investing

(41:30) How Does AI Change Brand & Distribution?

(44:49) Qiao’s Portfolio In 2026

(55:14) Health & Longevity

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.

Lighter’s Token Launch, Erebor Raises $350M & Walmart's Crypto Strategy Jan 09, 2026

Show notes

We're back with our first weekly roundup of 2026! This week we discuss Lighter token launch, Walmart's crypto strategy with OnePay, Erebor's $350m raise, what to expect in 2026 & more. Enjoy!

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

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"Mantle Global Hackathon 2025 is live! Running from Oct 22 to Dec 31, Mantle invites builders to design the future of Real-World Assets (RWAs) on its modular L2 stack.

Key Highlights:

- $150,000 Prize Pool + Grants & Incubation opportunities

- Access to Bybit's 7M+ verified users

- Judges from Bybit Ventures, Spartan, Animoca Brands

- 6 Tracks: RWA/RealFi, DeFi, AI, ZK, Infra, GameFi

Join the Hackathon: https://www.hackquest.io/vi/hackathons/Mantle-Global-Hackathon-2025"

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

(06:16) Lighter's Token Launch

(13:36) Walmart's Crypto Strategy with OnePay

(19:09) Erebor Raises $350m At a $4b Valuation

(23:22) Ads (Mantle, Geodnet, Uniswap)

(26:05) The Clarity Act

(36:44) What To Expect In 2026

(43:57) 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.

Hivemind: Will 2026 Be Bullish & Crypto's Token vs Equity Problem Jan 08, 2026

Show notes

This week, the Hivemind team breaks down the current state of the markets and asks whether the start of 2026 will be bullish. We then dive into the ongoing token vs equity debate in crypto and explore the best way to structure ICOs. Enjoy!

Follow Ceteris: ⁠https://x.com/ceterispar1bus⁠

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠

(00:00) Introduction

(01:53) Will Q1 Be Bullish For Crypto?

(18:56) Crypto’s Token vs Equity Problem

(26:43) The MetaDAO Model

(39:48) What Defines Success For ICOs?

(01:01:31) Solana’s Block Building Dilemma

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, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

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