Empire

Is tokenization pointless until you can borrow against it?

This week, we sit down with Kamino's new CEO Michael Weisz on why he left fintech to build the onchain credit layer.

We explore Kamino's invisible distribution strategy, why Goldman won't lend on private assets, why venture can't be collateral yet, and how his upside rides on $KMNO. Enjoy!

TIMESTAMPS:

00:00 Intro

00:54 Why Leave Fintech For Crypto?

05:43 Why Join Kamino?

10:01 Kamino’s Vision For Onchain Finance

14:06 Who Owns The Customer Relationship?

17:13 Bringing Institutions Onchain: Four Pillars

23:34 Why Private Assets Need Onchain Credit

27:23 Which Assets Make Good Collateral?

33:27 Can DeFi Attract Top Asset Managers?

39:18 Running Kamino Like A Public Company

43:28 How Do Collateral And Liquidations Work?

46:45 Why Choose Tokens Over Equity?

50:05 Building Kamino’s Team

52:49 Final Thoughts

FOLLOW GUEST

› Michael – https://x.com/WeiszM

› Kamino – https://kamino.com/earn/lend

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 London Nov 10-11

https://blockworks.com/events

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

› Start building with the Blockworks Unified API

https://blockworks.com/insights/introducing-the-blockworks-unified-api

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.

What if Hyperliquid’s biggest opportunity is helping the exchanges it’s compared against?

This week, Hyperliquid Labs CEO & Co-founder Jeff Yan explains how Hyperliquid is building shared infrastructure for the entire financial system.

We discuss options, institutional access, the cost of trading speed, and why transparent markets could deliver better execution. Enjoy!

TIMESTAMPS:

00:00 Intro

01:31 Building The House Of All Finance

05:07 Is Hyperliquid More Than An Exchange?

07:17 Bringing Institutions Onto Hyperliquid

11:46 Better Trading Through Fees And Options

18:19 Do Transparent Markets Deliver Better Execution?

23:46 Keeping Hyperliquid’s Community Focused

27:05 What Comes Next For Hyperliquid?

FOLLOW THE SHOW

› Jeff – https://x.com/chameleon_jeff

› Shaunda – https://x.com/shaundadevens

› DAS –https://x.com/blockworksDAS

› Jason – https://x.com/jasonyanowitz

› Empire – https://x.com/theempirepod

› 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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

› Start building with the Blockworks Unified API

https://blockworks.com/insights/introducing-the-blockworks-unified-api

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.

How do you price a commodity that still clears in text messages?

This week, we're joined by Brett Harrison of Architect and Andrawes Bahou of Compute Desk to discuss why GPU compute needs a futures market for better pricing and hedging.

We explore the opaque broker markets quoting GPUs that don't exist, buyers paying up to 2x to get chips sooner, hyperscaler cash flow going negative, and the biggest constraints in the AI market. Enjoy!

TIMESTAMPS:

00:00 Intro

00:59 Why Does Compute Need Markets?

08:53 Compute Still Trades In Group Chats

13:38 Why Finding GPUs Takes So Long

19:21 How Much Compute Should You Buy?

26:58 Why Are Compute Prices Rising?

33:27 Can Architect Take On CME?

38:13 How Do You Hedge Compute?

43:08 The Risks Behind GPU Lending

52:08 What Really Constrains The AI Market?

01:02:08 What Is Everyone Missing About Compute?

FOLLOW GUESTS

› Brett – https://x.com/BrettHarrison

› Architect – https://architect.co/

› Andrawes – https://x.com/andrawesbahou

› Compute Desk – https://www.compute-desk.com/

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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

DISCLAIMER

Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes. only. Any views expressedare opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

AI is absorbing investor attention while crypto fundamentals keep improving and fueling growing signs of the long-awaiting bull market.

This week, we debate the economics behind AI’s boom and whether crypto’s recovery deserves more attention.

We also explore data center financing, why Yano is buying Backpack, overlooked fintech growth, and whether AI agents will disrupt financial services. Enjoy!

TIMESTAMPS:

00:00 Intro

00:58 Silicon Valley’s AI Drama

02:52 What Could Pop AI’s Bubble?

08:49 AI’s Boom Vs The Debt Markets

12:33 Will Compute Demand Keep Growing?

15:53 The Economics Behind AI Compute

21:23 Is Crypto’s Bull Market Back?

30:29 Was SBF Actually A Great Investor?

37:22 Crypto’s Regulatory And Funding Shift

41:42 Is Crypto Growth Different This Time?

48:24 Will AI Agents Disrupt Finance?

54:00 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Rob – https://x.com/HadickM

› 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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

› Start building with the Blockworks Unified API

https://blockworks.com/insights/introducing-the-blockworks-unified-api

DISCLAIMER

Nothing said on Empire is a recommendation to. buy orsell 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.

Do markets even need CLARITY when quality names and regulators are already sending?

This week, we dig into pro-innovation regulators and consensus momentum trades outperforming clever rotations.

We also explore Muse, inventors rarely winning, tokenization value capture, and $HOOD versus $SOL. Enjoy!

TIMESTAMPS:

00:00 Intro

00:58 Blockworks’ Origins And Crypto’s Red Flags

05:08 Crypto Ripping Without CLARITY?

09:41 Can Consensus Coins Keep Winning?

13:18 Why Dragonfly Shifted Toward Equity

20:48 Is Meta’s AI Bet Underpriced?

33:26 Why Crypto’s First Movers Lost

36:29 Blockworks’ DAS Asia And Unified API

39:08 Who Captures Tokenization’s Value?

46:42 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Rob – https://x.com/HadickM

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset. 2026London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of. thebiggest weeks in crypto.

Get your TOKEN2049 tickets and. 10%DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

RESOURCES

› Learn more about Blockworks Agentic Detection:

https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era

DISCLAIMER

Nothing said on Empire is a recommendation. to buy or sellsecurities or tokens. This podcast is for informational purposes. only. Anyviews expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

CLARITY failed, but SEC and CFTC action could still accelerate onchain markets.

This week, we cover what's next for crypto regulation, debate the many-stablecoin thesis, and dig into Circle launching Arc and the S&P’s push into crypto data and security.

We also discuss broken venture markets, Meta’s AI advantage, and Polymarket’s executive hiring spree. Enjoy!

TIMESTAMPS:

00:00 Intro

03:50 Corporate Stablecoin Debate

13:03 Why The CLARITY Act Failed

16:58 The SEC Opens Tokenized Markets

22:43 Who Wins Tokenized Markets?

29:06 S&P Moves Deeper Into Crypto

37:40 Can Circle Make Arc Work?

46:14 Can AI Startups Survive Meta?

51:26 Polymarket’s War For Talent

57:15 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Rob – https://x.com/HadickM

› Santi – https://x.com/santiagoroel

› Telegram – https://t.me/+CaCYvTOB4Eg1OWJh

› Blockworks – https://x.com/Blockworks

RESOURCES

› Slumber Number – https://www.sec.gov/newsroom/speeches-statements/peirce-slumber-number-innovation-exemption-statement-091726

EVENTS

› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

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.

Which tokens are actually worth owning in today’s market?

This week, Yan Liberman shares his six-token portfolio and the framework behind each position.

We dig into productive vs speculative assets, catchup trades and overlooked opportunities, how AI is reshaping crypto venture, what Delphi looks for in founders, and what the ideal portfolio looks like today. Enjoy!

TIMESTAMPS:

00:00 Intro

00:34 Does Crypto’s Rally Have Legs?

05:49 Is AI Outshining Crypto?

10:35 Liquid Tokens Or Venture Bets?

16:17 Ads (Token2049, Avalanche)

17:57 Inside Yan’s Crypto Portfolio

23:25 What Returns Justify Crypto Risk?

29:53 Where Can Crypto Venture Still Win?

37:20 Aerodrome’s Catch-Up Trade

41:16 Why Delphi Backs Emerging Managers

44:42 How Delphi Evaluates Founders

50:29 Stop Trying To Be Clever?

57:53 Is Market Froth Taking Over?

FOLLOW GUEST

› Yan – https://x.com/YanLiberman

› Delphi Ventures – https://x.com/Delphi_Ventures

› Delphi Digital – https://x.com/Delphi_Digital

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› 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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

› Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration

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.

What happens when memecoin speculation collides with onchain equities?

This week, Jason and Santi unpack why Robinhood’s tokenized stocks may be crypto’s hottest new battleground.

They explore the $BONER–$HIMS squeeze, murky shareholder rights, FOMO’s bull-market signal, and whether Robinhood, Solana, and stablecoin giants become this cycle’s biggest winners. Enjoy!

TIMESTAMPS:

00:00 Intro

01:57 Crypto’s Animal Spirits Return

06:20 Can Memecoins Unlock Tokenized Stocks?

12:42 Ads (TOKEN2049, Avalanche)

14:22 How $BONER Squeezed Tokenized $HIMS

19:21 Robinhood Faces Meme-Equity Backlash

22:21 Are Onchain Equities Crypto’s Future?

28:34 Do Most Fomo Traders Lose Money?

32:01 You Must Enter The Trenches

33:53 How Santi Is Playing This Cycle

36:56 Is Solana Still Years Ahead?

39:29 Will Stablecoins Become An Oligopoly?

42:41 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Rob – https://x.com/HadickM

› 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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in. crypto.

Getyour TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

› Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration

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.

What happens when AI agents become the internet’s dominant users?

This week, Jason sits down with Cloudflare CEO Matthew Prince to explore how AI agents could fundamentally reshape the internet’s business model.

They discuss 1,000x agent traffic, why everything wrong with the world is Google's fault, AI flattening organizations, micropayments at unprecedented scale, and whether AI becomes the new interface to the internet. Enjoy!

TIMESTAMPS:

00:00 Intro

00:45 How The Internet Got Here

05:52 Did Ads Break Society?

10:20 Why AI Labs Fear Google

16:59 What Cloudflare Actually Does

19:56 Ads (Token2049, Avalanche Summit)

21:35 When Cloudflare Went AI-First

27:20 AI Is Flattening Companies

35:39 What Happens To Human Work?

39:18 Why Public Markets Work Better

43:59 Who Pays For The Agent Internet?

54:08 Do Agents Need Blockchains?

01:01:09 What Breaks In The Agent Internet?

01:07:30 Will AI Become The Internet?

FOLLOW GUEST

› Matthew – https://x.com/eastdakota

› Cloudflare – https://www.cloudflare.com/

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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

› Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration

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.

Can Robinhood turns the crypto trenches into a serious business?

This week, we unpack Robinhood Chain’s explosive growth and what it could mean for tokenized markets, Ethereum, and traditional finance.

We also explore the new meme-stock mechanics, Ethena’s neobank push, Hyperliquid’s U.S. path, and why distribution still captures the most value. Enjoy!

TIMESTAMPS:

00:00 Intro

00:46 Robinhood Chain’s Billion-Dollar Run Rate

05:26 Can Memecoins Move Stocks?

14:14 Why 24/7 Stocks Don’t Scale

20:53 Who Captures Crypto’s Value?

22:01 Ads (Token2049, Avalanche Summit)

23:41 Who Captures Crypto’s Value?

28:12 Ethena’s Neobank Push

32:46 Can Crypto Neobanks Actually Scale?

38:18 Remittances Fight To Own Deposits

47:34 Hyperliquid’s Path Into America

53:41 Prediction Markets And Bitcoin

58:14 Distribution Is Still Crypto’s Moat

01:01:01 Who Brings Stocks Onchain?

01:06:31 Content Of The Week

FOLLOW THE SHOW

› Empire – https://x.com/theempirepod

› Jason – https://x.com/jasonyanowitz

› Santi – https://x.com/santiagoroel

› Rob – https://x.com/HadickM

› 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

https://blockworks.com/events

› TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto.

Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST

› Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration

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.