Empire

On this week’s Roundup, Yano and Santi explore Blockworks’ recently released Token Transparency framework, discuss the passing of the GENIUS act through the senate, and continue to marvel and engage with the fire plays right now - Hyperliquid and CRCL. 

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Chapters:

(00:00) Intro

(01:24) Token Transparency Launch

(22:30) Ads (Geodnet, Bitwise)

(24:06) Permissionless

(27:26) Stablecoin Summer

(30:27) Market Update

(39:45) Ads (Geodnet, Bitwise)

(41:22) Hyperliquid

(54:10) Ads (Ledger, Citrea)

(55:41) Tron + USD1

(01:01:21) Cycle Top?

(01:12:20) Eigen Cloud

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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.

On this episode, Yano is joined by Dan Smith of Blockworks Research, Felipe Montealegre of Theia Research and Louis T of L1D to publicly launch a brand new, industry leading Token Transparency Framework that will move the entire industry forward!

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Learn more here - https://blockworks.co/token-transparency

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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

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Follow Louis - https://x.com/0xLouisT

Follow Dan: https://x.com/smyyguy

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

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

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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

(00:00) Token Transparency

(02:25) The Token Market & Lemons

(11:40) Equity vs Token Risk

(14:18) Structural Token Issues

(17:12) How Did We Get Here?

(22:57) Token Horror Stories

(31:50) Token Launches

(56:50) Best Case Scenario

(01:02:38) Impact On Token Prices

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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.

This week, Jason is joined by Shiliang and Josh to discuss derivatives, perps, trade ideas, the state of the overall market and Public Crypto Vehicles’ impact on the market. 

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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

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Follow Shiliang: https://x.com/ShiliangTang

Follow Josh: https://x.com/joshua_j_lim

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

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

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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

Meet Focal by FalconX: a GenAI insights engine built for institutional crypto.Already used by 80+ funds managing $10B+ in AUM.- Screen, chart, and analyze 1300+ tokens- Summarize market-moving news instantly- Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie

Get started today: https://askfocal.com

Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork

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Visit https://www.ledn.io to learn more.

Chapters:

(00:00) Intro

(02:47) Arbelos Founding Story

(09:25) Still One Big Trade?

(12:14) Ads (Skale)

(13:07) Derivatives Market Explained

(18:26) Perps Explained

(20:53) Venture & Liquid Funds

(23:41) Inefficiencies In Crypto Market

(24:56) State Of The Market

(29:49) Impact Of Liquidity Drains

(32:54) Ads (Skale)

(33:46) Public Crypto Vehicles + Risks

(48:27) Ads (Falcon x,LEDN)

(50:15) Does The Cycle Still Exist?

(51:38) Deribit Deal

(57:38) Bitcoin ETFs

(01:03:34) Hyperliquid

(01:07:42) Trade Ideas

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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.

For this week’s Roundup, Yano and Santi dive into the Stripe acquisition of Privy, the SEC Crypto Task Force Roundtable, Bill Gurley’s comments on tokenization, the likelihood of a Solana ETF coming soon and the crack down on crypto that’s happening in Singapore!

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Stablecoins aren't cheaper, they're better blog - https://www.fintechbrainfood.com/p/stablecoins-are-better

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

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

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

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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

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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]

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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

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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.

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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

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Chapters:

(00:00) Intro

(06:11) SEC Crypto TaskForce Roundtable

(16:050 Ads (Geodnet, Bitwise)

(17:42) Bill Gurley On Tokenization

(30:380 Ads (Geodnet, Bitwise)

(32:15) Stripe Acquires Privy

(45:52) Ads (Ledger, Citrea)

(47:22) Product + Distribution

(49:44) Singapore Cracks Down On Crypto

(53:50) Solana ETFs Imminent

(54:47) Next Crypto ETFs 

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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.

This week, the Hivemind team breaks down the macro shift toward deficit-fueled growth, the Circle IPO mania, stablecoin disruption, and how this might reshape the banking system. Later, they cover Plasma's launch mechanics, Pump.Fun’s token launch, and whether that launch is bearish Solana. Finally, they touch on crypto treasury companies, ETFs, and what the crew is bullish. Enjoy!

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Start your day with crypto news, analysis and data from Katherine Ross and David Canellis.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire 

--

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

Follow Jose: https://x.com/ZeMariaMacedo 

Follow Yan: https://x.com/YanLiberman 

Follow Duncan: https://x.com/FloodCapital 

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

Subscribe on YouTube: https://bit.ly/4jYEkBx 

Subscribe on Apple: https://bit.ly/3ECSmJ3 

Subscribe on Spotify: https://bit.ly/4hzy9lH 

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Join us at Permissionless IV June 24th - 26th. Use code EMPIRE10 for 10% OFF! https://blockworks.co/event/permissionless-iv  

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

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Timestamps:

(0:00) Introduction

(0:51) Markets, Deficits, & Elon-Trump

(8:46) Nothing Stops This Train

(13:30) Circle & Stablecoins

(26:19) Plasma

(31:35) Pump.Fun

(40:04) Bearish Solana?

(47:50) What We’re Bullish

(56:02) Treasury Companies, ETFs & SOL Infrastructure

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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.

This week, Jason and Santi are joined by Rob Hadick (Dragonfly), and Diogo Monica (Anchorage/Haun Ventures) to dive into the evolving crypto venture landscape.

Follow Diogo: https://x.com/diogomonica

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

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

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

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

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SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork

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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). Crypto asset 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 https://www.marinade.finance.

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Crypto never sleeps. So we built an Al analyst that never blinks.Meet Focal by FalconX: a GenAI insights engine built for institutional crypto. Already used by 80+ funds managing $10B+ in AUM. Screen, chart, and analyze 1300+ tokens. Summarize market-moving news instantly. Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie. Get started today: https://askfocal.com

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Petra Earn was designed to make DeFi more accessible for everyone—from seasoned pros to DeFi beginners. Manage your balance, claim rewards and deposit directly from the app.By supplying USDT to Aries lending pools, users have the potential to earn a higher yield compared to some traditional methods.Not financial advice. Participating in Defi carries risks. To learn more visit https://petra.app/earn

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space. Visit https://www.ledn.io to learn more.

Chapters:

(00:00) Intro

(02:50) Current State of Venture

(11:29) Ads (Skale Marinade)

(13:07) Crypto Company IPOs

(26:15) Crypto Treasury Companies

(36:06) Ads (Skale Marinade)

(37:44) How Does Hyperliquid’s Success Impact Venture?

(41:27) Exploring PumpDotFun’s Raise

(48:05) Ads (Falcon x, Aptos, LEDN)

(50:36) Crypto’s Most Exciting Opportunities Today

(01:01:42) X & Polymarket Join Force

(01:04:42) Ripple’s Strategy

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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.

In this episode, Yano and Santi unpack 16z’s stance on the decline of crypto foundations, Pump.fun’s $1B raise, Robinhood’s growing crypto footprint, Circle’s upcoming IPO, and question Coinbase’s (COIN) evolving role in the ecosystem.

Start your day with crypto news, analysis and data from Katherine Ross.

To learn more visit https://petra.app/earn

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Chapters:

(00:00) Intro

(01:35) Beware Of Fake Empire Scams

(05:10) Circle IPO (20X Oversubscribed)

(15:18) Ads (Geodnet, Marinade)

(16:52) HOOD, COIN or CRCL?

(24:51) Ads (Geodnet, Marinade)

(26:25) PumpDotFun $1B Raise Explored

(42:05) Ads (Ledger, Aptos, Citrea)

(44:18) Trump Wallet Real or Not?

(45:49) Trump Family Too Involved In Crypto?

(48:32) Global Remittances With StableCoins

(53:44) MoonPay Gets NY BitLicense

(56:47) Crypto Infinite Money Glitch?

(01:01:49) DeFiSaver

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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 and Happy Monday! This week, Dan Smith, a Lead Blockworks Researcher and Jonah Weinstein, a Portfolio Manager of SkyCatcher, join Jason to dive into the timely conversation about which metric is better/best to evaluate L1 tokens – REV or RSOV?

Start your day with the Empire newsletter by Katherine Ross: https://blockworks.co/newsletter/empire?utm_source=podcasts

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

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Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv

--

SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps.

Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork

--

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 https://www.marinade.finance.

--

Crypto never sleeps. So we built an Al analyst that never blinks.

Meet Focal by FalconX: a GenAI insights engine built for institutional crypto.

Already used by 80+ funds managing $10B+ in AUM. 

- Screen, chart, and analyze 1300+ tokens

- Summarize market-moving news instantly

- Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie

Get started today: https://askfocal.com

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.Visit https://www.ledn.io to learn more.

--

Chapters:

00:00 - Intro

02:31 - Why Do We Need Better Valuation Frameworks?

05:00 - What’s Wrong With The Metrics Today?

08:07 - What’s The Proper Reference Point To Understand Value?

09:33 - Are L1 Tokens Money?

11:10 - Ads (Skale Marinade)

12:48 - Is A L1 Token A Commodity Or Company?

19:32 - Why RSOV Valuation Is So Important

23:48 - Ads (Skale Marinade)

29:07 - Valuation Litmus Test

31:38 - RSOV & Capital Inflows

37:53 - What’s REV?

42:58 - RSOV’s Valuation Mechanism

44:43 - Where RSOV and REV differ

47:27 - If Native Assets 10X, Do The Hotspots?

49:05 - Ads (Falcon x, LEDN)

50:52 - Monetary L1 Premium Factor In?

55:36 - RSOV vs REV Valuation Trends Over Time

01:00:49 - How Does Staking / DeFi Deposits Impact Valuation?

01:02:47 - PE Values In RSOV

01:05:25 - Audience Question From Telegram

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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.

This week, the Hivemind team discuss MicroStrategy & the boom in crypto treasury plays, stabelcoins & the launch of Plasma, and the Sui hack’s implications for security vs centralization. We also dig into Solana's new consensus model, quantum computing, and more. Enjoy!

--

Start your day with crypto news, analysis and data from Katherine Ross and David Canellis.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire 

--

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

Follow Jose: https://x.com/ZeMariaMacedo 

Follow Yan: https://x.com/YanLiberman 

Follow Duncan: https://x.com/FloodCapital 

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

Subscribe on YouTube: https://bit.ly/4jYEkBx 

Subscribe on Apple: https://bit.ly/3ECSmJ3 

Subscribe on Spotify: https://bit.ly/4hzy9lH 

--

Join us at Permissionless IV June 24th - 26th. Use code EMPIRE10 for 10% OFF! https://blockworks.co/event/permissionless-iv  

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

Believe Screener: https://www.believescreener.com/ 

--

Timestamps:

(0:00) Introduction

(2:27) MSTR & Crypto Treasury Companies

(20:08) Stablecoins & Plasma Launch

(36:36) Sui Hack & Security vs Centralization

(54:52) Solana’s New Consensus

(1:00:23) Hyperliquid

(1:05:00) Quantum Computing Threat

(1:07:25) Final Thoughts

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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.

On this week's RoundUp, Yano and Santi dive into the latest crypto market dynamics!

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

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

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

--

Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv

--

SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps.

Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork

--

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 www.Ledger.com

--

Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.

Visit ledn.io to learn more.

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

Chapters:

(00:00 Intro

(02:20) Beware Of Fake Empire Scams

(03:39)PMLS Tickets Are Selling Quick

(07:57) Public Crypto Vehicles

(11:24) Who's Buying PCVs?

(13:09) Ads (Skale, Marinade)

(14:47) Copying Strategy/Saylor

(16:14) Trump Media & GME To Buy BTC

(17:16) Who's Outperforming Right Now?

(21:47) Token Them = OG Founders

(24:14) Ondo Finance

(25:28) Survive To Win

(27:19) Best Tweet Of The Week

(28:17) Leverage & Perp Trading

(30:54) Ads (Skale, Marinade)

(32:32) Bitcoin Conference Notable Quotes

(34:09) Private Equity vs Venture

(39:39) XPL Token Tweet

(44:56) Ads (Ledger, , LEDN, Bitwise)

(47:27) Imminent Circle IPO

(56:01) Content Recommendations

(57:44) Inversion Is Hiring

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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.