ChatGPT's Breakout Moment, Binance vs Hyperliquid & The Exchange Wars | Weekly Roundup

This week, Jill Gunter from Espresso joins the show to discuss the state of crypto today. We deep dive into how has crypto evolved, why privacy matters, predictions for 2026, will Espresso launch a token & more. Enjoy! -- Follow Jill: https://x.com/jillgun Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- 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 -- Timestamps (00:00) Introduction (02:44) The State of Crypto Today (10:21) How Has Crypto Evolved? (19:18) Ads (VanEck, Geodnet, Uniswap) (21:40) Why Privacy Matters (35:55) Who Wins In Crypto Infra? (45:56) Crypto's Identity Crisis (52:52) Predictions For 2026 (55:49) When Will Espresso Launch A Token? -- 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.

22 Des 57min

This week, we discuss whether 2025 marks crypto’s dot-com moment. We deep dive into how to allocate capital as crypto and fintech continue to merge, crypto’s token-vs-equity dilemma, Coinbase’s recent product releases, who wins the stablecoin race and more. Enjoy! -- Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod -- 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. -- 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 (04:06) Is 2025 Crypto’s Dot Com Moment? (13:12) Crypto’s Token vs Equity Dilemma (28:30) Ads (VanEck, Uniswap) (30:12) Coinbase’s Product Releases (35:25) Who Wins The Stablecoin Race? (46:58) Vaults (56:50) 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.

19 Des 1h 3min

This week, Dougie DeLuca joins the Hivemind team to discuss his recent piece "Crypto Is Dead". We deep dive into the shift that is happening within crypto as we head into 2026, why is sentiment so bad, where to allocate in 2026, where crypto has found PMF and more. Enjoy! -- Follow Dougie: https://x.com/DougieDeLuca Follow Jose: https://x.com/ZeMariaMacedo Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Yan: https://x.com/YanLiberman 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 -- Crypto Is Dead: https://x.com/DougieDeLuca/status/2000957512862884100 -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠ -- Timestamps: (0:00) Introduction (0:56) Is Crypto Dead? (12:20) Why Is Sentiment So Bad? (28:52) Crypto’s Path Forward (34:21) Where To Allocate In 2026? -- 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.

18 Des 48min

This week, Noah from Theia & Smac from Compound discuss why crypto’s next chapter won’t be powered by hype alone. They explain how valuations, narratives, fund structures, and real cash-flow durability are reshaping the industry, and why investors must adapt to a world where fundamentals finally matter. Enjoy! — Follow Noah: https://x.com/tradernoah Follow Smac: https://x.com/0xsmac Follow Jason: https://x.com/JasonYanowitz Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Compound Annual Meeting: https://x.com/mhdempsey/status/1999119478936785108?s=20 — 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/ -- "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) Intro (01:24) How Theia & Compound Are Positioned (05:58) Thoughts On Valuation Debate (10:50) Do Narratives & Storytelling Drive Markets? (22:24) Ads (Zcash) (23:01) Tension Between Old & New Investors (25:27) Having A View On Public Markets (28:53) Will Crypto Be The Fastest Horse Again? (33:44) Who Outperforms: Majors or Apps? (35:43) Ads (Zcash) (36:20) Identifying Durable Vs Ephemeral Advantages (40:49) State Of Crypto Liquid Funds (45:51) Activist Investing In Crypto (47:48) Ads (Mantle, Geodnet, Uniswap) (50:41) Views On Prediction Markets (53:55) Biggest Market Opportunities (01:01:36) Water Supercycle? — 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.

15 Des 1h 3min

This week, we discuss Polymarket data accuracy, VC involvement in portfolio companies, Paradigm’s Tempo testnet launch, reflections on burnout in crypto, and Farcaster’s pivot. Enjoy! – Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod —- 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/ -- 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. -- 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) intro (06:00) Polymarket Data (09:12)  How Involved Should VCs Be? (14:48) Ads (Zcash) (15:25)  Tempo Testnet Goes Live (28:48) Ads (Zcash) (29:25)  Burnout Across Crypto (49:05) Ads (VanEck, Uniswap) (50:47)  Farcaster Pivots (01:01:27) 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.

12 Des 1h 3min

This week, CIO of Bitwise Matt Hougan joins the show to discuss fading the power of the four-year cycle, the accelerating wave of institutional adoption, and whether Strategy selling its Bitcoin is a real risk. Matt also weighs in on the Santi-Haseeb L1 debate, balancing token value with investment, and what he thinks drives the next phase of growth. Enjoy! — Follow Matt: https://x.com/Matt_Hougan  CIO Memo: https://bit.ly/4pK4gmC  Follow Jason: https://x.com/JasonYanowitz  Follow Santi: https://x.com/santiagoroel  Follow Empire: https://twitter.com/theempirepod  — 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/EmpireNODEAn investment in the Fund involves substantial risk and is not suitable for all investors. You may lose your entire principal investment. The Fund may invest nearly all of its net assets in Digital Transformation Companies and/or Digital Asset Instruments but does not invest in digital assets or commodities directly.Digital Asset Instruments may involve risks tied to investing in digital asset exchange-traded products (“ETPs”), including the historically extreme volatility of digital asset and cryptocurrency markets and reduced regulation and investor protections, as these ETPs are not registered investment companies under the Investment Company Act of 1940 (“1940 Act”) or commodity pools under the Commodity Exchange Act (“CEA”).Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to review the prospectus, including the Fund’s investment objective, risks, and fees, 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://bit.ly/4pt0Fd0 — Timestamps 00:00 Intro 03:28 2026 vs The Four Year Cycle 05:06 Bitcoin Covered Call Strategy 07:44 The Case Against The 4-Year Cycle 11:14 Ads (Zcash, Katana) 12:31 Will Strategy Sell Its Bitcoin? 16:36 Inside The Institutional Mind 24:24 How Advisors Think About Crypto 27:40 The Best Stories In Crypto 30:23 Ads (Zcash, Katana) 31:39 Risk-First Investing 33:01 L1 Debate: Haseeb vs Santi 36:19 Balancing Token Value & Investment 40:16 Ads (VanEck, Uniswap) 41:58 Zcash & The Privacy Narrative 44:29 The Future Of ICOs 46:55 The Token-Equity Convergence 48:19 Final Thoughts — 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.

8 Des 51min

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! – Follow Jason: https://x.com/JasonYanowitz Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Empire: https://twitter.com/theempirepod —- 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 – [Timestamps] (00:00) Intro (04:40) The L1 Valuation Debate (16:28) Ads (Zcash, Katana) (17:44) The Market's 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 —-- 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.

5 Des 1h 19min

This week, the Hivemind team breaks down the current state of markets as Bitcoin looks to stabalize around $90k. We deep dive into the path forward for Microstategy, is quantum actually a threat to Bitcoin, the rise of AI agents, prediciton markets & more. Enjoy! -- Follow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Jason: ⁠https://x.com/3xliquidated⁠ Follow Simon: https://x.com/simononchain Follow Yan: https://x.com/YanLiberman 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 -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠ -- Timestamps: (0:00) Introduction (0:45) Have We Bottomed? (7:27) Microstrategy (11:37) Is Quantum A Threat To Bitcoin? (22:28) AI Agents (30:07) Hyperliquid Unlocks (37:52) Prediction Markets (48:03) Buying The Zcash Dip -- 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.

4 Des 52min