This week, we're back with another weekly roundup where we discuss the recent lawsuit filed by Terraform Labs against Jane Street. We then deep dive into Circle's earnings, Tether's investment in Whop, Robinhood's Venture fund & more. Enjoy!

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

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

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

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Join us at DAS (Digital Asset Summit) in New York City this March! Follow the link below to grab your ticket, and use code EMPIRE200 to get $200 off your ticket! https://blockworks.co/event/digital-asset-summit-nyc-2026

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Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

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Timestamps:

(00:00) Introduction

(01:40) Terraform Labs Sues Jane Street

(28:40) Coinbase Ad

(29:24) DAS Plug

(29:51) Circle Beats Earnings

(39:32) Would You Rather Own Stripe or Circle?

(46:10) Robinhood’s Venture Fund 

(56:04) Tether Invests $200M In Whop

(01:19:37) 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, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, Bryan Pellegrino and Raz Zarick from LayerZero join the show to discuss Zero, the 100x breakthrough in blockchain architecture. We deep dive into the Zero origin story, the roadmap for 2026, LayerZero's ultimate vision, how to build a moat in crypto, hiring top talent and more. Enjoy!

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Follow Bryan: https://x.com/PrimordialAA

Follow Raz: https://x.com/ryanzarick

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

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

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Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

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Join us at DAS (Digital Asset Summit) in New York City this March! Follow the link below to grab your ticket, and use code EMPIRE200 to get $200 off your ticket!

https://blockworks.co/event/digital-asset-summit-nyc-2026

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Timestamps:

(00:00) Introduction

(00:53) The Zero Origin Story

(13:55) Zero's 100x Breakthrough

(22:10) Achieving 2 Million TPS

(32:29) Coinbase Ad

(33:14) DAS Plug

(33:40) How To Build A Moat In Crypto?

(48:05) LayerZero’s Ultimate Vision

(57:37) The Impact of AI

(01:06:25) Zero’s Roadmap In 2026

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

This week, we're back with another weekly roundup where Rob walks us through Dragonfly's most recent $650M raise. We deep dive into the state of crypto VC, what allocators look for when deploying into crypto, whether tokens are investable in 2026, if Base will launch a token, and more. Enjoy.

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

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

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

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Join us at DAS (Digital Asset Summit) in New York City this March! Follow the link below to grab your ticket, and use code EMPIRE200 to get $200 off your ticket!
https://blockworks.co/event/digital-asset-summit-nyc-2026

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Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

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Timestamps:

(00:00) Introduction

(00:47) Inside Dragonfly’s $650M Raise

(10:57) The State of Crypto VC

(30:19) Coinbase Ad

(31:03) DAS Plug

(31:28) Are Tokens Investable?

(40:54) Will Base Launch A Token?

(45:23) Hyperliquid’s Policy Center

(48:55) 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, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, the Hivemind team breaks down the current market chop as equities trade sideways and crypto tries to hold on after a huge downturn. We deep dive into whether we’ve finally bottomed, reasons to be optimistic, AI’s impact on markets, Aave’s value accrual, and more. Enjoy!

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

Follow Jason: https://x.com/3xliquidated

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

Follow Flip: https://x.com/trevor_flipper

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

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(00:00) Introduction

(01:24) Market Outlook

(18:54) AI’s Impact on Markets

(27:18) Reasons To Be Optimistic In 2026

(36:20) Aave’s Value Accrual

(45:28) Base, Zora & Pair Trades

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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.

In the Quadrillions finale, we map the power shift from crypto building parallel markets to institutions integrating onchain rails into traditional finance. With Ribbit Capital’s Nick Shalek, and Goldman’s Mathew McDermott, we break down why the last wave of adoption stalled, why distribution beats ideology, and how networks like Canton are building from the inside out. This is the blueprint for “The New Wall Street.”

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Follow Canton: https://x.com/CantonNetwork

Follow Nick: https://x.com/nshalek

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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Timestamps:

(0:00) Introduction

(1:37) Ribbit Capital's Tokenization Letter

(4:22) FinTech Companies Moving Onchain & Institutional Adoption

(15:01) Crypto at Goldman Sachs Today

(17:53) What Held Crypto Back?

(20:33) What Canton Brings to the Market

(29:25) Crypto's Institutional Pitch

(33:14) Permissioned and Permissionless Chains Are Symbiotic

(39:23) Closing Comments

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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.

This week, Brett DiNovi and Lei Yang join the show to discuss the path forward for L2s. We deep dive into why we need L2s, MegaETH's 2026 roadmap, how to build a successful ecosystem, lessons learned from building MegaETH, and more. Enjoy!

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Follow Brett: https://x.com/bread_

Follow Lei: https://x.com/yangl1996

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

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

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Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

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Join us at DAS (Digital Asset Summit) in New York City this March! Follow the link below to grab your ticket, and use code EMPIRE200 to get $200 off your ticket!

https://blockworks.co/event/digital-asset-summit-nyc-2026

--

Timestamps:

(00:00) Introduction

(01:57) Vitalik’s Post On L2s

(05:30) Do We Need L2s?

(11:52) What’s MegaETHs Moat?

(29:00) Ethereum’s Security Value

(33:53) Coinbase Ad

(34:38) DAS plug

(35:03) Value Accrual & What's Next For MegaETH?

(51:49) How To Build An Ecosystem?

(1:09:14) Lessons Learned From Building MegaETH

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

This week, Rebecca Rettig joins the show to discuss the latest happening in Washington and what it means for crypto. We deep dive into the Clarity act, how to regulate prediction markets, who's crypto's enemy now, the state of crypto VC, LayerZero's Zero announcement and more. Enjoy!

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Follow Rebecca: https://x.com/RebeccaRettig1

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

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

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

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Referenced In The Show: https://open.spotify.com/episode/67w8irQ06j6ZH38FsXSShf?si=5633bb7bb6a248b9&nd=1&dlsi=d7d519562e884e70

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Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

--

Timestsamps:

(00:00) Introduction

(01:57) The State of Crypto Policy In DC

(27:24) Coinbase Ad

(28:08) Das Plug

(28:34) Prediction Markets

(36:50) Who’s Crypto’s Enemy Now?

(52:35) The State of Crypto VC

(01:01:15) LayerZero’s Zero Announcement

(01:13:01) 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, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, Charles Yoo-Naut joins the show to unpack Rain's explosive growth and what's next for crypto payments. We deep dive into the Rain origin story, their recent $250M fundraise, partnering with Visa, who wins the crypto card race, how Rain grew to a $2B company, and more. Enjoy!

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Follow Charles: https://x.com/cnaut

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

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

--

Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

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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"

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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.

Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation.

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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

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Timestamps:

(00:00) Introduction

(00:52) The Rain Origin Story

(15:23) Partnering With Visa

(30:05) The Opportunity In Emerging Markets

(36:48) Ads (Coinbase, Mantle, VanEck, Uniswap)

(40:16) The Crypto Card Race, Agentic Payments & Onchain Credit

(48:00) What Chains Does Rain Work With?

(53:28) Rain’s Journey To Raising $250m

(01:03:00) How Rain Grew To A $2B Company

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

This week, Josh Lim from FalconX joins the show to discuss the recent market sell-off. We deep dive into Josh's outlook for 2026, who is crypto's marginal buyer, the Ethereum L2 roadmap, Kyle Samani's announcement of leaving Multicoin and more. Enjoy!

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

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

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

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

--

Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral.

Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here:

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

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(00:00) Introduction

(03:41) State of the Market

(08:48) Josh's Outlook For 2026

(18:45) The SaaS-Pocalypse & Crypto's Marginal Buyer

(26:12) Coinbase Ad

(26:58) The Crypto to AI Rotation

(37:24) The Ethereum L2 Roadmap

(47:27) Kyle Samani Leaves Multicoin

(01:01:45) Why Is Josh Still In Crypto?

(01:03:57) 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, Rob and our guests may hold positions in the companies, funds, or projects discussed.

This week, the Hivemind team breaks down the continued sell-off in markets, from crypto to software. We deep-dive into the historical L1 premium, the endgame for Hyperliquid, Bitcoin's quantum threat, Vitalik's post on L2s, and more. Enjoy!

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

Follow Jason: https://x.com/3xliquidated

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

Follow LTR: https://x.com/maybeltr

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/

--

(00:00) Introduction

(00:48) State of The Market

(13:15) Are L1s Still Overvalued?

(22:50) The Hyperliquid End Game

(31:38) Bitcoin’s Quantum Threat

(36:42) Ethereum’s L2 Roadmap

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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.