This week, the Hivemind team is joined by Guy Young, founder of Ethena, to discuss the launch of their $360M ENA vehicle, the structural challenges in altcoin market flows, the evolving use cases for stablecoins, and why Athena’s yield-based model positions it as a more scalable solution than USDC. They also unpack the impact of the Genius Act on U.S. stablecoin regulation, the long-term overvaluation of L1s like ETH and SOL, and how the market structure is shifting toward revenue-generating apps like Hyperliquid. Enjoy!
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Timestamps:
(0:00) Introduction
(1:27) Ethena & its New Treasury Vehicle
(8:26) Competing with Other Stables
(18:38) The Genius Act & Its Implications
(35:18) ETH & Treasury Vehicles
(40:20) The Future of Altcoins & L1s
(42:24) Ethena & the Futures Market
(44:16) L1 Valuations
(52:17) Pump.Fun ICO
(1:10:10) 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.
Gm! This week, Charles Hoskinson joins Yano to dive into everything Cardano, weigh in on crypto’s overall progress, how politics and crypto are playing out stateside, the impact of crypto treasury vehicles, the evolution of the 4 year cycle, his ranch life in Wyoming, his alien expedition adventures, the need for personal security now in crypto and why ADA remains a better investment than BTC.
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Start your day with crypto news, analysis and data from Katherine Ross.
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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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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]
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Mantle is building the financial infrastructure for a tokenised future—bridging traditional finance and on-chain innovation through six integrated product pillars: Mantle Network, mETH Protocol, Function BTC, and the upcoming launches of MantleX, Mantle Banking, and the Mantle Index Four (MI4) Fund. Anchored by one of the largest community-governed treasuries in the industry, valued at over $4 billion, Mantle is delivering institutional-grade products designed for global capital markets.
Follow Mantle on X: https://x.com/Mantle_Official
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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.
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Chapters:
0:00 Introduction
1:42 What’s Charles Up To?
4:51 Crypto’s Progress
8:55 Ads (Skale & Katana)
10:42 Charles’ Building Principles
24:01 Ads (Skale & Katana)
25:48 Crypto & US Politics
36:14 Crypto Treasury Vehicles
43:24 Cardano Founder Story
51:08 Ranches & Helicopters
55:43 Ads (Mantle & LEDN)
57:35 Bison In Wyoming
59:02 Alien Research Expeditions
1:05:28 Mo Money Mo Problems
1:09:18 The 4 Year Cycle Has Evolved
1:13:59 Alternative Health Solutions
1:18:54 EUTXO.org
1:23:25 Who goes to Osaka?
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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.