Distribution and Competition from Legacy Players

This week Mike Dudas joins the show to discuss why he thinks this cycle is still just getting started. We deep dive into Mike's thesis when it comes to investing in crypto, his biggest winners this cycle, Flying Tulip's new model for raising capital, stablecoins, NFTs & more. Enjoy!

--

Follow Mike: https://x.com/mdudas

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

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

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

--

Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE200 for £200 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london

--

Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults.

Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo!

--

peaq, the Machine Economy Computer, proudly sponsors the Empire podcast.

peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots.

It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub.

For more about peaq, check out www.peaq.xyz

--

Timestamps:

(00:00) Intro

(03:39) 6MV's Investment Thesis

(07:15) Pump Fun

(15:18) Finding Big Winners This Cycle

(23:27) Ads (Blockdaemon, Peaq)

(24:36) Why We Haven’t Topped

(29:03) How Will Crypto Returns Look Over The Next 5 Years?

(36:02) Prediction Markets

(39:23) What Did Solana Get Wrong?

(45:50) Ads (Blockdaemon, Peaq)

(46:58) Are Crypto TGEs Broken?

(50:30) Flying Tulip Raises $200m: A New Vehicle For Fundraising?

(57:46) Does Every Project Need A Token?

(01:00:05) Why Mike Is Still Bullish NFTs

(01:02:47) Stablecoins

(01:06:23) 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.