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.

Who Won (and Lost) the Year in Streaming?

The Town with Matthew Belloni

Stranger Things finale timing and reach

The AI-powered Podcast Player