On-chain businesses and margin lever narratives

Welcome to our final weekly roundup of the year! In this episode we reflect on our 2025 predictions before deep diving into our 2026 predictions. We discuss what to expect for stablecoins, prediction markets, the equity vs token debate & more. Enjoy!

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

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

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

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

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Rob's 2025 predictions: https://x.com/HadickM/status/1876642292716482868

Santi's 2025 predictions: https://x.com/santiagoroel/status/1883931926047945064

Jason's 2025 predictions: https://x.com/JasonYanowitz/status/1876701413935325275

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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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Timestamps:

(00:00) Introduction

(02:34) Rob’s 2025 Predictions

(10:15) Santi’s 2025 Predictions

(26:29) Jason’s 2025 Predictions

(29:31) Ads (VanEck, Uniswap)

(31:13) 2026 Predictions: Will ETH Be Higher or Lower?

(32:35) Stablecoins In 2026

(41:38) Return of The DeFi Mullet

(51:30) Markets In 2026

(57:09) Privacy & Onchain Identity

(01:01:38) Prediction Markets Will 10x

(01:08:14) U.S Exchange Competition

(01:17:02) Equity & Tokens Will Merge

(01:19:45) Regulation in 2026

(01:21:43) Final Predictions

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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.