Market Sell Off, State of Crypto VC & Why Your Coin Isn't Pumping | Weekly Roundup

45 snips

Nov 21, 2025

The latest discussion dives into the turmoil in markets and the ramifications of recent sell-offs. Santi shares insights on the flawed valuation of crypto projects and the crucial difference between staking rewards and actual revenue. There's a critical look at the overwhelming investment in infrastructure versus applications and how traditional VCs are cautiously re-entering the crypto space. Aave's new neobank app gets dissected for its potential success amid stiff competition. The hosts navigate shifting retail trends and the evolving landscape of crypto.

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INSIGHT

Staking Rewards Are Not Revenue

Staking rewards are not revenue but dilution similar to stock-based compensation.
Treating staking as value capture misleads protocol valuation and overstates fundamentals.

INSIGHT

Revenue Fragility Undermines L1 Valuations

Ethereum and Solana produce roughly $1–2B in fees but trade at sky-high revenue multiples with little justification.
Protocol fees evaporate in bear markets, undermining high price-to-sales comps.

INSIGHT

Network Effects Don’t Guarantee Monetization

Network effects matter, but value capture must show up in monetizable flows to justify high multiples.
Interoperability weakens L1 lock-in, making crypto network effects weaker than social networks.

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This week, Rob & Santi are back to discuss the top stories of the week. We deep dive into the recent panic in markets, Santi's piece on crypto valuations, the state of crypto venture, Aave's app launch & more. Enjoy!

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(00:00) Intro

(02:21) Why Your Coin Isn’t Pumping

(21:15) Ads (Zashi, Katana)

(22:32) Where Are We In The Cycle?

(27:29) The State of Crypto Venture

(35:54) Ads (Zashi, Katana)

(37:10) What Will Outperform In The Next 5 Years?

(42:34) Aave Launches Aave App

(50:35) Ads (VanEck, Uniswap)

(52:17) Monad’s ICO

(01:03:09) 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.