This week, we break down the evolving DePIN thesis, from real revenue traction to infra financing, regulation, and why some networks are finally compounding at scale. We also discuss the boom in Hyperliquid RWAs, bringing money & companies onchain, 2026 IPOs, and more. Enjoy!

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Timestamps:

(00:00) Intro

(00:44) Escape Velocity $61.74M Raise

(05:500 The Case For DePIN

(12:34) InfraFi And Bringing Money Onchain

(22:07) Bear Case For DePIN And Top DePINs

(30:57) Ads (Coinbase)

(31:42) Metals And Hyperliquid RWAs

(43:31) Crypto Integration Into FinTech

(55:18) The State Of Compliance

(58:49) 2026 IPOs

(01:04:38) The Carvana Of Crypto

(01:09:220 Content Of The Week

(01:15:29) Claude Cowork

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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, Rob and our guests may hold positions in the companies, funds, or projects discussed.

2184: Black Causeplay