Gm! This week we're back with another weekly roundup. We discuss why are markets so bearish as both TradFi & crypto continue grinding lower. We deep dive into why this cycle is so different, MGX's $2 billion investment in Binance, how to value protocols, the state of VC in crypto & more. Enjoy!--Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcastsFollow Jason: https://twitter.com/JasonYanowitzFollow Santiago: https://twitter.com/santiagoroelFollow Empire: https://twitter.com/theempirepodJoin the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJhGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ --SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork--ZKsync is the pioneering zero-knowledge technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables an elastic, ever-expanding network of customizable chains. Deeply rooted in its mission to advance personal freedom for all, the ZKsync technology makes digital self-ownership universally available.To learn more about ZKsync, visit http://www.zksync.io--Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today. Buy now at www.Ledger.com --Mantle is evolving into the premier on-chain financial hub, supercharging the ecosystem that bridges blockchain with banking. The 2025 roadmap introduces three transformative products: - Enhanced Index Fund (launching Q1) offering optimized crypto exposure to BTC, ETH, SOL and USD with built-in yield optimization - targeting $1B AUM - Mantle Banking for seamless financial services - MantleX for AI-powered innovationBacked by a $4.5B treasury, Mantle is building the future of on-chain finance – accessible for everyone.Learn more: https://x.com/Mantle_Official/status/1882017058680086805 --AO Mainnet is LIVE! Experience the future of decentralized computing: infinite parallel processing, secure TEE-powered computations, and LLMs in smart contracts. Built on Arweave, AO's modular design shatters scalability limits. 100% of tokens are distributed to Arweave holders and bridge depositors, with a fixed supply and halving. Explore AO today: https://ao.arweave.dev--Timestamps:(00:00) Introduction (00:44) Why Are Markets So Bearish?(11:55) Ads (Skale & ZKSync)(13:41) Sandwich Attacks(20:06) MGX Invests $2 Billion Into Binance(26:17) Ads (Skale & ZKSync)(28:03) Crypto's 2024/25 Cycle(37:02) Ads (Ledger, Mantle, Arweave)(39:28) How To Value Protocols?(50:41) The State Of VC In 2025--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.

Anthony Pompliano, a prominent entrepreneur and investor in crypto, shares his insights on various pressing topics. He examines the economic divide exacerbated by technological disruptions and the rise of populism in politics. The discussion highlights how tariffs can bolster domestic production rather than aid inflation. Pomp emphasizes the importance of independent thought in today's polarized environment and reflects on shifting investment personas, encouraging entrepreneurs to embrace curiosity and problem-solving for business success.

This week’s discussion dives into the current bearish market sentiments in crypto, while keeping an eye on a hopeful future. The potential for a U.S. strategic cryptocurrency reserve is explored, alongside the challenges it may bring. The Ethereum Foundation's innovative Silviculture Society aims to uphold community values as the ecosystem expands. The necessity for transparency and effective regulations in crypto is emphasized to build trust and integrity in the space.

This week features David Kalk, the founder of Reflexive Capital specializing in crypto strategies, and Pranav Kanade, an analyst at VanEck known for his market insights. They dive into the current turmoil of the crypto market, exploring the unwinding of the basis trade and what's next for Bitcoin and altcoins. The duo discusses the psychology behind trading, investor mindsets, and the significance of macroeconomic factors on market dynamics. They also highlight the shift towards a multi-chain future and how specialized chains could reshape investment behaviors.

This week, the team dives into the impact of crypto scams on market sentiment and debates whether the Trump administration was better for crypto than the current leaders. They unpack the complexities of macroeconomic factors driving markets, emphasizing the shift from speculation to fundamentals in investing. The discussion touches on meme coins, the challenges retail investors face, and the intriguing dynamics between Bitcoin, altcoins, and AI stocks. Plus, they explore emerging trading strategies and innovations in the crypto landscape!

This episode dives into the current bearish sentiment gripping the cryptocurrency market. Discussion covers the psychological toll on investors facing declines and whether fundamentals still matter. The impact of recent hacks and the challenge of insufficient market inflows are also examined. A look at innovations in digital wallets and the ongoing regulatory landscape around stablecoins adds depth. Throughout, the hosts emphasize maintaining a long-term perspective and adapting strategies in an unpredictable environment.

Nick Tomaino, Founder of One Confirmation and a crypto expert, dives into the evolving world of cryptocurrency. He sheds light on the recent launch of LIBRA and the increasing significance of stablecoins. The discussion explores the ethical dilemmas surrounding meme coins and the need for education in the crypto landscape. Tomaino also emphasizes long-term investment strategies for newcomers and the importance of supporting founders focused on sustainable development. Insights into app chains and the future of decentralized finance make this a must-listen for crypto enthusiasts.

This discussion dives into the recent momentum shift in crypto, exploring the mixed feelings surrounding Kaito's token launch. Topics include the challenges of centralized operations in a decentralized world and the nuances of blockchain interoperability. The conversation also highlights the emotional impact recent market changes have had on participants. Lastly, they tackle the current state of bridging technology and user experience in crypto exchanges, emphasizing innovative solutions for a more inclusive ecosystem.

David Bailey, Founder of Bitcoin Magazine and a key figure in the Bitcoin community, shares his insights into the future of Bitcoin. He discusses the evolution of the Bitcoin market, the significance of establishing a strategic reserve, and the potential for Bitcoin to become part of national reserves. Bailey reflects on the challenges faced in the cryptocurrency space, including navigating political influences and the impact of ETFs on Bitcoin accessibility. He also delves into innovative strategies for global investors and the fascinating concept of hyperbitcoinization.

Zon, Co-founder and CSO of Initia, discusses the project's promising evolution in the competitive crypto landscape. The conversation dives into whether Ethereum can bounce back from its challenges while highlighting Solana's position. Zon and the hosts analyze user behavior, the significance of app chains, and how blockchain standards are adapting. They also reflect on the market's mood and potential opportunities in decentralized finance, alongside OpenAI's transformative AI role in enhancing productivity. It's a lively exploration of tech, innovation, and market dynamics!