Empire

Keone Hon, the Blockchain founder and CEO of Monad, dives into the recent mainnet launch. He discusses the launch strategy, highlighting the significance of using Coinbase to reach new users and the importance of user-driven growth over incentivized TVL. Keone shares insights on airdrop philosophies, community engagement, and the balance between public and corporate chains. He emphasizes the need for execution in the crypto space and outlines Monad's commitment to a neutral ecosystem that supports all builders.

Dive into the exciting world of crypto as Klarna unveils its new stablecoin, KlarnaUSD, aimed at revolutionizing merchant operations. The discussion shifts to the competitive landscape of prediction markets with Robinhood's latest moves and the potential showdown between Polymarket and Calsha. Hyperliquid introduces equity perpetual contracts, prompting a debate on market risks and hedging challenges. With insights on crypto venture capital and the quality of founders today, this week is packed with perspectives on fintech and crypto innovation!

Raoul Pal, a macro investor and entrepreneur known for founding Real Vision, joins to discuss the market's latest dynamics. He predicts a liquidity wave in 2026 and explains how to navigate crypto cycles. Delving into the impact of macroeconomic factors, Raoul analyzes why crypto is more volatile than stocks and offers insights on valuing layer-one networks based on user activity. He emphasizes the importance of being ready to deploy capital swiftly and highlights the synergy between blockchain and AI as transformative forces in the economy.

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.

The hosts delve into Bitcoin's struggle to reclaim $95k amidst market unease. They investigate the unexpected surge of Zcash, questioning its status as a safe haven. A discussion on leverage and shorting strategies highlights current trading dynamics. Monad's ICO structure aims for wider distribution, while the potential of perp aggregators is debated. Finally, they explore onboarding challenges and opportunities in the bear market, emphasizing the importance of resilient projects for future growth.

Mike Belshe, a digital asset pioneer, and Justin Peterson, CTO of Tradeweb, explore the evolving landscape of institutional crypto adoption. They discuss the interplay between stablecoins and treasuries, emphasizing the need for 24/7 trading to match client demand. The conversation highlights the fragmentation of stablecoins and the projected consolidation into market leaders. They also touch on the risks of wrapped assets, the importance of custodial structures, and the potential for transformative growth in 2026 as on-chain activity gains momentum.

Santiago Roel Santos, an experienced crypto investor and entrepreneur, joins the hosts to dissect the current state of Bitcoin and the broader crypto market. He argues that many crypto projects struggle with valuations due to a lack of revenue. The discussion shifts to why trading has gravitated towards stocks and AI. Highlighting the importance of active on-chain users, Santiago advocates for acquiring real businesses to fuel sustainable growth. The conversation closes with insights on institutional interest in Bitcoin and the essential role of applications over mere infrastructure.

This week, Rob and Santi delve into the state of the market, highlighting the strong bifurcation of winners and losers. They discuss Coinbase's cancellation of the BVNK acquisition and the surge of interest in stablecoin mergers. The duo also examines Monad's ICO and its implications for on-chain capital markets. Uniswap's fee switch proposal sparks a debate on revenue models, while the struggles in DAT markets suggest a potential consolidation. Tune in for insights on corporate chain preferences and the evolving landscape of digital assets!

Brandon Millman, CEO and co-founder of Phantom, and Donnie Dinch, VP of Strategy, share insights on transforming the crypto landscape. Brandon reveals why he founded Phantom, emphasizing user experience over traditional wallets. They discuss innovative features like Phantom Cash and the launch of mobile perpetuals to attract mainstream users. The duo also dives into strategic M&A goals to expand Phantom's offerings, from lending to potential IPO considerations. Exciting times lie ahead for Phantom as it aims to become a comprehensive finance platform.

Pranav Kanade, an investment pro at VanEck, delves into finding alpha in crypto and the evolving landscape of tokenization. He discusses how legislation on stablecoins could boost margins and compares traditional loyalty programs with tokenized equity using brands like Starbucks. Pranav critiques Layer-1 valuations amid current market conditions and reveals that speculative money is swinging towards AI rather than crypto. He also addresses the potential for mass adoption through established companies rather than just crypto-native apps.