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Will the AI labs eat everything or is tech just too sure of itself to tell what actually lasts? This week, Compound's Michael Dempsey explains why he invests against the herd in a market running on FOMO. We explore which SaaS companies survive AI, why sentiment has turned against tech, his case for a historic decade in bio, and why crypto venture went quiet while onchain assets got interesting. Enjoy! TIMESTAMPS: 00:00 Intro 01:29 How Do You Invest Without FOMO? 08:30 Is The AI Boom Built To Last? 12:32 Will AI Labs Eat Every Startup? 17:19 Ads (Fidelity Crypto) 17:52 Which Software Companies Survive AI? 24:35 Why Is Tech Losing Public Trust? 33:56 Ads (Fidelity Crypto) 34:35 Gambling, Inequality, And Financial Nihilism 40:03 Has Tech Lost Its Soul? 43:54 How Compound Finds Its Next Bets 55:36 Can AI Transform Biotech? 01:03:39 Why Still Invest In Crypto? 01:08:04 Which Crypto Companies Could Go Public? FOLLOW GUEST › Michael – https://x.com/mhdempsey › Compound – https://www.compound.vc/ FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks SPONSORS › Fidelity Crypto was built in-house with over a dozen years of crypto experience. So you can trade crypto and stocks in one place at Fidelity, backed by industry-leading security. Fidelity Crypto. We're here to help you feel good about investing in crypto. Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of significant loss. Securities offered by Fidelity Brokerage Services,LLC. Member NYSE, SIPC. http://fidelity.com/crypto EVENTS › Join us at Digital Asset Summit London Nov 10-11 https://blockworks.com/events RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Is AI's infinite capital era finally running out of road? This week, we unpack the AI bloodbath and why credit markets are flashing warnings while crypto quietly holds its ground. We explore Anthropic's growth scare, Yano's AI survival tiers, why everyone's talking about Pearl, and whether regulators will ever allow global liquidity. Enjoy! TIMESTAMPS: 00:00 Intro 01:24 AI Sells Off, Crypto Holds Up 05:20 Is CoreWeave Facing A Debt Crisis? 10:14 Can Frontier Models Make Money? 16:20 Ads (Fidelity Crypto, DAS London) 17:30 Which AI Businesses Survive? 21:52 Who Wins As AI Gets Cheaper? 27:15 Ads (Fidelity Crypto, DAS London) 28:41 What Stood Out At Token2049? 31:49 Can AI Mining Challenge Bitcoin? 36:09 Does Pearl’s Mining Model Work? 40:23 What’s Next For Crypto Exchanges? 50:26 Will Stablecoins Replace National Currencies? 59:45 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyano. itz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks SPONSORS › Fidelity Crypto was built in-house with over a dozen years of crypto experience. So you can trade crypto and stocks in one place at Fidelity, backed by industry-leading security. Fidelity Crypto. We're here to help you feel good about investing in crypto. Crypto is offered by Fidelity Digital Assets, NA, is not insured by FDIC or SIPC and includes risk of significant loss. Securities offered by Fidelity Brokerage Services,LLC. Member NYSE, SIPC. http://fidelity.com/crypto EVENTS › Join us at Digital Asset Summit London Nov 10-11 https://blockworks.com/events RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Is tokenization pointless until you can borrow against it? This week, we sit down with Kamino's new CEO Michael Weisz on why he left fintech to build the onchain credit layer. We explore Kamino's invisible distribution strategy, why Goldman won't lend on private assets, why venture can't be collateral yet, and how his upside rides on $KMNO. Enjoy! TIMESTAMPS: 00:00 Intro 00:54 Why Leave Fintech For Crypto? 05:43 Why Join Kamino? 10:01 Kamino’s Vision For Onchain Finance 14:06 Who Owns The Customer Relationship? 17:13 Bringing Institutions Onchain: Four Pillars 23:34 Why Private Assets Need Onchain Credit 27:23 Which Assets Make Good Collateral? 33:27 Can DeFi Attract Top Asset Managers? 39:18 Running Kamino Like A Public Company 43:28 How Do Collateral And Liquidations Work? 46:45 Why Choose Tokens Over Equity? 50:05 Building Kamino’s Team 52:49 Final Thoughts FOLLOW GUEST › Michael – https://x.com/WeiszM › Kamino – https://kamino.com/earn/lend FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit London Nov 10-11 https://blockworks.com/events RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

What if Hyperliquid’s biggest opportunity is helping the exchanges it’s compared against? This week, Hyperliquid Labs CEO & Co-founder Jeff Yan explains how Hyperliquid is building shared infrastructure for the entire financial system. We discuss options, institutional access, the cost of trading speed, and why transparent markets could deliver better execution. Enjoy! TIMESTAMPS: 00:00 Intro 01:31 Building The House Of All Finance 05:07 Is Hyperliquid More Than An Exchange? 07:17 Bringing Institutions Onto Hyperliquid 11:46 Better Trading Through Fees And Options 18:19 Do Transparent Markets Deliver Better Execution? 23:46 Keeping Hyperliquid’s Community Focused 27:05 What Comes Next For Hyperliquid? FOLLOW THE SHOW › Jeff – https://x.com/chameleon_jeff › Shaunda – https://x.com/shaundadevens › DAS –https://x.com/blockworksDAS › Jason – https://x.com/jasonyanowitz › Empire – https://x.com/theempirepod › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

How do you price a commodity that still clears in text messages? This week, we're joined by Brett Harrison of Architect and Andrawes Bahou of Compute Desk to discuss why GPU compute needs a futures market for better pricing and hedging. We explore the opaque broker markets quoting GPUs that don't exist, buyers paying up to 2x to get chips sooner, hyperscaler cash flow going negative, and the biggest constraints in the AI market. Enjoy! TIMESTAMPS: 00:00 Intro 00:59 Why Does Compute Need Markets? 08:53 Compute Still Trades In Group Chats 13:38 Why Finding GPUs Takes So Long 19:21 How Much Compute Should You Buy? 26:58 Why Are Compute Prices Rising? 33:27 Can Architect Take On CME? 38:13 How Do You Hedge Compute? 43:08 The Risks Behind GPU Lending 52:08 What Really Constrains The AI Market? 01:02:08 What Is Everyone Missing About Compute? FOLLOW GUESTS › Brett – https://x.com/BrettHarrison › Architect – https://architect.co/ › Andrawes – https://x.com/andrawesbahou › Compute Desk – https://www.compute-desk.com/ FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes. only. Any views expressedare opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

AI is absorbing investor attention while crypto fundamentals keep improving and fueling growing signs of the long-awaiting bull market. This week, we debate the economics behind AI’s boom and whether crypto’s recovery deserves more attention. We also explore data center financing, why Yano is buying Backpack, overlooked fintech growth, and whether AI agents will disrupt financial services. Enjoy! TIMESTAMPS: 00:00 Intro 00:58 Silicon Valley’s AI Drama 02:52 What Could Pop AI’s Bubble? 08:49 AI’s Boom Vs The Debt Markets 12:33 Will Compute Demand Keep Growing? 15:53 The Economics Behind AI Compute 21:23 Is Crypto’s Bull Market Back? 30:29 Was SBF Actually A Great Investor? 37:22 Crypto’s Regulatory And Funding Shift 41:42 Is Crypto Growth Different This Time? 48:24 Will AI Agents Disrupt Finance? 54:00 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era › Start building with the Blockworks Unified API https://blockworks.com/insights/introducing-the-blockworks-unified-api DISCLAIMER Nothing said on Empire is a recommendation to. buy orsell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Do markets even need CLARITY when quality names and regulators are already sending? This week, we dig into pro-innovation regulators and consensus momentum trades outperforming clever rotations. We also explore Muse, inventors rarely winning, tokenization value capture, and $HOOD versus $SOL. Enjoy! TIMESTAMPS: 00:00 Intro 00:58 Blockworks’ Origins And Crypto’s Red Flags 05:08 Crypto Ripping Without CLARITY? 09:41 Can Consensus Coins Keep Winning? 13:18 Why Dragonfly Shifted Toward Equity 20:48 Is Meta’s AI Bet Underpriced? 33:26 Why Crypto’s First Movers Lost 36:29 Blockworks’ DAS Asia And Unified API 39:08 Who Captures Tokenization’s Value? 46:42 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset. 2026London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of. thebiggest weeks in crypto. Get your TOKEN2049 tickets and. 10%DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST RESOURCES › Learn more about Blockworks Agentic Detection: https://blockworks.com/insights/introducing-agentic-detection-asset-monitoring-built-for-the-ai-era DISCLAIMER Nothing said on Empire is a recommendation. to buy or sellsecurities or tokens. This podcast is for informational purposes. only. Anyviews expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

CLARITY failed, but SEC and CFTC action could still accelerate onchain markets. This week, we cover what's next for crypto regulation, debate the many-stablecoin thesis, and dig into Circle launching Arc and the S&P’s push into crypto data and security. We also discuss broken venture markets, Meta’s AI advantage, and Polymarket’s executive hiring spree. Enjoy! TIMESTAMPS: 00:00 Intro 03:50 Corporate Stablecoin Debate 13:03 Why The CLARITY Act Failed 16:58 The SEC Opens Tokenized Markets 22:43 Who Wins Tokenized Markets? 29:06 S&P Moves Deeper Into Crypto 37:40 Can Circle Make Arc Work? 46:14 Can AI Startups Survive Meta? 51:26 Polymarket’s War For Talent 57:15 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Rob – https://x.com/HadickM › Santi – https://x.com/santiagoroel › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks RESOURCES › Slumber Number – https://www.sec.gov/newsroom/speeches-statements/peirce-slumber-number-innovation-exemption-statement-091726 EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets and 10% DISCOUNT here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Which tokens are actually worth owning in today’s market? This week, Yan Liberman shares his six-token portfolio and the framework behind each position. We dig into productive vs speculative assets, catchup trades and overlooked opportunities, how AI is reshaping crypto venture, what Delphi looks for in founders, and what the ideal portfolio looks like today. Enjoy! TIMESTAMPS: 00:00 Intro 00:34 Does Crypto’s Rally Have Legs? 05:49 Is AI Outshining Crypto? 10:35 Liquid Tokens Or Venture Bets? 16:17 Ads (Token2049, Avalanche) 17:57 Inside Yan’s Crypto Portfolio 23:25 What Returns Justify Crypto Risk? 29:53 Where Can Crypto Venture Still Win? 37:20 Aerodrome’s Catch-Up Trade 41:16 Why Delphi Backs Emerging Managers 44:42 How Delphi Evaluates Founders 50:29 Stop Trying To Be Clever? 57:53 Is Market Froth Taking Over? FOLLOW GUEST › Yan – https://x.com/YanLiberman › Delphi Ventures – https://x.com/Delphi_Ventures › Delphi Digital – https://x.com/Delphi_Digital FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST › Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

What happens when memecoin speculation collides with onchain equities? This week, Jason and Santi unpack why Robinhood’s tokenized stocks may be crypto’s hottest new battleground. They explore the $BONER–$HIMS squeeze, murky shareholder rights, FOMO’s bull-market signal, and whether Robinhood, Solana, and stablecoin giants become this cycle’s biggest winners. Enjoy! TIMESTAMPS: 00:00 Intro 01:57 Crypto’s Animal Spirits Return 06:20 Can Memecoins Unlock Tokenized Stocks? 12:42 Ads (TOKEN2049, Avalanche) 14:22 How $BONER Squeezed Tokenized $HIMS 19:21 Robinhood Faces Meme-Equity Backlash 22:21 Are Onchain Equities Crypto’s Future? 28:34 Do Most Fomo Traders Lose Money? 32:01 You Must Enter The Trenches 33:53 How Santi Is Playing This Cycle 36:56 Is Solana Still Years Ahead? 39:29 Will Stablecoins Become An Oligopoly? 42:41 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in. crypto. Getyour TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST › Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

What happens when AI agents become the internet’s dominant users? This week, Jason sits down with Cloudflare CEO Matthew Prince to explore how AI agents could fundamentally reshape the internet’s business model. They discuss 1,000x agent traffic, why everything wrong with the world is Google's fault, AI flattening organizations, micropayments at unprecedented scale, and whether AI becomes the new interface to the internet. Enjoy! TIMESTAMPS: 00:00 Intro 00:45 How The Internet Got Here 05:52 Did Ads Break Society? 10:20 Why AI Labs Fear Google 16:59 What Cloudflare Actually Does 19:56 Ads (Token2049, Avalanche Summit) 21:35 When Cloudflare Went AI-First 27:20 AI Is Flattening Companies 35:39 What Happens To Human Work? 39:18 Why Public Markets Work Better 43:59 Who Pays For The Agent Internet? 54:08 Do Agents Need Blockchains? 01:01:09 What Breaks In The Agent Internet? 01:07:30 Will AI Become The Internet? FOLLOW GUEST › Matthew – https://x.com/eastdakota › Cloudflare – https://www.cloudflare.com/ FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST › Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Can Robinhood turns the crypto trenches into a serious business? This week, we unpack Robinhood Chain’s explosive growth and what it could mean for tokenized markets, Ethereum, and traditional finance. We also explore the new meme-stock mechanics, Ethena’s neobank push, Hyperliquid’s U.S. path, and why distribution still captures the most value. Enjoy! TIMESTAMPS: 00:00 Intro 00:46 Robinhood Chain’s Billion-Dollar Run Rate 05:26 Can Memecoins Move Stocks? 14:14 Why 24/7 Stocks Don’t Scale 20:53 Who Captures Crypto’s Value? 22:01 Ads (Token2049, Avalanche Summit) 23:41 Who Captures Crypto’s Value? 28:12 Ethena’s Neobank Push 32:46 Can Crypto Neobanks Actually Scale? 38:18 Remittances Fight To Own Deposits 47:34 Hyperliquid’s Path Into America 53:41 Prediction Markets And Bitcoin 58:14 Distribution Is Still Crypto’s Moat 01:01:01 Who Brings Stocks Onchain? 01:06:31 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST › Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Tokenized collectibles are one of the hottest markets right now, turning an antiquated resale market into a liquid, gamified form of commerce built around collectors. This week, Beezie and Collector Crypt CEOs, Andrea Miele and Tuomas (Tuom) Holmberg, explain why tokenized collectibles are finding product-market fit and how crypto is reshaping a market long dominated by traditional marketplaces. They discuss instant buybacks, collector liquidity, sustainable platform economics, token ownership, and why gamified commerce could expand far beyond trading cards. Enjoy! TIMESTAMPS: 00:00 Intro 02:03 How Collectibles Became a Market 06:06 Why Are Pokémon Cards Booming? 09:22 What’s Broken In Collectibles? 14:53 How Digital Packs Actually Work 18:31 How Do The Economics Work? 27:04 Ads (TOKEN2049, Avalanche Summit) 28:47 Can Lower Fees Win Users? 37:42 What Does Blockchain Actually Add? 45:06 Can Gamified Commerce Go Mainstream? 48:36 Why Collector Crypt Has A Token 53:51 How Does Token Value Accrue? 57:09 How Big Can This Get? FOLLOW GUESTS › Andrea – https://x.com/AndreaMYellie › Beezie – https://x.com/beezie › Tuom – https://x.com/TuomHolmberg › Collector Crypt – https://x.com/Collector_Crypt FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST › Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

What matters more in today’s market: the numbers or the story investors believe? This week, we debate crypto’s rebound and why markets increasingly reward narrative, momentum, and massive future outcomes over traditional valuation. We also cover Hyperliquid vs Pump, Ethena’s token overhaul, AI valuation mania, and the convergence of trading and social. Enjoy! TIMESTAMPS: 00:00 Intro 01:07 Is Crypto Risk Worth It? 08:07 Are AI Assistants Overhyped? 13:40 Is Crypto Undervalued Again? 22:06 Why Pump Trails Hyperliquid 30:14 Ads (TOKEN2049, Avalanche Summit) 34:12 Ethena Fixes Its Tokenomics 42:33 How Does Ethena Keep Growing? 49:30 Can FOMO Onboard Normies? 56:10 Content Of The Week FOLLOW THE SHOW › Empire– https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events › TOKEN2049 Singapore is back October 7–8, bringing together 25,000 attendees, 300 speakers, and 500 exhibitors for one of the biggest weeks in crypto. Get your TOKEN2049 tickets here: https://checkout.token2049.com/events/asia?promo=DASPODCAST10&utm_source=Empire&utm_medium=podcast&utm_campaign=daspodcast&utm_id=DASPODCAST › Avalanche Summit NYC lands Sept. 16–17. Save 15% with code BLOCKWORKS15: avalanchesummit.com/registration DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Can new regulations finally fix the broken token market? This week, we debate whether the SEC’s new crypto framework meaningfully changes token design, capital formation, and investor protections. We dig into token cash flows, Hyperliquid’s institutional moment, if CLARITY is actually dead, regulatory first movers, and whether founders should ignore their VCs. Enjoy! TIMESTAMPS: 00:00 Intro 00:28 Jackson Hole & SALT Symposium 04:16 Can Regulation Revive Crypto? 16:23 The Four-Year Cycle & Is It Time To Nibble? 18:23 Hyperliquid’s Institutional Moment 25:22 Who Loses From Regulatory Clarity? 32:48 Which Projects Go First? 39:10 Token Transparency Hits Bloomberg 42:13 Travis Kalanick & Peak Founder Mode 51:01 Content Of The Week FOLLOW THE SHOW › Empire – https://x.com/theempirepod › Jason – https://x.com/jasonyanowitz › Santi – https://x.com/santiagoroel › Rob – https://x.com/HadickM › Telegram – https://t.me/+CaCYvTOB4Eg1OWJh › Blockworks – https://x.com/Blockworks EVENTS › Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th https://blockworks.com/events DISCLAIMER Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.