This week, the Hivemind team explains why crypto feels stagnant despite rising prices, the ongoing failure of real-world asset (RWA) narratives, and how on-chain credit markets are quietly gaining traction. They also dive into the explosion of new token launches, the misguided obsession with "real yield," what the success of Ethena and Pendle says about crypto's evolution, and more. Enjoy!

--

Start your day with crypto news, analysis and data from Katherine Ross and David Canellis.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire 

--

Follow Ceteris: https://x.com/ceterispar1bus 

Follow Jose: https://x.com/ZeMariaMacedo 

Follow Yan: https://x.com/YanLiberman 

Follow Duncan: https://x.com/FloodCapital 

Follow Empire: https://x.com/theempirepod 

Subscribe on YouTube: https://bit.ly/4jYEkBx 

Subscribe on Apple: https://bit.ly/3ECSmJ3 

Subscribe on Spotify: https://bit.ly/4hzy9lH 

--

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ 

--

Timestamps:

(0:00) Introduction

(1:26) WW3 Averted

(6:33) Institutional Inflows and Treasury Plays

(8:44) Bitcoin and Altcoin Performance

(15:59) Crypto Innovations, Bitcoin DeFi & Yield Farming

(25:28) Crypto Sentiment vs Fundamentals

(33:45) Proof of Governance Over Staking Inflation

(44:32) HyperLiquid

(57:24) Reflections on Crypto Innovations

--

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