Story vs Valuation, Hyperliquid TAM, Pump’s Problem & Ethena’s Token Reset

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

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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.