Don’t Midcurve Circle and PumpFun | Weekly Roundup

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Jun 6, 2025

Yano and Santi dive into the world of crypto, discussing the implications of Circle's oversubscribed IPO and Robinhood's expanding influence. They explore the excitement around Pump.fun's billion-dollar raise and dissect Coinbase's shifting position in the market. The hosts also touch on the intersection of politics and crypto, with humorous takes on the Trump family's involvement. Plus, they delve into the complexities of stablecoins in global remittances and the latest DeFi innovations, all while cautioning listeners about rising scams.

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INSIGHT

Revenue Growth Variances Explained

Coinbase and Robinhood revenues grew by about 75% and 60% respectively, tied to crypto price volatility.
Circle's slower revenue growth signals more stable but less dynamic business traction.

INSIGHT

Robinhood's Acquisition Edge

Robinhood's broader audience and international expansion give it cheaper user acquisition and retention.
Coinbase struggles with integration and user retention compared to Robinhood's cohesive product suite.

INSIGHT

Pump.Fun's Revenue and Growth

Pumped Up Fund boasts $1B in revenue per year with strong profit margins.
Their success stems from capturing massive mainstream attention despite skepticism.

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In this episode, Yano and Santi unpack 16z’s stance on the decline of crypto foundations, Pump.fun’s $1B raise, Robinhood’s growing crypto footprint, Circle’s upcoming IPO, and question Coinbase’s (COIN) evolving role in the ecosystem.

Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Marinade Labs develops staking technologies that strengthen Solana. In 2021, our protocol was the first to bring liquid staking to the network; today, our sophisticated, high-performance staking delegation platform brings billions in liquidity and security to the SOL market. We have solutions for both DeFi and TradFi, including liquid and native staking, as well as direct enterprise integrations. Our best-in-market features include user downside protection (through protected staking rewards) and optimized delegation (via our automated auction marketplace). Crypto asset investors worldwide, from individual traders to global institutions, use Marinade to earn rewards on their SOL treasuries and holdings. We are headquartered in New York, with offices in the European Union, including Prague. To learn more about Marinade, visit https://www.marinade.finance. -- Ledger, the global leader in digital asset security, proudly sponsors Expansion! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe. Buy now on https://shop.ledger.com/?r=1da180a5de00. -- Petra Earn was designed to make DeFi more accessible for everyone—from seasoned pros to DeFi beginners. Manage your balance, claim rewards and deposit directly from the app.By supplying USDT to Aries lending pools, users have the potential to earn a higher yield compared to some traditional methods.Not financial advice. Participating in Defi carries risks.

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-- Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

Chapters:

(00:00) Intro

(01:35) Beware Of Fake Empire Scams

(05:10) Circle IPO (20X Oversubscribed)

(15:18) Ads (Geodnet, Marinade)

(16:52) HOOD, COIN or CRCL?

(24:51) Ads (Geodnet, Marinade)

(26:25) PumpDotFun $1B Raise Explored

(42:05) Ads (Ledger, Aptos, Citrea)

(44:18) Trump Wallet Real or Not?

(45:49) Trump Family Too Involved In Crypto?

(48:32) Global Remittances With StableCoins

(53:44) MoonPay Gets NY BitLicense

(56:47) Crypto Infinite Money Glitch?

(01:01:49) DeFiSaver

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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.