In this episode of Empire, Hal Press joins Mike and Jason to discuss his investment thesis. It's no secret that Hal is an ETH super bull, and this episode makes it clear why. He explains ETH's unfair advantage, how L2s will serve as free marketing for Ethereum, the liquidity staking derivative trade, the mechanics behind token rallies, token value accrual and the deflationary outlook! Get ready, this is one of my favorite podcasts yet. - - Timestamps: (00:00) Introduction (00:54) What Caused This Rally? (10:46) The ETH:BTC Ratio (13:14) How Shanghai Will Affect ETH Sell Pressure (18:32) The LSD Trade (20:30) Blockworks Research Ad (30:30) The Real Yield Thesis (32:36) Has ETH Won? (44:28) Aptos’ Rally & Learnings (54:40) The L2 Landscape (59:10) Where Will Value Accrue? (1:07:36) Bullish on dYdX (1:10:34) Macro and Deflation - - Follow Hal: https://twitter.com/NorthRockLP Follow Jason: https://twitter.com/JasonYanowitz Follow Mike: https://twitter.com/MikeIppolito_ Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources North Rock Digital https://northrockdigital.com/ - - 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.