DAS Takeaways, Crypto’s Largest Liquidation Ever & Have We Peaked? | Weekly Roundup

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Oct 17, 2025

This week, the hosts explore the aftermath of crypto's largest liquidation event. They dissect the failures in market microstructure and contrast the performance between DeFi and CeFi during the crash. Discussions reveal surprising auto-deleveraging mechanics and the potential of on-chain collateral to prevent future liquidations. The hosts also weigh in on Binance's listing practices, comparing them to traditional IPOs, and consider the future of DATs in the market. Meanwhile, they highlight the increasing institutional interest in major cryptocurrencies.

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INSIGHT

Microstructure Fragility Exposed

Crypto's market microstructure is fragile and fragmented, causing extreme price dislocations during stress events.
Exchanges, market makers, and oracle construction must improve to prevent liquidity vacuums and prolonged ARBs.

ADVICE

Fix Oracles And Collateral Rules

Improve oracle design by referencing deeper, on-chain liquidity like Curve pools where appropriate.
Re-evaluate collateral and liquidity management to withstand cross-exchange dislocations.

INSIGHT

DeFi's Stress-Test Advantage

DeFi protocols like Aave absorbed stress and incurred no bad debt, proving resilient in the event.
That performance highlights a bifurcation: some DeFi systems outperformed centralized venues during the crash.

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This week we discuss the fallout after crypto's largest ever liquidation event. We deep dive into the problem with crypto's market structure, has the DAT bubble burst, Binance's listing process, takeaways from DAS & more. Enjoy!

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(00:00) Introduction

(01:17) DAS Takeaways

(05:36) Crypto’s Largest Liquidation Ever

(13:50) Ads (Blockdaemon, Peaq)

(15:00) Perps, Crypto Liquidity & Market Structure

(27:28) Ads (Blockdaemon, Peaq)

(28:39) Binance’s Listing Process

(43:56) Ads (Katana)

(44:42) The DAT Bubble Has Burst

(57:13) Has This Cycle Peaked?

(01:05:33) Deals of The Week

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.