Empire

Shan Aggarwal, Chief Business Officer at Coinbase, shares insights into the company's strategic acquisition of Echo and its mission to integrate on-chain capital markets. He discusses the deal's valuation, the importance of cultural fit in acquisitions, and how Echo will enhance issuer services. Shan emphasizes the need for regulatory clarity in tokenized assets, the future of prediction markets on Coinbase, and his advice for founders seeking acquisition opportunities. He envisions an expansive future for digital assets, with Echo playing a crucial role in that transformation.

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.

Ceteris Paribus, who leads Delphi's institutional research arm, dives deep into the recent crypto crash. He discusses the chaos of auto-deleveraging and how it varies across exchanges. The team analyzes the surprising depeg of USDe and the implications for stablecoins during market stress. Ceteris also highlights the major winners and losers post-crash, suggesting that some exchanges thrived while others suffered reputationally. Prepare for insights into how new tokens and markets might reshape liquidity moving forward!

Tarek Mansour, Co-founder and CEO of Kalshi, shares insights from his journey in launching a regulated prediction markets exchange. He discusses the original vision inspired by his MIT roots and the challenges faced with regulatory bodies like the CFTC. Tarek dives into their recent victory in court, growth metrics with a staggering $40B in annual volume, and the competitive landscape against sportsbooks. He also outlines Kalshi's ambition to become a comprehensive 'everything exchange' and the importance of media partnerships to enhance user engagement.

Doug Colkitt, a crypto market analyst with extensive knowledge in liquidation mechanics, joins to dissect the recent crypto market crash. He explains how leverage buildup and delta-neutral strategies led to record liquidations, and discusses the role of auto-deleveraging (ADL) in managing risk. Doug highlights the differences in insurance funds across platforms and dives into the complex dynamics of market liquidity during stress. Listeners gain insights into the factors that influenced this chaos and what builders can learn from the event.

Discover the implications of Polymarket's $2B deal with ICE and its influence on prediction markets. Delve into the evolving world of stablecoins as the duopoly erodes, and explore who might rise to lead. The hosts also consider whether it’s the season for BNB, examining recent activity and competition among chains. Plus, tune in for insights on potential breakout consumer crypto apps and the future of tokenization in equities. Get ready for an engaging discussion packed with insights!

Christian Angermayer, a seasoned entrepreneur and investor, dives into the intersection of technology and psychedelics. He shares insights from his journey through the European debt crisis and highlights Europe's struggle in the AI race. Angermayer predicts a job revolution sparked by AI and robotics, emphasizing the need for societal adaptation. He also discusses his innovative pursuits in biotech and why psychedelics could ease the transition into this new era. With five key investment themes, he aims to reshape the future of mental health and human longevity.

Mike Dudas, founder of Six Man Ventures, dives into the future of crypto investing. With insights from his extensive experience, he discusses why the market isn't at its peak yet, emphasizing on-chain growth and stablecoin expansion. Dudas showcases his successful investments like Pump and Plasma, and critiques the evolving token launch structures. He highlights the emotional value of NFTs and shares his thoughts on Solana's momentum and upcoming opportunities in the crypto space. A fascinating conversation about the dynamic world of crypto!

Duncan from Flood Capital, an early-stage investor known for his keen insights, and Yan Liberman from Delphi Ventures, a macro market guru, dive into the recovering crypto landscape. They analyze the concerning low volumes in SOL DAT amidst leverage risks and discuss Tether's eye-popping $500B valuation. The duo explores the competitive DEX wars, Hyperliquid’s market position, and the implications of tokenizing real-world assets, all revealing the ongoing dynamic shifts in the crypto market. Grab insights as they dissect fundraising strategies and market hopes.

Jordi Alexander, founder of Selene Capital and a savvy crypto investor, shares his insights on the current market cycle from the Origin Summit. He discusses the challenges of DAT season, warning that retail interest is waning and projects must adapt. Jordi highlights the rise of Perp DEXs and the dynamics of token farming versus holding. He also expresses optimism about the resurgence of AI in Web3, suggesting new opportunities ahead. Listeners gain practical advice on navigating this evolving landscape with a cautious approach.