Empire

In today's episode of 1000x, we are joined by Mike Novogratz, legendary trader and founder of Galaxy Digital. We talk about how Mike built an intuition for markets, how to synthesize trades, crypto's outlook, macro policy expectations, Mike's favorite trade and more!We'll drop a new 1000x episode on Empire's RSS feed and the 1000x YouTube channel every two weeks. Hit the links below and give us a follow!- -Timestamps:(00:00) Introduction(00:55) Developing an Intuition for Markets(03:25) How to Synthesize Trading Opportunities(07:17) Trading Crypto vs Macro: Similarities and Differences(11:42) Maintaining Conviction in Crypto(18:27) Crypto’s Most Interesting Opportunities(20:51) The Relationship Between BTC and Monetary/Fiscal Policy(30:41) Retail Adoption: Crypto Needs More Storytellers(37:19) Why Mike Started Galaxy(39:40) Favorite Trade of All Time(42:37) When to Sell vs Hold(48:22) Investing in Your Community and Making an Impact- -Follow Mike: https://twitter.com/novogratzFollow Jonah: https://twitter.com/jvb_xyzFollow 1000x: https://twitter.com/1000xPodSubscribe on YouTube: https://bit.ly/3FuSarXSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/- -Resources:Golden Treehttps://www.goldentree.com/Cumberlandhttps://cumberland.io/https://twitter.com/CumberlandSaysDRWhttps://drw.com/https://twitter.com/DRWTrading- -Disclaimer: Nothing said on 1000x 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. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.

Today we are joined by Preston Evans and Mustafa Al-Bassam to discuss the sovereign rollup thesis. We discuss social vs technical sovereignty, the Sovereign SDK, why light clients are critical to scale, limitations of optimistic rollups, value accrual in a modular world and more!- -Timestamps:(00:00) Rollup Designs(05:40) Social Sovereignty vs Technical Sovereignty(09:58) Why Does the Rollup Debate Matter?(18:09) Limitations of the EVM(20:39) A Blockchains 3 Core Tasks(24:21) Thales(25:18) Security Guarantees & the Benefit for Users(32:21) Modular Inevitability & Breaking the Layer One Loop(42:34) Why Preston is Bearish on Optimistic Rollups(46:00) Value Accrual and Moats(53:40) Sovereign’s Alpha Release & Celestia’s Mainnet Incoming- -Follow Preston: https://twitter.com/prestonevans__Follow Mustafa: https://twitter.com/musalbasFollow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - -This episode is brought to you by Thales. Thales is an innovative digital options platform on Arbitrum and Optimism that gets you exposure to crypto assets in the simplest way possible. As simple as choosing UP or DOWN! Experience the simplicity and power of Thales by visiting https://thalesmarket.io/?mtm_campaign=blockworks today!- -ResourcesCelestiahttps://celestia.org/https://twitter.com/CelestiaOrgSovereignhttps://www.sovereign.xyz/https://twitter.com/sovereign_labs- - 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.

In today's episode, Jason and Santiago discuss their outlook on the bear market, why Lido FUD is overblown, Animoca's red flags to watch, the SEC's show of weakness and Santi's big announcement (he's building a new crypto bank!).- -Timestamps:(00:00) Introduction(02:38) Why This Bear Market Seems So Dark(13:47) Santi Announces He's Building a Crypto Bank(24:54) “Valora Ad”(25:49) Lido FUD(33:34) Animoca's Red Flags(43:16) The SEC Shows Weakness(47:53) Book/Show Recommendations- -Follow Santi: https://twitter.com/santiagoroelFollow Jason: https://twitter.com/JasonYanowitzFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/- -This episode is brought to you by Valora. Valora is a self-custody, mobile-first wallet... and the easiest way to send, swap, collect and purchase digital goods on the Celo blockchain. Download the app and start exploring today at valoraapp.com/empire.- -Resources:Animocahttps://www.animocabrands.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.

Today we are joined by Rune Christensen to discuss MakerDAO's Endgame. The Endgame is MakerDAO's roadmap to create the world's most widely used stablecoin. We discuss how Maker has evolved since 2015, MKR's underperformance, the 5 phases of the Endgame, what could go wrong and more!- -Timestamps:00:00 MakerDAO's History: From Creation to Today08:51 Codifying Rules to Scale19:36 MKR’s Underperformance vs DAI’s Growth24:36 Quicknode26:25 Phase 1: Rebranding, New Tokens, Farming37:37 Phase 2: SubDAOs, RWA Collateral & Tokenomics55:59 Phase 3: Implementing AI01:01:20 Phase 4 & 5: Voting Rewards and a Special Purpose Blockchain01:05:40 The Bear Case01:10:10 Allocator DAOs and Internalizing Value- -Follow Rune: https://twitter.com/RuneKekFollow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - -This episode is brought to you by Quicknode. QuickNode is an end-to-end blockchain developer platform that makes building Web3 apps easy. Go to QuickNode.com and use code Empire for a free month on their feature-packed Build Plan!- -ResourcesThe Endgame Plan parts 1&2 (May 2022)https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456The 5 phases of Endgame (May 2023)https://forum.makerdao.com/t/the-5-phases-of-endgame/20830- - 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.

In today's episode, we discuss how Metaplex, Solana's leading NFT infrastructure provider, surprised the community by announcing usage fees, causing a heated debate on public goods funding and protocol business models. We also explore the intersection of AI and crypto, the dangers of restaking, if crypto has PMF and Ledger's PR nightmare!- -Timestamps:(00:00) Introduction(00:57) Nvidia and AI Take Center Stage(14:20) Metaplex: Public Goods and Protocol Funding(31:26) “Valora Ad”(32:24) Should ETH Embrace Restaking?(38:28) Ledger’s PR Nightmare(49:32) Does Crypto Have PMF?(58:01) Fred Wilson: “When They Want to Shut Down, Double Down”(1:04:41) What We’re Watching and Blockworks’ New Podcast- -Follow Santi: https://twitter.com/santiagoroelFollow Jason: https://twitter.com/JasonYanowitzFollow Garrett: https://twitter.com/GarrettHarper_Follow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw- -This episode is brought to you by Valora. Valora is a self-custody, mobile-first wallet and the easiest way to send, swap, collect and purchase digital goods on the Celo blockchain.Try out Masa Prosperity Passport in Valora to claim your free 5+ character .celo domain and get additional rewards from Celo ecosystem partners. Download the app and start exploring today at valoraapp.com/empire."- -Resources:EigenLayer episode (Empire)https://spoti.fi/45yUdr6Shared Sequencer episode (Empire)https://spoti.fi/3MSIw7nVitalik's new article on restakinghttps://vitalik.ca/general/2023/05/21/dont_overload.html- -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. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode of 1000x, we are joined by Don Wilson, the founder of DRW and one of the world's most successful traders. Don explains how to use probability distributions to make decisions, how he founded DRW, why BTC has negative convexity, how AI will change financial markets and more!We'll drop a new 1000x episode on Empire's RSS feed and the 1000x YouTube channel every two weeks. Hit the links below and give us a follow!- -Timestamps:(00:00) Introduction(00:57) How Don First Became a Trader(06:28) Custom Valuation Models and Strategies(10:37) The Transition to Electronic Trading(14:56) Bitcoin’s Appeal: Removing Intermediaries(19:21) Cumberland's Origin Story(21:15) BTC's Negative Convexity(26:35) How Will AI Impact Financial Markets?(30:16) Crypto’s Evolution and Market Structure(35:15) When Will RWAs Move to Crypto Rails?(37:50) Today’s Infrastructure Shortfalls and the Canton Blockchain(42:54) Don’s Decision-Making Process(47:51) Favorite Trades of All Time- -Follow Don: https://www.linkedin.com/in/donwilsonjr/Follow Avi: https://twitter.com/AviFelmanFollow Jonah: https://twitter.com/jvb_xyzFollow 1000x: https://twitter.com/1000xPodSubscribe on YouTube: https://bit.ly/3FuSarXSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/- -Resources:Golden Treehttps://www.goldentree.com/Cumberlandhttps://cumberland.io/https://twitter.com/CumberlandSaysDRWhttps://drw.com/https://twitter.com/DRWTradingDigital Assethttps://www.digitalasset.com/Canton Networkhttps://www.canton.network/- -Disclaimer: Nothing said on 1000x 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. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.

Today we are joined by Lyn Alden and Jordi Alexander to discuss the Bitcoin blockspace debate, Bitcoin's long-term security and money vs tech crypto. Lyn and Jordi are two of the most prominent macro and Bitcoin investors. You don't want to miss their hot (and often conflicting) takes on the evolution and future of Bitcoin!- -Timestamps:(00:00) Bitcoin Blockspace Debate(10:59) The Bear Case and Long-Term Security(36:03) Quicknode(37:50) Kwenta(38:45) Money Crypto vs Tech Crypto(51:53) Bitcoin's Attack Vectors(57:56) Incentives for Bitcoin Development(01:09:29) Macro’s Impact on BTC(01:14:45) The Bitcoin Halvening- -Follow Lyn: https://twitter.com/LynAldenContactFollow Jordi: https://twitter.com/gametheorizingFollow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - -This episode is brought to you by Quicknode. QuickNode is an end-to-end blockchain developer platform that makes building Web3 apps easy. Go to QuickNode.com and use code Empire for a free month on their feature-packed Build Plan!- -This episode is brought to you by Kwenta, the premier derivatives trading platform on Optimism that offers deep liquidity, low fees and up to 50x leverage across 24+ assets. Go to Kwenta.io and start trading today!- -ResourcesLyn Alden's websitehttps://www.lynalden.com/Selini Capitalhttps://www.selinicapital.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.

Jason’s traveling this week so we’ve dropped today’s Bell Curve episode in its place!In today's episode, we discuss if protocols should distribute revenue to token holders. This debate was sparked by a Lido proposal for a token revenue share mechanism that now has all of Crypto Twitter debating the merits of revenue distribution, buyback and burn vs dividends, protocol treasuries and more. Tokenomics is a theme you can no longer ignore.We also discuss roadblocks at Stacks (a Bitcoin scaling solution), the viability of Bitcoin's blockspace for arbitrary use cases and Tether's new BTC buying program.- -This episode is brought to you by Valora. Valora is the easiest way to send, swap, collect, and grow your crypto on the Celo blockchain. Download the app and start exploring dapps likeJumpTask today at valoraapp.com/empire. Sign up and use the code ‘HelloValora’ to get a 20% bonus after completing your first task in JumpTask! - -ResourcesLido revenue share proposalhttps://research.lido.fi/t/proposal-introducing-ldo-staking/4636Hasu's Lido responsehttps://research.lido.fi/t/proposal-introducing-ldo-staking/4636/25?u=hasuAlex's SNX threadhttps://twitter.com/thiccythot_/status/16592780560353484850xResearch hosted by Dan and Samhttps://spoti.fi/3NlP1hAhttps://apple.co/3SNhUEt- -Follow Dan: https://twitter.com/smyyguyFollow Sam: https://twitter.com/swmartin19Follow Mike: https://twitter.com/MikeIppolito_Follow Myles: https://twitter.com/MylesOneilFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Disclaimer: Nothing said on Bell Curve 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. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Today we are joined by Alex Blania to discuss Worldcoin and its attempt to solve proof-of-humanity. ChatGPT and AI have hit the world by storm, making it harder to distinguish humanity from machine. In this episode, we discuss how proof of humanity is necessary in an AI-driven world, why Worldcoin uses biometric data and crypto rails, how privacy concerns are mitigated, questions around UBI, and how Worldcoin will be crypto's largest onboarding catalyst over the next 12 months.- -Timestamps:(01:26) The Origin Story(06:39) How AI Impacts Proof-of-Humanity(11:24) Why Biometrics and the Orb(19:37) Data and Privacy Concerns(26:01) Related Government Experiments(30:07) Why Should People Care About Proof-of-Humanity(32:38) Quicknode ad(34:23) Kwenta ad(35:21) The Crypto Tech Stack(40:02) Biggest Challenges, Success Metrics and Revenue Model(46:37) Criticisms and Reactions from Governments(49:37) Universal Basic Income(52:16) Scary Vibes and Removing Trust- -Follow Alex: https://twitter.com/alexblaniaFollow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - -This episode is brought to you by Quicknode. QuickNode is an end-to-end blockchain developer platform that makes building Web3 apps easy. Go to QuickNode.com and use code Empire for a free month on their feature-packed Build Plan!- -This episode is brought to you by Kwenta, the premier derivatives trading platform on Optimism that offers deep liquidity, low fees and up to 50x leverage across 24+ assets. Go to Kwenta.io and start trading today!- -ResourcesWorldcoinhttps://worldcoin.org/https://twitter.com/worldcoinSam Altmanhttps://twitter.com/sama- - 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.

In today's episode, we discuss frameworks for valuing crypto projects. The fellas debate token buybacks vs dividends, fundamentals vs flows, protocol revenue vs supply-side revenue and how these factors impact investor valuation frameworks. We also explore activist crypto investing, jaredfromsubway's MEV strategy and more.Santi's out so it's Jason with the Bell Curve crew today!- -Timestamps:(00:00) Introduction(02:16) Activist Investing: Aragon DAO (13:51) Will TradFi Have a Luna Moment?(20:22) How to Value Tokens(33:23) “Valora Ad”(34:19) Uniswap's Fee Switch & the Changing Liquidity Landscape(45:55) How Jared fromsubway.eth Eats Everyone’s MEV Lunch--Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Blockworks Podcast Producer applicationhttps://jobs.ashbyhq.com/Blockworks/236ee9e8-f4ea-47ac-9eb6-f95a44d6c93bArbitrum proposalhttps://forum.arbitrum.foundation/t/distribution-of-dao-revenue-to-arb-token-holders/14412Uniswap proposalhttps://gov.uniswap.org/t/making-protocol-fees-operational/21198Robert Miller MEV threadhttps://twitter.com/bertcmiller/status/1656392876438462464Relay Scanhttps://www.relayscan.io/- -Disclaimer: Nothing said on Empire or Bell Curve 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. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.