Empire

In today’s episode of Empire, we bring on Mike and Mark from On The Margin to discuss our 2023 crypto thesis. We debate predictions on the Wallet Wars, ETH vs Bitcoin, the rise of insurance, app-specific vertical integration, the adoption of CBDCs, Coinbase vs DEXs, MEV as a business model and more!- -Timestamps:(00:00) Introduction(02:14) Crypto’s 2022 Wrapped(11:52) The Bottom is in for Crypto, not for Equities(19:35) Kings of Spot & NFT Trading Will Lose Market Share(22:44) Stablecoins, DeFi’s Resurgence and Permissioned Protocols(28:02) Regulators are Coming, and the CBDC debate(33:23) MEV will be the Business Model for DeFi & Exchanges(42:05) No Industry Takes Off Without Insurance(48:48) A Market Bottom & the Value of Memes(52:36) ETH vs Bitcoin (spicy)(1:03:34) Miner Capitulation, Wallet Wars & Gaming(1:11:31) Vertical Integration, Privacy and Payments(1:17:51) The Rise of Professional Guilds- -Follow Mark: https://twitter.com/MarkYuskoFollow Mike: https://twitter.com/MikeIppolito_Follow Santi: https://twitter.com/santiagoroelFollow Jason: https://twitter.com/JasonYanowitzEmpire linksSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwFollow Empire: https://twitter.com/theempirepodOn The Margin linksSubscribe on YouTube: https://bit.ly/3YGtdmlSubscribe on Apple: https://bit.ly/3BUZXhKSubscribe on Spotify: https://bit.ly/3hHY1m4Follow OTM: https://twitter.com/OnTheMarginPodGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/- -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 of Empire, we explore the state of the crypto market. We discuss where we are in the market cycle, the investment landscape, why 2023 could be a blood bath for crypto startups and why there's reason to be optimistic. You don’t want to miss this section.We then talk through Visa’s new payments deployment on Starknet, the power of account abstraction, Yuga Labs’ big hire, DCG’s outlook, the evolving media landscape and more!- -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/- -ResourcesBarry Silbert's WSJ tweethttps://twitter.com/BarrySilbert/status/1604837519224639488Catherine's Visa announcement tweethttps://twitter.com/catgu_/status/1604896035616264205- -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 this episode of Empire, Simon Jones joins us to discuss DeFi's interest rate opportunity. A year ago, DeFi's meme was, "Why earn .01% in your bank account when you can earn 20%+ in DeFi". Fast forward to today, and TradFi offers higher yields than DeFi. Did we get rugged, or what's the new opportunity?Tune in as we explore the correlation between TradFi and DeFi rates, DeFi's low cost-of-capital opportunity, the efficiency of market-driven protocols, importing TradFi yields on-chain and more!- -Timestamps:(00:00) Introduction(01:15) The Divergence of TradFi & DeFi Rates(11:00) DeFi Responded 10x Faster Than the Fed(17:42) Leveraging DeFi as a Cheap Source of Funding(20:59) Importing TradFi Yields On-Chain(27:35) Why Institutions Will Use On-Chain Products(32:11) Replacing Regulation With Smart Contracts & Incentives(36:46) Voltz and the Importance of Fixed Rates(41:16) Will TradFi & DeFi Rates Eventually Converge?- -Follow Simon: https://twitter.com/0xSimonJonesFollow Mike: https://twitter.com/MikeIppolito_Follow 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/ -- Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -ResourcesVoltzhttps://www.voltz.xyz/Voltz research paper on DeFi vs TradFi rateshttps://www.voltz.xyz/tradfi-vs-defi-ratesBell Curve episode with Simonhttps://bit.ly/3PC7lEj- - 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 this episode of Empire, Jason is joined by Avi Felman and Jonah Van Bourg to discuss their new podcast 1000x and the state of crypto markets. Avi and Jonah explain their trading mindset, how to evaluate the buyers/sellers in the market, crypto's investment cycle, how catastrophe creates opportunity and more!A new 1000x episode will drop on Empire's RSS feed and the 1000x YouTube channel every two weeks. Links below!- -Timestamps:(00:00) Introduction(01:07) 1000x Podcast Launch(04:33) Market Outlook(07:48) Who’s Buying, Who’s Selling?(18:10) Crypto’s Investment Cycle(21:10) How Are People Positioned Right Now?(23:23) Leverage In The System(25:05) Trading Around Governance Events- -Follow Jonah: https://twitter.com/jvb_xyzFollow Avi: https://twitter.com/AviFelmanFollow Jason: https://twitter.com/JasonYanowitzFollow Empire: https://twitter.com/theempirepodFollow 1000x: https://twitter.com/1000xPodSubscribe 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/--Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -Resources1000x YouTube channelhttps://www.youtube.com/channel/UCEAwYFRFUuekaEmKz4oiB_AThe Prizehttps://www.goodreads.com/book/show/169354.The_PrizeSushi's protocol fee proposalhttps://bit.ly/3FWvOkA- -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.

Blockworks just released a new podcast called 1000x! We're dropping the first episode here as we think you might want to add this podcast to the lineup. 1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg that dives deep into the macro and micro factors that represent the lifeblood of digital money and web3. In this episode, Avi and Jonah discuss how to think like a crypto trader. They explore how today's market compares to the 2018 bear, where to look for opportunities, the investment landscape post-FTX and our top investing frameworks. A new 1000x episode will drop on Empire's RSS feed and the 1000x YouTube channel every two weeks.- -Timestamps:(00:00) Introduction(00:28) Why We Started 1000x(06:18) Today’s Market Compared To 2018(16:17) How To Think About Trading Markets(23:25) Market Structure Post-FTX(28:05) Managing Risks(36:30) Investing Frameworks(48:12) Crypto Is Here To Stay- -Follow Avi: https://twitter.com/AviFelmanFollow Jonah: https://twitter.com/jvb_xyzFollow 1000x: https://twitter.com/1000xPodSubscribe on YouTube: https://bit.ly/3Fw083ZSubscribe 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/- -ResourcesGolden Treehttps://www.goldentree.com/Cumberlandhttps://cumberland.io/Avi's psychology of a market tweethttps://twitter.com/AviFelman/status/1595176484766883843- -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.

In this episode of Empire, Rob Behnke and Steve Walbroehl join us to discuss the state of Web3 security. When code equals money, security is everything. Rob and Steve explain the concept of blockchain cybersecurity, transactional-level audits, bridge hacks, crypto-native insurance and more. With over $2B in crypto hacks this year, this episode is worth everyone's time!- -Timestamps:(00:00) Introduction(01:30) Halborn, Cybersecurity For Web3(12:17) The State Of Web3 Security(17:45) Are Smart Contract Audits A Sustainable Solution?(21:30) Reactive Security Measures(23:33) Seraph, A Tool That Enables Transactional Level Audits(26:25) Crypto-Native Insurance Solutions(29:53) Why Are There So Many Bridge Hacks?(42:20) Creating Security Standards(48:43) Solidity vs Other Programming Languages(53:56) The Best Way To Scale Blockchains(1:00:29) Why Rob & Steve Are Bitcoin “Maxis”(1:06:26) The Downsides Of Liquid Staking- -Follow Rob: https://twitter.com/robbehnkeFollow Steve: https://twitter.com/HalbornSteveFollow 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/--Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -ResourcesSeraphhttps://www.seraph.co/Halbornhttps://halborn.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.

In this episode of Empire, we start with a 25-minute interview with Adam Brotman, the creator of Starbucks Rewards, to discuss why he believes every company will adopt an NFT strategy. We discuss his partnership with Starbucks, NFTs as the ultimate loyalty product and what OG crypto fans get wrong about NFTs.After this interview, we do something a bit different. Instead of our usual roundup, we dropped one of our favorite episodes from a new Blockworks show called 0xResearch. It's an episode with dYdX's founder Antonio Juliano that I highly recommend you check out. If that's not for you, check out the spicy roundup from our Bell Curve podcast [see links below].- -Timestamps:(00:00) Introduction(02:03) Creator of Starbucks Rewards talks NFTs(25:55) 0xResearch dYdX podcast with Antonio(26:05) FTX's Ripple Effects Across CeFi & DeFi(38:11) Brand As A Moat(42:49) How dYdX Can Outmatch CeFi(49:35) Expected FTX Regulatory Fallout(54:36) Risk Mgmt & dYdX’s Safety Module(1:01:40) SubDAOs & Governance(1:04:31) dYdX AppChain Update(1:13:36) How dYdX Will Approach MEV(1:16:53) On & Off Ramps To dYdX(1:23:16) Returning Fees To Stakers & The Future Of dYdX- -Follow Adam: https://twitter.com/adambrotmanFollow 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/--Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -ResourcesForum3https://www.forum3.com/Bellcurve Podcast (roundup)Spotify: https://bit.ly/3Fdw7pBApple: https://bit.ly/3UJid4bYouTube: https://bit.ly/3VH4jB60xResearch PodcastSpotify: https://bit.ly/3hhL81zApple: https://bit.ly/3hcTsQ8YouTube: https://bit.ly/3DNVFdpBlockworks Research twitterhttps://twitter.com/blockworksres- -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 this episode of Empire, Anatoly Yakovenko and Ben Sparango join us to discuss Solana's future in the aftermath of FTX. SBF and FTX were core investors and contributors to the Solana ecosystem. How did Solana get so intertwined with FTX? How bad was Solana damaged as a result? How will Solana recover? These are just a few of the questions we explore.We then dive into Solana's roadmap and discuss Solana's new local fee market, network outages, decentralization worries, monolithic chains vs rollups, the Solana mobile stack and more. This is the go-to podcast for all Solana fans and skeptics!- -Timestamps:(00:00) Introduction(01:18) How Did Solana Get So Intertwined With FTX?(11:20) How Important Was SBF To Solana’s Growth?(17:36) Fallout From Reliance On FTX(20:05) Did You See This Coming?(25:07) What Exchanges Got Wrong & Alameda’s 10% SOL Stake(29:58) FTX Impact On Solana Apps & Developers(33:30) Where Does Solana Go From Here?(42:13) Solana’s Fee Markets & Decentralization Questions(46:16) Solving Solana’s Network Outages(57:38) Monolithic Blockchains, Layer 2s & New Learnings(1:07:10) Economic Sustainability(1:10:30) Avalanche vs Cosmos, Who’s Solana's Main Competitor?(1:14:59) The Importance Of Business Development(1:19:18) Google Partnership & The Solana Phone- -Follow Anatoly: https://twitter.com/aeyakovenkoFollow Ben: https://twitter.com/bennybitcoinsFollow 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/--Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -ResourcesBreak Solana websitehttps://break.solana.com/Chris Burniske's thread on Solanahttps://twitter.com/cburniske/status/1590455521307660290Anatoly and Dankrad debatehttps://bit.ly/3Umky4TSolana events webpagehttps://solana.com/eventsSolana Twitter accounthttps://twitter.com/solanaThe Solana Podcasthttps://bit.ly/3FgMAdS- -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 this episode of Empire, Jason and Santi discuss SBF's interview with The New York Times and his attempt to avoid all liability. We then discuss BlockFi's bankruptcy, Uniswap's new NFT marketplace, Apple banning NFT transfers on Coinbase, Bitcoin's colossal problem and more! This is the one weekly podcast you won't want to miss.- -Timestamps:(00:00) Introduction(05:00) SBF Played Us(17:00) BlockFi Files For Chapter 11 Bankruptcy(27:00) Permissionless Tickets Are On Sale!(28:40) Uniswap Launches An NFT Marketplace(36:48) Coinbase Takes On Apple(41:38) Bitcoin Miners In More Pain(46:30) Is Bitcoin In Trouble?(53:27) Tech Layoffs & A Focus On Unit Economics(57:55) Casa Adds Ethereum Support(1:02:33) Crypto Media, Book Recs & Closing Thoughts- -Follow 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/--Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -ResourcesVox SBF interviewhttps://bit.ly/3AZa7O4BlockFi/FTX/Alameda recursive loan tweethttps://twitter.com/ayko2718/status/1597432454070956032Coinbase tweet on Applehttps://twitter.com/CoinbaseWallet/status/1598354819735031809The River of Doubthttps://www.candicemillard.com/river-of-doubt.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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Empire, Thomas Braziel joins us to discuss the highly lucrative yet misunderstood world of distressed crypto investing. We start with the basics of how distressed asset investing works; then, we explore the Mt. Gox bankruptcy, how to value bankruptcy claims, what's next for FTX, the tokenization of bankruptcy claims and more!- -Timestamps:(00:00) Introduction(01:57) What Is Distressed Asset Investing?(04:49) Mt. Gox Case Explained(19:26) Circle Ad(21:08) Finding Investment Opportunities(27:09) How to Value a Bankruptcy Claim(30:01) Buying FTX Claims for 3 Cents on the Dollar(31:59) FTX Bankruptcy Jurisdiction Questions(35:57) Tokenization of Bankruptcy Claims(38:32) Will They Separate FTX.US and FTX International Assets?(39:43) What's Next for BlockFi and Genesis?- -Follow Thomas: https://twitter.com/ThomasBrazielFollow 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/ -- Circle’s USDC has quickly become one of the most trusted and widely used stablecoins because of its composability, stability and reserve transparency. As a seamless, trusted digital currency, USDC is a zero-to-one opportunity for the global financial system. Check out their Transparency Hub at http://empirepodcast.link/circle that outlines everything from links to USDC weekly reserve reports, monthly attestations, and blog posts written by their executive team highlighting how and why USDC was built the way it is.- -Resources507 Capitalhttps://507capital.com/Memos from Howard Markshttps://www.oaktreecapital.com/insights- - 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.