Empire

In this episode of Empire's Weekly Roundup, Jason and Santi discuss how DAOs should fund protocol development, why liquidity providers aren't considered creditors, the future of staking derivatives, app vs protocol value capture and much more!- -Timestamps(00:00) Aave’s Retroactive Funding, Protocol Development and Web3 Consultants(17:52) Coinbase Announces a New Staking Derivative(25:55) The Fei Protocol Shutdown and Liquidity Providers as Creditors Debate(32:28) Avalanche Ad(33:56) The Fei Protocol Shutdown and Liquidity Providers as Creditors Debate cont.(39:24) Fat Protocol vs Application Thesis(52:27) Crypto Needs Regulatory Clarity and Fixed Rate Lending- -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/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw- -Referenced in the show:Byron's Blockworks Newsletterhttps://blockworks.co/newsletter/daily/?id=28814320ETH Staking Distribution Chartshttps://dune.com/sixdegree/ethereum-the-mergeWestie Tweet on the Fat Application Thesishttps://twitter.com/WestieCapital/status/1562079476837765120--Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/--Get 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.

The US Treasury's sanctions on Tornado Cash could go down as one of the most significant events in crypto's history. The implications and nuances are vast, so we've decided to do something a little different for today's episode.On August 12th, Jill Gunter and Michael Mosier from Espresso Systems hosted a Twitter Space on Tornado's sanctions, financial privacy and regulation. We've teamed up with Jill and Michael to share this epic conversation with a wider audience.This is a massive episode, almost 3 hours, but it's full of profound insights and has an all-star lineup of speakers. I highly recommend listening if you want to learn more about the recent sanctions and where regulation is heading!Shoutout to @f1v3am and @nedbgq, who provided a recording of the conversation and made this episode possible.--Follow Jill: https://twitter.com/jillrgunterFollow Michael: https://twitter.com/M_Mosier_Follow Empire: https://twitter.com/theempirepod--ResourcesLink to the original Twitter Spacehttps://twitter.com/jillrgunter/status/1558150917387534336

In this episode of Empire, Jason is joined by two of MakerDAO's top contributors, monetsupply and Sam MacPherson, to discuss the future of MakerDAO and the DAI stablecoin.Highlights include:-- Is USDC an existential risk to MakerDAO?-- Why is Maker financing off-chain assets?-- How can DAI scale to become the de facto money of DeFi?Tune in to find out!--(00:00) Introduction(00:18) How Big Of a Threat Are US Sanctions?(05:34) The Importance of Maker's PSM(11:30) What Is the Ideal Basket of Collateral for DAI?(18:05) Embracing Real World Asset Lending(25:20) Tokenizing Assets & the Huntington Valley Loan(28:16) Increasing Maker's Surplus Buffer(34:16) The D3M and Specialized Lending Partners(42:01) CeFi Contagion and Liquidation(44:38) Vertical Integration Across the DeFi Stack(52:02) Maker's Evolving Governance(59:57) Are A DAO's Inefficiency Tradeoffs Worth It?(1:05:04) Maker's Long-Term Vision- -Follow monetsupply: https://twitter.com/MonetSupplyFollow Sam: https://twitter.com/hexonautFollow 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/wbaypprw- -ResourcesMakerDAOhttps://makerdao.com/en/--Get 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 this episode of Empire's Weekly Roundup, Jason is joined by two of Blockworks' top research analysts, Dan Smith and Sam Martin, to discuss this week’s biggest stories.Highlights include:-- Is Sudoswap a zero to one moment for NFTs?-- Is Ethereum's censorship resistance compromised?-- Will anyone use ETH PoW post-merge?Tune in to find out!- -Timecodes:(00:00) Introduction(00:32) Ethereum's censorship risk, 3 potential outcomes(11:40) Will the ETH PoW chain have value?(15:42) FlashBots is open sourcing their relayer software(19:19) Crypto's reliance on centralized cloud providers(21:24) Avalanche Ad(22:52) Sudoswap, a zero to one moment for NFTs?(33:17) OpenSea vs Sudo(35:48) Should NFTs have creator royalty fees?(39:12) Canto, a weird crypto experiment (NFA)(47:26) Canada enforces new crypto regulation- -Follow Dan: https://twitter.com/smyyguyFollow Sam: https://twitter.com/swmartin19Follow 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/wbaypprw- -Referenced in the show:Blockworks Researchhttps://www.blockworksresearch.com/Ape Board (migrated to Nansen Portfolio)https://portfolio.nansen.ai/--Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/--Get 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 this episode of Empire, Jason and Santi are joined by Jake Brukhman, the founder and CEO of CoinFund, to explore the concept of crypto as a public good. We discuss:-- How crypto is a public good, and why that's important-- How public goods can monetize and accrue value-- How crypto will democratize public goods fundingTune in for these answers and more!- -Timestamps(00:00) Introduction(02:23) Defining Crypto's Value Proposition(07:17) Private vs Public vs Common Goods(13:59) Can Public Goods Accrue Value?(28:41) The Tragedy Of The Commons (32:35) What Crypto Skeptics Get Wrong(38:32) Why Users Will Want Decentralized Networks(41:50) A New Business Model To Fund Public Goods(50:03) Rapid Fire Questions- -Follow Jake: https://twitter.com/jbrukh 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/wbaypprw--The Network State by Balajihttps://thenetworkstate.com/--Get 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 this episode of Empire's Weekly Roundup, Jason and Santi discuss the US Treasury's sanctions on Tornado Cash, Circle freezing USDC transfers, the future of KYC DeFi and more.Show Highlights:-- How do privacy protocols work? -- Does this ban mean crypto isn't decentralized? -- How did Circle freeze the transfer of USDC tokens?-- Should DeFi protocols be worried?- -Timestamps(00:00) Introduction(07:28) Tornado Cash Sanctioned By The US Treasury(14:44) How Mixers And Privacy Tokens Work(21:06) Github, Infura, AWS And Crypto’s Centralization Vectors(23:00) Core Ad(24:30) USDC Blacklist And Implications For DeFi(38:05) What Happens If All DeFi Is KYC’d (41:54) How Does The Ban Affect Other Privacy Protocols(43:40) Curve Hack, Coinbase Earnings  (53:55) Uniswap Protocol Fee And Foundation Approved(58:46) ETH PoW Chain, Hot Or Not?(01:03:03) Reddit Embraces Web3- -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/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw--Referenced in the show:Eric Peters episodehttps://tinyurl.com/ydfhu6fdSWIFT & OFAC episodehttps://tinyurl.com/yc2jhfsn- -Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/--Get 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 this episode of Empire, Jason and Santiago are joined by two crypto market experts, Jonah Van Bourg & Genia Mikhalchenko, to discuss the anatomy of a trade. An asset's price is derived from supply and demand, but who provides this liquidity, how are trades executed and what parties are involved?Tune in to find out & check out the highlights below!- The role of market makers- Why liquidity is the lifeblood of trading- How liquidity providers performed in the recent market crash- Why trade size matters and the risks of front running- The 3 most important things when evaluating an exchange- Understanding counterparty risks- How much leverage is left in the system- Consolidation is coming- Will legacy financial institutions compete with crypto-native service providers- -Follow Genia: https://twitter.com/Genia_xxFollow Jonah: https://twitter.com/jvb_xyzFollow 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/wbaypprw--Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/- -ResourcesCumberland websitehttps://cumberland.io/BitMEX websitehttps://www.bitmex.com/--(00:00) Introduction(01:36) How Market Makers Work(08:42) Operating An Exchange In a Bear Market(11:10) The Risk of Front Running(15:47) Understanding Counterparty Risk(18:50) Balancing Retail & Institutional Liquidity(25:50) How Much Leverage Is Left In the System?(32:40) The Relationship Between DeFi and Centralized Services(37:43) Biggest Opportunities, On and Off Chain(40:40) Consolidation Is Coming(43:06) Are Legacy Financial Institutions A Threat to Crypto Service Providers?(46:32) Rapid Fire Questions--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's Weekly Roundup, Jason and Santi discuss the current market, angel investing, and the week's biggest news.Highlights include:- Santi's learnings from angel investing- Why this market is a great setup for investors- Santi explains why he's over-indexed on ETH- Over $195M stolen between the Slope and Nomad hack- Details on the newly launched Synapse chain- Should protocols vertically integrate or leverage composability- Magic Eden vs OpenSea- Coinbase & Blackrock partnership- Tiffany launched a new IRL NFT project- -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/wbaypprw- -Referenced in the show:Twitter accounts to followhttps://twitter.com/adamscochranhttps://twitter.com/tayvano_https://twitter.com/samczsunhttps://twitter.com/0xfoobarRaj tweet on the need for Solana Mobilehttps://twitter.com/rajgokal/status/1554889457928613889Blockworks Research report on Synapsehttps://www.blockworksresearch.com/research/synapse/Empire episode on Layer Zerohttps://sptfy.com/KWqY- -Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/--Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--(00:00) Introduction(02:31) Market Update & Why Santi Is "Feeling Hot"(05:45) Santi's Angel Investment Strategy (17:03) Why Santi Is Over Indexed on ETH(25:53) Solana (aka Slope) Hack(35:31) Core Ad(37:00) Nomad Hacked for $190M (40:18) NFTs, the Building Blocks of a Web3 CRM(46:16) Synapse Launches Their Own Chain(54:04) Protocol Vertical Integration vs Compatibility(59:50) Magic Eden & Marketplace Businesses(1:03:18) Michael Saylor, Coinbase/Blackrock Partnership and Other Headlines(1:05:43) Coinbase Finds Momentum (01:12:38) Tiffany Is Launching 250 Punk Pendants --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.

Attend DAS, crypto and macro’s favorite institutional conference: http://digitalassetsummit.co/Use code EMPIRE250 to get $250 off tickets (Only available this week!)--In this episode of Empire, Jason and Mike are joined by Dan Matuszewski (CMS Holdings) & Avi Felman (GoldenTree). If you don't know these two names, don't forget them - two of the best traders and sources of alpha in crypto.This episode is one of my favorites yet; check out the highlights below:- Is macro crypto's master- This will lead to crypto's divergence with Macro- How will ETH perform with the merge- What are the new, hidden narratives- The tradeoff between CeFi and DeFi- Is DeFi ready to take off- Retail open-term lending is dead- Regulators have two options- Why VCs are in trouble- -Follow Dan: https://twitter.com/cmsholdingsFollow Avi: https://twitter.com/AviFelmanFollow Jason: https://twitter.com/JasonYanowitzFollow Mike: https://twitter.com/MikeIppolito_Follow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw--(00:00) Introduction(01:08) The intersection of macro & crypto (12:47) How Will ETH's Price React to the Merge? (17:50) New Narratives & Market Leverage (25:28) A Catalyst for DeFi(29:10) What's About to Happen in CeFi?(31:37) Your DeFi Project Isn't Sexy (35:45) Can DeFi Tokens Accure Value?(41:23) Why You Should Avoid Low Float Tokens(44:27) VCs Are In Trouble(49:20) Avi and Dan Run Wild(51:06) Wrapping Things Up--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's Weekly Roundup, Jason and Santi are joined by Brett Winton, the Director of Research at ARK invest. We discuss the heated Uniswap fee controversy, token business models, DAO governance and the securitization of everything.We also discuss ARK's unique investment strategy and crypto thesis. This is one special roundup.Highlights include:- How to play the current macro market- The securitization of everything- Coinbase's opportunity- Potential business models for Uniswap- Will DeFi fees go to zero- The secret to diversification- Brett's #1 consideration when hiring- -Follow Brett: https://twitter.com/wintonARKFollow 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/wbaypprw- -Attend DAS, crypto and macro’s favorite institutional conference: http://digitalassetsummit.co/ - Use code EMPIRE250 to get $250 off tickets (Only available this week!)- -Referenced in the show:ARK Investhttps://ark-invest.com/ARK's Bitcoin Monthly Researchhttps://ark-invest.com/lp-bitcoin-monthly/Howard Mark's Letter on being Unconventionalhttps://www.oaktreecapital.com/insights/memo/i-beg-to-differLido Treasury Sale Proposalhttps://research.lido.fi/t/treasury-diversification-2-part-2/2657- -Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/--Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--(00:00) Introduction(01:47) Where Are Interest Rates Headed?(08:38) An Inevitable Movie Towards Financial Transparency (12:00) Three Revolutions Catalyzed by Bitcoin(27:52) Ava Labs Core(29:20) Coinbase and the Securitization of Everything(41:48) Uniswap fee switch and token business models(53:16) DAO governance and capital allocation(59:12) How ARK assesses new investments(1:06:01) Has inflation peaked, BTC as the reserve asset and more(1:10:58) Why curiosity is Brett's #1 hiring criteria(1:17:08) What ARK believes that many others don't (yet)--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.