Empire

Latest Episodes:

A Paradigm Shift: Chaos Fuels BTC’s Fire | Avi Felman, Jonah Van Bourg Mar 20, 2023

Show notes

In this episode of Empire, Avi Felman and Jonah Van Bourg explain how macro and banking turmoil has ignited a market paradigm shift. Funds will be hunting for the assets that will perform well in this new paradigm, and it won't be bonds... Tune in as we discuss BTC's prime moment, why supply is the story of 2023, BTC vs ETH, the USDC depeg and more. If you listen to one Empire episode this year, this is it!

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Timestamps:

(00:00) Introduction

(01:06) The market is consistently wrong

(07:24) A new paradigm and BTC's opportunity

(27:14) Bitcoin vs ETH vs Alts

(35:34) Quicknode

(37:19) The implications of USDC's depeg

(38:05) What other trades are you watching?

(45:27) Expected sources of leverage in the next cycle

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Follow Jonah: https://twitter.com/jvb_xyz

Follow Avi: https://twitter.com/AviFelman

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santi: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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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!

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Resources

GoldenTree

https://www.goldentree.com/

Cumberland

https://cumberland.io/

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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.

Arbitrum Founders on L2 Competition | Steven Goldfeder, Harry Kalodne Mar 17, 2023

Show notes

In this episode of Empire, we are joined by Steven Goldfeder and Harry Kalodner to discuss all things Arbitrum. We start with Coinbase's decision to leverage the OP Stack, where the "modular vision" falls apart and Arbitrum's core vision.

We then ask about Arbitrum's token strategy, which leads to a unique conversation around decentralized sequencers and MEV. Steven and Harry explain the design philosophy of Abritrum and how innovations like Styles (Rust is coming to Arbitrum) will onboard the next million developers!

Note: This episode was recorded prior to the ARB token and Orbit L3 announcement

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Follow Steven: https://twitter.com/sgoldfed

Follow Harry: https://twitter.com/hkalodner

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santi: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Resources

Arbitrum

https://arbitrum.io/

https://twitter.com/arbitrum

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$ARB Airdrop and Arbitrum's L3 Solution | Steven Goldfeder, Harry Kalodner Mar 17, 2023

Show notes

Arbitrum just announced the $ARB token airdrop and their new L3 solution called Orbit! The L2 wars are now in full force. Tune in as we deep dive into Arbitrum's token and L3 strategy with Steven Goldfeder and Harry Kalodner!

PS: We are dropping a second Arbitrum episode this afternoon that covers fraud proofs, decentralizing sequencers, value capture and more. These are two banger episodes. Don't miss out!

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Follow Steven: https://twitter.com/sgoldfed

Follow Harry: https://twitter.com/hkalodner

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santi: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe 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/

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Resources

Arbitrum

https://arbitrum.io/

https://twitter.com/arbitrum

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Signature Bank's Demise: Who's Next? | Joseph Wang Mar 13, 2023

Show notes

Signature and Silicon Valley Bank have collapsed. In this breaking news episode, hosts Jason Yanowitz and Jack Farley interview Joseph Wang to discuss the banking system failures and what to expect next. Joseph dives deep into the risk both banks took by not hedging interest rate risk, how this could have been avoided and whether other banks are in a similar position?

We then discuss if the Fed's Bank Term Funding Program was the right move? To hear all this and more, you'll have to tune!

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Follow Joseph: https://twitter.com/FedGuy12

Follow Jack: https://twitter.com/JackFarley96

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Follow Forward Guidance: https://twitter.com/ForwardGuidance

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Silvergate Liquidates, Coinbase Innovates [Again] | Roundup Mar 10, 2023

Show notes

In today's episode of Empire, we start with Jason's big takeaways from ETH Denver. What was the vibe? What innovations are on the horizon? And most interesting, what crypto sector was conspicuously missing from the conversation?

We then discuss Silvergate's unwind, Coinbase's wallet announcement (bullish), Amazon NFT rumors, MakerDAO's 1.25B treasury proposal and more!

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Timestamps:

(00:00) Introduction

(02:33) ETH Denver Takeaways

(09:15) Silvergate Unwinds

(21:06) Coinbase's WaaS Announcement

(28:49) Amazon NFT Rumors

(33:07) Public.com

(34:29) GBTC & Legal Wins for Crypto

(40:24) MakerDAO Proposal to Buy $1.25B US Treasuries

(44:04) Bitcoin Innovations

(51:44) Predictions: Hong Kong, Bitcoin stablecoins, Coinbase

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Follow Santi: https://twitter.com/santiagoroel

Follow Jason: https://twitter.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe 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/

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Resources

Silvergate Twitter thread

https://twitter.com/ramahluwalia/status/1633669035924529152

Empire episode with Eric Peters

https://spoti.fi/3yqRcdd

Empire episode with Rebecca Rettig

https://spoti.fi/3ynCF1Z

Empire episode with Muneeb Ali (Ordinals/Stacks)

https://spoti.fi/3L6xXgB

MakerDAO US Treasury proposal

https://bit.ly/3T4oqbF

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Dan Matuszewski's (CMS) Trading Playbook Mar 06, 2023

Show notes

In this episode of Empire, we are joined by one of crypto's best traders: Dan Matuszewski. Dan is the founder of CMS, a crypto OG and a prolific trader/investor. We discuss upcoming catalysts, the Coinbase trade, punting on L1s vs L2s, lending markets, what it's like managing a crypto fund and more. This is one of my favorite conversations that you won't want to miss!

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Timestamps:

(00:00) Introduction

(00:35) Surviving FTX

(08:52) Market update and upcoming catalysts

(15:41) The industry is starved for action

(17:40) Deploying in private vs public markets

(21:50) Trading macro

(23:43) Is the lending market dead?

(27:02) Base and the Coinbase trade

(31:30) Punting L1s vs L2s

(34:10) Regulation

(41:25) Anything under a $50M fund doesn’t make sense

(44:11) Blockworks Research

(45:45) Anything under a $50M fund doesn’t make sense

(49:16) Fund sentiment, LSD trade and inefficient markets

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Follow Dan: https://twitter.com/cmsholdings

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santi: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

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Subscribe 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/

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Resources

CMS Peary on LSDs

https://cmsholdings.substack.com/p/lsds-rocketpool

https://twitter.com/cmspeary

CMS Intern

https://twitter.com/cmsintern

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Ordinals Will Spark Bitcoin's Application Era | Muneeb Ali Mar 03, 2023

Show notes

In this episode of Empire, Muneeb Ali, the founder of Stacks, joins us to discuss Bitcoin's sudden transformation. Until the last two months, Bitcoin was (perceived as) simply a store of value, a religion. However, Ordinals, a Bitcoin NFT project, has redirected the spotlight to Bitcoin’s underlying tech and utility - a technology that can support NFTs, DeFi and more. Muneeb provides his unique insights in this eye-opening episode!

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Timestamps:

(00:00) Introduction

(00:53) Bitcoin is a technology, not a religion

(06:43) Building apps on Bitcoin

(12:36) Has Ordinals transformed Bitcoin’s future?

(24:42) Stacks and Bitcoin DeFi

(29:30) Blockworks Research

(31:04) Stacks and Bitcoin DeFi

(35:57) What will Bitcoin look like in 12 months?

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Follow Muneeb: https://twitter.com/muneeb

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santi: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe 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/

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Resources

Empire's first-ever episode (with Muneeb)

https://tinyurl.com/4vnbxwkz

Stacks

https://www.stacks.co/

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Liquid Staking: The Battle for Liquidity | cbETH, Rocketpool Feb 27, 2023

Show notes

In this episode of Empire, Darren Langley (Rocketpool) and John Zettler (Coinbase) join us to discuss why liquid staking is taking over Ethereum. We start with the LSD landscape, how cbETH and Rocketpool approach product strategy, and Lido's dominance. Then we get into the real fun stuff. Darren and John explain the 2/3rd order effects of the Shanghai upgrade, how to drive on-chain liquidity, the evolving fee market and more. Liquid staking is poised to take over Ethereum - don’t miss out!

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Timestamps:

(00:00) Introduction

(01:45) The LSD market overview

(13:34) Rocketpool’s focus on decentralization

(16:44) Lido’s dominance

(19:59) Coinbase’s partnership with Rocketpool

(24:41) Shanghai predictions

(33:55) Blockworks Research

(40:55) A reshuffling of market share?

(46:18) Driving on-chain liquidity

(50:08) Fee markets and multi chain

(57:00) Future outlook

(1:02:44) Regulation

(1:08:48) LSDs on L2s

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Follow John: https://twitter.com/JohnZettler

Follow Darren: https://twitter.com/langerstwit

Follow Jason: https://twitter.com/JasonYanowitz

Follow Mike: https://twitter.com/MikeIppolito_

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

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Subscribe 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/

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Resources

cbETH

https://help.coinbase.com/en/coinbase/trading-and-funding/staking-rewards/cbeth

Rocket Pool

https://rocketpool.net/

https://twitter.com/Rocket_Pool

Ethereum staking distribution dashboard

https://dune.com/hildobby/eth2-staking

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Coinbase’s Secret Master Plan | Roundup Feb 24, 2023

Show notes

In today's episode of Empire, we discuss Coinbase's journey to become the default gateway to crypto with their new L2. Jason and Santi delve into Coinbase's secret master plan, the impact of Base on Arbitrum and Optimism and the current state of on-chain creativity. Warning: we are bullish.

We also cover the recent layoffs and reorgs at Polygon, the closure of Galois Capital, a new CBDC proposal and the misleading claims about Top Shot. Don't miss this episode, where we cover the top stories of the week!

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Timestamps:

(00:00) Introduction

(00:53) On-chain creativity is at an all-time high

(07:04) Coinbase’s secret master plan

(39:28) Blockworks Research

(41:02) Trouble at Polygon?

(46:18) Security is the #1 priority

(50:02) Galois Capital shuts down

(53:37) Arbitrum, CBDCs and Top Shot

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Follow Santi: https://twitter.com/santiagoroel

Follow Jason: https://twitter.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe 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/

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Resources

The Myth of The Infrastructure Phase

https://www.usv.com/writing/2018/10/the-myth-of-the-infrastructure-phase/

Empire's Base interview

https://spoti.fi/3KGUIau

The Coinbase Secret Master Plan

https://www.coinbase.com/blog/the-coinbase-secret-master-plan

Empire's Cosmos interview

https://spoti.fi/41y0xgK

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NEWS: Coinbase launches L2 Feb 23, 2023

Show notes

Breaking News: Coinbase is launching an L2 on Ethereum called Base!

Jesse and Will from Coinbase join us to discuss the news and paradigm shift for Coinbase. We explore why Coinbase is building Base, how Coinbase chose to use the OP tech stack, Base's value proposition, how Coinbase thinks about "competition" building on Base, if Base will have a token and more!

Timestamps:

(00:00) Introduction

(00:45) Base: Coinbase’s on-chain journey

(05:02) Why build Base?

(10:10) Leveraging the OP stack

(19:10) Why now?

(24:41) Base’s value proposition

(35:27) Controlling the stack

(41:10) Will Base have a token?

(44:05) Building a bridge, not an island

(46:54) What will Coinbase build on Base?

(51:05) What is Base’s business model?

(54:34) A culture shift and the on-chain future

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Follow Jesse: https://twitter.com/jessepollak

Follow Will: https://twitter.com/willrobinson23

Follow Jason: https://twitter.com/JasonYanowitz

Follow Santi: https://twitter.com/santiagoroel

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe 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/

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Resources

The Coinbase Secret Master Plan

https://www.coinbase.com/blog/the-coinbase-secret-master-plan

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