Empire

Latest Episodes:

Inside the mind of crypto’s top traders | Dan Matuszewski (CMS) & Avi Felman Aug 01, 2022

Show notes

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/cmsholdings

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

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

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

Subscribe 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.

Uniswap Fee Debate, ARK’s Investment Thesis, DAO Governance | Roundup with Brett Winton Jul 29, 2022

Show notes

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/wintonARK

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

- -

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 Invest

https://ark-invest.com/

ARK's Bitcoin Monthly Research

https://ark-invest.com/lp-bitcoin-monthly/

Howard Mark's Letter on being Unconventional

https://www.oaktreecapital.com/insights/memo/i-beg-to-differ

Lido Treasury Sale Proposal

https://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)

Crypto’s Undeniable Use Case | Erik Voorhees Jul 25, 2022

Show notes

In this episode of Empire, Jason and Santi are joined by Erik Voorhees, the founder of Shapeshift and OG of the crypto industry (joining in 2011). Erik believes crypto can change the world, and this episode explores his thesis on Bitcoin's future, on-chain maximalism, DAO structures and crypto's path to adoption.

Highlights include:

- What is the best form of money

- Bitcoin's tail emission risk

- How DeFi will outperform CeFi

- Will all financial transactions be on-chain?

- The likely path to adoption

- Why DAO failures are a sign of innovation

- Thoughts on regulation

- The future of centralized exchanges

- Why Thorchain is a gamechanger

- -

Follow Erik: https://twitter.com/ErikVoorhees

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

- -

ParaSwap:

If you want to make a swap at the best price across the DeFi market, check out http://paraswap.io/empire

ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices and lowest slippage.

Disclaimer: 0 fees are limited to 3 weeks or first 500k.

- -

Attend DAS, crypto and macro’s favorite institutional conference: http://digitalassetsummit.co/

Use code EMPIRE250 to get $250 off tickets (Only available this week!)

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

(00:00) Introduction

(01:32) Moving Beyond Bitcoin

(03:50) Bitcoin Is The Best Form of Money

(05:34) Bitcoin's Declining Block Subsidy

(11:13) Woke Culture vs Bitcoin Maximalism

(12:50) The Bifurcation of CeFi and DeFi

(16:18) Limits to DeFi's Growth

(22:50) Why Users Will Want To Use DeFi

(26:50) A Short and Long Term Vision of the World

(28:48) Paraswap Ad

(29:56) The Path to Adoption

(35:38) Is The Worst Behind Us?

(37:22) Erik's Current Focus

(38:38) DAO Structures and Experimentation

(46:08) A DAOs Most Important Use Case

(49:30) Iterative Regulation

(55:54) Centralized Exchanges

(57:05) Thorchain's Use Case

(58:48) Advice To New People In the Space

STEPN’s ambitious move into Web 2 | Yawn Rong Jul 22, 2022

Show notes

In this episode of Empire, Jason and Santi are joined by Yawn Rong, co-founder of STEPN. STEPN is a widely successful Web3 application where users are paid to move (walk, jog or sprint). Yes, that may sound slightly dubious but tell that to the 1.7M+ active users STEPN garnered in only six months after launch.

Tune in to find out why STEPN was so successful and how STEPN plans to be the onboarding ecosystem of Web3!

Highlights include:

- STEPN's pivot to Web2

- How STEPN's two token system works

- Why Yawn believes STEPN will avoid Axie's fate

- How STEPN will expand across chains via Realms

- Why STEPN isn't adopting other exercise types

- Mechanics to retain users

- STEPN's focus on offline networks

- How to prevent users from gaming STEPN

- Potential partnerships

- Yawn's learnings from building in Web3

- -

Follow Yawn: https://twitter.com/yawn_rong

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/

(00:00) Introduction

(03:39) STEPN's Pivot to Embrace Web2

(08:50) STEPN Overview & The Two Token System

(13:12) Avoiding Axie Infinity's Fate

(15:48) A Response to the Ponzi Accusation

(21:59) The Competition

(23:59) Expanding Chains With Realms

(26:26) How To Scale

(29:33) CORE

(31:02) User Retention In a Bear Market

(34:29) How To Prevent People From Gaming The System

(41:29) Will STEPN support other exercise types

(43:52) Strategy to be the billboard of Web3

(45:39) Building offline networks

(47:58) Onboarding Users

(50:44) User Behaviour

(55:27) Partnering With Insurance Companies

(57:09) Learnings From Building In Web3

(1:01:05) Holding Conviction During a Bear

The Ultimate Guide to the Metaverse | Matthew Ball Jul 18, 2022

Show notes

In this episode of Empire, Jason is joined by Matthew Ball. Matthew is a strategist, technologist, investor, and metaverse expert. This episode is a masterclass on the future of the Metaverse, interoperability and the tech industry.

What defines the Metaverse? Who will build it? And will crypto be a key ingredient? Tune in to find out!

Highlights include:

- Defining the Metaverse

- What marks its arrival

- Why centralization forces will always exist

- How interoperability will work

- Why metadata is the tricky part of interoperability

- Open vs closed protocols

- Crypto's unique value prop

- 5 ways companies react to technology shifts

- Predicting how the world looks in 5 to 10 years

- Who will build the Metaverse

PS Matthew's new book The Metaverse and How it Will Revolution Everything is launching July 19th. This book is guaranteed to be the go-to guide for the Metaverse.

- -

Follow Matthew: https://twitter.com/ballmatthew

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

- -

Referenced in the show:

Matthew's website

https://www.matthewball.vc/

Pre-order Matthew's new book

https://www.matthewball.vc/metaversebook

McKinsey on investments in the Metaverse

https://www.thestreet.com/crypto/news/metaverse-mckinsey-2030

- -

ParaSwap:

If you want to make a swap at the best price across the DeFi market, check out http://paraswap.io/empire

ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices and lowest slippage.

Disclaimer: 0 fees are limited to 3 weeks or first 500k.

- -

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

(00:00) Introduction

(02:21) Defining the Metaverse

(06:46) What Will Mark The Arrival of the Metaverse

(13:01) Open Protocols Create Consumer Choice

(22:06) Paraswap Ad

(23:14) The Idealism of interoperability

(35:36) Who Will Control the Metaverse

(39:55) Crypto's Unique Advantage

(44:48) How Will The World Look In 5-10 Years

(48:55) Who Will Build the Metaverse

(52:31) Matthew's New Book

Bitcoin Miner Capitulation | Cassie Clifton & Kevin Zhang Jul 15, 2022

Show notes

In this episode of Empire, Jason is joined by two experts in the Bitcoin mining industry, Cassie Clifton (Galaxy Digital) and Kevin Zhang (Foundry). Since the start of the bear market in November 2021, we've seen prices crash and contagion run through DeFi. But it wasn't until May 2022 that rumors started to spread of pain in the Bitcoin mining industry.

Profit margins are collapsing, debt obligations are coming due, and miners are fighting to stay solvent. Tune in for a complete breakdown of the state of bitcoin mining!

Highlights include:

- Miner economics

- Understanding the ASICs market

- How debt-fueled insane growth

- What China's ban meant for the industry

- Why Miners hodl their Bitcoin

- What led to today's pain

- Consolidation and M&A

- Bitcoin Mining pools

- What to expect next

- -

Follow Cassie: https://twitter.com/bitcoincass

Follow Kevin: https://twitter.com/SinoCrypto

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/

(00:00) Introduction

(01:45) Starting in March 2020

(07:10) The inputs to miner profitability

(10:42) How miners procure ASICs

(17:34) Miners prefer to HODL

(21:58) How miners reacted to macro volatility

(24:26) Avalanche Core Ad

(25:54) Second Order Effects of the China ban

(36:30) The State of Bitcoin Miners Today

(45:40) Are manufactures in trouble?

(47:08) Will miners flood the market with BTC?

(48:25) The end of ASIC backed loans?

(51:30) Consolidation and M&A

(54:30) Will Miners form an OPEC like committee?

(57:03) Renewable energy

(59:36) Changes in the energy market

(1:03:54) Bitcoin mining pools

(1:08:10) When will we hit rock bottom?

Bitcoin Is Still The Most Interesting Trade | Eric Peters Jul 11, 2022

Show notes

In this episode of Empire, Jason and Santi are joined by Eric Peters, the founder and CEO of One River Asset Management. Eric, a renowned macro investor, made a splash in the cryptoverse in November 2020 by making a $600M BTC purchase before sagely exiting the market with a $1B+ profit.

Eric shares his views on the current macro cycle, investment strategies, the future of DeFi and crypto's inevitability.

Highlights include:

- The state of macro and why inflation was a choice

- End of the 60-40 portfolio

- Why this market cycle is over

- The catalyst behind Eric's $600M BTC purchase

- How to "time" markets

- Why current DeFi implementations won't cut it

- Crypto's breakout moment

- Why Bitcoin is the most interesting trade

- When will the Fed reverse course

- What Eric would tell his younger self

- -

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

- -

Referenced in the show:

One River Asset Management

https://www.oneriveram.com/

- -

ParaSwap:

If you want to make a swap at the best price across the DeFi market, check out http://paraswap.io/empire

ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices and lowest slippage.

Disclaimer: 0 fees are limited to 3 weeks or first 500k.

- -

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

(00:00) Intro

(01:49) The Current Macro Environment

(07:06) How Eric Navigates Market Cycles

(11:19) Deflationary Cycles & Expensive Ubers

(17:04) Inflation is a choice

(21:42) The $600M BTC purchase

(27:26) How Do You Time the Trade?

(33:20) Paraswap Ad

(34:26) How to think about asset allocation

(39:20) Why Eric's firm doesn't touch DeFi

(43:27) Why Crypto is Here to Stay

(49:55) DeFi's Zero to One Moment

(55:00) How Eric views BTC

(1:02:33) When will Bitcoin's price recover?

(1:09:08) The 80 Year Debt Cycle

(1:16:15) Eric's advice to his younger self

Roundup: Voyager and 3AC bankrupt, BTC miners capitulate, MakerDAO progress Jul 08, 2022

Show notes

In this episode of Empire's Weekly Roundup, Jason and Santi discuss this week's biggest stories. Voyager and 3AC file for bankruptcy, Bitcoin miners are becoming forced sellers, MakerDAO is bringing real-world assets to crypto, and so much more.

Highlights include:

- The shift in narrative from inflation to growth

- Why Voyager might see a major lawsuit

- Thoughts on the BlockFi acquisition

- Where to keep your crypto assets

- Santi's two recommended investment strategies

- Core Scientific (miner) sells 75% of their Bitcoin

- Santi's front-row seat to Maker's "black Thursday."

- How MakerDAO is making history with a US bank

- A potential catalyst for the next bull market

- Aave proposes their own stablecoin

- Top things to watch for this week

- -

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

- -

Referenced in the show:

Voyager 2019 article stating deposits are FDIC insured

https://www.investvoyager.com/blog/voyager-is-now-fdic-insured/

Adam Cochran on the 3AC liquidation

https://twitter.com/adamscochran/status/1543253799929876480

Mika Honkasalo tweet on Uniswap

https://twitter.com/mhonkasalo/status/1544677185818075142

Aave Stablecoin Proposal

https://governance.aave.com/t/introducing-gho/8730

Westie (Blockworks Research Analyst) tweet on OpenSea users declining

https://twitter.com/WestieCapital/status/1545047687178752008

Reddit NFT Marketplace

https://tinyurl.com/a3u34n8

- -

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

02:30 Santi's Feeling Bullish

07:47 Voyager Bankruptcy Details

13:09 The 3AC Liquidation is a Netflix Drama

19:00 Genesis and Celsius Update

21:20 Where Do You Feel Safe Storing Your Crypto?

24:38 FTX Acquires BlockFi

27:44 How to outperform most crypto funds

31:20 BTC Miner Capitulation Starts Now

35:54 Avalanche Ad

37:22 MakerDAO makes history with Real World Assets

42:56 Aave stablecoin? And Other Big News

Why Osmosis could be the interchain DEX | Sunny Aggarwal & Derek Hsue Jul 04, 2022

Show notes

In this episode of Empire, Jason and Santi are joined by Sunny Aggarwal (Osmosis co-founder) and Derek Hsue (Reverie co-founder & "I Pledge Allegiance" co-host) to discuss the future of Osmosis, appchains and protocol governance. Show highlights include:

- Learnings from the CeFi fallout

- How protocols should re-think token incentives

- Thoughts on dYdX moving to Cosmos

- Why applications should launch their own chain

- One of the biggest shortfalls of rollups

- Osmosis as the interchain DEX

- Mars protocol on Osmosis

- Why Cosmos governance is so active

- Experimenting with a DAO's org structure

- Osmosis exploit and learnings

- The Osmosis roadmap

- What Sunny and Derek are looking forward to

- -

Follow Sunny: https://twitter.com/sunnya97

Follow Derek: https://twitter.com/derek_hsue

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

- -

Referenced in the show:

"I Pledge Allegiance" podcast co-hosted by Derek

https://tinyurl.com/493vrmpp

- -

ParaSwap:

If you want to make a swap at the best price across the DeFi market, check out paraswap.io. ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices and lowest slippage.

Visit paraswap.io/beta to learn more about Paraswap's new app.

- -

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

(00:00) Introduction

(00:50) Lessons Learned From CeFi Fallout

(03:04) Rethinking Capital Spend

(06:17) Osomosis Incentive Structure

(08:04) dYdX Moves to Cosmos

(10:27) The Downside of Rollups Today

(15:38) Why Projects Should Launch Their Own Appchain

(18:56) The Cosmos Hub and Shared Security

(22:09) Appchains Will Expand Their Scope

(26:38) Paraswap Ad

(27:48) Applications on Osmosis

(31:00) The Fat Application Thesis

(33:47) Active Governance in Cosmos

(37:54) Governance Is Not the Goal

(40:22) What Should DAOs Be Used For?

(42:41) DAO Org Structures

(47:30) Osmosis Exploit & Learnings

(50:35) The Osmosis Exploit & Learnings

(1:00:55)The Osmosis Vertical Integration Bet

(1:05:40) The Future of DeFi

(1:14:40) Web of Trust & zk Applications

Why Crypto Funds Shut Down | Weekly Roundup Jul 01, 2022

Show notes

In this episode of Empire's Weekly Roundup, Jason and Santi discuss this week's biggest stories. CeFi continues to implode, funds are facing redemptions and Bitcoin miners are in trouble. What could be the catalyst out of this mess? How has Santi changed his mind about DeFi? Tune in to find out!

Highlights include:

- Why Santi changed his mind on undercollateralized loans in DeFi

- What is happening with CoinFLEX and Roger Ver

- 3AC officially defaults

- Why users aren't ready to use DeFi

- Jason and Santi's bet on the next crypto catalyst

- A potential Bitcoin miner death spiral

- What is a high watermark

- Arthur Hayes' predictions

- Are we just reliant on the Fed?

- Maker DAO is buying T-Bills

- Jason/Santi book recommendations

- -

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

- -

Referenced in the show:

Jill Gunter of Espresso Systems

https://twitter.com/jillrgunter

Ryan Swanson (Blockworks Research Analyst)

https://twitter.com/ryan_swansonx

BitMEX is back and better than ever. Sign up for BitmEX's new Spot Exchange for a chance to win a piece of $500,000 in BTC (new users).

Learn more about them at https://www.bitmex.com/

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

(00:00) Introduction

(03:01) State of the Market

(09:45) Bearish On Undercollaterized Loans

(12:15) CoinFLEX, Roger Ver and More Contagion

(19:08) Will People Use DeFi?

(26:25) A Privacy & Security Bet

(29:06) Voyager Issues Default Notice to 3AC

(29:58) Bitmex Ad

(30:56) BTC Miner Death Spiral

(42:26) Funder Redemptions ft. Arthur Hayes

(50:25) Closing Crypto Funds & High Watermarks

(59:10) MakerDAO Vote to Buy T-Bills

(1:04:20) Catalyst For The Next Cycle

(1:11:20) Crypto's Progress

(1:15:48) New Episodes and Book Recommendations

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected