Empire

Latest Episodes:

zkEVM L2s Will Scale Ethereum | Scroll May 23, 2022

Show notes

In today’s episode of Empire, Jason and Santi are joined by the founders of Scroll - Sandy Peng, Ye Zhang and Haichen Shen - to discuss how ZK tech will scale Ethereum. Scroll is a general-purpose zkEVM rollup that combines Ethereum’s security with drastically reduced fees and low latency.

We start the conversation with a deep dive into zero-knowledge tech, the power of validity proofs and the different L2 scaling techniques. The team then explains Scroll's advantage, the difficulty of building a general-purpose L2 and why Scroll’s “EVM equivalence” is a massive breakthrough for Ethereum developers. Scroll has been flying under the radar, but they won’t be for long. Don’t miss this conversation on the most sci-fi tech in crypto.

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Follow Scroll: https://twitter.com/Scroll_ZKP

Follow Sandy: https://twitter.com/SandyPeng1

Follow Ye: https://twitter.com/yezhang1998

Follow Haichen: https://twitter.com/shenhaichen

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

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

Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j

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ParaSwap:

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Referenced in the show:

Layer-2 for beginners

https://gourmetcrypto.substack.com/p/layer-2-for-beginners?s=r

Optimistic vs ZK Rollups

https://blog.matter-labs.io/optimistic-vs-zk-rollup-deep-dive-ea141e71e075

(00:00) Intro

(05:00) Scroll, a zkEVM Rollup

(05:26) Why Is zk Tech Interesting?

(07:58) Optimistic vs ZK rollups

(10:26) The Evolution of ZK Tech

(13:27) zkSync and Starkware

(20:26) Where Is Scroll Today?

(22:09) The Scroll Team

(24:16) Moats In An Open-Source Industry

(26:42) General-Purpose vs App-Specific Rollup

(28:44) Paraswap Ad

(29:44) Creating The Best Developer Experience

(32:12) Working With The Ethereum Foundation

(36:02) What Scroll Will Enable for Web3

(41:22) China and Web3

(46:17) Building and Investing

(47:19) What's Next For Scroll?

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.

Why I sold all my ETH | Richard Craib, Numerai May 20, 2022

Show notes

On today's episode of Empire, Jason and Mike are joined by Richard Craib, founder of Numerai, to discuss why Richard sold all his ETH.

Richard is a prolific investor and has been part of the Ethereum ecosystem since the 2014 ICO. That’s why it was such a big deal when he announced he sold his ETH and that he no longer sees crypto as a good investment.

Does crypto have a product outside of speculation? Is crypto’s growth just a result of the Fed? Is crypto more about regulatory arbitrage than the tech? These questions and more are explored in this fascinating conversation (debate!) where Richard holds nothing back.

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

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

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

Follow Richard: https://twitter.com/richardcraib

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

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Referenced in the show:

Richard's video announcing why he sold his ETH

https://twitter.com/richardcraib/status/1523513981347848192?s=20&t=qwlN5rWxe5-KWyJOEr4B6Q

(00:00) Intro

(01:52) Why Richard Sold All of His ETH

(09:00) The Fed "Created" UST

(12:14) Macro Trouble

(15:53) A Market Neutral Strategy

(19:38) Is Crypto's Only Product Speculation?

(32:58) An Overreaction to a Flawed System

(36:26) A Massive Misallocation of Capital

(40:25) It's Mostly Just Regulatory Arbitrage

(43:00) Why People Join The Crypto Industry

(47:33) Is There A Real Use Case?

(52:28) What Richard First Liked About Crypto

Lens Protocol, Web3's Social Platform | Stani Kulechov May 19, 2022

Show notes

On today's episode of Empire, Stani Kulechov - founder of Aave and Lens Protocol - joins Jason and Santiago to discuss the future of Web3 social.

Stani explains how Lens Protocol will be the substrate Web3 social developers leverage to build and bootstrap their apps. Lens Protocol's modular architecture and open-data structure will enable mass experimentation, micro-communities and social composability: leading to differentiated and user-focused products.

We then explore the benefits of a user-owned social graph, monetization strategies and how identity/social credit will be the next big unlock in Web3. Tune in to explore this new medium for social!

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

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

Follow Stani: https://twitter.com/StaniKulechov

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

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

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

Timestamps:

(00:00) Introduction

(01:03) Why Stani Was Kicked Off Twitter

(04:45) Can Twitter Decentralize?

(12:36) Social Media In Crypto

(22:13) What Problem Is Lens Protocol Solving?

(25:40) Building Moats In Social Media

(28:14) Bitmex Ad

(29:30) Building Moats In Social Media

(34:36) Comparisons Between Web 2.0 & Web 3.0 Social Media

(40:28) How Does Web 3.0 Social Media Monetize?

(51:56) Negatives of Social Media On A Blockchain

(53:40) Could Lens Be Bigger Than Aave?

(59:23) The Lens Protocol Stack

The AWS Of Crypto | Joe Lallouz May 16, 2022

Show notes

On today's episode of Empire, Joe Lallouz, Head of Coinbase Cloud, joins Jason and Santiago to discuss how Coinbase Cloud is building the AWS of crypto.

Coinbase Cloud is building blockchain infrastructure and APIs that abstract the complexities of staking, data access, deployment and more. Joe explains the challenges of building in crypto, how Coinbase Cloud is taking on this challenge, and why developer tooling is critical for rapid innovation.

We then discuss the importance of crypto's low switching costs, proof-of-stake systems, Lido's staking dominance, and Coinbase's approach to MEV. Blockchain infrastructure isn't the hot topic on Crypto Twitter, but it's the base layer of the entire ecosystem and will soon be a primary talking point. Don't miss this fantastic conversation to stay ahead of the blockchain infrastructure narrative!

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

Follow Joe: https://twitter.com/JoeLallouz

Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j

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

Subscribe on Spotify: https://tinyurl.com/wbaypprw

ParaSwap:

(00:00) Introduction

(01:27) The AWS of Crypto

(10:57) The Multichain Thesis

(16:24) Bundling and Unbundling in Web3

(21:56) The Magic of Low Switching Costs

(28:11) Move Fast and Don't Break Things

(33:48) Building The Secure Foundation

(35:19) Is Coinbase a Bridge?

(37:27) Paraswap Ad

(38:35) Is Lido a Threat to ETH?

(45:40) A Coinbase ETH Staking Derivative

(48:16) How Coinbase Approaches MEV

(51:43) MEV's Moral Hazard

(55:19) Blockchain On Demand

(59:38) Why ApeCoin Doesn't Need Its Own Chain

(1:03:11) Every Company Will Be a Crypto Company

(1:06:08) Segments Ripe For Innovation

How To Survive A Bear Market | Olaf Carlson-Wee May 13, 2022

Show notes

On today's episode of Empire, Olaf Carlson-Wee, Coinbase's first employee & founder of Polychain, joins Jason and Santiago to discuss his views on the state of crypto.

Olaf reflects on crypto's cycles, the reoccurring themes and how this relates to the UST meltdown and today's bear market. We then dive into Olaf's investment philosophy, exploring his thoughts on what assets will accrue value, the multichain future and the most exciting opportunities. You'll also hear Olaf's unique take on the "one reason" DAOs should exist.

Don't miss this fantastic episode with one of the most interesting/successful OGs in crypto.

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

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

Follow Olaf: https://twitter.com/zxocw

Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j

Subscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc

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/

(00:00) Introduction

(01:02) Market Chaos

(05:37) Crypto's Cycles

(17:33) Stablecoins and UST's Meltdown

(24:33) The End of Algo Stables

(30:06) Where's The Market Headed?

(38:14) Bitmex AD

(39:31) The Biggest Entrepreneurial Laboratory in History

(43:23) It's Time for Buying Not Selling

(44:34) Layer One Wars

(48:38) The L2 Ecosystem

(53:58) Where Will Value Accrue?

(58:13) What's Overlooked In Crypto?

(1:03:22) The One Thing DAO's Should Do

(1:06:18) DeFi vs CeFi

(1:07:39) Struggles of an Entrepreneur

(1:11:33) The Industry Has to Prove Itself

How Did UST Collapse? | Jordi Alexander & Mika Honkasalo May 12, 2022

Show notes

Jordi Alexander and Mika Honkasalo join Jason and Santiago on today’s episode of “Empire" to discuss the meltdown of UST, Terra's stablecoin. The match was lit Sunday with UST de-pegging from one dollar, and it's now become the single biggest wealth destruction event in crypto.

Jordi and Mika explain what led to UST's demise, how this could have been prevented, and what's in store for the future of UST and Terra. Is this the end of decentralized stablecoins? Can the market recover? Tune in to find out.

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

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

Follow Jordi: https://twitter.com/gametheorizing

Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j

Subscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc

(00:00) Introduction

(01:07) What Happened to UST?

(04:32) Utility vs Ponzi Mechanics

(12:13) BTC Reserve

(15:26) The Attack

(20:32) How Did Institutions Play This?

(24:31) Macro's Impact

(26:52) Future of Decentralized Stablecoins

(35:46) How Could UST Be Designed Differently?

(43:21) The Multiplier Effect

(44:44) The Soros Test

(46:57) What's Next for UST?

(56:16) The Arbitrage

(59:12) The Systemic Effects

(1:05:40) The Investment Outlook

Every Project Will Have Its Own L2 | Michael Anderson & Vance Spencer May 09, 2022

Show notes

Vance Spencer and Michael Anderson, co-founders of Framework Ventures, join Jason on today’s episode of “Empire.” The founders have grown Framework’s assets under management from $14 million to over $1.4 billion in just three years.

The co-founders share their thoughts on the layer-2 scaling thesis and why every project will eventually fork their own layer-2. Vance and Michael believe the shift to layer-2s is inevitable — it’s the endgame in maximizing token value.

They then dive into staking and staking derivatives and why the Ethereum merge will bring about the birth of a new industry. This might be the most alpha ever dropped in one podcast — don’t miss it!

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

Follow Vance: https://twitter.com/pythianism

Follow Michael: https://twitter.com/im_manderson

Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j

Subscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc

ParaSwap:

Timestamps:

(00:00) Intro

(01:21) Yuga Labs debacle and scaling solutions

(07:40) Application-specific L2s

(09:07) Are L2 tokens parasitic to L1 tokens?

(11:27)The multichain future

(15:58) $10B hack prediction

(17:57) Lido and Staking

(23:27) Is The ETH Merge Priced In?

(27:41) How To Outperform ETH

(30:24) Fundamental Analysis

(32:54) Institutional strategies and the ETH flippening

(38:56) Paraswap Ad

(40:05) Bearish AMMs, Bullish PFOF

(45:14) Are we just recreating TradFi?

(47:22) Revisiting the OG DeFi protocols

(50:50) Tokenomics

(55:14) Investing in GameFi

(1:04:58) Enterprise blockchains

(1:09:54) Super DAOs

(1:11:54) 2022 Outlook

Retail's Last Hope in the Bear | Weekly Roundup May 06, 2022

Show notes

In this episode of Empire's Weekly Roundup, Jason and Santiago start with the most relevant topic: how to survive a bear market. Santiago explains how he embraces the bear and shares advice for builders and investors - including his current investment strategy.

Jason and Santi then explore the NFT market, Yuga land sale and today's scaling challenges. The conversation is capped off with thoughts on Lido's dominance, Anchor's rate drop and DAO legal battles. Tune in to hear this week's top stories all in one episode!

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/

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

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

Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j

Subscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc

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Referenced in the show:

The WSJ "NFT Sales Are Flattening" article

https://www.wsj.com/articles/nft-sales-are-flatlining-11651552616

Dune Analytics Data

https://dune.com/sealaunch/NFT

https://dune.com/rchen8/opensea

Nansen NFT Tweet/Stats

https://twitter.com/themlpx/status/1521845362830430208

Ben Strack Article On bZx Litigation

https://blockworks.co/hacked-dao-faces-lawsuit-as-users-try-to-recoup-stolen-funds/

Fairfax Pension Announcement

https://cointelegraph.com/news/virginian-county-wants-to-put-pension-funds-into-defi-yield-farming

(00:00) Introduction

(02:43) Surviving The Bear

(08:36) Are Private Deals Too Hot?

(12:18) Santi's Current Investment

(18:00) What's Going On With NFTs

(28:23) Bitmex Ad

(29:31) Yuga Land Sale & Scaling Challenges

(37:26) Does Provenance Determine an NFTs Value?

(39:01) ApeCoin's Staking Proposal

(41:51) Lido and the Pull of Centralization

(47:01) Anchor Hits ATH TVL Despite Rate Drop

(48:28) DAOs Are Being Sued

(52:13) Pension Fund Doubles Down on Crypto

(53:36) Permissionless Is Almost Here!

Crypto’s Next Chapter | Jeff Dorman May 02, 2022

Show notes

On today's episode of Empire, Jason and Santiago are joined by Jeff Dorman, CIO of Arca. Jeff is a prominent crypto investor known for his fundamental analysis, contrarian bets and ability to simplify crypto's arcane topics.

In this episode, Jeff explains crypto's response to macro, why fundamentals matter, equity tokenization, crypto's most exciting developments and more. Don't miss Jeff's insights on where crypto is headed next!

Resources:

BTC/NASDAQ correlation: https://www.bloomberg.com/news/articles/2022-04-11/bitcoin-s-correlation-with-big-tech-increases-to-record-chart

Follow Jeff on Twitter: https://twitter.com/jdorman81

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

ParaSwap:

Timestamps

(00:00) Introduction

(01:27) The Real Reason Crypto Is Correlated To The NASDAQ

(04:27) Is The Fed In Control of Inflation?

(09:02) Crypto's Strength During Macro Turbulence

(13:04) The Ownership Narrative

(15:25) Everything Is Based On Trust

(18:12) Ownership and Aligned Incentives

(25:27) Liquidity Incentives

(30:28) Governance

(33:57) Paraswap Ad

(35:06) CeFi Merging With DeFi

(39:32) What Is Jeff Excited About?

(44:09) DeFi Is Boring But Works

(47:42) Tokens That Accrue Value

(49:50) Business Development in Crypto

(54:38) How To Value Layer One Blockchains

Optimism's Airdrop Is The Future of Governance | Weekly Roundup Apr 29, 2022

Show notes

In today's episode of Empire's Roundup, the long-awaited return of Santi and Jason discussing the latest in crypto, DeFi, and more has finally landed. They refresh some predictions around ETH for 2022 and discuss the Optimism airdrop, the BAYC Instagram hack, Osmosis's canonical bridge vote, and announcements from funds and initiatives alike. You won't want to miss this!

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/

Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show!

Subscribe to the podcast on Spotify: https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq?si=41bc452345b649f9

Subscribe to the podcast on Apple: https://apple.co/3srZf7M

Timestamps:

(00:00)・Introduction

(01:50)・The Permissionless conference

(03:05)・Optimism's airdrop & implications

(20:06)・Predictions for an Ethereum and P2E Summer

(23:56)・BAYC Instagram hack

(29:08)・Is it the NFT top?