Quarterly Market Recap: Q3 2022 - [Web3 Breakdowns, EP.41]

Oct 7, 2022

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INSIGHT

Diversification Wins During Crises

Winners emerged by building diversified, resilient businesses rather than narrow plays.
Sam Bankman-Fried consolidated aggressively while Barry Silbert's diversified DCG showed staying power.

INSIGHT

Merge Was A Technical Milestone

The Ethereum Merge was a major technical success and occurred with minimal disruption.
The transition to proof-of-stake was seamless technically and will be seen as a landmark if Ethereum endures.

INSIGHT

Staking Creates Native Yield Instruments

Ethereum staking creates a new yield-bearing primitive where capital secures the network instead of energy.
Currently stake is locked and cannot be withdrawn, changing liquidity and reward dynamics.

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This is Matt Reustle and it's that time again - our 3Q 2022 quarterly recap. If you listened to our second quarter episode, that was a recap of carnage. A "what the hell just happened" episode. For this go-around, Eric helps assess the damage and signs of light in the market. The tide came up, we know who was swimming naked; but who was an emerging winner in Eric's mind? Spoiler alert - it's not just SBF. We cover early takeaways from the Ethereum merge, his observation on the convergence between traditional finance and crypto, and why Eric is so interested in the Bitcoin mining market in 4Q. Please enjoy this quarterly recap.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Show Notes

[00:02:22] - [First question] - General thoughts and most memorable points of Q3 2022

[00:06:52] - Getting comfortable with the idea of a floor in an industry without the means of being bailed out by something like the Fed

[00:11:54] - The level playing field and other players that have come out looking strong given the downside in the market

[00:15:13] - A quick recap of the Ethereum merge, current takeaways, and the road ahead

[00:21:06] - Whether or not there’s a way to measure the merge’s success going forward

[00:25:46] - The ultimate vision for Ethereum staking and its reward system

[00:27:22] - Whether or not leverage is what brought the system down

[00:30:43] - Major institutional momentum and adoption in crypto

[00:34:36] - The growth equity trolls were louder than the crypto trolls and crypto social stigma

[00:41:47] - Sentiments around the new wave of Free-To-Own NFTs

[00:45:16] - Material impacts on NFTs with a trend towards creative commons licensing and the experimentation phase of Intellectual Property

[00:50:15] - What’s driving his interest around Bitcoin mining in the near future

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