Empire

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.

Erik Voorhees, founder of Shapeshift and a veteran in the crypto world, shares his insights on the transformative power of cryptocurrency. He discusses Bitcoin's potential as the best form of money amidst economic instability and the future of decentralized finance. The conversation touches on the importance of DAOs, the risks of Bitcoin's tail emission, and why institutional adoption is crucial. Erik also highlights the innovative nature of the crypto space and the need for balanced regulation to foster growth.

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_rongFollow 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/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw- -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(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--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 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 MetaversePS 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/ballmatthewFollow 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:Matthew's websitehttps://www.matthewball.vc/Pre-order Matthew's new bookhttps://www.matthewball.vc/metaversebookMcKinsey on investments in the Metaversehttps://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/empireParaSwap’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 --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 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/bitcoincassFollow Kevin: https://twitter.com/SinoCryptoFollow 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-- 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 (01:45) 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?--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 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/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow 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:One River Asset Managementhttps://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--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 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/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:Voyager 2019 article stating deposits are FDIC insuredhttps://www.investvoyager.com/blog/voyager-is-now-fdic-insured/Adam Cochran on the 3AC liquidationhttps://twitter.com/adamscochran/status/1543253799929876480Mika Honkasalo tweet on Uniswaphttps://twitter.com/mhonkasalo/status/1544677185818075142Aave Stablecoin Proposalhttps://governance.aave.com/t/introducing-gho/8730Westie (Blockworks Research Analyst) tweet on OpenSea users declininghttps://twitter.com/WestieCapital/status/1545047687178752008Reddit NFT Marketplacehttps://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 Introduction02:30 Santi's Feeling Bullish07:47 Voyager Bankruptcy Details13:09 The 3AC Liquidation is a Netflix Drama19:00 Genesis and Celsius Update21:20 Where Do You Feel Safe Storing Your Crypto?24:38 FTX Acquires BlockFi27:44 How to outperform most crypto funds31:20 BTC Miner Capitulation Starts Now35:54 Avalanche Ad 37:22 MakerDAO makes history with Real World Assets42:56 Aave stablecoin? And Other Big News--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.