Empire

In this episode of Empire, Jason is joined by Charles Cascarilla, co-founder of Paxos, to discuss the state of the market. How did we get here, and what should we expect next?Show highlights include: How the everything bubble started in 1995 What tradeoff the Fed has to make How low interest rates perpetuated the greatest lie The 3 likely scenarios going forward How Paxos plans to bring $700T of assets on chain Why stablecoins aren't actually stable What Richard is looking forward to next - -Follow 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--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.- -Referenced in the show:Paxos Websitehttps://paxos.com/Charles on "Invest Like the Best" (2019)https://tinyurl.com/32x95pfbCharles on "Invest Like the Best" (2020)https://tinyurl.com/2p92aszt--(00:00) Introduction(01:12) The Macros Mess(08:17) The Everything Bubble(10:27) How To Invest In This Environment(13:06) What is Bitcoin's Narrative?(18:34) BTC and Crypto's Outlook In A Macro Bear Market(24:18) Short Or Long-Term Pain?(28:05) Paraswap Ad(29:13) Almost All Stablecoins Aren't Stable(35:54) Paxos Aims To Bring All Assets On Chain(38:28) Privacy Is A Requirement For Adoption(40:17) Crypto's Unlock(43:32) What Projects Emerge From The Bear?(45:35) The Most Exciting Thing in Web3 Today--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 Santiago discuss how to navigate the current bear market. Things aren't looking pretty, but this isn't the team's first rodeo. The duo explores what to expect, how to stay in the game and where opportunities might emerge. Highlights include: where will crypto's total market cap bottom? are Jason and Santi buyers at these prices? why are funds ignoring liquid markets? how founders should approach the bear thoughts on a16z's new $4.5B fund will Coinbase be acquired? and much more - -Follow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw- -Referenced in the show:Chris Dixon Permissionless Keynotehttps://youtu.be/Znkpa64J7qASanti's Coinbase Acquisition Tweethttps://twitter.com/santiagoroel/status/1525941336070922242Bill Gurley's "All In" Panelhttps://youtu.be/lcyec3pvAEY- -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(01:11) Crypto Marketing(04:04) Why Santi Missed Permissionless(05:45) Advice For This Bear Market(17:32) A 16z Raises 4.5B(22:04) How Founders Can Embrace The Bear(26:34) ETH And Assessing Value Today(29:13) Overleveraged(33:05) How Capital Calls Work(34:55) Will Funds Leave The Space?(37:00) Bitmex Ad(38:02) When Do You Buy?(45:10) Stay In The Game?(47:16) Coinbase Acquisition Thesis(53:07) Three Leading Indicators(54:07) Smaller Funds Underwater(57:35) Liquid Assets Have Been Ignored(1:00:27) Investing Isn't Easy

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.- -Follow Scroll: https://twitter.com/Scroll_ZKPFollow Sandy: https://twitter.com/SandyPeng1Follow Ye: https://twitter.com/yezhang1998Follow Haichen: https://twitter.com/shenhaichenFollow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelSubscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2jSubscribe on Apple Podcasts: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw--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.--Referenced in the show:Layer-2 for beginnershttps://gourmetcrypto.substack.com/p/layer-2-for-beginners?s=rOptimistic vs ZK Rollupshttps://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.

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.- -Follow Jason: https://twitter.com/JasonYanowitzFollow Mike: https://twitter.com/MikeIppolito_Follow Empire: https://twitter.com/theempirepodFollow Richard: https://twitter.com/richardcraibSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple Podcasts: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw- -Referenced in the show:Richard's video announcing why he sold his ETHhttps://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

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!- - Follow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow Stani: https://twitter.com/StaniKulechovFollow Empire: https://twitter.com/theempirepodSubscribe on YouTube: https://tinyurl.com/4fdhhb2jSubscribe on Apple Podcasts: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw- -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/--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--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.

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!- -Follow Jason: https://twitter.com/JasonYanowitzFollow Joe: https://twitter.com/JoeLallouzSubscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2jSubscribe on Apple Podcasts: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprw--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.--(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--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.

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.- -Follow Jason: https://twitter.com/JasonYanowitzFollow Mike: https://twitter.com/MikeIppolito_Follow Olaf: https://twitter.com/zxocwSubscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2jSubscribe 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--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.

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.- -Follow Jason: https://twitter.com/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelFollow Jordi: https://twitter.com/gametheorizingSubscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2jSubscribe 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--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.

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!- -Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonSubscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2jSubscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc--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.--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--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 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/JasonYanowitzFollow Santi: https://twitter.com/santiagoroelSubscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2jSubscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc- -Referenced in the show:The WSJ "NFT Sales Are Flattening" articlehttps://www.wsj.com/articles/nft-sales-are-flatlining-11651552616Dune Analytics Datahttps://dune.com/sealaunch/NFThttps://dune.com/rchen8/openseaNansen NFT Tweet/Statshttps://twitter.com/themlpx/status/1521845362830430208Ben Strack Article On bZx Litigationhttps://blockworks.co/hacked-dao-faces-lawsuit-as-users-try-to-recoup-stolen-funds/Fairfax Pension Announcementhttps://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!--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.