Although our guests this week are managing partners of a registered investment adviser, nothing in this podcast is investment, tax, legal or other financial advice. In this episode of Empire, Kyle Samani and Tushar Jain of Multicoin join us in their first public discussion since the fall of FTX and Solana's crash. We start with a detailed discussion about Multicoin's relationship with SBF and FTX: how they met, their views on SBF, watching the blow-up and the implications for Multicoin's fund. K...
Apr 18, 2023•1 hr 14 min
In today's episode, Jason and Santiago discuss the bull vs bear case for ETH's Shapella upgrade. Since December 2021, ETH staking was one way. You could stake your ETH, but it was locked until the Shapella upgrade finally arrived. Shapella is here, and ETH is unlocked for the first time! Does this mean a giant supply of ETH sell pressure will hit the market? Will institutions embrace ETH now that Ethereum's roadmap is de-risked? Tune in to find out! We also discuss the NFT killer use case, Multi...
Apr 14, 2023•48 min
In this episode of Empire, Robert Leshner - founder of Compound Labs - joins us to discuss how DeFi will evolve in the wake of Operation Choke Point 2.0 and the coordinated effort to debank crypto. We discuss what this means for today's DeFi protocols, the end of the DeFi Mullet thesis and how teams will respond. Then we explore Robert's thoughts on why MakerDAO's RWA strategy is short-sighted, the stablecoin landscape, the AppChain thesis and more! - - Timestamps: 00:00 Intro 00:24 Operation Ch...
Apr 11, 2023•1 hr
In today's episode, we debate Mike's tweet that Eth L2s have every feature Alt L1s are criticized for: centralized, downtime, opaque resource allocation and wild valuations. To get close to the metal, we compare Solana vs Arbitrum based on economics, network effects and future roadmap. If you listen to one conversation this week, this is it. We also discuss Arbitrum's governance debacle, the value of protocol BD deals, a $25M MEV exploit, Euler's $200M recovery and Shanghai predictions! - - Foll...
Apr 07, 2023•1 hr 14 min•Season 1Ep. 191
Today's episode is a bonus episode from our podcast 0xResearch, produced by the Blockworks Research team. This is one of my favorite episodes they've done, a deep dive into the future of rollups, scaling and zk-tech. The first 15 minutes is the "analyst bullpen" segment on Arbitrum's recent governance debacle, followed by an interview with Preston Evans from Sovereign Labs (use the Timestamps if you want to skip ahead). If you enjoy this episode, follow the link in the show notes below to subscr...
Apr 05, 2023•1 hr 3 min•Season 1Ep. 190
In this episode of Empire, we are joined by Kain Warwick, founder of Synthethix and crypto OG. Kain explains the concept of centralized insanity and how crypto is finally ready for the next bull cycle. We cover Synthetix's evolution, Ethereum's outlook, crypto infrastructure, what will cause the shift to decentralized products, DeFi's most important metric and more! Kain is one guest you won't want to miss! - - Timestamps: (00:00) Introduction (02:18) DeFi Summer 2020 (05:29) The Synthetix Evolu...
Apr 04, 2023•1 hr 22 min•Season 1Ep. 189
Today we are joined by Ben Forman, one of the most prolific investors in crypto, to discuss the day DeFi almost died: Black Thursday. The industry was a few liquidations away from an extinction event. Tune in to hear the riveting story and how Black Thursday has shaped MakerDAO and crypto's development! We also discuss why Ben believes RWAs and permissioned DeFi is the next narrative, Binance FUD, investing in private vs liquid markets, return dispersion, incoming regulation and more! - - Timest...
Mar 31, 2023•1 hr 25 min
In this episode of Empire, I'm joined by Marek Olszewski and Rene Reinsberg to discuss how Celo is building an L1 focused on a mobile-first user experience and real-world use cases. We start with the Celo origin story and how Celo is building scalable tech while maintaining the focus on where it belongs: the user. Marek and Rene explain how Celo and Valora (Celo's wallet) provide the infrastructure used by local communities throughout the globe to provide real-world use cases for payments and re...
Mar 28, 2023•46 min•Ep. 183
In this episode of Empire, we are joined by Amy Oldenburg and Andrew Peel from Morgan Stanley to discuss how the banking crises will impact crypto's adoption. We start by exploring how far the banking crises will go, the similarities between today and 2008, and the market outlook. Amy and Andrew then explain how crypto is prime for adoption in a world that desperately needs new banking rails and an alternative store of value. We discuss institutional adoption, ETH vs BTC, why BTC just had its mo...
Mar 27, 2023•1 hr 7 min•Season 1Ep. 186
Crypto's timeline keeps getting more surreal and the SEC just added fuel to the fire by issuing a Wells Notice to Coinbase. In this episode, we explore the implications for Coinbase, BTC's opportunity and why crypto isn't going anywhere. This podcast will make you sweat it's so hot We then discuss Arbitrum's airdrop, the wild Euler x Ronin hacker story, DeFi Llama drama and more. Tune in for this epic episode! - - Timestamps: (00:00) Introduction (03:38) Coinbase receives SEC Wells Notice (18:20...
Mar 24, 2023•1 hr 10 min•Ep. 184
In this episode of Empire, Avi Felman and Jonah Van Bourg explain how macro and banking turmoil has ignited a market paradigm shift. Funds will be hunting for the assets that will perform well in this new paradigm, and it won't be bonds... Tune in as we discuss BTC's prime moment, why supply is the story of 2023, BTC vs ETH, the USDC depeg and more. If you listen to one Empire episode this year, this is it! - - Timestamps: (00:00) Introduction (01:06) The market is consistently wrong (07:24) A n...
Mar 20, 2023•51 min•Ep. 182
In this episode of Empire, we are joined by Steven Goldfeder and Harry Kalodner to discuss all things Arbitrum. We start with Coinbase's decision to leverage the OP Stack, where the "modular vision" falls apart and Arbitrum's core vision. We then ask about Arbitrum's token strategy, which leads to a unique conversation around decentralized sequencers and MEV. Steven and Harry explain the design philosophy of Abritrum and how innovations like Styles (Rust is coming to Arbitrum) will onboard the n...
Mar 17, 2023•43 min•Ep. 181
Arbitrum just announced the $ARB token airdrop and their new L3 solution called Orbit! The L2 wars are now in full force. Tune in as we deep dive into Arbitrum's token and L3 strategy with Steven Goldfeder and Harry Kalodner! PS: We are dropping a second Arbitrum episode this afternoon that covers fraud proofs, decentralizing sequencers, value capture and more. These are two banger episodes. Don't miss out! - - Follow Steven: https://twitter.com/sgoldfed Follow Harry: https://twitter.com/hkalodn...
Mar 17, 2023•56 min•Ep. 180
Signature and Silicon Valley Bank have collapsed. In this breaking news episode, hosts Jason Yanowitz and Jack Farley interview Joseph Wang to discuss the banking system failures and what to expect next. Joseph dives deep into the risk both banks took by not hedging interest rate risk, how this could have been avoided and whether other banks are in a similar position? We then discuss if the Fed's Bank Term Funding Program was the right move? To hear all this and more, you'll have to tune! - - Fo...
Mar 13, 2023•57 min•Ep. 179
In today's episode of Empire, we start with Jason's big takeaways from ETH Denver. What was the vibe? What innovations are on the horizon? And most interesting, what crypto sector was conspicuously missing from the conversation? We then discuss Silvergate's unwind, Coinbase's wallet announcement (bullish), Amazon NFT rumors, MakerDAO's 1.25B treasury proposal and more! - - Timestamps: (00:00) Introduction (02:33) ETH Denver Takeaways (09:15) Silvergate Unwinds (21:06) Coinbase's WaaS Announcemen...
Mar 10, 2023•1 hr•Ep. 178
In this episode of Empire, we are joined by one of crypto's best traders: Dan Matuszewski. Dan is the founder of CMS, a crypto OG and a prolific trader/investor. We discuss upcoming catalysts, the Coinbase trade, punting on L1s vs L2s, lending markets, what it's like managing a crypto fund and more. This is one of my favorite conversations that you won't want to miss! - - Timestamps: (00:00) Introduction (00:35) Surviving FTX (08:52) Market update and upcoming catalysts (15:41) The industry is s...
Mar 06, 2023•1 hr 3 min•Season 1Ep. 177
In this episode of Empire, Muneeb Ali, the founder of Stacks, joins us to discuss Bitcoin's sudden transformation. Until the last two months, Bitcoin was (perceived as) simply a store of value, a religion. However, Ordinals, a Bitcoin NFT project, has redirected the spotlight to Bitcoin’s underlying tech and utility - a technology that can support NFTs, DeFi and more. Muneeb provides his unique insights in this eye-opening episode! - - Timestamps: (00:00) Introduction (00:53) Bitcoin is a techno...
Mar 03, 2023•42 min•Ep. 176
In this episode of Empire, Darren Langley (Rocketpool) and John Zettler (Coinbase) join us to discuss why liquid staking is taking over Ethereum. We start with the LSD landscape, how cbETH and Rocketpool approach product strategy, and Lido's dominance. Then we get into the real fun stuff. Darren and John explain the 2/3rd order effects of the Shanghai upgrade, how to drive on-chain liquidity, the evolving fee market and more. Liquid staking is poised to take over Ethereum - don’t miss out! - - T...
Feb 27, 2023•1 hr 15 min
In today's episode of Empire, we discuss Coinbase's journey to become the default gateway to crypto with their new L2. Jason and Santi delve into Coinbase's secret master plan, the impact of Base on Arbitrum and Optimism and the current state of on-chain creativity. Warning: we are bullish. We also cover the recent layoffs and reorgs at Polygon, the closure of Galois Capital, a new CBDC proposal and the misleading claims about Top Shot. Don't miss this episode, where we cover the top stories of ...
Feb 24, 2023•1 hr 1 min•Ep. 174
Breaking News: Coinbase is launching an L2 on Ethereum called Base! Jesse and Will from Coinbase join us to discuss the news and paradigm shift for Coinbase. We explore why Coinbase is building Base, how Coinbase chose to use the OP tech stack, Base's value proposition, how Coinbase thinks about "competition" building on Base, if Base will have a token and more! -- Timestamps: (00:00) Introduction (00:45) Base: Coinbase’s on-chain journey (05:02) Why build Base? (10:10) Leveraging the OP stack (...
Feb 23, 2023•1 hr 3 min•Ep. 173
In this episode of Empire, Pacman (Blur's founder) joins Jason and Santi to discuss how Blur, an NFT marketplace for professional traders, has revolutionized the NFT market. We discuss Blur's business strategy, vertical vs horizontal markets, the creator royalty debate, Blur vs OpenSea and more! This is one of my favorite episodes yet - Pacman is a giga brain. - - Timestamps: (00:00) Introduction (00:50) Blur’s Unique Design and NFT Strategy (09:23) Incentivizing Liquidity vs Volume (21:30) Bloc...
Feb 21, 2023•1 hr 3 min•Ep. 172
In today’s episode of Empire, we start with a deep regulatory discussion with Kristin Smith and Rebecca Rettig to explore Gary's attack on crypto. We cover the SEC's attack against Kraken and BUSD, tokens as securities, market implications, what to expect next and more! Santi and Jason co-pilot the last 25 minutes to discuss Blur's airdrop, the battle for NFT market share, the L2 wars and Flashbots' new MEV-Share product. This episode covers everything you need to know from this wild week! - - T...
Feb 17, 2023•1 hr 8 min•Season 1Ep. 171
In this episode of Empire, Camilla McFarland and Avery Akkineni discuss how the world's biggest brands will leverage Web3. Nike, Starbucks, Gucci and many others are already starting to build in crypto, and soon, every brand will have a Web3 strategy. Camilla and Avery explore how brands can leverage Web3 to build customer loyalty, customize user experiences and cater to a digitally-native community. This is one of my favorite episodes yet - it's stable stakes for anyone looking to build or grow...
Feb 13, 2023•1 hr 9 min•Ep. 170
There's a heated debate in crypto right now around AppChains and the modular vs monolithic paradigm. That's why we released this special episode today from our other favorite podcast, Bell Curve. Sunny Aggarwal and Dmitriy Berenzon discuss how AppChains enable developers and protocols to customize consensus, cryptography, MEV rules, fees and more. But is this customization worth the fragmentation, start-up costs, lack of tooling and other challenges AppChains face? Tune in to find out! And don't...
Feb 10, 2023•1 hr 35 min•Ep. 169
In this episode of Empire, Sam Kazemian joins Jason and Dan to discuss Frax's mission to build the most widely used stablecoins in DeFi. Sam starts by explaining how Frax has succeeded while other stable protocols have failed, why Frax is eyeing Fed deposits and the strategy behind the "DeFi Trinity". We then explore Frax's new ETH staking product, the stablecoin trilemma, and Sam drops a new product announcement (alpha leak). Don't miss this conversation with one of the brightest minds in DeFi!...
Feb 06, 2023•57 min•Ep. 168
In today’s episode of Empire, we discuss how crypto startups are running out of cash. Will more companies quietly shut down, and how will the survivors navigate the market? One group of people can strongly impact this outcome: Crypto VCs. We explore what decisions these VCs are facing, if they'll be able to raise funds from LPs, their hardest challenges and more! This is a short episode that's packed with insights. - - Timestamps: (00:00) Introduction (00:57) Nike x Tiffany collab (10:38) Celsiu...
Feb 03, 2023•43 min•Ep. 167
In this episode of Empire, Hal Press joins Mike and Jason to discuss his investment thesis. It's no secret that Hal is an ETH super bull, and this episode makes it clear why. He explains ETH's unfair advantage, how L2s will serve as free marketing for Ethereum, the liquidity staking derivative trade, the mechanics behind token rallies, token value accrual and the deflationary outlook! Get ready, this is one of my favorite podcasts yet. - - Timestamps: (00:00) Introduction (00:54) What Caused Thi...
Jan 30, 2023•1 hr 23 min•Ep. 166
In today’s episode of Empire, we discuss how we've just entered the third phase of the bear market. A phase marked by apathy. We explore what this means for builders, investors and the industry. If you're still here (in crypto), you don't want to miss this. We then cover why Aptos' price is pumping, Circles CCTP news, the controversial Doodles announcement and more! - - Timestamps: (00:00) Introduction (04:27) Permissionless Speakers (05:30) Phase 3 of the Bear Market (37:00) Regulatory Clarity ...
Jan 27, 2023•1 hr 6 min•Ep. 165
In this episode of Empire, Sreeram Kannan and Calvin Liu explain how EigenLayer creates a market for decentralized trust to enable permissionless infrastructure innovation. We explore EigenLayer's core use cases, slashing mechanics, economic incentives, re-staking risks and more. EigenLayer might be the most underrated project in Ethereum right now. Tune in to find out why! - - Timestamps: (00:00) Introduction (01:08) EigenLayer 101 (18:04) Liquid vs Native Staking (24:24) Why Calvin Joined Eige...
Jan 23, 2023•1 hr 23 min•Season 1Ep. 164
In this episode of Empire, Qiao explains the upcoming Wallet Wars. Wallets are the decentralized access point for crypto, and the battle for distribution is about to get wild. Listen in to learn about the SuperApp Thesis, account abstraction, the battle for attention, wallet value capture and more! - - Timestamps: (00:00) Introduction (01:50) The Fat Wallet Thesis (04:11) How Wallets Have Evolved (09:06) Wallet Wars, Rise of the SuperApp (24:35) Account Abstraction (27:28) Why Geography Matters ...
Jan 20, 2023•1 hr 5 min•Season 1Ep. 163
