Empire

In this episode of Empire's Weekly Roundup, Jason and Mike discuss the current state of crypto. It's officially a bear market, so how are companies and DAOs responding? What are the stories that you need to know? Tune in to find out.

Highlights include:

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

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

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

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Referenced in the show:

BlockFi down round

https://tinyurl.com/2tej9jyf

Novogratz says 2/3 of crypto funds will fail

https://tinyurl.com/yh4x2jsu

Lido, FEI and Frax proposals

https://research.lido.fi/t/lido-to-prepare-for-the-bear-market/2318/5

https://tribe.fei.money/t/tip-110-simplify-pcv/4323

https://gov.frax.finance/t/fip-77-20m-fxs-buyback-program-using-twamm/1523

SBF on Empire

https://tinyurl.com/23wp5uza

SBF on Invest Like The Best

https://tinyurl.com/2p8wsdfe

FTX surpasses Coinbase in BTC & ETH spot trading

https://coinmetrics.substack.com/p/state-of-the-network-issue-158?s=r

Coinbase job portal

https://coda.io/@coinbase-talent/coinbase-talent-hub/

Richard Burton article on how crypto is like building hardware

https://tinyurl.com/ytww6ap7

Tim Beiko on Bankless

https://tinyurl.com/2vxmcdux

--

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

(02:45) Down Rounds, Layoffs and Hiring Freezes

(16:40) An Investor Reckoning?

(18:20) Separating Investors vs Traders

(20:05) Frothy Private Markets

(23:50) DAO Treasuries and Debt Financing

(27:53) Questioning Token Buybacks

(32:30) Bitmex Ad

(33:33) FTX Surpassing Coinbase

(40:15) Cynthia Lummis Bill

(45:15) Are Tokens Securities?

(48:21) Salesforce and Enterprise Blockchains

(56:15) Optimism loses $20M OP tokens

(59:45) APE DAO votes on Ethereum

(1:03:40) When ETH merge

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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 Qiao Wang and Imran Khan, core contributors at Alliance DAO (the Y Combinator of Web3). Alliance DAO is a Web3 startup accelerator whose portfolio includes 0x, dYdX, Paraswap, Synthetix and top Web3 protocols.

Qiao and Imran are former founders who now assist Web3's top entrepreneurs in building, launching and growing their products. As a result, the duo has a front-row seat to the latest trends and innovations in crypto. This episode is for you if you want to know what it takes to build a top Web3 product.

We discuss: 

- how to think about tokenomics 

- why product should come before community

- what tech stack developers are building on

- why Qiao recommends launching your product on Avalanche

- how to scale a team in Web3

- the top 3 things founders should think about

- why you shouldn't start a DAO, and much more!

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Follow Qiao: https://twitter.com/QwQiao

Follow Imran: https://twitter.com/Imrankhan

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

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

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

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

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

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Referenced in the show:

Empire's previous episode with Qiao & Imran

https://tinyurl.com/bznjm8ub

Alliance DAO

https://alliance.xyz/

Qiao's "Common Pitfalls for Web3 Founders" post

https://twitter.com/QwQiao/status/1503365524272689156

Imran's tweet thread on "leveraged CAC"

https://twitter.com/lmrankhan/status/1501247894325768194

Imran's tweet on a Robinhood acquisition

https://twitter.com/lmrankhan/status/1527353717741490178

Imran's tweet on DAO treasuries growing to $11B

https://twitter.com/lmrankhan/status/1517551697148747777

The Obol staking protocol

https://obol.tech/

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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.

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(00:00) Introduction

(01:37) State of The Market

(06:37) Is This Crypto's Last Cycle?

(11:24) The Best Time To Launch A Product

(12:49) Leveraged Customer Acquisition Cost

(16:09) Don't Start Your Company As A DAO

(18:02) Paraswap Ad

(19:09) Why Do We Even Need DAOs?

(21:26) Building Community Around A Project

(24:47) Scaling a Team In Web3

(26:55) The Use Case for Creator DAOs

(30:22) How Do Builders Choose Which Platform to Build On?

(35:42) Will Talent Flock to Ethereum L2s?

(38:49) Web3 Unit Economics

(42:38) Top 3 Things Founders Should Focus On

(45:04) How to Think About Community

(48:43) Is Coinbase undervalued?

(49:59) Will Robinhood Be Acquired in 2022?

(51:25) Coinbase vs FTX

(51:56) Where is the NFT Market Headed?

(55:08) Lido's Future Dominance

--

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 is joined by Byron Gilliam - a markets strategist and author of the Blockworks newsletter. Often called the Matt Levine of Web3, Byron brings his traditional finance experience to crypto with a mix of wisdom and wit.

Jason and Byron cover this week's biggest stories and explore crypto's outlook as an investable asset class. Episode highlights include:

- -

Follow Byron: https://twitter.com/bgilliam1982

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

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

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

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

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

- -

Referenced in the show:

Byron's Newsletter

https://blockworks.co/newsletter/

0xHamZ tweet on $100B required market inflows

https://twitter.com/0xHamz/status/1530222542413234176

Arthur Hayes article

https://entrepreneurshandbook.co/shut-it-down-15d230b28089

- -

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

(01:26) Byron's Evolving View on Crypto

(05:50) Lack of moats and risk taking founders

(11:28) Byron's investment outlook

(13:30) The private market arbitrage

(16:25) OpenSea insider trading

(23:49) Optimism's Airdrop

(27:18) Bitmex Ad

(33:08) Public goods & Layer 2 tokens

(36:28) Oil companies working with BTC miners

(38:51) Is everything just MEV?

(42:39) Crypto's structural selling

(46:31) No profits, just circular pricing

(48:13) Trust in Tether

--

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 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:

- -

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

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

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

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

Subscribe 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 Website

https://paxos.com/

Charles on "Invest Like the Best" (2019)

https://tinyurl.com/32x95pfb

Charles 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:

- -

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

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

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

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

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

- -

Referenced in the show:

Chris Dixon Permissionless Keynote

https://youtu.be/Znkpa64J7qA

Santi's Coinbase Acquisition Tweet

https://twitter.com/santiagoroel/status/1525941336070922242

Bill Gurley's "All In" Panel

https://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.

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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

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

Subscribe 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 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

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(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/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

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

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

- -

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

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/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

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

Subscribe 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/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:

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/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

--

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.