In this episode of Empire, Jason and Mike are joined by Kain Warwick, founder of Synthetix. This is one of my favorite episodes where we discuss why protocol fees are the next meta, the value of liquidity mining and token incentives, Synthetix's roadmap, protocol-specific stablecoins and much more!

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(00:00) Introduction

(02:06) Protocol Revenue KPIs

(10:40) Do open-source protocols have moats?

(19:55) Airdrops, liquidity mining and attempts to grow TVL

(28:00) Framing the cost of liquidity mining: cash vs equity

(31:43) B2B permissoned composability and Protocol M&A

(37:56) Token supply caps & path dependency

(49:35) Should protocols retain or distribute fees

(52:10) Payment for order flow

(54:36) Synthetix’s End Game

(1:00:16) Why DAOs will outcompete traditional organizations

(1:04:38) Synthetix v3, Regulation and Liquidity-as-a-Service

(1:12:46) Why Synthetix is removing inflation

(1:16:04) Protocol-specific stablecoins & MakerDAO’s USDC reliance

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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.