Uniswap Fee Debate, ARK’s Investment Thesis, DAO Governance | Roundup with Brett Winton
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/wintonARK Follow Santi: https://twitter.com/santiagoroel 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 - - 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 Invest https://ark-invest.com/ ARK's Bitcoin Monthly Research https://ark-invest.com/lp-bitcoin-monthly/ Howard Mark's Letter on being Unconventional https://www.oaktreecapital.com/insights/memo/i-beg-to-differ Lido Treasury Sale Proposal https://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.
29 Jul 20221h 22min
Crypto’s Undeniable Use Case | Erik Voorhees
In this episode of Empire, Jason and Santi are joined by Erik Voorhees, the founder of Shapeshift and OG of the crypto industry (joining in 2011). Erik believes crypto can change the world, and this episode explores his thesis on Bitcoin's future, on-chain maximalism, DAO structures and crypto's path to adoption. Highlights include: - What is the best form of money - Bitcoin's tail emission risk - How DeFi will outperform CeFi - Will all financial transactions be on-chain? - The likely path to adoption - Why DAO failures are a sign of innovation - Thoughts on regulation - The future of centralized exchanges - Why Thorchain is a gamechanger - - Follow Erik: https://twitter.com/ErikVoorhees Follow Jason: https://twitter.com/JasonYanowitz Follow Santi: https://twitter.com/santiagoroel 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 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. - - Attend DAS, crypto and macro’s favorite institutional conference: http://digitalassetsummit.co/ Use code EMPIRE250 to get $250 off tickets (Only available this week!) -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Introduction (01:32) Moving Beyond Bitcoin (03:50) Bitcoin Is The Best Form of Money (05:34) Bitcoin's Declining Block Subsidy (11:13) Woke Culture vs Bitcoin Maximalism (12:50) The Bifurcation of CeFi and DeFi (16:18) Limits to DeFi's Growth (22:50) Why Users Will Want To Use DeFi (26:50) A Short and Long Term Vision of the World (28:48) Paraswap Ad (29:56) The Path to Adoption (35:38) Is The Worst Behind Us? (37:22) Erik's Current Focus (38:38) DAO Structures and Experimentation (46:08) A DAOs Most Important Use Case (49:30) Iterative Regulation (55:54) Centralized Exchanges (57:05) Thorchain's Use Case (58:48) Advice To New People In the Space -- 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.
25 Jul 20221h 4min
STEPN’s ambitious move into Web 2 | Yawn Rong
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_rong Follow Jason: https://twitter.com/JasonYanowitz Follow Santi: https://twitter.com/santiagoroel 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 - - 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.
22 Jul 20221h 3min
The Ultimate Guide to the Metaverse | Matthew Ball
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 Metaverse PS 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/ballmatthew 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: Matthew's website https://www.matthewball.vc/ Pre-order Matthew's new book https://www.matthewball.vc/metaversebook McKinsey on investments in the Metaverse https://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/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) 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.
18 Jul 202254min
Bitcoin Miner Capitulation | Cassie Clifton & Kevin Zhang
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/bitcoincass Follow Kevin: https://twitter.com/SinoCrypto 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 -- 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.
15 Jul 20221h 10min
Bitcoin Is Still The Most Interesting Trade | Eric Peters
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/JasonYanowitz Follow Santi: https://twitter.com/santiagoroel 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: One River Asset Management https://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.
11 Jul 20221h 21min
Roundup: Voyager and 3AC bankrupt, BTC miners capitulate, MakerDAO progress
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/santiagoroel 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: Voyager 2019 article stating deposits are FDIC insured https://www.investvoyager.com/blog/voyager-is-now-fdic-insured/ Adam Cochran on the 3AC liquidation https://twitter.com/adamscochran/status/1543253799929876480 Mika Honkasalo tweet on Uniswap https://twitter.com/mhonkasalo/status/1544677185818075142 Aave Stablecoin Proposal https://governance.aave.com/t/introducing-gho/8730 Westie (Blockworks Research Analyst) tweet on OpenSea users declining https://twitter.com/WestieCapital/status/1545047687178752008 Reddit NFT Marketplace https://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 Introduction 02:30 Santi's Feeling Bullish 07:47 Voyager Bankruptcy Details 13:09 The 3AC Liquidation is a Netflix Drama 19:00 Genesis and Celsius Update 21:20 Where Do You Feel Safe Storing Your Crypto? 24:38 FTX Acquires BlockFi 27:44 How to outperform most crypto funds 31:20 BTC Miner Capitulation Starts Now 35:54 Avalanche Ad 37:22 MakerDAO makes history with Real World Assets 42:56 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.
8 Jul 202247min
Why Osmosis could be the interchain DEX | Sunny Aggarwal & Derek Hsue
In this episode of Empire, Jason and Santi are joined by Sunny Aggarwal (Osmosis co-founder) and Derek Hsue (Reverie co-founder & "I Pledge Allegiance" co-host) to discuss the future of Osmosis, appchains and protocol governance. Show highlights include: - Learnings from the CeFi fallout - How protocols should re-think token incentives - Thoughts on dYdX moving to Cosmos - Why applications should launch their own chain - One of the biggest shortfalls of rollups - Osmosis as the interchain DEX - Mars protocol on Osmosis - Why Cosmos governance is so active - Experimenting with a DAO's org structure - Osmosis exploit and learnings - The Osmosis roadmap - What Sunny and Derek are looking forward to - - Follow Sunny: https://twitter.com/sunnya97 Follow Derek: https://twitter.com/derek_hsue Follow Jason: https://twitter.com/JasonYanowitz Follow Santi: https://twitter.com/santiagoroel 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: "I Pledge Allegiance" podcast co-hosted by Derek https://tinyurl.com/493vrmpp - - 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. Visit paraswap.io/beta to learn more about Paraswap's new app. - - Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Introduction (00:50) Lessons Learned From CeFi Fallout (03:04) Rethinking Capital Spend (06:17) Osomosis Incentive Structure (08:04) dYdX Moves to Cosmos (10:27) The Downside of Rollups Today (15:38) Why Projects Should Launch Their Own Appchain (18:56) The Cosmos Hub and Shared Security (22:09) Appchains Will Expand Their Scope (26:38) Paraswap Ad (27:48) Applications on Osmosis (31:00) The Fat Application Thesis (33:47) Active Governance in Cosmos (37:54) Governance Is Not the Goal (40:22) What Should DAOs Be Used For? (42:41) DAO Org Structures (47:30) Osmosis Exploit & Learnings (50:35) The Osmosis Exploit & Learnings (1:00:55)The Osmosis Vertical Integration Bet (1:05:40) The Future of DeFi (1:14:40) Web of Trust & zk Applications -- 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.
4 Jul 20221h 18min
