The Crypto Treasury Playbook With Ben Forman & Josh Solesbury From ParaFi Capital
Gm! Ben Forman and Josh Solesbury from ParaFi Capital join Yano for this episode to dive into all the details, developments, the good and the bad and the future for publicly traded crypto vehicles!
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SKALE is the next evolution in Layer 1 blockchains with a gas-free invisible user experience, instant finality, high speed, and robust security. SKALE is built different as it allows for limitless scalability and has already saved its 50 Million users over $11 Billion in gas fees. SKALE is high-performance and cost-effective, making it ideal for compute-intensive applications like AI, gaming, and consumer-facing dApps. Learn more at https://skale.space and stay up to date with the gas-free invisible blockchain on X at @skalenetwork
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Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates]
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Mantle is building the financial infrastructure for a tokenised future—bridging traditional finance and on-chain innovation through six integrated product pillars: Mantle Network, mETH Protocol, Function BTC, and the upcoming launches of MantleX, Mantle Banking, and the Mantle Index Four (MI4) Fund. Anchored by one of the largest community-governed treasuries in the industry, valued at over $4 billion, Mantle is delivering institutional-grade products designed for global capital markets.Follow Mantle on X: https://x.com/Mantle_Official
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Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live.
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Ledn is the leading platform for Bitcoin-backed loans, offering a secure and transparent way to unlock liquidity without selling your Bitcoin. Ledn has issued over $9 billion in loans since 2018 and has never lost a single satoshi of client assets, earning a reputation as the name you can trust in the crypto space.Visit https://www.ledn.io to learn more.
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Chapters:
(00:00) Intro
(01:58) Parafi Investor Letter
(02:54) Digital Asset Treasuries Overview Today
(10:10) Ads (Skale, Katana)
(11:57) Why Q2 + Q3 For Public Crypto Treasuries?
(17:09) Largest Convertible Issuer
(23:51) Scale of Public Crypto Treasury Vehicles
(25:23) Ads (Skale, Katana)
(27:11) Green Flags To Launch A Treasury Company
(40:00) Reputational Risks
(43:25) Why don't Treasury vehicles Impact native token price action
(51:26) Ads (Mantle, Zenrock, ,LEDN)
(53:56) Crypto Treasury Vehicles For Top 50
(01:01:05) Low Capital Market Crypto Liquidity
(01:03:15) Top Signals
(01:10:09) The End Game
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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.
The Bitcoin Treasury Playbook With Tyler Evans & Josh Solesbury
Gm! This week we're joined by Tyler Evans & Josh Solesbury to discuss the Bitcoin treasury playbook. We deep dive into Michael's Saylor's Bitcoin strategy, NAV/premium, how to structure a treasury company, is this a BTC only strategy or do other assets work as well & more. Enjoy!
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ZKsync is the pioneering zero-knowledge technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables an elastic, ever-expanding network of customizable chains.
Deeply rooted in its mission to advance personal freedom for all, the ZKsync technology makes digital self-ownership universally available.
To learn more about ZKsync, visit http://www.zksync.io
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Marinade Labs develops staking technologies that strengthen Solana.
In 2021, our protocol was the first to bring liquid staking to the network; today, our sophisticated, high-performance staking delegation platform brings billions in liquidity and security to the SOL market. We have solutions for both DeFi and TradFi, including liquid and native staking, as well as direct enterprise integrations.
Our best-in-market features include user downside protection (through protected staking rewards) and optimized delegation (via our automated auction marketplace). Cryptoasset investors worldwide, from individual traders to global institutions, use Marinade to earn rewards on their SOL treasuries and holdings. We are headquartered in New York, with offices in the European Union, including Prague. To learn more about Marinade, visit marinade.finance.
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Crypto never sleeps. So we built an Al analyst that never blinks.
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Get started today: https://askfocal.com
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Timestamps:
(00:00) Intro
(02:00) The Microstrategy Playbook
(14:05) Ads (ZKSync, Marinade)
(16:02) Does Narrative Matter For This Strategy?
(19:33) NAV/Premium
(23:15) What Assets Are Good For This Strategy?
(27:51) Ads (ZKSync, Marinade)
(29:48) How To Structure A Bitcoin Treasury Company
(40:23) What Are The Risks To This Strategy?
(47:31) Ads (Falcon x)
(48:26) The Treasury Strategy On POS vs POW Assets
(56:49) Will All Public Companies Own Bitcoin?
(01:01:54) Final Thoughts
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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.
ParaFi's 10 Crypto Predictions for 2030 | Ben Forman & Kevin Yedid-Botton
In today's episode we are joined by ParaFi partners, Ben Forman and Kevin Yedid-Botton. They unpack their biggest predictions for crypto in 2030. They unpack their vision of Bitcoin reaching gold parity at $815K, stablecoins hitting 10% of M2 supply, and AI dominating 90% of on-chain activity. They also explain the evolution of prediction markets, Solana's path to Ethereum parity, and why wallets will become the new banks. To close out they discuss the rising geopolitical influences Bitcoin may have for the coming decade, and its transformative role for nation state accumulation. Thanks for tuning in!
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Explore the SKALE Ecosystem at skale.space/ecosystem and stay up to date with the gas-free blockchain on X at @skalenetwork
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It's time for an on chain Binance to emerge.
Magic Eden is getting into token trading and their vision is to become on chain Binance and then much more as the entire world ends up moving on chain
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The self-custody wallet that's built for swapping. Created for a multi-chain world by the most trusted team in DeFi.
Available on Chrome, iOS, and Android.
https://blckwrks.co/UniswapWallet
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$cmETH, a Mantle native liquid restaking token, will launch together with Season 2: Methamorphosis, allowing users to easily participate in restaking, and earn $COOK rewards in addition to other yields.
$COOK, the governance token of mETH Protocol, will allow holders to play a pivotal role in directing the strategic future of mETH Protocol.
Learn more: https://x.com/mETHProtocol
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Ledger, the world leader in digital asset security, proudly sponsors Empire podcast. Celebrating 10 years of protecting over 20% of the world’s crypto, Ledger ensures the security of your assets. For the best self-custody solution in the space, buy a LEDGER™ device and secure your crypto today.
Buy now at Ledger.com
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Timestamps:
(00:00) Introduction
(02:15) Predictions for 2030
(05:02) Bitcoin Price 2030 Prediction
(13:42) Stablecoin Growth
(29:55) Tokenized RWA Growth
(40:14) Prediction Markets
(47:54) Media & Prediction Market Relationship
(55:43) Skale Ad
(56:22) Magic Eden Ad
(57:06) Uniswap Ad
(57:38) Mantle Ad
(58:33) Ledger Ad
(59:18) AI is 90% of Onchain Activity
(01:07:50) Application Layer Boom
(01:14:52) Wallets as the New Banks
(01:24:43) Solana Parity with Ethereum
(01:32:16) 98% of Tokens Underperform BTC
(01:41:24) Blockchain GDP to $1T
(01:50:24) Honorable Mentions
(01:53:42) Geopolitical BTC Race
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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.
How to Position for a New Crypto Bull Market | Ben Forman and Jason Kam
In today's episode of Empire Santi is joined by Jason Kam, Founder of Folius Ventures,and Ben Forman, Mananging Partner of ParaFi Capital, to find out if the bear market really is over. They dive into the recent crypto price action and whether an Ethereum ETF could be a catalyst for DeFi. They then look to the future and discuss how gaming and prediction markets could drive adoption, the opportunities in tokenizing real world assets, and why this environment rhymes with late 2019 when fundamentals were emerging but prices were low. Ben and Jason also discuss their outlook on the macro landscape, remaining opportunities in liquid and illiquid markets, and why they believe we may be in the early innings of a new bull market driven by growing institutional interest and real use cases.
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Chronicle Protocol is a novel Oracle solution that has exclusively secured over $10B in assets for MakerDAO and its ecosystem since 2017. With a history of innovation, including the invention of the first Oracle on Ethereum, Chronicle Protocol continues to redefine Oracles. A blockchain-agnostic protocol, Chronicle overcomes the current limitations of transferring data on-chain by developing the first truly scalable, cost-efficient, decentralized, and verifiable Oracles, rewriting the rulebook on data transparency and accessibility.
Learn more about Chronicle Protocol: https://chroniclelabs.org/
Join the Chronicle Labs team: https://chroniclelabs.org/careers#ope...
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MetaMask Portfolio is your one-stop shop for all things web3. Instead of connecting to multiple exchanges, dapps, and tools, you just need to connect to one simple dapp to track and manage all your assets across different networks and accounts. MetaMask Portfolio provides a secure and convenient way to perform common tasks such as Buy, Sell, Swap, Bridge, and Stake.
Try MetaMask Portfolio at https://blckwrks.co/MetaMaskEmpire
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Timestamps:
(00:00) Sentiment Check-in with Private Investors
(08:48) Portfolio Positioning
(18:08) Investing Outside of the Majors
(24:00) Investing in Crypto Layers
(30:44) Deciding Thesis Invalidation
(35:40) DeFi Catalysts
(45:13) Chronicle Ad
(46:30) Metamask Ad
(47:15) Unique Use Cases Outside of RWAs
(54:12) Timing Investments & Managing Risk
(59:41) Value in Gaming and Blockchain
(01:12:39) How Financialization Complicates Social Behaviors
(01:18:48) Why is Scaling Usage Hard?
(01:35:26) Are We in a New Cycle?
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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.
The Day DeFi Almost Died | Ben Forman
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!
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Timestamps:
(00:00) Introduction
(01:34) Binance FUD: Signal or Noise?
(07:36) Operation Choke Point 2.0
(11:19) Return Dispersion
(16:29) The Moment of Reckoning
(23:16) Base’s Market Impact
(26:16) Early Stage vs Liquid Market Investing
(38:35) MakerDAO’s Black Thursday Almost Killed DeFi
(45:50) “Valora Ad”
(46:50) The State of DeFi
(54:07) USDC, A Structural Reset and Regulation
(1:05:00) Tokenization of RWAs and Permissioned DeFi
(1:08:00) Key Learnings and Fire Round
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This episode is brought to you by Valora. Valora is a self-custody, mobile-first wallet... and the easiest way to send, swap, collect and purchase digital goods on the Celo blockchain. Download the app and start exploring today at valoraapp.com/empire.
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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.
The Current State of DeFi Investing | Ben Forman
On today’s episode of Empire Blockwork’s co-founder Jason Yanowitz and his co-host Santiago Roel Santos are joined by Ben Forman, managing partner at ParaFi Capital.
Ben launched ParaFi in 2018 after seeing the potential of DeFi. Now with around $1 billion AUM, he provides his thoughts on how the DeFi ecosystem has evolved.
Ben also shares his insights into how the recent Jan. 21 2022, market sell-off compares to March 2020, the explosive growth of stablecoins, the layer-1 wars, opportunities in NFTs, gaming and the biggest crypto trends for 2022.
This episode was recorded on January 21, 2022.
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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Stani Kulechov explains how trillion will flow into DeFi | Stani Kulechov & Santiago Santos
In this episode of Empire, Jason is joined by Aave founder/CEO Stani Kulechov & technology investor Santiago R Santos. Sitting at the forefront of the fast evolving DeFi ecosystem, we invited Stani & Santiago on to Empire to share their thoughts on the exponential growth and assess whether DeFi has hit escape velocity.
This conversation was fascinating and covered a range of topics including how DeFi managed to attract $100 Billion of total value during the 2020 DeFi summer, when $1 trillion of value will be locked in DeFi, how social media could be decentralised in the web 3.0 transition, NFT's, Stani & Santiago's outlook for the end of year bull market & so much more.
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Avalanche:
Thank you to Avalanche for sponsoring Empire. Avalanche is one of the best and fastest growing smart-contract platforms in the industry.
Learn more about them at https://www.avax.network/
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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.
Find out more about them at https://www.paraswap.io/
Everything you need to know about Solana | Santiago Santos & Konstantin Lomashuk
Solana is emerging as a competitive Layer 1 platform, promising scalability and a growing ecosystem. Join community thought leaders Santiago Santos and Konstantin Lomashuck as we assess the Solana Value Proposition.
How important is decentralization? Why build on Solana? Can different L1's coexist? Does it seek to compete with mainnet Ethereum or Layer 2 scaling solutions?
We've been hearing a lot about Solana lately. It's time to dive in.
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GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini
BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer
AAVE | LEND & BORROW ASSETS https://bankless.cc/aave
UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap
------ ⚽️ SoRare | Collect and Play! https://bankless.cc/SoRare ------
Topics Covered:
0:00 Intro 8:00 Santiago and Konstantin 10:05 Why Bullish on Solana? 16:31 Solana is Optimizing 24:05 Decentralization 34:56 Running a Node 55:57 Skeptical ETH Maxi Hat 1:04:40 Initial Sale 1:12:32 Valuing SOL 1:19:08 Developer Activity 1:24:11 Can We Be Friends?
------ Resources
Santiago on Twitter: https://twitter.com/santiagoroel?s=20
Konstantin on Twitter: https://twitter.com/Lomashuk?s=20
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
The Current State of DeFi | Vance Spencer, Santiago Santos, Spencer Noon
In this special episode of Bankless, we bring on some of the best minds in the space to discuss where DeFi is and where we're headed.
------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge ------ BANKLESS SPONSOR TOOLS:
💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini
🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask
🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap
🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta ------ The Current State of DeFi Panel: Vance Spencer, Santiago Santos, and Spencer Noon
It feels like we're living out a crucial moment in the story of Decentralized Finance. A variety of perspectives will collectively yield that we are at a tipping point, from a macro and micro standpoint. As we witness the emergence of a new technological ecosystem, the stakes and implications are ever increasing. Thus it only makes sense to bring on a panel of some of DeFi's smartest minds to hold a summit on where we are and where we're heading.
This panel comprised of Santiago Santos of Parafi Capital, Vance Spencer of Framework Ventures, and Spencer Noon of the Variant Fund. In broad terms, DeFi refers to open, blockchain-based finance. The root of this stack consists of primitive financial services – the money verbs like borrowing, lending, trading, escrow, etc. It involves programming smart contracts to execute logic that transfers value on the blockchain. Within these parameters, there is infinite expressivity and room to explore.
The internet of value has set itself up to be a game of optimizing capital efficiency through logic. The winners of this game will be the protocols, apps, individuals, and institutions that minimize counterparty risk while maximizing anti-fragility and resilience. The key here is finding ways to balance the values of consumer agency and protection with the power of capital efficiency. Maximalism and absolutes will be pushed to the margin as the realities of tradeoffs become increasingly apparent.
DeFi, despite its youth, has shown itself to be resilient and deeply anti-fragile. Good logic doesn't break. As it matures, the growth and depth of DeFi infrastructure will demonstrably contribute to its Lindy effect. The total addressable market (TAM) of this ecosystem difficult to quantify, as it is a non-zero game that currently encapsulates the entire global economy at present. Conversations like these should leave an informed viewer feeling optimistic, inspired, and determined to face the obstacles ahead with resolve and conviction.
------ Resources:
Vance on Twitter: https://twitter.com/pythianism?s=20
Santiago on Twitter: https://twitter.com/santiagoroel?s=20
Spencer on Twitter: https://twitter.com/spencernoon?s=20
------ Topics Covered:
0:00 Intro 4:00 Santiago, Vance, and Spencer 5:40 What is DeFi? 12:01 Can't Be Evil 17:10 Total Addressable Market 20:39 DeFi Eating the World 24:50 Capitulating Institutions 31:26 Regulatory Winter 34:39 Stablecoins and Yield 44:36 El Salvador & Usability 49:30 Uniswap V3 57:51 Layer 2 Madness 1:05:21 Being About That Life 1:09:10 Closing & Disclaimers
----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures
"It's not just about money; it's touching a very primal desire to connect with others:" ParaFi's Santiago Roel
Santiago Roel is partner at ParaFi Capital, one of the most active investment funds in DeFi. Before going full crypto, Santiago worked at JPMorgan’s investment banking arm, and then invested in fintech and software at a venture fund. He now uses his more traditional VC frameworks to analyze open financial protocols and finds that even by those metrics, DeFi comes out ahead. We also talked about the seemingly crazy new DeFi meme tokens and Santiago says to not underestimate their value. Maybe part of the reason traders are pouring millions into these tokens comes from the human desire to connect with others.