Binance Listing Fee Fight: What's a Fair Price to List on the Top Crypto Exchange? - Ep. 925
When CJ Hetherington revealed the token listing terms Binance allegedly offered his startup, the crypto world exploded.
In this episode, CJ, founder of prediction market app Limitless, and his investor Nick Tomaino of 1confirmation join Laura to discuss why he went public, how Binance responded, and what the incident reveals about the power dynamics between exchanges and builders.
The conversation tackles how retail gets dumped on, why transparency is the next frontier for crypto, and why both guests agree that the “revolution won’t be centralized.”
Guests:
CJ Hetherington, CEO/CO-Founder at Limitless Labs
Nick Tomaino, Founder and General Partner at 1confirmation
Links:
CJ’s tweet
Unchained:
Coinbase Adds Rival Binance’s BNB to Listing Roadmap
Binance Claims It Does Not Profit From Token Listings
Timestamps:
🔥 0:00 Introduction
🗣️ 2:24 Why CJ decided to reveal Binance’s alleged listing terms
🏗️ 8:44 Why he built Limitless on Base
🤝 9:11 Whether Base coordinated with CJ before he went public
💥 13:04 How the crypto world reacted to CJ’s viral tweet
🧨 15:00 Whether Binance exploits projects and founders
💸 18:06 How short-term founders dump on retail investors, per CJ
📢 23:18 Binance’s response—and why they called CJ’s claims false
🔍 25:38 Why CJ and Nick say Binance needs far more transparency
⚠️ 30:42 Whether CJ fears retaliation for calling out the world’s biggest exchange
🤔 33:48 Why he doesn’t buy Binance’s claim that its policies “protect users”
💫 39:36 Why Nick is urging crypto founders and users to “believe in something”
🚀 42:03 CJ’s plan to build an “army of token holders” and make Limitless succeed
🪙 48:25 Inside Limitless’s community token sale
📈 50:34 What Nick learned from Polymarket’s rise as an early investor
👀 54:10 Coinbase adding BNB to its listing roadmap
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Memes are Dead, Long Live the Memes | Nick Tomaino
This week Nick Tomaino joins the show for a discussion on the current state of crypto. We deep dive into the recent LIBRA launch, investing in L1s vs apps, the rise of stablecoins, finding opportunities in crypto, advice for founders & more. Enjoy!
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Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire
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AO Mainnet is LIVE! Experience the future of decentralized computing: infinite parallel processing, secure TEE-powered computations, and LLMs in smart contracts. Built on Arweave, AO's modular design shatters scalability limits. 100% of tokens are distributed to Arweave holders and bridge depositors, with a fixed supply and halving. Explore AO today: https://ao.arweave.dev
--
Timestamps:
(00:00) Introduction
(00:46) Crypto's Tipping Point?
(04:25) The LIBRA Impact On Solana
(11:39) Uniswap Ad
(12:15) The Appchain Thesis
(15:48) Why Crypto Needs More Apps
(18:33) Does Crypto Need More L1s?
(22:24) Uniswap Ad
(23:02) Investing In Crypto
(30:50) The Rise Of Stablecoins
(35:48) Ads (Aptos, Bitwise, Arweave)
(38:06) Token Investing
(40:40) Advice For Founders
(46:14) The Ethereum Roadmap
(52:28) NFTs
(58:00) Finding Opportunities In Crypto
--
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 Crypto Prediction Market Polymarket Signaled Early That Biden Might Drop Out - Ep. 670
Prediction markets are gaining mainstream traction, particularly with the upcoming US elections. In this episode, Nick Tomaino, founder of 1confirmation, which is an investor in Polymarket, explores how platforms like Polymarket identified the possibility that President Biden might drop out of the campaign before the mainstream media did. He talks about the journey of Polymarket, the challenges it faced, and how it overcame them to provide a credible platform for betting on political outcomes.
Finally, Nick explains why prediction markets are currently illegal in the U.S., the implications of the Supreme Court striking down Chevron deference, and what the future holds for prediction markets in the U.S.
Show highlights:
00:00 Intro
01:28 Why prediction markets like Polymarket finally gained mainstream traction, and how 1confirmation became an early investor
04:01 What challenges Polymarket faced in its journey to mainstream recognition, and how it managed to overcome them
07:22 How prediction markets contribute to bringing more truth to the world, particularly in the context of media narratives and social media algorithms
12:52 What challenges have arisen from conflicts in resolving prediction markets on Polymarket
19:00 How bets are created and how the wording and resolution of prediction markets is managed on Polymarket
21:56 How trading volumes affect the credibility of prediction markets on Polymarket
22:38The regulatory environment of prediction markets in the US and whether the elimination of Chevron deference by the Supreme Court will have a positive impact on these markets
28:35 Crypto News Recap
Visit our website for breaking news, analysis, pop op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
iTrustCapital
Polkadot
PlayFi Labs
Guest
Nick Tomaino, Founder & General Partner at 1confirmation
Links
Recent news on Polymarket:
Unchained: Polymarket Hits Record Highs in Monthly Users and Trading Volume Due to Presidential Election
Crypto.news: Polymarket reverses Oracle decision on Barron Trump's involvement in DJT meme coin
Decrypt: Ethereum ETFs Approved by the SEC? Yes—But Don't Bet On It - Decrypt
Dune dashboard: Prediction Markets
Commentary:
Vitalik’s tweet: “Prediction markets and Community Notes are becoming the two flagship social epistemic technologies of the 2020s. Both truth-seeking and democratic, built around open public participation rather than pre-selected elites. I want to see many more things like this.”
Nick Tomaino’s tweet: “2024 will go down in history as the year prediction markets went mainstream.”
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20VC Crypto Roundtable: How Will US Elections Impact Crypto? Why Will Trump Lean Into Crypto in 2024? Should FTX Investors Have Known About SBF? Will Opensea Ever Be Worth $13BN Again? Will NFTs Come Back with Kyle Samani and Nick Tomaino
Nick Tomaino is the Founder and General Partner @ 1confirmation, one of the leading seed firms fueling the decentralization of the web and society. The fund started with $26M and the firm now has over $1B in assets under management. Nick is famed for being one of the first investors in OpenSea.
Kyle Samani is the Co-Founder and Managing Partner @ Multicoin Capital, one of the leading crypto native funds of the last decade with positions in Solana, FTX, Fractal, and Helium to name a few.
In Today's Episode We Discuss:
1. Moving Away from a Shitcoin Casino:
What will it take for crypto to move away from being shitcoin casino?
Why does Nick believe that "crypto has been a free for all and greed got the better of people"?
Why does Nick believe that crypto shilling will reduce the amount of violence in the world?
2. FTX: The Biggest Ponzi Scheme in Plain sight:
How does Kyle reflect on SBF and FTX today? Should he have known it was a fraud?
How did Nick see so far ahead of time that SBF was not genuine?
What are the most striking lessons when comparing Coinbase's Superbowl advert to FTX's?
3. Where Politics and Crypto Collide:
SBF was one of the largest donors to Biden, what does this say about the rise of "crony capitalism"?
What candidates running in the election will be best for crypto?
Why will Trump win the election and be the first President to rule from a prison cell?
Why is the strategy pursued by Gensler and the SEC so flawed?
4. The Great NFT Comeback, The Crypto IPO Season:
What will be the next crypto company to IPO? When?
When will NFTs come back? What will cause this?
Will Opensea ever be worth $13BN again? What is their future?
20VC: Should Large Crypto Funds Give Money Back to LPs | What Will the Next Generation of Crypto Funds Look Like | What Should Happen with FTX; Who Should be Held to Account | The Future of NFTs & What Happens to Opensea w/ Nick Tomaino @ 1confirmation
Nick Tomaino is the Founder and General Partner @ 1confirmation, one of the leading seed firms fueling the decentralization of the web and society. The fund started with $26M in backing from individuals including Peter Thiel and Mark Cuban and it has been reported that the firm now has over $1B in assets under management. Nick has led seed investments in OpenSea, dYdX, SuperRare, Polkadot and Cosmos among others. Prior to 1confirmation, Nick was a Principal @ Runa Capital and before that led business development and marketing at Coinbase in the early days of the company.
In Today's Episode with Nick Tomaino We Discuss:
From Cryptokitties to founding the Leading Seed Crypto Firm:
How did Nick first come into contact with crypto and bitcoin specifically?
How did getting fired from Coinbase catalyse his move into venture?
What does Nick know today that he wishes he had known when he started investing?
2. The Landscape Today: Funds and SBF
Are the current generation of crypto funds too large? Should they give money back to their LPs?
Will the next generation of crypto funds be smaller? Are any crypto funds able to raise right now?
Why does crypto Twitter hate crypto VCs? Who are the worst VCs for pump and dump?
3. SBF & FTX: What Actually Happened, Who is to Blame, What Happens from here?
What is the biggest misconception on SBF and FTX today?
Who should be held accountable? What else would Nick like to see?
How should FTX change the way that LPs invest into venture managers?
4. How to Build the Best Crypto Portfolio in Venture:
How large are the funds? How does Nick determine the right size for a fund?
How many investments does Nick make per fund? How do loss rates look in crypto?
What have been Nick's biggest investment hits and losses? How did that impact his mindset?
5. The Future for NFTs and Opensea:
Why does Nick remain bullish on the future of NFTs?
How is Nick able to remain optimistic about the future of Opensea given their volumes?
Where does Nick believe the fair price for Opensea should be today?
Did Nick sell their Opensea at the $13Bn round?
183 - Why VCs Suck | 1confirmation's Nick Tomaino & Richard Chen
Today on the Pod, we're discussing Why VCs Suck. And who better to answer that question than VCs themselves?
We're joined by Nick Tomaino and Richard Chen of 1Confirmation to discuss the role of VCs in crypto, the outlook on the markets, and how retail should prepare for the next cycle.
------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-1conf ----- 🏹 Airdrop Hunter is launching TOMORROW https://bankless.cc/HuntersGonnaHunt ------ BANKLESS SPONSOR TOOLS:
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👾POLYGON | VALUE LAYER OF THE INTERNET https://polygon.technology/roadmap
🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku ----- Timestamps
0:00 Intro 6:00 Nick and Richard from 1Conf 7:20 The Price Cycle 11:50 The Signal Cycle 15:55 Tourist vs Purist 20:00 Why Do VCs Suck? 28:15 Raising vs Returning 32:40 How Transparency Shapes Crypto 38:30 VC Report Card 43:45 Holding Retail Accountable 48:30 Advice for Retail 51:15 How to Not Be Exit Liquidity 59:00 Should We End VCs? 1:03:10 How 1Conf Works 1:07:40 Crypto Native VCs 1:12:30 Looking to the Next Cycle 1:17:08 Prediction Markets 1:20:00 Crypto is Ready 1:24:00 Actually Using Crypto 1:28:20 L2s vs Alt L1s
----- Resources
Nick Tomaino https://twitter.com/NTmoney?s=20
Richard Chen https://twitter.com/richardchen39?s=20
1confirmation https://www.1confirmation.com/
Richard's Article https://showerthoughts.substack.com/p/thoughts-on-the-current-crypto-vc
----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
Why VC is Dumb Money, OpenSea Token, and The NFT Comeback | Nick Tomaino
In today's episode, Nick Tomaino, GP of 1confirmation, joins Santiago and Jason. They dive into why the Next Gen L1 Thesis is wrong, Opensea token launch, VC issues, and his thesis for NFTs moving forward.
- -
Follow Nick Tomaino: https://twitter.com/NTmoney
Follow Jason: https://twitter.com/JasonYanowitz
Follow Santiago: https://twitter.com/santiagoroel
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- -
This episode is brought to you by Carbon.
Carbon is a new DEX on Ethereum that makes concentrated liquidity easy. LPs can automate their liquidity strategy with custom on-chain limit and range orders: all from a beautiful UI. Check out Carbon today at https://www.carbondefi.xyz/.
- -
Use code EMPIRE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023
- -
Timestamps:
(00:00) Why Crypto VC is Dumb Money
(08:06) Narrative Investing
(17:48) The Key to VC Success
(23:10) Bull Case for Prediction Markets
(31:40) Carbon Ad
(32:59) Permissionless
(34:24) The NFT Thesis
(44:19) NTS & RWAs
(49:02) NFT Fractionalization
(54:52) The Future of Open Sea
(01:00:04) Coinbase and Wallstreet
(01:04:15) Timeline for Mainstream Adoption
(01:12:25) 2024 US Election Outlook
- -
Resources
Polymarket
https://polymarket.com/
https://twitter.com/Polymarket
The Scapegoat by Rene Girard
https://www.amazon.com/Scapegoat-Ren
- -
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.
Nick Tomaino on 1confirmation's $125 Million Fund and What Future NFTs Will Look Like - Ep.242
Nick Tomaino, general partner of 1confirmation, discusses his firm’s recently announced third fund of $125 million and gives his perspective on many hot crypto topics, such as NFTs, Layer 2 solutions, Polkadot, DAOs, and more. Show highlights:
why Nick became interested in crypto and his background
what drives 1confirmation’s investment thesis
why he Nick believes NFTs have taken off in popularity this year
why NFTs are currently in a bubble
what we might do with NFTs in the future
how competition between different NFT marketplaces will shake out
how music NFTs could work
the feasibility of charging royalties in the secondary sale of NFTs
why environmental concerns over crypto mining to only be a short-term issue
why Nick is not an Ethereum maxi and how he feels about the fragmentation of Layer 2 solutions on ETH
why Polkadot is such an exciting project
whether, as an early Coinbase employee, he would say the fat protocols thesis is true
what new trend Nick is keeping an eye on for 2021 and beyond
Thank you to our sponsors!
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Episode Links
Nick Tomaino
Twitter handle: https://twitter.com/NTmoney
Recommended Content:
Writing
Introducing 1confirmation Fund 3
https://thecontrol.co/1confirmation-fund-iii-4633d18273e
NFTs + Mimetic Desire
https://thecontrol.co/stories-scarcity-and-mimetic-desire-c4a344fa74e1
Twitter Threads
Has crypto “earned it?”
https://twitter.com/NTmoney/status/1391782884202061824
Ethereum + decentralized identity
https://twitter.com/NTmoney/status/1389608747924742157
WSB optimism
https://twitter.com/NTmoney/status/1356036385287720960
The crypto perfect storm
https://twitter.com/NTmoney/status/1352301464060760064
His journey from Coinbase to 1confirmation
https://twitter.com/NTmoney/status/1353405899990155264
Guest Appearances/Quotes
“Digital art has a chance to exceed $3 trillion in total value and flip traditional art”
https://fortune.com/2021/03/30/nft-crypto-superrare-art-market/
“It's not going to look the same as the crypto booms and busts, but there are going to be a lot of these sales that maybe don't have buyers in the future”
https://cheddar.com/media/nfts-facing-bubble-but-crypto-art-platforms-see-long-term
“It's clear we're in some type of NFT bubble”
https://www.nytimes.com/2021/04/25/technology/cryptocurrency-mainstream.html
Old Unchained Appearances
https://unchainedpodcast.com/nick-tomaino-on-why-he-is-skeptical-libra-will-be-significant/
https://unchainedpodcast.com/icos-why-people-are-investing-in-this-380-million-phenomenon/
1confirmation
Basics
Website/Portfolio
https://www.1confirmation.com/portfolio
Twitter
https://twitter.com/1confirmation
Recently announced fund
https://thecontrol.co/1confirmation-fund-iii-4633d18273e
Recently, 1confirmation has funded...
Notional Finance
https://www.coindesk.com/notional-raises-10m-to-grow-defi-lending-protocol-with-real-world-potential
SuperRare series A
https://decrypt.co/63295/nft-marketplace-superrare-9m-funding-mark-cuban
Nexus Mutual
https://decrypt.co/57844/vc-firms-invest-2-7-million-in-defi-insurer-nexus-mutual
dYdX series B
https://integral.dydx.exchange/dydx-closes-10m-series-b-investment/
Acala
https://www.theblockcrypto.com/linked/76313/polkadot-based-defi-project-acala-raises-7-million-saft
Miscellaneous
Meebits https://meebits.larvalabs.com/
Polkadot governance https://polkadot.network/polkadot-governance/
Unchained podcast discussing the petrodollar https://unchainedpodcast.com/bitcoin-vs-the-petrodollar-which-is-more-environmentally-friendly/
Fat Thesis
https://www.usv.com/writing/2016/08/fat-protocols/
ZED Run https://zed.run/
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56 - Authenticity in Crypto | 1confirmation
Nick Tomaino and Richard Chen are partners at 1confirmation, a crypto venture fund with $75M+ in assets under management (AUM).
In this episode, we explore the relationship between narratives and fundamentals in the space. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ ------ GO BANKLESS WITH THESE SPONSOR TOOLS:
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📈 KWENTA - DERIVATIVES TRADING WITH INFINITE LIQUIDITY https://bankless.cc/kwenta ------ Topics Covered:
0:00 Intro 3:05 How this bull market feels 10:57 1confirmation's Thesis 14:40 Authenticity 18:26 Crypto-Natives vs. the fakes 26:05 Authentic 'ETH Killers,' Fake VC Chains 38:58 BinanceChain 43:53 Narratives vs. Fundamentals 49:30 On-Chain Verifiable Authenticity 1:01:00 MaRkEtS aRe eFfiCiEnT 1:05:07 Narrative Bull, Fundamental Bear 1:10:31 Dune Analytics & Data 1:20:25 What's The Next Big Thing? 1:24:02 The Changing Landscape 1:33:13 Bull Market Predictions 1:39:32 Closing & Disclaimers
------ Resources:
Nexus Tracker https://nexustracker.io/
Richard's Superrare dashboard https://duneanalytics.com/rchen8/superrare_4
Crypto Art https://cryptoart.io/
Three Underrated Predictions https://thecontrol.co/under-the-radar-product-trends-2020-recap-and-2021-predictions-61125c98415
Dune Analytics Blog: The Revolution Will Not Be Reported Quarterly https://duneanalytics.com/blog/revolution-not-quarterly
1confirmation https://www.1confirmation.com/
Nick on Twitter: https://twitter.com/NTmoney?s=20
Richard on Twitter https://twitter.com/richardchen39?s=20
------ 📣REGISTER FOR COINDESK CONSENSUS 2021 AND SAVE $20 W/ BANKLESS: http://bankless.cc/consensus2021 ------ CATCH UP ON BANKLESS
🗞️ Weekly Rollup (3/12): https://shows.banklesshq.com/p/rollup-march-2 🧢 Weekly Action Recap (3/13): https://newsletter.banklesshq.com/p/weekly-action-recap-683 🛠️ Tactic | Synthetic Stocks (3/9): https://newsletter.banklesshq.com/p/how-to-trade-synthetic-stocks 🏴 State of the Nation | 3LAU (3/9): https://youtu.be/5KY9W3Ybmdc ✏️ The Digital Culture Revolution: https://newsletter.banklesshq.com/p/defi-options-strategies-for-traders ⚫ The Case for $100 SUSHI: https://newsletter.banklesshq.com/p/the-case-for-100-sushi 🐦 Follow Bankless on Twitter: https://twitter.com/BanklessHQ
----- 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
a16z Podcast: Mental Models for Understanding Crypto Tokens
This episode of the a16z Podcast goes deep on various trends in cryptocurrencies -- from mental models for understanding tokens and what may give them long-term value; to the role of stablecoins in the ecosystem; to scaling, on-chain and off-chain protocols, forks, and more.
The discussion features general partner Chris Dixon in conversation with Nick Tomaino, the founder of early-stage crypto venture fund 1confirmation, editor of The Control, and former business development at Coinbase. (He is also an investor in Basecoin, Cosmos, Ethereum, and MakerDAO.) You can also check out past episodes in this series, covering everything from investing in cryptocurrencies and protocols to accelerating research and practical applications to why crypto tokens matter -- as well as a video covering the building blocks of all things crypto -- at a16z.com/crypto.
The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/.
Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.
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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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