Ending the 80-Year Debt Cycle

Find out about Bill’s time working for the CIA and NASA, as well as his role getting banks online through Netscape.

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Source: Singularity University

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In the latest episode of Blockworks’ podcast “Empire,” Jason Yanowitz, Blockworks co-founder, talked to Bill Barhydt, CEO of Abra, a digital cash payments app.

Jason and Bill talked about Bill’s time working for the CIA and NASA, as well as his role getting banks online through Netscape, and what is looks like to come out of a debt cycle.

On “Empire,” once a week, Jason interviews individuals that have built the crypto industry to talk about their struggles, bold moves and tough decisions. For any NPR or Guy Raz fans out there, you can think of “Empire” like a “How I Built This” for the bitcoin and crypto industry.

Episodes are released every Thursday morning. 

Subscribe to Empire today on Apple or Spotify. Watch the episode on YouTube.

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Decoding crypto and the markets. Daily, with Byron Gilliam.

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Research

We believe that few tokens at the application layer are diverging more from fundamentals than ZORA. Its fully-diluted P/S sits at 90x, pricing significant growth despite a consistent decline in weekly revenues since late July. We foresee an 80% decrease in protocol net margins due to a recent update to the fee structure that reduces trading fees from 3% to 1%, while boosting creators’ portion of the fee split. ZORA’s supply overhang also represents a near-term headwind, with 45% of ZORA’s supply (4.5B tokens or $350M at current prices) earmarked for the team & investors beginning to unlock on October 23, 2025 (36-month linear vesting schedule).

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