Podcast: Bitwise CIO on DeFi’s Next Institutional Buyer

Jason and Matt talk about the next wave of institutional capital moving into the DeFi space.

August 12, 2021 09:56 am

In the latest episode of Blockworks’ podcast “Empire,” Jason Yanowitz, co-founder of Blockworks, is joined by Matt Hougan, the Chief Investment Officer at Bitwise Asset Management.

Jason and Matt discuss how an ETF would benefit financial advisors, DeFi innovation, future outlook for the space and incoming regulation.

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Jason and Matt talk about:

How Bitwise decides what to put in an index
Financial advisors effect on crypto markets
Younger generations outlook on cryptocurrencies

Check out what they had to say in the video below. 👇

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 episodes on YouTube.

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ZORA: Fundamental Divergence

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).

by Carlos Gonzalez Campo