In this episode of Empire, Jason and Santiago are joined by two crypto market experts, Jonah Van Bourg & Genia Mikhalchenko, to discuss the anatomy of a trade. An asset's price is derived from supply and demand, but who provides this liquidity, how are trades executed and what parties are involved?

Tune in to find out & check out the highlights below!
- The role of market makers
- Why liquidity is the lifeblood of trading
- How liquidity providers performed in the recent market crash
- Why trade size matters and the risks of front running
- The 3 most important things when evaluating an exchange
- Understanding counterparty risks
- How much leverage is left in the system
- Consolidation is coming
- Will legacy financial institutions compete with crypto-native service providers
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Resources

Cumberland website
https://cumberland.io/

BitMEX website
https://www.bitmex.com/
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(00:00) Introduction
(01:36) How Market Makers Work
(08:42) Operating An Exchange In a Bear Market
(11:10) The Risk of Front Running
(15:47) Understanding Counterparty Risk
(18:50) Balancing Retail & Institutional Liquidity
(25:50) How Much Leverage Is Left In the System?
(32:40) The Relationship Between DeFi and Centralized Services
(37:43) Biggest Opportunities, On and Off Chain
(40:40) Consolidation Is Coming
(43:06) Are Legacy Financial Institutions A Threat to Crypto Service Providers?
(46:32) Rapid Fire Questions
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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.