July 13, 2023
Welcome to Amberdata's Podcast series featuring leaders in the Crypto space where we go in-depth and dive into various topics.
In this episode, Chris Martin, Amberdata's Head of Research, interviews Colton Conley, Founder & CEO at Prime Protocol.
Disclaimer: This podcast is for educational purposes only. Nothing here is trading advice or solicitation.
Colton Conley joins Amberdata's Chris Martin to discuss how DeFi can enable traditional financial markets, emerging L2s and chain trends, and the present and future of Prime Protocol.
Prime Protocol is a decentralized prime brokerage of the future that offers stablecoin loans backed by a user's portfolio. As the first natively cross-chain prime brokerage, Prime Protocol offers instant liquidity on any chain, allowing users to originate a transaction on any supported chain using gas fees from any other network on the platform.
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Decentralized Governance:
- Colton Conley is the Founder and CEO of Prime Protocol, and he expresses their hope for complete decentralization in governance over time.
- They acknowledge that achieving full decentralization is a gradual process, emphasizing that it won't happen overnight.
Trends in the Ecosystem:
- Colton highlights the trends toward Layer 2 solutions (L2s) in the cryptocurrency space.
- They mention the dominance of Ethereum Virtual Machine (EVM) compatibility and the consolidation that typically occurs during bear markets.
- Anticipates the launch of new chains in the coming year, expanding the cryptocurrency ecosystem.
EVM and Cross-Chain Narratives:
- There is hype around the ZK (Zero-Knowledge) narrative, and the cross-chain narrative continues to gain traction.
- The interviewee looks forward to the launch of projects like Bear Chain, ZK EVMs, and Base, particularly due to their potential for adoption and positive impact on bringing in new users.
Automated Arbitrage Trading:
- He talks about building automated arbitrage bots that exploited price discrepancies between different exchanges.
- They explain that this was done by simultaneously hitting different prices on various exchanges using their APIs.
- Highlighting the advantage of having a limit order that can be left hanging until it gets filled.
MEV (Miner/Extractor-Value):
- There's a brief discussion about MEV (Miner/Extractor-Value) and how it affects on-chain trading compared to exchange-based arbitrage.
- MEV is seen as potentially riskier due to the unpredictability of transaction orders and gas fees.
Future of On-Ramps and Exchanges:
- The interviewee sees a future where centralized exchanges will continue to serve as on-ramps due to their ability to connect with bank accounts.
- They anticipate that centralized exchanges might integrate DeFi applications into their UIs to provide more services to users.
User-Friendly DeFi:
- There's a prediction that the DeFi space will evolve toward being more user-friendly, with platforms like Coinbase potentially integrating DeFi functionalities into their interfaces.
Sustainability in Crypto Projects:
- The interviewee emphasizes the need for the crypto community to focus on creating sustainable projects, and avoiding unsustainable tokenomics and scams.
- They believe that the industry should shift its focus towards projects that offer real value and innovation instead of meme coins or short-term gains.
Long-Term Vision:
- The interviewee discusses the importance of building a positive reputation for the crypto industry by prioritizing projects with long-term viability.
Overall, the conversation touches on various aspects of decentralized finance (DeFi), tokenomics, trading strategies, market trends, and the need for responsible innovation in the cryptocurrency space.
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