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Lucas Nuzzi, head of R&D at CoinMetrics, and Larry Cermak, VP of research at The Block, discuss the current state of the crypto market, including the potential for contagion effects and the challenges faced by VC companies. They also delve into the mining industry and the issues surrounding MEV and Ethereum. The conversation also touches on stablecoins, DeFi activity and NFT trading, and the potential dangers of Binance's dominance in the industry.\n\xa0\nShow highlights:\n\nhow the collapse in 2022 of FTX and other behemoths will affect the industry in 2023\n\nwhy there's been a lot of forced selling in the markets recently\n\nwhy the industry could still be headed to more contagion effects\n\nthe characteristics of the current bear market, how it differs from previous ones, and the role of the macroeconomic environment\n\nwhy it's very hard to predict how prices will behave in 2023\n\nwhy VC firms will have to focus on long-term projects rather than speculation\n\nwhat's going to happen in the Bitcoin mining industry in 2023 considering the current tough situation\n\nwhy Lucas thinks that Bitcoin "drastically overpays for security"\n\nwhy MEV is a concerning issue and how it represents a single point of failure for Ethereum\n\nhow the narrative of alternative layer 1s has changed and why the focus will shift to layer 2s\n\nwhether there is a need to develop better blockchain monitoring tools\n\nwhy stablecoin issuers have a very good business model given the interest rate environment\n\nwhat are the problems of stablecoins and how they will be regulated\n\nwhy DeFi activity and NFT trading were down so heavily in 2022 and whether the downtrend will change\xa0\n\nhow Binance's dominance is "terrifying" and whether it could hurt the industry\n\nLucas' concerns about the lack of transparency around Binance's BNB token\n\n\xa0\nThank you to our sponsors!\nCrypto.com\nChainalysis\nMinima\nDeFi Saver\n\xa0\nLinks\n\xa0\nGuests:\nLucas :\n\nTwitter\n\nCoinMetrics\n\n\xa0\nLarry:\n\nTwitter\n\nThe Block Research\n\nPrevious appearances on Unchained:\n\nLarry Cermak of The Block on What 90% of Bitcoin Trading Is For\n\n\xa0\nThe year in crypto:\n\xa0\nFTX\nPrevious coverage of Unchained on Sam Bankman-Fried and FTX:\n\nWhy Martin Shkreli Thinks SBF\u2019s New Judge Could Still Be Lenient \u2013 Ep. 438\n\nThe Chopping Block: Was FTX a Scam From the Very Beginning?\xa0\n\nHow Much Prison Time Is FTX\u2019s Sam Bankman-Fried Facing?\xa0\n\nWhy the Legal Process for FTX and Sam Bankman-Fried Could Take Years\n\nThe Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He?\n\nJesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion\n\nIs the Collapse of Crypto Lending Over, or Is It Just Starting?\n\nDid the Bahamian Government Direct SBF and Gary Wang to Hack FTX?\n\nThe Chopping Block: Why Lenders Didn\u2019t Liquidate Alameda When It Was Underwater\xa0\n\nErik Voorhees and Cobie on Why FTX Loaned Out Customers\u2019 Assets\n\nThe Chopping Block: FTX: The Biggest Collapse in the History of Crypto?\n\nSam Bankman-Fried on How to Prevent the Next Terra and 3AC\n\n\xa0\nNFTs:\n\nThe Block: From CryptoPunks to Redditors \u2014 and a Trump card: The year in NFT charts\n\n\nCoinDesk: Over $30B of NFT Trading Volume on Ethereum Is Wash Trading, Research Suggests\n\n\nNFT Market Overview \n\n\xa0\nMEV:\xa0\n\nMEV Watch\n\nFlashbots dashboard\n\n\nUnchained: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate\n\n\n\xa0\nBTC Mining:\n\nThe Block: Bitcoin mining companies close out year $4 billion in debt: Report\n\n\nUnchained: Bitcoin Miners Going Bankrupt? Here's How Crypto Winter Is Impacting the Industry\n\n\n\xa0\nContagion:\xa0\n\nGenesis/DCG:\xa0\n\n\nUnchained:\xa0\n\n\u200b\u200bGenesis May Be Facing Bankruptcy. Could It Take DCG Down With It?\xa0\n\nGenesis Owes Creditors At Least $1.8B: Report\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices