Bankless

These are hosted the 2nd and 4th Wednesday each month, so mark your calendars, tune in, and ask questions! ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣 DHARMA | From Dollars to DeFi in a Tap! https://bankless.cc/dharma  ------

Resources:

What is Alchemix? https://dyor.fi/alcx 

Scoopy on Twitter https://twitter.com/scupytrooples?s=20 

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

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These are hosted the 2nd and 4th Wednesday each month, so mark your calendars, tune in, and ask questions!
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Justin Drake is a researcher at the Ethereum Foundation and is leading the charge of applied cryptography to the Ethereum network. This is the third time Justin has come on the podcast.

If you haven't yet, dive into our first two episodes with Justin, 'The Bull Case for Cryptography' and 'Ultra Sound Money.' This episode rolls out how we can understand Ultra Sound Money using data-driven models.

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣 DHARMA | From Dollars to DeFi in a Tap! https://bankless.cc/dharma  ------ State of the Nation #44: Modeling Ultra Sound Money Guest: Justin Drake

This is Justin's third appearance on Bankless. His first, The Bull Case for Cryptography, went in-depth into cryptographic hashes and digital signatures, the basic tools used to build blockchains. The second, Ultra Sound Money, presented a thematic overview for the Ethereum economic engine. In this episode, we model Ultra Sound Money and what upcoming upgrades to Ethereum mean for issuance, supply, and staking vs. mining.

Justin recently released four models cover the granular data-driven details of what Ultra Sound Money Means. These models deal with Ether's three main cashflows: Issuance, Supply, and Collateral. Justin argues that with the massive efficiency improvements to the Ethereum Network with Proof-of-Stake, Ether issuance will decrease by upwards of 90% and will proportionally reduce sell pressure from miners. He posits that ETH's peak supply will be 120M total Ether, and EIP-1559's burning mechanism will eventually reduce the total supply of ETH down to 100M.

Justin also expects the APR for staking Ethereum to be 25% following the Ethereum 2 merge. We visualize what these numbers mean by combining the Ethereum Economic Engine metaphor, Triple Point Asset thesis, and viewing capital as having an inherent temperature. Cold ETH means that it is locked up, securing the network and/or reducing total liquid supply. Hotter ETH is that which is actively available for use, but much of this ETH is vaporized through EIP-1559's fee burn mechanism. Therefore, on both ends of the temperature spectrum, supply & issuance are optimized via staking and fee burn.

Every episode with Justin is a deep exploration of the technicals that back Ethereum's memes of being a Triple Point Asset and Ultra Sound Money. However, understanding the models Justin lays out is cause for optimism on Ethereum's future as a vastly improved economic system. The State of the Nation this week is 'Ultra Bullish' – dive in to find out why.

------ Resources:

Model #1: ETH peak supply model https://docs.google.com/spreadsheets/d/1ZN444__qkPWPjMJQ_t6FfqbhllkWNhHF-06ivRF73nQ/edit#gid=0 

Model #2: The road to 100m ETH supply https://docs.google.com/spreadsheets/d/1XmeYkWEmaaZEUZ078A-lolchzNUrnlUllLkVXSGPzAU/edit#gid=0 

Model #3: Net buy pressure https://docs.google.com/spreadsheets/d/1TsrdbdusUop4NJbvjGBbOWTUwYH-Jgg1QBkQ5CtY_-k/edit#gid=0 

Mode #4: staking APR with EVM fee rewards https://docs.google.com/spreadsheets/d/1FslqTnECKvi7_l4x6lbyRhNtzW9f6CVEzwDf04zprfA/edit#gid=0 

The Bull Case for Cryptography https://shows.banklesshq.com/p/-moon-math-the-bull-case-for-cryptography 

Ultra Sound Money https://shows.banklesshq.com/p/-ultra-sound-money-justin-drake 

Justin on Twitter https://twitter.com/drakefjustin?s=20 

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:  https://newsletter.banklesshq.com/p/bankless-disclosures 

Justin Drake is a researcher at the Ethereum Foundation and is leading the charge of applied cryptography to the Ethereum network. This is the third time Justin has come on the podcast.

If you haven't yet, dive into our first two episodes with Justin, 'The Bull Case for Cryptography' and 'Ultra Sound Money.' This episode rolls out how we can understand Ultra Sound Money using data-driven models.

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Joel Monegro is a partner at Placeholder VC, where he invests in decentralized networks and companies that democratize data, wealth, and power.

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-governance-and  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣 DHARMA | From Dollars to DeFi in a Tap! https://bankless.cc/dharma  ------

Bankless Podcast #62 | Governance and Capital Guest: Joel Monegro

Joel Monegro is a partner at Placeholder, a venture capital firm where he invests in decentralized networks and companies that democratize access to data, wealth, and power. He started the firm in 2017 with his friend Chris Burniske and mentor Brad Burnham after three years at Union Square Ventures, developing the firm’s early blockchain thesis and portfolio.

In this episode, Joel explores the relationship between Governance and Capital, broadly used terms in desperate need of proper definition. Governance focuses on the decision making process in regards to capital. Capital is a broad term for economic resources – that which has utility. Governance can refer to autocratic individual decision making, but we dive into governance as a mechanism for collective decisions and achieving consensus. It is typically tied to a social and/or economic system and is made of structures that drive decision making among groups of people.

Capital represents influence, power, or control over economic resources. Capital and its utility are natural social phenomena and are relative in nature. Governance and Capital are deeply linked and arguably synonymous. The optimization of governance over capital and capital instruments are priorities of blockchains, which involve both financial and governance technology. The utility of capital can increase when pooled, especially when governance is scaled and effective.

A core argument of the crypto industry is that blockchains offer a more advanced instrumentation of capital, creating maximally efficient pathways for the exchange of value. They allow the transaction/contract settlement layer to migrate away from a state-backed system, which involves the use of courts and violence to achieve security. Replacing violence with cryptographic consensus is a powerful but challenging concept – one explored deeply in this episode with Joel Monegro.

------ Resources:

Placeholder VC Blog https://www.placeholder.vc/ 

Joel on Twitter https://twitter.com/jmonegro?s=20 

Generations - Strauss and Howe https://www.amazon.com/Generations-History-Americas-Future-1584/dp/0688119123 

------ This Week on Bankless:

🧢 Weekly Action Recap (4/24): https://newsletter.banklesshq.com/p/ethereum-at-aths-weekly-recap  🗞️ Weekly Rollup (4/23): https://shows.banklesshq.com/p/-rollup-venmo-huge-eth-q1-canada  ⚫ The future of synthetic assets (4/22): https://newsletter.banklesshq.com/p/the-wild-future-of-synthetic-assets  ✏️ A Short History of Ethereum Hacks (4/21): https://newsletter.banklesshq.com/p/a-short-history-of-ethereum-hacks  🏴 Coinbase Goes Direct (4/21): https://shows.banklesshq.com/p/-sotn-43-coinbase-goes-direct-jeff 

------ Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Joel Monegro is a partner at Placeholder VC, where he invests in decentralized networks and companies that democratize data, wealth, and power.

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Download the crypto meta to your brain in this weekly show.

4th Week of April, 2021 ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣 DHARMA | From Dollars to DeFi in a Tap! https://bankless.cc/dharma  ------

Topics Covered:

0:00 Intro. Get Your Badge.

1:55 MARKETS 2:06 BTC Price & Dominance 6:14 ETH Price & ETH/BTC https://twitter.com/RaoulGMI/status/1384990262586351617?s=20

https://twitter.com/PeterLBrandt/status/1385023257774985219?s=20 11:05 DeFi Action Liquity Protocol https://twitter.com/koltenb_/status/1384485634929135622?s=21  14:45 Ethereum on-chain metrics https://twitter.com/DocumentEther/status/1384722805434978304?s=20  https://twitter.com/DocumentEther/status/1385278391406891008?s=20  https://twitter.com/DocumentEther/status/1383359905264926723?s=20  https://twitter.com/eliasimos/status/1385182472032370688?s=21  17:01 Ultra Sound Money https://twitter.com/drakefjustin/status/1385193694463135746?s=20  https://twitter.com/drakefjustin/status/1384124998084792324?s=20  21:14 Day 1 of Canadian ETH ETF https://twitter.com/EricBalchunas/status/1384836477675315203  22:24 Largest liquidations Ever https://www.theblockcrypto.com/linked/102007/bitcoin-plunge-7-billion-liquidation 

24:29 RELEASES 26:00 Venmo Crypto https://www.theblockcrypto.com/linked/102295/paypal-venmo-crypto  28:27 Etherscan MEV Dark Forest https://twitter.com/etherscan/status/1384118330710056969?s=20  30:14 Alpha Homora V2 Relaunch https://blog.alphafinance.io/upcoming-alpha-homora-v2-relaunch-what-is-included/  31:57 Ampleforth Gov Token https://www.ampleforth.org/governance/claim/  33:58 Real World Assets in MakerDAO https://twitter.com/centrifuge/status/1384946100185014280?s=20  https://twitter.com/nomos_paradox/status/1384526932423806981?s=20 

37:04 NEWS 37:14 First 13m Gas Block https://etherscan.io/block/12278017  https://twitter.com/sassal0x/status/1384540509293596676?s=20  41:16 Dollars to DeFi Dharma https://twitter.com/Dharma_HQ/status/1384603495198642180?s=20  44:30 PleasrDAO Purchases Snowden NFT - $5.5M https://twitter.com/Snowden/status/1383155552793026560?s=20  47:50 Brazzers NFT Collection https://twitter.com/brazzers/status/1384537381739565060?s=21  49:16 BTC hashrate drop from china blackout https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16  https://twitter.com/nic__carter/status/1384938089748041730/photo/1  53:52 Regulatory Capture https://twitter.com/blockfizac/status/1384496587737640960?s=21  https://www.wsj.com/articles/cryptocurrency-giant-binance-hires-former-top-bank-regulator-11618912800 

56:40 TAKES 58:00 Arthur Hayes Bullish on ETH https://cryptohayes.medium.com/yes-i-read-the-whitepaper-59cfa2ea9c2c  1:03:27 Coinbase in 5 Years https://twitter.com/pythianism/status/1383983650480349189?s=20  1:06:00 Binance is a Short-Term Game https://twitter.com/defiprime/status/1384876305129291780?s=20  1:13:58 Teach a Man to Stake https://www.reddit.com/r/ethereum/comments/mvp9io/give_a_man_a_steak_and_hell_eat_for_a_day_teach_a/  1:15:30 Three Halvenings Capital https://twitter.com/zhusu/status/1385073821699371016?s=20 

1:18:04 What David’s Excited About

1:19:20 What Ryan’s Excited About

1:24:15 MEME of the Week https://twitter.com/RyanSAdams/status/1384930095446511616?s=20 

1:29:00 Closing & Disclaimers

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Download the crypto meta to your brain in this weekly show.

4th Week of April, 2021
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Bankless Nation, meet PoolTogether and its founder, Leighton Cusack. PoolTogether is a DeFi protocol offering a no-loss lottery generated by its pooled interest.

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS:

💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 

🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 

👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 

🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap 

------ 📣 DHARMA | From Dollars to DeFi in a Tap! https://bankless.cc/dharma  ------

Meet the Nation: PoolTogether Guest: Leighton Cusack

PoolTogether is one of the oldest DeFi Protocols, having been around for about two years. It offers users access to no-loss lotteries; founder Leighton Cusack describes it as a savings account, and the interest generated by the collective deposits are combined into randomly selected lotteries. Like most DeFi project, it is permissionless, trustless, and powered by smart contracts.

Unlike legacy lotteries, which require purchasing tickets, access to PoolTogether lotteries only requires depositing funds which can be pulled out in full at any time. There are currently $225 Million in assets deposited in PoolTogether, earning the interest that becomes rewards for the PoolTogether community.

PoolTogether also has a reserve, which contributes to an increasing treasury. These sponsorships are deposits that are not eligible to win prizes. Instead, these returns are circled back to the pool to yield further interest. This is a perpetual growth mechanism for increasing the reward sizes over time.

PoolTogether recently decentralized with its POOL governance token, and POOL was retroactively airdropped to all users earlier this year. It is also distributed to everyone who deposits in one of the lottery pools. The POOL token controls the protocol by managing the reserves, the number of winners announced weekly, integrations and new pools, and the distribution mechanism of the remaining POOL.

------ Resources:

PoolTogether https://pooltogether.com/ 

PoolTogether Discord https://discord.gg/hxPhPDW 

PoolTogether on Twitter https://twitter.com/PoolTogether_ 

Leighton on Twitter https://twitter.com/lay2000lbs?s=20 

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Bankless Nation, meet PoolTogether and its founder, Leighton Cusack. PoolTogether is a DeFi protocol offering a no-loss lottery generated by its pooled interest.

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