Bankless

Bankless Fan and SEC Commissioner Hester Peirce comes on the podcast to discuss tokens, DeFi, 'self-driving banks,' and regulation.

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------ Bankless Podcast #60 - SEC & DeFi Guest: Hester Peirce

Hester Peirce is one of five SEC Commissioners and has been a knowledgable advocate for crypto as the world works out how to regulate the budding industry. The main goals of the Security & Exchange Commission are threefold – to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC governs far more than crypto, but increasing attention is coming to the space as capital gravitates into it.

Regulating crypto begins with officially establishing the asset class, e.g. currencies, capital assets, commodities, equities, et al. The next step is giving these assets legitimacy in existing financial institutions through exchange-traded products like a Bitcoin ETF.

Below the base money layer, there exists Layer 0, the social layer. Layer 0 must be willing to officially play ball with the cryptoeconomy, and that's what makes regulators like Hester so important. The net optimization of these layers makes for an unequivocally better society: a more inclusive, equitable, and efficient one.

Hester believes in governing principles, not specific technologies. It's important here to remember the three main goals of the SEC. The value propositions of crypto – providing a permissionless, trustless, and verifiable means to transact – are in accord with the values of a free state. The role of government is to encourage and protect mutually beneficial, voluntary engagement among citizens.

Although the harmony between crypto's core values and those of a free state are readily apparent to a seasoned Bankless listener, the rest of Layer 0 must still be convinced. Crypto is a frontier with infinite possibilities, and effectively regulating such an ecosystem is a massive task. However, based on this conversation, there seem to be many reasons to be optimistic about the future of Crypto & DeFi regulation.

------ Resources:

🚀 Atomic Trading 🚀 https://www.sec.gov/news/speech/peirce-atomic-trading-2021-02-22 

Get Ready For Self-Driving Banks https://www.ft.com/content/c1caca5b-01f7-41be-85a4-3ecb883f2417 

Gary Gensler MIT Crypto Course https://youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn 

Hester on Twitter: https://twitter.com/HesterPeirce?s=20 

------ This Week on Bankless:

🧢 Weekly Action Recap (4/10): https://newsletter.banklesshq.com/p/the-coinbase-tsunami-weekly-recap  🗞️ Weekly Rollup (4/9): https://shows.banklesshq.com/p/-rollup-coinbase-ipo-fei-protocol  🏴 dYdX & StarkWare (4/6): https://shows.banklesshq.com/p/sotn-41-scaling-defi-with-dydx-and  ⚒️ How to Crypto Tax (4/6): https://newsletter.banklesshq.com/p/how-to-do-crypto-taxes-for-the-lazy 

----- 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. Do your own research.

Disclaimer: The views expressed in the episode are those of Hester Peirce, not the SEC nor any of her fellow commissioners.

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 Fan and SEC Commissioner Hester Peirce comes on the podcast to discuss tokens, DeFi, 'self-driving banks,' and regulation.

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Download the crypto meta to your brain in this weekly show. Anthony Sassano's filling in for Ryan this week!

Anthony on Twitter: https://twitter.com/sassal0x?s=20 

The Daily Gwei: https://thedailygwei.substack.com/ 

------ 🚀 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 

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

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

🔀 KWENTA | SYNTHETIC ASSET EXCHANGE https://bankless.cc/kwenta  ------ Topics Covered:

Intro

MARKETS DAO Treasuries https://open-orgs.info/ 

RELEASES DCinvestor Newsletter ‘The Catalyst’ https://twitter.com/iamDCinvestor/status/1378378885516177409  Cryptex.Finance https://medium.com/cryptexfinance/introducing-ctx-governance-powering-the-tcap-protocol-c1b32ce084bc  dYdX on StarkWare https://shows.banklesshq.com/p/sotn-41-scaling-defi-with-dydx-and  MVI Index https://www.tokensets.com/portfolio/mvi  BED Proposal https://twitter.com/indexcoop/status/1380247275625197570?s=21  Alchemix Upgrade https://twitter.com/AlchemixFi/status/1379072309735026690?s=20  Fei Protocol https://twitter.com/bantg/status/1379755790496641025?s=20  Connext & Polygon https://youtu.be/g4YggCqyLrI  Coinbase https://www.theblockcrypto.com/linked/100235/coinbase-direct-listing-april-nasdaq 

NEWS Cuban - ETH is Money DeFi Shopify https://twitter.com/tobi/status/1378116793370349569?s=21  1 Week Until Berlin Upgrade! https://ethernodes.org/berlin  Polygon Killing It https://twitter.com/CamiRusso/status/1379839772831662084?s=20  ETH 2 Merge https://twitter.com/drakefjustin/status/1379052831982956547?s=20  Immutable X https://twitter.com/GodsUnchained/status/1380008581718757379  SuperRare Raise https://medium.com/superrare/superrare-raises-9m-to-build-the-future-of-art-collecting-e2b3ded227e8  CryptoPunks on Christie’s https://twitter.com/ChristiesInc/status/1380236081472364550?s=20  Tom Brady NFT Platform https://www.cnn.com/2021/04/06/tech/tom-brady-nft-autograph/index.html  Overly Attached Girlfriend https://foundation.app/laina/overly-attached-girlfriend-17046  Grayscale ETF https://grayscaleinvest.medium.com/grayscales-intentions-for-a-bitcoin-etf-b11e4faf4c05  Rapid News https://twitter.com/michael_saylor/status/1379042960994668548?s=21  https://u.today/jpmorgan-adjusts-its-bitcoin-target-to-130000-predicting-strong-institutional-adoption'  https://www.theblockcrypto.com/post/100860/ledger-shopify-class-action-lawsuit-filed  https://twitter.com/sbf_alameda/status/1379791522908934146?s=21 

TAKES Coinbase Takes https://twitter.com/econoar/status/1377849659058581507?s=21  https://twitter.com/jebus911/status/1380154418251849735?s=20  https://twitter.com/twobitidiot/status/1379968147739017216?s=20 

Balancer & Algorand…? https://twitter.com/immutbl/status/1379503694476021763?s=20 Ethereum’s Event Horizon https://twitter.com/TrustlessState/status/1378488899849216002?s=20

What David is Excited About

What Anthony is Excited About

MEME

Closing & Disclaimers

------ This Week on Bankless:

🧠 Decentralized VC (4/8): https://newsletter.banklesshq.com/p/decentralized-vc-will-eat-venture  ✏️ Index Coop (4/7): https://newsletter.banklesshq.com/p/building-a-decentralized-blackrock  🏴 dYdX & StarkWare (4/6): https://shows.banklesshq.com/p/sotn-41-scaling-defi-with-dydx-and  ⚒️ How to Crypto Tax (4/6): https://newsletter.banklesshq.com/p/how-to-do-crypto-taxes-for-the-lazy  📈 Market Monday (4/5): https://newsletter.banklesshq.com/p/crypto-is-about-to-melt-faces-market  🎙️Hayden Adams Podcast (4/5): https://shows.banklesshq.com/p/-uniswap-hayden-adams  🗞️Weekly Rollup (4/2): https://newsletter.banklesshq.com/p/ethereum-visa-weekly-recap-526 

----- 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.
Anthony Sassano's filling in for Ryan this week!

Anthony on Twitter:
https://twitter.com/sassal0x?s=20 

The Daily Gwei:
https://thedailygwei.substack.com/ 

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Antonio Juliano is Founder of dYdX, and Uri Kolodny is CEO of StarkWare.

State of the Nation is live-streamed on Tuesdays at 11am PT.

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🔀 10% Off dYdX Trading Fees w/ Bankless! https://bankless.cc/dydx 

------ 🚀 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 

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

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

🔀 KWENTA | SYNTHETIC ASSET EXCHANGE https://bankless.cc/kwenta  ------ State of the Nation #41: Scaling DeFi Guests: Antonio Juliano & Uri Kolodny

Antonio Juliano (founder of dYdX) and Uri Kolodny (CEO of StarkWare) join this edition of State of the Nation to discuss their new announcement: dYdX, in partnership with StarkWare, recently released a Layer 2 Product for Perpetual Contracts, which namely allows for leveraged trading.

Perpetual Contracts expose investors to a synthetic contract, representing the price action of a given asset. The nature of perpetual contracts allow for flexibility and expression in the financial mechanisms powering the contract, giving traders the ability to use leverage. These types of contracts attract high-level, high-frequency traders and make scalability crucial for a platform to be capital-efficient.

StarkEx is StarkWare's scalability app, which uses StarkWare's Cairo, a Turing Complete coding platform, to support Layer 2 Scaling for transfers, trading, derivatives, and NFTs. dYdX rebuilt its interface, backend, and order-book; it then paired with StarkEx to create a scaled, decentralized derivatives exchange. Throughout the development and launch of its new product, dYdX has continued to emphasize the DeFi core values of being non-custodial, trustless, and permissionless.

A major upgrade is cross-margining on dYdX, which allows users to provide universal collateral, instead of having to provide collateral for each market. Other improvements include lower gas prices, increased oracle performance, higher maximum leverage, and no minimum trade size. With these upgrades, dYdX offers better performance with no loss in decentralization or security.

This is how DeFi needs to scale – increasing performance while maintaining decentralization and security.

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Resources:

dYdX Announcement Post: https://dydx.exchange/blog/public 

dYdX: https://dydx.exchange/ 

StarkWare: https://starkware.co/ 

Antonio on Twitter: https://twitter.com/AntonioMJuliano?s=20 

Uri on Twitter: https://twitter.com/ukolodny?s=20 

An Incomplete Guide to Rollups: https://vitalik.ca/general/2021/01/05/rollup.html 

------ This Week on Bankless:

⚒️ How to Crypto Tax (4/7): https://newsletter.banklesshq.com/p/how-to-do-crypto-taxes-for-the-lazy  🎙️Hayden Adams Podcast (4/6): https://shows.banklesshq.com/p/-uniswap-hayden-adams  🧢 Weekly Action Recap (4/3): https://shows.banklesshq.com/p/-rollup-visa-on-eth-snl-nft-skit  🗞️Weekly Rollup (4/2): https://newsletter.banklesshq.com/p/ethereum-visa-weekly-recap-526  🚨 Alpha Alert: Fei Protocol: https://newsletter.banklesshq.com/p/-alpha-alert-fei-protocol-genesis  🦄 The Story of PleasrDAO (3/31): https://newsletter.banklesshq.com/p/xykan-ethereum-story  ⚒️ How to Stream Money (3/30): https://newsletter.banklesshq.com/p/how-to-stream-money 

----- 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 

Antonio Juliano is Founder of dYdX, and Uri Kolodny is CEO of StarkWare.

State of the Nation is live-streamed on Tuesdays at 11am PT.

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Hayden Adams is the inventor of Uniswap, the decentralized trading protocol. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🗞️ GET THIS EPISODE'S DEBRIEF: https://shows.banklesshq.com/p/exclusive-debrief-uniswap-with-hayden   ------

BANKLESS SPONSOR TOOLS:

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

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

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

🔀 KWENTA | SYNTHETIC ASSET EXCHANGE https://bankless.cc/kwenta  ------ Bankless Podcast #59 - Uniswap Guest: Hayden Adams

Hayden Adams is the creator of Uniswap, the decentralized trading protocol and DAO. Before inventing DeFi's largest asset exchange, he was laid off from his mechanical engineering job in the summer of 2017. Excited by Ethereum and Vitalik's blog post on automated market making, he learned to code smart contracts using Solidity.

Uniswap's V1 Mainnet launch came in the middle of the crypto bear market in November 2018. Since then, it has experienced exponential growth and traction, with liquidity providers like MakerDAO bolstering Uniswap's early ecosystem. Uniswap V2 brought pivotal upgrades to the user experience, bug fixes, and improvements to the Oracle architecture.

From its genesis, Uniswap has emphasized the decentralized, permissionless properties of Ethereum. Uniswap's tools enable anyone to create a liquidity pool to exchange on, and it has become the de facto hub of DeFi as a sandbox for the 'long tail' of endless decentralized assets. Uniswap's openness, functionality, and legitimacy have allowed it to rise to its current position as a DeFi staple.

On September 16th, 2020, Uniswap launched its UNI token with a widely distributed airdrop to each Ethereum address that had interacted on the Uniswap platform – over 500,000 accounts. This drop exemplifies DeFi's promises of wealth distribution, communal equity, and decentralized governance.

On March 23rd, 2021, Uniswap announced V3 to go live on Ethereum mainnet in May of 2021. The most significant change in this upgrade is concentrated liquidity, which allows individual liquidity providers to control where their liquidity is allocated along the price curve for a given asset pair. This allows freedom for infinite liquidity providing strategies and presents a flexibility that incentivizes an optimized trading curve.

In this 2.5 hour episode, Hayden walks us through the entirety of Uniswap, from its genesis to its present state and beyond.

------ Resources:

Uniswap https://uniswap.org/ 

Hayden on Twitter https://twitter.com/haydenzadams?s=20 

V0 Birthday Blog: https://medium.com/uniswap/uniswap-birthday-blog-v0-7a91f3f6a1ba 

V3 Announcement post: https://uniswap.org/blog/uniswap-v3/ 

Vitalik's Market Maker Blog Post: https://vitalik.ca/general/2017/06/22/marketmakers.html 

------ This Week on Bankless:

🧢 Weekly Action Recap (4/3): https://shows.banklesshq.com/p/-rollup-visa-on-eth-snl-nft-skit  🗞️Weekly Rollup (4/2): https://newsletter.banklesshq.com/p/ethereum-visa-weekly-recap-526  🚨 Alpha Alert: Fei Protocol: https://newsletter.banklesshq.com/p/-alpha-alert-fei-protocol-genesis  🦄 The Story of PleasrDAO (3/31): https://newsletter.banklesshq.com/p/xykan-ethereum-story  ⚒️ How to Stream Money (3/30): https://newsletter.banklesshq.com/p/how-to-stream-money  🏴 SotN w/ Crypto Bobby (3/30): https://shows.banklesshq.com/p/-sotn-40-get-a-job-in-crypto-rob 

----- 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.

Uniswap is a Bankless Sponsor.

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 

Hayden Adams is the inventor of Uniswap, the decentralized trading protocol.
------

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

------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  ------ BANKLESS SPONSOR TOOLS:

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

🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask 

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

🔀 KWENTA | SYNTHETIC ASSET EXCHANGE https://bankless.cc/kwenta  ------

RESOURCES

ETH / BTC https://twitter.com/cburniske/status/1377704242706849796?s=20  Index Coop Revenue https://twitter.com/AlphaLemonade/status/1375917785717432323?s=20  FLI Token (2x ETH) https://www.tokensets.com/portfolio/ethfli  Filecoin Fully Diluted Valuation https://www.coingecko.com/en/coins/filecoin 

RELEASES zkEVM in May? https://twitter.com/zksync/status/1375807885742125058?s=27  Projects on L2 https://twitter.com/deversifi/status/1376537192621862912?s=20  PayPal Crypto Checkout Service https://www.reuters.com/article/us-crypto-currency-paypal-exclusive-idUSKBN2BM10N  Element Finance https://twitter.com/element_fi/status/1377315823879086081  Synthetix L2 Staking https://blog.synthetix.io/oe-integrated-into-staking/  FEI Genesis https://newsletter.banklesshq.com/p/-alpha-alert-fei-protocol-genesis 

26:03 NEWS Bankless & Wells Fargo ;) https://newsletter.banklesshq.com/p/bankless-acquired-by-wells-fargo  Optimism Launch Delayed https://optimismpbc.medium.com/optimistically-cautious-767a898f90c8  Visa, the ETH Sidechain https://www.theblockcrypto.com/post/99639/visa-now-settles-payments-in-usdc-stablecoin-ethereum  Tether vs DAI https://twitter.com/RyanSAdams/status/1376980581247029249?s=20  Aave and Polygon https://www.coindesk.com/defi-major-aave-working-with-polygon-to-bypass-ethereum-congestion  SNL NFT Skit https://youtu.be/mrNOYudaMAc?t=46  Michael Jordan & Top Shot https://www.coindesk.com/michael-jordan-joins-305m-investment-in-firm-behind-nba-top-shot  ‘x * y = k’ https://newsletter.banklesshq.com/p/xykan-ethereum-story  Opensea & Immutable X https://www.theblockcrypto.com/linked/100084/opensea-nft-layer-2-immutable-x  Goldman Offering Bitcoin https://www.cnbc.com/2021/03/31/bitcoin-goldman-is-close-to-offering-bitcoin-to-its-richest-clients.html  Coinbase Listing https://cftc.gov/PressRoom/PressReleases/8369-21  FTX Arena https://www.cnbc.com/2021/03/26/crypto-industry-to-get-first-major-us-stadium-with-miami-dade-county-approving-ftx-for-heat-home.html 

46:08 TAKES Who’s Buying NFTs? https://twitter.com/UltraXBT/status/1375284492730916869?s=20  PoW, the Stepping Stone https://www.reddit.com/r/ethereum/comments/mf31ia/a_brain_dump_on_pos_vs_pow_arguments/gsm1dnc/ Has Ethereum Changed? https://twitter.com/panekkkk/status/1376620862657429508  Governance Proposals Over VC https://twitter.com/haydenzadams/status/1377356181254119429?s=21  Crypto Culture is Tight https://twitter.com/TrustlessState/status/1377726365298950145

What David’s Excited About Rugging the Fed https://newsletter.banklesshq.com/p/visa-is-going-to-pay-eth-holders-ebe 

What Ryan’s Excited About Hayden Adams Podcast https://youtu.be/uQS7WuQtXWs 

MEME OF THE WEEK https://twitter.com/deversifi/status/1377517957547487232?s=20 

------ This Week on Bankless:

🦄 Uniswap | Hayden Adams: https://youtu.be/uQS7WuQtXWs  🚨 Alpha Alert: Fei Protocol: https://newsletter.banklesshq.com/p/-alpha-alert-fei-protocol-genesis  🦄 The Story of PleasrDAO (3/31): https://newsletter.banklesshq.com/p/xykan-ethereum-story  ⚒️ How to Stream Money (3/30): https://newsletter.banklesshq.com/p/how-to-stream-money  🏴 SotN w/ Crypto Bobby (3/30): https://shows.banklesshq.com/p/-sotn-40-get-a-job-in-crypto-rob  🎙️ EIP-1559 With Hasu (3/29): https://shows.banklesshq.com/p/-eip-1559-hasu  📈 Market Monday (3/29): https://newsletter.banklesshq.com/p/visa-is-going-to-pay-eth-holders 

----- 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.

------