Cobie, co-founder of Lido and UpOnlyTv, and Chris Burniske, partner at Placeholder Ventures, talk about surviving a crypto bear market, the Terra collapse, lessons they’ve learned from their mistakes, and much more. Show highlights:

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Episode Links

Cobie

Chris Burniske

Chris x Cobie

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Tascha Che, founder of Tascha Labs, unpacks the Terra/Luna debacle and reveals what she believes are the five main takeaways from its collapse. Here are some highlights from the show:

• how stablecoin issuers make money
• what caused Terra’s downfall
• why Tascha is bullish on algo stablecoins
• whether she believes undercollateralized stablecoins can work
• how fast market cap expansion without actual network effect equals death for stablecoins
• why she doesn’t believe a stablecoin’s network effects mean much for its success
• why small(er) stablecoins are better
• how blockchains mirror national economies 
• which stablecoins is Tascha excited about
• how FRAX is a stablecoin that resembles fiat currencies
• whether the UST collapse will affect the stablecoin development and further regulation
• how cross-chain agreements would be helpful for the stability of the crypto ecosystem

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Episode Links

Tascha Che

• Twitter: 
• • https://twitter.com/TaschaLabs
• Tascha Labs: 

• Tascha’s thread on nonobvious lessons from the Terra fallout: 
• • https://twitter.com/TaschaLabs/status/1526276308119932928?s=20&t=SCxfocBJoQqTEvCHadjYxA

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Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this episode, Kevin Zhou, the CEO of Galois Capital and long-time critic of UST, also joined the conversation. Show topics:

Hosts

Guest

Previous Unchained Coverage

Haseeb’s summary of the Terra collapse:

• https://medium.com/dragonfly-research/the-reign-of-terra-the-rise-and-fall-of-ust-208dabbc8e6e

Jon Wu’s write-up on the UST Depeg

Terra Background Info 

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Nic Carter, general partner at Castle Island Venture, Eric Wall, former Chief Investment Officer of Arcane Assets, and Erik Voorhees, founder of ShapeShift, discuss what happened with the TerraUSD (UST) and LUNA fiasco, Do Kwon’s responsibility, the impact on the crypto ecosystem, and much more. Show highlights: 

• how Erik used to feel that algo stablecoins were impossible and why he changed his mind
• why Eric considers that the demand for UST was tied to a sh*tcoin
• why Nic didn’t think LUNA would work
• how a stablecoin could theoretically be decentralized
• whether Nic, Eric, and Erik think this was a deliberate attack
• why they think whether or not there was a deliberate attack is not even relevant
• how the de-peg started with a liquidity issue on Curve
• why Nic thinks that Terra’s biggest mistake was the 19.5% APY on Anchor
• whether pursuing a decentralized stablecoin is a worthy goal
• what aspects of UST were decentralized, according to Erik
• whether algo stablecoins are dead or whether in the future, death spirals of algo stablecoins can be avoided
• why Erik believes that everything in the crypto space is an experiment, even BTC
• what it says that the VCs behind Terra knew were so reputable
• why Do Kwon's arrogance and inexperience might have caused this chaos
• whether Terra can be rebuilt
• whether this collapse imposes risks on other blockchains and other assets
• why the Luna Foundation Guard’s purchase of Bitcoin might have made the UST collapse even worse
• what Erik thinks about the global financial system and the US dollar
• how this event could trigger more regulation in the crypto space and why it might hurt the entire ecosystem
• how regulators might use the Terra case to impose CBDCs.

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Episode Links

Erik Vorhees 

• Twitter: https://twitter.com/ErikVoorhees

Eric Wall

• Twitter: https://twitter.com/ercwl

Nic Carter

• Twitter: https://twitter.com/nic__carter

Previous Unchained Coverage of Terra

• Do Kwon on backing UST with BTC
• • ​​https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/

Terra

• Twitter: https://twitter.com/terra_money 
• UST Mechanics: https://angelprotocol.medium.com/how-does-ust-work-ec7b2f6e2c2c

Upcoming Regulation

• https://www.protocol.com/bulletins/terra-stablecoin-loses-peg
• https://www.theblockcrypto.com/linked/146583/yellen-says-the-stablecoin-market-is-still-too-small-to-pose-systemic-risk

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Jon Wu, head of growth at Aztec Network, recaps a historically chaotic week in the Terra ecosystem that saw $UST depeg, Anchor depositors flee, and $LUNA fall 99%. Show highlights:

• how $UST, $LUNA, Luna Foundation Guard (LFG), and Anchor Protocol are supposed to work
• why Jon compares the Terra blockchain with VISA, LFG with the Fed, and Do Kwon with Jerome Powell
• how a previous $UST de-peg foreshadowed this week’s dystopian price action
• how a bitcoin short seemed to have kickstarted $UST’s depeg and why Jon thinks it was a deliberate attack
• why Luna Foundation Guard originally purchased Bitcoin – and how that plan backfired and made the Terra death spiral even more violent
• why $UST had such low liquidity this week – making it more susceptible to a bank run
• what Jon’s predictions are for $UST and $LUNA going forward
• what were the reasons behind Terra halting
• why Jon does not think this will be the end of algorithmic stablecoins
• why Jon thinks this should not affect ETH directly, even though there is a high amount of staked ETH in the Terra ecosystem

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Episode Links

Jon Wu

• Twitter
  • https://twitter.com/jonwu_

Jon’s Write-Up on the UST Depeg

• Article: https://www.notboring.co/p/terra-to-the-moon-and-back 
• Thread: https://twitter.com/jonwu_/status/1523793482850050048?s=20&t=lvB1zdz98wu5TE5emh4fCw 

Previous Unchained Coverage of Terra

• Do Kwon on backing UST with BTC
  • ​​https://unchainedpodcast.com/do-kwon-is-backing-ust-with-bitcoin-and-heres-what-else-he-is-building/

Terra:

• Terra proposal to accelerate the burn of UST and increase the base pool: https://station.terra.money/proposal/1164 
  • https://www.theblockcrypto.com/post/146254/terraform-labs-ceo-do-kwon-unveils-plan-to-restore-ust-peg
• Terra halting the network: https://twitter.com/terra_money/status/1524785058296778752?s=20&t=FUJkFuN8PyxRoF9TCPgrGg

Other Recaps on Terra: 

• CoinDesk on how Do Kwon was behind previous algorithmic stablecoin: https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/ 
• Rekt: https://rekt.news/luna-rekt/

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Kain Warwick, founder of Synthetix, and Ben Jones, cofounder and chief scientist at Optimism Foundation, discuss the current state of Ethereum Layer 2s, Optimism’s new governance structure, why Synthetix chose to build on Optimism, and more. Show topics:

1. what Optimism and Synthetix are
2. how zero-knowledge rollups differ from optimistic rollups
3. why Synthetix decided to build on Optimism
4. what makes L2s more enticing to build on than other L1s
5. how Optimism’s governance is going to change with the launch of the Optimism Collective and OP token
6. what issues Synthetix has had with Discord governance and early token voting, and how they have now solved this by forcing users to consolidate wallet addresses
7. what retroactive public goods funding is and how it could create a “flywheel” of development on Optimism
8. why whales might be excluded from Optimism’s token grant to Synthetix
9. why Ben thinks the future is about the “superchain” rather than multi-chain 
10. what Kain and Ben think about bridging between L2s and Mainnet
11. why Optimism is a staunch backer of EIP 4844
12. how the merge could affect Optimism and Synthetix

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Episode Links

Guests

• Ben Jones: https://twitter.com/ben_chain

Synthetix

• https://twitter.com/synthetix_io

Optimism

Optimism Collective

Synthetix Launching on Optimism

Synthetix Governance

Kain’s Blog

Rollups

• What are the biggest risks to optimistic rollup chains?

• What is the difference between optimistic and ZK rollups? And why did Synthetix choose Optimism?

EIP 4844

• https://eips.ethereum.org/EIPS/eip-4844
• https://www.eip4844.com/

The Merge

Kain’s previous Unchained appearances

• Ethereum killers episode
• • https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/
• How Synthetix became the second-largest DeFi platform
• • https://unchainedpodcast.com/how-synthetix-became-the-second-largest-defi-platform/
• DeFi summer

Optimism’s Bridging Solution

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Eric Golden, the owner of BAYC #7560 and host of Web3 Breakdowns, discusses the Otherdeed NFT drop that stalled Ethereum and burned over $150 million worth of ether. Show topics:

• what the Otherdeed mint is 
• Why Yuga Labs had buyers undergo a know-your-customer process in order to mint the NFTs
• why Eric was pretty certain a gas war was imminent in the hours leading up to the mint
• how KYC’d addresses played into the Otherdeed mint
• what Eric thought about Yuga Labs’s decision to scrap a Dutch auction in favor of a flat minting price
• why Eric does not believe Yuga Labs purposefully botched their smart contract, as many in the Ethereum community alleged
• why Eric was frustrated with Yuga Labs’s response on Twitter to the mint 
• why Eric does not think Otherside needs its own chain
• what effect the Otherdeed mint is having on other Yuga Labs-adjacent assets like ApeCoin and Bored Ape Yacht Club
• what Kodas are and why they are trading for tens of thousands of dollars
• why Eric is confident that Yuga Labs is well-positioned to follow through on their promises to build out a metaverse game

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Episode Links

Eric Golden

• https://twitter.com/ericgoldenx

Otherside

• https://otherside.xyz/

Otherdeed License

• ​​https://otherside.xyz/license

Otherdeed

• Yuga Labs’ response to the sale:

Smart Contract Conversation

• Will Papper: https://twitter.com/WillPapper/status/1520592312379658241

Kodas

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Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra chop it up about the latest news in the digital asset industry. On this episode, Andre Cronje, the recently retired (sort of) DeFi developer, also joined the conversation. Show topics:

Hosts

Guest

Show Topics

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André Allen Anjos, who is better known as the crypto-friendly artist RAC, and David Greenstein, co-founder of Sound.xyz, a web3 music platform, analyze the current state of the web3 music scene and discuss how artists can leverage web3 tools to get paid at fair market value for their art. 

Show highlights:

RAC’s experience in the traditional music industry

why David believes music is the most undervalued sector in the world – and how Sound and crypto can help value it correctly

the different types of NFTs with which musicians like RAC are experimenting

what Sound.xyz is and how it is helping artists unlock their fanbase and community

why David is so passionate about creating a social experience when it comes to music NFTs

Sound.xyz’s decision to allow artists to deploy their own smart contracts

what RAC has made in NFT drops compared to Spotify streams

why Sound.xyz was built with “editions” as the most common format for NFTs sold on the platform

what makes blockchain technology well-suited for the music industry

RAC’s crypto adventures: $TAPE, $RAC, and more …

how the famous “Amen Break” sample would work as an NFT

what artists will be measured by in the NFT world

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Episode Links

David Greenstein

LinkedIn: https://www.linkedin.com/in/davidgreenstein/

Twitter: https://twitter.com/dgreenstein1?lang=en

RAC

Twitter: https://twitter.com/RAC

Website: https://rac.fm/

Crypto Adventures

RAC Token

https://etherscan.io/address/0xc22b30e4cce6b78aaaadae91e44e73593929a3e9

https://v2.info.uniswap.org/pair/0xf744417d0a5fd18b5b18726ce1b48f931dfa32ea

https://blog.ourzora.com/home/introducing-rac

https://www.billboard.com/pro/rac-nfts-social-token-platform-racos-web3/

Music NFTs (w/ Sound.xyz embeds)

https://rac.fm/nfts

Discord

https://discord.com/invite/rac

Tokenized cassette tape

https://www.theblockcrypto.com/post/64760/ethereum-tokenized-cassette-dj-rac-zora-grammy

Sound.xyz

Website

https://www.sound.xyz/

FAQs

https://soundxyz.notion.site/soundxyz/Frequently-Asked-Questions-1-0e39e44edccb42f8b3c3ca5d93c703a9

Recent raise

https://techcrunch.com/2021/12/15/sound-xyz-raises-5m-from-a16z-to-explore-how-web3-can-upend-the-economics-of-the-music-business/

Recent drops that are fun

Bored Ape Yacht Club Band

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Chris Perkins, president of CoinFund, a web3 investment firm, discusses his experience at the Crypto Bahamas conference before diving into an FTX.US proposal that would allow for direct trading of crypto derivatives in the US – which appears to be rocking the boat of certain regulators in D.C. Show topics:

• Chris’s two biggest takeaways from his Crypto Bahamas experience
• how Chris’s experience at Lehman Brothers and Citi prepared him for crypto 
• what issues arise via the plumbing of traditional financial markets
• why centralized intermediaries make derivatives trading efficient
• what FTX.US is proposing and how it could be a boon for retail traders
• how crypto settlement would work compared to the current batch trading method
• why the acquisition of LedgerX enabled FTX.US to make this proposal
• what license FTX.US feels like it no longer needs since it can settle derivative transactions on a blockchain
• whether FTX.US would expand to other derivatives and what that might do to an entity like CME
• what Chris is listening for in the CFTC’s public discussion surrounding FTX.US’s proposal 
• whether FTX.US’s proposal will be a partisan issue

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Galaxis: https://galaxis.xyz/ 

Episode Links

Chris Perkins

• LinkedIn: 
• • ​​https://www.linkedin.com/in/christopher-perkins-092569a/

Coverage of the FTX.US Proposal

• Bloomberg: https://www.bloomberg.com/news/articles/2022-04-21/crypto-billionaire-rankles-wall-street-with-futures-trading-plan?sref=m9L277rN 
• Forbes:
• • https://www.forbes.com/sites/jasonbrett/2022/04/27/the-ftx-us-proposal-that-shook-congress-and-the-crypto-derivatives-world/
• The Block:

Unchained Coverage of FTX.US and LedgerX

• 2021:

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