Unchained

By Laura ShinNews Business News Tech News

Unchained episodes

March 12, 2024Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum - Ep. 618
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Sreeram Kannan, founder of EigenLayer, and Olaf Carlson-Wee, founder and CIO of Polychain Capital, an investor in EigenLayer, say that the developer ecosystem around EigenLayer is sprouting up very fast, which reminds Carlson-Wee of the developer excitement in Ethereum’s early days.
They discuss the potential of EigenLayer, which uses a restaking mechanism to allow ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to bolster security for other protocols. They cover how it could turbocharge Ethereum's rollup scaling roadmap and enable Ethereum to become a stack of decentralized software as a service providers. Additionally, they discuss the potential risks associated with restaking as well as how EigenLayer could work with AI.
Read more: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol
Show highlights:
Sreeram's explanation of what EigenLayer is and what it allows on Ethereum
why Polychain invested in EigenLayer's seed round
why Sreeram believes that there are not just going to be three modules in blockchains, but thousands
the types of applications that can be built with actively validated services, according to Sreeram
why they both believe that EigenLayer will improve smart contracts
whether EigenLayer will help solve the liquidity fragmentation issue in Layer 2s
what Ethereum inclusion guarantees are and why they are important
the potential risks of EigenLayer and why Olaf doesn’t agree that EigenLayer results in rehypothecation
how attribution claims work in EigenLayer, allowing for "elastic scaling of security"
EigenLayer’s points program and the likelihood of a token
why Sreeram believes that an EigenLayer governance token wouldn't have the same issues as Lido's LDO
whether EigenLayer should be a core part of the Ethereum protocol itself
how AI and EigenLayer intersect and how to have permissionless innovation in the AI space
Thank you to our sponsors!
Polkadot
Guest:
Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Sreeram Kannan, founder of EigenLayer
Previous appearance on Unchained: Do You Need to Think Twice Before Restaking Your Assets?
Links
EigenLayer
Unchained:
What Is Ethereum Restaking? A Beginner's Guide
ETHDenver’s 2024 Hackathon: Onchain Security, AI, and Gaming Fun Dominate the Winning Projects
A16z, Binance Labs Make Investments in EigenLayer Ecosystem
EigenDA Overview
Sreeram’s post on why “building on EigenLayer, therefore, doesn't negate the utility of an AVS token”
Points
DL News: Kelp DAO opens trading of the $340m EigenLayer airdrop market with KEP
CoinDesk: Omni Network Signs $600M Restaking Deal With Ether.Fi to Enhance Security

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1 hr 19 min
March 09, 2024 The Chopping Block: Meme Coin Frenzy, Decentralized AI, & Uniswap's Fee Strategy - Ep. 617
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the hot topics stirring the cryptocurrency world. Could Uniswap's fee switch revolutionize DeFi's economic model? What's the real potential of decentralized AI in blockchain, and how close are we to seeing its practical applications? And in the whirlwind of the crypto market, what makes meme coins like Jeo Boden not just viral, but influential? This episode offers a detailed analysis of Uniswap's strategic move to potentially activate fee switches, exploring its implications for liquidity providers and the broader DeFi landscape. We also navigate the promising yet challenging terrain of Crypto AI, dissecting decentralized inference and the feasibility of verifiable training. The phenomenon of meme coins, with a spotlight on Jeo Boden, is dissected for its impact on community engagement and market dynamics. Join us as we probe these intriguing questions, equipped with Robert Leshner's insights, to unravel the complexities of DeFi innovations, Crypto AI's frontier, and the unique ecosystem of meme coins. Tune in for an enlightening session that aims to demystify these trends and provide a clearer understanding of their role in shaping the future of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights
🔹 Uniswap's Fee Switch Debate: Unpacking the implications of Uniswap's potential fee switch activation and its impact on DeFi's revenue models.
🔹 The Intricacies of Crypto AI: Diving deep into the world of Crypto AI, focusing on decentralized inference and the hurdles of verifiable training.
🔹 Meme Coin Phenomenon: Analyzing the cultural and economic forces behind meme coins like Jeo Boden and their sway in the crypto community.
🔹 Regulatory Winds in Crypto: Discussing the changing regulatory landscape and what Uniswap's move might signal about the future of DeFi regulation.
🔹 Market Predictions and Speculations: Exploring expert predictions on Bitcoin and Ethereum's price movements and the factors driving market optimism.
🔹 Technological Developments and Security: Delving into the significance of memory-safe programming and the White House's surprising tech endorsement.
🔹 Attested Data in the Age of Synthetic Media: Examining the role of cryptographically signed data in ensuring content authenticity in the blockchain era.
🔹 Decentralized Platforms' Disruption Potential: Probing the capability of decentralized platforms to reshape traditional social media models.
🔹 The Economic Model of DeFi: Discussing the potential transformation in DeFi's economic landscape post-Uniswap's fee switch implementation.
🔹 Crypto Culture and Community Dynamics: Investigating the unique cultural aspects of the crypto community, especially around meme coins and their market influence.

Hosts
⭐️Haseeb Qureshi, Managing partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Robert Leshner, Founder of Compound

DisclosuresLinks
Bitcoin Is Hitting All-Time Highs Around the World (CoinDesk) https://www.coindesk.com/markets/2024/02/29/bitcoin-is-hitting-all-time-highs-around-the-world/

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1 hr 17 min
March 08, 2024How, in 7 Weeks, Bitcoin ETFs Reached Inflows That Took Gold ETFs 3 Years - Ep. 616
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
In this episode, Eric Balchunas, senior ETF Analyst at Bloomberg Intelligence, discussed the performance of Bitcoin ETFs since their launch two months ago.
Balchunas noted that the ETFs' performance exceeded his expectations, with a faster and more intense "second wind" than anticipated. He attributed this to a combination of asset managers buying in, retail interest, and the "ETF effect" where the knowledge of incoming flows encourages non-ETF investors to buy.
Balchunas also predicted that BlackRock's Bitcoin ETF would likely be the most successful of the nine new spot Bitcoin ETFs, while also doubting that any of the smaller issuers would bow out.
He also discussed the potential for spot Ether ETFs, but was less optimistic about their success compared to Bitcoin ETFs.
Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?
Show highlights:
Why the Bitcoin ETF performance in the past couple of weeks exceeded Eric's expectations
Whether Eric had ever seen the kind of hype around Bitcoin ETFs occur with other ETFs
How there has been a lot of retail interest in these past few weeks
Eric's insights into how bitcoin reached all-time highs again this week
Whether a good portion of the ETF volumes is sustainable and what's driving those large volumes
Whether it's safe to say that BlackRock is the winner among issuers
Whether the smaller issuers in terms of volume and AUM will close their ETFs
When options on Bitcoin ETFs will be approved
Whether in-kind redemptions will be allowed in the near future and the role of politics in that
Whether Grayscale will have to reduce its fees considering the huge outflows from GBTC
Why Eric believes that spot ether ETFs won't have as much demand as the bitcoin ETFs did
Reasons the SEC could use to reject spot ether ETFs
Whether issuers will rebalance their portfolios at the end of quarters
What Eric expects to see in terms of inflows by year’s end
Thank you to our sponsors!
iTrustCapital
Polkadot
Uniswap
Guest
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Recent coverage on Unchained of Bitcoin’s surge:
How the Bitcoins in Your ETF Get Sourced: The Real Story
Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
Miners Appear to Sell $69 Million Worth of Decade-Old Bitcoin
Bitcoin Hits New All-Time High Above $69,000, Presaging More Potential Gains
Previous coverage on the Unchained podcast of spot Bitcoin ETFs:
Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Eric’s tweet on $IBIT smashing $788m
Ethereum spot ETF:
BitMEX Blog: Ethereum ETFs & Staking
Eric’s tweet on ether ETFs
Unchained:
Why Spot Ether ETFs Likely Won’t Steal Bitcoin’s Thunder — Even if Staking Is Included
Spot Ether ETFs Could Introduce New Concentration Risk in Ethereum: S&P Global

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58 min
March 05, 2024The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets? - Ep. 615
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
In this episode of Unchained, Alex Pack, managing partner at Hack VC discusses the firm's recent $150 million fundraise, the challenges of raising capital in a bear market, and the firm's focus on early-stage Web3 infrastructure. He also shares his thoughts on the intersection of crypto and AI, the future of DeFi, and the importance of security in the crypto space. Pack believes that the current infrastructure of crypto is still in its early stages and needs significant improvement before it can reach mainstream adoption. He also sees potential in the development of more secure smart contracts and the integration of AI into decentralized applications.
Show highlights:
How Hack VC was able to raise $150 million in a bear market, especially after the blowups of FTX, 3AC, and Terra
Alex's interaction with SBF, whom he calls a "sociopath," and why he didn't invest in FTX
Hack VC's philosophy to "back hackers" in crypto
The goals behind Zuzalu, the new community that resembles Balaji Srinivasan's idea of a network state
What the main focus of Hack VC's investments are, including scalability, AI, and DeFi
Why Alex believes that "we are still so early"
How Alex believes crypto and artificial intelligence will intersect
The role of AI agents and how to use them in decentralized applications
Why he thinks that EigenLayer is a great solution for middleware applications
Alex's opinion on the modular vs. monolithic approach for scaling blockchains
How DeFi survived the last bear market, contrasted with the collapses of CeFi companies like Celsius, BlockFi and FTX
Whether algorithmic stablecoins can ever work and what Alex thinks of Ethena's USDe
How to improve security in crypto, according to Alex
Why the outcome of the Bitcoin ETFs exceeded Alex's expectations
What he believes the catalysts are for the next bull market
Thank you to our sponsors!
Polkadot
Guest:
Alex Pack, Managing partner at Hack VC
Previous appearances on Unchained:
Dragonfly Capital on Why Ethereum Is So Far in the Lead
‘The Last Big Whale’: Why the Crypto Contagion of 2022 Eventually Hit Genesis
Links
New fund
Bloomberg: Hack VC Raises $150 Million for Bets on Battered Crypto Industry
Hack VC Closes $150M Venture Fund I, Bringing AUM to $425M
Stablecoins:
Unchained:
What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide
What Is Terra and Why Did It Fail?
Why It's so Hard to Keep Stablecoins Stable
What Is Depegging in Crypto and Why Does It Occur?
What Is Real-World Asset (RWA) Tokenization? A Beginner's Guide
EigenLayer ecosystem
Unchained: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol
The Block: AltLayer closes $14.4 million strategic round co-led by Polychain and Hack VC
Modular vs. monolithic approach
Unchained:
What Are Modular Blockchains? A Beginner's Guide
Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate
Crypto x AI crossover
io.net and Ritual Collaborate to Boost Global AI Compute Landscape
Ritual x EigenLayer: Restaking for AI
Unchained: 5 Use Cases of AI in Blockchain
Zuzalu
Decrypt: I Spent a Month Inside Vitalik Buterin’s Social Experiment—Here’s What It Was Really Like

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1 hr 8 min
March 01, 2024Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access - Ep. 614
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
After a week in which Bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of ETF inflows in Bitcoin's recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market's future trajectory.
Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing Bitcoin's valuation. He also delves into the implications of major financial institutions like Merrill and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an "altcoin season" and shares his price predictions for Bitcoin by the end of the year.
Learn more: Bitcoin ETFs Explained: What Are They & How Do They Work?
Show highlights:
The main drivers for Bitcoin's recent surge, according to Alex
Whether long-term Bitcoin holders are selling due to the recent surge in price
What the MVRV (market value to realized value) Z-score is and how Alex uses this metric to assess the Bitcoin market
Why Alex believes this period in Bitcoin's history is distinct
What the implications of Merrill and Wells Fargo offering Bitcoin ETFs to their customers are, and how this expands Bitcoin's institutional appeal
How the upcoming halving could affect the price, especially since Bitcoin is already closer to all-time highs than previous times ahead of the halving
Why Alex thinks this might be the first time that highs in bitcoin and ether do not lead to an "altcoin season"
Alex's price prediction for Bitcoin by the end of the year
Thank you to our sponsors!
Uniswap
iTrustCapital
Polkadot
Guest
Alex Thorn, Head of Firmwide Research at Galaxy
Previous appearance on Unchained: How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Links
Recent coverage on Unchained of Bitcoin’s surge:
Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
Bitcoin Watchers React to BTC Returning to the $60,000 Mark
Coinbase App Crashes Amid Bitcoin’s Massive Rally
Bitcoin Price Surges Past $61,000
Others:
The Block: JPMorgan says bitcoin price could drop towards $42,000 after April halving
Bloomberg: BofA’s Merrill, Wells Fargo Offer Bitcoin ETFs to Wealth Clients
Previous coverage on Unchained of spot Bitcoin ETFs:
Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Will a Spot Bitcoin ETF Finally Get Approved?
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection

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48 min
February 27, 2024Famed White Hat Hacker Samczsun on How to Improve Crypto Security - Ep. 613
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Well-known white hat hacker and head of security at Paradigm samczsun recently took the wraps off a new security organization called the Security Alliance (SEAL) that offers a 911 hotline for immediate response to security threats, runs war games to simulate potential security incidents, and provides a safe harbor agreement to protect white hat hackers from legal liabilities.
He joined Unchained to discuss why he and his fellow white hat hackers decided to start the Security Alliance and how it operates, how the safe harbor agreement works, the measures he takes to maintain his anonymity and why, the top security measures people in crypto should take to protect themselves, and what attack areas in crypto Sam still considers “scary.”
Show highlights:
How samczsun got into white hat hacking
The most memorable saves and rescues sam was able to perform
Whether there's a reason why sam is so good at noticing bugs in crypto
The origin of his samczsun handle
What the Security Alliance is and why it was formed
How SEAL would approach a bug or a hack
Whether black hat hackers are trying to exploit open groups
Why the work in the group is volunteered, not paid, and whether that's sustainable
How the SEAL War Games help in training on how to respond to an incident in Web3
What the Safe Harbor Agreement is and what it aims to accomplish for white hat hackers
How sam protects his identity and whether his coworkers know what he looks like
The top security measures people working in crypto should take
How projects should approach the audit for their smart contracts given it's an expensive endeavor
What attack vectors still scare sam
What is ‘White Hat Hacking’?
White hat hacking, often referred to as ethical hacking, is a cybersecurity practice where skilled computer experts use their knowledge for good, employing the same methods as malicious hackers (black hat hackers) but with a significant difference: they do so with permission and for a constructive purpose. These ethical hackers identify vulnerabilities in computer systems, networks, or applications before malicious attackers can exploit them. By detecting and resolving these security weaknesses, white hat hackers help organizations strengthen their defenses against cyber threats.
Thank you to our sponsors!
Popcorn Network
Polkadot
Guest:
Samczsun, CEO of Security Alliance (SEAL) and Head of Security at Paradigm
Previous appearances on Unchained: The Chopping Block: Top White Hat Hacker Samczsun Discusses the State of Crypto Security
Links
Introducing the Security Alliance
Bloomberg: Paradigm’s Famed ‘White-Hat’ Hacker Unites Peers Against Crypto Attacks,
White Hat Safe Harbor [Github]
Chainalysis: Funds Stolen from Crypto Platforms Fall More Than 50% in 2023, but Hacking Remains a Significant Threat as Number of Incidents Rises
sam’s tweet on security practices
Halborn: Explained: The Nomad Hack (August 2022)

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1 hr 1 min
February 23, 2024Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again - Ep. 612
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Fifteen years after the birth of Bitcoin, the network is now entering an era of remarkable innovation and change, according to Stacks' co-creator Muneeb Ali.
On this episode of Unchained recorded at the Bitcoin Builders conference, Muneeb explores the complexities and advancements within Bitcoin's Layer 1 and Layer 2. He shares his perspectives on what's fueling innovation in Bitcoin's Layer 1 and discusses the implications of Ordinal Inscriptions amid criticism of it by core developers.
He delves into the various scaling solutions within Bitcoin, highlighting how trust assumptions vary among them, and how BitVM could be a 'game changer'. He goes over the advantages of integrating smart contracts on Bitcoin, and why he considers BTC the only true form of monetary asset.
Show highlights:
What's driving innovation in Bitcoin’s L1
How Muneeb feels about Ordinals Inscriptions in Bitcoin, considering the criticism from some core developers
How, in the recent years, research and development in crypto happened outside of Bitcoin, and how that's changing now, according to Muneeb
The different types of scaling solutions in Bitcoin and how the trust assumptions differ in each of them
Why he feels like BitVM is a 'game changer' and what it enables
What the Nakamoto upgrade is on Stacks
The advantages of having smart contracts on Bitcoin, according to Muneeb
Why he says that BTC is the only asset that is money
The challenges to having privacy in Bitcoin
Thank you to our sponsors!
Popcorn Network
iTrustCapital
Polkadot
Guest
Muneeb Ali, co-creator of Stacks
Previous appearances on Unchained:
Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - NFT Crypto
Blockstack On Getting Independence From Google, Facebook And Amazon
Links
Recent news:
Unchained:
Stacks, a Bitcoin Layer 2 Protocol, Sees All-Time High in Total Value Locked
A New Era for Bitcoin Is Here, Whether Bitcoin Maximalists Like It Or Not
Bitcoin Passes the $1 Trillion Market Cap Mark; All Cryptos Combined Reach $2 Trillion
Bitcoin L2s:
Unchained:
Are Layer 2s on Bitcoin Having a Moment?
How Botanix Aims to Enable Smart Contracts on Bitcoin
An Ethereum-Like Experience Built on Bitcoin?
Learn more:
What Are Opcodes in Bitcoin? A Beginner's Guide
What Are BRC-20 Tokens?
What Are ORC-20 Tokens?
How to Create a Bitcoin Ordinal

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47 min
February 22, 2024The Chopping Block: Starknet's Airdrop, Founder Challenges, and Ethena's Mainnet - Ep. 611
Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This week the boys dive deep into Starknet's airdrop controversies, the psychological toll of internet backlash on founders, and the groundbreaking Ethena project inspired by Arthur Hayes. This episode questions the effectiveness of airdrop strategies in user engagement, the resilience founders must muster against online criticism, and Ethena's potential to revolutionize crypto finance with its tokenized cash and carry trade. We also tackle the security threats on platforms like GitHub, the balance between egalitarian distribution versus market dynamics, and the transparency required in token economics. What legal challenges arise from token vesting schedules, and how does Ethena innovate in crypto finance inspired by traditional models? Join us for an insightful exploration of these critical topics, aiming to enrich our understanding of cryptocurrency airdrops, founder resilience, and Ethena's ambitious financial mechanisms within the evolving cryptocurrency ecosystem.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Show Highlights
🔹 Starknet Airdrop Controversy: Exploring the backlash and debates over its distribution mechanics.
🔹 The Psychology of Founders Facing Internet Critique: Discussing the impact of public scrutiny on creators.
🔹 Innovation in Airdrop Strategies: Highlighting the need for creativity to engage and retain users.
🔹 GitHub and Security Risks: Addressing the increase in phishing attacks and noise on developer platforms.
🔹 Efficacy of Airdrops in User Engagement: Evaluating how airdrops influence community involvement and loyalty.
🔹 Egalitarianism vs. Market Dynamics: Debating the balance between fair distribution and economic incentives.
🔹 The Complexities of Vesting Periods: Unpacking the discussions around token unlock schedules.
🔹 Legal Nuances of Crypto Vesting: Exploring the regulatory implications and challenges.
🔹 Transparency in Token Economics: The importance of clear policies for investor confidence.
🔹 The Inspiration Behind Ethena: Tracing the origins and motivations for its creation.
🔹 Cash and Carry Trade Basics: Simplifying the concept and its significance in crypto finance.
🔹 Analyzing Ethena’s Yield Mechanisms: Delving into the strategies and risks of yield generation.
🔹 Risk Mitigation in Ethena’s Protocol: Investigating novel approaches to safeguarding assets.
🔹 The Potential Ripple Effects of Ethena: Speculating on the impact of layered financial products.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Robert Leshner, Founder of Compound

DisclosuresLinks
“Is the Short Team Lockup for STRK ‘Misaligned’? No, Says Starkware CEO - Ep. 609”: https://youtu.be/0D0Qyw9TeoY
The Uniswap Airdrop - Lessons for the Industry by jhackworth: https://dune.com/blog/uni-airdrop-analysis
“Dust on Crust” by Arthur Hayes: https://ehandbook.com/dust-on-crust-300d4b5cf3ec

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1 hr 6 min
February 20, 2024Why the Celestia Team Sees a Future With 10,000 Roll-Ups - Ep. 610
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Celestia, a data availability layer for blockchains, was launched last October to much fanfare. The platform takes a modular approach to blockchains, allowing developers to post data onto it without the need for smart contracts or execution. This makes it extremely useful for scaling roll-ups and other layer two technologies.
Celestia co-founder Mustafa Al-Bassam and COO Nick White join Unchained to discuss what Celestia is and how it works, how data availability sampling allows for more scalability, how Celestia compares with other data availability layers, whether Celestia could become a data availability layer for Bitcoin, and comparisons between Celestia and Solana.
Show highlights:
Mustafa’s background and how his project called Lazy Ledger ended up becoming Celestia
Nick’s vision for modular blockchains
Why Mustafa believes in the “10,000 roll-up” endgame
Why Mustafa thinks that gaming and NFT chains work better on a modular blockchain
What Celestia is and how it resembles the publication of an article in a newspaper
What data availability sampling (DAS) is and how it works to ensure that the data is available and accurate for validators
How DAS allows for more scalability
What types of applications can be built with this type of modular architecture
Mustafa’s explanation of the concept of Blob stream and blob space
How a roll-up can be an independent or sovereign layer, not just a layer 2 to a layer 1
How Celestia competes with other DA layers, like the future EigenDA
The role of the TIA token in the Celestia ecosystem
How Mufasa hacked the CIA when he was 16 years old and how he transitioned into crypto
Whether Celestia could become a DA layer for Bitcoin layer 2 roll-ups
Whether Solana could end up becoming an Ethereum layer 2 using Celestia for data availability
The proposal to extend the functionality of Celestia without smart contracts in the base layer
Thank you to our sponsors!
Popcorn Network
Polkadot
Guests:
Nick White, COO at Celestia Labs
Previous appearances on Unchained: Three Crypto Pioneers on Crypto’s Monolithic vs. Modular Debate
Mustafa Al-Bassam, cofounder and CEO at Celestia Labs
Links
Modular vs. monolithic
Alchemy: Modular vs. Monolithic Blockchains
Visa: Monolithic vs. modular blockchain
Chris Burniske’s tweet on modular vs monolithic
“The horrific inefficiencies of monolithic blockchains” by polynya
Blockworks: A spicy salvo launched in the monolithic vs modular debate
Unchained: What Is the Blockchain Trilemma?
Celestia
Celestia’s explanation of modular blockchains
Data availability
Data availability sampling
An introduction to sovereign roll-ups

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1 hr 13 min
February 16, 2024Is the Short Team Lockup for STRK ‘Misaligned’? No, Says Starkware CEO - Ep. 609
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Starknet made news this week for announcing what will be the largest initial airdrop by number of eligible addresses ever. But it faced heavy criticism online for many of the details of the airdrop, from the fact that Ethereum solo takers received almost 22% of the distribution to eligibility requirements that users held at least 0.005 ETH in their wallets as of Nov. 15, 2023 to the fact that the token generation event took place almost two years before the unlock date.
Starkware CEO Eli Ben-Sasson joined Unchained to respond to the multiple critiques of the airdrop and discuss why he and the Starknet Foundation decided on the details that they did.
Show highlights:
What the airdrop criteria was and why they decided to make it that way
Why they allocated so much $STRK to Ethereum solo stakers
Eli’s response to the criticism about how little Starknet network participants got in the airdrop
Why the STRK Token Generation Event (TGE) was done in 2022, only to be airdropped two years later
Why Eli believes that even if the unlock of tokens is in two months, it does not indicate misalignment of incentives
Whether Eli will sell his tokens when they become unvested
Thank you to our sponsors!
Popcorn Network
iTrustCapital
Polkadot
Guest
Eli Ben-Sasson, CEO of StarkwareLinks
Recent coverage of Unchained on airdrops: Jupiter Founder Meow to Critics of JUP Airdrop: ‘Give Me a Break’
Unchained:
Starknet’s Airdrop Plan Sparks Some Praise but Also Outrage
Starknet’s First Token Distribution Will Be Available to Nearly 1.3 Million Addresses
The Defiant: Starknet Faces Backlash Over Airdrop and Team Unlocks
Loomdart’s tweet on the TGE
Learn more:
Do You Have to Pay Taxes on a Crypto Airdrop?
What Is a Crypto Airdrop? A Beginner's Guide

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45 min

About Unchained

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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura…

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Unchained

Unchained episodes

About Unchained