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Unchained episodes
- With the Merge, Will Ethereum Take Over Bitcoin’s Title as Digital Gold? - Ep. 389
Travis Kling, Chief Investment Officer at Ikigai Asset Management, talks about how ETH changes after the Merge, what factors are going to affect its price action, and whether it can decouple from traditional assets.
Show highlights:- how the supply and demand dynamics of ETH will change after the Merge
- why he believes the Merge is the most significant catalyst in crypto history
- what the risks are in terms of price action
- whether there is an estimate of how much ETH will be locked up and how this lockup resembles Mt. Gox’s BTC
- the impact that being a deflationary asset will have on the price of ETH and whether it will actually become deflationary after the Merge
- how activity levels have been decreasing in the Ethereum network
- whether ether is underpriced or overpriced, and how to evaluate it
- how institutional money is sitting on the sidelines at the moment after all the de-leveraging events that happened this year
- how the Merge affects BTC’s narrative and value-proposition
- how institutions have never been more interested in ether
- what the futures market is saying about the price action of ether
- whether ETHPoW has any value and how to trade it
- how macroeconomics has been impacting the crypto markets and whether ETH can decouple from the macro setups
1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Messari: https://mainnet.events/
TravisTwitter: https://twitter.com/Travis_Kling
ETH Post-Merge ETH Dynamics:- Ultra sound money dashboards: https://ultrasound.money/
- Dune dashboards on the Merge: https://twitter.com/DuneAnalytics/status/1562021273575751680?s=20&t=HELDvcJ6gI3Z5RmVsGHdiA
- Cumberland on the Ethereum dynamics after the Merge: https://res.cloudinary.com/drw/image/upload/v1661351279/comm-cumberland/uploads/The_Ethereum_Merge_-_Derivative_Market_Opportunities_Changes_to_SupplyDemand_Dynamics_1_zwearq.pdf
- Miles Suter on the implications of the Merge: https://twitter.com/milessuter/status/1560070819518234624?s=20&t=qjolzcydMY_nTU__vZNciQ
- Robert Leshner on the Ethereum Merge: https://twitter.com/rleshner/status/1559727104903757826?s=20&t=cKkI7b_Hj7dDe0DKmgP13g
- The triple point asset: https://newsletter.banklesshq.com/p/ether-a-new-model-for-money
- Previous coverage of Unchained:
- Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake: https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/
- Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge: https://unchainedpodcast.com/why-kevin-zhou-believes-ethereum-will-have-3-forks-after-the-merge-ep-381/
- Why Ethereum’s Merge Was Delayed and Why It Won’t Reduce Gas Fees Much: https://unchainedpodcast.com/why-ethereums-merge-was-delayed-and-why-it-wont-reduce-gas-fees-much/
ETH Trade- Whether Ethereum’s Merge is priced in: https://www.coindesk.com/layer2/2022/08/22/is-ethereums-merge-priced-in/
- Arthur Hayes on the ETH trade: https://blog.bitmex.com/eth-flexive/
- ETH flips Bitcoin open interest: https://www.coindesk.com/markets/2022/08/01/ether-flips-bitcoin-in-options-market-for-the-first-time/
- “Max bidding” by Arthur Hayes: https://cryptohayes.medium.com/max-bidding-7a1c56c1cd07
- Gauntlet’s view on the Merge: https://medium.com/gauntlet-networks/gauntlets-view-on-the-merge-7c79e39e4b59
Macroeconomics- Arthur Hayes on USD liquidity conditions and how it affects assets:https://cryptohayes.medium.com/teach-me-daddy-33e7a66dfe76
- Adam Cochran on the Fed’s QT: https://twitter.com/adamscochran/status/1562077260819173378?s=20&t=Jh2DRYu-nr2mRg_4kJEFqA
- Pantera Capital’s newsletter: https://panteracapital.com/blockchain-letter/ethereum-tightening-more-than-fed/
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39 min - Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate - Ep. 388
Stephane Gosselin, cofounder and chief architect of Flashbots, and Uri Klarman, CEO of bloXrouteLabs, joined Unchained to discuss everything about MEV, an especially important topic now with the Merge coming.
Show highlights:
- what MEV is, how it works under Proof of Work
- some examples of MEV, like frontrunning and arbitrage
- how MEV is a rabbit hole full of monsters
- the role of Flashbots in the MEV industry and how Flashbots enabled a reduction of gas fees for users
- how MEV-geth functions and how it relates to auctions systems
- how bloXroute, Uri’s company, is working with MEV
- where Stephane and Uri disagree on MEV, despite agreeing on many fundamental things
- how MEV changes with the implementation of Proof of Stake
- what MEV-Boost is and the problems it solves
- what proposer-builder separation is and the motivation behind this idea
- whether DeFi would flourish more if there wasn’t frontrunning and why MEV-Boost doesn’t prevent it
- what externalities MEV-Boost or proposer-builder separation (PBS) would solve for users
- how MEV exists in other industries and in traditional finance
- why Flashbots’ own investors would rather trade on a fair-sequenced rollup than on Flashbots
- how the number of MEV extractors has been decreasing and whether this would end up centralizing MEV
- whether exploiting certain types of MEV is illegal
- how other chains are trying to solve frontrunning, like Osmosis with threshold encryption
- what are the levers that can be pulled to solve MEV, according to Uri
- how eradicating MEV can positively affect the price of ETH, and by how much
- whether validators can potentially share MEV profits with users
- how to determine if a network has a good MEV supply chain
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
a16z: https://link.chtbl.com/HObAJQDL?sid=unchained
Show Links
Uri:- Twitter: https://twitter.com/uriklarman
Stephane:- Twitter: https://twitter.com/thegostep
Previous coverage of MEV on Unchained:- The Debate Over Ethereum MEV: Should It Be Minimized or Boosted?: https://laurashin.bulletin.com/the-debate-over-ethereum-mev-should-it-be-minimized-or-boosted
- The Other Side(s) of Ethereum's MEV Argument: https://laurashin.bulletin.com/the-other-side-s-of-ethereum-s-mev-argument
MEV- What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block
- Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation
- Uri’s blog post: https://medium.com/@uri_61495/flipping-the-table-on-the-mev-game-dc31df8baaf7
- MEV Profit sharing validators: https://www.recvc.com/mev-2-0-the-rise-of-mpsvs/
- Panel conversation mentioned in the episode (39:53): https://youtu.be/UKfBFV1TuEM?t=2393
- Sealed auction design: https://ethresear.ch/t/mev-sgx-a-sealed-bid-mev-auction-design/9677
- Priority Gas Auction (PGA): https://www.mev.wiki/terms-and-concepts/priority-gas-auctions#:~:text=What%20is%20a%20priority%20gas,up%20fees%20for%20other%20users.
- Dune’s dashboard - amount of MEV extractors: https://dune.com/queries/1171509
- The MEV Game of the Crypto Economy: Osmosis' Threshold Encryption vs. SGX of Flashbot?: https://mirror.xyz/infinet.eth/SFjR1H1-RMnKoIoPjqkxpauVPrLYGqLHQP1dY9FHvx4
- Bank of International Settlements report on MEV: https://www.bis.org/publ/bisbull58.pdf
Flashbots- Flash Boys 2.0 paper: https://arxiv.org/pdf/1904.05234.pdf
- Flashbots Dashboard: https://dashboard.flashbots.net/
- Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview
- Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg
- MEV Boost: https://www.alchemy.com/overviews/mev-boost
- MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing
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1 hr 17 min - Is TRM Labs Blocking Addresses From DeFi Protocols? Ari Redbord Says No - Ep.387
Ari Redbord, Head of Legal and Government Affairs at TRM Labs, talks about the sanctions on Tornado Cash, and the role of blockchain analytics tools in crypto.
Show highlights:
- Ari’s background as a federal prosecutor and his work for the US Treasury
- why regulators sanctioned Tornado Cash, according to Ari
- why the Ronin hack was important for regulators to start taking DeFi hacks more seriously
- the fact that for the first time the Treasury Department sanctioned software
- whether the Office of Foreign Assets Control (OFAC) messed up
- whether regulators understood the impact on regular users
- the role of TRM and blockchain analytics tools in mitigating risk
- how decentralized applications use tools like the ones provided by TRM to comply with regulations and to block addresses
- why, if Ari were a regulator, he would focus on regulation guidance
- whether the sanctions on Tornado Cash are unconstitutional
- what the future of privacy in crypto looks like and whether the government is going after privacy technologies
Thank you to our sponsors!
1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ari
Twitter: https://twitter.com/ARedbord
Tornado Cash
- Treasury Press release:
- https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019
- Tornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/
- Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/
- TRM Labs blog post:
- https://www.trmlabs.com/post/how-defi-platforms-are-using-data-from-trm-labs-to-respond-to-tornado-cash-sanctions
- Tornado Cash post on compliance: https://tornado-cash.medium.com/tornado-cash-compliance-9abbf254a370
- Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/
- Second Coin Center article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/
- Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court
- Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
- Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/
- The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/
- What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/
- Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/
- Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul
- Previous Coverage of Unchained:
- Tornado Cash Sanctioned. Did the Government Overstep Its Bounds?: https://unchainedpodcast.com/tornado-cash-sanctioned-did-the-government-overstep-its-bounds-ep-384/
- The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?: https://unchainedpodcast.com/the-chopping-block-did-ofac-overstep-by-sanctioning-tornado-cash-ep-386/
** For more episode links and details visit the Unchained website **
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39 min - The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? - Ep. 386
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. In this episode, Laura Shin, host of Unchained and author of The Cryptopians, also joined the conversation.
Show topics:
- What Tornado Cash is and why it got sanctioned by the OFAC
- The difference between Tornado Cash and blender.io
- Whether privacy is dead as a category and whether regulators are going after it
- How these sanctions have a negative impact on the funding of privacy projects
- How people within the industry can have different points of view, even when they understand the technology
- Whether the ban of Tornado Cash only means that malicious groups will just go and use other protocols
- Why regulation by enforcement sucks
- The asymmetry between the government’s sanction and the effort needed to push it back.
- What changes after the Merge for ETH in terms of centralization
- Whether some MEV solutions make Ethereum more centralized
- Why MEV is intrinsic to blockchains and whether it is impossible to get rid of it
- Why Proposer-Builder Separation is helpful for the network
- Whether MEV is illegal and the plausibility of major exchanges not extracting MEV
- Why Facebook has an MEV extraction business model, according to Tarun
- How some NFT exchanges are not enforcing royalties
- What Sudoswap is and how it works
- How the royalties were there to bootstrap the supply side of NFTs
- Why Tarun thinks music NFTs will never happen
- The economic reasoning around royalties
- The differences between NFT marketplaces like OpenSea and Magic Eden
- Whether NFTs have a real-world use
- How Dragonfly’s acquisition of Metastable brought Laura some old memories
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
- https://twitter.com/tomhschmidt
- Tarun Chitra, managing partner at Robot Ventures
https://twitter.com/tarunchitraLaura
- Twitter: https://twitter.com/laurashin
Episode Links
Tornado Cash
Treasury Press release:
https://home.treasury.gov/news/press-releases/jy0916#:~:text=WASHINGTON%20%E2%80%93%20Today%2C%20the%20U.S.%20Department,since%20its%20creation%20in%202019
Developer arrested: https://www.fiod.nl/arrest-of-suspected-developer-of-tornado-cash/
Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/
Second Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/analysis-what-is-and-what-is-not-a-sanctionable-entity-in-the-tornado-cash-case/
Coin Center may challenge the US Treasury's decision to sanction Tornado Cash: https://decrypt.co/107475/coin-center-tornado-cash-ban-court
Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/
The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/
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1 hr 19 min - Coinbase CPO Surojit Chatterjee Explains Why He Believes the Exchange Will Win- Ep. 385
Surojit Chatterjee, chief product officer at Coinbase, comes to talk about what products Coinbase is building, how it can thrive in such a competitive landscape, how to onboard billions of users into crypto, and much more.
Show highlights:
- how Surojit got into crypto and ended up at Coinbase
- what sets Coinbase apart from the competition
- how to bring billions of customers to crypto
- Surojit’s mental model of a bridge between the fiat world and the crypto world
- how Coinbase is integrating its main app with Web3
- whether crypto can become a utility rather than an investment asset
- how Coinbase is building a product in such a way that it attracts even “crypto-native” people
- what happened with Coinbase NFT Marketplace’s failure and whether the company will keep investing in NFTs
- whether Coinbase has lost crypto-embedded people among its employees
- how the partnership with BlackRock indicates how far crypto has come
- the amount of money that institutions could potentially pour into crypto
- how Coinbase will prevent itself from having the largest percentage of staked ETH
- how the company is monetizing the Coinbase wallet and what would happen to revenue if the trading volume were to move from the exchange to Coinbase wallet swaps
- why Coinbase is suffering a decline in trading volume
- whether Coinbase can compete with newer exchanges like FTX and Binance and why Surojit still thinks Coinbase will win
- why it is important to keep investing and building through this crypto winter
- Surojit’s take on the frontrunning of coins about to be listed on the platform
- why the Howey test (which determines whether something is a security) is outdated
- how Coinbase understands securities, and whether the firm thinks the tokens listed on the platform are securities
- how can Coinbase compete with decentralized exchanges like Uniswap
- why Surojit is worried about regulatory clarity and stablecoins
- how hacks and security give the crypto industry a bad reputation
- what Surojit’s dreams are for the industry
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Show Links
Surojit:
- Twitter: https://twitter.com/surojit
Coinbase Q2 2022 Earnings:
- Shareholder letter: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q2/v2/Q2-2022-Shareholder-Letter.pdf
- Summary: https://twitter.com/fintechintern/status/1557130836574539776?s=20&t=R-oDUTEaev-F8bPonC2q5Q
- Earnings call: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q2/Coinbase-Q2%2722-Earnings-Call-Transcript.pdf
NFT Marketplace:
- Coinbase NFT launch: https://decrypt.co/99561/coinbase-nft-marketplace-150-users-first-day-public
- NFT Market data: https://dune.com/Marcov/0x-NFT-Market
- Gamestop NFT stats: https://dune.com/dataisking420/gamestopnft-stats
- Gamestop’s performance against Coinbase: https://decrypt.co/105069/gamestop-ethereum-nft-sales-dwarf-coinbase-nft
Partnerships
- BlackRock:
- https://www.coindesk.com/business/2022/03/24/blackrocks-fink-says-ukraine-war-could-accelerate-crypto-adoption-report/
- https://blog.coinbase.com/coinbase-selected-by-blackrock-provide-aladdin-clients-access-to-crypto-trading-and-custody-via-b9e7144f313d
- https://www.coindesk.com/markets/2021/07/14/blackrock-ceo-larry-fink-seeing-very-little-demand-for-crypto-lately/
- Integration with META: https://www.coindesk.com/business/2022/08/04/meta-confirms-nft-rollout-across-100-countries-amid-coinbase-integration/
** For more episode links and details visit the Unchained website **
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1 hr 11 min - Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? - Ep. 384
Jerry Brito, executive director of Coin Center, talks about Tornado Cash, why it was sanctioned, and what this means for privacy in crypto.
Show highlights:- what Blender.io is and how it relates to Tornado Cash
- how hackers have used Tornado Cash to launder money
- whether the Office of Foreign Assets Control made a mistake, according to Jerry
- how Americans were affected by the sanctions
- why Jerry believes OFAC should have done an analysis to estimate how many people would be impacted by its decision
- whether the sanctions should have been aimed at North Koren wallets and not the protocol
- whether the sanctions are unconstitutional and whether Coin Center will litigate this
- how Jerry believes Circle freezing USDC complicated everything
- what the famous people who received 0.1 ETH from random accounts via Tornado Cash should do
- what would happen if someone forked the Tornado Cash code and deployed a copycat smart contract to a new address
- whether the sanctions signal the beginning of a privacy war on crypto
- how regulators are applying the same traditional rules with crypto as they use with centralized entities
Thank you to our sponsors!1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
JerryTwitter: https://twitter.com/jerrybrito
Tornado CashTornado Cash Sanctioned: https://www.coindesk.com/policy/2022/08/08/crypto-mixing-service-tornado-cash-blacklisted-by-us-treasury/
Coin Center’s article authored by Jerry Brito and Peter Van Valkenburgh: https://www.coincenter.org/u-s-treasury-sanction-of-privacy-tools-places-sweeping-restrictions-on-all-americans/
Circle freezes USDC in sanctioned wallets: https://www.theblock.co/post/162172/circle-freezes-usdc-funds-in-tornado-cashs-us-treasury-sanctioned-wallets
Crypto exchange dYdX blocked accounts that received funds from Tornado Cash: https://www.coindesk.com/business/2022/08/11/crypto-exchange-dydx-blocked-accounts-that-received-even-small-amounts-from-tornado-cash/
The possibility of forking Tornado Cash: https://www.coindesk.com/tech/2022/08/10/cloning-tornado-cash-would-be-easy-but-risky/
What the sanctions mean for privacy coins: https://www.coindesk.com/layer2/2022/08/09/what-the-tornado-cash-sanction-means-for-privacy-coins/
Tornado Cash laundered $1.5 billion, according to Elliptic: https://hub.elliptic.co/analysis/tornado-cash-mixer-sanctioned-after-laundering-over-1-5-billion/
Celebrities get Dusted: https://decrypt.co/es/107090/tornado-cash-dusts-public-wallets-jimmy-fallon-brian-armstrong-steve-aoki-logan-paul
Hacks linked to Tornado Cash
Ronin: https://www.cnbc.com/2022/04/15/ronin-hack-north-korea-linked-to-615-million-crypto-heist-us-says.html
Harmony: https://decrypt.co/104138/north-korean-attackers-behind-100m-harmony-hack-report
Crypto.com: https://www.wired.com/story/crypto-hack-nso-group-security-news/
Nomad: https://decrypt.co/106459/crypto-bridge-nomad-exploited-190m-frenzied-free-for-all
Previous Coverage of Unchained: Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks?: https://unchainedpodcast.com/will-the-nomad-mass-looting-change-how-law-enforcement-treats-defi-hacks-ep-382/
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38 min - The Chopping Block: How to Manage MakerDAO, With Hasu and Rune - Ep. 383
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news in the digital asset industry. In this episode, Hasu, the gourmand of governance and Rune Christensen, chief mischief maker at MKR, discuss how to manage a DAO, their respective visions for MakerDAO, and much more.
Show topics:
- What MakerDAO is, how DAI works and whether it is the “central bank” of DeFi
- How the visions for MakerDAO of Hasu and Rune differ
- Whether Maker should only hold highly liquid collateral assets
- Hasu’s mental model of DAI as eurodollars
- The role of real-world assets in backing DAI
- What the purpose of a DAO is and how it differs from a legal entity
- Whether people behave in their purest form within a DAO
- How DAI can create positive externalities and make a better world
- How crypto holders are not only in it for the money but also for the philosophy
- What the “decentralized stablecoin trilemma” is
- Whether there’s a need for dollar-denominated collateral for DAI to work
- What “clean money” is according to Rune
- Why Rune thinks having a single council is not viable due to the political risks and whether the solution is to have multiple councils
- How to keep the principal-agent problem in check, according to Hasu
- Why Hasu believes council members wouldn’t pursue their own interests and go against the benefit of MKR token holders
- Whether a council would be corruptible and the dangers that it entails
- What kind of interests should be represented in the council
- Whether Maker can create more synthetic assets
- The iron law bureaucracy and how it relates to governance
- How to design the DAO to be steered in alignment with the token holders
- Whether ossification is a feature to be pursued, and where innovation happens
- How complexity is very expensive for an organization
Hosts
- Haseeb Qureshi, managing partner at Dragonfly Capital
- https://twitter.com/hosseeb
- Tom Schmidt, general partner at Dragonfly Capital
- https://twitter.com/tomhschmidt
- Robert Leshner, founder of Compound
https://twitter.com/rleshnerHasu
- Twitter: https://twitter.com/hasufl
Rune Christensen
- Twitter: https://twitter.com/RuneKek
Episode Links
MakerDAO
- Hasu’s governance proposal: https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials
- Rune’s proposal - the endgame: https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456
- Proposal to add a lending oversight core unit: https://forum.makerdao.com/t/mip39c2-sp33-adding-lending-oversight-core-unit-love-001/15098
- Previous Coverage of Unchained:
Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/The Rise of MakerDAO: A Personal Journey: https://unchainedpodcast.com/the-rise-of-makerdao-a-personal-journey/Real World Assets:
- Huntingdon Valley Bank (“HVB”) proposal: https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-rwa-collateral-onboarding-risk-assessment/15828
- $500 million allocation proposal: https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922
The stablecoin trilemma: https://fluid.ch/stablecoin-trilemma/#:~:text=A%20deeper%20dive%20into%20the,decide%20on%20the%20stablecoin%20supply.
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1 hr 13 min - Will the Nomad Mass Looting Change How Law Enforcement Treats DeFi Hacks? - Ep. 382
Layne Haber, Co-founder of Connext Network, discusses the Nomad bridge hack, how it happened, and what can be done to prevent these exploits.
Show highlights:- what Nomad is and how it works
- how the hack occurred and what the vulnerability was
- how much TVL the protocol had and how much of it was drained
- why the Nomad hack was unique
- how this exploit resembled the DAO hack on Ethereum
- the bounty program that Nomad offered and how hackers responded to it
- how Nomad is working with law enforcement, and the reasons why law enforcement has decided to get involved
- how Nomad has partnered with TRM Labs to help with tracking the hackers
- whether privacy developments in the crypto ecosystem will make it harder for law enforcement to track down hackers
- why cross-chain hacks happen so often
- what Layne thinks can be done to improve bridge security
- what mechanism can be implemented to prevent errors that enable these types of mass looting
- what Layne expects to see in the next few weeks around the Nomad exploit
Thank you to our sponsors!Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisl.ink/3Bo612R
EPISODE LINKS
Layne- Twitter: https://twitter.com/LayneHaber
Nomad Hack:- https://www.theblock.co/post/160731/nomad-cross-chain-crypto-bridge-suffers-possible-exploit
- Sam Sun explaining the hack: https://twitter.com/samczsun/status/1554252024723546112?s=20&t=SHIZQRqJ00mmuZVXFKXuZg
- Nomad’s bounty program: https://twitter.com/nomadxyz_/status/1555293965049630722?s=20&t=RxH5UuWbBXiRLqu5gHDNyg
- Pranay Mohan’s thread: https://twitter.com/pranaymohan/status/1556402131325915137?s=20&t=RxH5UuWbBXiRLqu5gHDNyg
- $36 million recovered: https://twitter.com/nomadxyz_/status/1556681397993058304?s=20&t=makkX3SX1ezAXQSd6fdZYA
Cross-chain security:- Chainalysis article: https://blog.chainalysis.com/reports/cross-chain-bridge-hacks-2022/
- Adam Cochran on crypto bridges: https://twitter.com/adamscochran/status/1554473323073093634?s=20&t=8YFw6sPEGfjvh12q8w7p-Q
- Vitalik’s take on cross-chain applications: https://old.reddit.com/r/ethereum/comments/rwojtk/ama_we_are_the_efs_research_team_pt_7_07_january/hrngyk8/
- Previous Unchained coverage:
- The Chopping Block: How to Improve DeFi and Cross-Chain Bridge Security: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/
- Bridge Hacks Have Caused ~$1 Billion in Losses. Here’s Why Bridge Security Is Tricky: https://unchainedpodcast.com/bridge-hacks-have-caused-1-billion-in-losses-heres-why-bridge-security-is-tricky/
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31 min - Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge - Ep. 381
Kevin Zhou, co-founder of Galois Capital, comes to talk about the possibility of a Proof of Work chain on Ethereum after the Merge, the LUNA death spiral, how he plans to play the Merge, and much more...
Show highlights:- how Kevin got started in crypto
- what Galois Capital is and what its investment thesis is
- why Kevin was more vocal than most about the possibility of the LUNA death spiral
- whether Kevin made money out of the Terra collapse and what was his strategy
- what the difficulty bomb in Ethereum is
- the potential scenarios that could arise after the Merge
- whether the public is not considering the risks of the Merge
- how the fact that everybody was telling the same narrative about ETH made Kevin suspicious
- how Chandler’s statement about forking Ethereum made it a lot more likely that it would happen
- the groups behind the encouragement of a proof-of-work Ethereum chain
- whether there is a value proposition for a Proof of Work chain
- how Kevin used The Cryptopians to remember how the DAO fork went
- what replay protection is and why it is important when forking a chain
- why anyone would want to keep the difficulty bomb in a potential proof of work chain
- Kevin’s predictions about the market cap of the potential Ethereum forks
- how a proof of work chain of Ethereum would function without the biggest stablecoins like USDT and USDC
- whether Tether is going to support Ethereum 2
- why Kevin writes using metaphors related to history and gaming and how those analogies relate to Ethereum
- how Kevin wanted to “stick it” to the Ethereum Foundation by offering his services
- whether Vitalik trolled Kevin on Twitter
- whether Kevin will apply the same strategy he used with ETC after the DAO fork
Thank you to our sponsors!1inch: https://1inch.io/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
KevinTwitter: https://twitter.com/Galois_Capital
ETH2What is the Merge?: https://ethereum.org/en/upgrades/merge/
Proof of Work ChainKevin’s analogy: https://twitter.com/Galois_Capital/status/1554053321165512705?s=20
Haseeb’s answer to Kevin’s arguments: https://twitter.com/hosseeb/status/1554163977806000128?s=20
Chandler Guo’s proposal: https://decrypt.co/106409/prominent-chinese-ethereum-miner-wants-to-resist-merge-create-fork
Kevin’s consulting offer: https://twitter.com/Galois_Capital/status/1553090706708856832?s=20
BitMEX researchers on the possibility of an Ethereum PoW chain: https://blog.bitmex.com/ethpow-vs-eth2/
CoinDesk article: https://www.coindesk.com/layer2/2022/08/03/who-will-mine-ethereum-after-its-gone/
Poloniex’s announcement: https://twitter.com/poloniex/status/1555085757450272768?s=21&t=jkjNGieNXdY5SgT2e9xhoQ
Justin Sun’s support of ETHW: https://twitter.com/justinsuntron/status/1555112296006922240?s=21&t=jkjNGieNXdY5SgT2e9xhoQ
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1 hr 20 min - How Will Inflation Impact Crypto? Lyn Alden and Mauricio Di Bartolomeo Explain - Ep.380
Lyn Alden, founder of Lyn Alden Investment Strategy, and Mauricio di Bartolomeo, cofounder of Ledn, discuss how inflation could affect the digital asset industry. Show highlights:
- how Mauricio’s upbringing in Venezuela and firsthand experience with inflation led him to Bitcoin
- what a “long-term debt cycle” is and why Lyn thinks the 2020s could be similar to the 1930s and 1940s
- the difference between inflation and hyperinflation
- how inflation changes consumer investing and purchasing decisions
- what the impact of inflation is on Bitcoin
- how Russia’s war on Ukraine will continue to impact inflation
- how rising interest rates will affect Bitcoin and stablecoin adoption
- what type of economic environment is worst for BTC growth
- whether Bitcoin is an inflation hedge
- why Lyn is long-term bullish on stablecoins and Bitcoin
- what effect a global recession would have on Bitcoin
- how global inflation has changed adoption rates for BTC in developing economies
- how Venezuelans use and perceive Bitcoin
- why Lyn and Mauricio are excited about Lightning Network in developing countries
- what Lyn and Mauricio think about El Salvador’s adoption of BTC and its billion dollar BTC bond
- how Ledn, as a lending company, was able to navigate the Celsius/Voyager crash
- how Lyn analyzes the risks associated with firms like BlockFi
- what lessons Lyn and Mauricio have learned in 2022 about digital assets and the economy
Thank you to our sponsors!Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Ava Labs: https://www.avax.network/
Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program
Episode Links
Lyn Alden- Twitter: https://twitter.com/LynAldenContact
- Website: https://www.lynalden.com/
- Previous Unchained episodes:
- Is Ethereum a Good Investment: https://unchainedpodcast.com/lyn-alden-and-raoul-pal-is-ethereum-a-good-investment/
- Why Bitcoin Now: https://unchainedpodcast.com/why-bitcoin-now-meltem-demirors-and-lyn-alden-on-the-perfect-conditions-for-bitcoin/
Mauricio di Bartolomeo- Twitter: https://twitter.com/cryptonomista
- LInkedIn: https://www.linkedin.com/in/mauricio-di-bartolomeo-780284101
Recommended Lyn Reading on Inflation- https://www.lynalden.com/ecb-trapped/
- https://www.lynalden.com/investing-during-stagflation/
- https://www.lynalden.com/may-2022-newsletter/
- https://www.lynalden.com/the-area-under-the-curve/
- https://www.lynalden.com/blockfi/
Ledn Informationhttps://ledn.io/https://www.coindesk.com/business/2022/07/01/blockfi-approached-with-ledn-led-funding-offer-amid-ftx-acquisition-talks-report/
El Salvador- https://www.nytimes.com/2022/07/02/opinion/bitcoin-el-salvador-bukele-crypto.html?searchResultPosition=1
- https://unchainedpodcast.com/bitcoin-in-el-salvador-why-would-cypherpunks-support-government-mandated-bitcoin-adoption-ep-375/
Inflation- https://twitter.com/nic__carter/status/1538909209022058498
- https://www.reuters.com/business/imf-cuts-global-growth-forecasts-warns-high-inflation-threatens-recession-2022-07-26/
- https://www.youtube.com/watch?v=hGCxEMgnMco&list=PL9flMWibV82fmwt5vd0YROikG2msYYphX
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1 hr 19 min
About Unchained
From the publisher's feed
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…
Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world.