Unchained Laura Shin
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- Berita
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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 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. Disclosure: I'm a nocoiner.
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Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different
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.
The Bitcoin halving is just around the corner, expected to be on April 19 or April 20.
Arthur Hayes, CIO of Maelstrom, and Will Clemente, co-founder of Reflexivity Research discuss the rise in Bitcoin prices ahead of the halving, the impact of the approval of spot Bitcoin ETFs in the US, and the potential effects of the halving on the price trajectory post-halving. They also discuss the potential impact of a new class of investors on Bitcoin's price, volatility, and decentralization.
Learn more: Bitcoin Halving: What Is It & How Is It Determined?
Moreover, they dive into the impact of the macroeconomics, geopolitical, and demographic conditions for the crypto asset industry, the potential for L2s on Bitcoin, and their price predictions for bitcoin by year-end.
Show highlights:
How the approval of spot Bitcoin ETFs altered the price trajectory of BTC before the halving
Whether the introduction of spot Bitcoin ETFs impacts Bitcoin's decentralization and price volatility
Whether this cycle could be the "last cycle" or the "supercycle"
Why Arthur predicts a 90% drawdown in the future and how they determine when the markets are nearing the top of the cycle
The effect of high inflation, the election, and the termination of the bank term funding program on Bitcoin
How artificial intelligence is expected to trigger a productivity boom, according to Will
Why Will considers Coinbase to be mispriced
Whether Bitcoin L2s have a future and if security budgets are a concern
Their views on Bitcoin Ordinals and the Runes Protocol launch
Why Will views DOGE as a purer commodity than ETH
Arthur's rebuttal to claims that Ethena could follow in Terra/Luna’s footsteps
Arthur's and Will’s Bitcoin price projections for the end of the year and the cycle
Thank you to our sponsors!
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Guest:
Arthur Hayes, CIO of Maelstrom.
Previous appearances on Unchained:
Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves
Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH
Arthur Hayes of Bitmex on Why Countries Will Turn to Digital
The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks
How Crypto and Blockchain Technology Could Change Financial Services
Will Clemente, Co-founder of Reflexivity Research
Previous appearance on Unchained: Strong Hands Aren't Selling Bitcoin. So Who Is?
Links
This cycle
Naval’s tweet: “The narrative for this cycle is ‘this is the last cycle.’”
Unchained:
Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen
Bitcoin Miners Diversify Their Revenue Streams as Halving Nears
Heatwave by Arthur Hayes
Dissecting Bitcoin's “4 Year Cycle,” guest post by Will Clemente on The Pomp Letter
Bitcoin ETFs:
Unchained:
The Best Spot Bitcoin ETFs for Different Types of Investors
Who Is Buying Into Spot Bitcoin ETFs? We'll Soon Start to Get an Idea
Bitcoin ETFs Explained: What Are They & How Do They Work?
Macroeconomic conditions
CNBC: Consumer prices rose 3.5% from a year ago in March, more than expected
FT: Investors lose hope of rapid US interest rate cuts this year
Block size wars
Bloomberg: The Block War Is Still a Sore Subject for ‘Bitcoin Jesus’
Bitcoin L2s
Unchained: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again
Runes
Decrypt: Bitcoin Runes Launch at the Halving: Here's Everything You Need to Know
Ethena
Hayes’ tweet on Ethena
Unchained:
ENA Surges 20% to New All-Time High as Ethena Rolls Out Reward Boosts
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
What Is Ethena's USDe Synethic Dollar?
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Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?
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.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.
Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.
Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.
Show highlights:
Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges
How the SEC could make a case that some of the tokens traded via Uniswap are securities
What the next steps are in the case, with a lawsuit possibly coming soon
Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit
How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol
Why the DeFi Education Fund recently filed a lawsuit against the SEC
Why Amanda believes in a “proactive counteroffensive strategy” with the SEC
How Amanda would like legislation to be implemented in the U.S.
Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda
Why Amanda thinks Uniswap will ultimately win against the SEC
Thank you to our sponsors!
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Polkadot
Guest
Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund
Previous appearance on Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash
You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune
Links
Wells Notice
Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit
Unchained: UNI Drops 16% as SEC Targets Uniswap Labs
Uniswap Blog Post on the Wells notice
Marvin Ammori Thread on Wells notice
Other cases:
Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right
The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case
The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification
Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It
Social media commentary:
Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.
Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company
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The Chopping Block: The EVM Parallelization Dilemma, Solana's Network Congestion, and Avi Eisenberg's Legal Battle
Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain.
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
🔹 Dive into Monad’s efforts to revolutionize Ethereum with parallelization for higher transaction throughput and efficiency.
🔹 Discussion on Solana's congestion issue, its impact on network performance, and lessons for future scalability.
🔹 Examination of Avi Eisenberg's courtroom saga, challenging the boundaries between legal systems and blockchain autonomy.
🔹 Insight into the scalability challenges facing blockchains and the innovative solutions proposed by new projects.
🔹 Analyzing the ethical considerations in exploiting blockchain vulnerabilities and the responsibility of the crypto community.
🔹 Debate on the future of smart contracts in light of legal challenges and the evolving concept of 'code is law'.
🔹 Perspectives on the balance between innovation and user protection in the rapidly evolving landscape of decentralized finance.
Special guest
⭐️ Keone Hon, Cofounder/CEO at Monad Labs
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tom Schmidt, General Partner at Dragonfly
⭐️Robert Leshner, Founder of Compound
Disclosures
Links
The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413
https://unchainedcrypto.com/podcast/the-mango-markets-attacker-on-whether-his-trade-was-ethical-or-not-ep-413/
Nickel Blowup Made a Lot of Trouble by Matt Levine
https://www.bloomberg.com/opinion/articles/2022-03-14/nickel-blowup-made-a-lot-of-trouble
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Polygon’s AggLayer Wants to Be a Hub for Ethereum Layer 2s. Can It Succeed?
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.
Polygon Labs CEO Marc Boiron and co-founder Brendan Farmer discussed everything about the AggLayer, a decentralized protocol built by Polygon that enables fast, secure cross-chain interactions and allows different chains to use the same native bridge. This allows users to seamlessly move assets across chains in the AggLayer ecosystem.
The AggLayer aims to unify blockspace so that it feels like a single chain, improving user experience. Boiron and Farmer also discussed the potential for Layer 2 solutions to scale Ethereum, the benefits of zero-knowledge technology, and the future of Polygon's proof-of-stake chain.
Learn more: What Are Zero-Knowledge Proofs?
Show highlights:
Background of Brendan and Marc and how they joined Polygon
A brief description of what Polygon is overall
What the AggLayer is and how it aims to enable the best of monolithic and modular blockchains
How Brendan differentiates the AggLayer from its competitors, such as Optimism's Superchain or Cosmos and why he believes that zk-technology is such a game changer
How the interoperability experience gets better in such a system, according to Marc and Brendan, and what will become possible that's not now
Which chains can use the AggLayer and how it works to improve security across chains
The tradeoffs between the various types of zkEVM provers
How projects should decide their architecture and when it would make sense to tap the AggLayer
Why projects should build on the AggLayer, including layer 1s, according to Marc
How Layer 1s can still join the AggLayer and retain their own consensus and sovereignty
Why Polygon believes that zk-technology is the future of blockchain architecture
Why the Polgyon zkEVM suffered an outage on March 30
Whether Layer 3s are needed to scale the Ethereum ecosystem
Why Brendan believes that EigenLayer is not a good fit for rollups to use
The transition of the Polygon PoS chain to become an Ethereum L2 using the AggLayer
When EIP-4844/Dencun will go live on Polygon
Thank you to our sponsors!
Polkadot
Guests:
Marc Boiron, CEO of Polygon Labs
Previous appearances on Unchained:
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed?
Brendan Farmer, co-founder of Polygon and co-lead of Polygon Zero
Links
AggLayer
Polygon: Aggregated Blockchains: A New Thesis
More technical Agglayer explainer
CoinDesk:
Polygon Lands Astar Network as First User of New 'AggLayer’
Cosmos-Based Canto Blockchain Reverses Course on Polygon Layer-2 Plans, Unveils New Roadmap
Zaki on the comparisons with Cosmos
zk-Technology
Polygon: Upgrading Every EVM Chain to ZK: Introducing the Type 1 Prover
The different types of ZK-EVMs by Vitalik
Unchained: Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future
Polygon zkEVM
Unchained: Polygon zkEVM Chain Goes Down for 10 Hours
Blockworks: Polygon unpacks zkEVM outage and ‘emergency’ upgrade
Layer 3s
Unchained: Layer 3s Only Exist to Take Value Away From Ethereum: Polygon Labs CEO
0xCygaar on L3s and L2s
Potuz on the benefit of L3s
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Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
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.
This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion.
In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.
Show highlights:
An introduction to what Ethena is and how USDe works
Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"
What the risks of USDe are, including custody, counterparties, and smart contracts
Why Guy is "pleased" with how the ENA airdrop went through
How ENA will be used and what its role will be in the governance of Ethena
Why Ethena is now onboarding Bitcoin as collateral
Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave
Guy's response to the critics who say that Ethena is essentially Terra/Luna
Whether USDe would only work in a bull market
How the Ethena insurance fund works and what it aims to accomplish
What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset
Thank you to our sponsors!
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iTrustCapital
Guest
Guy Young, founder of Ethena Labs.
Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models
Links
Ethena:
Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide
Decrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know
Dust on Crust by Arthur Hayes
Airdrop:
Unchained: Airdrops From Wormhole and Ethena Labs Set to Inject $2.4 Billion Into Crypto Market This Week
Cointelegraph: Ethena will become highest revenue-generating crypto project — Delphi Labs CEO
ENA Airdrop and Season 2: Sats Campaign
Learn more: What Is a Crypto Airdrop? A Beginner’s Guide
MakerDAO/Aave controversy:
The Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe
The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral,
Comparisons to Terra’s UST:
The Defiant: Ethena Stablecoin’s 27% Yield is Triggering Terra-Induced PTSD
Andre Cronje’s thoughts on USDe
Cointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries
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The Chopping Block: The Dawn of the DeFi Civil War - Ethena, SBF, Blast & More
Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, amidst the crypto bull market's fervor, the boys dissect the launch of Ethena and its repercussions, including a potential DeFi civil war spurred by integration disputes between MakerDAO and AAVE. The conversation then shifts to the broader implications of SBF's sentencing, exploring how this landmark legal decision could reshape the landscape of trust and regulation within the crypto community. Moreover, we tackle the ethical and operational dilemmas faced by Blast in response to a significant hack, debating the merits and risks of potential rollbacks and the preservation of user funds against the backdrop of decentralized ideals. As we navigate through these complex issues, we shed light on the dynamics between decentralization, regulation, and innovation, offering nuanced perspectives on the challenges and opportunities that lie ahead for crypto. Tune in for an insightful journey through the strategic battlegrounds and evolutions that are defining the future of blockchain technology.
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
🔹 Analysis of Ethena's token launch impact on the crypto bull market and the crypto ecosystem
🔹Insight into the ongoing DeFi civil war triggered by MakerDAO's integration of Ethena, extending into Aave's strategic response and the broader DeFi ecosystem.
🔹Examination of SBF's sentencing, exploring its repercussions for crypto regulation, investor trust, and the legal landscape of the crypto industry.
🔹Evaluation of Blast's response to a significant security breach, debating the implications of potential rollbacks for DeFi security and user trust.
🔹Exploration of the balance between DeFi innovation, regulatory challenges, and the need for a stable legal framework to support crypto growth.
🔹Analysis of the crypto community's response to the DeFi civil war, SBF's sentencing, and security issues in decentralized finance platforms.
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
Disclosures
Links
MakerDAO Proposal: “Morpho Spark DAI Vault Update” - https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006
AAVE’s Proposal: “Risk Parameters for DAI Update”
https://governance.aave.com/t/arfc-risk-parameters-for-dai-update/17211
Barbara Fried’s SBF sentencing submission
https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.419.0_1.pdf
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