Avsnitt
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Hasu and Jon bring on Ansgar and Caspar from the Ethereum Foundation to discuss the ETH staking endgame.
Ansgar and Caspar recently published two controversial research posts which included a proposal to change Ethereum’s issuance curve. They are concerned that the current ETH staking economics could lead to nearly 100% of ETH being staked, with much of that in LSTs. They propose reducing issuance and targeting a lower stake rate.
We go deep in this episode on PoS economics, liquid staking, restaking, economic security, centralization concerns, and much more.
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Timestamps:
(00:00) Intro
(00:25) Possible Changes to ETH Staking?
(00:49) Overview of Current ETH Staking
(16:32) LSTs & Staking Rate Increasing
(21:36) Nominal vs Real Yield
(23:22) Tax Implications of Staking
(27:57) Staking Demand & External Revenue
(35:33) Stake Ratio Targeting
(36:21) Is 100% Staking Bad?
(40:05) Can ETH LSTs be Money?
(55:24) Would Any Changes Make a Difference?
(01:04:05) Stake Targeting
(01:10:20) Will Targeting Centralize Validators?
(01:22:53) Fiat Money Parallels
(01:25:16) MEV & Restaking Revenue
(01:30:52) Electra Proposal to Change Issuance
(01:46:01) Security Budget & Economic Security
(01:53:40) Validator Set Quality
(01:55:10) Incentives to Maximize Validator Decentralization
(02:19:00) PoS vs PoW Political Complexity
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Twitter:
Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Ansgar - https://twitter.com/adietrichs
Caspar - https://twitter.com/casparschwa
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Referenced Materials:
Endgame Staking Economics: A Case for Targeting - https://ethresear.ch/t/endgame-staking-economics-a-case-for-targeting/18751
Electra: Issuance Curve Adjustment Proposal - https://ethereum-magicians.org/t/electra-issuance-curve-adjustment-proposal/18825
Properties of issuance level: consensus incentives and variability across potential reward curves - https://ethresear.ch/t/properties-of-issuance-level-consensus-incentives-and-variability-across-potential-reward-curves/18448
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
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Hasu and Jon catchup on what’s new in the EVM (Ethereum Virtual Machine) and SVM (Solana Virtual Machine) worlds.
For the EVM, Ethereum has pushed vertical scaling efforts to other chains. This includes Monad, who is building a new EVM L1 with fundamental optimizations to improve scalability.
For the SVM, the Solana ecosystem continues to gain momentum across the board. Meanwhile, Eclipse is gearing up to launch their SVM Ethereum L2.
DBA is an investor in Eclipse Laboratories, Inc. and SOL. Jon has material personal investments in SOL, JitoSOL, ETH, stETH, and TIA. Hasu has material personal investments in ETH and Monad.
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Timestamps:
(00:00) Intro
(00:25) Catch up
(00:56) VM Performance Improvements
(02:32) Solana & Eclipse
(04:26) DA vs Execution Bottlenecks
(05:53) Rollups & Parallel Execution
(07:10) Breakpoint
(08:29) Solana & Eclipse – Competitive or Complementary?
(12:48) Ethereum & Solana Funds
(13:33) DBA Research Club
(15:01) What is a VM?
(16:33) Optimistic Parallel Execution vs. Access Lists
(23:45) Solana Resource Pricing
(25:03) Local Fee Markets
(30:48) Liveness Failures
(31:58) A Bottleneck vs. *The* Bottleneck
(35:39) State Growth
(41:29) Weak Statelessness
(45:33) State Expiry & State Rent
(51:10) Solana Un-merklizes State
(51:55) Client Level Optimizations
(53:45) Optimizations for New vs. Old Chains
(57:17) Will Everyone Converge?
(01:00:36) Outro
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Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Ethereum - https://twitter.com/ethereum
Solana - https://twitter.com/solana
Eclipse - https://twitter.com/EclipseFND
Monad - https://twitter.com/monad_xyz
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
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Saknas det avsnitt?
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Hasu and Jon bring on Mike Neuder (Ethereum Foundation) and Chris Hager (Flashbots) to discuss the design philosophy of proposer-builder separation (PBS). They first dive into the past and present implementations of PBS, including MEV-Geth and MEV-Boost on Ethereum. Then they discuss the future of PBS - whether PBS should be enshrined, protocol-enforced proposer commitments (PEPC), PBS on L2s, how to prevent censorship, and more.
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Timestamps:
(00:00) Intro
(01:12) What is PBS?
(05:37) The History of PBS
(08:43) MEV-Boost
(10:18) Block Production in Proof-of-Work
(11:31) Benefits of PBS
(14:17) PBS Makes Based Rollups Viable
(16:21) PEPC & Proposer Complexity
(17:46) Other Builder Services
(19:49) PBS & Regulation
(22:48) Regulation & Encrypted Mempools
(24:38) Division of Labor is Inevitable
(26:15) Risks of PBS
(29:03) Development of COre Protocol Software
(33:31) PEPC, POB, & Alternatives to PBS
(41:53) Decentralization vs. Usefulness Tradeoff
(46:30) State of PBS in MEV-Boost
(50:51) Optimistic Relays
(52:09) Enshrined PBS (ePBS)
(55:55) PBS on L2
(58:47) PEPC
(01:05:25) Proposer Commitments & User Intents
(01:09:03) Concluding Remarks
(01:11:05) Recap
(01:12:06) PEPC, PEPC-Boost, & MEV-Boost+
(01:18:44) PBS From First Principles
(01:21:41) PBS is a Philosophy, Not an Implementation
(01:25:44) To Enshrine, Or Not to Enshrine?
(01:35:12) In-protocol vs. Out-of-protocol Development & Funding
(01:50:16) Censorship & Proposer Agency
(01:58:15) Outro & Disclaimer
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Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
Uncommon Core 2.0 - https://twitter.com/UCC2_xyz
Mike Neuder - https://twitter.com/mikeneuder
Chris Hager - https://twitter.com/metachris
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Relays in a post-ePBS world - https://ethresear.ch/t/relays-in-a-post-epbs-world/16278
No free lunch – a new inclusion list design - https://ethresear.ch/t/no-free-lunch-a-new-inclusion-list-design/16389
Payload-timeliness committee (PTC) – an ePBS design - https://ethresear.ch/t/payload-timeliness-committee-ptc-an-epbs-design/16054
Notes on Proposer-Builder Separation (PBS) - https://barnabe.substack.com/p/pbs
PEPC FAQ - https://efdn.notion.site/PEPC-FAQ-0787ba2f77e14efba771ff2d903d67e4#41230925420345af84f31b50d806b8ed
PEPC Open Problems - https://docs.google.com/presentation/d/12kpwAXbZqUA0fu2HnZKSesVwO31ICbgIiacHd0EQ_fk/edit#slide=id.g2401d3821ec_1_0
PBS Guild Proposal [v3 WIP] - https://collective.flashbots.net/t/pbs-guild-proposal-v3-wip/2223
MEV-Boost+/++ - https://www.blog.eigenlayer.xyz/censorship-resistance-with-restaking/
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
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In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview over the key areas of crypto infrastructure today. Finally, we zoom into rollup decentralization roadmaps, and Jon shares a controversial new thesis about sequencer decentralization.
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Timestamps:
(00:00) Intro
(02:42) Interview start
(03:44) Jon's work week
(08:04) ChatGPT & writing
(10:57) Jon's start in crypto
(14:45) How to pick things to work on
(17:08) Outsider's perspective on crypto
(19:05) Jon's research process
(22:00) Jon's proudest moment in crypto
(23:06) Crypto Infrastructure overview
(29:58) Why crypto infrastructure is interesting
(35:57) Rollup decentralization overview
(42:44) Challenges decentralizing the sequencer
(47:46) Ethereum vs Cosmos approach to governance & decentralization
(53:35) User ability to opt out
(56:37) Staking vs. governance deciding sequencers
(01:08:31) L3s
(01:13:34) Superchain
(01:16:38) Summary of rollup decentralization
(01:21:08) Outro
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Hasu - https://twitter.com/hasufl
Jon Charbonneau - https://twitter.com/jon_charb
UCC2 - https://twitter.com/UCC2_xyz
Website - https://ucc2.xyz
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Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
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Listen to conversations between two veterans of the crypto industry: Su Zhu, CEO and CIO of Three Arrows Capital, and Hasu, Strategy lead at Flashbots. Exploring the big ideas in crypto from first principles.
In this episode, Hasu continues the conversation with Danny Ryan and Tim Beiko, two researchers from the Ethereum Foundation. The three are joined by Stephane Gosselin, co-founder of Flashbots, who makes his podcast debut and stands in as Hasu's co-host.
Together, they discuss:
MEV before and after the Merge mev-boost and proposer-builder-separation (PBS) The rise of liquid staking pools Whether Lido should cap its own growth How the Ethereum Foundation sees its role in interacting with very "protocol-adjacent" projects like Flashbots + LidoSUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW your hosts
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
Listen to conversations between two veterans of the crypto industry: Su Zhu, CEO and CIO of Three Arrows Capital, and Hasu, Strategy lead at Flashbots. Exploring the big ideas in crypto from first principles.
In this episode, Hasu sits down with two Ethereum Foundation researchers, Danny Ryan and Tim Beiko, to explore Ethereum's upcoming transition to PoS. Topics discussed include:
Why do blockchains need consensus? How does PoW consensus work today, and how will it change after PoS? What happens between the last block of PoW and the first block of PoS? The role of client modularity and diversity How to test for such an important upgrade00:00 Intro and guests 03:02 Proof of Stake since 2017 08:18 PoS - Idea to production 12:24 Why do Blockchains need consensus? PoW & PoS Basics 22:21 Why switch to PoS? 37:03 The Merge - How does it happen? 45:14 The Merge - Unbundling of the Consensus & Execution layer 1:01:45 How do you test for such an important upgrade? 1:09:55 End
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW your hosts
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
Listen to conversations between two veterans of the crypto industry: Su Zhu, CEO and CIO of Three Arrows Capital, and Hasu, Strategy lead at Flashbots. Exploring the big ideas in crypto from first principles.
In this episode:
The state of our macroeconomy Destruction of the nation-state The rise of the Sovereign Individual How crypto fits into all of this
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncore
SUBSCRIBE to the PodcastFOLLOW your hosts
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
In this episode, I had the opportunity to sit down with Eli Ben-Sasson of Starkware. If you listened to my last episode with Su where we talked about the scaling approaches of different L1s blockchains compared to Ethereum, I argued that L1 blockchains do not scale and that the only way to create true scalability is to perform all of the computation off-chain and only post the results of that computation on-chain. STARKs are a technology that allows huge amounts of computation to be compressed into succinct proofs that anyone can easily verify.
Our goal for this episode was to create the most approachable and comprehensive audio resource on how STARKs work and how they will scale blockchains in the future. We start by explaining inclusive accountability and the true meaning of scalability. Then we dive into STARKs, how proof systems work in general, and where they fit into the context of unbundling blockchains. Next, we use DYDX as a comprehensive case study to learn about the StarkEx system, before diving into StarkNet and its tradeoffs to StarkEx. Finally, we talk about StarkWare’s programming language Cairo and how the different costs of proving, verifying, and storage are going to scale into the future. If you’re a developer, you should also gain a very good idea of the tradeoffs between building on a regular L1 blockchain, the general-purpose StarkNet blockchain, and a StarkEx application-specific chain.
Enjoy!
Timestamps:
00:00 Intro
2:03 Eli’s backstory
5:27 What is computational integrity?
14:22 What are STARKs and how do they work?
29:03 How can validity proofs scale blockchains?
34:13 Looking at DYDX + StarkEx as a case study
56:20 What are the differences between StarkNet and StarkEx?
1:02:46 Cairo
1:13:52 What are the different costs for the end-user?
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW your hosts
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/FOLLOW the guest
Eli Ben-Sasson https://twitter.com/EliBenSasson
Learn about StarkNet: https://starknet.io/ Learn about Cairo programming language: https://www.cairo-lang.org/ Learn about ZK-STARK math: https://starkware.co/stark/ StarkNet Discord https://discord.gg/uJ9HZTUk2Y
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In this episode
What the “Crypto Villain of the Year” thinks about his image The arguments for Ethereum’s scaling roadmap The arguments for Alt L1s to out-scale Ethereum What parallels to BTC maximalism Su sees in the ETH communityListen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW on Twitter
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
With BTC and ETH making new ATHs, new and old investors are asking themselves the same question: How do you value cryptoassets?
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
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Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Anish https://twitter.com/_anishagnihotri Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
Today, I’m sitting down with Anish Agnihotri, who is a research associate and colleague of mine at Paradigm. Anish has a fascinating backstory from becoming an entrepreneur at a really young age to later going deep into skin trading. We discuss how that skill transfers to NFT trading and how we see the market structure of both primary and secondary markets for NFTs. Finally, Anish shares some actionable advice on how he learns and how to build projects in crypto. This was a deep and fascinating conversation and I hope you’ll enjoy it.
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW on Twitter
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Anish https://twitter.com/_anishagnihotri Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
Today, we welcome Jordi Alexander, a former professional poker player turned macro trader turned crypto trader.
Jordi competes in the Mind Sports Olympiad and is an expert in games and game theory in general.
Together we discuss
How to pick up new games and improve How you can apply game theory to the crypto markets What Jordi and Su think about the market, especially the role of Bitcoin & Ethereum Why Su is Doge-pilled and whether he can convince us of his thesisEnjoy!
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW on Twitter
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
For our latest episode, I sat down with MEV Senpai, one of the top searchers in Ethereum. He gave us the unique inside perspective of someone who finds and captures MEV himself. The result was a long & intense convo, one of the best I've had in a while.
We discussed:
The structure and actors of the MEV game What is searching, how can you learn it, what edges exist Intro to private relays and transaction bundles The role of Flashbots in DEX trading and, of course, the hot topic of the day: short-term reorgs in EthereumEnjoy!
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW on Twitter
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/
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After a tumultuous month in crypto, Su and I discuss the state of the market and what we see on the horizon. Enjoy!
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncoreFOLLOW on Twitter
Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ -
In this episode, Su Zhu and Hasu invited Kyle Samani from Multicoin Capital, one of the most successful venture funds this cycle. Kyle is a day-one supporter of Solana, a smart-contract platform optimized for high throughput. They talked about:
Multicoin's approach to investing
How will the winning blockchain scale?
What is enough decentralization?
Win conditions for Solana
What is Serum
Enjoy!
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
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Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
Other https://anchor.fm/uncommoncore
FOLLOW on Twitter
Su Zhu https://twitter.com/zhusu
Hasu https://twitter.com/hasufl
Our homepage and mailing list https://uncommoncore.co/podcast/
Transcripts, if available https://uncommoncore.co/blog/ -
Earlier this week, I did a deep dive on a new DEX trading protocol called CowSwap, which combines many good features into what is possibly the most complete trading experience in Defi.
First, you no longer publish a fee-paying transaction to the public mempool. Instead, you sign a transaction and submit it off-chain to the CowSwap relayer, which handles all the execution. For you, this means you can safely set a very low slippage tolerance because you only ever pay a fee if your trade succeeds.
Second, and this gets us to real innovation, CowSwap looks for so-called “coincidents of wants” or CoWs before sending your order to the regular on-chain exchanges. For example, if one trader wants to buy ETH at a certain price and another wants to sell it, these two can be matched without paying any LP fees. Off-chain solvers can look at this orderbook and submit optimal matchings that among others, guarantee that all trades in a certain batch have to settle at the same uniform price. Because there’s no point in reordering trades that have the same price, this also eliminates MEV as well.
Only after all coincidents have been exhausted, CowSwap sends the rest of the order to the on-chain exchanges via smart routers like 1Inch
If you didn’t get all of that immediately, don’t worry - neither did I, and that’s why I invited Felix Leupold from CowSwap and Gnosis to answer my remaining questions. Please enjoy my conversation on CowSwap with Felix Leupold.
GUEST
https://cowswap.exchange/#/swap
Felix Leupold https://twitter.com/fleupold_
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
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Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
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FOLLOW on Twitter
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Transcripts, if available https://uncommoncore.co/blog/ -
Su is sitting out today, and I instead welcome Charlie Noyes and Georgios Konstantopoulos of Paradigm, one of the largest investment funds in crypto.
We cover a lot of ground in this episode, including:
How Paradigm can so consistently identify and back the category-defining protocols and companies in crypto
MEV and how it can be mitigated, including some actionable advice on how you can avoid getting sandwich-attacked today
The new features and remaining challenges of Uniswap v3
Paradigm’s thesis for Cosmos and why each blockchain should adopt the IBC protocol
Whether Bitcoin's value proposition is still intact at a time where Bitcoin dominance is at an all-time low
Our personal “wishlists” for Bitcoin improvement proposals, and
whether Bitcoin will ever go to PoS
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
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Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
Other https://anchor.fm/uncommoncore
FOLLOW on Twitter
Su Zhu https://twitter.com/zhusu
Hasu https://twitter.com/hasufl
Our homepage and mailing list https://uncommoncore.co/podcast/
Transcripts, if available https://uncommoncore.co/blog/ -
For this episode, Su and I invited the legendary trader Cobie, who goes under @CryptoCobain on Twitter. Together, we talked about
The bull case for Ethereum and its upcoming catalysts Whether ETH can flippen BTC What advice has helped Cobie to survive several market cyclesEnjoy!
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.SUBSCRIBE to the Podcast
Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw
Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
Other https://anchor.fm/uncommoncore
FOLLOW on Twitter
Su Zhu https://twitter.com/zhusu
Hasu https://twitter.com/hasufl
Our homepage and mailing list https://uncommoncore.co/podcast/
Transcripts, if available https://uncommoncore.co/blog/
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Crypto commands unusually high yields relative to the traditional financial system, allowing investors to earn 20% on fiat and stablecoins and even more on other assets. In this episode, Su and I unpack a very simple question: Where are these yields coming from?
Topics discussed:
Unpacking the three major sources of yield in crypto How sustainable are they? What are the risks? How the GBTC premium or discount affects the marketSu Zhu https://twitter.com/zhusu
Hasu https://twitter.com/hasufl
Our homepage and mailing list https://uncommoncore.co/podcast/
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We are super hyped to bring you our conversation with Richard Galvin, one of the best performing VCs of the last years and frontrunner to the DeFi opportunity. In this episode, Richard and Su make the most condensed case for Defi that I've heard to date.
In this episode, we covered
Richard’s history on Wall Street Why crypto is in a megatrend How he goes from thesis to investment Why society needs finance How Defi improves on traditional finance; and the best investment opportunities inside DefiRichard Galvin https://twitter.com/richwgalvin
Su Zhu https://twitter.com/zhusu
Hasu https://twitter.com/hasufl
Our homepage and mailing list https://uncommoncore.co/podcast/
- Visa fler
