Unchained

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  Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Apr 20241h 4min

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 Learn more about your ad choices. Visit megaphone.fm/adchoices

9 Apr 20241h 11min

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! Polkadot 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

5 Apr 202442min

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  Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Apr 20241h 6min

On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security. Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.   The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.  Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months. Show highlights: Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security Whether the number of people working on Ethereum could make the argument that it is decentralized How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts Whether the SEC is looking for evidence to deny spot ether ETFs Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry What the possible outcome of this investigation could be, and whether we'll have a court case soon What the impact would be if ETH were classified a security Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation Why Sam believes that the spot ETH ETFs will be denied on May 23rd How the SEC has already made up its mind even before gathering the facts, according to Sam Whether the recent judgment on Coinbase's case affects the potential case against the EF Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment Thank you to our sponsors! Polkadot Guests: Sam Enzer, Partner at Cahill Gordon & Reindel Previous appearances on Unchained: How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Greg Strong, partner at DLx Law Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Links Ethereum Foundation investigation: Fortune: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim CoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report  Ethereum’s security status Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security Fortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 video CNBC:  SEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins For more details and links, visit Unchained Learn more about your ad choices. Visit megaphone.fm/adchoices

2 Apr 20241h 23min

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. Sam Bankman-Fried (SBF), FTX's co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence's necessity due to Bankman-Fried's risk-oriented decision-making philosophy known as “expected value” and lack of remorse.  Sam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it’s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter.  Show highlights: Whether the 25-year sentence is fair, according to Sam What the $11 billion in forfeiture means for SBF Whether the assets of SBF actually belong to the FTX estate Where SBF will likely go to prison and why Sam believes that SBF will not go to a maximum security prison When the clock starts ticking for the 25-year sentence Why SBF will not be eligible for parole and whether he could get "good time credit" What the defense will attempt in appealing the conviction What types of behavior could get SBF enough credit to appeal for a reduced sentence Why SBF will have to be supervised for three years after his release How SBF’s philosophy about “expected value,” was the theme of the crime, according to Judge Kaplan Whether the co-conspirators, such as Caroline Ellison, will be sentenced and serve in prison Why Sam says that the sentencing represented "the closing of a dark chapter" in crypto Thank you to our sponsors! iTrustCapital Polkadot Guest Sam Enzer, Partner at Cahill Gordon & Reindel Previous appearances on Unchained: Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Links Unchained:  FTX Founder Sam Bankman-Fried Sentenced to 25 Years for Historic Fraud SBF’s Prison Sentencing Is Coming Up. How Many Years Will He Get? Is Prison Crypto’s New Glow-Up? Post-Incarceration Do Kwon and SBF Are Admired What to Expect from Sam Bankman-Fried’s Sentencing – and the Lessons We Should Learn Learn more about your ad choices. Visit megaphone.fm/adchoices

29 Mar 202449min

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, we're tackling pressing questions: "Are Memecoins a Good Bet for Institutional Investors?" and "Can BASE Catalyze a Shift in Ethereum's DeFi Dominance?" Amidst Ethereum's upgrades, we explore the impact on scalability and the Layer 2 landscape. The legal entanglements of KuCoin with the DOJ and Beba's lawsuit against the SEC prompt a discussion on "What Do These Legal Challenges Mean for Crypto's Regulatory Future?" Additionally, we analyze the Blast Layer 2 security breach, questioning its implications for decentralized finance's security. Plus, a hypothetical scenario with Mr. Beast airdropping his own token leads us to ponder, "Can Celebrity-Endorsed Cryptocurrencies Create Real Value?" Join us as we dissect these pivotal developments, offering insights into the strategic maneuvers and policy shifts shaping crypto's future. Tune in for a compelling narrative on innovation and speculation in the rapidly evolving world 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 🔹 BASE's Growth and Challenges: Discussing BASE's explosive growth amidst Ethereum's upgrades, and how it's shaping the Layer 2 landscape amidst rising gas fees and scalability solutions. 🔹 Beba & DeFi Education Fund vs. SEC: Unpacking the lawsuit against the SEC for clearer airdrop regulations, highlighting its significance for future of airdrops. 🔹 KuCoin's Legal Battle: Insights into KuCoin's indictment by the DOJ, emphasizing the exchange's challenges and the broader implications for crypto regulations. 🔹 Blast L2 Security Incident: Analyzing the $62 million hack on Blast L2, exploring its impact on security perceptions and the debate over centralized control in DeFi. 🔹 Institutional Engagement with Memecoins: Exploring the surprising trend of reputable investment firms and family offices venturing into the volatile world of memecoins.  🔹 The Mr. Beast Coin Hypothesis: Exploring the theoretical impact of a Mr. Beast coin on the crypto economy, debating whether celebrity-backed coins can lead to genuine wealth creation. 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 BEBA LLC and DEFI EDUCATION FUND v. SEC - https://www.defieducationfund.org/_files/ugd/84ba66_3f7a8f2ca6614d7381122cb1beeed4a8.pdf  Prominent Global Cryptocurrency Exchange KuCoin And Two Of Its Founders Criminally Charged With Bank Secrecy Act And Unlicensed Money Transmission Offenses - https://www.justice.gov/usao-sdny/pr/prominent-global-cryptocurrency-exchange-kucoin-and-two-its-founders-criminally  Tweet “Learn about that touch and the intersection of AI and blockchain” - https://twitter.com/NEARProtocol/status/1772494712525426865  Learn more about your ad choices. Visit megaphone.fm/adchoices

28 Mar 202456min

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, Laura interviews Meg Lister, GM of Grants Labs at Gitcoin, and Kevin Owocki, co-founder of Gitcoin.  They discuss the evolution of Gitcoin from a centralized platform to a decentralized suite of protocols, Gitcoin 2.0, which allows any Ethereum Virtual Machine (EVM) based ecosystem to fund its public goods. They also talk about the various funding mechanisms available, including quadratic funding, retroactive public goods funding, and conviction voting.  Learn more: What Is Retroactive Public Goods Funding? The team is also exploring more futuristic concepts such as private voting systems, angel investing 2.0, and impact attestations. The ultimate goal for Gitcoin is to create a capital allocation infrastructure that funds what matters to communities, whether they are towns, states, countries, or online interest groups. Show highlights: Kevin's background and how he came to found Gitcoin and why Meg joined the company The differences between Gitcoin 1.0 and 2.0 What quadratic funding is and why it is important in the blockchain ecosystem The problem of sybil attacks and how Gitcoin Passport aims to solve it Why Gitcoin has changed its approach to put more focus on scaling Ethereum rather than other types of grants How Gitcoin is trying to solve capital allocation efficiency with Allo (Capital Allocation) Protocol What streaming quadratic funding is and how it differs from traditional quadratic funding How retroactive public goods funding (RPGF) works What conviction voting is and how it addresses some of the current problems in DAOs Which projects are using Gitcoin Passport and what for Why Gitcoin is so focused on the Ethereum ecosystem and whether they will launch in other chains What the purposes of the GTC token are and how it could become a flywheel for Gitcoin How Gitcoin can become sustainable long-term, since it's free to use at the moment The features that are coming down the line for Gitcoin, including privacy and onchain "angel investing"  What the future could look like if Gitcoin succeeds in its mission, according to Kevin Thank you to our sponsors! Polkadot Guests: Kevin Owocki, Co-founder of Gitcoin Meg Lister, GM of Grants Labs at Gitcoin Links Gitcoin Gitcoin 2.0 Whitepaper, co-authored by Kevin Owocki and Meg Lister Public Goods Funding: The New Meta | Kevin Owocki - Gitcoin, presentation at ETH Denver 2024 Gitcoin Entering the End Game  Gitcoin’s Citizen Grants program Impact report CoinDesk: Why Crypto’s Most Altruistic Project Is Going (Kinda) Corporate Blockworks: Gitcoin is restructuring to focus on grants for the Ethereum ecosystem  Allo Protocol Announcement thread Web3 Ecosystem Funding State of Web3 Grants Report Web3 Innovations in Public Goods Funding How To Fund Innovation: A Guide to Web3 Grants, Meg Lister for BeIn Crypto Quadratic funding ORIGINAL WHITE PAPER, co-authored by Vitalik Buterin  Retro PGF Unchained: What Is Retroactive Public Goods Funding? Passport Introducing Passport - Digital Identity as a Public Good  Learn more about your ad choices. Visit megaphone.fm/adchoices

26 Mar 20241h 9min