Unchained

Maximal extractable value, or MEV, is a mainstay of the Ethereum landscape. But the process of validators reaping profits from handling new blocks is not without controversy. Ethereum Foundation researcher Justin Drake and bloXroute Labs CEO Uri Klarman assess the current state of MEV. Hear them disagree about the path forward for making Ethereum fairer for all its economic actors. Show highlights: what MEV is and how it has evolved over time the nuances of the newly proposed MEV Blocker and why it’s important for users whether it’s possible to enable “back-running” while preventing front-running how to give power back to blockchain users what the differences and similarities are among several projects trying to solve MEV how “MEV Burn” will be like the EIP-1559 to what Justin calls contention whether EigenLayer can help solve MEV problems whether wallets and DEXs could be doing something different to prevent MEV and generate more revenue how “exclusive order flow” could be detrimental to DeFi users what proposer-builder separation (PBS) is and whether it will change MEV distribution why Uri doesn’t think PBS is the right step forward for Ethereum Thank you to our sponsors! Crypto.com Halborn Guests: Justin Drake, researcher at the Ethereum Foundation Uri Klarman, CEO of bloXroute Labs Links Previous coverage of Unchained on MEV: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate The Chopping Block: Why the Once-Taboo MEV Is Now a Core Part of Ethereum MEV Blocker CoinDesk: MEV Blocker Wants to Help You Outrun the Front-Runners MEV Blocker Unchained: Ethereum Builders Join Forces to Launch MEV Blocker MEV Distribution CoinDesk: Flashbots Proposes New Class of 'Matchmakers' to Share MEV Gains With Ethereum Users MEV-Share: programmably private orderflow to share MEV with users - The Flashbots Ship BackRunMe Wallet-Boost Design Doc · blocknative discourse · Discussion #1 · GitHub OpenMEV Mechanics and Formulas - Manifold Finance MEV Smoothing Committee-driven MEV smoothing - Economics MEV Burn Burning MEV through block proposer auctions - Economics Proposer-Builder separation Proposer-builder separation | ethereum.org Vitalik Buterin’s tweet Learn more about your ad choices. Visit megaphone.fm/adchoices

18 Apr 20231h 10min

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news. In this episode, they’re joined by Unchained’s Laura Shin to debate FTX revival rumors, what the U.S. Treasury got wrong about DeFi, and whether VCs are antithetical to crypto’s core principles. Show highlights:  how much ETH is getting unstaked and deposited after Shapella the market reaction following the successful implementation of the upgrade whether FTX could reopen after its massive collapse why Robert thinks rebooting the exchange is a “terrible” idea whether FTX could do the same thing as Bitfinex and issue a debt token for creditors how the U.S. government misunderstands decentralized finance, in stark contrast with regulators from other parts of the world whether DeFi front-ends should be subject to the Bank Secrecy Act whether VCs go against the principles of crypto the difference between democratizing finance and democratizing fundraising Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound  Tom Schmidt, general partner at Dragonfly Guest Laura Shin, author, and CEO of Unchained Disclosures Links Shapella: Previous coverage of Unchained on the upgrade: Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? Ethereum's Shapella Upgrade - What to Expect? How Will ETH React to Ethereum’s Shanghai Upgrade? Unchained:  Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live Ethereum Surges Past $2,000 Post-Shanghai, $2 Billion Staked Withdrawals Pending Nansen: The Shanghai Upgrade Dashboard CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella FTX: Unchained: FTX Could Reopen Crypto Exchange, Recovers $7.3 Billion in Assets Treasury Report: Unchained: Poor DeFi Cybersecurity Presents Risks for National Security, Says U.S. Treasury Learn more about your ad choices. Visit megaphone.fm/adchoices

15 Apr 20231h 6min

Laura’s 10-Year Anniversary of Self-Employment: A Personal Message  Laura Shin, the host of Unchained, celebrated her 10-year anniversary of self-employment on Wednesday, April 12. She tells her story and has a message that she hopes will help others on their journeys.  Links:  Original Twitter thread Learn more about your ad choices. Visit megaphone.fm/adchoices

15 Apr 202315min

This week’s major Ethereum upgrade, Shapella (it was really two upgrades, Shanghai and Capella, in one), brings the network’s multi-year journey to proof-of-stake to a close. With validator withdrawals now live, the Ethereum Foundation’s Tim Beiko explains Shapella’s significance, why EIP-4844 is the next big thing, and what else is on Ethereum’s roadmap. Show highlights: how Ethereum transitioned from a proof-of-work consensus mechanism to proof-of-stake what the concerns about enabling withdrawals among developers were  why the upgrade has “de-risked” staking on Ethereum whether there are going to be more solo stakers now that The Merge is fully completed what’s next in the roadmap of Ethereum and how EIP-4844 will decrease the cost of posting data for Layer 2s what “proposer-builder separation” is and what it intends to solve Thank you to our sponsors! Crypto.com Railgun DAO  Guest Tim Beiko, head of the Ethereum protocol developer calls  Previous appearances on Unchained: Why Ethereum's Merge Was Delayed and Why It Won't Reduce Gas Fees Much Previous coverage of Unchained on the upgrade: Ethereum's Shapella Upgrade - What to Expect? How Will ETH React to Ethereum’s Shanghai Upgrade? Links Unchained: Staked Ethereum Withdrawals Enabled As Shanghai Upgrade Goes Live Nansen: The Shanghai Upgrade Dashboard CoinDesk: What’s Next After the Ethereum Shanghai Upgrade Known as Shapella Learn more about your ad choices. Visit megaphone.fm/adchoices

14 Apr 202342min

How can decentralized autonomous organizations (DAOs) be more resilient? Gabriel Shapiro, general counsel at Delphi Labs, and Fatemeh Fannizadeh, lawyer and researcher at Geneva-legal.ch, survey the landscape and offer their insights on what will fuel the next wave of DAO innovation. Are new rules from U.S. states like Wyoming and Utah a boon for DAO creation? Or will the proceedings against Ooki DAO by U.S. regulators cast a pall on this emerging segment of the Web3 world? Show highlights: how Gabriel and Fatemeh determine whether something is actually a DAO the pressing legal issues around DAO formation where the liabilities lie in these types of organizations Delphi Labs’ new “borg” concept and the problems it aims to solve what jurisdictions are more appropriate for different DAOs the nuances of Wyoming’s DAO LLC law Utah’s Introduction of LLDs – limited liability DAOs – and why it is innovative  why the CFTC filed a lawsuit against Ooki DAO whether governance token holders are liable for the DAO’s actions how the Ooki lawsuit will impact how DAOs structure their activities in the future what happened in the MakerDAO case and its implications why Fatemeh and Gabriel disagree on whether the Mango DAO’s agreement to not pursue actions against Avi Eisenberg was legally binding Thank you to our sponsors! Crypto.com Halborn Guests: Gabriel Shapiro, general counsel at Delphi Labs Previous appearances on Unchained:  What Does Mango Markets Exploiter Avi Eisenberg’s Arrest in Puerto Rico Mean for DeFi?  Fatemeh Fannizadeh, lawyer and researcher at Geneva-legal.ch Lawmakers In New Hampshire And Utah Recognize DAOs As Legal Persons Links MakerDAO: CoinDesk: Crypto Investors' $28M ‘Black Thursday’ Lawsuit Against DeFi Giant Maker Dismissed by US Judge Mango Markets: CoinDesk: Legal Expert Says Mango Markets Exploit Case Is Wake-Up Call for DAOs Avi Eisenberg Detained Unlike SBF As Mango Labs Is Denied Injunction But TRO to March 15 Unchained:  The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not CFTC Charges Mango Markets Exploiter With Market Manipulation Mango Markets Exploiter Arrested on Market Manipulation Charges Tornado Cash Unchained: The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash? Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? Tornado Cash Sanctioned. Did the Government Overstep Its Bounds? Ooki DAO: Unchained: Why the Ooki DAO Case Could Hurt Participation in DAOs CoinDesk: Interpreting the CFTC’s Lawsuit Against Ooki DAO Wyoming law Legal Nodes: Wyoming LLC as a DAO Legal Wrapper: What You Need to Know Utah The National Law Review: Utah Passes Innovative DAO Legislation Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Apr 20231h 16min

Amidst a wide-ranging crackdown on all kinds of crypto players, Representative Tom Emmer talks about recent enforcement actions, the classification of cryptocurrencies as securities or commodities, the potential impact of US regulatory actions on the country’s global economic power, and the Federal Reserve's upcoming payment system. He touches on the importance of innovation and entrepreneurship in the crypto industry and the role of government in fostering these developments. Show highlights: why Rep. Emmer thinks there's an operation to cut crypto off from the banking system how, as he puts it, Sen. Elizabeth Warren has been 'dancing on the grave' of the recent banking failures how the interest in crypto in Congress has changed over time, especially after the Infrastructure bill in 2021 whether the CFTC lawsuit against Binance represents an "appropriate" use of enforcement actions why Rep. Emmer says that bureaucrats are trying to polarize blockchain technology how the US’s attitudes toward crypto could affect the country’s global power why he is against FedNow, the new Federal Reserve's payment system Thank you to our sponsors! Crypto.com Railgun DAO  Guest Congressman and House Majority Whip Tom Emmer Previous appearances on Unchained: Rep. Tom Emmer, One of the Most Active Crypto Congress Members, on Taxes and DeFi Links Operation Choke Point 2.0: Coverage of Unchained Podcast on the topic: Is the Government Trying to Kill Off Crypto in the US? Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs Enforcement actions Unchained: CFTC Sues Binance and CZ Over US Regulatory Violations SEC Issues Coinbase a Wells Notice Coverage of Unchained Podcast on the recent regulatory crackdown:  Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’  Learn more about your ad choices. Visit megaphone.fm/adchoices

7 Apr 202340min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. In this episode, they are joined by Laura Shin, author, journalist, and host of Unchained, to discuss the drama around the Arbitrum governance’s proposal, the MEV attack on Ethereum, the Shanghai upgrade… and much more! Show highlights:  what the intentions behind Arbitrum Foundation's ratification poll were why Tarun says that it was suggested by a crypto lawyer what will happen to Ethereum staking after the Shanghai upgrade how ETH provides 'organic yield,' according to Tarun whether staking makes ETH a security  how a validator on Ethereum got slashed after a $25 million MEV attack the drawbacks of how Proof of Stake requires a locked stake, while Proof of Work allows joining and leaving freely whether Tarun should cut his hair (yes, this was actually discussed) Hosts Haseeb Qureshi, managing partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly  Guest Laura Shin, author, and host of Unchained Disclosures Links Arbitrum DAO Unchained: Arbitrum Backtracks on AIP-1 After Community Backlash  MEV attack Unchained: Rogue Ethereum Validator Slashed After $25 Million MEV Bot Attack Euler hack  Unchained: Euler Hacker Returns All $200 Million Stolen in Exploit Shanghai:  Unchained: A Guide to Ethereum’s Shanghai Upgrade Single Secret Leader Election Gauntlet’s View on the Shanghai Upgrade Learn more about your ad choices. Visit megaphone.fm/adchoices

6 Apr 202356min

Brian Quintenz, head of policy for a16z crypto, and Nic Carter, general partner at Castle Island Ventures, talk about Operation Choke Point 2.0, the relationship between the government and the crypto industry, the status of different tokens as securities or commodities, and potential future developments in the space Show highlights: what the original Operation Choke Point was like the "evidence" that shows that Operation Choke Point 2.0 against crypto is real, according to Nic  how hard it is for crypto companies to get banked in the U.S. whether crypto had anything to do with the current banking crisis whether agencies such as the CFTC and the SEC are performing coordinated action against the industry how the collapse of FTX changed the approach of banking regulators toward crypto whether the U.S. needs to change its regulatory approach to maintain its status as a global leader whether crypto is a threat to the U.S. dollar and the financial system how Tether has benefited from the recent regulatory events why Brian says that the SEC has already demonstrated that BTC and – also ETH -- are not securities Thank you to our sponsors! Crypto.com Halborn Guests: Brian Quintenz, head of policy for a16z crypto Nic Carter, general partner at Castle Island Ventures Did The Government Start A Global Financial Crisis In An Attempt To Destroy Crypto? Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs Previous coverage of Unchained on the banking situation: Jim Bianco on Why the Banking System Has Always Been Broken The Fed Is In Checkmate: What Will Powell Do? The Fall of SVB: What Happened and How It Affects Crypto Previous coverage of Unchained on the recent regulatory crackdown:  Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’  Links NYMAG: Barney Frank Talks More About the Surprise Shuttering of Signature Bank Unchained: Was Signature Bank Actually Insolvent? Regulators Close Signature Bank Following SVB Collapse CFTC Sues Binance and CZ Over US Regulatory Violations CoinDesk Editorial: It Sure Looks Like the U.S. Is Trying to Kill Crypto The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks | NEC | The White House Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Apr 20231h 13min