Unchained

In this episode, Sreeram Kannan, founder of EigenLayer, and Konstantin Lomashuk, cofounder of Lido Finance, discuss the complex world of staking in Ethereum's post-Shanghai ecosystem.   Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: how the staking ecosystem in Ethereum looks after the full completion of the Merge what EigenLayer is and why it's called that whether EigenLayer's model is more similar to Polkadot or, actually, to Ethereum Layer 2s what the risks of restaking are, for both projects and users how Lido is working to keep Ethereum decentralized and censorship-resistant what superfluid staking is and whether it could be done on Ethereum how EigenLayer incentivizes alignment between the delegator and the stakers whether there's a risk that Lido could become a governance layer for Ethereum what can be done to increase staking services adoption Thank you to our sponsors! Crypto.com Guests: Sreeram Kannan, founder of EigenLayer Konstantin Lomashuk, cofounder of Lido Finance Previous coverage of Unchained on Ethereum staking:  Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? How Will ETH React to Ethereum’s Shanghai Upgrade? Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum? In the Recent Crypto Market Meltdown, What Role Did Lido’s stETH Play? Is ETH on Its Way to Becoming Ultra-Sound Money? Yes, Says Justin Drake Learn more: How Liquid Staking Works A Guide to Ethereum’s Shanghai Upgrade How to Stake Ethereum With Liquid Staking Learn more about your ad choices. Visit megaphone.fm/adchoices

2 Maj 20231h 9min

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news in digital assets. In this live episode from Consensus 2023, they are joined by Avery Ching, chief architect of Aptos, to discuss the latest SEC enforcement actions, an embarrasing admission by audit firm Certik, and crypto’s impact on the coming election. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights:  everyone's impressions of the conference why Korea has become a hub for crypto adoption why there's no benchmarking infrastructure to compare data across blockchains how Sui decided not to airdrop a token and what the implications for future airdrops are whether CertiK bears responsibility in the Merlin DEX rugpull whether the US elections have an effect on how the SEC is playing the case with Coinbase what impact AI will have on the crypto industry Hosts Haseeb Qureshi, managing partner at Dragonfly  Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly  Guest Avery Ching, cofounder and CTO of Aptos Disclosures Links Unchained:  Coinbase Seeks to Compel SEC Response to Rulemaking Petition ​​Exploit or Rug Pull? $1.8 Million Drained From zkSync DEX Merlin Despite Audit  SEC Sues Bittrex, Names Dash, Algorand and Other Tokens ‘Crypto Asset Securities’ CoinDesk: Sui Network to Issue Token Following Exchange Sale; Airdrop Hunters Dismayed Learn more about your ad choices. Visit megaphone.fm/adchoices

29 Apr 202345min

Major crypto exchange Coinbase has decided to take action to get an answer from the Securities and Exchange Commission: this week, they filed a court action seeking to compel Gary Gensler’s agency to give specific rulemaking on crypto assets. J.W. Verret, associate professor of law at George Mason Law School, talks about how both parties are playing this game, how it could change the Howey test, and much more. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform. Show highlights: whether there's a long-term chess strategy being played by Coinbase whether the case could actually change the Howey test why the 'West Virginia vs. EPA' is important for crypto what the SEC's strategy is and why the Kraken settlement was an “overreach,” according to J.W. whether the SEC could develop a new framework for crypto assets  how the Ripple case will unfold and how long it will take if it is appealed Thank you to our sponsors! Crypto.com Railgun DAO  Guest J.W. Verret, Associate Professor of Law at George Mason Law School J.W.’s thread My story of telling the SEC ‘I told you so’ on FTX Public Request for Rulemaking: Securities Regulation Genesis Block Proposal Previous coverage of Unchained on the SEC’s actions:  Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Is the Government Trying to Kill Off Crypto in the US? Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ Links Unchained: Coinbase Seeks to Compel SEC Response to Rulemaking Petition - Unchained Crypto Coinbase takes another formal step to seek regulatory clarity from SEC for the crypto industry IN THE UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT COINBASE, INC.’S PETITION FOR WRIT OF MANDAMUS TO THE Coinbase petition for SEC rulemaking Learn more about your ad choices. Visit megaphone.fm/adchoices

28 Apr 202338min

Two lawyers, Josh Klayman, head of digital assets at Linklaters, and Marc Boiron, chief legal officer at Polygon Labs, offer their takes on the SEC’s recent crypto crackdown. They share what they heard from SEC Chair Gary Gensler’s Congressional testimony, whether this crackdown was inevitable or sparked by FTX, and why a proposed change to the definition of an exchange could be an existential threat for DeFi in the U.S. Show highlights: what Gary Gensler’s approach to crypto was when he took office whether the FTX collapse had any impact at all on the SEC’s recent actions whether the actions against Coinbase are “inappropriate” what the differences between Coinbase and Kraken staking services are why the concept of “exemptive relief” is important for exchanges whether the SEC is looking to go after AMM-based decentralized exchanges why SEC Commissioner Hester Peirce says that complying with a new proposal wouldn’t be possible for much of DeFi why, according to Marc, the industry should be “pushing very hard” against the newly proposed definition of an exchange whether the SEC’s ability to pursue enforcement actions against ETH is diminished by the statements of the previous SEC chair Thank you to our sponsors! Crypto.com Halborn Guests: Josh Klayman, head of blockchain and digital assets at Linklaters,  Marc Boiron, chief legal officer at Polygon Labs. Sufficient Decentralization Previous coverage of Unchained on the SEC’s actions:  ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Is the Government Trying to Kill Off Crypto in the US? Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ SEC Chair Gary Gensler Avoids Question: ‘Is Ethereum a Security?’ SEC Sues Bittrex, Names Dash, Algorand and Other Tokens ‘Crypto Asset Securities’ Links CoinDesk: U.S. SEC Moves Toward DeFi Oversight as It Reopens Proposed Regulations Proposed rule: Amendments Regarding the Definition of “Exchange” and Alternative Trading Systems (ATSs) Rendering Innovation Kaput: Statement on Amending the Definition of Exchange POLITICO: McHenry clashes with SEC’s Gensler over crypto crackdown Forbes: Crypto Exchange Beaxy Shuts Down Amid SEC Charges Treasury Releases 2023 DeFi Illicit Finance Risk Assessment Learn more about your ad choices. Visit megaphone.fm/adchoices

25 Apr 20231h 14min

Welcome to “The Chopping Block” – where crypto insiders Haseeb Qureshi, Tom Schmidt, Robert Leshner, and Tarun Chitra chop it up about the latest news. In this episode, the gang plays “guess the chart” and takes a deep dive into the booming world of Ethereum Layer 2s. Show highlights:  how much Layer 2s are spending to post data to Ethereum whether L2s suck up all the value of ETH the challenge of providing a good user experience across multiple rollups how the underlying technology of security is not improving but attackers are getting more sophisticated whether centralized lending in the industry is dead why crypto users still hold stablecoins that yield much lower than Treasury bills the new approach to bringing real-world assets and tokenized yields to blockchains whether all L2s are running via proof of authority whether alternative Layer 1s are dead or are actually more important than ETH L2s Hosts Haseeb Qureshi, managing partner at Dragonfly  Robert Leshner, founder of Compound  Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly  Disclosures Links Hildebert’s charts Learn more about your ad choices. Visit megaphone.fm/adchoices

22 Apr 202359min

It got heated this week on Capitol Hill with SEC Chair Gary Gensler testifying before the House Financial Services Committee on his agency’s efforts to rein in the U.S. crypto industry. Jason Gottlieb, partner at Morrison Cohen, unpacks what was said and whether we’ll continue to see more crackdowns from the U.S. securities regulator. Show highlights: Whether ETH is a security and what would be the impact if it was declared as such by the SEC Whether the SEC is harming investors  What the potential impacts of the SEC lawsuit against Bittrex are Why the case against crypto exchange Beaxy could serve as a precursor to a potential case against Coinbase How the SEC’s lack of clear regulation is pushing crypto out of America, according to Jason Why the SEC is trying to expand the definition of an exchange and its possible effects on DeFi Thank you to our sponsors! Crypto.com Railgun DAO  Guest Jason Gottlieb, Partner at Morrison Cohen & Chair of the Digital Assets Department  Previous appearances on Unchained: The Department of Justice Goes After Its First NFT Insider Trading Case Previous coverage of Unchained on the SEC’s actions:  Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Is the Government Trying to Kill Off Crypto in the US? Coinbase’s Top Lawyer Calls SEC Wells Notice a ‘Massive Overreach’ Links CoinDesk: U.S. SEC Moves Toward DeFi Oversight as It Reopens Proposed Regulations Unchained:  SEC Chair Gary Gensler Avoids Question: ‘Is Ethereum a Security?’ SEC Sues Bittrex, Names Dash, Algorand and Other Tokens ‘Crypto Asset Securities’ Proposed rule: Amendments Regarding the Definition of “Exchange” and Alternative Trading Systems (ATSs) Rendering Innovation Kaput: Statement on Amending the Definition of Exchange POLITICO: McHenry clashes with SEC’s Gensler over crypto crackdown Forbes: Crypto Exchange Beaxy Shuts Down Amid SEC Charges Learn more about your ad choices. Visit megaphone.fm/adchoices

21 Apr 202340min

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