Flashbots

In this episode of The Defiant Podcast, we sit down with Hasu, strategic advisor to Lido, to explore their cutting-edge developments in Ethereum staking. From the introduction of dual governance to the game-changing Lido V3 upgrade, Hasu breaks down how Lido is enhancing decentralization, liquidity, and security for stakers. We also dive into the evolving role of Ethereum in DeFi, the future of staking for institutions, and the broader implications of programmable money. Chapters  00:07 Introduction 01:22 Introduction to Lido and Its Importance 02:49 Governance Changes in Lido 06:03 Understanding Dual Governance 08:51 Participation and Engagement in Governance 11:46 Systemic Risks of Centralized Staking 14:37 Decentralization and Node Operators 17:50 The Future of Lido and Ethereum 20:39 Becoming a Node Operator in Lido 23:46 Distributed Validator Technology (DVT) 29:32 Understanding DVT and Its Impact on Ethereum 31:54 The Debate on Staking Caps for Ethereum 39:50 Ethereum's Role in DeFi and Beyond 47:40 Introducing Lido V3: A New Era of Staking 55:38 Future Integrations and Growth of Lido

Hasu

Strategy Lead

FlashbotsLidoParadigm

Fill out our short Unchained survey and earn a chance to win a FREE one-year subscription to Bits + Bips Premium 😏 ------------------------------------------------- Lido just rolled out one of the most ambitious governance overhauls in DeFi: a dual governance system designed to give power back to stakers—and make it harder for malicious proposals to pass. But what does it actually do? And could it make Lido the safest place to stake ETH? Hasu, a strategic advisor at Lido, and Lido co-founder Vasiliy Shapovalov join Unchained to break it all down. How the dual governance model works Whether this dilutes LDO token value What this means for DeFi, and if others will follow Whether this might get institutions off the sidelines Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Guests: Hasu, Strategic advisor to Lido and Strategy lead at Flashbots. Vasiliy Shapovalov, Co-founder of Lido Unchained: Lido DAO Enables Dual Governance, stETH Holders Can Trigger ‘Rage-Quit’ Mode Learn more about the topics discussed: How Liquid Staking Works What Are Externally Owned Accounts (EOAs) in Ethereum? What Is Multi-Party Computation (MPC) and How Does It Work on Blockchains? What Is Distributed Validator Technology? Timestamps: 🎬 0:00 Intro 🧩 2:07 What problem Lido’s new governance model is actually solving ⚙️ 7:33 How dual governance works—and why it’s such a big shift 🚀 15:32 Why Hasu says this changes everything for Lido 🧠 22:20 What the team had to weigh when designing the system 🛡️ 30:26 How Lido built in resistance to attacks 📉 32:02 Whether this system weakens the value of the LDO token 🗳️ 38:58 How they’re thinking about fixing DeFi’s voter apathy problem 🏦 45:29 Whether institutions will see this as a positive sign and embrace stETH 🌐 48:01 How this compares to Sky’s “emergency shutdown”—and whether DeFi will follow suit Learn more about your ad choices. Visit megaphone.fm/adchoices

Hasu

Strategy Lead

FlashbotsLidoParadigm

Vasiliy Shapovalov

Co-Founder

Lido

Today on the show, we’re talking about Oval, a new DeFi primitive that Hart Lambur from UMA is introducing to the world of DeFi’s biggest lending markets. Billions of dollars have been liquidated from protocols like Aave, Compound, and MakerDAO over the years, and these liquidations have been extremely inefficiently priced, due to reasons! Reasons that we will discuss here on the show today.  Hasu also joins us on this conversation today to discuss the way that MEV share from Flashbots is a part of this conversation, and he helps illuminate what this means for DeFi going forward as a whole. ------ ⛓️ Visit dydx.exchange to learn about dYdX Chain https://dydx.zone/3SfJTP7  ------ 🎧 Listen On Your Favorite Podcast Player:  https://bankless.cc/Podcast  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2    ⁠  🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo    🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/toku    🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle    💸 CRYPTO TAX CALCULATOR | USE CODE BANK30 https://bankless.cc/CTC  🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap  ------ TIMESTAMPS   0:00 Intro 7:15 MEV & Oracle Foundations  11:19 Why Solving MEV is Important 21:16 High-Level Patterns  28:19 The Oval Mechanism  42:23 MEV Share Parameters  48:36 Decentralization of the MEV Share  54:30 Auction Length 56:08 Oval B/D Adoption  58:05 Uniswap v4  1:02:31 Oval Cut Upside 1:05:45 Future Questions to be Answered  1:08:42 Closing & Disclaimers  ------ RESOURCES What is SUAVE? FlashBots Phil Daian and Andrew Miller explain https://youtu.be/j3ZM2ZdUWXU  Oval  https://uma.xyz/   https://twitter.com/UMAprotocol   Hart  https://twitter.com/hal2001   Hasu https://twitter.com/hasufl   ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠

Hasu

Strategy Lead

FlashbotsLidoParadigm

Hart Lambur

Co-founder

UMA ProtocolUMAAcross Protocol

Phil Daian is a crypto-economic researcher! Phil is the lead author behind the landmark paper, “Flash Boys 2.0,” which introduced and defined the MEV problem in the Ethereum landscape, over 4 years ago. He is the cofounder of FlashBots, which is a research and dev organization with the mission of mitigating the negative externalities of MEV. Andrew Miller is an Associate Professor at the University of Illinois, SGX Bull, and visiting researcher at Flashbots, and big believer in cypherpunk values through crypto-economic mechanisms.  ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-suave  Have you ever heard of Flashbots? Flashbots is the silent protector of Ethereum, a shield against the forces of centralization that silently sneak into our cryptosystems and turn them into TradFi. It’s one of the unsung heroes of crypto. The guests we have on today are from Flashbots, Phil Daian, and Andrew Miller. They believe the biggest centralization threats in crypto still lie ahead. And they’ve got a new platform that’s being built to defend against them. It’s called “Suave”, and we’ve been hearing a lot about it recently - “Solving MEV” - “Decentralizing block building” - but going into this episode, we weren’t sure exactly what it was. We found out during this episode.  ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2 ⁠  🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask  ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum ⁠  🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo  👾GMX | V2 IS NOW LIVE  https://bankless.cc/GMX  💲 USDV | NATIVE OMNICHAIN STABLECOIN https://bankless.cc/usdv   ------ TIMESTAMPS 0:00 Intro 8:20 History of Flashbots & MEV 15:35 MEV Boost 19:25 Andrew’s Journey  23:20 What’s at Stake? 25:00 Solving MEV 33:44 What’s Suave?  41:13 Intents 45:25 Suavechain?  54:53 Decentralized Block Building  1:02:27 Privacy of Suave  1:08:02 Suave’s Importance & Goal 1:12:40 L2s  1:15:18 Alt-L1s  1:18:00 MEV Naiveness  1:21:31 Benefits of Suave 1:30:36 Suave Roadmap 1:32:23 Why the World Needs Suave 1:38:25 Closing & Disclaimers   ------ RESOURCES How to get Started Building on Suave https://collective.flashbots.net/t/suave-wiki/2018   Learn about MEV Crypto’s Existential Threat https://www.youtube.com/watch?v=rOVz7dOrGyY  Flashbots Saves Crypto https://www.youtube.com/watch?v=xex9WVmVfbg  Learn about Blockchain Supply Chains Ethereum’s Hidden Power Structures https://www.youtube.com/watch?v=rQxuPBy8tJg  Learn about Moloch Slaying Moloch  https://www.youtube.com/watch?v=903tHM4RA9k  Why we can’t have nice things? https://www.youtube.com/watch?v=YeQ2_ep0Cg4  ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures ⁠

Phil Daian

Researcher

Cornell TechFlashbots

Andrew Miller

Associate Professor and Visiting Researcher

University of Illinois

Lido has over 30% ETH staked. Should we be alarmed? Joining us is Hasu to shed some light on this question. In this wide ranging interview we discuss the State of Staking, the state of Lido, Idealist vs Pragmatics and asking the question - is Lido's reputation unfair? ------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-hasu ----- 🚀Join Ryan & David at Permissionless II in September. https://bankless.cc/GoToPermissionless  ------ 📣 STADER LABS | ETHX LIQUID STAKING https://bankless.cc/Stader  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2  ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING https://bankless.cc/MetaMask   ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum   ⁠ 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  ⁠ 👾POLYGON | VALUE LAYER OF THE INTERNET https://polygon.technology/roadmap  🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION https://bankless.cc/Toku  ----- TIMESTAMPS 0:00 Intro 4:34 Is Lido's Perception Unfair? 9:08 Is Lido Too Big To Fail? 15:57 What Can An Entity Do With 33%? 21:27 TLDR Recap and Overview 24:11 When Does Lido Risk Become Systemic 32:54 Lido Is Not One Entity 36:40 Node Operators vs DAO 41:19 LDO Governance 49:39 Is Lido Forkable? 52:37 The Path To 5,000 Operators 58:46 Distributed Validator Technololgy 1:08:16 Addressing The Critics 1:17:31 The Staking Social Layer 1:24:40 Is Lido Treated Unfairly? 1:26:47 Can We Keep Ethereum Decentralized? 1:30:07 Risks and Disclaimers ----- Resources Hasu on Twitter: https://twitter.com/hasufl  Uncommon Core v2: https://www.ucc2.xyz/  Hasu last on Bankless: https://youtu.be/1qqkoGatPdE  ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Hasu

Strategy Lead

FlashbotsLidoParadigm

Uncommon Core - one of my favorite podcasts of all time - is back! This reboot is hosted by Hasu and Jon Charbonneau, two of the brightest minds in crypto. We are dropping their first episode here to share the news and because you’ll want to add this show to your podcast lineup! __ 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 of the key areas of crypto infrastructure today. Finally, we zoom into rollup decentralization roadmaps, and Jon shares a controversial new thesis about sequencer decentralization. __ 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 __ Hasu - https://twitter.com/hasufl Jon Charbonneau - https://twitter.com/jon_charb UCC2 - https://twitter.com/UCC2_xyz Website - https://ucc2.xyz __ 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.

Hasu

Strategy Lead

FlashbotsLidoParadigm

Jon Charbonneau

Analyst

DBA ResearchDBADelphi Digital

Welcome to “The Chopping Block!” – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, Flashbots co-founder Phil Daian joins the show to go deep on what maximal extractable value (MEV) means and how it’s shaping the Ethereum ecosystem. Show highlights: how Phil started working in MEV and why he believes it resembles 'Alice in Wonderland' Phil's definition of MEV and when he realized this was an actual problem how Flashbots was born the story of how Vitalik didn't care about sandwich attacks at the time Uniswap was released whether it's possible to minimize MEV via more competition the never-ending debate about whether MEV should be accepted why Tarun thinks the concept of fair ordering is against nature  how Bitcoin uses social norms to solve its weaknesses  how Google is being called out in court for creating auction to front run its customers how Flashbots worked prior to and after Ethereum's Merge why Flashbots complies with OFAC sanctions  what is the Suave project and how it aims to decentralize Flashbots what the future of MEV looks like Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Tom Schmidt, general partner at Dragonfly Capital Guest: Phil: Twitter Disclosures Links The Block: Flashbots seeks up to $50 million at a billion-dollar valuation CoinDesk: Opinion: Miners, Front-Running-as-a-Service Is Theft CNN: DOJ sues Google over its dominance in online advertising market Unchained: 51% of Ethereum Blocks Are OFAC Censored Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant? - Ep. 390 The Cost of Decentralization in 0x and EtherDelta Previous coverage of Unchained on MEV: Why Is Ethereum Trying to Maximize Value From Users? Two Sides Debate Learn more about your ad choices. Visit megaphone.fm/adchoices

Phil Daian

Researcher

Cornell TechFlashbots

In the crypto world, MEV (‘Maximal Extractable Value’) refers to block producers’ ability to reorganize the sequence of transactions in any given block to extract a premium. While MEV can be used nefariously in instances such as front-running large transactions, it can also be used for arbitrage opportunities that do not directly impact other market participants. In this episode of The Scoop, we take a closer look at the world of MEV with Viktor Bunin, a protocol specialist at Coinbase, and Stephane Gosselin, the founder of Flashbots — a research project that provides MEV solutions to Ethereum validators. According to Gosselin, the purpose of Flashbots is to make markets more efficient: “We look at market structures, we research them and we develop products to try to improve them, and make sure that they're aligned with the intent of the chains that they're operating on top of.” How Flashbots works in practice is essentially by creating a separate layer where users can bid against each other to have their transactions included on the blockchain.  As Bunin explains, “It essentially creates a private mempool or a ‘fastlane’ where it says, ‘Hey, you're welcome to compete all you'd like, but you should do it at this layer,’ and then there will be a standardized way by which whoever is a winning bid — essentially the winning transaction — that will be the one that gets included on the blockchain and no others.” Episode 91 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro and Viktor Bunin, protocol specialist at Coinbase and Stephane Gosselin, MEV boost architect & co-founder of Flashbots. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen About Tron TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord | About Chainalysis Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com. About IWC Schaffhausen IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com.

Viktor Bunin

Protocol Specialist

Coinbase CloudCoinbase

Stephane Gosselin

Co-Founder

Flashbots

Stephane Gosselin, cofounder and chief architect of Flashbots, and Uri Klarman, CEO of bloXrouteLabs, joined Unchained to discuss everything about MEV, an especially important topic now with the Merge coming.  Show highlights: what MEV is, how it works under Proof of Work some examples of MEV, like frontrunning and arbitrage how MEV is a rabbit hole full of monsters the role of Flashbots in the MEV industry and how Flashbots enabled a reduction of gas fees for users how MEV-geth functions and how it relates to auctions systems how bloXroute, Uri’s company, is working with MEV where Stephane and Uri disagree on MEV, despite agreeing on many fundamental things how MEV changes with the implementation of Proof of Stake what MEV-Boost is and the problems it solves what proposer-builder separation is and the motivation behind this idea whether DeFi would flourish more if there wasn’t frontrunning and why MEV-Boost doesn’t prevent it what externalities MEV-Boost or proposer-builder separation (PBS) would solve for users how MEV exists in other industries and in traditional finance why Flashbots’ own investors would rather trade on a fair-sequenced rollup than on Flashbots how the number of MEV extractors has been decreasing and whether this would end up centralizing MEV whether exploiting certain types of MEV is illegal how other chains are trying to solve frontrunning, like Osmosis with threshold encryption what are the levers that can be pulled to solve MEV, according to Uri how eradicating MEV can positively affect the price of ETH, and by how much whether validators can potentially share MEV profits with users how to determine if a network has a good MEV supply chain Thank you to our sponsors!   Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ a16z: https://link.chtbl.com/HObAJQDL?sid=unchained   Show Links   Uri:  Twitter: https://twitter.com/uriklarman   Stephane:  Twitter: https://twitter.com/thegostep   Previous coverage of MEV on Unchained: The Debate Over Ethereum MEV: Should It Be Minimized or Boosted?: https://laurashin.bulletin.com/the-debate-over-ethereum-mev-should-it-be-minimized-or-boosted The Other Side(s) of Ethereum's MEV Argument: https://laurashin.bulletin.com/the-other-side-s-of-ethereum-s-mev-argument MEV What is MEV: https://ethereum.org/en/developers/docs/mev/#:~:text=Maximal%20extractable%20value%20(MEV)%20refers,of%20transactions%20in%20a%20block Proposer-Builder separation: https://www.alchemy.com/overviews/proposer-builder-separation Uri’s blog post: https://medium.com/@uri_61495/flipping-the-table-on-the-mev-game-dc31df8baaf7 MEV Profit sharing validators: https://www.recvc.com/mev-2-0-the-rise-of-mpsvs/ Panel conversation mentioned in the episode (39:53): https://youtu.be/UKfBFV1TuEM?t=2393 Sealed auction design: https://ethresear.ch/t/mev-sgx-a-sealed-bid-mev-auction-design/9677  Priority Gas Auction (PGA): https://www.mev.wiki/terms-and-concepts/priority-gas-auctions#:~:text=What%20is%20a%20priority%20gas,up%20fees%20for%20other%20users. Dune’s dashboard - amount of MEV extractors: https://dune.com/queries/1171509  The MEV Game of the Crypto Economy: Osmosis' Threshold Encryption vs. SGX of Flashbot?: https://mirror.xyz/infinet.eth/SFjR1H1-RMnKoIoPjqkxpauVPrLYGqLHQP1dY9FHvx4 Bank of International Settlements report on MEV: https://www.bis.org/publ/bisbull58.pdf   Flashbots Flash Boys 2.0 paper: https://arxiv.org/pdf/1904.05234.pdf Flashbots Dashboard: https://dashboard.flashbots.net/ Flashbots auctions: https://docs.flashbots.net/flashbots-auction/overview Flashbots relay open source: https://twitter.com/hasufl/status/1559908331145265156?s=20&t=gtHe5sVetxQXVKfZL2VMYg MEV Boost: https://www.alchemy.com/overviews/mev-boost MEV in ETH PoS: https://writings.flashbots.net/writings/mev-boost-call-for-testing Learn more about your ad choices. Visit megaphone.fm/adchoices

Stephane Gosselin

Co-Founder

Flashbots

Uri Klarman

CEO

bloXroute Labs

Stephane Gosselin is the Founder of Flashbots, an R&D organization that’s trying to fix the most pernicious problem in crypto—the problem of MEV (Maximum Extractable Value). Many of us are massively optimistic about crypto and aren’t worried too much about its future. However, this MEV thing could be our achilles heel. On this episode, we dive into what Stephane and his team are doing to make MEV less of a potential weak point, how MEV works, and what our industry would look like if Flashbots didn't exist. And of course—so much more. This is another fundamental Bankless episode that you won’t want to miss. ------ 📣 Chainlink | Register for SmartCon 2022 with promo code “BANKLESS” https://bankless.cc/smartcon  ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  ------ BANKLESS SPONSOR TOOLS: 🌱 LENS | ACCESS CODE: MERGE (only valid for 24 hours!) https://bankless.cc/Lens  🚀 ROCKET POOL | ETH STAKING https://bankless.cc/RocketPool  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave  🌉 JUNO | BRIDGE FIAT TO LAYER 2 https://bankless.cc/Juno  ⚡️ ZKSYNC | THE LAYER 2 SCALING ENDGAME https://bankless.cc/zkSync  ------ Topics Covered: 0:00 Intro 9:28 MEV Explained & Its Importance 13:35 The Evil Side of MEV 21:26 MEV Utopia vs. Dystopia 28:54 Competitiveness, Market Structure, Equilibrium 32:10 MEV Supply Chain Crashcourse 37:24 Timeline 38:56 Flashbots Thesis 42:31 No MEV Geth Scenario 45:15 Flashbots Continued 49:10 Solutions 51:15 MEV Boost 1:00:18 MEV Boost Adoption 1:05:10 Differences in Staking APY 1:08:20 Flashbots Incentives 1:12:57 Infinite Problems to be Solved? 1:14:35 PBS 1:17:54 Relayer Role 1:20:05 Weird MEV Potential Merge Issues? 1:22:40 Byproducts of MEV Boost 1:27:17 New Builder Market Speculation 1:31:15 Stephane’s Optimism 1:32:55 Closing & Disclaimer ------ Resources: Stephane Gosselin https://twitter.com/thegostep  MEV-Boost in a Nutshell https://boost.flashbots.net/  Flashbots Blog Posts https://writings.flashbots.net/writings  Guide to Ethereum Roadmap https://newsletter.banklesshq.com/p/guide-to-the-ethereum-roadmap-jon#details  Ethereum’s Hidden Power Structure https://newsletter.banklesshq.com/p/125-matt-cutler#details  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Stephane Gosselin

Co-Founder

Flashbots

Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Tom Schmidt, and Robert Leshner chop it up about the latest news in the digital asset industry. In this episode, Hasu, the gourmand of governance and Rune Christensen, chief mischief maker at MKR, discuss how to manage a DAO, their respective visions for MakerDAO, and much more.    Show topics:   What MakerDAO is, how DAI works and whether it is the “central bank” of DeFi How the visions for MakerDAO of Hasu and Rune differ Whether Maker should only hold highly liquid collateral assets Hasu’s mental model of DAI as eurodollars The role of real-world assets in backing DAI What the purpose of a DAO is and how it differs from a legal entity Whether people behave in their purest form within a DAO How DAI can create positive externalities and make a better world How crypto holders are not only in it for the money but also for the philosophy  What the “decentralized stablecoin trilemma” is Whether there’s a need for dollar-denominated collateral for DAI to work What “clean money” is according to Rune Why Rune thinks having a single council is not viable due to the political risks and whether the solution is to have multiple councils How to keep the principal-agent problem in check, according to Hasu Why Hasu believes council members wouldn’t pursue their own interests and go against the benefit of MKR token holders Whether a council would be corruptible and the dangers that it entails What kind of interests should be represented in the council Whether Maker can create more synthetic assets The iron law bureaucracy and how it relates to governance How to design the DAO to be steered in alignment with the token holders Whether ossification is a feature to be pursued, and where innovation happens How complexity is very expensive for an organization Hosts Haseeb Qureshi, managing partner at Dragonfly Capital https://twitter.com/hosseeb Tom Schmidt, general partner at Dragonfly Capital https://twitter.com/tomhschmidt Robert Leshner, founder of Compound  https://twitter.com/rleshner    Hasu Twitter: https://twitter.com/hasufl   Rune Christensen Twitter: https://twitter.com/RuneKek Episode Links   MakerDAO Hasu’s governance proposal: https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials Rune’s proposal - the endgame: https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456 Proposal to add a lending oversight core unit: https://forum.makerdao.com/t/mip39c2-sp33-adding-lending-oversight-core-unit-love-001/15098 Previous Coverage of Unchained:  Rune Christensen of MakerDAO Part 1: How to Keep a Crypto-Collateralized Stablecoin Afloat: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/ Rune Christensen of MakerDAO Part 2: How Dai Stayed at $1 While ETH Crashed From $1,400 to $85: https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/ The Rise of MakerDAO: A Personal Journey:  https://unchainedpodcast.com/the-rise-of-makerdao-a-personal-journey/ Real World Assets: Huntingdon Valley Bank (“HVB”) proposal: https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-rwa-collateral-onboarding-risk-assessment/15828 $500 million allocation proposal: https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922   The stablecoin trilemma: https://fluid.ch/stablecoin-trilemma/#:~:text=A%20deeper%20dive%20into%20the,decide%20on%20the%20stablecoin%20supply. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hasu

Strategy Lead

FlashbotsLidoParadigm

Rune Christensen

Founder

MakerDAOSky

✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode: https://shows.banklesshq.com/p/debrief-how-to-fix-defi-tokens  This is Hasu’s 5th appearance on Bankless and this might be his best one yet. If you’re unfamiliar, Hasu is a crypto-economic researcher at Paradigm, strategist at Flashbots solving MEV, host of Uncommon Core, and more recently, a Governor delegate for MakerDAO and overall DAO governance thinker. In this episode, we’re going to reorg your brain about what it means to be a DAO. Hear what’s broken about DAOs, the potential solutions, what regulation could do to help, and so much more. ------ 📣 Forta | Help Make Web3 a Safer Place https://bankless.cc/Forta  ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  ------ BANKLESS SPONSOR TOOLS: 🚀 ROCKET POOL | ETH STAKING https://bankless.cc/RocketPool  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across  🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave  🌴 MAKER DAO | DECENTRALIZED LENDING https://bankless.cc/MakerDAO  🔐 LEDGER | SECURE STAKING https://bankless.cc/Ledger  ------ Topics Covered: 0:00 Intro 6:10 DeFi Token Brokenness 12:36 Treasury Management 15:29 Uniswap Token & Fees 27:09 Uniswap’s Strategy 29:58 DAO Governance & Business 33:06 DAOs vs. Digital Organizations 41:55 Regulation vs. DAO Governance 44:53 Founder & Protocol Alignment 50:09 Regulatory Clarity 1:00:16 Regulation’s Bull Case 1:03:58 Game Theory & Gov. Adoption 1:08:05 DAO Constitutions 1:13:13 The Value Prop of DeFi 1:21:03 SubDAOs & Voting 1:28:00 DAO Costs 1:31:04 Summary & Action Items 1:34:09 Why Be Optimistic of DeFi 1:40:53 Closing & Disclaimers ------ Resources: Hasu https://twitter.com/hasufl  Fake Dao vs Real Daos by Gabriel Shapiro https://lexnode.substack.com/p/defining-real-and-fake-daos  The Market for Promises by Anthony Lee Zhang https://anthonyleezhang.substack.com/p/the-market-for-promises  A Stupid Simple Governance Framework by Andrew Beal https://30000feet.substack.com/p/issue-72-a-stupid-simple-governance  Hasu’s Recent Maker Governance Post https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Hasu

Strategy Lead

FlashbotsLidoParadigm

Hasu, strategic advisor to Lido, and Tarun Chitra, founder of Gauntlet, explain everything about staked ETH, aka stETH, how it should be priced, Lido’s market dominance, and much more. Show highlights: the role of Lido, what stETH is, and what its benefits are whether Ethereum’s lack of delegated proof of stake contributes to the need for stETH why stETH is not mispriced and why it doesn’t necessarily have to be worth 1 ETH the inherent risks associated with stETH how there was not enough liquidity to handle all the liquidations, especially in automated vaults on, for instance, Instadapp  how automated market makers work and what Curve’s amplification factor is whether 3AC and Celsius had a significant impact on the stETH/ETH “de-peg” how does the Merge affect the liquidity of stETH Hasu’s and Tarun’s level of confidence that the Merge will happen this year and whether it will be a success what will happen to the price of stETH after the redemptions are enabled why Lido has achieved such a level of dominance how Lido decreases the cost of staking and helps improve the security of the Ethereum blockchain whether there is going to be a “winner take all” in the liquid staking derivatives market how liquidity fragmentation can cause the system to blow up why LDO tokenholders might not have the same incentives as ETH tokenholders what is Lido’s new dual governance model and what is it trying to achieve whether Lido should self limit its market dominance how Lido coordinates validators and the role of the LDO token in this coordination what are the lessons to be learned from the stETH situation how governance is a liability to DeFi protocols   Thank you to our sponsors!   Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://www.avax.network/ Oasis: https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program   EPISODE LINKS   Hasu:  Twitter: https://twitter.com/hasufl Uncommon Core Podcast: http://uncommoncore.co/podcast/ Tarun:  Twitter: https://twitter.com/tarunchitra   stETH   Lido’s explanation: https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Lido’s explanation #2: https://twitter.com/LidoFinance/status/1536756933054676992?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Hasu’s thread #1: https://twitter.com/hasufl/status/1524717773959700481?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Hasu’s thread #2: https://twitter.com/hasufl/status/1525427069198508033?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Tarun’s take: https://twitter.com/tarunchitra/status/1538775828573609985?s=20&t=oQeB1uj7HG7Y4he-0gbcLg Tarun’s paper: Why Stake when you can borrow: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629988   Lido Self-limit?: https://twitter.com/LidoFinance/status/1540258690942615555?s=20&t=sJU5C5xo5litEJrZZDaWNQ Hasu on Lido’s dual governance proposal: https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ Lido’s two phase voting scheme :https://blog.lido.fi/moving-to-two-phase-voting/ Previous Unchained Coverage on DAO governance: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto?: https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Hasu

Strategy Lead

FlashbotsLidoParadigm

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

This week on The Defiant Podcast we speak with Hasu, strategic advisor at Lido, strategy lead at Flashbots, MakerDAO delegate, researcher at Paradigm and host of the Uncommon Core Podcast. That’s a lot of titles and it goes to show just how deeply plugged into DeFi and crypto this anon researcher is. In this episode, we’ll focus on Lido, as it’s become a crucial piece of infrastructure for Ethereum. Thanking our podcast sponsors: dYdX has launched a Grants program with funding allocated to open-source builders. Come help build the future of decentralized trading at dydxgrants.com Nexo is a platform where you can swap 300+ market pairs and borrow against your crypto from 0% APR. Sign up to Nexo until June 30 & get a welcome bonus of up to $150 in BTC. Avalanche Subnets allow anyone build custom, app-specific blockchains - the future of Web3 scaling. APWine - get your future yield today, speculate on APY evolution or fix APY rates. Discover the latest yield tokenization trend in Web3 with 'APwine'

Hasu

Strategy Lead

FlashbotsLidoParadigm

Glen Weyl, RadicalxChange Foundation founder and political economist & social technologist at Microsoft Special Projects, and Puja Ohlhaver, strategist at Flashbots, discuss “soulbound tokens” and their implications for collaboration and social organization in a variety of spaces. Topics covered include: how Glen got involved in crypto, wrote a book, and came to co-write a paper with Vitalik Buterin  how Puja studied economics and got in touch with Glen in pursuit of a middle ground between left and right politics what soulbound NFTs are and how they work how Vitalik’s paper articulated how the concept of the soulbound token could advance decentralized collaboration in web3 how decentralized reputation can enable larger networks of coordination how identity can be understood through the lens of community participation how the name ‘soulbound token’ came about how these tokens could provide a technology for those who value scarcity but disdain speculation how identity-dedicated tokens could work on a technical level (including recovery) what is DeSoc and why is it important? how non-transferable tokens can improve DAO organization, including resolving issues with quadratic funding how identity-locked tokens can be protected from bots and AI abuse how these tokens could support community privacy and responsible information disclosure   Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021  Beefy Finance: https://beefy.finance/    Related Reading Decentralized Society: Finding Web3’s Soul (Weyl, Ohlhaver, and Buterin; 2022) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4105763  Georg Simmel, German neo-Kantian who laid groundwork for antipositivism https://en.wikipedia.org/wiki/Georg_Simmel  How Blockchains Can Help Create Little Democracies Everywhere https://unchainedpodcast.com/how-blockchains-can-help-create-little-democracies-everywhere/    Soulbound Tokens Vitalik on Soulbound tokens https://vitalik.ca/general/2022/01/26/soulbound.html TL;DR written by Glen https://www.coindesk.com/layer2/2022/05/11/after-defi-desoc-finding-web-3s-soul/ Other write-ups https://nftnow.com/guides/soulbound-tokens-sbts-meet-the-tokens-that-may-change-your-life/ https://www.radicalxchange.org/concepts/soulbound-tokens/ https://fortune.com/2022/05/26/what-are-soulbound-tokens-web3-buterin/ https://thedefiant.io/vitalik-soulbound-tokens/   Projects Mentioned Ceramic https://ceramic.network/  Verifiable Credentials Data Model (w3) https://www.w3.org/TR/vc-data-model/#abstract  Optimism https://optimism.io/  Gitcoin https://gitcoin.co/  Glen Weyl Personal Website https://glenweyl.com/  Twitter (@glenweyl) https://twitter.com/glenweyl/    Puja Ohlhaver LinkedIn https://www.linkedin.com/in/puja-ohlhaver-b44b878  Twitter https://mobile.twitter.com/pujaohlhaver  Learn more about your ad choices. Visit megaphone.fm/adchoices

Glen Weyl

Founder and Political Economist

RadicalxChange FoundationMicrosoft Research

Puja Ohlhaver

Strategist

Flashbots

The time has come. With the London Fork just around the corner, the much anticipated EIP-1559 will be implemented. This fundamentally changes the relationship among miners, users, and gas. This panel, moderated by Ethereum core developer Tim Beiko, is set to discuss the macro and micro shifts to the ecosystem. We've talked about this a lot on Bankless, so it's time to hear from experts around the community about this massive turning point. ------ 📣 PoolTogether | DeFi's No-Loss Lottery Protocol https://bankless.cc/PoolTogether  ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer  👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  ------ Topics Covered: 0:00 Intro 8:00 Understanding EIP 1559 ETH Research post: https://ethresear.ch/t/first-and-second-price-auctions-and-improved-transaction-fee-markets/2410 20:34 Changing Metrics 26:21 Improving User Experience Micah’s article: https://medium.com/coinmonks/a-tale-of-two-pricing-schemes-dc9c8717906 33:45 Advice for Smart Contract Devs JSON RPC Changes: https://hackmd.io/@timbeiko/1559-json-rpc 42:30 Miners, Burning Fees, and MEV 53:52 Clarifying MEV and Gas Prices 57:00 EIP 1559 on Geth 1:04:44 Hasu's Turning Point on ETH 1:11:11 David & Ryan ask Community Questions 1:15:51 Fifteen Fifty-Nine 1:19:40 Old Transactions in a New Paradigm 1:22:00 Stuck & Pending Transactions 1:24:16 Changing Monetary Policy 1:36:01 Manipulating Block Size 1:39:58 Discussing Timelines 1:47:25 Closing & Disclaimers ------ Resources: Tim Beiko on Twitter: https://twitter.com/TimBeiko?s=20  Barnabe Monnot on Twitter: https://twitter.com/barnabemonnot?s=20  Hasu on Twitter: https://twitter.com/hasufl?s=20  Lightclients on Twitter: https://twitter.com/lightclients?s=20  Micah Zoltu on Twitter: https://twitter.com/MicahZoltu?s=20  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Tim Beiko

Protocol Support Lead

Ethereum Foundation

Hasu

Strategy Lead

FlashbotsLidoParadigm

Micah Zoltu

Core Developer

Ethereum Foundation

Barnabe Monnot

Researcher

Ethereum Foundation

Matt Garnett

Core Developer

Ethereum Foundation

Phil Daian is a researcher and software engineer and is leading the charge into mapping MEV with the Flashbots Project. Georgios Konstantopoulos and Charlie Noyes are both partners at Paradigm. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-cryptos-existential  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer  👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  ------ Bankless Podcast #66: MEV Panel Guests: Charlie Noyes, Phil Daian, & Georgios Konstantopolous In this State of the Nation, we bring on big-brain experts behind projects like Paradigm and Flashbots to explain the complex but critical topic of MEV - commonly known as Miner Extractable Value, but as discussed in this episode, Maximum Extractable Value is a more appropriate descriptor. MEV is arguably the single most important unsolved problem in the crypto space. In the context of incentives and network security, MEV generally refers to the ability of miners & validators to take advantage of their position as securers of the network. Blocks are verified by single entities, and these block producers have tremendous power when they are the ones adding a particular block to the blockchain. We refer to this instance as ‘God-Mode,’ in which a node has the power to assemble & order transactions at will. The threat here is the potential gaps between what is best for the network and what is best for the node. As an internal and unbounded threat to blockchains, solving the problems that MEV presents is critical to maintaining proper consensus and ensuring decentralization and permissionless access. We take a deep dive into potential solutions, and the impact of EIP-1559 and Proof-of-Stake on MEV. Dive in to learn why despite the challenges ahead, Charlie says: “In the absence of certainty, I’m willing to take the optimistic perspective.” ------ Resources: Phil on Twitter https://twitter.com/phildaian?s=20  Georgios on Twitter https://twitter.com/gakonst?s=20  Charlie on Twitter https://twitter.com/_charlienoyes?s=20  Exploring Ethereum’s Dark Forest with Dan Robinson https://youtu.be/MtpRDqrCfbc  Investing in DeFi Paradigms with Charlie Noyes https://youtu.be/dQOhbb5HmLA  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Phil Daian

Researcher

Cornell TechFlashbots

Georgios Konstantopoulos

Co-Founder

TempoParadigm

Charlie Noyes

Partner

ParadigmMesh

Hasu is a pioneer and thought leader in the world of cryptoeconomic research. He is a rare voice in crypto, unafraid to speak his mind and break ranks with both Ethereans and Bitcoiners. His takes were often varied and elusive… until the EIP-1559 proposal. Dive in to learn what changed his mind. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🗞️ GET THIS EPISODE'S DEBRIEF: https://shows.banklesshq.com/p/exclusive-debrief-eip-1559-with-hasu  ------ GO BANKLESS WITH THESE SPONSOR TOOLS: ⭐️ AAVE - BORROW OR LEND YOUR ASSETS https://bankless.cc/aave  🚀 GEMINI - MOST TRUSTED EXCHANGE AND ONRAMP https://bankless.cc/go-gemini  💳 MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS https://bankless.cc/monolith  📱 DHARMA - MOBILE ONRAMP DIRECTLY INTO DEFI https://bankless.cc/dharma  ------ 🎙️Bankless Podcast Episode #58: EIP-1559 March 29th, 2021 Guest: Hasu Hasu is a renowned pseudonymous researcher in the cryptoeconomic space, and we have been long impressed by his clear, sober ideas. In his second appearance on the pod, we dive deeply into EIP-1559, covering its technicals but also the social & cultural implications of the proposal. When it comes to the field of cryptoeconomics, Hasu is most compelled by research on establishing and maintening economic security. EIP-1559 embodies these concepts through its transaction fee dynamics, regulation of gas prices, and novel mechanisms for users to buy transactions on the network. Properly incentivizing validators to come to consensus is necessary for a cryptoeconomically secure platform. EIP-1559 aims to accomplish this by regulating the consumption of resources on the network, fixing the price of gas on a block while allowing its quantity to float. The changes under EIP-1559 allow Ethereum to incentivize its deflationary mechanism, mitigate Miner Extracted Value (MEV), and improve the user experience for individuals transacting on the Ethereum network. Tune in as Hasu's refreshing and credible perspective conceptualizes this multi-faceted cryptoeconomic system. ------ RESOURCES: Uncommon Core Blog/Podcast: https://uncommoncore.co/  Derbit Insights: https://insights.deribit.com/market-research/  Hasu on Twitter: https://twitter.com/hasufl?s=20  Some of Hasu’s Writings: -Analysis of EIP-1559 https://insights.deribit.com/market-research/analysis-of-eip-1559/  -Guide to EIP-1559 https://uncommoncore.co/eip-1559/  -The future of money https://insights.deribit.com/market-research/the-future-of-money-could-be-discretionary/  EIP-1559 on the Horizon https://newsletter.banklesshq.com/p/eip-1559-on-the-horizon-market-monday-37f  The Bull Case for Cryptography https://shows.banklesshq.com/p/-moon-math-the-bull-case-for-cryptography  ------ THIS WEEK ON BANKLESS: 🦄 Alpha Leak | Uniswap V3 (3/23) https://youtu.be/TRJYs7v7gYo  🎙️ Ultra Sound Money | Justin Drake (3/22) https://shows.banklesshq.com/p/-ultra-sound-money-justin-drake  ❓ AMA with Chris Spadafora of Badger DAO (3/24) https://shows.banklesshq.com/p/-ama-with-chris-spadafora-of-badger  🏴 State of the Nation | David Grider (3/23) https://newsletter.banklesshq.com/p/-sotn-39-is-wall-street-going-bankless  ⚫ Token Thursday | The Best Yields on USD (3/25) https://newsletter.banklesshq.com/p/the-best-yields-on-usd  ✏️ Why ETH is the Best Money the World Has Ever Seen (4/24) https://newsletter.banklesshq.com/p/ultra-sound-money-  ⚒️ Tactic Tuesday | How to Automate Your Staking Rewards (3/23) https://newsletter.banklesshq.com/p/how-to-automate-your-staking-rewards  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Hasu

Strategy Lead

FlashbotsLidoParadigm

Episode: #19 June 29, 2020 Hasu is a free-thinker. A truth seeker. A rare voice in crypto. He's not afraid to push back on tribal dogma. He breaks rank with Bitcoiners on some topics and Ethereans on others. Yet he still considers himself a member of both tribes and respects the mysticism (and even dogma) of these deeply social systems. In the spirit of Satoshi he's pseudonymous. We don't know his actual identity. But we know who he is from his body of writing that has influenced our thinking on many crypto topics.  What does he think about Ethereum? About crypto banks?  About DeFi?  We covered it all: Hasu's fave writers Body and Spirit of crypto networks Is Hasu an Etherean? Why Bitcoin might not survive How Maker is like a central bank Is EIP1559 bullish for ETH? The best Rick & Morty episode Join us next Monday for a fresh episode! ----- Tools from our sponsors to go bankless: Multis - bank your business without a bank (1 mon. trial!) Ramp - the fiat onramp for DeFi (mention Bankless!) Monolith - holy grail of bankless Visa cards Aave - money lego for lending & borrowing ----- Resources discussed: (Article) A Bankless Nation (Part 1) (Article) A Bankless Nation (Part 2) (Listen) The above articles read by David Hasu Articles: Analysis of EIP-1559 Why Bitcoin might not survive a Bitcoin Standard The future of money could be discretionary Unpacking Bitcoin’s Social Contract Evangelizing Bitcoin ----- Episode Actions: Read our favorite Hasu articles (see above) Listen to episode 7 on ETH scarcity for more EIP1559 Give Bankless a 5-star review on iTunes! Also...subscribe to Bankless YouTube to watch State of the Nation every Tuesday. ----- Subscribe to podcast on iTunes | Spotify | YouTube | RSS Feed Leave a review on iTunes Share the episode with someone you know! ----- Don't stop at the podcast! Subscribe to the Bankless newsletter program Watch Bankless shows and tutorials on YouTube Visit official Bankless website for resources Follow Bankless on Twitter Follow Ryan on Twitter Follow David on Twitter

Hasu

Strategy Lead

FlashbotsLidoParadigm

with Phil Daian (@phildaian) and Ali Yahya (@ali01) Whether in corporations, boardrooms, or political elections, voting is something we see in all kinds of social systems... including blockchains. It's the natural human tendency for how to organize decisions, and in distributed systems without centralized middlemen, it's the only clear Schelling point we can come up with. But too many people design voting mechanisms in distributed systems in isolation -- sometimes naively "porting over" assumptions from the real world or from simple cryptoeconomic models without thinking through the economic adversaries present in a larger, more rational (vs. "honest") game-theoretic system. So how are blockchain systems different from real-world paper and electronic voting systems? How can such systems be gamed, and what are the implications for cryptoeconomic security... as well as the governance of distributed organizations? This hallway-style episode of the a16z Podcast covers all this and more. Recorded as part of our NYC roadtrip, it features Cornell Tech PhD student and software engineer Phil Daian, who researches applied cryptography and smart contracts -- and who also wrote about "On-chain Vote Buying and the Rise of Dark DAOs" in 2018 (with Tyler Kell, Ian Miers, and his advisor Ari Juels). Daian is joined by a16z crypto partner Ali Yahya (previously a software engineer and machine learning researcher at GoogleX and Google Brain), who also recently presented on crypto as the evolution -- and future -- of trust. The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information. Stay Updated: Find a16z on YouTube: YouTube Find a16z on X Find a16z on LinkedIn Listen to the a16z Show on Spotify Listen to the a16z Show on Apple Podcasts Follow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Phil Daian

Researcher

Cornell TechFlashbots