Gauntlet

Gm! This week we're joined by Christine Moy, Carlos Domingo & Tarun Chitra to discuss the launch of crypto largest onchain credit fund. We deep dive into what is private credit, the future of tokenization, onchain vs tradfi risk management, finding product market fit & more. Enjoy! -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Christine: https://x.com/cmoyall Follow Tarun: https://x.com/tarunchitra Follow Carlos: https://x.com/carlosdomingo Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv -- ZKsync is the pioneering zero-knowledge technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables an elastic, ever-expanding network of customizable chains. Deeply rooted in its mission to advance personal freedom for all, the ZKsync technology makes digital self-ownership universally available. To learn more about ZKsync, visit http://www.zksync.io -- Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network. The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC will be live in April 2025. -- Crypto never sleeps. So we built an Al analyst that never blinks. Meet Focal by FalconX: a GenAI insights engine built for institutional crypto. Already used by 80+ funds managing $10B+ in AUM. :small_blue_diamond: Screen, chart, and analyze 1300+ tokens :small_blue_diamond: Summarize market-moving news instantly :small_blue_diamond: Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie Get started today: https://askfocal.com -- AO Mainnet is LIVE! Experience the future of decentralized computing: infinite parallel processing, secure TEE-powered computations, and LLMs in smart contracts. Built on Arweave, AO's modular design shatters scalability limits. 100% of tokens are distributed to Arweave holders and bridge depositors, with a fixed supply and halving. Explore AO today: https://ao.arweave.dev -- Token.com is a social-first crypto platform transforming how people discover and trade through crypto content. The revolutionary in-feed trading turns complex crypto into intuitive investments, while content creators earn from every trade and projects amplify their stories through native tokens - creating a new era of social media-powered crypto discovery. Just scroll to watch and tap to invest. Download the app! -- Timestamps: (00:00) Intro (02:02) What Is Private Credit? (06:32) The ACRED Levered RWA Strategy (09:29) How To Bring TradFi Onchain? (20:51) Ads (ZKSync, Zenrock) (22:30) How Does the Levered RWA Strategy Function? (32:14) A New Era For Tokenization (36:32) Ads (ZKSync, Zenrock) (38:11) Onchain vs TradFi Risk Management (42:47) How To Avoid Leverage Unwinds (49:36) Ads (Falcon x,Arweave, Token.com) (51:50) Finding Product Market Fit (01:04:57) The Future Of Tokenization — Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Christine Moy

Partner, Digital Assets & Blockchain

Apollo Global Management

Carlos Domingo

CEO

Securitize

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

After years of underperformance, Ethereum is trying to change course, from scaling the layer 1 to potentially dumping the EVM. In this episode, Tarun Chitra and Max Resnick break down each of these new changes, analyzing the good, the bad, and the ugly.  Is this a reset that can save Ethereum’s market position and price? Or has the protocol given away too much for too long? They dive into: Whether the gas limit increase changes everything What went wrong with Ethereum’s economics and solo staking politics Max’s view on “the single most important” change Ethereum needs to make How ETH could claw back value from layer 2s What Max would do if he ran Ethereum Whether this pivot is too little, too late Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise https://bitwiseinvestments.com/ciomemo Tarun Chitra, CEO and Co-Founder of Gauntlet Max Resnick, Lead economist at Anza Unchained:  Ethereum Ecosystem Shifts Toward User Focus Ethereum Developers Vote EOF Out of Fusaka Hard Fork Vitalik Buterin Proposes Replacing Ethereum Virtual Machine The Block:  Vitalik and new Ethereum Foundation co-executive directors outline updated board structure, mission Vitalik Buterin- and StarkWare-backed Kakarot reveals alternative Ethereum ZK stack, targeting real-time STARK proofs on Layer 1 by end of 2025 CoinDesk: Ethereum Could Supercharge Transaction Speed to 2,000 TPS Thanks to Bold New Proposal Simplifying the L1 by Vitalik Buterin Timestamps: 👋 0:00 Introduction 🛠️ 2:05 Why Ethereum had to pivot and what triggered the urgency 📈 7:16 Why raising the gas limit could actually be a big deal 💻 9:12 Whether Ethereum devs are too idealistic ⚡ 19:02 How Solana managed to outperform Ethereum at the base layer 👨‍🏫 24:09 Why Max feels Vitalik’s proposals focus on outdated technology  🔧 27:57 The growing gap between Ethereum research and its execution clients 👍 35:02 The ONE thing Max thinks Ethereum is doing well ⚖️ 40:38 Did “credible neutrality” push Ethereum down the wrong path? 🌀 48:23 Will the new Ethereum R1 rollup succeed?  🔀 52:53 What the new updates mean for layer 2s and their value proposition 📉 1:02:58 Whether ETH is finally due for a price reversal 🎯 1:09:12 Why Ethereum should take a page from Trump’s strategy playbook Learn more about your ad choices. Visit megaphone.fm/adchoices

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

Max Resnick

Researcher

Special Mechanism GroupOP Labs

This week’s Weekly Rollup covers Trump’s clash with the Fed over interest rates and the surprising crypto moves from Trump Media. Gauntlet’s Tarun Chitra joins us to unpack the latest developments—from OpenSea’s upcoming airdrop to Arbitrum’s permissionless fault proofs—while we debate whether airdrops are truly over. We also dig into Vitalik’s “communist” joke and Dave Portnoy’s memecoin mania. Tune in for all the drama and alpha happening in the second week of February! ------ 📣 MORPHO | GO-TO LENDING INFRASTRUCTURE https://bankless.cc/Morpho   ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax  🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain  ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum  🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  🌐CELO | BUILD TOGETHER AND PROSPER https://bankless.cc/Celo  🎮RONIN | THE FUTURE OF WEB3 GAMING https://bankless.cc/Ronin ----- ✨ Mint the episode on Zora ✨ https://zora.co/collect/base:0x4be6cd4d402fed49eb2de95fbc8e737e8ffd3e7f/35?referrer=0x077Fe9e96Aa9b20Bd36F1C6290f54F8717C5674E  ------ TIMESTAMPS & RESOURCES   00:00:00 Start   00:03:33 Trump vs The Fed http://cnbc.com/2025/02/12/hopes-for-more-fed-rate-cuts-dim-as-powell-notes-hot-cpi-means-were-not-quite-there-yet.html  http://x.com/bennyjohnson/status/1889681567779283447    00:06:25 Tarun Market Takes   00:10:18 ETH Staking ETF http://x.com/WatcherGuru/status/1889803399320969603  http://x.com/RasterlyRock/status/1889856397032235226    00:15:26 Robinhood Enters The Chat http://x.com/Tyler_Did_It/status/1889833087258992937  http://x.com/bridge__harris/status/1889904770485461389  http://x.com/0xjaypeg/status/1889805008318906689    00:27:13 Brian Quintenz Nominated to Lead CFTC http://warpcast.com/brianquintenz/0xbd4cc8ef  http://x.com/TrustlessState/status/1889736851474333932    00:30:08 Is The Airdrop Meta Over? http://x.com/ffvv1211/status/1889333575348355152?s=46    00:34:21 MegaETH Exploring Alternatives http://x.com/megaeth_labs/status/1889733671420330150  http://x.com/barnaclebarny/status/1889936153509503193    00:40:38 OpenSea SEA Airdrop http://x.com/openseafdn/status/1890041091577057522  http://x.com/dfinzer/status/1890039791808376874    00:46:17 Ethereum Shenanigans http://x.com/VitalikButerin/status/1889771554512200166  http://x.com/ameensol/status/1889774627796427235  http://x.com/TrustlessState/status/1889900532770414985  http://x.com/laurashin/status/1890044244750135695  http://x.com/ethereumfndn/status/1889978208986280031    00:52:51 Arbitrum Launched BOLD http://x.com/ArbitrumDevs/status/1889709836226416805  http://l2beat.com/scaling/projects/arbitrum    00:55:19 JailStool http://x.com/stoolpresidente/status/1887963615161905566  http://x.com/stoolpresidente/status/1887936281058947391  http://x.com/stoolpresidente/status/1887960660820042168  http://x.com/stoolpresidente/status/1889032422768918834  http://x.com/stoolpresidente/status/1888332104016015781  http://x.com/stoolpresidente/status/1888337834605420917  http://x.com/trustyournuts/status/1888336912844255436  http://x.com/CryptoKaleo/status/1888420272182604043  http://x.com/stoolpresidente/status/1888598919354941897  http://dexscreener.com/solana/etcwbb9ft7yyagpkvz6ag1qzwpjxs79tg2r7tszyup72    01:04:01 Where To Find Tarun https://x.com/tarunchitra   ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

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

Gauntlet Network — a platform that provides risk modeling and performance optimization solutions for DeFi protocols — recently raised $23.8 million for a valuation of $1 billion. On June 24, 2020, when Gauntlet Network’s CEO Tarun Chitra first came on The Scoop, the total value locked across all DeFi verticals was just over $1.5 billion. Today, less than two years later, that number has grown exponentially to over $211 billion. In this episode, Chitra describes his company’s rise to unicorn status and explains how a project in DeFi can be successful. In his view, it's not just replicating what exists in centralized finance and putting it on the blockchain: “The products that do really well in DeFi are not just straight up, ‘take a centralized finance thing, make the closest clone you can, and then try to get people to use it…’ that pretty much never works in DeFi. It's always something that's somewhat adapted to the nuances of crypto systems and how people interact with crypto systems in a way that's very different than traditional finance or even centralized crypto.” Successful DeFi projects must handle what Chitra describes as the "degen ape," referring to crypto power users. These market participants erratically move large sums of money into decentralized protocols without researching the protocol’s underlying fundamentals. DeFi protocols with billions in TVL currently rely on Gauntlet’s risk modeling for their operations, including Aave, a lending protocol whose founder and CEO Stani Kulechov recently shared with The Scoop how the protocol’s V3 upgrade is mitigating risk. In time, Chitra believes increasingly more forms of contracts will fall under the purview of DeFi: “I don't think DeFi really revolutionizes finance per se. I think it revolutionizes lawyers. You just get rid of lawyers for a lot of transactions… Somehow in DeFi, you're able to make these things like - the tokenization means that you can turn these things that were legal contracts into like exchange tradable assets.”  Episode 32 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Tarun Chitra, Founder and CEO of Gauntlet Network. 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 Fireblocks, Coinbase Prime & Cross River Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com. About Coinbase Prime Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime. About Cross River Cross River is powering today’s most innovative crypto companies, with banking and payments solutions you can rely on, including fiat on/off ramp solutions. Whether you are a crypto exchange, NFT marketplace, or wallet, Cross River’s API-based, all-in-one platform enables banking as a service, ACH & wire transfers, push-to-card disbursements, real-time payments, and virtual accounts and subledgers. Request your fiat on/off ramp solution now at crossriver.com/crypto.

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

Tarun Chitra, in addition to being Founder and CEO of Gauntlet, is a gigabrain, polymath type in the Ethereum space. His fluency in mathematics results in a creative, almost artistic approach to a traditionally rigorous and analytical field.   Perhaps related to his search for beauty, Tarun observes the structural changing of massive systems happening in the broader geopolitical ecosystem today. We explore the relationship between regulation and finance in a unique light. Finance itself is fundamentally a legal practice—it’s money plus law.   Finance becomes more elegant with smart contracts, and we muse on the idea that broader governance structures can improve with smart contracts as well. Is code law? Can we generalize capital efficiency?   ------ 📣 OPOLIS | Sign Up to Get 1000 $WORK and 1000 $BANK https://bankless.cc/Opolis    ------ 🚀 SUBSCRIBE TO NEWSLETTER:          https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST:                 http://podcast.banklesshq.com/    ------ BANKLESS SPONSOR TOOLS:    ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum    🍵 MATCHA | SMART ORDER ROUTING https://bankless.cc/Matcha    🚀 SLINGSHOT | LAYER 2 SOCIAL TRADING https://bankless.cc/Slingshot    🏦 GEMINI | TURN FIAT INTO CRYPTO https://bankless.cc/Gemini    🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave    🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants    ------ Topics Covered:   0:00 Intro 4:30 Tarun Chitra 8:15 New York City & Boom Cities 14:00 Global Crypto 18:00 Leapfrogging the US 27:45 Governance & Regulation 31:55 The Fundamental Crypto Shift 35:53 The Great Re-Shuffling 43:08 What Works vs What Doesn’t 48:07 Core Blockchain Governance 52:40 Scaling with DAOs 1:00:00 Upgrading Financial Law 1:09:00 Code is Law 1:14:05 Tarun’s Approach to Life 1:20:34 Optimism through Beauty 1:26:00 Basins and Sinking to Elegance   ------ Resources:   Tarun on Twitter: https://twitter.com/tarunchitra?s=20&t=-Wk1FKVJz6cQrJM6EzusdQ   Gauntlet: https://twitter.com/gauntletnetwork?s=20&t=-Wk1FKVJz6cQrJM6EzusdQ   Episode with Santi Siri: https://newsletter.banklesshq.com/p/-santiago-siri-layer-zero?s=w   Fundamental Theorem of Algebra https://www.britannica.com/science/fundamental-theorem-of-algebra     ----- 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

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

On today's episode of Empire, Jason sits with Tom Schmidt of Dragonfly Cap and Tarun Chitra of Gauntlet for a DeFi deep dive. They cover a range of topics, from DAOs and governance, to the digitization of corporations in our increasingly technology-based world. Revisiting familiar subjects like tokenization and Web 2.0 creators coming to Web 3.0. -- ParaSwap: If you want to make a swap at the best price across the DeFi market, check out paraswap.io. ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices, and lowest slippage. -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed. -- Empire is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/ Follow me and Santiago on Twitter, @JasonYanowitz and @santiagoroel; let us know what you thought of the show! Subscribe to the podcast on Spotify: https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq?si=41bc452345b649f9 Subscribe to the podcast on Apple: https://apple.co/3srZf7M

Tom Schmidt

Partner

DragonflyDragonfly Capital

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

Tarun Chitra is co-founder of Gauntlet, a financial modeling platform for crypto. Tarun is a thought leader in the space and is an expert in a variety of topics surrounding DeFi. This week, we discuss the history of electronic markets, and how we’re in the third wave of this phenomenon. Get this episode's exclusive debrief! 👀 https://shows.banklesshq.com/p/exclusive-debrief-the-history-of  ------ 🚀 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  ------ BANKLESS SPONSOR TOOLS: ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  🍵 MATCHA | DECENTRALIZED EXCHANGE AGGREGATOR https://bankless.cc/Matcha  🔐 LEDGER | SECURE YOUR ASSETS https://bankless.cc/Ledger  🦄 UNISWAP | DECENTRALIZED FUNDING https://bankless.cc/UniGrants  ------ 📣 SMARTCON | Register for Smart Contract Summit 2021! https://bankless.cc/SmartCon  ------ Bankless Podcast #74: The History of Electronic Markets Guest: Tarun Chitra We’re all familiar the image of traders in the pits of the New York Stock Exchange, holding up tickets and shouting out orders to one another. This is the backdrop for Electronic Markets 1.0, when ‘open outcry’ was the norm for the exchange of equities. When internet technology first emerged, it was brought to these markets, such that geographically distinct markets were fused by the instant communication of prices, bids, and offers. New technologies come quickly to the markets, giving an advantage to those who adopt the fastest. Alongside traders and brokers are the technologists, the quants and computer scientists who leveraged their understanding of networks to revolutionize trading. This first wave of electronic markets lasted until the dawn of personal computers, home internet, and E-trade. This second wave further revolutionized modern exchanges, distributing public access while consolidating liquidity. Synergistic with the dot-com boom, this explosion of retail investing once again turned exchanges on their heads. Look around now, and observe that we are in a third wave of new technologies applied to markets: Electronic Markets 3.0. Catalyzed first by mobile phones and now DeFi, the markets have once again been uprooted and fundamentally changed. What does this all mean? Where do we go from here? How do we adjust for scaling complex markets? Well, listening to what Tarun Chitra has to say about it isn’t a bad place to start. ------ Topics Covered: 0:00 Intro 7:00 Tarun Chitra 10:40 A History Lesson on Markets 17:45 Patterns in Electronic Markets 20:55 Electronic Markets 1.0 29:09 Options and Removing Lawyers 1.0 38:08 Experimenting and Crashes 1.0 46:19 New Players & Regulation 1.0 52:19 Electronic Markets 2.0 1:00:08 ETFs and Consolidation 2.0 1:14:26 Before and After 2.0 1:23:00 Removing Lawyers 2.0 1:28:00 Electronic Markets 3.0 1:37:40 Experimenting and Crashes 3.0 1:46:07 Removing Lawyers 3.0 1:52:50 New Risks 3.0 2:00:35 Financial Crisis 3.0 2:09:10 Closing & Disclaimers ------ Resources: Tarun on Twitter https://twitter.com/tarunchitra?s=20  Gauntlet Network https://gauntlet.network/  Inside Job: The Looting of America's Savings and Loans https://www.amazon.com/Inside-Job-Americas-Forbidden-Bookshelf-ebook/dp/B013S42VF6  More Money Than God: Hedge Funds and the Making of a New Elite https://www.amazon.com/More-Money-Than-God-Relations/dp/0143119419  When Genius Failed: The Rise and Fall of Long-Term Capital Management  https://www.amazon.com/When-Genius-Failed-Long-Term-Management/dp/0375758259  ----- 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

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

Before Tarun Chitra built out his company, he spent years doing quantitative research and development for places like D.E. Shaw Research and Vatic Labs. Chitra took his experience in machine learning to create and head a simulation platform for crypto networks — Gauntlet — which garnered backing from companies like Coinbase, Distributed Global and Polychain, among others. Gauntlet provides tools for crypto developers to forecast security risks, possible governance snags and consensus mechanism issues. By forecasting such problems and showing how they could affect assets or network activity, developers can make more informed decisions about security and governance structures. In this week's episode of The Scoop, Chitra spoke from his experience in the high-frequency trading (HFT) world. Chitra's appearance coincided with growing concerns surrounding the market activity driven by Robinhood traders, as users of the app continue to buy up stocks that other investors have dumped. Much of the conversation also coincides with the conversation surrounding brokerage and payment for order flow (PFOF), as some critics object to selling order flow to market makers, claiming it creates a conflict of interest. The Block recently uncovered how Robinhood received more than $90 million in PFOF payments during Q1. Chitra discussed the HFT world's view on PFOF and broke down some of the nuance in the transactions on this week's episode. Chitra also touched on: Why private exchange trade funds aren't that private Whether open finance has structural advantages in comparison to legacy market structure  If those possible advantages are enough to drive volumes in the same league as traditional markets The role of transparency in both the Open Finance and traditional finance ecosystems. This episode of The Scoop is brought to you by Bitstamp, the original global cryptocurrency exchange. Since 2011, Bitstamp has been a cornerstone of the industry, earning the trust of over four million individuals and top financial institutions looking for a reliable trading venue. Whether you’re trading on our web platform, mobile app or industry-leading APIs, Bitstamp gives you the professional-grade tools you need to execute your strategy. Download the Bitstamp app or visit Bitstamp.net/Pro to learn more and start trading today!

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network

Tarun Chitra, cofounder and CEO of Gauntlet, describes how his company enables crypto teams to run through simulations to see how their design choices will affect the project once it is trading. Using the cofounders' background in quantitative finance and high-frequency trading, Gauntlet uses tools from behavioral economics as well as game theory, plus real-world information such as exchange data to model outcomes after 100,000 blocks. We discuss how it makes its assumptions, how proof of stake differs from proof of work, and how the initial token distribution can affect the eventual concentration of tokens. He also reveals what design choice tends to have the greatest impact, as well as what main factor crypto teams aren't  thinking about that they should be. Plus, he talks about his involvement in the launch of Facebook's Libra project, and gives us his thoughts on the design choices Facebook made regarding the consensus algorithm, programming language and the structure of the coin. See the full show notes on Forbes! http://www.forbes.com/sites/laurashin/2019/06/18/how-to-make-cryptoeconomics-work-in-live-trading/ Take the Unchained Podcast survey! Help make Unchained better! Take our survey and enter the giveaway for a free Bitcoin lightning node and a yearlong Casa Gold membership, — including a multisig security app for iPhone and Android, a Trezor hardware wallet, a Casa faraday bag, and 24/7 support! https://www.surveymonkey.com/r/unchainedsurvey2019 Thank you to our sponsors! Kraken: https://www.kraken.com CipherTrace: http://ciphertrace.com/unchained Episode Links: Gauntlet: https://gauntlet.network Tarun Chitra: https://twitter.com/tarunchitra?lang=en Gauntlet blog posts: https://medium.com/gauntlet-networks?source=logo-23cfbaf25c9a Unchained episode with Olaf Carlson-Wee of Polychain from Consensus 2019: https://unchainedpodcast.com/to-the-moon-and-back-with-polychains-olaf-carlson-wee/ Zero Knowledge podcast episode with Tarun Chitra: https://www.zeroknowledge.fm/61 Learn more about your ad choices. Visit megaphone.fm/adchoices

Tarun Chitra

CEO

GauntletRobot VenturesGauntlet Network