Heap

In this episode, we unpack Paradigm’s groundbreaking 2025 report, “TradFi Tomorrow: DeFi and the Rise of Extensible Finance,” with Paradigm’s Dan Robinson and Justin Slaughter. We explore the stunning stat that 66% of traditional financial institutions are actively engaged with DeFi—and what that really means. From tokenization and stablecoins to regulatory clarity and decentralized exchanges, this conversation dives deep into how Wall Street is already integrating with crypto. ------ 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium ------ BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🏦INFINEX | THE CRYPTO-EVERYTHING APP https://bankless.cc/Infinex ------ TIMESTAMPS 0:00 Intro 7:10 What Constitutes a TradFi Firm 10:13 TradFi Firms with Defi 12:16 What's Exciting about this Report? 13:53 Stablecoins, Tokenization & More 18:54 Public Blockchains & TradFi? 21:05 “Tokenize The World” Moment? 27:47 TradFi’s Long-Term Outlook 33:19 The Formal Rejection of Private Blockchains 38:31 What’s Left for Regulation &Compliance 45:04 DeFi vs TradFi 48:07 User Value 50:55 Closing & Disclaimers ------ RESOURCES Paradigm Report https://www.paradigm.xyz/2025/03/tradfi-tomorrow-defi-and-the-rise-of-extensible-finance Dan Robinson https://x.com/danrobinson Justin Slaughter https://x.com/JBSDC Paradigm https://x.com/paradigm ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Dan Robinson

Former CTO

HeapParadigm

Justin Slaughter

Policy Director

Paradigm

Dan Robinson is GP and Head of Research at Paradigm. He, over the years, has done a lot of deep thinking about markets, auctions, and liquidity in DeFi, with a particular focus on Uniswap and Uniswap V3. Recently, Uniswap Labs released UniswapX, a new dutch auction mechanism, that Dan thinks changes the meta for swapping assets in DeFi, MEV, chain interoperability, and much more.  The last time Dan was on Bankless was September 2020…almost 3 years ago! If you have ever heard Ryan or I say the phrase “Ethereum is a dark forest”...it came from that episode. ------ 🚀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 6:00 Why UniswapX is Needed 11:09 What’s New About UniswapX? 14:00 Intents  16:25 The Magic Behind MEV Reduction  20:00 Order Flow Auctions  26:25 It’s Still Early  33:05 Who Are the Nanobots?  37:42 How Rollups Will Change  42:22 How Bridges Will Change  49:55 UniswapX Complements Uniswap v4 53:30 What Uniswap v4 Do for LPs?  59:15 LPing with Uniswap v4 vs. v3 1:04:11 Uniswap’s App Layer & Yields  1:06:05 Why Be Excited About Suave  1:09:55 Closing & Disclaimers   ------ RESOURCES Dan Robinson https://twitter.com/danrobinson  https://twitter.com/danrobinson/status/1681061703818305536   ------ 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://www.bankless.com/disclosures ⁠

Dan Robinson

Former CTO

HeapParadigm

You'll never truly understand how to lead a SaaS company until you've done it firsthand. But it always helps to get advice from someone with experience. Dan Robinson, current Advisor and former CTO at Heap, shares nine essential learnings from nearly a decade of building a SaaS business. Watch the video: https://youtu.be/FXdPe6tGE3A ***** SaaStr Annual will officially be back in 2023. Join 12,500 SaaS CEOs, Founders, Revenue leaders, and investors. Annual 2023 will take place September 6-8, 2023 in the SF Bay Area. Podcast listeners can use code FAVE100 to save 100 off tickets. Use FAVE100 when you buy your tickets at saastrannual2023.com ***** Want to join the SaaStr community? We're the 🌎largest community for B2B software. Subscribe for weekly updates: https://www.saastr.com/subscribeform Twitter: https://twitter.com/saastr LinkedIn: https://www.linkedin.com/company/2724976 Quora Group: https://www.quora.com/q/cloud Facebook: https://www.facebook.com/SaaStr/ Instagram: https://www.instagram.com/saastr/ Our North American Event: https://bit.ly/2OXeAYh Our European Event: https://bit.ly/2OZTad8

Dan Robinson

Former CTO

HeapParadigm

In this week’s episode we speak with Dan Robinson, a research partner at Paradigm, one of the most active VC funds in DeFi and crypto. One of the fund’s investments is Unsiwap, where Dan also had a central role in the design of v3, the latest version of DeFi’s most popular decentralized exchange. Dan talks about why Uniswap was so exciting as an investment, and about what drove the change to v3. He believes the new design will impact DeFi and crytpo, while rolling back the very revolution Uniswap itself prompted by creating a more hybrid model. ** Because of connectivity issues, the sound cuts off at times – huge apologies for that. We're providing a public transcript to make up for it. Big thanks to our sponsors: Colony, which makes it easy for people all over the world to build organizations together, online. Balancer, one of the leading DeFi automated market makers (AMM) for multiple tokens. Dive into their pools at https://balancer.finance/! Enzyme provides an easy way to build, scale and monetize DeFi investment strategies Kraken, consistently rated the best and most secure cryptocurrency exchange, which can get you from fiat to DeFi Aave, an open source and non-custodial liquidity protocol where users can earn interest on deposits and borrow assets

Dan Robinson

Former CTO

HeapParadigm

Fill out the questionnaire! https://forms.gle/aiWfvAvePx5qGJkC9 ---- 🚀 SUBSCRIBE TO NEWSLETTER: http://bankless.substack.com/ ✊ STARTING GUIDE BANKLESS: https://bit.ly/37Q17uI ❤️ JOIN PRIVATE DISCORD: https://bit.ly/2UVI10O 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 👕 BUY BANKLESS TEE: https://merch.banklesshq.com/ ----- GO BANKLESS WITH THESE SPONSOR TOOLS: 🌐 UNSTOPPABLE DOMAINS - HUMAN READABLE ETHEREUM & CRYPTO ADDRESSES https://bankless.cc/unstoppable 🌈 ZAPPER - ULTIMATE HUB FOR DEFI - ZAP INTO DEFI http://bankless.cc/zapper 💳 MONOLITH - GET THE HOLY GRAIL OF BANKLESS VISA CARDS https://bankless.cc/monolith 🌈AAVE - LEND & BORROW YOUR CRYPTO W/O A BANK https://bankless.cc/aave ------ State of the Nation is EXPLORING, special guest Dan Robinson of Paradigm. 1) ETHEREUM'S DARK FOREST Short article from Dan: https://medium.com/@danrobinson/ethereum-is-a-dark-forest-ecc5f0505dff Unofficial Part 2 From samczsun https://samczsun.com/escaping-the-dark-forest/ 2) OPTIMISTIC ROLLUPS LIVE! Launch post!https://medium.com/@optimismPBC/light-at-the-end-of-the-tunnel-c390a05bbcb8 3) LIGHTNING ROUND - Why isn't crypto uncorrelated w/ stocks? - KuCoin hack showed who's centralized - $FEW and $EMN - Spinalda Testnet ------ Don't stop at the video! Subscribe to the Bankless newsletter program http://bankless.substack.com/ Visit the official Bankless website for resources http://banklesshq.com/ Follow Bankless on Twitter https://twitter.com/BanklessHQ Follow Ryan on Twitter https://twitter.com/ryansadams Follow David on Twitter https://twitter.com/TrustlessState ----- 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 we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case.

Dan Robinson

Former CTO

HeapParadigm

Haseeb Qureshi, managing partner at Dragonfly Capital, and Dan Robinson, research partner at Paradigm, discuss the explosion in decentralized exchange activity on automated market makers from $1 billion earlier this year to more than $10 billion in August.  Why trading in automated market makers has 8xed in a few months how automated market makers work, and how specific dexes can specialize for the assets being traded on them why traders would prefer to trade on a dex vs. a centralized exchange how incentivized pools have drawn traders and liquidity  why trading on a dex seems can be more appealing than on a centralized exchange why trading on dexes now mirrors trading on Binance in 2017 how "DeFi is the hottest coolest place where people are making a lot of money" the difference between the metrics of liquidity, trading volume and total value locked for a dex why AMMs are capital inefficient what it means that fees paid on Uniswap are about half of those paid on Bitcoin  what the purpose of liquidity mining is why Haseeb doesn't think that dexes have network effects and that once professional market makers come in the space, Uniswap will lose market share whether users will use DeFi directly through the dexes or through another interface why Dan thinks that DeFi is now comparable to financial investment in the 1970s  whether or not yield aggregators like yEarn make it harder for AMMs to compete what happened with the CRV token launch initial dex offerings or initial DeFi offerings, like the UMA token launch whether, because of the high fees on Ethereum and the how long its transition to Ethereum 2.0 will take, DeFi activity could move to another blockchain such as Solana where DeFi will go over the next few years   Thank you to our sponsor!  Crypto.com: http://crypto.com   Episode links:  Haseeb Qureshi: https://twitter.com/hosseeb Dan Robinson: https://twitter.com/danrobinson   Haseeb’s post on the rise of AMMs: https://medium.com/dragonfly-research/what-explains-the-rise-of-amms-7d008af1c399   Haseeb's post on how Uniswap could be un-bundled: https://medium.com/dragonfly-research/unbundling-uniswap-the-future-of-on-chain-market-making-1c7d6948d570   Dex volume: https://defiprime.com/dex-volume   Trading volume on centralized exchanges: https://www.theblockcrypto.com/genesis/74539/july-by-the-numbers-a-look-at-crypto-exchange-volumes-open-interest-and-miner-revenue   Incentivized pools: https://pools.fyi/#/?tag=incentivized   Top dexes by trading volume: https://www.coingecko.com/en/dex   Ethereum transaction fees: https://bitinfocharts.com/comparison/ethereum-transactionfees.html    Uniswap website visits 15x in July: https://messari.io/article/uniswap-total-website-visits-grew-15x-in-july   Website traffic to DeFi platforms explodes in July: https://www.theblockcrypto.com/post/74231/defi-platforms-web-traffic-july   Fees paid to various crypto projects: https://cryptofees.info   Curve reaches $1 billion in TVL: https://www.theblockcrypto.com/linked/75014/curve-becomes-third-defi-protocol-to-hit-1-billion-in-total-value-locked   The Block on dex aggregators: https://www.theblockcrypto.com/genesis/69468/dex-aggregators-user-experience   Learn more about your ad choices. Visit megaphone.fm/adchoices

Haseeb Qureshi

Managing Partner

DragonflyDragonfly Capital

Dan Robinson

Former CTO

HeapParadigm

Summary Web and mobile analytics are an important part of any business, and difficult to get right. The most frustrating part is when you realize that you haven’t been tracking a key interaction, having to write custom logic to add that event, and then waiting to collect data. Heap is a platform that automatically tracks every event so that you can retroactively decide which actions are important to your business and easily build reports with or without SQL. In this episode Dan Robinson, CTO of Heap, describes how they have architected their data infrastructure, how they build their tracking agents, and the data virtualization layer that enables users to define their own labels. Preamble Hello and welcome to the Data Engineering Podcast, the show about modern data management When you’re ready to build your next pipeline you’ll need somewhere to deploy it, so check out Linode. With private networking, shared block storage, node balancers, and a 40Gbit network, all controlled by a brand new API you’ve got everything you need to run a bullet-proof data platform. Go to dataengineeringpodcast.com/linode to get a $20 credit and launch a new server in under a minute. For complete visibility into the health of your pipeline, including deployment tracking, and powerful alerting driven by machine-learning, DataDog has got you covered. With their monitoring, metrics, and log collection agent, including extensive integrations and distributed tracing, you’ll have everything you need to find and fix performance bottlenecks in no time. Go to dataengineeringpodcast.com/datadog today to start your free 14 day trial and get a sweet new T-Shirt. Go to dataengineeringpodcast.com to subscribe to the show, sign up for the mailing list, read the show notes, and get in touch. Your host is Tobias Macey and today I’m interviewing Dan Robinson about Heap and their approach to collecting, storing, and analyzing large volumes of data Interview Introduction How did you get involved in the area of data management? Can you start by giving a brief overview of Heap? One of your differentiating features is the fact that you capture every interaction on web and mobile platforms for your customers. How do you prevent the user experience from suffering as a result of network congestion, while ensuring the reliable delivery of that data? Can you walk through the lifecycle of a single event from source to destination and the infrastructure components that it traverses to get there? Data collected in a user’s browser can often be messy due to various browser plugins, variations in runtime capabilities, etc. How do you ensure the integrity and accuracy of that information? What are some of the difficulties that you have faced in establishing a representation of events that allows for uniform processing and storage? What is your approach for merging and enriching event data with the information that you retrieve from your supported integrations? What challenges does that pose in your processing architecture? What are some of the problems that you have had to deal with to allow for processing and storing such large volumes of data? How has that architecture changed or evolved over the life of the company? What are some changes that you are anticipating in the near future? Can you describe your approach for synchronizing customer data with their individual Redshift instances and the difficulties that entails? What are some of the most interesting challenges that you have faced while building the technical and business aspects of Heap? What changes have been necessary as a result of GDPR? What are your plans for the future of Heap? Contact Info @danlovesproofs on twitter dan@drob.us @drob on github heapanalytics.com / @heap on twitter https://heapanalytics.com/blog/category/engineering?utm_source=rss&utm_medium=rss Parting Question From your perspective, what is the biggest gap in the tooling or technology for data management today? Links Heap Palantir User Analytics Google Analytics Piwik Mixpanel Hubspot Jepsen Chaos Engineering Node.js Kafka Scala Citus React MobX Redshift Heap SQL BigQuery Webhooks Drip Data Virtualization DNS PII SOC2 The intro and outro music is from The Hug by The Freak Fandango Orchestra / CC BY-SA Support Data Engineering Podcast

Dan Robinson

Former CTO

HeapParadigm

Matin Movasatte is the Founder and CEO @ Heap. the startup that provides analytics infrastructure to automate away the annoying parts of user analytics. They have raised funding from some of the best in the business including our friends and former guests of The Twenty Minute VC including Pejman Nozad, Alexis and Garry @ Initialized, Josh Reeves at Gusto, Redpoint and more incredible investors. As for Matin, prior to Heap Matin was a product manager at Facebook and spent time at both Google and Mozilla. I would like to say a big thank you to Jason Lemkin for the intro today. In Today's Episode You Will Learn: How did Matin make his way into the world of SaaS having been at Facebook and Google? What were Matin's biggest takeaways from seeing how Facebook operate? What were the pros and cons of their operations? How has this influenced how he builds Heap today? Why does Matin believe that you should always sell your product before it is done being built? What benefits does this have in terms of pricing and iteration? What are the dangers of asking for payment upfront? Why does Matin think it is crucial to hire your customer success team before your sales team? How do customer success drive customer acquisition? What does Matin mean when he says that "product organisation fit" is so important? How can startups determine the fit? What can be done to optimise this? If you would like to find out more about the show and the guests presented, you can follow us on Twitter here: Jason Lemkin Harry Stebbings SaaStr Matin Movasatte

Matin Movassate

Founder & CEO

Heap