SpaceX’s $1.75T IPO, Strategy Sells Bitcoin & Crypto’s Hard Reset
This week, we’re back with another weekly roundup to discuss the upcoming SpaceX IPO with early investor Ryan Zurrer. We deep dive into how to value SpaceX, why this crypto bear market feels worse than others, opportunities in DeFi today, Strategy selling Bitcoin and more. Enjoy!
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Follow Ryan: https://x.com/kukulabanze
Follow Jason: https://x.com/JasonYanowitz
Follow Santi: https://x.com/santiagoroel
Follow Rob: https://x.com/HadickM
Follow Empire: https://x.com/theempirepod
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Timestamps:
(00:00) Introduction
(00:52) Takeaways From Money 2020 & All-In Summit
(07:50) The Bull vs Bear Case For SpaceX
(19:02) peaq Ad
(19:48) Why This Bear Market Feels Worse Than Others
(30:17) The Aftermath of SpaceX’s IPO
(36:20) DeFi Opportunities In 2026
(48:50) Strategy Sells Bitcoin, Will BTC Hit $40k?
(01:10:40) Content of The Week
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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, Rob and our guests may hold positions in the companies, funds, or projects discussed.
$100 Million DeFi DAT Chooses ETH | Ryan Zurrer
Why did Game Square, the Jerry Jones-backed media powerhouse, bet $100 million on Ethereum instead of Bitcoin? In this episode of The DeFiant Podcast, Vinny sits down with crypto pioneer Ryan Zurrer to explore the strategy behind this bold move. Ryan, who co-wrote the MakerDAO whitepaper and now leads Dialectic, shares why Ethereum dominates 5 out of 6 real-world crypto use cases, from stablecoins to DeFi, and how it’s emerging as the financial substrate of the future. Learn how Game Square is leveraging Ethereum’s programmability to earn yields of up to 14% and why this strategy could set a new standard for corporate crypto adoption.
The conversation dives deep into the evolution of DeFi, the lessons learned from past crypto cycles, and the importance of decentralization and fair launches in building sustainable ecosystems. Ryan also shares insights into Dialectic’s automated DeFi machine, which uses hyper-diversification and risk-adjusted strategies to maximize returns.
Chapters
00:00 - Litmus Test for Crypto Projects
00:28 - MakerDAO and Stablecoin Innovation
01:23 - Game Square’s $100M Ethereum Bet
02:32 - Ethereum’s Real-World Dominance
05:09 - Dialectic’s DeFi Machine
06:12 - Compounding Yields with Ethereum
10:01 - Lessons from Crypto History
16:01 - The Evolution of Crypto Governance
28:02 - Polkadot’s Interoperability Vision
40:00 - Ethereum as the Corporate Crypto Blueprint
Olaf Carlson-Wee and Rushi Manche on Why Move Is Safer for Crypto - Ep. 777
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
The success of any blockchain isn’t just about scalability, security, or decentralization—it’s about attracting developers. The easier it is to build, the more innovation happens. Or at least, that’s the thesis of Movement Labs co-founder Rushi Manche and Olaf Carlson-Wee, CEO of Polychain Capital.
In this episode of Unchained, Rushi explains why Move, originally developed by Meta, is a fundamentally better programming language for crypto than the Ethereum Virtual Machine (EVM). He breaks down how Move’s unique approach to security and asset management improves developer experience and why the Movement Network is bringing Move to Ethereum as a layer 2 solution.
Olaf shares his thoughts on how alternative programming environments like Move could challenge the dominance of the EVM, why Ethereum is at a critical moment, and how AI-powered financial agents could change how investments work.
Show highlights:
2:32 What problems Move solves for crypto and how it got started
8:57 How the programming language is safer than others, specifically for crypto finance
21:00 What’s the thesis behind the Movement network
23:12 Why Movement chose to become an Ethereum L2
30:08 Where ETH is headed and what it needs to succeed
32:25 Why Rushi is so bearish on EVM layer 2s
34:59 Whether Ethereum is going through an existential crisis
37:47 Why Rushi believes that modularity will save Ethereum
39:28 How Movement differs from Aptos and Sui
41:36 The importance of developer experience in crypto’s growth
44:48 How tokens can signal the significance of content in social media
52:04 Why Olaf thinks we’ll soon see an explosive growth of financialized agents
57:19 Whether AI will replace VC investors and other jobs
1:01:38 What Rushi has to say about the Trump team buying MOVE
1:04:09 The significance of the U.S. making crypto a national priority
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsor!
Mantle
Guest:
Rushi Manche, Co-founder of Movement Labs
Olaf Carlson-Wee, CEO of Polychain Capital
Previous appearances on Unchained:
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever
Olaf Carlson-Wee: ‘If There Is a Money-Losing Exploit, the Money Is Gone’
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain’s Olaf Carlson-Wee
Special Episode with CNBC’s Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Links
Unchained:
Trump’s Crypto Project Bought MOVE Tokens as DOGE News Leaked
How Solana Beat Out Ethereum to Nab New Crypto Developers in 2024
Chris Dixon on Why We Will Finally See New App Innovation in Crypto
2025 Will Be a Year of Crypto Competition. Can Ethereum Make a Comeback?
With AI Agents Now Trading Crypto, What Does Their Future Look Like?
Learn more about your ad choices. Visit megaphone.fm/adchoices
Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum - Ep. 618
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Sreeram Kannan, founder of EigenLayer, and Olaf Carlson-Wee, founder and CIO of Polychain Capital, an investor in EigenLayer, say that the developer ecosystem around EigenLayer is sprouting up very fast, which reminds Carlson-Wee of the developer excitement in Ethereum’s early days.
They discuss the potential of EigenLayer, which uses a restaking mechanism to allow ETH stakers to reallocate their staked ETH and Liquid Staking Tokens (LSTs) to bolster security for other protocols. They cover how it could turbocharge Ethereum's rollup scaling roadmap and enable Ethereum to become a stack of decentralized software as a service providers. Additionally, they discuss the potential risks associated with restaking as well as how EigenLayer could work with AI.
Read more: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol
Show highlights:
Sreeram's explanation of what EigenLayer is and what it allows on Ethereum
why Polychain invested in EigenLayer's seed round
why Sreeram believes that there are not just going to be three modules in blockchains, but thousands
the types of applications that can be built with actively validated services, according to Sreeram
why they both believe that EigenLayer will improve smart contracts
whether EigenLayer will help solve the liquidity fragmentation issue in Layer 2s
what Ethereum inclusion guarantees are and why they are important
the potential risks of EigenLayer and why Olaf doesn’t agree that EigenLayer results in rehypothecation
how attribution claims work in EigenLayer, allowing for "elastic scaling of security"
EigenLayer’s points program and the likelihood of a token
why Sreeram believes that an EigenLayer governance token wouldn't have the same issues as Lido's LDO
whether EigenLayer should be a core part of the Ethereum protocol itself
how AI and EigenLayer intersect and how to have permissionless innovation in the AI space
Thank you to our sponsors!
Polkadot
Guest:
Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Sreeram Kannan, founder of EigenLayer
Previous appearance on Unchained: Do You Need to Think Twice Before Restaking Your Assets?
Links
EigenLayer
Unchained:
What Is Ethereum Restaking? A Beginner's Guide
ETHDenver’s 2024 Hackathon: Onchain Security, AI, and Gaming Fun Dominate the Winning Projects
A16z, Binance Labs Make Investments in EigenLayer Ecosystem
EigenDA Overview
Sreeram’s post on why “building on EigenLayer, therefore, doesn't negate the utility of an AVS token”
Points
DL News: Kelp DAO opens trading of the $340m EigenLayer airdrop market with KEP
CoinDesk: Omni Network Signs $600M Restaking Deal With Ether.Fi to Enhance Security
Learn more about your ad choices. Visit megaphone.fm/adchoices
OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever - Ep. 598
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies.
Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us.
Show highlights:
Why Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011
How the launch of spot Bitcoin ETFs marks a significant milestone
Why criticisms of the crypto space are really criticisms of money in general
The fundamental differences between Web3 applications and the Web2 ecosystem and why they matter
The importance of fair token distribution in enhancing the value of Web3 projects
When Olaf expects Bitcoin to replace legacy financial systems
The areas and technologies Olaf and his fund are keen to invest in
Why Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term
How EigenLayer is innovating to enable new types of applications and whether it competes with Celestia
How Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX
The evolution of the space from an ideologically driven to a more pragmatic approach
The significance of incentive design in crypto ecosystems and the trade-offs involved in system design
Olaf’s perspective on the recent rise of points systems
The growth of privacy-focused crypto projects and the potential for private blockchains to become the norm
Why he thinks Worldcoin’s distribution strategy is a “disaster”
Olaf’s interest in the intersection of AI and crypto and potential developments in this area
His bullish outlook on SocialFi and Web3 gaming
Thank you to our sponsors!
Popcorn Network
Guest:
Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Links
Olaf Carlson-Wee
Forbes:
This Man Has Been Living On Bitcoin For 3 Years
Why This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin'
TechCrunch: The future is a decentralized internet
Blockworks: Why Polychain Capital Founder Never Sells His Crypto
CoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine
Restaking/EigenLayer
Unchained:
DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion
Do You Need to Think Twice Before Restaking Your Assets?
Olaf’s tweet on EigenLayer
Crypto + AI
Olaf’s tweet: “in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests”
Visit Unchained for more links and details
Learn more about your ad choices. Visit megaphone.fm/adchoices
Why Polychain Capital Founder Never Sells His Crypto | Olaf Carlson-Wee
In today's episode of Empire, Olaf Carlson, the founder of Polychain and first Coinbase employee, shares why he believes crypto is going to be the greatest wealth redistribution of the modern era. The conversation covers the impact of the leverage cycle, the viability of restaking, and the importance of privacy. They also touch on the L2 and Appchain thesis, embedding financial markets into social platforms, and the potential of wearables. Olaf breaks down why crypto is a one-way street and why it will outlive fiat currency. We hope you enjoy!
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Follow Olaf: https://twitter.com/zxocw
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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.
Use the link below to learn more, and use EMPIRE20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there!
Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home
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Timestamps:
(00:00) Crypto Sentiment Check
(06:38) The L2 Wave
(14:52) App-chain Thesis
(24:20) Impact of the Leverage Driven Cycle
(33:35) DAS 2023
(34:51) Toku Ad
(36:03) Crypto in 10 years
(43:44) Privacy Solutions, Shared Security, and Wearables
(53:24) Why Olaf Doesn't Sell
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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.
How To Survive A Bear Market | Olaf Carlson-Wee
On today's episode of Empire, Olaf Carlson-Wee, Coinbase's first employee & founder of Polychain, joins Jason and Santiago to discuss his views on the state of crypto.
Olaf reflects on crypto's cycles, the reoccurring themes and how this relates to the UST meltdown and today's bear market. We then dive into Olaf's investment philosophy, exploring his thoughts on what assets will accrue value, the multichain future and the most exciting opportunities. You'll also hear Olaf's unique take on the "one reason" DAOs should exist.
Don't miss this fantastic episode with one of the most interesting/successful OGs in crypto.
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Follow Jason: https://twitter.com/JasonYanowitz
Follow Mike: https://twitter.com/MikeIppolito_
Follow Olaf: https://twitter.com/zxocw
Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j
Subscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc
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(00:00) Introduction
(01:02) Market Chaos
(05:37) Crypto's Cycles
(17:33) Stablecoins and UST's Meltdown
(24:33) The End of Algo Stables
(30:06) Where's The Market Headed?
(38:14) Bitmex AD
(39:31) The Biggest Entrepreneurial Laboratory in History
(43:23) It's Time for Buying Not Selling
(44:34) Layer One Wars
(48:38) The L2 Ecosystem
(53:58) Where Will Value Accrue?
(58:13) What's Overlooked In Crypto?
(1:03:22) The One Thing DAO's Should Do
(1:06:18) DeFi vs CeFi
(1:07:39) Struggles of an Entrepreneur
(1:11:33) The Industry Has to Prove Itself
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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.
113 - How to Be Early | Olaf Carlson-Wee
Olaf Carlson-Wee is the Founder and CEO of Polychain Capital, a crypto investment firm that he founded in 2016. Olaf is a brilliant independent thinker which has led him to be the first in many things, one being the first employee of Coinbase.
In this episode, we dive into how he utilizes and became a contrarian thinking, which blockchain he believes has the potential highest likelihood to accrue the most value, the future of work and decentralized governance, and so much more.
Because of Olaf’s OG crypto tier status, he’s seen the evolution of the space from the very beginning. His experience—combined with the way he uniquely thinks—makes his vision for the future not only inspiring but promising.
------ ✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode
https://shows.banklesshq.com/p/113-olaf-debrief
------ 📣 CONSENSYS | M·A·C: NFT Collection for a Good Cause https://bankless.cc/MAC
------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/
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🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave
------ Topics Covered:
0:00 Intro 6:27 Has Crypto Played Out the Way Olaf Thought 10:15 Why Olaf Caught the Crypto Bug 17:35 Olaf’s Interest in Smart Contracts & Ethereum 23:50 Views on Vitalik 25:40 Independent Thinking 30:27 Why is Olaf is Here 32:40 The Common Traps of Crypto 34:12 The Wins Olaf’s Most Proud of 41:18 Which Chain Comes Out on Top 55:11 The Blockchain Spectrum 58:52 Forecasting Value Accrual 1:01:27 Olaf’s Thoughts on Ethereum & Decentralization 1:12:30 The Future of Work & Scaling DAOs 1:18:01 Crypto vs. The Nation State 1:21:50 Lightning Round 1:23:55 What’s Currently Obvious to Olaf 1:26:19 Closing & Disclaimers
------ Resources:
Olaf Carson-Wee https://twitter.com/zxocw
Polychain Capital https://twitter.com/polychain
----- 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
Unconfirmed: How Ryan Zurrer Ended Up Spending the Most on a Single NFT Artwork - Ep.295
Ryan Zurrer, founder of Dialectic, a crypto wealth multi-family office, discusses his recent $29 million purchase of Beeple’s Human One and his experience at Art Basel in Miami, along with his thoughts on the NFT space in general. Show highlights:
what Human One is and why Ryan purchased it
how Ryan and Beeple’s personal relationship factored into the purchase of Human One
why Human One is important to the metaverse
how Ryan defied the odds in purchasing Human One
how Miami’s Art Basel conference missed out by not capitalizing enough on NFTs
what Ryan thinks about the NFT industry being described as a bubble
how Ryan uses “proof-of-artwork” to determine which NFTs to buy
Ryan’s experience visiting Beeple’s art studio/campus
where Ryan thinks NFTs will go from here, and why he is so bullish on music NFTs in particular
Thank you to our sponsors!
Avado: ava.do
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Nodle: https://bit.ly/3AXGydJ
Episode Links:
Ryan Zurrer
Twitter: https://twitter.com/kukulabanze
Previous Unchained appearances:
https://unchainedpodcast.com/why-ryan-zurrer-would-like-to-see-a-new-dao/
https://unchainedpodcast.com/all-things-cryptoeconomics-pt-1-with-olaf-carlson-wee-and-ryan-zurrer-of-polychain-capital/
Human One
Beeple x Christie’s interview:
https://www.christies.com/features/Beeple-gets-real-with-human-one-11940-7.aspx
Barron’s on Human One purchase:
https://www.barrons.com/articles/beeples-human-one-video-sculpture-and-nft-sells-for-nearly-29-million-01636506472
Ryan Zurrer purchase:
https://twitter.com/kukulabanze/status/1458236032818819075?s=20
Proof-of-Artwork:
https://www.decential.io/features/proof-of-artwork-ryan-zurer-on-his-29-million-purchase-of-beeples-human-one
Art Basel Miami
https://artbasel.com/miami-beach
Beeple saying NFTs are a “bubble:”
https://www.bloomberg.com/news/articles/2021-03-21/prices-in-a-bubble-beeple-says-after-his-69-million-nft-sale
Learn more about your ad choices. Visit megaphone.fm/adchoices
'They start with bitcoin:' Polychain's Olaf Carlson-Wee believes big investors will turn their attention to DeFi
"They start with bitcoin. It is the easiest to understand."
In the most recent episode of The Scoop, Olaf Carlson-Wee said that recent headlines about institutional investors making waves in the bitcoin market aren't surprising to him. Since he launched Polychain Capital in 2016, he's become familiar with new market entrants who start by exploring bitcoin and then ultimately make their way to other ecosystems.
"It isn't surprising that these big institutional investors are first getting involved with bitcoin," he said. "This is effectively electronic gold. Everyone can reason about gold and the value of gold in an easy way."
From Anthony Scaramucci to Paul Tudor Jones, the bull case for bitcoin as digital gold has been all but cemented as a Wall Street talking point. Yet his interest in bitcoin will find its way to DeFi, Carlson-Wee argues.
"Once you have $100 million of bitcoin, you might start to think how I could get yield on this bitcoin for example," he said. "A lot of the time the answer there is through on-chain financial contracts."
Carlson-Wee also believes that interest in DeFi products and services will buck the example of the 2017 ICO bubble and be more long-lasting.
As he put it during the interview:
"The summer of ICOs was a summer, the summer of DeFi was just the beginning of multi-years of compounding growth. The financial engineering in DeFi, I think, at this point is inarguably moving faster than the financial engineering anywhere else in the world. The capital coordination is faster than anywhere else in the world. A lot of these DeFi protocols are bigger than IPOs—regularly. Despite that go regularly unnoticed and are hard to interact with. The user experience barriers here are very high and despite that we see significant traction in terms of volumes."
Still, Olaf-Carlson Wee said DeFi market participants need to work out the UI problems that make platforms difficult to use. In this episode of The Scoop, Olaf Carlson-Wee digs into:
The differences between the ICO boom and the current market rally
How DEXs went from being irrelevant to facilitating billions of dollars in volumes
Where DeFi goes next
What he thinks about the upcoming Coinbase IPO
YFI's recent proposal to increase inflation
Polychain's lessons learned from the previous 2017 cycle
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone' - Ep.189
Olaf Carlson-Wee, the founder and CEO of Polychain Capital, goes deep into yield farming, fair launches and how decentralization will upend the traditional notion of the corporation. In this episode, he talks about:
when it makes sense for a team to introduce a liquidity mining scheme, and when it doesn't
the difference between yield farming and ICOs when it comes to investing
his thoughts on YFI, as well as YAM, and the pace at which unaudited DeFi projects are
moving forward
the three advantages he sees in automated market makers as opposed to centralizedexchanges
his thoughts on Uniswap and SushiSwap and why he's not sure Uniswap will make a token
his thoughts on fair launches and whether he thinks they will threaten traditional crypto VCs
whether the CRV token launch really was instigated by someone unrelated to the team
his thoughts on the yEarn yETH vault and what it says about where the DeFi space is going
what he sees as the pros and cons of rebasing
why he sees projects like YFI as a new kind of corporation
whether he thinks Ethereum will scale fast enough to meet the demand already being put on it
why he thinks systems like Polkadot are going to expand what is possible in the same way that Ethereum expanded beyond what was possible with Bitcoin
whether he thinks the yields from yield farming will pull investors away from staking on Ethereum 2.0
what he thinks DeFi teams should do to improve security
Bitcoin on Ethereum and what he believes it could mean for DeFi in the future
the chatter around a potential public offering from Coinbase, and what's in store for Polychain in the future
Thank you to our sponsor!
Crypto.com: https://crypto.com/
Episode links:
Olaf Carlson-Wee: https://www.linkedin.com/in/olafcw/
Polychain Capital: https://polychain.capital
Previous interviews with Olaf on Unchained and Unconfirmed: https://unchainedpodcast.com/why-the-first-employee-of-coinbase-launched-a-hedge-fund/
https://unchainedpodcast.com/to-the-moon-and-back-with-polychains-olaf-carlson-wee/
https://unchainedpodcast.com/special-episode-with-cnbcs-crypto-trader-olaf-carlson-wee-on-why-this-crypto-winter-is-different-from-previous-ones-ep-028/
https://unchainedpodcast.com/all-things-cryptoeconomics-pt-1-with-olaf-carlson-wee-and-ryan-zurrer-of-polychain-capital/
Why trading on automated market makers has risen so quickly: https://unchainedpodcast.com/why-decentralized-trading-has-10xed-in-a-few-months/
Launch of yEarn/YFI: https://medium.com/iearn/yfi-df84573db81
Dex volume over time: https://defiprime.com/dex-volume
YAM recap: https://www.theblockcrypto.com/post/74810/yam-token-market-cap-collapses-by-more-than-90-flaw
YAM team’s plans going forward: YAM Post-Rescue Attempt Update. At approximately 6PM UTC, on Wed August… | by Yam Finance | Aug, 2020 | Medium
SushiSwap vs. Uniswap: https://unchainedpodcast.com/sushiswap-takes-on-uniswap-which-should-win-and-why/
Ian Lee of IDEO CoLab Ventures on fair launches vs. VC coins: https://synthesis.substack.com/p/fair-launches-will-disrupt-crypto
And on fast-follower forks: https://synthesis.substack.com/p/fast-follower-forks-in-defi
CRV token launch: https://www.theblockcrypto.com/genesis/74921/the-story-of-the-botched-crv-launch
yEarn's yETH vault: https://www.coindesk.com/yearn-finance-yeth-vault-defi-triforce
Ethereum's transition to 2.0: https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/
Security in DeFi: https://unchainedpodcast.com/defi-security-with-so-many-hacks-will-it-ever-be-safe/
Whether Coinbase will do a token offering when it goes public: https://unchainedpodcast.com/will-coinbase-do-a-token-offering-when-it-goes-public/
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"We're at the Early Stages of a Truly Novel Structure That can Organize Humans and Money:" Olaf Carlson-Wee
In today’s episode, I speak with Polychain Capital founder Olaf Carlson-Wee. He was already telling Wired magazine about programmatic finance back in 2016, so it’s no surprise Olaf is very excited about the growth and promise of DeFi. He thinks smart contracts are enabling different ways of organizing people and capital, turning traditional corporations into internet sovereign corporations. He believes that given a compelling underlying product, liquidity mining will be an incredibly effective mechanism for accelerating network effects, which will be applicable to many different types of business models even beyond financial services.
a16z Podcast: Seven Trends in Blockchain Computing
In a followup to one of our most popular podcast episodes which originally aired in April 2017 (https://a16z.com/2017/04/03/cryptocurrencies-protocols-appcoins/), a16z Crypto Fund General Partner Chris Dixon returns to talk with Olaf Carlson-Wee of Polychain Capital in a free-wheeling conversation about the seven major trends they see happening in blockchain computing now as we shift from basic protocol design to pragmatic product launches:
Improving developer productivity
Scaling out versus scaling up
On-chain governance
Proof of Stake Networks, and especially their resilience to attacks
2017: year of of fund raising, 2019: year of launches
Autonomous and re-mixable code
Killer apps: distributed finance and beyond
This conversation was originally recorded for our YouTube channel: https://www.youtube.com/c/a16zvideos
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.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 investor or prospective investor, 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 which should be read in their entirety.)Past performance is not indicative of future results. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Please see a16z.com/disclosures for additional important information.
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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.
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All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
In an intermittent series on cryptoeconomics, Olaf Carlson-Wee and Ryan Zurrer of crypto hedge fund Polychain Capital describe what cryptoeconomics is, what goals it typically helps networks accomplish and what behaviors token systems might someday incentivize. We discuss when cryptoeconomic models don't make sense, how the type of consensus algorithms a blockchain chooses can affect behavior in that system and which consensus mechanisms excite them now. We also dive into whether or not it's desirable for a cryptoeconomic system to depend on a small number of knowledgeable participants, how to manage on-chain governance so networks don't vote themselves into a "black hole," and what disciplines are helpful in designing smart cryptoeconomic systems.
Polychain Capital http://polychain.capital/
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Unconfirmed's First Episode: Olaf Carlson-Wee of Polychain Capital on Governance
Check out the first episode of Unconfirmed, in which Olaf Carlson-Wee, CEO and founder of Polychain Capital, discusses why an issue facing the Ethereum community right now has him thinking about on-chain governance. If you enjoy the episode, subscribe to Unconfirmed today!
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a16z Podcast: Trends in Cryptocurrencies
The internet, believe it or not, was just the beginning. Yes, it spawned an incredible number of uses (some unexpected), from marketplaces and commerce to publishing and social networks... but that’s all been built with old models of funding and coordination. Now, as we enter a new phase of blockchain-enabled innovation -- decentralized, distributed, crowdfunded -- we’re finally bringing capitalism to open source: Smart people can come together in new ways, to build new things.
In this brief discussion from a16z Summit November 2017, founder and CEO at Protocol Labs Juan Benet and founder and CEO of Polychain Capital Olaf-Carlson Wee -- both of whom have appeared on the a16z Podcast for more in-depth conversations -- chat with general partner Chris Dixon to summarize the big picture on crypto, going beyond the buzz around ICOs to the golden age of protocols.
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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
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Listen to the a16z Show on Spotify
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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.
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20VC: Inside The World's Leading Crypto Fund, The Future Exit Environment for Crypto Assets & The Beauty Of Benevolent Dictatorship with Olaf Carlson-Wee, Founder @ Polychain Capital
Olaf Carlson-Wee is the Founder & CEO @ Polychain Capital, one of the world's premier funds actively managing a portfolio of blockchain assets. Having founded the firm less than 2 years ago with their initial $4m fund, Polychain now has over $200m AUM with backing from the likes of Sequoia, Founders Fund, Andreessen Horowitz and USV just to name a few. Prior to founding Polychain, Olaf was the first employee at Coinbase serving as their Head of Risk and as product manager. In addition, Olaf has also been an active angel with a portfolio including the likes of Robinhood, Ethereum and Numerai.
In Today's Episode You Will Learn:
1.) How Olaf made his way into the world of crypto from academic studies to Coinbase to today with Polychain?
2.) What really is Polychain Capital and what is the primary mandate with the $250m AUM? With the firm's investments being always liquid, how does one look to stay aligned to founders with an exit possible at any time? How does Olaf think about LP fund withdrawal, would that symbolize a snowball effect in the crypto space?
3.) How does sourcing crypto opportunities differ from sourcing venture opportunities? How does the subsequent DD process change when evaluating crypto opportunities? What does Olaf want to see in whitepapers and what are the big red flags when analysing crypto investments?
4.) How does Olaf think about the exit environment for crypto assets? How does Olaf believe traditional corporate acquirers will respond to crypto assets and those that have raised through ICO? What does Olaf mean when he says, "we will see token network acquisitions in the future"?
5.) Have tokens created a paradigm shift in the method through which companies are funded? Charlie Lee @ Litecoin stated on the show, "ICO's were his biggest concern for crypto". Does Olaf share this concern and where does he see the nuances?
Items Mentioned In Today's Show:
Olaf's Fave Book: Infinite Jest
Olaf's Most Recent Investment: 0x Project
As always you can follow Harry and The Twenty Minute VC on Twitter here!
Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.
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Hash Power – Ep. 2 - Investing in Cryptocurrencies
In episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week.
As I speak, the total market cap of cryptocurrencies is $136B. There are hundreds of tokens currently available, but bitcoin and Ethereum represent 75% of the total market cap. $136B sounds like a big number, but its tiny relative to any other asset class—and I use that term with hesitation. To put it in perspective, that’s exactly the same size as the market cap of IBM. But IBM had more than $10B of earnings in 2016. Tokens have none. As you will hear, valuing tokens is a very hard exercise.
In such a nascent world, we are seeing investing strategies take hold. Olaf Carlson-Wee, Josh Seims, and Ari Paul walk us through different takes on cryptocurrency investing, be it early stage, long term buy and hold, or more hedge fund style strategies.
Hash Power is presented by Fidelity Investments
For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Links Referenced
Fat Protocols (Joel Monegro)
Show Notes
0:05 – Recap of part 1 and introduction to part 2 of Hash Power
2:58 – Ari Paul, CIO of Blocktower explains how he got involved in cryptocurrencies
5:23 – Why do we need bitcoin
7:23 – Polychain Capital founder Olaf Carlson-Wee on why the value of tokens accrue
9:23 – How main stream money is getting into this space
12:26- Useful comparisons when talking about ICOs when compared to IPOs
15:01 - Naval Ravikant, CEO of Angellist, is asked to explain the protocols of cryptocurrencies to platform businesses like Uber or Airbnb
17:43 – Naval’s interest in investing in cryptocurrencies
23:07 - Olaf Carlson Wee on the lifecycle of a token
24:02 – SAFT note, Simple Agreement for Future Tokens
25:31 – What is the earliest stage that edge is most present for investors in cryptocurrency protocols
28:12 – How do you mitigate the volatility that is present in blockchain
31:18 - Jeremiah Lowin, a risk and statistics expert, who runs risk management for a large private family office, talks about why he no longer owns cryptocurrencies
34:19 - Jordan Cooper, a venture capital investor, is optimistic about blockchains in general, but thinks there may be some overvaluations in current currencies
37:02 – How Jordan would value a single cryptocurrency
42:10 – Fat Protocols (Joel Monegro)
43:52 - Josh Seims, of Metastable, the value investor in blockchain?
51:15 - Ari Paul on the equivalent of listed stocks in the crypto currency world
52:33 – Understanding the concept of a coin in blockchain and how people are getting access to them
55:07 – The fairground analogy to understand cryptocurrencies
57:57 – What lessons from traditional markets can you apply to investing in cryptocurrencies
1:06:51 – Ari is asked to discuss some of the alternative cryptocurrencies outside of Bitcoin and Ethereum. He starts with Ripple
1:10:27 – What would help firms or traders create edge in investing in cryptocurrencies
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Hash Power – Ep. 1 - Understanding Blockchains
Welcome to the first episode of Hash Power, an audio documentary that explores the world of blockchain and cryptocurrencies with leaders in the field like Naval Ravikant, Olaf Carlson-Wee, Fred Ehrsam, & Ari Paul. Hash Power is meant to be an introduction, but really, it is an invitation to explore this emerging world on your own.
In the coming weeks, we will cover the technology, the power of decentralization, bitcoin, Ethereum, ICOs, cryptography and hashing. We will spend time with the leading active hedge fund managers in the field, and with outside investors who are both optimistic and skeptical. Episode one covers the big picture, and answers the question: what is blockchain and why might it significantly affect our world?
If you enjoy what follows, you’ll still be very early in understanding this field. Most don’t. So help me spread it like wildfire, because the more people that understand blockchain, the better its impact might become. Please enjoy episode one, and stay tuned next week for episode 2, which explores investing in cryptocurrencies.
Hash Power is presented by Fidelity Investments
For comprehensive show notes on this episode go to http://investorfieldguide.com/hashpower
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Books Referenced
The Sovereign Individual: Mastering the Transition to the Information Age
Nostalgia for the Absolute
Links Referenced
Bitcoin: A Peer-to-Peer Electronic Cash System
Reddit User jav_rddt
SHA-256 Calculator
The BitCoin Model for Crowdfunding
Fat Protocols
#cryptotwitter
Show Notes
CHAPTER 1 – Understanding the Concept of Blockchain (3:25)
4:30 – Jeremiah Lowin explains how blockchain is like a database
5:14 – Bitcoin: A Peer-to-Peer Electronic Cash System
5:46 – Owning a digital asset
7:14 – Naval Ravikant, CEO of Angelist on how blockchains can help to create personal networks and organize humans
13:33 – New coins popping up around data storage and utility needs like solar panels
14:57 – Permission vs permissionless networks
18:13 – Keeping track of scarcity and the introduction of tokens
18:51 – The Sovereign Individual: Mastering the Transition to the Information Age
21:55 – The role of blockchains in the informational age and the rise of more individual sovereignty
23:29 - Fred Ehrsam, co-founder of Coinbase, on the increasing shift to digital worlds led by incentive structures
CHAPTER 2 – Blockchain Technology (27:48)
29:09 - Reddit User jav_rddt
30:43 - SHA-256 Calculator
31:53 - Charlie Noyes, Pantera Capital, explains how SHA-256 was developed and what make its so special
35:48 – How miners create new blocks and the incentives to do so
46:54 – Ethereum, the “spiritual successor” to bitcoin
48:36 – How the Ether network is an ecosystem in which other tokens can sit
50:51 - Naval Ravikant on alternative coins or tokens
50:50 - The BitCoin Model for Crowdfunding
52:35 – Fat Protocols
53:22 – Blockchain as an experiment in distributed government
54:47 – How cryptocurrency is more than just technology, it’s a movement
54:50 – Nostalgia for the Absolute
57:27 - #cryptotwitter
1:00:58 - Peter Jubber, of Fidelity, on how huge institutions, like theirs, are getting into the cryptocurrency game
1:05:21- Olaf Carlson-Wee, first employee at Coinbase and the founder of Polychain, on the early excitement for cryptocurrency
1:06:56– Closing thoughts from Patrick
Looking to work in this space - hashpowerdeveloper@gmail.com
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
a16z Podcast: Cryptocurrencies, App Coins, and Investing in Protocols
Most of us have probably heard of bitcoin and ethereum -- but did you know there were 15 new cryptocurrencies launched this past month alone? How then do we know which protocols to invest in -- not just as a developer or user, but as an investor? Because, let's face it, open source software and services need resources not just to survive but thrive.
General partner Chris Dixon talks about this dynamic between open vs closed in this episode of the a16z Podcast in conversation with Sonal Chokshi and with Olaf Carlson-Wee, founder of (a16z investment) Polychain, a new kind of hedge fund that invests directly in cryptocurrencies at the protocol layer. But what does that actually mean? Instead of investing in the companies that are building on top of these protocols, Polychain invests in the protocols themselves -- in much the same way that you could have invested in domain names instead of early internet companies like Amazon in the early days (which most people actually didn't have access to do). Imagine if you could have bought equity in Linux!
As people create application-specific tokens for these protocols (also known as “app coins”) to crowdfund and share equity in these networks, it's actually "bringing capitalism into open source" -- and could even one day lead to less centralized platforms and a web owned by users. It's also creating a whole new asset class... but whatever you do, do NOT try this at home!
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.
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Why The First Employee Of Coinbase Launched A Hedge Fund
Olaf Carlson-Wee is the founder of Polychain Capital, a hedge fund that has invested $15 million into digital assets and has gotten backing from storied venture capital firms Andreessen Horowitz and Union Square Ventures. In this episode, Carlson-Wee recounts war stories from the early days of bitcoin, including how he learned about bitcoin before his computer science professors, bought bitcoins with cash and created “the Bitcoin SAT” to make hires at Coinbase. He also describes how to separate cryptocurrency scams from legitimate ventures, how he plays blackjack against a smart contract and why launching a digital asset hedge fund means he can no longer earn and spend mostly in bitcoin.
Read the show notes.
Other links:
Polychain Capital
Coinbase
Golem
Tezos
This episode was sponsored by Onramp.
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