Can Solana Seize Marketshare From Ethereum With Serum? – Ep.193

https://unchainedpodcast.com/can-solana-seize-marketshare-from-ethereum-with-serum/

Sam Bankman-Fried, the CEO of FTX and Alameda Research,  and Anatoly Yakovenko,  the co-founder and CEO of Solana Labs, discuss the Project Serum ecosystem that they are building on the Solana blockchain, and the unique approach to scaling the Solana blockchain is taking.

In this episode, they talk about:

  • their backgrounds, and how they became involved in crypto
  • why Solana takes a different approach to scaling and how it is implemented
  • why they think a relatively lower number of nodes is sufficient to protect from attacks or collusion
  • what the vision for Solana is, who they see using it, and how Serum fits into that vision
  • why they think there haven’t been more crypto projects migrating to Solana yet
  • Solana’s proof-of-history algorithm and how it works
  • how Solana plans to attract DeFi developers
  • why Serum was made interoperable with Ethereum
  • the types of traders they are hoping to attract with Serum, and what their experience will be like on the platform
  • why Project Serum is an ecosystem and not just an order book exchange
  • how high-frequency trading firm Jump Trading came to adopt Serum
  • how Serum will manage trading tokens from different chains
  • the purpose of Serum’s two tokens, SRM and MSRM
  • and what’s in store for Project Serum in the future

 

Thank you to our sponsors! 

Crypto.Com: https://www.crypto.com

Gods Unchained: https://playgu.co/unchainedpod

 

Episode links: 

Anatoly Yakovenko: https://twitter.com/aeyakovenko

Solana: Solana.com

Sam Bankman-Fried: https://twitter.com/SBF_Alameda

Project Serum: https://www.projectserum.com

Project Serum on Twitter: https://twitter.com/projectserum

 

Solana CoinList auction in March: https://www.theblockcrypto.com/linked/59952/blockchain-project-solana-raises-1-76m-from-its-launch-auction-on-coinlist

 

Solana network stats: https://explorer.solana.com

 

The Block Research on Solana: https://www.theblockcrypto.com/genesis/76615/solana-blockchain-overview

 

Proof of history: 

https://medium.com/solana-labs/proof-of-history-a-clock-for-blockchain-cf47a61a9274

 

Serum: https://www.theblockcrypto.com/daily/72924/ftx-dex-serum-solana-blockchain

 

Tether: https://medium.com/solana-labs/tether-to-bring-usdt-to-the-solana-network-77864184b20

Jump Capital: https://www.theblockcrypto.com/post/76826/veteran-market-maker-jump-trading-forays-into-defi-to-provide-liquidity-for-ftxs-solana-based-dex

Vitalik Buterin on Ethereum’s Five-Year Anniversary – Ep.183

https://unchainedpodcast.com/vitalik-buterin-on-ethereums-five-year-anniversary/

Vitalik Buterin, co-founder of Ethereum, shares his thoughts on the five-year anniversary of Ethereum, challenges with ETH 2.0 and criticisms about DeFi. We discuss:

  • his thoughts and feelings ahead of Ethereum’s five-year anniversary
  • how to address the high gas fees on the Ethereum network
  • whether the complexity of Ethereum 2.0 creates a risk for the security of the network
  • whether staking will lead to a higher focus on ETH price and issues such as monetary policy 
  • how he looks at the ETH price with its significance for security in Ethereum 2.0
  • how proof of stake systems can be more democratic
  • whether staking lends itself to the kind of securitization that looks similar to mortgage-backed securities
  • his concerns about DeFi
  • the most optimal way for DeFi projects to distribute their tokens
  • his thoughts about Bitcoin on Ethereum
  • inherent risks to Ethereum users connected to China’s Blockchain Service Network (BSN)
  • his views on DCEP, other CBDCs and Libra
  • the indictment of Ethereum Foundation staff member Virgil Griffith for allegedly helping North Korea to circumvent sanctions
  • how he plans to make the Ethereum Foundation more transparent
  • whether lack of diversity would impact the success of Ethereum in the long term
  • where he would like to see Ethereum in the next five years

Thank you to our sponsors! 

Crypto.com: https://www.crypto.com 

Tezos: https://tquorum.com/

 

Episode links: 

Vitalik Buterin: https://twitter.com/VitalikButerin

Ethereum: https://ethereum.org/en/

Vitalik’s blog: https://vitalik.ca

 

Median gas price: https://blockchair.com/ethereum/charts/median-gas-price

Average gas price: https://blockchair.com/ethereum/charts/average-gas-price

 

Solutions to gas price problem: https://www.coindesk.com/ethereum-developers-consider-new-fee-model-as-gas-costs-climb

 

Reddit AMA with the Ethereum 2.0 Research team, including Vitalik: https://old.reddit.com/r/ethereum/comments/ho2zpt/ama_we_are_the_efs_eth_20_research_team_pt_4_10/

 

Paper on how DeFi lending could undermine security in a POS system: https://arxiv.org/abs/2001.00919

 

Vitalik tweet on yield farming: https://twitter.com/VitalikButerin/status/1278337657194655744

 

Abra settlement with SEC and CFTC: https://www.coindesk.com/sec-cftc-hit-crypto-app-abra-with-300k-in-penalties-over-illegal-swaps

 

Maya Zehavi’s comments on what this could mean for DeFi: https://twitter.com/mayazi/status/1282696180741414918

 

China’s BSN using public chains, including Ethereum: https://www.coindesk.com/chinas-blockchain-infrastructure-to-extend-global-reach-with-six-public-chains

 

Unchained interview about DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

 

Charges against Virgil Griffith: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea

 

More on Virgil Griffith case: https://www.coindesk.com/usa-v-virgil-griffith-what-we-know-and-dont-in-the-bombshell-crypto-sanctions-case

 

Unchained interview with human rights activist Yeonmi Park on what life is like in North Korea: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/

 

Unchained interview on why North Korea is interested in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/

 

Case against Steven Nerayoff: https://www.justice.gov/usao-edny/pr/two-arrested-extortion-startup-cryptocurrency-company

Camila Russo on the Most Pivotal Moments in Ethereum’s History – Ep.182

https://unchainedpodcast.com/camila-russo-on-the-most-pivotal-moments-in-ethereums-history/

Camila Russo, founder of The Defiant and author of a new book on Ethereum, “The Infinite Machine,” speaks about how currency controls in Argentina got her interested in crypto and explains why she chose to tell the Ethereum story. She discusses:

  • how she started covering the crypto space
  • what it was like living through currency controls in Argentina
  • why she started focusing on Ethereum instead of Bitcoin
  • what’s in her new book, The Infinite Machine
  • the most pivotal moments in Ethereum’s history
  • possible risks to Ethereum 2.0 because of delays
  • whether competing protocols could take market share away from Ethereum
  • the most surprising aspect of the Ethereum story
  • starting her own DeFi-focused media platform, The Defiant
  • why she launched ‘CAMI’ tokens and how they are used
  • the significance of ERC-20 tokens having a higher market cap than ETH
  • her predictions about trends and promising projects in the DeFi space

 

Thank you to our sponsors! 

Crypto.com: https://www.crypto.com 

Tezos: https://tquorum.com/

 

Episode links: 

Camila Russo: https://twitter.com/CamiRusso

The Infinite Machine: https://www.harpercollins.com/products/the-infinite-machine-camila-russo

The Defiant: https://thedefiant.substack.com/

 

Excerpt from The Infinite Machine on CoinDesk: https://www.coindesk.com/sale-of-the-century-the-inside-story-of-ethereums-2014-premine

 

Decrypt review: https://decrypt.co/35466/the-incredible-story-of-ethereum-the-infinite-machine

 

Camila on what Ethereum has accomplished in five years: https://www.coindesk.com/five-years-on-ethereum-really-is-the-minecraft-of-crypto-finance

 

Hidden Forces podcast with Camila:  https://podcasts.apple.com/us/podcast/rise-ethereum-future-defi-transformation-crypto-media/id1205359334?i=1000484635053

 

Camila in the Keen On podcast: https://lithub.com/camila-russo-on-ethereum-and-the-future-of-the-internet/

Ethereum 2.0 phase 0 may not go live until 2021: https://www.theblockcrypto.com/linked/71155/eth-2-phase-0-ama-2021

Ready Layer One: Who Competes With Ethereum? – Ep.174

https://unchainedpodcast.com/ready-layer-one-who-competes-with-ethereum/

This week’s Unchained is my panel at Ready Layer One! We talk everything layer one with four key players and projects — Illia Polosukhin of NEARprotocol, Zaki Manian of Cosmos, Rob Habermeier of Polkadot, and Arthur Breitman of Tezos — to find out how these projects plan to compete with Ethereum and attract developers and users. We discuss: 

  • What platforms they are building and at which stage in development they are 
  • How they differentiate themselves from Ethereum, and what problems they believe need to be solved 
  • How they plan to attract devs in an industry of network effects 
  • Whether or not Bitcoin and Ethereum are direct competitors
  • Whether, in the long run, crypto will be more winner-take-all or there will be multiple, interoperable chains  
  • How they plan to bring new users into the space
  • How they think the transition to ETH2.0 will shake up the existing blockchain space

Take our survey!

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Crypto.com has offered our survey respondents a chance to win a metal MCO Visa card — and Crypto.com will stake these cards indefinitely! Ten lucky winners will enjoy card benefits including free Spotify, free Netflix and 3% back on all spending, and they’ll earn extra interest on their crypto deposit and more!  Thanks, Crypto.com! Again, take the survey now: surveymonkey.com/r/unchained2020.

Unchained is hiring!

Come work at Unchained! We have an opening for a remote editorial assistant — find out more about the gig and apply here: https://unchainedpodcast.com/seeking-remote-editorial-assistant/

Thank you to our sponsors! 

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Stellar: https://www.stellar.org/

Episode links: 

Illia Polosukhin: https://twitter.com/ilblackdragon

Near protocol: https://near.org

Zaki Manian: https://twitter.com/zmanian

Cosmos: https://cosmos.network

Rob Habermeier: https://twitter.com/rphmeier

Polkadot: https://polkadot.network

Arthur Breitman: https://twitter.com/ArthurB

Tezos: https://tezos.com

Near protocol on mainnet: https://near.org/blog/near-mainnet-genesis/

Electric Capital report on the number of developers in Ethereum: https://unchainedpodcast.com/electric-capital-on-the-coins-punching-below-their-weight/

The Rise of MakerDAO: A Personal Journey – Ep.167

https://unchainedpodcast.com/the-rise-of-makerdao-a-personal-journey/

Mariano Conti of MakerDAO, head of smart contracts at MakerDAO, reads from his essay about his personal experience with cryptocurrency, particularly as an Argentine whose family has experienced periods of hyperinflation, and as a freelancer accepting payment from foreign countries. He describes the evolution of Maker from single-collateral Dai (now Sai) to multi-collateral Dai, and also gives his perspective on the events of Black Thursday and the subsequent debt auctions the protocol undertook to right itself. 

Thank you to our sponsors! 

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Episode links: 

Mariano Conti: https://twitter.com/nanexcool

Linda Xie’s essay about crypto memes on Unchained : https://unchainedpodcast.com/how-memes-can-help-crypto-go-mainstream/

Teetering on the Edge: How Black Thursday Exposed the Flaws in the Crypto Markets – Ep.164 [podcast]

https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/

Kyle Samani, managing partner at Multicoin Capital, dissects Black Thursday, March 12, the day the crypto markets plunged twice amid the wider sell-off in the markets due to the coronavirus. He offers several theories for the first price drop that day, how that set off a series of liquidations on various exchanges, and then why liquidations stopped for about 12 hours before the next wave, which triggered the next price slump. He also describes why, at that point, the crypto market structure broke, as arbitrageurs attempted to move collateral from one exchange to another but could not because both the Bitcoin and Ethereum blockchains became congested, setting off a downward spiral particularly in Bitcoin, as miners began turning off equipment due to the falling BTC price. This led, ultimately, to there being $200 million worth of positions to liquidate on BitMEX, but only $20 million worth of bids on the entire BitMEX order book. Then we cover what happened next that ultimately saved the price of BTC dropping to $0 on BitMEXT.

Next, we discuss the second fall in prices that day, and how that affected MakerDAO, with congestion on the Ethereum blockchain preventing keepers from being able to liquidate undercollateralized vaults. A clever keeper sent a bid to liquidate a vault with a higher gas price, but realizing that there was no competition, bid $0, walking away with $4.5 million, and a total of $8 million being won this way. We covered how the price of ETH fell to $88 but because oracles weren’t properly updating, the last price of ETH on MakerDAO was at $101 — a dollar higher than the $100 where a bunch of liquidations would have occurred, which would have likely put more downward pressure on ETH, resulting in another downward spiral. 

Kyle also evaluates some of the technical options for preventing these issues in future times of volatility, why many of them aren’t promising but what is. 

Thank you to our sponsors! 

CipherTrace: https://ciphertrace.com

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Episode links: 

https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/

Links from news recap:

Kyle Samani: https://twitter.com/KyleSamani

Multicoin Capital: https://multicoin.capital/

Multicoin blog part 1: https://multicoin.capital/2020/03/17/march-12-the-day-crypto-market-structure-broke/

Part 2: https://multicoin.capital/2020/03/20/march-12-the-day-crypto-market-structure-broke-part-2/

Theory that BitMEX’s maintenance was to prevent a collapse in Bitcoin: https://twitter.com/SBF_Alameda/status/1238306306043162625

https://www.theblockcrypto.com/genesis/58918/money-2-0-stuff-free-price-auctions

How traders took advantage of the roiling markets: https://www.theblockcrypto.com/post/59172/surfing-the-spread-crypto-market-turmoil-arbitrage

More on the liquidations in MakerDAO: https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6

https://blog.makerdao.com/usdc-approved-by-maker-governance-as-the-third-collateral-type-of-the-maker-protocol/

MakerDAO weighs emergency shutdown: https://www.coindesk.com/defi-leader-makerdao-weighs-emergency-shutdown-following-eth-price-drop

MakerDAO adds USDC as collateral: https://www.coindesk.com/makerdao-adds-usdc-as-defi-collateral-following-black-thursday-chaos

Kain Warwick on USDC as Dai collateral: https://twitter.com/kaiynne/status/1239795250882740225?s=20

Eva Beylin on USDC as Dai collateral: https://twitter.com/evabeylin/status/1240039492985085952?s=20

Huobi’s derivatives platform introduces circuit breaker: 

https://www.theblockcrypto.com/linked/59210/huobis-derivative-platform-now-includes-a-circuit-breaker-function

Debate over circuit breakers in crypto: 

https://twitter.com/TusharJain_/status/1238311534767595520

https://www.coindesk.com/does-crypto-need-circuit-breakers-last-weeks-price-crash-ignites-a-debate