Uncommon Core 2.0 – Détails, épisodes et analyse

Hasu and Jon bring on Robert Miller from Flashbots. 

They have a wide-ranging conversation including Ethereum’s roadmap, L1 vs. L2, convergent architectures across chains, and differences vs. Solana. They also discuss how Flashbots’ newest products (Rollup-Boost and BuilderNet) address MEV.

__

Timestamps:

(00:00) Intro

(02:07) Ethereum's Rollup-Centric Roadmap

(07:21) Ethereum L1's Role

(16:47) We're All Building the Same Thing

(23:53) L2 Innovation

(28:13) Solana & Ethereum MEV

(47:48) MCP vs. MCB

(55:56) Rollup-Boost

(01:19:41) BuilderNet

(01:53:19) Closing Thoughts

__

Twitter:

Hasu - https://twitter.com/hasufl

Jon Charbonneau - https://twitter.com/jon_charb

Uncommon Core 2.0 - https://twitter.com/UCC2_xyz

Robert Miller - https://twitter.com/bertcmiller 

__

Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Asset Management, LLC (“DBA”) or its affiliates. The “DBA Asset Management, LLC” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.

Hasu and Jon bring on Ansgar and Caspar from the Ethereum Foundation to discuss the ETH staking endgame. 

 

Ansgar and Caspar recently published two controversial research posts which included a proposal to change Ethereum’s issuance curve. They are concerned that the current ETH staking economics could lead to nearly 100% of ETH being staked, with much of that in LSTs. They propose reducing issuance and targeting a lower stake rate.

 

We go deep in this episode on PoS economics, liquid staking, restaking, economic security, centralization concerns, and much more.

__

Timestamps:

(00:00) Intro

(00:25) Possible Changes to ETH Staking?  

(00:49) Overview of Current ETH Staking

(16:32) LSTs & Staking Rate Increasing        

(21:36) Nominal vs Real Yield

(23:22) Tax Implications of Staking

(27:57) Staking Demand & External Revenue

(35:33) Stake Ratio Targeting

(36:21) Is 100% Staking Bad?

(40:05) Can ETH LSTs be Money?

(55:24) Would Any Changes Make a Difference?

(01:04:05) Stake Targeting

(01:10:20) Will Targeting Centralize Validators?

(01:22:53) Fiat Money Parallels         

(01:25:16) MEV & Restaking Revenue          

(01:30:52) Electra Proposal to Change Issuance

(01:46:01) Security Budget & Economic Security      

(01:53:40) Validator Set Quality         

(01:55:10) Incentives to Maximize Validator Decentralization

(02:19:00) PoS vs PoW Political Complexity

__

Twitter:

Hasu - https://twitter.com/hasufl

Jon Charbonneau - https://twitter.com/jon_charb

Uncommon Core 2.0 - https://twitter.com/UCC2_xyz

Ansgar - https://twitter.com/adietrichs

Caspar - https://twitter.com/casparschwa

__

Referenced Materials:

Endgame Staking Economics: A Case for Targeting - https://ethresear.ch/t/endgame-staking-economics-a-case-for-targeting/18751

Electra: Issuance Curve Adjustment Proposal - https://ethereum-magicians.org/t/electra-issuance-curve-adjustment-proposal/18825

Properties of issuance level: consensus incentives and variability across potential reward curves - https://ethresear.ch/t/properties-of-issuance-level-consensus-incentives-and-variability-across-potential-reward-curves/18448

__

Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.

With BTC and ETH making new ATHs, new and old investors are asking themselves the same question: How do you value cryptoassets?

Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.

SUBSCRIBE to the Podcast

• Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
• Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw
• Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
• Other https://anchor.fm/uncommoncore

FOLLOW on Twitter

• Su Zhu https://twitter.com/zhusu
• Hasu https://twitter.com/hasufl
• Anish https://twitter.com/_anishagnihotri
• Our homepage and mailing list https://uncommoncore.co/podcast/
• Transcripts, if available https://uncommoncore.co/blog/

Today, I’m sitting down with Anish Agnihotri, who is a research associate and colleague of mine at Paradigm. Anish has a fascinating backstory from becoming an entrepreneur at a really young age to later going deep into skin trading. We discuss how that skill transfers to NFT trading and how we see the market structure of both primary and secondary markets for NFTs. Finally, Anish shares some actionable advice on how he learns and how to build projects in crypto. This was a deep and fascinating conversation and I hope you’ll enjoy it.

Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.

SUBSCRIBE to the Podcast

• Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
• Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw
• Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
• Other https://anchor.fm/uncommoncore

FOLLOW on Twitter

• Su Zhu https://twitter.com/zhusu
• Hasu https://twitter.com/hasufl
• Anish https://twitter.com/_anishagnihotri
• Our homepage and mailing list https://uncommoncore.co/podcast/
• Transcripts, if available https://uncommoncore.co/blog/

Today, we welcome Jordi Alexander, a former professional poker player turned macro trader turned crypto trader. 

Jordi competes in the Mind Sports Olympiad and is an expert in games and game theory in general. 

Together we discuss

• How to pick up new games and improve
• How you can apply game theory to the crypto markets
• What Jordi and Su think about the market, especially the role of Bitcoin & Ethereum
• Why Su is Doge-pilled and whether he can convince us of his thesis

Enjoy!

Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.

SUBSCRIBE to the Podcast

• Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
• Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw
• Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
• Other https://anchor.fm/uncommoncore   

FOLLOW on Twitter

• Su Zhu https://twitter.com/zhusu
• Hasu https://twitter.com/hasufl 
• Our homepage and mailing list https://uncommoncore.co/podcast/
• Transcripts, if available https://uncommoncore.co/blog/

For our latest episode, I sat down with MEV Senpai, one of the top searchers in Ethereum. He gave us the unique inside perspective of someone who finds and captures MEV himself. The result was a long & intense convo, one of the best I've had in a while.

We discussed:

• The structure and actors of the MEV game
• What is searching, how can you learn it, what edges exist
• Intro to private relays and transaction bundles
• The role of Flashbots in DEX trading
• and, of course, the hot topic of the day: short-term reorgs in Ethereum

Enjoy!

Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.

SUBSCRIBE to the Podcast

• Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
• Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw
• Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
• Other https://anchor.fm/uncommoncore 
  

FOLLOW on Twitter

• Su Zhu https://twitter.com/zhusu
• Hasu https://twitter.com/hasufl 
• Our homepage and mailing list https://uncommoncore.co/podcast/
• Transcripts, if available https://uncommoncore.co/blog/
  

After a tumultuous month in crypto, Su and I discuss the state of the market and what we see on the horizon. Enjoy!  

Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.  

SUBSCRIBE to the Podcast 

• Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4
• Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw
• Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==
• Other https://anchor.fm/uncommoncore 

FOLLOW on Twitter 

• Su Zhu https://twitter.com/zhusu
• Hasu https://twitter.com/hasufl 
• Our homepage and mailing list https://uncommoncore.co/podcast/
• Transcripts, if available https://uncommoncore.co/blog/

In this episode, Su Zhu and Hasu invited Kyle Samani from Multicoin Capital, one of the most successful venture funds this cycle. Kyle is a day-one supporter of Solana, a smart-contract platform optimized for high throughput. They talked about: Multicoin's approach to investing How will the winning blockchain scale? What is enough decentralization? Win conditions for Solana What is Serum Enjoy! Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services. SUBSCRIBE to the Podcast Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncore FOLLOW on Twitter Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/

Earlier this week, I did a deep dive on a new DEX trading protocol called CowSwap, which combines many good features into what is possibly the most complete trading experience in Defi. First, you no longer publish a fee-paying transaction to the public mempool. Instead, you sign a transaction and submit it off-chain to the CowSwap relayer, which handles all the execution. For you, this means you can safely set a very low slippage tolerance because you only ever pay a fee if your trade succeeds. Second, and this gets us to real innovation, CowSwap looks for so-called “coincidents of wants” or CoWs before sending your order to the regular on-chain exchanges. For example, if one trader wants to buy ETH at a certain price and another wants to sell it, these two can be matched without paying any LP fees. Off-chain solvers can look at this orderbook and submit optimal matchings that among others, guarantee that all trades in a certain batch have to settle at the same uniform price. Because there’s no point in reordering trades that have the same price, this also eliminates MEV as well. Only after all coincidents have been exhausted, CowSwap sends the rest of the order to the on-chain exchanges via smart routers like 1Inch If you didn’t get all of that immediately, don’t worry - neither did I, and that’s why I invited Felix Leupold from CowSwap and Gnosis to answer my remaining questions. Please enjoy my conversation on CowSwap with Felix Leupold. GUEST https://cowswap.exchange/#/swap Felix Leupold https://twitter.com/fleupold_ Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services. SUBSCRIBE to the Podcast Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4  Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw  Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw==  Other https://anchor.fm/uncommoncore  FOLLOW on Twitter Su Zhu https://twitter.com/zhusu  Hasu https://twitter.com/hasufl  Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/ 

Su is sitting out today, and I instead welcome Charlie Noyes and Georgios Konstantopoulos of Paradigm, one of the largest investment funds in crypto.   We cover a lot of ground in this episode, including: How Paradigm can so consistently identify and back the category-defining protocols and companies in crypto   MEV and how it can be mitigated, including some actionable advice on how you can avoid getting sandwich-attacked today  The new features and remaining challenges of Uniswap v3 Paradigm’s thesis for Cosmos and why each blockchain should adopt the IBC protocol   Whether Bitcoin's value proposition is still intact at a time where Bitcoin dominance is at an all-time low  Our personal “wishlists” for Bitcoin improvement proposals, and  whether Bitcoin will ever go to PoS   Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services. SUBSCRIBE to the Podcast Apple Podcast https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188?uo=4 Spotify https://open.spotify.com/show/3vuV292Him90EjQ5YL4XIw Youtube https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy8yNTc4ZDVhMC9wb2RjYXN0L3Jzcw== Other https://anchor.fm/uncommoncore FOLLOW on Twitter Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/ Transcripts, if available https://uncommoncore.co/blog/