Yeah. I’m your host, Laura Shin, a journalist with over two decades of experience. This could be like a Tether-style system, where they sort of own shares in a vault, and they issue an ERC-20 that represents that share, and you’re free to come back and redeem that for like a “real” share if you want to. It’s deep into the hundreds of millions of dollars and very excited to be able to basically support, in an on-chain way, all of the various systems we’re invested in. The other thing that’s a major bottleneck in my mind to all of this is just basic UX and usability. So, this is actually a really complicated question because it gets into some serious sort of game theory considerations for the security of a proof of stake chain that also has a DeFi ecosystem on it. You know, it depends on their timeline to launch. I think that it would be very interesting, though, if they also issued basically a tokenized version of that Coinbase share and allowed that to trade on Coinbase Pro, you know, and so then Coinbase shares, if it was like a DeFi asset, and I don’t think they need to do anything super fancy. The success of COMP then set off a wave of yield farming schemes with, for instance, BAL tokens from the automated market maker Balancer, AMPL tokens from the price-elastic cryptocurrency Ampleforth, MTA tokens from Stablecoins aggregator mStable, among a number of others, and then came YFI, a coin that had no pre-mine, no presale, it was not listed on Uniswap, and it could only be earned in the Yearn protocol, and this is what we now call a fair launch. Prior to founding Polychain, Olaf was the Head of Risk and first employee at Coinbase, where he built a 40 person operations team, conducted agent training on block analysis for the HBI, HSI, and the … It doesn’t mean, to me, anti-whale. But I wondered – because another thing I’ve seen people chatting about is whether or not Uniswap should make any token that it does introduce retrospective, meaning that the token should reward the liquidity providers who were in Uniswap even before the token was introduced. The fund has received more than $200 million from Andreessen Horowitz, Abstract Ventures, Alexander Pack, Pantera Capital, and Union Square Ventures. Do you worry about Polychain’s ability to invest in crypto projects as it’s been doing so far, or about the success of any of your portfolio projects because of this trend? So, I’m very optimistic about scalability across the entire ecosystem. Yeah, and honestly, I’ve been thinking, I think the disruption will come so fast because we have the internet now, whereas in the first internet revolution, there was a lot of kind of hardware that needed to, lines that needed to be laid and everything, but yeah, I feel like because business, itself, the structure of business is what’s being disrupted, it’s going to happen so fast, and it’s going to hit so many industries, and I’m a little bit like, whoa, we’re in for a roller coaster ride. Yeah. So, I do think that there are going to be people who will go for a worse short-term outcome for just the ease of use of that staking return being somewhat predictable, relative to the whole yield farming craze, but it’s a very serious security question for any chain that has smart contract compatibility and also proof of stake. There was a drain on Balancer. That would be my guess. Yeah. I just think that DeFi is moving way faster, like by over 10 times, at least, maybe even closer to 50 or 100 times faster than Ethereum core protocol developers. At approximately 6PM UTC, on Wed August… | by Yam Finance | Aug, 2020 | Medium, https://unchainedpodcast.com/sushiswap-takes-on-uniswap-which-should-win-and-why/. It’s exciting to me because I think it will enable new types of applications that simply aren’t possible on Ethereum today, much in the way that Ethereum enabled all sorts of applications that weren’t possible on Bitcoin, and you know, today, we know that what’s exciting about Ethereum is not that it narrowly competes with Bitcoin, Bitcoin’s value proposition, but rather expanded the scope of what was possible for the entire sort of crypto universe, and we got things like stable coins, things like lending contracts, ICOs, all DeFi, right, and I think that systems like Polkadot are going to, once again, expand the universe of what is possible. 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. No. All Rights Reserved. We’re going to maybe dive into that a little bit more later, but I wanted to just keep sort of moving through what happened this summer. The reality is most of these yield-farming systems have a lot of really, really large investors in them. And conceptually, that’s what a lot of these kind of internet sovereign corporations or Dow-like structures look like, right? More realistically, I think you have to be using 5 or 10 thousand dollars to really accept the kind of fees we’re talking about, and so, a lot of people are using 5 or 10 thousand dollars, but you know obviously that’s pricing a huge number of people out of this market. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site. I think that a lot of participants in this market have never been through a really big hack. Yeah. You’re really investing in growth and user acquisition and market expansion much more than you’re thinking about how to extract revenue. Yeah. So, I think it’s not strictly bad for attracting capital in that, also, those lock-ups do prevent people from running to the exit, so to speak, in a short time horizon. COMP was listed on Coinbase extremely early on, within days of being released, which is, I think, unusual for Coinbase because it has a reputation for being relatively conservative, particularly when it comes to regulatory issues. I think that what people are underestimating is just, you know, in reality, when you launch a really complicated system, you need more than 1 or 2 engineers sort of working together pro bono, and you need to raise capital, and so, I think that if you move to a world that’s solely fair launch, I think you limit the scope and scale of the types of things that can be deployed in the crypto space, and I want people to be building sort of veritable rocket ships of crypto, which just take a lot of capital, to coordinate a team of 50 or 100 really sophisticated developers, and eventually ship, but that sort of thing is very hard to do with a fair launch mechanism. Yeah. Bitcoin miners act selfishly, right? He was the first Coinbase employee. And so, to me, I do think you will see a lot of DeFi migrate from Ethereum to Polkadot in maybe the short-ish term. Did I get that right? Don’t forget, you can now watch video recordings of the shows on the Unchained YouTube channel. You know, I just think that Bitcoin will become a really popular collateral type in a lot of these smart contract systems. Welcome, Olaf. So, the fact that these are all forkable and remixable is just a remarkable feature of these systems, and you know I kind of love all of the various fork attempts and ones that are executed correctly, where they can split liquidity and migrate, I just think it’s all part of the sort of hyper-competitive, very meritocratic, and global competition that is on Ethereum today. So, the week that we’re recording, and as I said, this might be all outdated by the time this comes out, which is only a few days before the episode comes out, but anyway, at this time, what’s all the rage is the yETH vaults in Yearn, which is sort of like this one-stop-shop for yield farming, and you can also now yield farm just holding ETH. Köln (dpa) - Ex-Profi Olaf Janßen kehrt als Cheftrainer zum Fußball-Drittligisten Viktoria Köln zurück. I mean it’s truly fascinating. How much in fees are you paying for your crypto purchases? So, let’s now talk a little bit about the fee issue on Ethereum. So, I think it would be interesting to see sort of the token-owned version of Uniswap versus the, you know, legal entity in a specific geography sponsored version of Uniswap and kind of watch what happens between those two. You know, these things can get listed very rapidly and easily, and you know, so there’s liquidity for a massive, massive, basically infinite long tail of assets. Wait, I’m sorry, are you saying that SushiSwap is an entity that’s…? They also haven’t been tested to the extent that Ethereum has, so there’s open questions about scale there, and there’s open questions about the economic design. There was an attack on Hegic, there was the YAM bug. Subscribe to Unchained on YouTube, where you can watch the videos of me and my guests. Well, where can people learn more about you and Polychain? I don’t know if I fully understand it, so please correct me if I’m wrong, but it looks like it’s a concept that, well, so it’s usually associated with the Ampleforth token, but basically the percentage of the total supply that a person owns will not change unless you sell or buy, but the number of tokens you have in your wallet could change based on the price every day, and this ensures that 1 AMPL will always have the same purchasing power. Does this flip on its head, or could it potentially flip on its head, the old model of a company just investing in building up a company, getting new users, and growing the network, and then later trying to extract value from it, and instead, is it more now that because the users are the ones who are extracting value that you have to introduce that element much more quickly? Like, because the fee situation, I mean, it’s completely…it’s really bad. So, the way that you phrase that, you said you’re open to doing that in the future. Do you think Ethereum will scale, in time, to retain all its market share in DeFi, considering that the explosion is already here and already pushing Ethereum’s limits? Like, what would be the motivation for that? Like, that was my thought. It’s a legal entity in a specific jurisdiction. It just expanded the market, and it sort of enables all this functionality that Bitcoin just simply cannot do. Mr. Olaf Carlson-Wee is the Founder and serves as Chief Executive Officer at Polychain Capital. Terms | Privacy. So, if you want to unwind your stake, there’s a delay. Then, though, you could have those Coinbase shares used in the DeFi universe. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. There’s a lot of different factors at play when it comes to what exchanges decide to list. You get up to 10% back on Uber Eats, McDonald’s, Domino’s Pizza, Walmart, and many more when you pay with your MCO Visa card. It was just sort of launched, and in that case, I think that this sort of even distribution based on users in the underlying system is quite a rational way to distribute ownership over the future of that contract system, and I think that, you know, what you’re seeing is bootstrapping like a corporation from zero, right, outside of any jurisdiction, without really any sort of management or concept of management, right, YFI has more of an inventor than a CEO, much in the way that Satoshi invented Bitcoin but is by no means the CEO of Bitcoin and has no outsize ability to manipulate Bitcoin. And in terms of the transition to Ethereum 2.0 and proof of stake, what do you think will happen with proof of stake? A lot of open-source software is never effectively monetized. No, because we need to see some security track record and especially for the scale that we’re operating at, you know, we need to be able to do these things at scale, right? Olaf has 3 jobs listed on their profile. It’s not just in the way an ICO was sending capital to some group or party and then, you know, who knows basically how they would use that capital. Yeah. All right. It’s all sort of this very simple interaction mechanism from a UX perspective. Yeah. You know, if you’re a teenager who wants to tinker with these systems, I don’t think a lot of teenagers have 10 grand lying around to throw into yield farming systems. Jedenfalls fühlt es sich für mich genauso an. Hi, everyone. 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