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4 episodes with mango markets
4 episodes with mango markets
4 episodes with mango markets
3 episodes with mango markets
2 episodes with mango markets
2 episodes with mango markets
2 episodes with mango markets
2 episodes with mango markets
2 episodes with mango markets
Today's blockchain and crypto news Spot bitcoin ETFs log highest volume week of 2025 U.S. judge overturns fraud convictions of Mango Markets exploiter Eisenberg Crypto investor charged in 'sadistic' kidnap, torture of Italian tourist in NYC Learn more about your ad choices. Visit megaphone.fm/adchoices
Episode Highlights This episode was entirely created using AI tools, including Google's Notebook LM, ensuring a detailed and data-driven discussion on the latest crypto developments: Key Points: Several U.S. states are exploring Bitcoin reserves to combat inflation and diversify finances. States involved: Texas, Pennsylvania, Ohio, New Hampshire, and North Dakota. Initiatives include Bitcoin investments via state treasuries, cold storage solutions, and citizen donations to drive innovation and financial security. Details: The Consumer Financial Protection Bureau (CFPB) proposed a stablecoin rule focusing on: Privacy protections. Consumer safeguards for digital payments. Regulation of Big Tech platforms, gaming currencies, and stablecoins. The proposal aims to address: Excessive data collection, surveillance, and personalized pricing. Enforcement of the Electronic Fund Transfer Act (EFTA) to safeguard consumers from fraud and errors. Important Dates: Public comment deadlines: Link for official CFPB info: Stablecoin Rule Details Emerging Trend: By 2025, AI-driven tools are set to enhance DeFi security. Proposed solutions by: Lingling JIANG (DWF Labs) Luke Xie (SatLayer) These tools aim to: Secure smart contracts. Detect scams early, creating an AI-driven DeFi category (DEFAI). Industry Insights: Experts predict global regulatory collaboration involving entities like: Challenges include: Read more: Bitcoin.com article Upcoming Blockchain DXB Debate Series:"Does Blockchain Need AI, or Does AI Need Blockchain?" Solana-based DEX Mango Markets is shutting down following: User Notice: Close your positions immediately. Announcement details: Mango Markets Info Starting January 12, 2025, 8 AM UTC, Bybit will temporarily restrict services for Indian users due to regulatory changes. Users can: DAMAC Properties signed a $1 billion deal with blockchain platform MANTRA for innovative property solutions. Mastercard Crypto Credential launched in the UAE and Kazakhstan, aiming to simplify cryptocurrency transactions and enhance trust. This AI-curated episode provides deep insights into today's most pressing blockchain topics, combining cutting-edge tools and expert analysis. Listen now to stay informed and ahead in the crypto world! To support this channel: https://www.patreon.com/BlockchainDXB ⚡ Buy me Coffee ☕ https://www.buymeacoffee.com/info36/w/6987 ⚡ Advanced Media https://www.amt.tv/ ⚡Spartan Race Trifecta in Dubai https://race.spartan.com/en/race/detail/8646/overview For 20% Discount use code: George20 ⚡ The Race Space Podcast
Host Christine Lee breaks down the news in the crypto industry from Binance founder CZ being released from prison to Swan Bitcoin's lawsuit against its former employees."CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today, as Binance founder Changpeng “CZ” Zhao has been released from prison. Plus, Swan Bitcoin files a lawsuit against a few of its former employees, alleging they “stole” its lucrative bitcoin mining business with the help of Tether. And, Mango Markets agrees to destroy MNGO tokens in an SEC settlement.-This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee, Jennifer Sanasie, Melissa Montañez and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Crypto News: Hong Kong updating Crypto OTC regulation. SEC settles with Mango DAO and Mango Markets. Crypto political spending against anti crypto candidates.Show Sponsor -
Host Jennifer Sanasie breaks down the news in the crypto industry from Floki's sponsorship deal with various English Premier League teams and Mango Market's voting for SEC settlement."CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines in the crypto industry today, as Floki has signed deals with various English Premier League teams to feature its FLOKI token and upcoming metaverse game Valhalla. Plus, State Street selects Taurus to provide digital assets services, and Mango Markets is preparing to settle with the U.S. SEC.-This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Today's blockchain and cryptocurrency news Bitcoin is up 1% at $65,386 Eth is up .5% at $3,112 Binance Coin, is up .5% at $561 Macro headwinds spawn Crypto liquidations Crypto.com says entry to South Korea on track. Kraken acquires TradeStation to expand back to US Eisenberg found guilty of fraud in Mango Markets exploit. Coinbase makes moves in NYC. Learn more about your ad choices. Visit megaphone.fm/adchoices
Today's podcast we cover four crucial cyber and technology topics, including: 1. 5-year-old malware found in Ukraine 2. Phishing platform Labhost disrupted by Europol3. Man found guilty in 2022 crypto manipulation scheme 4. Texas-based telecommunications attacked by cyber criminals I'd love feedback, feel free to send your comments and feedback to | cyberandtechwithmike@gmail.com
Host Jennifer Sanasie breaks down the latest news in the crypto industry from JPMorgan's bitcoin prediction to New Zealand's launch of digital cash consultation.To get the show every day, follow the podcast here."CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as a new research report from JPMorgan says the bitcoin price is likely to drop after the halving event. Plus, the launch of digital cash consultation in New Zealand, and the latest from the Mango Markets fraud trial.-Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry's most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Register now at consensus.coindesk.com.-This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
The Cybercrime Magazine Podcast brings you daily cybercrime news that airs each day on WCYB Digital Radio, the first and only 7x24x365 Internet radio station devoted to cybersecurity. Our host keeps you on the cutting edge of cyber with a rundown of the latest cyberattacks, hacks, data breaches, and more. Don't miss an episode! Airs every half-hour on WCYB Digital Radio and every day on our podcast. Listen to today's news at https://soundcloud.com/cybercrimemagazine/sets/cybercrime-daily-news
The Bank of England Paves the Way for a Digital Pound, Backed by the Findings of Project Rosalind's StudyWyre, a crypto payments platform, shutting down due to unfavorable market conditions.Trial scheduled for accused cryptocurrency trader in connection with multi-million dollar Mango Markets scheme
Feb 3: DOJ detains Avi Eisenberg for Mango Markets, after agreeing to free SBF. Trevor Milton harps on anti-corporate juror's Press interview. UN corruption convict Cary Yan wants delay, UN covers up
Blue Alpine Cast - Kryptowährung, News und Analysen (Bitcoin, Ethereum und co)
⛓ Bist du an DeFi oder NFTs interessiert? Jetzt Kurse buchen bluealpineresearch.com/kurse
Nearly $700M Worth of Assets Linked to Sam Bankman-Fried, FTX Seized by USFirst Hearing in Genesis Bankruptcy Case Set For MondaySEC charges Mango Markets exploiter for allegedly stealing $116M in crypto
Gabriel Shapiro, general counsel at Delphi Labs, and Collins Belton, managing partner at Brookwood P.C., dive into the controversial case of Avi Eisenberg, the self-described “applied game theorist” who was arrested in Puerto Rico on Dec. 26 on market manipulation and fraud charges. The two crypto lawyers discuss the case's potential impact on DeFi and DAO governance — and whether “code is law” stands a chance in the courtroom. Show highlights: whether Avi's manipulation of the markets constitutes fraud debating the crypto maxim “code is law” whether it's wrong to use DeFi code in a “smarter way” how the Mango Markets exploit happened due to poor governance management whether crypto should be regulated from the securities angle or the commodities angle the consequences of Avi's arrest for the DeFi space whether MEV could constitute market manipulation, even if it's democratized for everybody the role of DAOs and whether early-stage projects should maintain some level of centralization how DAOs could be designed to have better mechanisms in order to deal with potential issues whether members of the Mango Markets DAO are liable because of their role in designing the system how Avi was “naive” to think he could avoid legal liability by returning the funds why Gabe thinks credit protocols are socially positive and why he hopes that prosecutors won't “throw everyone in jail” Thank you to our sponsors! Crypto.com DeFi Saver Links Guests: Gabriel: Twitter Delphi Labs Gabriel's Twitter thread on the case Previous appearances on Unchained: The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know Collins: Twitter LinkedIn Previous appearances on Unchained: How the Greatest Decentralizing Force for Crypto Projects Is the SEC Episode Links: Previous coverage of Unchained on Avi Eisenberg and the Mango Markets exploit: The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413 The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428 Mango Markets exploit Explanation Avi's “Highly profitable trading strategy” Twitter thread Unchained: Mango Markets Exploiter Arrested on Market Manipulation Charges Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt' - Unchained Podcast Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt' As Bounty Solana's Mango Markets Sees $100M Drained in DeFi Exploit Chaindebrief: How Manipulation On AAVE And CURVE Went Wrong, Attacker Got Rekted Instead The Defiant: Another Fork Bites the Dust: The Looming Fall of Fortress DAO and the Perils of Off-Chain Governance Karlstack: EXCLUSIVE: The Man Who May Have Milked $100+ Million from Mango Markets CoinDesk: The Impact of Avraham Eisenberg's Case on the Future of Crypto Mango Markets Exploiter Eisenberg Arrested in Puerto Rico Mango Exploiter's Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens Complaint CNBC: Decoding The Avraham Eisenberg Arrest And Its Impact On Crypto Bug Bounties, White Hat Hackers Decrypt: Mango Markets Attacker Avraham Eisenberg Arrested, Charged With 'Market-Manipulation Offenses' - Decrypt Protos: Who is Avraham Eisenberg and why is he all over Crypto Twitter? Crypto Briefing: Curve Whipsaws 75% as DeFi Degens Squeeze Avraham Eisenberg Complaint: CFTC charges Avi Eisenberg Learn more about your ad choices. Visit megaphone.fm/adchoices
Today's blockchain and cryptocurrency news Bitcoin is down slightly at $17,235 Ethereum is down slightly at $1,327 Binance Coin is up slightly at $274 Aptos, up 35% US DOJ seizes SBF's $HOOD shares. BlockFi says Zac Prince cashed out that $10M to pay taxes. Coinbase cutting 20% of staff. CFTC joins case against Mango Markets exploiter Avraham Eisenberg Nepal instructs ISPs to prevent all crypto-related activity. Learn more about your ad choices. Visit megaphone.fm/adchoices
Gabriel Shapiro, general counsel at Delphi Labs, and Collins Belton, managing partner at Brookwood P.C., dive into the controversial case of Avi Eisenberg, the self-described “applied game theorist” who was arrested in Puerto Rico on Dec. 26 on market manipulation and fraud charges. The two crypto lawyers discuss the case's potential impact on DeFi and DAO governance — and whether “code is law” stands a chance in the courtroom. Show highlights: whether Avi's manipulation of the markets constitutes fraud debating the crypto maxim “code is law” whether it's wrong to use DeFi code in a “smarter way” how the Mango Markets exploit happened due to poor governance management whether crypto should be regulated from the securities angle or the commodities angle the consequences of Avi's arrest for the DeFi space whether MEV could constitute market manipulation, even if it's democratized for everybody the role of DAOs and whether early-stage projects should maintain some level of centralization how DAOs could be designed to have better mechanisms in order to deal with potential issues whether members of the Mango Markets DAO are liable because of their role in designing the system how Avi was “naive” to think he could avoid legal liability by returning the funds why Gabe thinks credit protocols are socially positive and why he hopes that prosecutors won't “throw everyone in jail” Thank you to our sponsors! Crypto.com DeFi Saver Links Guests: Gabriel: Twitter Delphi Labs Gabriel's Twitter thread on the case Previous appearances on Unchained: The SEC's Lawsuit Against Ripple and 2 Execs: What You Need to Know Collins: Twitter LinkedIn Previous appearances on Unchained: How the Greatest Decentralizing Force for Crypto Projects Is the SEC Episode Links: Previous coverage of Unchained on Avi Eisenberg and the Mango Markets exploit: The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413 The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? - Ep. 428 Mango Markets exploit Explanation Avi's “Highly profitable trading strategy” Twitter thread Unchained: Mango Markets Exploiter Arrested on Market Manipulation Charges Mango Markets Exploiter Gets Liquidated But Leaves Aave With ‘Excess Debt' Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt' As Bounty Solana's Mango Markets Sees $100M Drained in DeFi Exploit Chaindebrief: How Manipulation On AAVE And CURVE Went Wrong, Attacker Got Rekted Instead The Defiant: Another Fork Bites the Dust: The Looming Fall of Fortress DAO and the Perils of Off-Chain Governance Karlstack: EXCLUSIVE: The Man Who May Have Milked $100+ Million from Mango Markets CoinDesk: The Impact of Avraham Eisenberg's Case on the Future of Crypto Mango Markets Exploiter Eisenberg Arrested in Puerto Rico Mango Exploiter's Funds Get Liquidated After Roiling Aave Using $20M of Borrowed Curve Tokens Complaint CNBC: Decoding The Avraham Eisenberg Arrest And Its Impact On Crypto Bug Bounties, White Hat Hackers Decrypt: Mango Markets Attacker Avraham Eisenberg Arrested, Charged With 'Market-Manipulation Offenses' Protos: Who is Avraham Eisenberg and why is he all over Crypto Twitter? Crypto Briefing: Curve Whipsaws 75% as DeFi Degens Squeeze Avraham Eisenberg New Filing: CFTC charges Avi Eisenberg Learn more about your ad choices. Visit megaphone.fm/adchoices
Bei Celsius landen 4,2 Mrd. US-Dollar Kundenvermögen in der Insolvenzmasse, die Winklevoss-Zwillinge wollen 900 Mio. US-Dollar von Genesis und der Mango-Markets Hacker landet hinter Gittern. Die Web3-Welt startet spektakulär in das Jahr 2023. Mit dabei sind Julius Nagel und Florian Adomeit, die das Ganze in dieser Folge Alles Coin, Nichts Muss begleiten. Außerdem geht's um den Meme-Hype im Solana-Ökosystem, den Kampf der Krypto-Wallets und den Börsen-Aggregator von DefiLlama, der Aggregatoren aggregiert. Doch zu Beginn dreht Julius Nagel erstmal eine Victory Lap, da sich eine seiner Vorhersagen für 2023 bereits am Jahresanfang scheint zu bewahrheiten. Alles Coin, Nichts Muss ist ein Podcast von Finance Forward und Podstars. Bei Themenwünschen, Kritik und allen anderen Rückmeldungen schreibt uns auf Twitter oder Instagram an @allescoin_pod. Julius Nagel (@julius_nagel) ist bereits seit 2012 in der Krypto-Welt unterwegs und hat unter anderem 2014 für Ethereum gearbeitet. Er investiert in Coins und Start-ups im Web3 mit Picus Capital und verfolgt die aktuellen Trends & Entwicklungen. Florian Adomeit (@AdomeitFlorian) ist Podcast-Host von Beckers Bets und Experte bei Ohne Aktien Wird Schwer. Diese Folge von Alles Coin, Nichts Muss wird unterstützt von Ultimate by Unstoppable. Die Mission von Ultimate besteht darin, sowohl eine nutzerfreundliche App als auch einen kuratierten Zugang zu Protokollen bereitzustellen, auf die sich Nutzer verlassen können - sozusagen einen Co-Piloten, um die DeFi Welt mit Zuversicht zu navigieren. Um dich für die Warteliste anzumelden und für weitere Infos siehe: ultimate.money. Timecodes: (00:06:39) Liquid Staking To The Moon (00:17:59) Celsius (00:24:24) Winklevoss-Zwillinge vs. Genesis (00:38:02) Mango-Markets-Hacker (00:42:58) DefiLlama DEX Aggregator (00:45:54) Solana Meme-Coin (00:53:48) Kampf der Wallets
Bitcoin celebrates its birthday today! This is also the first Breakdown of the year. NLW discusses the news and events from the past couple weeks, including the arrest of Mango Markets exploiter Avraham Eisenberg as well as the escalating feud between Gemini and the Genesis/DCG leadership. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with today's editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Image credit: erhui1979/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
An open letter from Gemini Co-CEO Cameron Winklevoss accusing DCG leader Barry Silbert of “bad faith.” Bitcoin celebrates its birthday today! This is also the first Breakdown of the year. NLW discusses the news and events from the past couple of weeks, including the arrest of Mango Markets exploiter Avraham Eisenberg as well as the escalating feud between Gemini and the Genesis/DCG leadership. -“The Breakdown” is written, produced by, and features Nathaniel Whittemore aka NLW, with today's editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Image credit: erhui1979/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Crypto Billionaires lost over $116 billion in 2022. In spite of that, Microstrategy added to their portfolio. A market exploiter has been arrested here in Puerto Rico. SBF is out on bail. And the Twitter Files show that we were once again correct in our so-called “conspiracy theories”. Are we going to take some victory laps? Hell yeah. And so should you as you join us for our Bad News episode #662 of The Bad Crypto Podcast. FULL SHOW NOTES: https://badco.in/662 TIME STAMPS00:00 Intro 02:45 - Crypto market review; marketcap $830bln 07:30 - Crypto billionaires lose more than half of their wealth in 2022 09:00 - Crypto miners accumulating Bitcoin and crypto 09:30 - Michael Saylor's MicroStrategy is stacking Bitcoin 12:05 - Mark Cuban is defending Bitcoin; Gold is a bad investment (?) 13:12 - Mango Markets market manipulator arrested in Puerto Rico 15:00 - SBF released on $250mln bail; FTX scam continues 19:15 - Twitter Files reveal the truth in so many “conspiracy theories”. 28:28 - What does this have to do with blockchain and crypto? Everything. 29:50 - Travis is reading “Survival in the Killing Fields” 31:00 - Bullet Train on Netflix is a great 2 hour film with Brad Pitt 32:20 - Outro SUBSCRIBE, RATE, & REVIEW: Apple Podcast: http://badco.in/itunesGoogle Podcasts: http://badco.in/googleSpotify: http://badco.in/spotify FOLLOW US ON SOCIAL MEDIA: Twitter: @badcryptopod - @joelcomm - @teedubyaFacebook: /BadCrypto - /JoelComm - /teedubyawFacebook Mastermind Group: /BadCryptoLinkedIn: /in/joelcomm - /in/teedubyaInstagram: @BadCryptoPodcastEmail: badcryptopodcast[at]gmail[dot]comPhone: SEVEN-OH-8-88FIVE- 90THIRTY BE A FEATURED GUEST: http://badco.in/apply DISCLAIMER:Do your own due diligence and research. Joel Comm and Travis Wright are NOT FINANCIAL ADVISORS. We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don't take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us. We only share with you what we are learning and what we are investing it. We will never "pump or dump" any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations.Support the show: https://badcryptopodcast.comSee omnystudio.com/listener for privacy information.
Crypto Billionaires lost over $116 billion in 2022. In spite of that, Microstrategy added to their portfolio. A market exploiter has been arrested here in Puerto Rico. SBF is out on bail. And the Twitter Files show that we were once again correct in our so-called “conspiracy theories”. Are we going to take some victory laps? Hell yeah. And so should you as you join us for our Bad News episode #662 of The Bad Crypto Podcast. FULL SHOW NOTES: https://badco.in/662TIME STAMPS00:00 Intro02:45 - Crypto market review; marketcap $830bln07:30 - Crypto billionaires lose more than half of their wealth in 202209:00 - Crypto miners accumulating Bitcoin and crypto09:30 - Michael Saylor's MicroStrategy is stacking Bitcoin12:05 - Mark Cuban is defending Bitcoin; Gold is a bad investment (?)13:12 - Mango Markets market manipulator arrested in Puerto Rico15:00 - SBF released on $250mln bail; FTX scam continues19:15 - Twitter Files reveal the truth in so many “conspiracy theories”. 28:28 - What does this have to do with blockchain and crypto? Everything.29:50 - Travis is reading “Survival in the Killing Fields”31:00 - Bullet Train on Netflix is a great 2 hour film with Brad Pitt32:20 - Outro SUBSCRIBE, RATE, & REVIEW: Apple Podcast: http://badco.in/itunesGoogle Podcasts: http://badco.in/googleSpotify: http://badco.in/spotify FOLLOW US ON SOCIAL MEDIA: Twitter: @badcryptopod - @joelcomm - @teedubyaFacebook: /BadCrypto - /JoelComm - /teedubyawFacebook Mastermind Group: /BadCryptoLinkedIn: /in/joelcomm - /in/teedubyaInstagram: @BadCryptoPodcastEmail: badcryptopodcast[at]gmail[dot]comPhone: SEVEN-OH-8-88FIVE- 90THIRTY BE A FEATURED GUEST: http://badco.in/apply DISCLAIMER:Do your own due diligence and research. Joel Comm and Travis Wright are NOT FINANCIAL ADVISORS. We are sharing our journey with you as we learn more about this crazy little thing called cryptocurrency. We make NO RECOMMENDATIONS. Don't take anything we say as gospel. Do not come to our homes with pitchforks because you lost money by listening to us. We only share with you what we are learning and what we are investing it. We will never "pump or dump" any cryptocurrencies. Take what we say with a grain of salt. You must research this stuff on your own! Just know that we will always strive for RADICAL TRANSPARENCY with any show associations.Support the show: https://badcryptopodcast.comSee omnystudio.com/listener for privacy information.
VLOG: Sam Bankman-Fried chillin' in Palo Alto - with Michael Lewis? - while Ed Pozo in jail for smokeshop robbery. Mango Markets Eisenberg arrested in Puerto Rico, unsealed here https://patreon.com/posts/unsealed-mango-76440926… UN fails on budget and #Afghanistan
Heya Cryptozens, Episode 414: DOJ investigating stolen FTX crypto New FTX Bankruptcy Judge Mango Markets Exploiter Caught BitKeep Hack Continues Argo Halts Nasdaq New Hal Finney Charity DeGods and Y00ts Leaving Solana It's 10 PM Pacific time and the date is December 27th, 2022. Welcome back to the Crypto Overnighter. My name is Nikodemus, I'll be your host as we take a nightly look at the crypto, nft and metaverse space and the industry that surrounds it. And keep in mind, nothing in this show should ever be considered financial advice. Email: nick@cryptoovernighter.com Salem Friends of Felines: https://sfof.org/ Twitter: https://twitter.com/CryptoCorvus1
Ori, co-founder of Orca is here to discuss Decentralized Autonomous Organization (DAO) as a whole while answering hot topics including Orca's climate initiative, measuring climate footprint, thoughts on Mango Markets being hacked, and thoughts on improving the DAO's model.Timestamps01:47 Intro03:56 What is Orca?05:45 Why built on Solana?09:00 Orca's climate initiative12:12 How to measure Orca's climate footprint18:29 Thoughts on Mango Markets being hacked22:40 How to improve DAO model?28:55 Why is Orca the leading crypto marketplace on Solana?Watch the Podcast on YoutubeLinksOrca: https://www.orca.so/CoinGecko: https://www.coingecko.comCoinGecko:https://twitter.com/coingeckohttps://www.youtube.com/c/CoinGeckoTVhttps://www.instagram.com/coingeckohttps://www.tiktok.com/@coingeckotvhttps://t.me/coingecko
Avraham Eisenberg, blogger at DeepFi Value – more commonly known as the Mango Markets attacker – shared his insights about the exploitation of code, his personal story, and why there's hatred directed towards profitable traders. Show highlights: Laura's description of the Mango Markets exploit the way in which code gets used in a different way from the original intention why Avi decided to return part of the funds he got from exploiting Mango Markets Avi's clarification of a misconception regarding the bad debt of Mango Markets the difference between arbitrage trades and exploits why people making profitable strategies are hated, according to Avi how Avi got into crypto and the story of his failed online business whether it is possible to run non-zero-sum games what he thinks of Compound's decision to pause activity on illiquid assets Thank you to our sponsors!Crypto.com Ava Labs Avi Twitter DeepFi Value Mango Markets exploit Explanation of the exploit “Highly profitable trading strategy” Twitter thread Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt' As Bounty Solana's Mango Markets Sees $100M Drained in DeFi Exploit Previous discussion of Mango Markets on Unchained: The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' Avi's online business story Compound Votes to Pause Activity for Illiquid Crypto Assets
Avraham Eisenberg, blogger at DeepFi Value – more commonly known as the Mango Markets attacker – shared his insights about the exploitation of code, his personal story, and why there's hatred directed towards profitable traders. Show highlights: Laura's description of the Mango Markets exploit the way in which code gets used in a different way from the original intention why Avi decided to return part of the funds he got from exploiting Mango Markets Avi's clarification of a misconception regarding the bad debt of Mango Markets the difference between arbitrage trades and exploits why people making profitable strategies are hated, according to Avi how Avi got into crypto and the story of his failed online business whether it is possible to run non-zero-sum games what he thinks of Compound's decision to pause activity on illiquid assets Thank you to our sponsors! Crypto.com Ava Labs Avi Twitter DeepFi Value Mango Markets exploit Explanation of the exploit “Highly profitable trading strategy” Twitter thread Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt' As Bounty Solana's Mango Markets Sees $100M Drained in DeFi Exploit Previous discussion of Mango Markets on Unchained: The Chopping Block: 'Code Is Law' Is 'Obviously Not How Anything Works Ever' Avi's online business storyCompound Votes to Pause Activity for Illiquid Crypto Assets Learn more about your ad choices. Visit megaphone.fm/adchoices
Avi Eisenberg is an applied game theorist that made +$100M in a Defi protocol called Mango Markets. Some people viewed the incident as a hack, but Avi and his team called it a highly profitable trading strategy. In this episode we discuss his trading strategies, why this is happening to Defi platforms, if it will happen again, risks of Defi, how it gets fixed, how to find unique opportunities, and more. Thank you for tuning in. If you can spare 5 seconds to leave a review/rating on iTunes, I appreciate it. It helps others find the show. Show sponsors: •Bybit: Trade Bitcoin, ETH, or your favorite altcoins on the best trading platform in crypto. Use the show link for a Bitcoin deposit bonus on new trading accounts: https://partner.bybit.com/b/luke
In this week's episode of Off Chain, we cover the following stories: Reddit NFTs have taken the market by storm FTX may be launching a stablecoin in the not-too-distant future Apple just updated its App Store terms to give guidance on NFT sales within apps Mango Markets attacker has outed himself, and is now offering some hot tips for crypto trading on Aave (lol) Meta's Metaverse Division Reports $3.67B Quarterly Loss Justin Sun has somehow sold ETH at the peak of the market consistently through the bull market
Roger Grimes is an industry expert and the Data Driven Defense Evangelist for KnowBe4. In this episode, Roger and host Hillarie McClure talk about the $114 million Mango Markets exploiter, who was allowed to keep $47 million so that he would return the other $67 million, the precedent this sets for other criminals, and more. KnowBe4 is the world's first and largest New-school security awareness training and simulated phishing provider that helps you manage the ongoing problem of social engineering. To learn more about our sponsor, KnowBe4, visit https://knowbe4.com
Mike Cahill, Director of the Pyth Data Association joins the show. In this episode we discuss: The origin of Pyth and how the project is addressing the ‘Oracle Problem'. How Pyth works and how companies and protocols are using the product today. Mike's views on how equities on chain will evolve, and how Pyth is positioned in this market. The recent Mango Markets exploit and the future of on-chain market manipulations in DeFi. Pyth's network of partners and how the network is growing in 2022. To learn more about Pyth visit Pyth.Network.
Welcome to The Chopping Block! Crypto insiders Haseeb Qureshi, Robert Leshner, Tom Schmidt, and Tarun Chitra chop it up about the latest news in the digital asset industry. Show topics: Everyone's impression of Laura's interview with Do Kwon The importance to differentiate failure and fraud The Mango Markets hack and whether code is law What happened with the BNB hack and the concerns it raised about decentralization Magic Eden's decision to enable optional royalties and the debate about NFT royalties How creators are going to find a way around the royalties, according to Robert Whether NFTs should be treated as securities Hosts Haseeb Qureshi, managing partner at Dragonfly Capital Tarun Chitra, managing partner at Robot Ventures Robert Leshner, founder of Compound Tom Schmidt, general partner at Dragonfly Capital Episode Links Laura's interview with Do Kwon: Do Kwon of Terra: ‘It Was Never Really About Money or Fame or Success' Hacks Mango Markets Mango Markets $42M Reimbursement Proposal Passes Mango Markets Exploiter Returns $67M After Revealing His Identity Mango Markets Hacker Proposes Keeping $70M ‘Bad Debt' As Bounty Solana's Mango Markets Sees $100M Drained in DeFi Exploit BNB BNB Smart Chain Plans Hard Fork In Response to $100M Exploit Binance Chain Was Halted Amid Hack Rumors NFT Royalties Magic Eden Magic Eden Moves to Optional Royalties and Heats Up the Debate TCB Debate Tom's tweet: “turns out people don't want to pay royalties” Robert's request for a startup Previous episodes of The Chopping Block debating NFT Royalties: The Chopping Block: Was This Gary Gensler's Most Liked Tweet? The Chopping Block: Did OFAC Overstep by Sanctioning Tornado Cash?
Solana ist fehleranfällig und nicht dezentral. Zudem wird viel getrickst, sodass die Blockchain größer und schneller aussieht, als sie wirklich ist. So oder so ähnlich lauten die Vorwürfe gegenüber dem Ökosystem. Berichtigte Kritik oder alles Nonsens? Genau darüber diskutieren Julius Nagel und Florian Adomeit in dieser Folge Alles Coin, Nichts Muss. Außerdem gibt's das große Comeback der Airdrops, einen Deep Dive zu Sandbox und Neuigkeiten von dem dreisten Hacker, der vor kurzem Mango Markets aufs Kreuz gelegt hat. On top ist Maximilian Vargas vom Web3-Newsletter Block Stories zu Gast. Im Gepäck hat er die News zur Royalties-Debatte bei Magic Eden, dem neuen Standard für Physical Backed Tokens und wie der Immo-Handel auf der Blockchain funktionieren könnte. Weiterführende Links: Block Stories: https://www.blockstories.de/ Immos auf der Blockchain: https://twitter.com/Rusty_Bill/status/1582098885933027328 Airdrop Twitter Profil: https://twitter.com/OlimpioCrypto News vom Mango-Markets-Hacker: https://twitter.com/avi_eisen/status/1582763707742183424?s=21&t=9kjBuGWpBwc-hMtwwE3MQQ Million Dollar Homepage: http://www.milliondollarhomepage.com/ Heutiger Gast ist Maximilian Vargas (Gründer des Web3-Newsletters Block Stories): https://www.linkedin.com/in/maximilian-vargas/. Alles Coin, Nichts Muss ist ein Podcast von Finance Forward und Podstars. Bei Themenwünschen, Kritik und allen anderen Rückmeldungen schreibt uns auf Twitter oder Instagram an @allescoin_pod. Julius Nagel (@julius_nagel) ist bereits seit 2012 in der Krypto-Welt unterwegs und hat unter anderem 2014 für Ethereum gearbeitet. Er investiert in Coins und Start-ups im Web3 mit Picus Capital und verfolgt die aktuellen Trends & Entwicklungen. Florian Adomeit (@AdomeitFlorian) ist Podcast-Host von Beckers Bets und Experte bei Ohne Aktien Wird Schwer. Diese Folge von Alles Coin, Nichts Muss wird unterstützt von Ultimate by Unstoppable. Die Mission von Ultimate besteht darin, sowohl eine nutzerfreundliche App als auch einen kuratierten Zugang zu Protokollen bereitzustellen, auf die sich Nutzer verlassen können - sozusagen einen Co-Piloten, um die DeFi Welt mit Zuversicht zu navigieren. Um dich für die Warteliste anzumelden und für weitere Infos siehe: ultimate.money. Um die Warteliste zu überspringen, schreibt eine Mail an allescoin@ultimate.money mit der Antwort auf folgende Frage: Welches DeFi-Ökosystem auf welcher Blockchain könnt ihr mit Ultimate nutzen? Timecodes: (00:03:01) Royalties-Debatte bei Magic Eden (00:12:22) Physical Backed Token (00:18:38) Immobilien auf der Blockchain (00:27:13) Solana Kritik (00:45:47) Comeback der Airdrops (00:52:41) Update zum Mango-Markets-Hack (00:58:39) Sandbox Deep Dive
Today Bennett and Cas discuss two recent major cryptocurrency problems: one via Binance Smart Chain, a "DeFi" protocol built by CZ and the Binance team, that suffered a $100 million hack, and Mango Markets, a DeFi marketplace, that suffered a $100 million exploit. Another fun week in cryptocurrency. Other resources mentioned in this episode: Unchained Interview with CZ: https://youtu.be/J0XJesFkdl0 Chris Brunet revealing Mango Markets attacker: https://karlstack.substack.com/p/exclusive-the-man-who-may-have-milked Bennett's newsletter about the BSC hack: https://www.getrevue.co/profile/protos/issues/cz-stopped-bsc-why-it-matters-1408029 This episode was recorded on Wednesday, October 12th and edited by Bennett Tomlin.
Tune in as Parth shares his experience using an application that allows creators to have a personal coin with value based on their social clout. Then, hosts break down the Financial Accounting Standards Board’s tentative board decisions for how companies should account for crypto assets and discuss the latest $100 million plus hack impacting Mango Markets. Please remember: this podcast is solely for informational and educational purposes and is not investment, tax, legal or insurance advice. Digital assets are speculative and highly volatile and you should conduct thorough research before you invest. To learn more, visit: fcatalyst.com FMR LLC. © 2022 FMR LLC. All rights reserved.
Looks like Ye, née Kanye West, is going to try to buy the social network Parler. A look at the Chinese export controls that could potentially force American executives to choose between their jobs and their American citizenship. Wait until you hear about the Mango Markets exploit. And what do you think is the global population of robots, right now? Today?Sponsors:RocketMoney.com/rideLinks:Kanye West is buying ‘free speech platform' Parler (The Verge)Kanye West to buy social media app Parler (The Verge)Decentralized Solana-based trading platform Mango reportedly hit by $100 million exploit (Fortune)Biden declares economic war on the Chinese semiconductor industry (Noahpinion)With New Crackdown, Biden Wages Global Campaign on Chinese Technology (NYTimes)American Executives in Limbo at Chinese Chip Companies After U.S. Ban (WSJ)Meet the Army of Robots Coming to Fill In for Scarce Workers (WSJ)See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Подписывайтесь на мой Телеграм-канал: https://t.me/RationalAnswer Текстовая версия выпуска со ссылками: https://vc.ru/finance/519918 Посмотреть выпуск на YouTube: https://www.youtube.com/watch?v=Rdp4TSjI1bk Материалы по теме выпуска: - Пресс-конференция с Лиз Трасс — https://www.youtube.com/watch?v=v596DjZUmbk СОДЕРЖАНИЕ: 00:00 – Интро 00:31 – ЦБ против мамкиных аналитиков 02:08 – ЦБ против ипотеки под 0,01% 04:04 – СПБ Биржа и дивиденды по акциям 06:06 – ЦБ не хочет разблокировать фонды FinEx 07:21 – ЕС хочет конфискации активов 07:49 – Нобелевка за мем 09:51 – Кризис в Великобритании 11:58 – Bittrex наказали за обход санкций 12:46 – Mango Markets хакнули на $116 млн
Today's blockchain and cryptocurrency news Bitcoin up .5% at $19,148 Ethereum up slightly at $1284 Binance Coin up .5% at $270 Avraham Eisenberg claims responsibility for Mango Markets exploit — calls actions 'sophisticated trading' Brian Armstrong to sell portion of stake in Coinbase, fund science and tech research. Roche Freeman removed from Tether/Bitfinex lawsuit. Everyrealm speaks on Hometopia Learn more about your ad choices. Visit megaphone.fm/adchoices
Today's blockchain and cryptocurrency news Bitcoin is up slightly at $19,161 Ethereum is down slightly at $1286 Binance Coin is down slightly at $270 Jeremy Hunt replaces Kwasi Kwerteng as UK Finance minister. Mango Markets grants hacker $47M bounty — the largest ever. Wintermute pays off $96M loan to TrueFi. Stash closes $52M debt round. Magic Eden to make NFT artist payments optional. Learn more about your ad choices. Visit megaphone.fm/adchoices
Heya Cryptozens, Tonight's Show: UK Binu Kwarteng Tether Roche US CBDC Mango Markets CFTC It's 10 PM Pacific time and the date is October 14th, 2022. Welcome back to the Crypto Overnighter. My name is Nikodemus, I'll be your host as we take a nightly look at the crypto, nft and metaverse space and the industry that surrounds it. And keep in mind, nothing in this show should ever be considered financial advice. Email: nick@cryptoovernighter.com Salem Friends of Felines: https://sfof.org/ Twitter: https://twitter.com/CryptoCorvus1
Ein Hacker erbeutet Millionen von der solanabasierten DeFi-Plattform Mango Markets. Sein Vorgehen? Irgendwie dumm. Irgendwie schlau. Auf jeden Fall dreist! In dieser Folge Alles Coin, Nichts Muss sprechen Julius Nagel und Florian Adomeit über die Hintergründe und ob der Täter wohl erwischt wird. Außerdem geht's darum, wie der Merge die Inflation bezwingt, was Uniswap mit 160 Mio. Funding will und wie MiCA für Harmonie in der EU sorgt. Warum die älteste Bank Amerikas für Coinbase zum Problem werden könnte und Flo mittels DeBank sein Kryptovermögen verdoppelt hat, erfahrt ihr ebenfalls in dieser Folge. Weiterführende Links: Ultrasound Money: https://ultrasound.money/ L2 Beat: https://l2beat.com/scaling/tvl/ Mango Markets Hack: https://twitter.com/tristan0x/status/1580224500653694981?s=21&t=Eq7BuvfQzt-yoSyVIsIUiw DeBank: https://debank.com/ Alles Coin, Nichts Muss ist ein Podcast von Finance Forward und Podstars. Bei Themenwünschen, Kritik und allen anderen Rückmeldungen schreibt uns auf Twitter oder Instagram an @allescoin_pod. Julius Nagel (@julius_nagel) ist bereits seit 2012 in der Krypto-Welt unterwegs und hat unter anderem 2014 für Ethereum gearbeitet. Er investiert in Coins und Start-ups im Web3 mit Picus Capital und verfolgt die aktuellen Trends & Entwicklungen. Florian Adomeit (@AdomeitFlorian) ist Podcast-Host von Beckers Bets und Experte bei Ohne Aktien Wird Schwer. Diese Folge von Alles Coin, Nichts Muss wird unterstützt von Ultimate by Unstoppable. Die Mission von Ultimate besteht darin, sowohl eine nutzerfreundliche App als auch einen kuratierten Zugang zu Protokollen bereitzustellen, auf die sich Nutzer verlassen können - sozusagen einen Co-Piloten, um die DeFi Welt mit Zuversicht zu navigieren. Um dich für die Warteliste anzumelden und für weitere Infos siehe: ultimate.money. Um die Warteliste zu überspringen, schreibt eine Mail an allescoin@ultimate.money mit der Antwort auf folgende Frage: Welches DeFi-Ökosystem auf welcher Blockchain könnt ihr mit Ultimate nutzen? Timecodes: (00:01:01) Devcon Report (00:16:03) Uniswap bekommt 160 Mio. $ (00:20:11) MiCA-Regulierung (00:22:48) BNY Mellon goes Krypto (00:30:24) Ethereum = Ultra Sound? (00:32:17) L2 Beat (00:33:45) Userzahlen Metaverse (00:40:32) Mango Markets Hack (00:51:27) DeBank
Allen Hena of @Vayner3 joins to discuss his really needed and cool project @dotearth_ which makes understanding and visualizing transactions on chain easier and better than @etherscan's default interface, especially for newbies, but also includes cool concepts around ENS Avatars and token gated equity. Powerful project and we discuss the potential beyond where they are today with it. https://www.atlasmaps.xyz/ https://twitter.com/0xAllen_ The Man Who May Have Milked $100+ Million from Mango Markets - https://karlstack.substack.com/p/exclusive-the-man-who-may-have-milked Yearns's brilliant/hilarious new ad - https://twitter.com/iearnfinance/status/1580584215418007552 Polygon powers new Indian police complaints portal - https://cryptoslate.com/polygon-powers-new-indian-police-complaints-portal/ Tether stablecoin issuer freezes 8.2M USDT on Ethereum: Data - https://cointelegraph.com/news/tether-stablecoin-issuer-freezes-8-2m-usdt-on-ethereum-data Bitcoin Stakeholders With Over $1,490,000,000 in BTC at High Capitulation Risk, Warns Analytics Firm Glassnode - The Daily Hodl - https://dailyhodl.com/2022/10/12/bitcoin-stakeholders-with-over-1490000000-in-btc-at-high-capitulation-risk-warns-analytics-firm-glassnode/ If you enjoy and learn from DeFi Lunch, please take a moment to rate/review us on Apple Podcasts, because it can dramatically increase our and advance our mission to grow DeFi. To discuss this episode or anything related to DeFi, please join our amazing community on Reddit: https://www.reddit.com/r/MissionDeFi/ Joe Cawley and Brad Nickel cover the DeFi news of the day, new opportunities in the space including liquidity pools, yield farming, staking, and much more. This is not financial advice. Nothing said on the show should be considered financial advice. This is just the opinions of Brad Nickel, Joe Cawley, and our guests. None of us are financial advisors. Trading, participating, yield farming, liquidity pools, and all of DeFi and crypto is high risk and dangerous. If you decide to participate, do your own research. Never count on the research of others. We don't know what we are talking about and you can lose all your money. Never invest more than you can afford to lose, because you probably will lose it all. --- Support this podcast: https://anchor.fm/missiondefi/support
The 'Boardroom Roundup Podcast' brings you the latest DAO news headlines and governance proposals every week This week: • Mango Markets exploited for $100M • Sushi's new head chef faces wild allegations • ConsenSys and BanklessDAO form a DAOlationship • OokiDAO proposes a legal budget to defend itself • StemsDAO raises $4M Plus, Duncan, joins us to break down the proposal 'Adjust Aave Governance Level 2 Requirements' —
In this episode of Bell Curve, we discuss the state of VC markets and fundraising 101. What should founders look out for when fundraising? Why do terms often matter more than valuation, and how should founders think about anti-dilution? We answer these questions and more in this fundraising segment. We then explore the current macro environment, the Mango exploit and dangers of oracle pricing, the upcoming midterms and reasons to be optimistic! - - Timestamps: (00:00) Introduction (01:05) VCs, Term Sheets & Fundraising (21:39) Finding Value Despite Inflation (31:16) Mango Exploit, Oracle Pricing & Risk Management Midterms, Regulation & Yuga Labs Investigation (44:36) Scaling Season (50:13) Why Be Optimistic? - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: GCR "insider" tweet https://twitter.com/GCRClassic/status/1579837794675216384 Alf CPI tweet https://twitter.com/MacroAlf/status/1580538848194330624 The Macro Trading Floor podcast https://spoti.fi/3EGriXd - - Disclaimer: Nothing said on Bell Curve 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. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.
In this week's episode of Off Chain, we cover the following stories: A deep dive into the current macroeconomic environment with a look more specifically at what's happening in the UK economy and how it's bleeding into the global economy. The Mango Markets $100mn exploit. Damien Hirst begins burning art from his project, "The Currency". Google is using Coinbase Commerce to accept crypto from its Cloud customers.
Npm timing attack could impact supply chain Legit software used to spread malicious WhatsApp mod Mango Markets hit by $100 million hack Thanks to today's episode sponsor, Noname Security Are you sure your APIs are secure? Noname Security discovers all the APIs running on your network and analyzes them to spot design flaws, misconfigurations, and vulnerabilities. You can even catalog sensitive data and quickly see how many APIs are able to access credit card data, phone numbers, SSNs, and other sensitive PII data. Learn more at nonamesecurity.com/posture-management
Heya Cryptozens, Tonight's Show: OCC Grayscale Valkyrie 21Shares TempleDAO Mango Markets Custodia Bank It's 10 PM Pacific time and the date is October 12th, 2022. Welcome back to the Crypto Overnighter. My name is Nikodemus, I'll be your host as we take a nightly look at the crypto, nft and metaverse space and the industry that surrounds it. And keep in mind, nothing in this show should ever be considered financial advice. Email: nick@cryptoovernighter.com Salem Friends of Felines: https://sfof.org/ Twitter: https://twitter.com/CryptoCorvus1
Blue Alpine Cast - Kryptowährung, News und Analysen (Bitcoin, Ethereum und co)
Hey Solana people… We held a Twitter spaces earlier this month hosted by Amun's Jason Millingen. We were lucky enough to get our friends from Aldrin, Jet and Mango Markets. This episode was recorded on September 16th 2022. The theme of this spaces centered around Solana, defi and what to expect from 2023. We asked about the network outages, current state of the bear market and much more. Make sure you listen to the entire episode. I have to mention that nothing in this episode constitutes financial advice. Please do your own research. Anything said here is my own opinion and not to be connected with my employer. But I am forever grateful to them for helping make this podcast a reality so please do check out our website and the tokens we offer at tokens.amun.com. Thanks everyone for listening and don't forget to tune in two weeks time where we help you to get to grips with what is going on in the Defi Ecosystem. Questions Covered Today: I'm sorry but I have to get this question out of the way.Anatoly was on Real Vision a few Friday's ago and said the network outages have been a curse. You all run different projects. Were you affected at all and if so how? (https://cointelegraph.com/news/network-outages-have-been-solana-s-curse-says-co-founder (https://cointelegraph.com/news/network-outages-have-been-solana-s-curse-says-co-founder)) Solana's been the only network to push aggressively into mobile? Are you preparing for that? (https://www.fool.com/investing/2022/09/06/more-reasons-to-be-bullish-on-solana/ (https://www.fool.com/investing/2022/09/06/more-reasons-to-be-bullish-on-solana/)) We've seen adoption occur at a crazy fast pace in 2021. It's still happening this year. What do you expect to catalyze adoption of your individual protocols in 2023? (https://twitter.com/FireblocksHQ/status/1564977622873882628?s=20&t=BLJiTOMAdPSewoJV9nJL1Q (https://twitter.com/FireblocksHQ/status/1564977622873882628?s=20&t=BLJiTOMAdPSewoJV9nJL1Q)) Binance recently made a big play by stopping to support USDC. With all the competition on Solana, do you worry about a centralized entity disrupting what you are trying to do? (https://www.coindesk.com/business/2022/09/05/binance-to-convert-users-usdc-usdp-tusd-into-its-own-stablecoin-busd/ (https://www.coindesk.com/business/2022/09/05/binance-to-convert-users-usdc-usdp-tusd-into-its-own-stablecoin-busd/)) Coindesk had an excellent article the other week. Let's remind the audience that this is not financial advice but what might restart the bull market? (https://www.coindesk.com/business/2022/09/06/what-might-restart-the-crypto-bull-market-bernstein-has-ideas/ (https://www.coindesk.com/business/2022/09/06/what-might-restart-the-crypto-bull-market-bernstein-has-ideas/)) Ethereum paved the way for crypto as we know it today. Solana's co-founder said he expected upside post-merge for Solana and their related projects. Have you felt like this has materialized and why not? https://www.coindesk.com/tech/2022/09/13/solana-co-founder-sees-upside-from-ethereums-merge-saga-web-3-mobile/ (https://www.coindesk.com/tech/2022/09/13/solana-co-founder-sees-upside-from-ethereums-merge-saga-web-3-mobile/) Nitro recently announced building the first Layer 2 for the Solana network. This will be the first Solana scaling solution, connecting it to IBC and Cosmos. What's your thoughts on that and how do you think it will impact the ecosystem? https://twitter.com/Nitro_Labs/status/1570400366096949249?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1570400366096949249%7Ctwgr%5Ead8e97f2a5197e0b2b24b7e33ea6c419ca5367cd%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.cryptotimes.io%2Fsolana-scaling-solution-nitro-to-launch-in-2023%2F (Link) Participant Links: https://www.jetprotocol.io/ (Jet Protocol) https://aldrin.com/ (Aldrin Labs) https://mango.markets/ (Mango Markets) Follow Us On: http://www.amun.com (Website) https://twitter.com/Amun (Twitter)...
Anatoly Yakovenko (Solana Labs Co-Founder) joins The Zeitgeist to discuss the current state of Solana and the ways in which the team is working to improve protocol performance. SHOW NOTES00:39 - Origin Story01:59 - How his role evolved at Solana03:42 - New initiatives at Solana04:59 - NFTs06:37 - How to improve performance12:31 - What is Solana's North Star?15:48 - Growth and Nakamoto coefficient19:47 - Developer ecosystem23:31 - Craziest idea built on Solana24:35 - Builders he admiresREFERENCESSaberMango MarketsOrcaAnchorFULL TRANSCRIPTBrian Friel (00:00):Hey everyone, and welcome to Zeitgeist, the show where we interview the founders, developers and designers who are pushing the Web 3.0 Space forward. I'm Brian Friel, Developer Relations at Phantom, and I'm super excited to have on the show today, none other than the man, the myth, the legend himself, Anatoly Yakovenko. Anatoly, how's it going?Anatoly Yakovenko (00:22):Hey, it's going well, thank you for having me.Brian Friel (00:25):Thanks for being on the show. You know, I think most folks know your story if they're very familiar with the Solana space. You are the founder of Solana. We do have some people who are listening to this show who are more familiar with the Ethereum world. Would you mind giving a quick moment to walk us through your background and how you got started with Solana?Anatoly Yakovenko (00:40):Yeah. So I'm an engineer by trade. I spent most of my career at Qualcomm, and I was there from super early days working on these like flip phones, if anybody remembers those. I was a Core Kernel engineer on Brew, which was, I think one, one of the first mobile operating systems with an App Store. Really the first, I think mobile platform where developers build anything, and this was pre-iOS, pre-Android.Anatoly Yakovenko (01:05):I was there for like almost 14 years. My last project was like building optimizations for augmented reality. And then around 2017, this big boom and crypto happened. I think the first really big Bitcoin price movements happened during that year. And it was obvious that Bitcoin was too slow for the kind of stuff that the narratives that people were talking about at the time, such as like global payments and things like that. That's what really got me interested in the space because I saw an opportunity to apply all the things that I learned at Qualcomm, from optimizations and wireless protocols and everything else to crypto.Brian Friel (01:46):So in the early days, if you take a look at the Git commit history on Solana, the protocol, you were a pretty heavy code contributor. How has your role evolved since starting the project? And what would you say is like your main focus today?Anatoly Yakovenko (02:00):Yeah, those early days were hard because I had to raise money and kind of be the CEO, which is effectively sales, but also I'm a really strong IC and losing one IC, it sucks, right for like a small startup? So I was coding and sometimes like 2:00, 3:00 in the morning, I would just be awake, still building stuff and burning the candle on both ends.Anatoly Yakovenko (02:27):As the network got stood up around like 2020, once we started growing the team, when we got a bit of traction in 2020, it's just my initial contributions were not as impactful as ... I'm now like one out of 20 contributors instead of like one out of 10. And that amount of like effort that I can put in ended up being not as important as me doing everything else that I can do as like the CEO of Labs.Brian Friel (02:53):So you guys obviously had a very explosive summer, 2021. NFT trading on Solana, I'm not sure if you would've predicted that your global state machine would be the perfect mechanism for trading JPEGs on the internet.Anatoly Yakovenko (03:06):No. Yeah, that's been wild.Brian Friel (03:10):I would say it's funny because a lot of people initially wrote off Solana because it wasn't EDM compatible. There was a myriad of reasons why it wouldn't take off. It seems like today you guys have the opposite problem where there's so much demand, everyone wants to use it.Brian Friel (03:25):I know you have a couple initiatives in the works now, some of that being quick, some stake weight, and then there's a fee prioritization mechanism coming in. How are those initiatives going generally? And do you foresee this as being a big step for the network or is this a really an iterative phase where you guys are going to continue to scale in various projects?Anatoly Yakovenko (03:43):Yeah, we designed this network. I mean, initially the slide deck literally said blockchain and NASDAQ speed and there was this big vision of something like serum running on it and being the price discovery for all of the world's stuff that needs trading. And that was like the first use case that we actually had any success with.Anatoly Yakovenko (04:01):The folks from FTX, that incubated serum, they looked at the network and they were like, "Okay, this is designed for the kind of exchange that we know how to build and trade. So why don't we see what happens?" And when NFT started taking off, it didn't make sense to me. But I could tell that a lot of people, like humans were interested in them instead of trading. A large number of people were interested in them. And that's a really important thing, like product market fit can be measured in many different ways. If you're speaking trading it could be volumes or TVL, but it's really, really important to really connect it to a person.Anatoly Yakovenko (04:39):And the more people you have in any of these effectively web based networks, people want to call it Web 3.0 or Web 2.0, or whatever, it's still the web. The more people you have using it, I think the more value you're actually creating for the world and that's really, really important. So Metaplex was incubated in Solana and it just allowed people to launch NFT projects.Anatoly Yakovenko (04:59):And we saw that at that time and now Ethereum gas fees were really so expensive that it was effectively impossible for any small artist to pony up like hundreds of thousands of dollars to go deploy like 10,000 NFT project and mint them and like have their users pay these ridiculous gas fees.Anatoly Yakovenko (05:20):So a lot of people just started messing around on Solana and they started getting traction and like making more money than normal artists creators make in a year in a single NFT mint. And that really changed like everything, for them and for us. So that's been just awesome to watch. Because NFTs have value, that has led to a different kind of traffic than we anticipated where there's now bots that spend a lot of money on egress, like a hundred gigabit worth of egress to try to snag a NFT mint.Anatoly Yakovenko (05:55):And the network can handle that most of the time. But sometimes it can't. So now we've been working on – if you've been following Solana, I'm sure you've heard like there's outages or congestion. Basically what happens is you have a known event, financial event, like an NFT mint or an IDO, but most of the time it's an NFT mint. And bots start sending so much traffic before this event to try to basically maximize their probability of them getting all the NFTs or most of them by stuffing all the leaders with packets and that prevents other packets from landing.Anatoly Yakovenko (06:31):And sometimes like the last one, it may uncover some unknown memory issue, where the memory and the validator starts growing and they start shutting down. And therefore, when more than a third of them run out of memory, you end up losing a quorum and therefore consensus halts. So it's effectively the greatest bug bounty free, like DDOS testing, not the best kind of DDOS testing that money can buy.Anatoly Yakovenko (06:58):It's really, really hard to even get a hundred gigabit worth of traffic like at Google. Your typical network that you deploy at Google for your private network inside their servers does not go to a hundred gigabit, it goes to one gigabit. So the kind of things that you see in the wild is really, really, even hard to simulate.Brian Friel (07:15):Yeah. You're testing and prod essentially.Anatoly Yakovenko (07:17):Right. And that's always the case. We have like a big testing effort and team and like a massive test net that's even bigger than the main net to try to simulate all these corner cases. Everything that you do in the lab gets really tested for real when you ship to prod.Anatoly Yakovenko (07:37):So the major change that we need to do is actually prevent them from sending that many packets. And there's a bunch of ways to do that. TCP has been the classic solution, but it has a lot of problems with latency and managing connections.Brian Friel (07:50):Right. And you guys use UDP Today.Anatoly Yakovenko (07:52):We use UDP Today, which is what traders prefer. So all the exchanges, like when you get high connectivity from CME or an ISE, you get UDP. And you can manage it for most of the time, but at some points like at a hundred gigabit, you basically have to like decide, "Okay, we're going to spend 10,000 bucks, a validator and put these appliances in there that can drop maybe close to like a terabit worth of traffic really, really quickly and filter packets. Or we build a software solution."Anatoly Yakovenko (08:24):In theory, QUIC can be as fast as UDP. In practice, that implementation and testing it, rolling it out, takes time. So over the last release, the 1.10 release, our engineers, plus the folks from like Blockdaemon [inaudible 00:08:40] one have been working on rolling out the quick implementation. And it looks like finally, like 1.10 is going to roll out to main net.Anatoly Yakovenko (08:47):I think the slow release is going to, roll out is going to start this week, but you need like, you really need three pieces. So this is kind of a complicated problem. So if you have QUIC, you can limit how many packets any IP address can send, but bots can, then we were going to get a million IPs and they'll all send a couple transactions per second each because they really want those NFTs.Brian Friel (09:08):Yeah. And then you're playing Whack Em' All with the IP addresses.Anatoly Yakovenko (09:11):Right. So the second fix, that's also 1.10, but I would say it's not as perfect as I would like it, but mostly there, is being able to limit the amount of traffic; people send an aggregate by stake weight. So if you're not staked, you get the least amount of bandwidth. But if you are staked, then you have let's say 0.5% of the stake, you're guaranteed that all the other stake are on stake notes, can't star view. So you can at least send half of a percent of bandwidth at any time. So that's the second part.Anatoly Yakovenko (09:45):And then the third part is that as information moves from, let's say, RPC nodes or other nodes, and like propagates to the leader, including like these intermediate hops, we need to make sure that it's prioritized not by first and first out, because then again, that will also lead to bots just trying to be the first packet in any given event, but by fee.Anatoly Yakovenko (10:10):Right? So this is where we need to add fee markets, which is something that will force bots to spend money instead of packets. And it's a bit more complicated to add fee markets in Solana. If you've ever programmed in Solana, you'll quickly realize that it's really different from Ethereum. And the main difference is that – you have one giant state machine like you do in Ethereum, so there's no charting on state, but each transaction has to specify what state it's going to read and what state it's going to write. Which means that you don't have this global fee for a block. You technically kind of end up having fees for state.Anatoly Yakovenko (10:45):So you have a single NFT mint with a single account, like a state account that represents that NFT market. And everybody wants to trade on it. So the fees accessing that particular state need to go up because you can only schedule so many transactions to access that thing. But that doesn't mean that the block is full. You can actually start adding more events into the block that don't touch that part of the state.Brian Friel (11:11):And you can touch other parts of the state in parallel and at a lower fee.Anatoly Yakovenko (11:15):Exactly. So it's kind of like, think of it as a bunch of buckets, and you want to fill the highest contented bucket with the highest paying transactions, but then you also want to fill the other buckets. So it's this multi-headed queue problem. There's no perfect solution for it. So it's, every solution is a heuristic. Which makes it both kind of complicated and easy, that you're never going to be perfect. So you can ship stuff. You can't ship things, but because it's heuristic, there's always like corner cases and you got to be careful about if any of them can be exploited between all of these hops.Anatoly Yakovenko (11:52):Partial solution to that is also rolling out. But I think given how complex all these three pieces are, we need like, we'll probably need the 1.11 release to stabilize everything.Brian Friel (12:02):That makes sense.Anatoly Yakovenko (12:03):I'm glad that at least like these 0.XX versions of this stuff is out and like finally is actually rolling out.Brian Friel (12:09):This kind of highlights what I always found Solana to be refreshing, especially compared to older blockchains. You know, you mentioned Bitcoin when you were first in back in the day is that, you guys have taken this very practical approach to “how do we scale?”, and have these iterative solutions. Do you have like a defining lighthouse that kind of guides this development cycle? Is it about being like the fastest and the cheapest chain or what is your priorities here?Anatoly Yakovenko (12:32):So there's this fundamental idea like that goes back to the roots, blockchain and NASDAQ speed. Imagine like all of these computers around the world, they all hold state. And that state is synchronized within a certain amount of time. And that time in theory can be as low as halfway around the world, like about 120 milliseconds.Anatoly Yakovenko (12:52):So this is the one giant piece of state that represents every price in the world. And it's a point of reference for price discovery. And in theory, even if you have something like NASDAQ or CME that trade at like sub one microsecond, because news still has to travel around the world. You have some event that happens in Singapore. It's got to go through the same fiber cables as everything else. That news wire is going to travel at the same speed as a state, as a transaction in Solana.Anatoly Yakovenko (13:21):So by the time you see it on your Bloomberg terminal and CME, you'll actually see the price reflected in both markets. And that means that like this set of nodes run by volunteers with open source software can be competitive at the most important core part of finance with like NASDAQ with CME.Anatoly Yakovenko (13:41):So that's really the goal. Can we get it to that level where it's propagating information around the world, synchronizing it at the speed of light? So that's the north star. So ...Brian Friel (13:51):And I love that. That's great.Anatoly Yakovenko (13:53):It's hard. It's a hard problem, but it's, I think there's clear reason that this thing is really useful to the world if it exists and even in the state, it exists now, it's extremely useful because I think this idea of open cheap price discovery is really important for DeFi and Web 3.0. You look at something like NFTs. I think under the hood NFTs are DeFi, you have a smart contract that decides who gets what based on royalty, secondary trading and all these other things.Anatoly Yakovenko (14:24):And it's a different business model for making money on the web. It's one that doesn't involve the Ad Exchange, a centralized Ad Exchange that Google runs. It doesn't have any intermediaries. It's between the creators and the community that they're serving. So I think it's, as early as it is, and I'm looking at these things and thinking these are like early bulletin boards, I can see that I think in 10, 15 years, the way that people make money on the web is going to be 99%, no intermediaries like through these kinds of networks and applications and almost none on through like the advertisement channels.Brian Friel (15:02):Yeah. That makes sense.Anatoly Yakovenko (15:03):That to me, I think is like huge. If this like transforms the web, that's awesome.Brian Friel (15:09):Yeah, totally. Changes human behavior, fundamentally. So you spoke a lot about the human side of these people who are using the network, but there is a human side also to the people who are running the nodes that secure this network here. And there's a common misconception out there that Solana is this big and fast chain, but there's a few nodes that's powering this network.Brian Friel (15:30):You've spoken a lot about this term, the Nakamoto Coefficient, which is essentially the number of nodes that would have to collude to make the blockchain stop working in some capacity. How has this Nakamoto Coefficient been evolving since Solana's launch? And is there anything that you guys are doing at labs that are catalyzing this kind of growth in this Nakamoto Coefficient?Anatoly Yakovenko (15:49):Yeah. We started with like the Nakamoto Coefficient around like six or seven in those early days. And now it's 24 and that may sound like a small number, but when you look at Bitcoin, it takes about six mining pools to get to 51%, an Ethereum, I think three or maybe four, something like that mining pools, ETH2 stake distribution is even worse. It's like Lido, might be Lido plus one exchange, Kraken or Binance might cross it.Anatoly Yakovenko (16:17):And it's both important and not as important as people think. So the core part of where security comes from these networks is actually in the sheer number of nodes, because fundamentally like when high level catastrophic event happens, a bunch of machines get corrupted. As long as one of them can recover the data, that data contains cryptographic signatures from everyone else in the network. They can validate that that data's correct, and the network can recover.Anatoly Yakovenko (16:47):So you only need one out of many. And this is true about every BFD system, even Bitcoin, if all the Bitcoin ledgers are destroyed, doesn't matter how much cash power was securing it, Bitcoin is gone. So what's important is the number of copies of the Bitcoin ledger, and the same thing with ETH2 – it's a bit more complicated with ETH2 because they do the sub sampling thing, but effectively you need enough of the ETH2 validators to survive. So you can recover a full copy of the state.Anatoly Yakovenko (17:17):So that number is really, really what matters. And when you talk about the state concentration, Nakamoto Coefficient, that has impact on real time censorship. So if, for example, like Kraken and Lido decided to start dropping transactions, they could right now, you know, given the state distribution on ETH2, but the community can basically fork them all out. They can effectively tell them, because you're misbehaving.Brian Friel (17:45):You're breaking the social contract.Anatoly Yakovenko (17:47):Yeah, you're breaking the social contract. You can actually be kicked out. And that's, I think, kind of that action of last resort, it's what really protects these networks. But given that you still want the Nakamoto Coefficient as large as possible, because I think, in the long term, especially for trading systems, you might not see this direct censorship. If the purpose of blockchain is to be these open marketplaces and the top three crypto exchanges can decide the order of events in the global open marketplace, there's probably perverse incentives there for them to not make this network the best marketplace in the world, because it's eating their lunch.Brian Friel (18:28):Yeah. We've reinvented payment for order flow here.Anatoly Yakovenko (18:31):Right. And that's really hard to enforce and may not even be intentional. Right? You may have somebody, some product manager at Coinbase that doesn't know what they're doing, that simply says, "Hey, I made these performance improvements to how we run nodes, and now our customers are earning more money." It may even not be like totally malicious. This is where I think that Nakamoto Coefficient actually matters in the long term.Anatoly Yakovenko (18:59):So Solana and Avalanche probably have the two highest, I forget what Avalanche is at, but basically it's much, much better than eight or three or four, whatever we see on Bitcoin and Ethereum these days.Brian Friel (19:10):So switching gears just real quick, we talked a lot about the network, but from an end user and from a validate perspective, one final piece of this is the developers who are actually building the applications. So the programs that run on this. You know, I mentioned earlier that Solana was kind of written off by a lot of people, especially in the ETH community, that there was no EDM-compatible, like native bridge over there, Chase Barker, lovingly calls, everyone who develops on Solana “Glass Eaters”. Has this kind of developer ecosystem that I view as very genuine to Solana, has this surprised you guys, do you foresee this continuing to grow separate from Ethereum? Are they going to merge, at some point remain specialized?Anatoly Yakovenko (19:48):It surprised me how quickly it happened. So me as an engineer, I don't like Solidity because it's not a well designed language. And the EVM is not a well designed virtual machine. And I have spent like a career working on virtual machines. So I get like an allergic reaction looking at its insides, and like, this is worse than like the first versions of Java, of the JVM.Brian Friel (20:14):Yeah. Hard to be inspired.Anatoly Yakovenko (20:16):So I kind of knew like when we made a bet on Rust, that was intentional and we didn't have enough funds to pursue like supporting VM, which I think we would've, if we did, and that probably saved us, because we had to pick like, what is actually core and important to Solana, and like, if we had to pick the one thing that we were building, it had to be differentiated from like, it had to actually showcase the most important thing about the network and that's performance. And you really, really can't write high performance code in Solidity or EVM.Anatoly Yakovenko (20:49):And Rust was just a, kind of a natural fit because it is a modern systems language with a lot of tools to build high performance software. So that was a bet that we made. And I knew that there's enough engineers out there that are like me that are naturally curious. They want to build a new stack. Oftentimes, like in my career, I would switch stacks every two years simply because I just got bored of the tools I was using.Anatoly Yakovenko (21:15):But I didn't realize, I didn't expect how quickly that would happen. And like how passionate people like became about it. Even though our initial version of the SDK was really, really bare bones. This is where this idea of eating glass came out of is that like, in those days you had to write everything by hand, all this deserialization calls by hand. There was like, the binary format was like unsafeCast. So you would do a cast of the data structure directly. There was no ideal and-Brian Friel (21:46):Wow. How far we've come with Armani and Anchor.Anatoly Yakovenko (21:49):Armani basically was like, "This is terrible. I'm either going to, like, I'm either going to quit or like, I need to fix it."Brian Friel (21:58):Or I'm going to put the whole ecosystem on my back, which he essentially did.Anatoly Yakovenko (22:01):Yeah. Yep. So he took on that role and I knew there was going to be one of those engineers eventually. This ... because I would've been that person, like, five years back in my career, I would've like, "F this. This is like terrible. I know how to fix it. So I'm just going to spend a week building the tools," but it was really, it would've been really, really hard for us to do it internally because it's easier to build those tools when you're building the product that's using them and not when you're like trying to supply them. I don't know if that makes sense.Brian Friel (22:33):You might be too close to it being, working on the protocol and not-Anatoly Yakovenko (22:35):Exactly.Brian Friel (22:36):... not like a consumer.Anatoly Yakovenko (22:37):So when you're like building the product, like an application, you know exactly what your needs are and you know what to prioritize and when I'm building the operating system, I'm just trying to be hypothetical. Well, the hypothetical application where the hypothetical engineer needs this and the requirements are just never right. Like it they're always wrong, basically.Anatoly Yakovenko (22:57):So, this is why I think it was really – the reason Anchor is successful is because Armani was building a product and he like, kind of knew exactly what he needed. And I think when looking at Anchor, I would've made totally different choices if I was building it. And I don't think it would've been as good in the end.Brian Friel (23:14):Oh, okay. I was going to say, has Armani heard that? But that's a nice compliment to throw in there at the end. Well, so wrapping up here a little bit, two last questions for you. One that we want to know here at Phantom is, what is the craziest idea or project that you've heard about that could be built on Solana?Anatoly Yakovenko (23:32):Serum, I mean is still definitely crazy to me, it's like a central limit order book that Jump is market making on, on a decentralized blockchain. That's pretty wild. I think there's a ton of games and payments and all this other stuff that's coming out.Anatoly Yakovenko (23:46):I think one of the wilder ones – there was the SolDate thing at one of the hackathons, which was a dating app. It didn't go anywhere. But people were like thinking outside of the box, which I thought was ...Brian Friel (24:00):Oh man.Anatoly Yakovenko (24:03):The games, I think like Aurory is like finally shipping, like workable parts of the game. I think that is really cool. And obviously like Star Atlas is such a huge ambitious project, that like, it's pretty wild to think that somebody's going to build from the ground up purely funded by NFT sales, like a AAA game, like at the level of EVE Online. So that, those are really, really ambitious.Brian Friel (24:30):And then our closing question here, who is a builder that you admire in the Solana ecosystem?Anatoly Yakovenko (24:35):So Armani obviously, but I want to like give a shout out to somebody else. I think, the Saber and the Mango guys. So Ian and Max and Daffy, I think have been just as important in like building a lot of tooling and onboarding devs, and you know, they're just awesome folks that are like constantly building things. So it's really cool to see them continuously shipping products. Even like when DeFi's up or DeFi's down, like when you look at the broader market, they're still building things and shipping things and that's kind of the most important thing.Brian Friel (25:10):Yeah. And that's Ian and Dylan from Saber, which is an automated market maker for stable pairs, and Mango Markets is a perps trading platform, a central limit order book in Solana.Anatoly Yakovenko (25:20):There's so many like the Orca team. When we first talked to them, they're like, "We want to build a really usable DEX for humans." And that was their whole vision. And you look at their daily active user numbers, it like shot up, I think more than Uniswap now.Brian Friel (25:38):Yeah. Oh, it's insane. Yeah. They're on a crazy growth trajectory now. I think that speaks to their UX. I will say just that one last note on the Saber brothers, there was a fable story of how they were sleeping in the Solana office at one point just shipping code. And I came in there and I saw for myself the mattresses in the meeting rooms there. I think we've all grown up since then.Anatoly Yakovenko (26:01):Yeah. A little bit.Brian Friel (26:01):That might be a thing of the past, but a little bit of lore for Solana development history there.Anatoly Yakovenko (26:05):Yeah.Brian Friel (26:06):That's great.Anatoly Yakovenko (26:08):When you're in that part of the office, you can still smell their spirit.Brian Friel (26:14):I love it. And it's totally, this is a really great discussion. Thanks so much for coming on the podcast. Everyone, very appreciative of what you built here at Solana.Anatoly Yakovenko (26:23):For sure.Brian Friel (26:23):So thank you for what you do.Anatoly Yakovenko (26:25):For sure. Thank you so much. Take care.
Chewing glass is what Solana developers do. Introducing the third episode in a new series on the Solana Podcast, Chewing Glass. Chase Barker (Developer Relations Lead at Solana Labs) talks shop with the most interesting builders in the Solana ecosystem. It's for devs, by devs.Todays guest is Brian Friel, a Solana dev and regular contributor to the Solana Cookbook who recently joined Phantom as Developer Relations Evangelist.01:18 - Intro / Phantom04:04- Brian's background05:10 - His experience before working in Solana06:42 - How did he start working in Solana08:06 - When did he start looking into Solana09:41 - First project on Solana11:36 - What are the challenges working in Solana13:14 - Anchor vs. Solana native15:31 - The Solana cookbook18:09 - Contributing to the space21:01 - Solana Native Programs23:01 - Any advice?DISCLAIMERThe information on this podcast is provided for educational, informational, and entertainment purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose.The information contained in or provided from or through this podcast is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice.The information on this podcast is general in nature and is not specific to you, the user or anyone else. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented on this podcast without undertaking independent due diligence and consultation with a professional broker or financial advisor. Chase (00:39):Hey, everybody. Welcome to Chewing Glass, the show where we talk to developers building in the Solana ecosystem. My name is Chase Barker, developer relations at Solana Labs. Today, we have with us, Brian Friel. Brian is actually a heavy contributor to the Solana ecosystem. I spoke with Brian, probably, a few months ago. I started noticing that he was writing some really great articles about Solana. I always have my eye out to kind of find people who are just altruistically contributing in the ecosystem. Brian was one of those guys, and here he is today. Brian, how's it going, man?Brian (01:13):Hey, Chase. Good to be here. Big fan of the show.Chase (01:16):Super excited to have you. You have done so many contributions to the ecosystem, everything from your own personal articles about PDAs with Anchor. You've contributed heavily to the Solana Cookbook. Actually, many people probably don't know because you never really spoke about it, there is some great news today. Brian, I actually heard from a little birdie that you just got hired at Phantom.Brian (01:50):That's correct. This is a Solana podcast exclusive. I'm joining Phantom, and I'll be their first developer relations hire there. Super stoked to build out the best wallet on Solana.Chase (02:02):Yeah, that's awesome. I haven't fully grasped what... I know that there's a use for that on a wallet. Every company's completely different whenever it comes to developer relations. You've been hanging out with the Solana Labs devrel team. I'm sure you'll jump in there, and you probably have already started to try to figure out what you're going to do on day one, I'm sure.Brian (02:24):It's a green-field kind of space here. There's a lot to do. I think you're right. One of the best things about this space, too, is that so many people are just building in public that we get a lot of feedback of what developers building on Solana want to see out of us at Phantom. My job is really to kind of get in touch with everyone who's building and start triaging what the biggest priorities are to make this the best experience.Chase (02:46):That's awesome. I'm sure you're going to do great. Also, another one of our wonderful part-time dev advocates, Loris just got hired by Metaplex. But, at the end of the day, we love this. This is exactly what we want. All the better and congrats on that.Brian (03:00):Yeah. Shout out, Loris. He's awesome. Metaplex got a huge win there, getting him.Chase (03:05):For sure. I guess, I usually start these out with some more of the boring things for most people. Everybody wants to hear about the development stuff. Number one, when you did start working with us, had I reached out to you or did you reach out to me? I've been thinking about this today, and I cannot actually remember how that unfolded.Brian (03:25):I think, way back, I actually reached out to you once. At the time, I might have not even been on Twitter under my real name. I just started a Twitter account just to check out a couple different things. I was interested in crypto. I saw your presence pretty early on and messaged you, but I'm pretty sure, at that time, you were just drowning in DMs. I went all out my way starting to build stuff, and then starting to just share stuff publicly, which we can talk about. But, I think, through that, then you had circled back, and then we reconnected.Chase (03:55):Yeah, exactly. If you're listening, that's how you do it. If I don't respond to you, do something cool, and we'll eventually connect. Anyways, definitely, generally curious on your background, whether it's tech related or not, just whatever you are comfortable with sharing and what you were doing before you were involved in any of this crazy thing that we call crypto.Brian (04:16):It feels like a lifetime ago. I, actually, didn't study computer science unlike a lot of people, but, over time, I did make my way into the tech world. Then, quickly after graduating, I got pretty lucky, and I got a job as a front end engineer at a small crypto hedge fund here in the Bay Area. It's called Castle. Was with those guys for about four years. Absolute, awesome experience. It was really interesting to see the whole trading side of the industry, which, obviously, is kind of how this all got its legs. People want to speculate on this. Over time, my role there really evolved from just the pure dev to somebody who was really kind of boots on the ground trying to figure out what's new in the space.Through that, I came across Solana pretty early on. Obviously, seeing Sam Fried throw his weight behind it, but then some other stuff that came along like Mango. I'm seeing the possibilities there. In my free time, I really started just digging to it outside of work. Work was the catalyst for finding it. But, that's really how I got my start, just looking into the developer side of things on Solana.Chase (05:18):What was your experience level directly before Solana?Brian (05:22):I was a React front end engineer, was really my specialty. I, specifically, was tasked with building interfaces for our trading systems. We had a whole proprietary tech trading system, and I was the front end guy, so I would say pretty proficient with React and Node JS and TypeScript. But, I really wasn't a back end guy. I'd never done anything with Rust, and I actually hadn't really done too much on Solidity at the time yet. I had kicked around a few side projects, but nothing really ever got past just a couple weeks, side hobby sort of deal.Chase (05:54):What I definitely am seeing in this ecosystem, and I think Armani's talked about it a handful of times is that a lot of engineers in Solana are actually Solana natives that have never touched Solidity. They've never owned a MetaMask wallet. Obviously, a lot of these guys are probably some of the more younger guns, even some of the older ones as well, probably for a variety of reasons. But, it's interesting to see technologies that have been around for a while that newer technologies are actually being used and developed on first. It's never really been a thing before. There was always a learning path that was you find out about Bitcoin. You find out about Ethereum. You build on Solidity. Then, you find some other things, and you might jump ship. We're seeing a lot of people that are really just going straight to Solana. You were involved in that space, tasked with finding out what's hot, what's going on, and you saw SBF was building a central limit order book on Solana, and, then, that's kind of what set you in that direction?Brian (06:54):Yeah. I was pretty aware of the Ethereum ecosystem before. We actually were running our own validators for Eth 2 and doing a couple other things as it relates to trading, actually, on Ethereum Mainnet today. For me, personally, I think it was just really an interesting time to dedicate my free time in learning Solana because it felt like there was this new paradigm of blockchain development. A lot of the stuff that was coming out with other earlier ones felt a little bit derivative of Eth, but Solana really felt like it was carving its own path out, and I thought that was worth exploring.At the same time, I could see there was people who had serious credibility in the space who were dedicating their time to it. Then, combined with that, they're just wasn't any resources or really any subject matter experts on it yet. That, to me, was the signal that it is a really good time. I still think it is a fantastic time to just dig my heels in and learn about this. I haven't really looked back since.Chase (07:52):The first time we kind of talked, it was probably early on, and I was really just trying to get a feel for everything. There probably wasn't a ton of information or content. I feel like there was some. You made a note to Mango Markets. What timeframe did you really start paying attention to Solana, not necessarily about what's going on in the ecosystem, but rather start looking at the documentation? Was this super early 2021?Brian (08:18):I had kicked the tires on things at the end of 2020 when Sollet was the only wallet, and there really wasn't anything. But, I think Break Solana was out there, and I think Raydium was out there.Chase (08:29):Serum DEX was also there around that time as well, I believe.Brian (08:32):Yeah, Serum. I had just kind of made a mental note around that time. Things were pretty crazy in the space, too, just everything was going on.Chase (08:40):The market, yeah-Brian (08:41):I was pretty busy at work, but, I would say, when the market kind of cooled off in the summertime is when I, personally, started to dig into the development side a lot more. Mango and Phantom, well, trying that out was definitely just the light bulb moment for me when I saw just how insane that user experience was. What really got me down the rabbit hole of development was following Armani on Twitter. Shout out, Armani's the man, and seeing what he was doing with Anchor, specifically.I had stayed away from the development side of Solana purely because I had told myself, oh, I'm a front end guy. I would have to learn Rust first. Then, I would have to learn all the intricacies of Solana. It's just not worth my time. But, Anchor signaled to me that I could start a side project, and I could get up and running with something quickly. Then, if that was interesting to me, then I could dig in further. That's what I did. I think that's actually a pretty good path for people who are just kicking the tires on Solana development.Chase (09:39):I guess that means that you're pretty much intro journey into development. You went straight for Anchor before you-Brian (09:46):Yep, a hundred percent.Chase (09:48):... because I remember... Was the PDA article you wrote the first article that you had written?Brian (09:52):My first thing I did, I think this was either late August or early September, I just said, I'm going to make a really basic app, like a voting app on Solana, something that everyone's made before, but I'm going to use Anchor to do it. I think, at the time, Nader Dabit had just published his first article, so I was kind of using that as a reference. But, there really wasn't a whole lot about the intricacies of how Anchor related to Solana development, in particular. It was hard for me to wrap my head around the account model, which I think is the biggest thing for most people coming into the space, especially if they're familiar with Ethereum. I had just done a very basic, put a key pair on a node server, spin that up, something you would never want to do in a production app. It worked until the Herokuv server crashed, and then it just was a joke of an app.I couldn't really sleep well. I had written up my experience, but I couldn't really sleep well knowing that that's as far as I got. That's when I dug into PDAs. I really started to understand the account model better on Solana, what that was. I just wrote about that experience, really, selfishly for me just to have a memo on that. Then, I just put it out there, but I found out that a lot of other people were simultaneously going around the same sort of journey. I think that was the article that I really started to get connected with a lot of people in the space.Chase (11:09):I mean, it's pretty typical for a lot of these guys to be documenting their journey. A lot of times that really sparks a revelation for people that I've noticed. It's like, wow, this is super valuable. Then, I want to do it again. It's like, if this is helping people, I'm going to keep deep diving these things. But, it all started with Armani being like, hey, I'm going to make this easier for everybody, and he did. Now, he has a massive community of supporters that are just building on top of Anchor. Was the accounts model in the PDAs... Typically, it is, but, for you, is that specifically was, until you got past that, Solana was pretty hard?Brian (11:47):Yeah. In my mind, I thought it was going to be Rust, especially being a front end dev. It's just the total different world, but-Chase (11:54):The syntax is disgusting when you first look at it, at least in my personal opinion.Brian (11:58):Yeah, you can kind of understand. But, I mean, it really is. If you've never touched Rust, it's not bad. It was nothing that, really, three or four hours worth of just looking over stuff. You can understand the gist of things, which is as much as you really need to get your first app up, which I think is the best way to learn, just by doing. For me, it really was the mental shift of just how does Solana work in the account model because I think everyone's so used to... I have Ethereum address. It has all these coins directly related to it. Then, there's this Ethereum smart contract, and it has its state. It has a counter, and it can do these things. It's really weird to, one, you're already saying, I'm going to go away from this ecosystem. I'm going to look at Solana.But, then, two, a lot of what I have in my head as a mental map doesn't carry over. That seemed like a scary drum. That probably was the hardest thing, but, it's really that account model. I think that once you have a pretty good understanding of that, that's 80% of the work. The rest of the 20% of the work, you'll get over time.Chase (12:58):I mean, if we're talking about Rust Native, and then we're talking about Anchor, Anchor also hides a lot of these issues. You don't have to really worry so much about the serialization piece. Honestly, I don't know very many people that actually even know how to really do that efficiently and effectively in Rust. It's a huge pain in the ass to make that work. Have you done any of the serialization in Rust Native?Brian (13:26):Yeah. I've played around with Borscht a little bit now. I think as far as the whole Anchor versus Solana Native debate, speaking anecdotally, I definitely thought it was easier just to go with Anchor. It lets you focus on what you're building. You don't have to worry about all this stuff like serialization. But, then, I think once you do build something to actually really understand how it works, and if you ever were to actually put any money, your own, let alone other people's money in it, you absolutely should understand how Anchor relates to Solana Native, and why it's doing the things it's doing, what each trait and macro is actually doing under the hood. Then, that just makes you really understand, I think, Solana, all the better.Chase (14:03):There's a couple types of people there. There are the type of person out there that's like, no, I want to start with a base, and then I'm going to work my way up. Those people tend to be the more thorough, take their time, whatever. But, then a lot of others are like, I want to push out an MVP because I want to write code right this second, and then they do it. Then, just general curiosity over time when you feel like you understand a language like Anchor, and you're like, okay, I got this. This is great. Now, I'm actually curious how this works under the hood, so you just go in the reverse direction.Brian (14:38):This is, again, anecdotal, but for people like me, and probably if you're a front end dev, actually, it's really nice to have something tangible where it's like you built this. You can show it to a friend, and they can connect the Devnet Wallet to it, and they can use it. Then, you kind of really understand the tangible value of this new platform that Solana is. Now, you're innately curious of, okay, well how does this actually work? I saw that Anchor does this in less than 50 lines of Rust, but half these lines are macros that I'm not quite sure what they do under the hood. It's very natural, your learning path from there, if you can just get the first project done.Chase (15:15):Have you, to this day, written anything in Rust Native. Have you written any programs?Brian (15:21):No. I've transitioned over more to the web3.js side of things because that's what I'm more comfortable with.Chase (15:28):Okay.Brian (15:29):As you know, recently, I've been spending most of my time on more conceptual stuff like the Solana Cookbook, and I dug in some stuff as well about retrying transactions during network congestion and all that. That's a little bit more, conceptually, how the Solana blockchain works as a whole.Chase (15:42):If you guys didn't know, Brian just released a PDA section to the Solana Cookbook, so check it out. Also, the retry portion. That was actually requested by the Solana core engineer team. They were like, there's a lot of people that don't understand how to manage failed transactions and how to retry them properly.Brian (16:04):Yeah, totally. That's kind of what drew me in to this space is that I had seen people like the core engineering team there, Trent and what Anatoly's built, obviously. But, there's all this amazing tech that these guys have built and they've been so focused on building that no one's really there to tell the story and to help make it more relatable to devs, maybe Web 2.0 devs who are coming in. I've seen a lot of people, and I have friends who maybe aren't full-time crypto who are just like Solana just doesn't work, unplug it and plug it back in kind of a deal, like what's going on there because it's very different from Ethereum.But, in my mind, it's an incredible piece of technology that's been built, and there's reasons why certain things have hiccups at certain times, but it doesn't mean it's a bad design. It just means that we're testing in prod. We're moving this thing pretty fast. What I wanted to do is help shed light what is actually happening because as I learned about it, it gave me more confidence in Solana as a whole, the platform, understanding what the growing pains actually were under the hood.Chase (17:02):Whether people like to admit it or not, every blockchain, in its infancy, has suffered very, very similar problems. They're continuously working to improve this with QUICK and other different options that are going just make this more sustainable. The best thing we can do is be honest about it. We have Solana Docs. They're highly technical documentation. They're not necessarily developer experience friendly unless you're a very specific type of learner with a very large brain. The first time I read it, I probably absorbed 10%. The next time I got another 25%. Then, it took me five or six or seven times before I grasped everything that was happening in there. It serves a very specific purpose. Most of that documentation, the brunt of it, was written years ago by the co-founders. It can use some improvement, but, at the time, we're like let's move fast. Let's get the community contributing and kind of get the Cookbook built out.It turned out really great. It has a half a million page views, just short of half a million, which is insane since that just goes to show you how valuable it is, and how valuable your contributions are. The same reason why we have these little developer advocacy teams that join weekly meetings with us, so they can know what's going on and just help. The goal is to get some experience, and then eventually get hired by whoever you want to get hired by. Luckily for you, that seems to have worked out and that's amazing.Brian (18:25):No, the Cookbook's been an awesome experience, and, definitely, shout out Jacob Creech and Leesam [inaudible 00:18:31] and Loris and Colin and all those people who are working hard on it. It's been very organic, and I think that's kind of true of the whole Solana developer ecosystem as a whole is that it's an aptly named podcast, Chewing Glass. But, there's a reason why people are dedicating their free time outside of work to this because it's really awesome. The Cookbook, in my mind, is the best way if you're sort of on the sidelines, or you've maybe built a small project, and you don't really know how to go from here, getting involved with that is definitely the best move I think you can make. Contributing to the space, as a whole, helping other people learn. The best way I've ever learned is writing for other people. Then, once you do do that, it's really easy to connect with others who are building in the space. There's so much to do that you'll get picked up by somebody, for sure.Chase (19:12):It's kind of crazy. When that Cookbook just exploded, also, shout out the SuperteamDAO for actually helping solve [crosstalk 00:19:20].Brian (19:19):Yeah, totally there.Chase (19:20):They really crushed it. Watching that organic just inflow of people that are like, hey, I'll do this thing. I'll do that thing, and they just did it. For a ghost chain, we actually seem to have a lot of developers in the ecosystem.Brian (19:32):Anecdotally, I've seen just an explosion of people who've reached out to me saying, hey, I read your stuff and I want to learn more. What's the best way to get involved? I think that gut feel of the developer buzz and people who are spending their nights and weekends trying to wrap their head around this. I think that's the best kind of indicator you can really have because, at the end of the day, there's a lot out there. But, if you can get people who are actually interested in putting in the sweat to actually learn about this thing that's not always easy right off the bat, but even if they're just interested in it's going to take mind sharing. That's how we can better.Chase (20:08):Yeah. Every day, I'm blown away, but I don't have to reach out to anybody. It's just all people reaching out. Obviously, I love to hear that they're reaching out to you and everybody in the ecosystem has their DMs open. If you write an article, expect for people to come and ask you for advice, and that tone has been set. It started with Anatoly with this whole openness thing, and him and Raj with their DMs open, went down to me, and then to the community. Then, it just keeps spreading and spreading, and everybody's really just trying, out there, to help each other. Without that sort of kind of vibe, you and I wouldn't have met. We wouldn't have worked together. None of these things would've happened.Brian (20:45):I think that's definitely the most important thing is keeping that vibe set because I could have just as easily gone away, but I hopped in an Anchor discord right when it was just getting started. There's people like Armani, but then others like CQFD and Don Diablo and other people who are in those channels taking time out of their day to help me out. Once I learned it, I felt like I had to pay it forward or wanted to pay it forward really and connect with more people. I think as long as we can keep that momentum going, that's a good thing.Chase (21:18):For sure. You talked about, you were doing some Web 3.0 stuff. You saw that the token program was completely rewritten in TypeScript.Brian (21:25):Yeah. Pretty cool.Chase (21:27):Have you touched that yet? Have you played around with it.Brian (21:28):I played around with it a little bit. Haven't done a whole lot there, but I definitely plan to. I think one of the things that I was most interested in when I came here was Web 3.0, web3.js because it's just so simple. It's like an NPM package or a yarn install. You can get up and running with that. I had an idea of making a little site that was a little bit interactive where you could have a snippet of code, say how to send a SOL to somebody, and then you click that. Then, on the right, it's actually rendering and showing what that actually looks like. But, I think the Cookbook has done a pretty good job. My idea kind of started right around when the Cookbook launched, so I've focused my efforts there, on the Cookbook, but I would say that should be a focus of mine and a bunch of other people who are interested in contributing. It's just improving the developer experience on Web 3.0 right now. There's a lot documentation-wise that I think we could improve.Chase (22:22):Even some of the Solana Program Library, for instance, the Solana Token Program JS library, which they dot bindings in the documentation, that doesn't exist for every program. You would, literally, just have to write your own custom transactions and instructions to be able to use it. We are adding that to our little roadmap. I'm sure there's additional components and extensions we can add to these things. We're working on it.Brian (22:51):I think it's the right time to be contributing towards that kind of shared resource like that. Another one that I found that isn't Solana Native programs, but the Saber team has done a great job with their Saber common repos. I think they've set a really great example for other projects that if they want to win, they got to have the whole ecosystem win. They got to grow the pie, open sourcing code and sharing what you know with people. Everyone I've interacted with across all projects has just been awesome so far. I would really love to see that continue.Chase (23:20):I do this every episode. I'm going to put you on the spot and just kind of ask you, give some advice.Brian (23:27):I thought about this. I'd seen your two other episodes, so I pulled a tweet from Armani, which if I can read here because this is what had actually, finally got me kind of off the couch and contributing. This is September 2021. He says, "For every new technology, the pace of innovation exceeds the pace of education. If there's tons of examples to copy and paste, you're late. If you're confused because there's no docs, good. You've discovered a secret that is yet to be revealed to the rest of the world."I saw that right when I was kicking around the idea of maybe I should make an Anchor thing. Ah, I'm busy. I got all this other stuff. If I got a puppy, all this kind of stuff to take care of. But, I would a hundred percent agree with what he tweeted there. I think that's a legendary tweet. If it's confusing, good. Just keep at it. Then, I would say make a really simple project about as simple as you can. For me, it was an app that basically said, do you like crunchy peanut butter or do you like smooth peanut butter? You connect your Phantom wallet, and you vote for an option. The program records it. It's still live to this day. You can check it out, PBvote.com.Chase (24:32):Nice plug.Brian (24:33):Nice plug for the peanut butter there. I'm not sponsored by any peanut butter companies. But, that, for me, was really what got me going. I had set a deadline. I'd said, okay, I have to have this live in two weeks. I think giving yourself that deadline is actually the most important thing because so many people come in. They say, hey, Solana is cool, but then they get distracted by something else because there's something new happening in this space every day. It's easier to watch the price of things, but sticking to a deadline, and even if you fail, but knowing why you failed.If you're under pressure, and you can get something out in two weeks or less, just write about your journey. Just say this is what I built. It's simple, but it's live. Here's the source code. Here's the link, and this is what worked for me. This is what didn't work for me. This thing sucked. This thing was great. Just create a Twitter and tweet about it. I guarantee if you do that, people will reach out because you've probably touched some piece of code that someone else has written and they want to hear feedback on how that was. Then, you have your own experience you can write about, and maybe you can share something that helps other people build in the space. It's all about contributing really. Once you contribute, other people really want to reach out.Chase (25:39):It really just becomes this perpetual cycle of contributing, sharing. Somebody else uses it, and feels the same way, and it just keeps going you going. That's all we want. I'm just there screaming on Twitter to fuel the fire. You made a great point. Nobody's made that one yet. Bravo to you, not about the peanut butter, but about the fact that set a plan because all of us as engineers, in our past, have been like, I'm going to do this thing. You set no timeframe. You start on it, and then you never get back to it. Then, you have about 500 things that you've started, and then you never touch any of them, so really writing that down, setting that timeframe, setting that goal. You got to find a way to hold yourself accountable.Things I've done in the past, starting Chewing Glass, about starting this show. I didn't ask anybody at the company. I just tweeted, "I'm going to start a podcast." If I didn't, people would start asking me about it later, and then I would look like a liar. I had to do it, so accountability can really come from just tweeting because if people follow you, they're going to throw it in your face one day, and nobody likes that.Brian (26:43):I'd say if you're still listening this podcast, if you've made it this far in Solana, you're interested enough to build something. Build it, and then tweet about it. You probably are interested in following people like Armani, people like Chase, people like Anatoly, and share it. If you build something, people will see it, and then you'll have kind of innate sense of accountability because you'll be connected those people, and you won't want to let them down. It'll just totally consume your life. But, it's awesome.Chase (27:07):By the way, if you build something really cool, or you write something really cool, tag me in it. I'll share it so other people can find it, and then you can inspire other people to-Brian (27:18):Join a hackathon. Win some money.Chase (27:20):Exactly. Anyways, Brian, this was awesome. I'm so glad we got to have this call. Thanks for coming on the show. Thanks for talking to me. Any last words?Brian (27:31):Thank you, Chase. I mean, this whole past couple months has totally exceeded my expectations, and there's real opportunity in this space. I think if you're listening to this, reach out to Chase, build something. He's a man who knows everybody. He can connect you to the right people, and he can teach you a lot. I'm super thankful for knowing him, and I'm super thankful for this space.Chase (27:51):All right, man. Have a good one. Cheers.
Solana crypto krijgt steeds meer de aandacht van experts in crypto op blogs en sociale media. Dit is verklaarbaar omdat Solana een uiterst stevige cryptomunt is met haar eigen digitale valuta, de SOL. Solana is door bekende techneuten ontwikkeld in Zwitserland een eigen netwerk. Deze blockchain kan wat de netwerken van andere crypto, zoals Ethereum, niet kan: razendsnel transacties maken. Mede daardoor heeft Solana zich bewezen en mag ze absoluut beschouwd worden als een zeer sterke speler. Aan de hand van dit artikel vertellen we je alles over Solana, de coin, het netwerk en wat we mogen verwachten. Solana netwerk De Solana blockchain, het Solana platform is geliefd en populair. Dat komt vast en zeker omdat SOL een groot probleem heeft aangepakt dat een tijdje alles bepaald heeft. Om dat probleem duidelijk te illustreren kijken we even naar de blockchain van Ethereum (ETH). Transacties en smart contracts op Ethereum duren erg lang en vragen om zeer hoge vergoedingen (fees). Kleine transacties kosten gigantisch veel geld en daarmee maakt Ether zich ongeloofwaardig. Dit schiet haar doel voorbij. De waarde van Ethereum was dan wel hoog, de onderliggende technologie werd steeds minder gebruikt. Terwijl het in crypto land van cruciaal belang is om veilige, goedkope en snelle handelingen te kunnen verrichten. De stevig ontwikkelde blockchain van Solana rekent definitief en hardhandig af met hoge kosten en trage transacties. Op de blockchain kunnen meer dan 700.000 transacties per seconde worden uitgevoerd. En zo'n razendsnelle transactie kost niets. Dat alleen al wordt gezien als een groot voordeel van Solana en daardoor worden er steeds weer nieuwe projecten gelanceerd op Solana's netwerk. Projecten op Solana De blockchain van Solana SOL is nog steeds groeiende. Almaar meer ondernemingen regelen hun zaken via het Solana platform, vanwege de snelle transacties en de uiterst goedkope fees. Er zijn al honderden projecten gelanceerd op de blockchain en er staat nog veel klaar. De meest bekende projecten op de Solana blockchain zijn Solchicks, Star Atlas, Mango Markets en Solice. Dit zijn allen mooie en toekomstgerichte projecten die goed gedijen op de blockchain van Solana. Iedereen die reikhalzend zoekt naar nieuwe kansen op de cryptomarkt moet zich eens verdiepen in de projecten van SOL Solana. SOL van Solana SOL coin is de smeerolie van de blockchain Solana. Deze coin waarmee je transacties op het netwerk doet. De SOL wordt op vrijwel alle cryptobeurzen verhandeld, zoals op Coinbase, Binance en Bitmart. Met SOL kun je drie dingen doen, namelijk de volgende. SOL staken Iedereen die zijn SOL wil staken, wordt daar goed voor beloond. SOL betaalt stakers nog meer SOL. Een fijne en makkelijke manier om aan SOL te verdienen. Beleggen SOL crypto is tevens de coin waarmee je gemakkelijk kunt investeren in projecten op de Solana blockchain. SOL als stemrecht SOL holders kunnen een stem uitbrengen op projecten in de community. Conclusie over Solana Solana crypto is een zeer geslaagde crypto met een goed ontwikkelde blockchain. Solana SOL deed iets dat veel andere spelers niet lukte. De Solana blockchain inzetten voor razendsnelle transacties tegen geen kosten. Dat feit trekt natuurlijk heel wat nieuwe projecten aan. Solana SOL zal zeker in een duurzame rol gaan spelen. Kijk bijvoorbeeld naar de metaverse waar zoveel over gesproken wordt, maar ook aan NFT's en web 3.0. Dat zijn mooie projecten waarin Solana SOL al een koppositie heeft. https://www.nieuwfinancieel.nl/solana-crypto-sol/
Mango Markets is a trader and maker friendly decentralized trading platform. The Initial core features of the platform will be a fully on-chain margin trading on limit order books, as well as perpetual futures, which are the main drivers of centralized exchange revenue. Moving those to DeFi is an essential step for money legos to overcome the CeFi platforms. Mango intends to merge the liquidity and usability of CeFi with the permissionless innovation of DeFi at a lower cost to the end user than both currently provide.The New to Crypto Podcast is designed to guide you through the crypto landscape with pinpoint accuracy. New episodes are added daily. Be sure to subscribe to the podcast and listen to all of the episodes to help you in your cryptocurrency journey.I'd love to hear from you! Email me at show@newtocrypto.io and let's chat.LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes.Disclaimer: New To Crypto is a podcast for entertainment purposes only. All opinions expressed by the hosts and guests should not be considered as financial advice. Views expressed by guests and the host do not reflect the views of the show. Listeners should perform their own research. Sponsorships, which are clearly disclosed, are informational in nature and do not constitute a call to action to purchase cryptocurrency. This channel does not offer the purchase or sale of securities. New to Crypto Podcast is not responsible, directly or indirectly, for any damage or loss caused by, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this published media.
Live from Breakpoint 2021, Austin Federa (Solana Labs) moderates a discussion about the transfer layer and cross-chain bridges with Hendrik Hofstadt (Jump Crypto), Bryan Pellegrino (LayerZero), Alex Smirnow (deBridge) and Andriy Velykyy (Allbridge.io). 00:10 - Intro02:50 - The importance of bridges not relying on Trust04:28 - Moving wrapped assets12:00 - Capital Efficiency of Bridges14:02 - Future of bridges16:28 - Integration of bridges Austin (00:10):All right. Welcome guys. We're here to talk today about the transfer layer, scalability, cross chain bridging, the technical problems, the operational problem, the UX problems. This is just a panel of problems today, but it's also a panel on opportunities. We've seen a huge amount bridge over between other protocols in solana between other protocols and other protocols. We think of bridges as something new, but bridges are how DeFi has used Bitcoin as collateral for quite a long time at this point. It's kind of funny to think about how this started as we're taking an asset that's considered quite stable and solid that has no smart contract ability and being able to use that in Ethereum and that early day work really set the stage for, I think, a lot of what we're seeing today.Austin (00:55):But bridges go far beyond just this idea of how do I move something from chain A to chain B. There's roles in them as being decentralized ways to pass messages between different chains. There's a role for them in making users feel safe about trading across chains, and there's a role about them, about creating an exit ramp too. So that if you do something like buy an NFT for $69 million, you're not dependent on one chain to hold that. There's an ability migrate in a decentralized and trustless way. So we're getting into a bunch of that today. I'd say, let's just go ahead down the line and give a quick introduce to yourself and your project.Hendrik (01:31):Sure. I'm Hendrick. I'm with Jump Crypto and as Jump Crypto we're core contributors to Wormhole, which is a cross chain messaging protocol, connecting high value chains. And message passing in this sense means anything can flow between these high value chains, meaning assets and data. So your coins, NFTs, but also governance decisions and more information like as a base layer for developers to build on top of.Bryan (01:54):Bryan from LayerZero. Our focus is purely generic messaging interop. High level is connect every contract on every chain to every contract on every other chain.Alex (02:05):Hi everyone. My name is Alex Smirnoff and I'm co-founder of the deBridge Protocol, which is cross chain interoperability and liquidity transfer protocol. So the protocol itself allows to breach any arbitrary assets or data between any blockchains including solana of course, down the road.Andriy (02:23):Hi I'm Andriy from Allbridge, I'm a co-founder there. We currently support seven blockchains, and I hope that this number would increase to 12 by the end of the year. We started in July and since July, we bridged to solana one point half billion worth of assets.Austin (02:44):It's great to see. So I want to start out with just a level set question and Andriy, we'll start with you. Why is it important for a bridge to not rely on trust?Andriy (02:54):You see, when we speak about trusted bridges and trustless bridges, and that is the question, I suppose?Austin (03:00):Yes.Andriy (03:01):We have to consider that while we all here are building decentralized future, which should be completely trustless, in my personal opinion, sometimes we may sacrifice some layer of some level of decentralization to provide faster and better user experience. Because we are, in the end of the day, we are limited by the technology. And I have been thinking a lot about that because in the very end, we are building for our users and we want to create the product that would be used and used easily. And when we, in some cases, add too much of decentralization, that can affect user experience in a bad way. And this is something that we should consider as the owners of the business. So it is not so simple. I mean, as I said in the very beginning, I'm like a hundred percent over decentralization. I'm just saying, let's not forget about users. They going to use other product in the end of the day.Austin (04:08):Sure. So Bryan, when you're looking at something like this, is it possible... We talk about bridges, but these are more than just bridges. It's not like you're just, you take a bridge on a car, you're over the bridge, you're done, if the bridge falls down next week, you're still fine. You've gone over the bridge. But there's a different relationship here when we're moving wrapped assets. Can you talk a little bit about how users manage that and how you're thinking about that?Bryan (04:33):Yeah, I mean, I think that is the case when you do use wrapped assets, but I think wrapped assets are... You're always going to need wrapped assets for the primary chains. Because it's not like Ethereum can deploy a contract to mint Eth anywhere. But when you're talking about projects, Aave, Curve, like MIM, all these things, you're getting as projects move more and more to multiple chains, they're starting to deploy their token more and more on multiple chains and you have the ability to actually use native assets. So you can swap a real MIM for a real MIM rather than having four different bridges, which have four different versions of wrapped MIM coming in. And so I do think it's important to realize that over time the expectation should be that we do move away from wrapped assets. I don't think wrapped assets have to be the future for every project.Bryan (05:14):We've done it because we have something that's interesting on one chain and we want to create a synthetic on another chain, but these projects are starting to deploy wider and you will see much more of their own native. And especially when you have something, whether it's rebalancing or something like xSUSHI or [inaudible 00:05:32] any of these things. It's very important when you're getting a wrapped asset, you're getting like a Vanilla ERC20 equivalent where there is none of that and it creates a lot of issues. So I do think it's important to realize that move moving forward we will likely see or want to see native assets much more than wrapped assets.Austin (05:46):Yep.Alex (05:48):[crosstalk 00:05:48] I can adhere that wrapped assets is only kind of a gateway to get into the asset that user wants to get in because eventually cross chain interoperability will be all about the user experience. As a user, I don't want to know what is bridged at all. I just want to open my wallet like Fantom or MetaMask, I want to swap from one asset to another. And I don't care whether it went through wrapped asset or through some liquidity pools. I just want to receive the desired asset in the target chain. So I truly believe that eventually bridges will be kind of TCP/IP. What TCP/IP did for internet. So that's what true cross chain interoperability protocol will do for the internet of blockchain. So it's all about delivering of the user experience and yeah, the only point of interaction between user and DeFi will be the wallet or like decentralized applications, like 1inch or ParaSwap.Austin (06:42):Yeah. Yeah. No, I'm going to push you a little bit on that because every step in the wrapping process is a point of either failure or a point of trust. You could have Bitcoin that was originally wrapped onto Ethereum that's moved to Polygon, that's moved to solana, that's moved to Binance Smart Chain, that's moved back to solana. How do you simplify that chain of custody experience for a user? And how much should users actually care about that?Alex (07:08):I believe that users do not care about that. I mean the regular user. And as a wrapped asset, for example, what we do at deBridge, we have a wrapped asset in different blockchains, but if you bridge from the secondary chain to the secondary chain, so you basically burn the wrapped asset in one blockchain and you mint it in another. And of course there's kind of a additional risk of the consensus algorithm of the specific blockchain, but that the risk that user takes, because he know that he's going to bridge this asset to this blockchain and in case something will happen, like with the consensus algorithm in this specific blockchain, it's just the kind of collateral in this specific blockchain will be drawn. And that's the risk that user takes.Bryan (07:49):Yeah, I think the user doesn't care until something goes horribly wrong. And then the user cares a lot generally, but definitely.Austin (07:56):Do you think wrapped assets should trade a discount?Bryan (07:59):That's a good question.Alex (08:00):Of course not, I think.Bryan (08:03):I mean, there's some inherent risk depending on the wrapping mechanism. And I think likely over time, you could see that. I think demand right now, the value of a wrapped Bitcoin is... Well, all right. I don't want to trigger a lot of people, but you can generate yield on a wrapped Bitcoin that you can't generate in an actual Bitcoin. So there's actually maybe the argument that the wrapped asset should trade at a premium rather than a discount, but... [crosstalk 00:08:24].Austin (08:24):I love it.Bryan (08:24):I'll leave it there.Austin (08:25):I love it.Hendrik (08:26):I think the core assumption below that is really that notion of trust because that's essentially what the bridge establishes. The bridge establishes trust between chains that can't verify each other, or can't [inaudible 00:08:37] yet like verifying and proof of work chain, verifying different consensus mechanisms, all of these. In order to verify or establish trust between these chains, there's complex mechanisms that differ between any kind of chain. And I think that's what we all essentially bridge in the beginning at the very base layer. We establish trust between these chains and of all bridges I think the most important aspect should be establishing that trust and making sure that the bridge is going to be alive and the bridge is going to be secure.Hendrik (09:06):So the notion of [inaudible 00:09:09] and safety as the core properties of the bridges and then applications being built on top, but relying on this core aspect. And the risk that sits at this core protocol then trickles down into the applications built on top of the bridge, eventually wrapped assets. And that's where you could apply risk discount to wrapped assets. But that would hopefully be as small as possible if we all do our jobs right.Andriy (09:32):There is one more thing to that, like combining trust to the bridges and what we discussed before about the wrapped assets. So let's say we have an asset coming from Ether to Polygon. So it's being wrapped issued on Polygon. From Polygon we take this asset and rewrap it on solana. Then on solana, this asset, I'm speaking from experience, it's get on Saber our partners converted to the native asset on solana. So for user it is one seamless flow. It is good. It is all under the hood. But for us, it is sometimes scary because ultimately that means that bridges should trust each other. Because a point of failure before the assets come to my bridge can essentially affect my performance as well.Andriy (10:19):And it would not be my security problem. It would be problem of other bridge, but I will end up with the wrapped asset that is locked on my bridge, which due to the [inaudible 00:10:30] or something, it costs zero. So what should I do? And this is, again, the question, how can bridge trust each other? What should be the protocol? What can be the thing to unite us and resolve this issue?Alex (10:42):But that there is that liquidity providers actually [inaudible 00:10:46]. So it's not about like cooperation between bridges, but more like whether users are able to swap from like wrapped asset to any other asset within these specific ecosystem or like solana or Polygon, whatever. So, yeah, basically when liquidity providers provide liquidity in pair of like wrapped asset pair with a, for example, most liquid asset of these specific blockchain, they trust to bridge and they should kind of believe that bridge is truly the decentralized and trustless.Alex (11:12):So users do not bear so much risk, in fact. The risk is mostly on liquidity providers, but the question interoperability is not only about the swaps. First of all, it's all about the delivering of arbitrary messagings or arbitrary call data. Because what I personally would like to see is when protocols on Ethereum could be kind of composable with the protocols on Polygon. So let's say algorithmic stable coin on Ethereum opens up position on the Mango Markets to maintain its [inaudible 00:11:45]. And that would be awesome. And in order to accomplish that, we need to have truly decentralized channels to deliver messages between cross chains.Austin (11:54):Yeah. So Hendrik, you guys have been doing a little bit of work on that. I want to ask you two questions. The first is on the capital efficiency of bridges. And the second is on use cases for bridges that are not just assets.Hendrik (12:04):Yeah. I mean, right now, if we just look at the wrapped assets, I would say, of course they are in a sense capital efficient, but there could be more. Like there have been people talking about increasing capital efficiency by using the capital on the one side where it's locked into the bridging contract and then also using the wrapped asset on the other side. So essentially double yielding and double earning. I think that is something that is interesting, but I think that should live, obviously, above the base trust layer of the bridge. But this is something that is certainly interesting. But then when you're talking about should wrapped assets trade at a discount, you involve even more smart contract risk. You layer risk, risk, risk on top of each other. And they're the point of view X comes in that we've approached a couple times here.Hendrik (12:50):How does a user understand who they need to trust when I use this wrapped asset, when I use this bridge, when I use cross chain lending. And I think right now the user experiences do not really do that well. I think we've got a lot of work to do in educating users, giving them a reliable risk score, and then we can tap into these pools. But before, and especially as everything's moving so quickly, I'm kind of afraid in tapping into that. But as long as users are getting educated that this is happening, I mean, the bridges already allow that in a sense. Like for example, the Wormhole has message passing and you can add new layers on top, as we said, it's kind of like the TCP/IP layer. You can build a protocol that is more capital efficient on top of it and launch it today.Austin (13:37):Yeah. So let's talk for a second about that component of both moving things like NFTs and enabling protocols that are now moving cross chain. Something like Lido, which now exists in multiple chains, multiple layer ones. How is that communication being managed for something like that? And as a broad concept, not Lido specifically. And then what is the role of a bridge? Is that the right analogy to think of for something passing messages back and forth?Bryan (14:01):I also just want to chime in real quick and say that one of the things everybody right now is... Because you said you wanted to kind of touch on future. And I feel like everybody right now is focused on an individual coming like one user coming and wanting to bridge their assets from chain A to chain B. But my very firm belief is that in the future, 12 months from now, whatever, 95% of bridging is going to be driven by applications and not by users. Users will come and they'll use a Uniswap or they'll use whatever it may be that they're going cross chain and they'll be completely abstracted away from the bridging process. So it's not going to be driven by an individual user coming and saying, "Oh yeah, I'm doing this bridge. I'm accepting this risk, et cetera." It's going to be, how can you integrate that into an actual UI that's functional and makes sense. And the application is comfortable with whatever the trust assumptions are, if there are any, and yeah.Austin (14:48):Yep. So you see that layer moving from something that's more user facing, like a Venmo style experience, to something that's more like an interbank transfer.Bryan (14:56):I mean, I think the user, whether it's lending or whether it's swapping right now, I think the process is not going to be that you do some action in a protocol on chain A. You leave, you grab a bridge, maybe you have to jump through another chain and then another bridge and then like you go do something on the other thing. It's taken an hour, you've paid seven fees and switched wallets and got native gas. Like that just can't be the way that's going to happen. The user's going to sit in an application, do a transfer, and something is going to happen on the other chain. I think, everybody's sort of talking about that process of triggering arbitrary messaging on the other chain, but I think that has to live at that application layer, not at the individual user walking through this entire process piecemeal.Hendrik (15:34):I think that's a really good point because actually when you ask us about future, we also can only make assumptions. It's like, if you had asked me one and a half years ago, "Will I be trading Degenerate Apes and like getting yield on NFTs?" I would've said you, "Austin, are you crazy?" But now we're in this world and proof there's I think none of us can predict what exactly is going to happen. What we can do is design the bridges in such a way that we enable developers. And I think that's the key goal to build these experiences, to build new applications that can do all these things.Austin (16:07):Yeah. I love that. So talking about enabling developers. So if we go over to Andriy, you've been talking about, like on solana, you guys have bridged a ton of assets.Andriy (16:18):Yes.Austin (16:19):And that's not just going into direct people's wallets, oftentimes it's going into different dApps across solana. Talk about that developer work, how that integration works between the bridge and the application that the user's trying to use.Andriy (16:31):We were speaking the future. And that is exactly the future way of thinking about. It is like, we are calling this concept bridge as a service. Bridge, it is just the tool for users and for developers. So we would be more and more moving from the UI itself to some APIs and some connection with projects and developers. And this is how, for example, we built our whole strategy. We're not just the bridging assets. We bridge the asset and then on the destination chain, we partner up with Saber. We partner up with Orca. We create a flow because for users, the bridge, it is just like, it's a tall road and people they don't want to think about the road, they want to drive with their wife and kids from point A to point B. They don't care about the road.Andriy (17:16):And this is what happening here. And those bridges that would provide more flexible functionality. So for developers, it would be easier to build on top of them. Those are the ones that would succeed in future. And by future, I mean like six to 12 months from now. It is not distant future. It is not years. It is soon. This future is coming in soon. But in this sense, bridges is more like B2B business. Because I believe that other protocols and projects should be integrated with bridges, not user themselves. And we provide decentralized infrastructure, decentralized framework so that other protocols and projects can build on top of it.Andriy (17:55):And yeah. So for example, I think eventually like many projects and protocols, you'll want to kind of scale up and tap into user bases of other blockchain ecosystems like solana, for example, for project from Ethereum. And the main challenge here is to let actually protocols to build on top of this infrastructure. And in this case we don't need to have kind of censorship wide listing, et cetera. So we just need to provide kind of tooling so that any protocol can bridge their asset and any protocol can pass an arbitrary data cross chain that we will be executed in the target chain. We can actually let like protocols to decide on how they can do partnerships like with Orca or other dexes in other blockchains as well.Austin (18:40):So in a way we're talking about a composability layer for bridges.Andriy (18:44):Yeah.Austin (18:45):Interesting.Hendrik (18:46):And I mean to a certain degree, we're already there with applications building that on top. You already said Lido. Lido has staked. So they've staked Eth and then they get bridged to a protocol like [inaudible 00:18:57] and suddenly you have like a savings product. And that is what the user then consumes. This is the end user goal. I just want to put my money in and get interest or get some kind of yield and everything else is abstracted in the background. And I mean, this is one of the first steps and then we go further and further and further. We bring protocols truly like multi chain. Like if I hold COMP on solana, maybe I want to be able to participate in governance. I shouldn't lose that right on another chain and enabling this, but these are next steps. And I think to a certain degree we're already there.Bryan (19:29):Yeah, I think unified governance is something that's going to be a very hot topic over the next period. Almost certainly.Austin (19:35):Yes. Well, we'll have to do another one on cross chain governance protocol sometime later. Thank you all for joining us today.Hendrik (19:41):Thanks Austin.Andriy (19:41):Thank you.
Daffy Durairaj is the co-founder of Mango Markets and is currently working full time as a developer in service of the Mango DAO.00:28 - Origin Story04:44 - Seeing the order book10:20 - The idea behind creating Mango Markets15:38 - Going from creating smart contracts to creating Mango17:32 - How big is the DAO?20:01 - The Launch29:15 - VCs and the launch32:43 - Decentralization and getting stuff done34:55 - Will DAOs ever compete with big tech companies?40:43 - What's next for Mango Markets? Transcript:Anatoly (00:09):Hey folks, this is Anatoly and you're listening to the Solana Podcast, and today I have with me Daffy Durairaj, who is the co-founder of Mango Markets, so awesome to have you.Daffy (00:20):It's great to be here.Anatoly (00:22):So origin story, how'd you get into crypto? What made you build Mango Markets?Daffy (00:30):How did I get into crypto? So, I started off really not wanting to get into crypto. I was really interested in algorithm training. I did that in college and did some competitions that I did well in, and I wanted to trade equities, but it turns out if you have not enough money, if you have a few thousand dollars it's just not allowed. You're not allowed to algorithmically trade. There's a patent day trader rule, and I was infuriated and I was just looking around and I found Poloniex where you can do anything you want. The thing that actually hooked me first to Poloniex was the lending market because immediately as soon as I saw an open lending market, I was like, "Oh wow, I have to buy some bitcoin, and I have to lend it out." And, Poloniex was all bitcoin, and then it gradually got into just the meat of it, which was algorithmic trading and everything about crypto seemed exciting, but I actually didn't want to hold bitcoin. Poloniex was all bitcoin, but again, I think the government sort of pushed me in the right direction.I was like, "Okay, I don't want to hold bitcoin, I'll hedge off my risk on BitMEX, but again, not open to US persons, and so I was kind of reluctantly holding bitcoin and thinking, all right, I have a few thousand dollars if things go bad in this whole bitcoin thing. I'll come out okay. I'll get a job or whatever, but just never got a job, just kept holding bitcoin and continue to trade crypto, and I did that for about five years. Then, I wanted to actually start trading on chain because I thought this was probably for a lot of the reasons that you built Solana, the censorship resistance, and the global liquidity of it, and the openness of it, the fact that you're not excluding people that have a few thousand dollars. I wanted to build on chain and I was just not very bullish on a lot of things, so I kept going back to trading, and then I saw Serum DEX, and I was just hooked. I placed a trade and it felt totally natural and normal. It wasn't like $40 and takes 20 seconds and you don't know if it... And, then MetaMask was jammed and you're like, "Oh, but how do I cancel this?" So, that was a long-winded way of saying I was a trader and then I saw Serum DEX and then I had to start building the tools that would make Serum DEX even more fun.Anatoly (02:59):That's awesome. I got into it by trading. Basically, I set up like an Interactive Brokers IRA account, and that let me kind of bypass the rules.Daffy (03:11):Really?Anatoly (03:13):With a very small amount of money. I think they probably closed these loopholes already. I wrote a bunch of stuff on top of their Java STK and started trading there.Daffy (03:22):I remember I actually got started that way too. I did a bunch of stuff for their Java, and we can tell you we're both programmers. We wanted to build this money machine. It's so fascinating, and it's a machine that-Anatoly (03:40):It prints money.Daffy (03:40):It does things and it prints money. What more could you want? So, I got started with Interactive Brokers, but I guess the whole IRA thing... Because I was a college student, and so even talking to an accountant would take a huge dent out of my net worth.Anatoly (04:01):Totally, it's all really not designed for... The whole financial system in trading in the US is designed to funnel retail towards an app like E-Trade or Robinhood, which takes a cut, and then sells that trade to somebody else, who will take a cut, and then 10 other people until it gets an exchange, and that's how everybody's protecting their neck. They're all taking a little slice, and I think what's cool about crypto is that even centralized exchange like FTX is 1,000 times better and less extractive of the users than anything in traditional finance, simply because they can guarantee settlement. Such a very simple thing.Daffy (04:49):You feel it right from the beginning. You go to Poloniex in 2016, and it's like, oh, you have an email, you have deposited bitcoin, and now you're just lending to people. So, just talk about not being extractive. To see the order book through Interactive Brokers or Ameritrade or whatever costs you a lot of money and it costs them a lot of money to provide it, and I don't think I'd ever seen an order book. This was my passion, this is what I love to do, and I've never actually seen it.There's that story of the blind men who are touching this elephant, and so I had kind of figured out maybe what the order book looks like, but then on Poloniex, you go there and you just see the order book and you see all the lights flashing and you're like, "Oh, this is it. This is where the trades are happening." And, that's free, and of course, a big part of Mango Markets as well is you can see the order book. That's it, that is it, there's nothing more, and it's all on chain and all this stuff. So, in terms of not being extractive, it's a really big piece of what motivates people to come in.Anatoly (06:02):I don't know if you ever tried to get data, real data. I wanted timing information when a bid comes in or when an ask comes in versus when it's filled. How do I get access to it? Because when you get data from any of these places, basically it's like a little better than Yahoo Finance, which is like every five minutes they give you a low and a high.Daffy (06:27):I don't know, did you ever succeed at doing that in Interactive Brokers?Anatoly (06:32):No, I recorded some of it, but it just never had that fidelity and it always felt like a gamble. I'll build some models and sometimes stuff would work locally against my simulations, but then whenever I would actually try to run it, I'd see that fills take a little longer than they should and all this stuff really feels like you're not interacting directly with the trading system, that somebody when they see your order they're like, "Well, maybe I'll put my order ahead of yours or do whatever or slow you down a bit." It just sucks.Daffy (07:16):It feels very opaque, it's like a black box, and of course, this is all for people like me who are kind of looking on the outside looking in. So, if I had gotten a job at Citadel or somewhere, then I could probably see what's actually happening, but the fact that the vast majority of people are going to look at it and not really know it's actually happening, not everyone wants to see an order book. That's an important fact, but there are a large number of people who need it to be a little bit transparent to be involved.Anatoly (07:49):What I hate about it is that there's a lot of people that make a lot of money from you not seeing, that they're in the business of information assymetry and fuck them.Daffy (07:58):So, it's not a family friendly podcast, so it's good. I was going to ask that. So, there's a funny story on RuneScape. I don't know if you've ever played RuneScape.Anatoly (08:17):I played Ultima Online, which is I think similar vibes in the early days.Daffy (08:22):Yeah, so on RuneScape, just like on the point of no one being able to see anything, on RuneScape, also they had an order book because that's the most natural thing to do, and I actually had to figure it out from first principles. I would place a trade and I would see that sometimes it would get executed and sometimes it would not get executed, then I realized, okay, if I place a trade for these water runes or something or oak logs or something, and I put the price really high it gets executed at some price that's not the price that I said, and then I was able to form this concept of that's the asking price. I didn't even have the terminology for this, and then I did the same for set the price to zero for a trade and now I found the bid, and now I can make a lot of money actually underbidding the best asker and overbidding the best bid.Anatoly (09:18):So, you're market making.Daffy (09:20):Yeah, so it's funny, I was reminded because you said there's a lot of people who make a lot of money in you not knowing, and I was just minting money. It took me years to accumulate like 1 million gold pieces in RuneScape and then I was able to just 30X it in a month.Anatoly (09:46):Too bad RuneScape is not a crypto currency. Whoever is running RuneScape, you're missing a huge opportunity right now to just go full crypto.Daffy (10:00):There was some talk about some NFT or something on Twitter. Somebody was trying to encourage Jagex, the company, to get involved in crypto, and of course, I tried to signal boost it, but eventually everyone falls in line.Anatoly (10:17):How did you end up with the idea for Mango Markets?Daffy (10:21):So, I have to give credit to dYdX. It was like 2019 and I hadn't really considered that this was possible. I was heads down writing, trading algorithms and trading crypto just kind of holding all of my wealth in bitcoin and I was borderline bitcoin maxi on that, and just seeing dYdX do it in those early days... Now of course, they're way more successful now. Those early days seemed that you could do leverage trading on chain, and they kind of showed it as a proof of concept, which I just kind of started pacing back and forth like, oh my God, this is changing our worldview completely.Ethereum was slow and whatever, so years went by. Actually, maybe just like a year, and then I saw Serum DEX where I felt finally, okay, all the pieces are in play and also I wanted to market make on Serum DEX, but I really need leverage. I don't really need leverage, it just makes market making dramatically more efficient and safer. Leverage is just this tool that people who are involved in the financial plumbing really need, and it wasn't there. I was like, "Okay, this is the time and I have to learn how to code smart contracts," which sounds like a very scary and daunting task, but it was not that bad.Anatoly (11:54):The scary part was that you guys were building on a platform that was really rough around the edges at the time.Daffy (12:02):Well, no one told me that shit was really rough around the edges at the time. That was actually maybe important. You come in and there was nothing to do, this was August of 2020, things were not locked down necessarily here in the United States, but people kind of scattered. No one was hanging out in the major cities, they had kind of went to go live with their families, as did I. I fled San Francisco and went to the rural part of North Carolina. So, there was nothing going on and you just have all the time in the world and bitcoin is doing well, so that's funding you in a way.Bitcoin is this big, or crypto in general, it's all the people who bought it or own some crypto, as long as it's going up, it's kind of funding whatever zany side projects you have in mind. So, this is just a side project. Wouldn't it be cool if I could access this part of the world or this technology? And so, that's why chewing glass... You probably coined that term, I don't know, that's why chewing glass wasn't so hard because that pressure to... You have all the time in the world basically.Anatoly (13:30):Basically, COVID and lockdowns were so boring that chewing glass to learn how to code smart contracts with Solana was like a reprieve from the boredom.Daffy (13:45):And, I've heard you kind of say, okay, a bear market is when everyone is coding. To give the opposite perspective, I feel like a bull market, unlike much more chill, oh yeah, nothing really matters. Crypto is going up, it doesn't matter what I do. The rent is going to be paid for, everything is going to be fine, might as well engage in high variance new ideas, new projects. In a bear market, I'm very I got to grind, I got to squeeze out a couple of more bips out of this trading algorithm because I got to pay rent. So, that's the bullish case on bull markets.Anatoly (14:30):That you can try something crazy. That is the point where people enter this space is in a bull market. It's that they kind of start coming in droves because they're like, "Everything is crazy and I can also be part of the party." But, it's hard as a founder to stay focused because you are in that high variance, high risk taking kind of mindset.Daffy (14:58):There's a trade off of during a bull market there's a lot of things looking for your attention, and a bear market is very calm, or it can be. If you built up a lot of liabilities during the bull market, now you have to stay afloat during the bear market. Maybe it's calm in the external world, but internally it's not calm. You're like, "I got to do X, Y, and Z today every day." There's that natural pressure.Anatoly (15:32):So, you decided to learn coding on smart contracts on Solana. How did you end up going from there into Mango?Daffy (15:39):Initially, it was called Leverum. Not it, there was just an idea and there was a command line tool where you could... The YouTube video might still be out there, and Max was out there somewhere on the internet and he saw it and he thought it was a great idea. And so, he reached out to me and we did some other things like speculative about a prediction market, and then we were like, "Okay, no one is going to build margin trading." A lot of people are saying it, but it doesn't look like if we just wait it's just going to happen in the next couple of weeks or something. It's probably we just have to build it.Not we just have to, but we totally should. This is clearly a very important piece of the Solana ecosystem. So, we started building it. Mango was just we were thinking alliteration is good. Everybody loves mangoes, it's a fruit that I have never heard of anybody who doesn't like mangoes. It's probably the high sugar content and Mango Margin was the idea, but then we got the domain Mango.Markets. It's kind of evolved now. When you're starting off with something, you have kind of a narrow scope. You're like, "I just want to be able to borrow money." And now, there's this Mango DAO and people are talking about NFTs and drones. I'm talking about drones. I don't know if anybody else is, but it's just gone way higher and now I'm like, "I'm a humble servant of the Mango DAO." And, that's totally a normal thing to say.Anatoly (17:27):How big is the DAO?Daffy (17:28):How big is the DAO? That's a good question.Anatoly (17:30):In humansDaffy (17:31):That's like a philosophical question. In human terms, wow, again, even still a philosophical question. So, I think if you go to MNGO token, if you go to the Solana explorer and just type in mango or MNG or something, you can probably... I don't know if they have a list of unique token addresses, so in some sense that's the DAO, but in terms of the number of people who actively post on the forums and make proposals, that's much smaller. I'm guessing there's thousands of people who have votes, but the number of people who make proposals and add meaningful commentary on the forums is maybe 20 people, and it's expanding pretty quickly.I always see new people coming in. There's also not just people, there's the wealth of the DAO and the cultural reach of the DAO, the spiritual significance of the DAO, all of those seem like size if you ask how big is the DAO. You interviewed Balaji Srinivasan, and there's this idea that he had on Twitter that was like a DAO should buy land in Wyoming and send a drone to circle it and this is kind of like a moon landing sort of kind of thing or some kind of significant breakthrough where the DAO is controlling physical objects in the real world. So, this is very exciting to me, but it has nothing to do with margin trading, it's just something exciting that maybe in a bear market, I don't know, I'll push to get this done.Anatoly (19:23):Do you want the control to happen on chain?Daffy (19:25):Yeah, I think that's necessary. Maybe not the total control, but some kind of signal that distance... So, you can kind of think of Congress authorizes a certain thing and then the executive branch does it. If we could make that link be as automated as possible, I think there's something useful there, at the very least something exciting and interesting, kind of like the moon landing where maybe there wasn't anything useful, but it was inspiring for sure.Anatoly (20:02):So, the DAO, if you guys decided you want to do something with leverage and lending, and how you guys launched was really unique. I don't even know if people did this in Ethereum. To me, this is the first time anyone's kind of done this style of launch. Can you talk about the design and how you guys thought of it and what let you make those choices?Daffy (20:25):So, people early to Solana may be familiar with the Mango market caps and how that went, which somewhat argues the first NFT on Solana, and that was done pretty much sort of like how NFTs are typically done where there's a mad rush to grab the caps as soon as possible and the price is swinging wildly and there's a lot of people. Now, I think we put that together as an April Fool's kind of thing, very quickly, and so it was great for what it did, but the experience from that was, okay, there's going to be a lot of angry people. If you do it in this way where the DAO is raising funds, and this is the inception of the DAO, the DAO is raising funds for insurance fund, you probably don't want it to just be distributed to the people who were the fastest to click.And, that was the idea. We probably don't want that. It doesn't seem useful, it seems like a lot of angry people, and a lot of frustrated people. So okay, so you take out the time component, you take out the luck component, and then you're left with you kind of have this sort of auction that lasts 24 hours, but then what if X somebody comes at the last moment and dumps in a huge amount of money and raises the price for everyone? Everyone gets the same price. So, our design was we'll have a withdrawal period or a grace period at the end, the remaining 24 hours where if you kind of don't like the price, you can bail out. It had some flaws and I think we knew about those flaws from the beginning. We were like, "Okay, we just pushed to this game of chicken to a later point where someone can put in a lot of money to scare other people away and then they pull out at the last second. And that did happen, but it's not clear if that was net positive or net negative.Anatoly (22:28):And kind of in summary, there's this 24 hour period where people deposit funds in for a fixed supply of tokens.Daffy (22:36):Correct.Anatoly (22:37):And, then the period is over, and now everybody knows what the total amount in the pot is for the token and there's kind of this price that's created and then if you don't like the price, you can withdraw the entire bid or as much as you want. You can only reduce your bid.Daffy (22:54):Correct.Anatoly (22:54):But, you don't need to withdraw the entire bid, you can just reduce it.Daffy (22:57):Correct, yep.Anatoly (22:58):So, then that pushes the average price down at the same time, so for every dollar you take out, you kind of get a better price per token.Daffy (23:07):And, you see the price ticking up during the first 24 hours as more and more people are putting money in and then the price ticking down over the next 24 hours.Anatoly (23:19):I'm a huge fan of this setup because it creates a lot of... There was news, you guys made the news because it was almost half of all of USDC that was minted on Solana ended up in that smart contract. It was like 45% of it.Daffy (23:43):I remember actually because we saw the USDC on Solana was 700 million the days before and then it had climbed up to like 1.1 billion or I don't know what the number was at the end, and there was 500 million in the contract at the end of the first 24 hours. That was not the intention.Anatoly (24:05):It's like it was minted.Daffy (24:05):And honestly, I think you could appreciate it better from the outside than from my point of view for sure, and of course, I also could appreciate it better from the time distance, but that was not expected. We kind of knew that there would be a lot of money placed in the beginning and then money would go down. That was in all the documentation that we wrote, and that was expected and we had all these dev calls where everyone was always talking about it, and I was like, "Okay, come on. Literally, there isn't that much USDC in Solana." So, it can't be that bad, but of course, I underrated the possibility that someone could just mint a whole bunch of new USDC and bring it in from somewhere else. It made the news and a couple of other projects did the same thing, and I wonder if maybe it's a one time kind of thing. The game only works once. You can't expect to scare people every time or use the tactic every time.Anatoly (25:10):Maybe, I think a lot to be said, but there was no other way to go. Mango took it all, so there was no private round, they were never listed anywhere. This was really the only way to get it, and the anticipation of a project that was awesome, and from every other perspective is... What I always tell founders is that you should always raise the least amount for the highest price. The VCs kind of have more power than you usually because they have more information, they look at many deals, people come to them, they have the money, but it's sometimes the founders have this asymmetry where they're the only ones without equity. They're the only ones without tokens and that moment is if you can get everybody at the same time to compete for that thing, then you've kind of created the symmetry there and you maximize the capital raise for the DAO, for the project, for the community, and therefore that actually is a good thing. You have more resources to build a vision.Daffy (26:16):Although, I'll clarify, I think the DAO is still handing out a lot of tokens, so there's still a lot of ways to acquire Mango tokens, and that was kind of the inception for the insurance fund. The DAO has been paying people out of the insurance fund, and so it's been useful, but there's still more tokens to be had. There is a slight private rounds and I totally understand why people do them, but like I said earlier, if you are in crypto for a while, and this the cool thing about bull markets, I don't actually need money, I just need to pay rent and bitcoin has gone up 50%, so I'm solid.And, no one was paid anything. There was just Mango tokens that were given to people and they were told the DAO values your contribution or this is the inception of the DAO, and everyone worked to build this thing. People worked without even the Mango tokens and sort of the tokens were given after the fact. I think it's a valuable way to build crypto projects actually.Anatoly (27:30):I want more teams to try to totally from genesis this DAO first approach, but it's really tough because you guys had such a principled view on how things should be done and there's a lot of people out there that are offering money for that one thing. How did you guys have the discipline to just go stick with this?Daffy (27:54):We had a lot of discussions about all these things. We talked to VCs and we still do and we like all VCs actually. So, I think Satoshi, I'm not trying to draw a comparison to us to Satoshi or anything, but there is this beauty in that story and I think there's a lot, maybe even the majority of bitcoin's value at least to me... To me, I just love the narrative. I love the story of Satoshi, the pseudonymous founder who is one of the richest people on the planet right now. Obviously, they're in a no VCs. This person wanted to not make a big fuss. It was kind of like this clockmaker prophetic person who just came and then left, built this thing and then left, and that's such an amazing story.There are these long, long payoffs. Maybe they take a while, but they definitely do pay off that if you're not hurting for rent, again, I was in a position, all the other Mango devs were in this position as well where it was a bull market, we're not getting eviction notices or something, we could kind of float the boat for a while. Just consider the longterm payoffs, consider the five year payoffs. Stories are amazing.Anatoly (29:17):The weirdest thing is that every good VC will tell you that you should maximize for the highest return. Don't worry about the middle exit, or don't compromise. Actually, imagine you're taking over the world, what are the steps to get there? And, the risk don't matter. Actually maximize for the high and this is the irony here is that I think this kind of fair launch, most distribution will probably result in overall longterm, better, and higher returns, but the risks that I always find is that humans are hard to organize and at the same time, cryptography is this new tool for organization.It is what allows us to massively scale agreement and complex problems, really, really complicated problems. We can just click a button and vote and agree on that one and you know. You know that the decision was made, but I'm curious, do you see tension between the decentralization, kind of the disorganization of the DAO and getting shit done? I've got to build stuff.Daffy (30:34):No, 100% actually, on a daily basis actually. There was a podcast with the guy on Twitter that goes by Austerity Sucks and this was back in April. We talked about this and he brought up a similar point and he was, "Yeah, this DAO thing, it's all a fine and dandy idea, but do you think this will work?" And I, to be honest with you, am skeptical, however it is always felt to me sort of a high variance idea, kind of like if you were in the 16th century Netherlands or the 17th century Netherlands and you were like, "Okay, we've got to get spices from India. How do we do it?"And, you come up with a joint stock corporation and then the join stock corporation is everywhere and I don't think anyone has really figured out how to do DAOs well or what's the right mix, how do we communicate, how do we coordinate, all those things. I don't think anyone's quite figured it out yet. No one had figured it out like six months ago. I still don't think we have figured it out, but if it works, the payoff is enormous. There is global coordination, there isn't a jurisdiction. I imagine the DAO is controlling drones one day. It could be wild. So, even taking into account all of my skepticism, I was still like, "Okay, we should do the DAO idea." Anyway, not just me, Max is totally on board with this and Tyler and all the other people who kind of built Mango Markets. But on a day to day basis, as of October 2021, now I'm thinking, okay, maybe what we need to do is have small teams that build things and then pitch it in front of the DAO and get compensation. So, the DAO is kind of the government and it subcontracts out to people. Maybe not like direct democracy rules everything and we'll try that out and if that doesn't work, we'll try something else out, but try new stuff out quickly.Anatoly (32:45):That's awesome. This is actually a really good strategy to incentivize product development. Building an MVP, which means you're the PM, and the implementer, the dev, and you go do all the work and here's your management. It's all done, just give me money.Daffy (33:09):And, there's some maintenance tasks, so it's not purely new products, so I'm thinking Mango V4, but also in the meantime, there are all these nodes that need to be paid for.Anatoly (33:24):I think you guys will need to split. We called it KTLO, keeping the lights on work. You for six months, you're on KTLO duty, and you get paid a salary effectively, and you just got to keep the lights on, but then some other folks are like, "Go build something that you can propose to the DAO and the DAO will fund it."Daffy (33:49):I think that's basically what we have coalesced on is that, well, some people should be doing KTLO and other people should be doing new things, building the new product, and it takes kind of the risk out. The DAO doesn't have to pay for whatever stuff that I produce for Mango V4, but we both have some kind of incentive to be honest about it. If it's clearly a huge improvement or even a very substantial improvement, DAO should pay me something because if the DAO doesn't, then you can expect future builders to not go for it. And, we have these discussions on the forums.People make good arguments like this. I think the average IQ in the Mango Markets forums is very high. I think probably higher than most legislative bodies. I'm just going to go out on a limb and just say that. Not ours of course, ours is obviously very high IQ, smart people in our government, but you know.Anatoly (34:55):Do you believe five years there's going to be a 30,000 person DAO. Imagine a tech company, 30,000 engineers, or 30,000 people, they got product managers, teams, layers of bullshit. Is there going to be a DAO that's competing with a big tech company?Daffy (35:16):It's legitimately really hard to figure out how this might look. The reason why I hesitate so much with the question of a 30,000 person DAO is I'm not sure it'll look exactly like a corporation that we can say, okay, these are these 30,000 people. You might never be able to figure out who is part of the DAO and maybe that's one of the benefits of the DAO. If I asked you, how many people are part of Solana, not Solana Labs, but Solana the community? It's a little bit difficult to even answer, lots of people, various levels of involvement, and financial. Some people have a lot of financial stake until you don't, but some people have a lot of financial stake and no involvement at all. It's wild all over the place. Does Bitcoin look like a country or a corporation? I can even point my finger on what it is.Anatoly (36:20):So, even LINE had a battle that had 8,000 people all coordinating over something and I think they have corporations within that game that are maybe probably span up to 1,000 I'd imagine. So, that's people organizing using tech for a common goal without a job, without a structure that you normally have at a company. Linux was built by people organizing online. I think as soon as you have something to lose and in Linux and even LINE you start building up a virtual token, your reputation is a contributor to this thing and becomes a thing that we don't normally think of as valuable in a monetary way, but it's valuable to that person, but I definitely care about my ability to continue contributing to an open source project. So, where tokens I think can get there is if there is something of value being created by the community, some common goal that everyone is working on and that token is in the middle of it and is uniting and organizing it. I think that could scale as large as a corporation.Daffy (37:45):No, I agree with you. I just think it'll always be a little bit hard to figure out how many or who is involved, just by the nature of it. I just think it'll be always a little bit hard to figure out, but will 30,000 people be building on Mango or some DAO? You already know the numbers better, but we might even be approaching that with Solana. So, I'm not part of Solana Labs or affiliated with Solana in any way, but building on Solana, and also I have a financial incentive too, but also I have a reputation incentive and it feel like I'm part of the Solana corps or whatever it is, but I don't know what it is. It doesn't even exist. It's not even a DAO. There isn't even a DAO there.Anatoly (38:39):Oddly enough, I feel the same way about Eth and bitcoin even is that we're competing with them.Daffy (38:50):But, it all feels like we're actually kind of a part of the same team and-Anatoly (38:54):This is the weird part that I think is going to be really interesting how it plays out because I don't think it's obvious to anybody what is crypto. Is it the token? Is it the coin? Is it the network? Is it the cryptography itself?Daffy (39:10):It's not the cryptography itself, so we can strike that one out.Anatoly (39:14):Are you so sure? I think it's honestly the power that a person has to be able to make these very concrete statements that are unbreakable no matter how... That's the math. The math behind it is what allows them to do them.Daffy (39:36):I don't totally know the cryptography itself. I know basic 101 number theory stuff, but I remember going through my first programming class and coming up feeling just very powerful. I'd write stuff down and then it happens. Kind of like a king, actually, more powerful than a king in a lot of ways because I was writing these training algorithms and it was happening around the world in ways that probably a medieval king couldn't imagine and crypto brings that to finance where things of actual value can be moved.Mango Markets exists and you can go there and place a trade right now, but it was just somebody who wrote it. I was involved based on you can see the GitHub contributions, but it was just people who wrote it and that's probably... We can maybe chalk that up to the cryptography.Anatoly (40:43):So, what's next for you guys?Daffy (40:46):There's drones on the horizon. Yes, sometime in the future, but we have to do a lot of the nitty-gritty, roll up your sleeves kind of work. On Solana so far, there isn't... Maybe a lot of projects are struggling with this, indexing all the data and providing it for people in a usable way because there's just so many transactions. It turns out if transaction fees are really low, people just make a lot of transactions and they don't think about it.And so, gathering it up and displaying it in a useful format to people, that's a very immediate term and then slightly medium term is sort of becoming the place where everyone does leverage trading and does borrow and lending, all the crypto natives. And then of course in the longterm, I would say it's somebody like my mom should be able to store her money in Mango Markets and not think twice about it. It's not a good idea right now I wouldn't say, but that's the goal. That involves a lot more social things than just technological things. That's get it to a level where she can do it safely and feel comfortable and manage her keys, or even if she's not managing her keys, have a solution for how the keys might be managed, that she's not falling for scams, and that's I would say my longterm goal.Anatoly (42:09):That's awesome, man. On that note, man, really awesome to have you on the podcast. Great conversation. I'm always excited about what you guys are doing and how the community is building this ecosystem of its own, so really amazing. It's serendipity that you guys started going on Solana, just really lucky to have folks like you in the ecosystem.Daffy (42:35):Thanks a lot. It means a lot. This was really fun.
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SOL is up 75% over the past seven days, 205% in the past month, and 3,800% YTD. On Unchained, Multicoin Capital's Kyle Samani discusses the DeFi projects fueling Solana's growth, why he thinks Solana could make Ethereum obsolete, and the spectrum of decentralization. Show highlights: what factors have contributed to SOL's growth this year what two milestones occurred last week that Kyle thinks supercharged SOL's popularity why Kyle thinks the issues with the Degen Ape Academy NFT drop were not actually a problem with the Solana blockchain what projects will be possible on Solana that are impracticable on Ethereum why Kyle thinks some combination of NFTs and social token apps will be the first breakout app on Solana why Solana decreases the risk of massive liquidations -- like the crypto industry saw on Black Thursday in March 2020 how Solana and Ethereum differ in regards to composability and fragmentation what BitClout has to do with Kyle's Solana investment thesis why Solana could be the basis for the next crypto bull run why Kyle thinks the Ethereum merge as it completes transition to Ethereum 2.0 will not really affect Solana how the competition between Solana and Ethereum could play out in the next 12 months why Kyle is not overly concerned about Solana being more centralized than Ethereum what the Solana versus Ethereum competition will look like going forward, and why Solana may have the upper hand what Kyle learned from his investment in EOS Thank you to our sponsors! Sorare: https://sorare.com Polymarket: https://polymarket.co/unconfirmed Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 Episode links Kyle Samani Twitter: https://twitter.com/KyleSamani Multicoin Capital: https://multicoin.capital/ Previous Unchained appearances: May 2021: https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/ April 2020: https://unchainedpodcast.com/the-most-forkable-defi-protocols-on-ethereum/ March 2020: https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/ January 2020: https://unchainedpodcast.com/kyle-samani-on-how-2020-will-be-the-year-of-small-success-stories/ March 2019: https://unchainedpodcast.com/how-binance-could-become-the-first-decentralized-autonomous-corporation/ June 2018: https://unchainedpodcast.com/multicoins-kyle-samani-on-why-he-believes-bitcoin-governance-doesnt-accommodate-the-real-world-ep-025/ May 2018: https://unchainedpodcast.com/multicoin-on-the-1-thing-crypto-teams-miss-in-their-quests-for-success/ Solana Twitter: https://twitter.com/solana Recent updates: https://solana.com/news/solana-ecosystem-news/ Website: https://solana.com/ Recent SOL boom https://twitter.com/JohnStCapital/status/1427088119870935047 https://www.ar.ca/blog/11-thoughts-during-a-digital-assets-bull-market https://www.forbes.com/sites/ninabambysheva/2021/08/16/solana-hits-new-all-time-high-above-60/ https://twitter.com/KyleSamani/status/1425282669630328841 Projects Saber (AMM/DEX) growth https://twitter.com/Saber_HQ/status/1428062812228759564 Audius https://www.coindesk.com/crypto-powered-audius-wins-tiktok-tie-up-for-streaming-music-direct-to-platform Degenerate Ape Academy https://www.theblockcrypto.com/post/114703/solana-hits-all-time-high-as-market-watchers-say-institutional-interest-is-growing https://twitter.com/Pentosh1/status/1427034066784763904 https://twitter.com/samecwilliams/status/1426828830552084482 Mango Markets https://www.coindesk.com/solanas-mango-markets-dex-raises-70m-in-mngo-token-sale Wormhole https://www.coindesk.com/solana-launches-cross-chain-wormhole-for-shuttling-assets-from-ethereum-bsc Multicoin's Solana material https://multicoin.capital/2021/05/04/announcing-venture-fund-ii/ https://multicoin.capital/2019/03/14/on-value-capture-at-layers-1-and-2/ https://multicoin.capital/2019/07/30/the-world-computer-should-be-logically-centralized/ Solana overview https://thedefiant.io/solana-defi-ecosystem-overview/ https://research.thetie.io/solana-ecosystem/ https://research.binance.com/en/projects/solana https://medium.com/coinmonks/solana-more-update-for-sol-becb65024877 https://genesisblockhk.com/what-is-solana/ Block explorers https://explorer.solana.com/ https://solanabeach.io/ https://solanaproject.com/ Submitted questions from Unchained listeners https://twitter.com/Unchained_pod/status/1428136429805264898
SOL is up 75% over the past seven days, 205% in the past month, and 3,800% YTD. On Unchained, Multicoin Capital's Kyle Samani discusses the DeFi projects fueling Solana's growth, why he thinks Solana could make Ethereum obsolete, and the spectrum of decentralization. Show highlights: what factors have contributed to SOL's growth this year what two milestones occurred last week that Kyle thinks supercharged SOL's popularity why Kyle thinks the issues with the Degen Ape Academy NFT drop were not actually a problem with the Solana blockchain what projects will be possible on Solana that are impracticable on Ethereum why Kyle thinks some combination of NFTs and social token apps will be the first breakout app on Solana why Solana decreases the risk of massive liquidations -- like the crypto industry saw on Black Thursday in March 2020 how Solana and Ethereum differ in regards to composability and fragmentation what BitClout has to do with Kyle's Solana investment thesis why Solana could be the basis for the next crypto bull run why Kyle thinks the Ethereum merge as it completes transition to Ethereum 2.0 will not really affect Solana how the competition between Solana and Ethereum could play out in the next 12 months why Kyle is not overly concerned about Solana being more centralized than Ethereum what the Solana versus Ethereum competition will look like going forward, and why Solana may have the upper hand what Kyle learned from his investment in EOS Thank you to our sponsors! Sorare: https://sorare.com Polymarket: https://polymarket.co/unconfirmed Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021 Episode links Kyle Samani Twitter: https://twitter.com/KyleSamani Multicoin Capital: https://multicoin.capital/ Previous Unchained appearances: May 2021: https://unchainedpodcast.com/how-solana-and-binance-smart-chain-could-take-ethereums-lead/ April 2020: https://unchainedpodcast.com/the-most-forkable-defi-protocols-on-ethereum/ March 2020: https://unchainedpodcast.com/teetering-on-the-edge-how-black-thursday-exposed-the-flaws-in-the-crypto-markets/ January 2020: https://unchainedpodcast.com/kyle-samani-on-how-2020-will-be-the-year-of-small-success-stories/ March 2019: https://unchainedpodcast.com/how-binance-could-become-the-first-decentralized-autonomous-corporation/ June 2018: https://unchainedpodcast.com/multicoins-kyle-samani-on-why-he-believes-bitcoin-governance-doesnt-accommodate-the-real-world-ep-025/ May 2018: https://unchainedpodcast.com/multicoin-on-the-1-thing-crypto-teams-miss-in-their-quests-for-success/ Solana Twitter: https://twitter.com/solana Recent updates: https://solana.com/news/solana-ecosystem-news/ Website: https://solana.com/ Recent SOL boom https://twitter.com/JohnStCapital/status/1427088119870935047 https://www.ar.ca/blog/11-thoughts-during-a-digital-assets-bull-market https://www.forbes.com/sites/ninabambysheva/2021/08/16/solana-hits-new-all-time-high-above-60/ https://twitter.com/KyleSamani/status/1425282669630328841 Projects Saber (AMM/DEX) growth https://twitter.com/Saber_HQ/status/1428062812228759564 Audius https://www.coindesk.com/crypto-powered-audius-wins-tiktok-tie-up-for-streaming-music-direct-to-platform Degenerate Ape Academy https://www.theblockcrypto.com/post/114703/solana-hits-all-time-high-as-market-watchers-say-institutional-interest-is-growing https://twitter.com/Pentosh1/status/1427034066784763904 https://twitter.com/samecwilliams/status/1426828830552084482 Mango Markets https://www.coindesk.com/solanas-mango-markets-dex-raises-70m-in-mngo-token-sale Wormhole https://www.coindesk.com/solana-launches-cross-chain-wormhole-for-shuttling-assets-from-ethereum-bsc Multicoin's Solana material https://multicoin.capital/2021/05/04/announcing-venture-fund-ii/ https://multicoin.capital/2019/03/14/on-value-capture-at-layers-1-and-2/ https://multicoin.capital/2019/07/30/the-world-computer-should-be-logically-centralized/ Solana overview https://thedefiant.io/solana-defi-ecosystem-overview/ https://research.thetie.io/solana-ecosystem/ https://research.binance.com/en/projects/solana https://medium.com/coinmonks/solana-more-update-for-sol-becb65024877 https://genesisblockhk.com/what-is-solana/ Block explorers https://explorer.solana.com/ https://solanabeach.io/ https://solanaproject.com/ Submitted questions from Unchained listeners https://twitter.com/Unchained_pod/status/1428136429805264898
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