Episoder
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Summary
Piers and Martin dive into the world of Maple Finance and Syrup Finance, tracing their journey from the wild days of DeFi Summer to their current status in the crypto space. They talk about the benefits to using Maple's platform, particularly for borrowers leveraging ETH and BTC as collateral. Maple and Syrup are shaking up DeFi by making loans and investment opportunities super accessible, focusing on tokenization, which turns assets into tradable digital tokens. Tokenization is revolutionizing the borrowing and investing game, unlocking fresh liquidity through Maple's over-collateralized loans and boosting yield optimization with Syrup's accessible lending pools.
As the conversation unfolds, Piers and Martin uncover the hurdles in attracting institutional users and stablecoin lenders, highlighting how Maple and Syrup keep a cohesive strategy despite running separately. They delve into the reasons behind Syrup's launch, distinguishing its unique perks compared to big names like Aave and Compound. Piers and Martin stress the need for innovative solutions that cater to the evolving needs of DeFi users and explore how these platforms are designed to support a diverse range of users.
Looking ahead, they speculate on the potential impact of AI agents on the future of Maple and Syrup, while tackling critical issues like collateral illiquidity. Their insights touch on the historical challenges of real estate tokenization and potential pathways for improvement. Ultimately, they emphasize the transformative power of combining tokenization with borrowing, positioning it as a significant unlock for the DeFi ecosystem.
Tune in for an engaging discussion packed with valuable insights, challenges, and future possibilities in the rapidly evolving world of DeFi!
Maple Makes Borrowing Sweet and Simple: With tokenized assets, Maple is putting the power to borrow and lend right in users’ hands, making capital accessible without needing a million-dollar portfolio.Syrup Pools for the People: Syrup Finance focuses on building accessible investment pools, so users can start investing and lending alongside DeFi’s best—without needing to dive into complex financials.Tokenization: By tokenizing real-world assets, Maple lets users do more than just hold investments—they can leverage, borrow, and grow their portfolio faster than ever before.Tokenizing Real Estate: Real estate may be a tough nut to crack, but Maple’s approach is helping users start exploring the potential of tokenizing properties, making real estate closer to DeFi than ever.AI-Driven, User-Accessible Markets: With AI on the rise, Maple and Syrup are ready to make market knowledge accessible, letting users manage, trade, and invest as confidently as the big players.
Key takeaways
00:00 — Introduction to Maple & Syrup01:26 — From DeFi Summer to Building Syrup06:25 — Why Use Maple? Who’s Borrowing & Why it Matters10:09 — Who’s Borrowing Using ETH & BTC Collateral11:52 — Challenges in Attracting Institutional Users14:37 — Attracting Stablecoin Lenders18:13 — Maple & Syrup: Separate Platforms, Same Strategy19:09 — Why Syrup? The Story Behind Its Launch22:51 — Syrup vs. Aave & Compound: What Sets It Apart?25:53 — The Future of Maple, Syrup, and DeFi: AI Agents30:03 — Solving Collateral Illiquidity: Insights & Risks32:46 — Why Real Estate Tokenization Fails & What's Next38:17 — Tokenization & Borrowing: DeFi’s Big Unlock41:21 — Where to Learn More About Maple & Syrup
Chapters
Maple FinanceSyrup @maplefinance
Further resources -
In this episode of the DeFi Download, Piers Ridyard interviews Chris Bradbury, CEO of SummerFi. They discuss Chris's journey from MakerDAO to SummerFi, and the development of user-friendly financial tools and innovative features aimed at making DeFi more accessible to a wider audience by automating complex financial strategies.
Summary
SummerFi curates the best dApps in DeFi to provide the simplest and easiest way to borrow and earn crypto. SummerFi currently manages over $4.5 billion in crypto assets across various DeFi protocols, and in the last 30 days, it has completed $663 million in lend/borrow volume and automated over $275 million in loan positions.
Chris talks about his transition from MakerDAO's product manager to CEO of Oasis.app, which rebranded as SummerFi and focuses on trusted, curated DeFi protocols. Chris discusses SummerFi’s recent advancements and strategic vision, he elaborates on how SummerFi plans to simplify DeFi for a broader audience, and also highlights their goal of integrating DeFi with traditional financial systems to make these advanced tools accessible to everyday users, without requiring them to have deep technical knowledge or actively manage their assets.
Key takeaways
SummerFi integrates key DeFi protocols such as Maker, Aave, Morpho, and Ajna, with a focus on security and usability. It offers features like Multiply, which allows users to leverage assets in a single transaction, enhancing efficiency and safety.SummerFi's automations, such as stop loss, are designed to protect users by managing risky positions and reducing potential losses during market volatility. Automations are non-custodial smart contracts that trigger actions based on predefined conditions, such as closing a position when the loan-to-value ratio exceeds a set threshold. While automations mitigate risks, they are not risk-free and cannot guarantee optimal prices due to potential market slippage, oracle inaccuracies, or network congestion.SummerFi's launch of the $RAYS point system aims to incentivize user engagement and reward active management, paving the way toward broader adoption.SummerFi plans to expand and achieve mainstream adoption by also developing a new Summer Earn protocol that simplifies DeFi participation, offering users automatic yield optimization similar to traditional wealth management products.Chapters
01:27 — Chris's background and how he got into crypto02:27 — Insights gained from MakerDAO and Dai07:16 — Why was Oasis created & how it became SummerFi14:23 — Protocols SummerFi currently supports15:39 — The split of crypto assets under SummerFi18:24 — Automations addressing volatility in leveraged products22:21 — What is an automation and why is it powerful25:21 — What stop-loss is for29:23 — SummerFi's growth plans and the point-based system32:07 — What does the product that 100 million people can use look like?35:09 — What makes SummerFi Earn more viable than Yearn39:58 — Find out more about SummerFiFurther resources
Website: summer.fi Twitter: @summerfinance_ Discord: discord.com/invite/summerfi -
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In this episode of the DeFi Download, Piers Ridyard talks with Nikita Ovchinnik, Co-Founder of Barter, a smart router for DeFi swap routes. They delve into Nikita's foray into crypto, the inner workings of Barter, the MEV problem and its possible solutions, and the importance of market makers.
Summary
Nikita describes his journey into crypto, which began in 2017 after initial scepticism. He eventually joined 1inch as their first outsider employee. Nikita describes 1inch's explosive growth during the DeFi Summer, as well as its focus on integrating with wallets and navigating the fundraising landscape until eventually securing investment from FTX.
The conversation between Nikita and Piers dives next into Barter, exploring its role as a smart router program in the DeFi ecosystem. Barter is a decentralized protocol that provides transparent trade routes across liquidity providers like CoW Swap and UniswapX, minimizing costs and maximizing efficiency. Barter has over $4 billion processed on Ethereum.
Key takeaways
Understanding MEV: MEV stands for "Miner Extractable Value" and refers to the profit that miners can extract from the reordering of transactions and other manipulations in DeFi protocols. It occurs due to the way transactions are processed and confirmed, which can lead to arbitrage opportunities that benefit miners at the expense of regular users and liquidity providers. MEV has become a significant concern in Ethereum and other blockchain networks where DeFi activities are prevalent. Efforts to Mitigate MEV: Platforms like CoW Swap and UniswapX aim to reduce MEV by implementing strategies such as MEV blockers. These blockers prevent transaction details from being visible in public mempools, thereby limiting the ability of miners to front-run transactions or exploit price discrepancies for profit. By managing how transaction orders are processed and confirmed, these platforms attempt to minimize the negative impact of MEV on users and liquidity providers. Challenges and Future Directions: While MEV blockers represent a step towards mitigating MEV, the challenge remains complex and ongoing. Solutions such as batching and matching user orders across different DEX platforms without tapping directly into AMM liquidity provide users with better rates and lower gas costs, thereby making DeFi more efficient and less susceptible to MEV exploits. However, achieving these goals in a decentralized and efficient manner without reliance on centralized systems remains a significant hurdle. The Critical Role of Market Makers: While the transparency and fairness of traditional market makers on centralized exchanges is under question, advancements in DeFi and AMMs like those on Uniswap are improving liquidity provision to cryptocurrency markets. Despite the fact that market makers are necessary for efficient trading, newer DeFi protocols are offering competitive liquidity solutions, potentially reducing reliance on traditional market makers.Chapters
00:00 — Introduction 01:33 — Nikita's background and journey into crypto 04:40 — Nikita's role and experiences at 1inch 09:22 — FTX's investment in 1inch 11:49 — What is a Smart Router program 13:47 — Barter swaps: Who submits the transaction? 17:02 — The journey from 1inch to Barter 21:57 — MEV: How CoW Swap and UniswapX reduce it 34:22 — Are Market Makers essential? 41:07 — Where to find out more about BarterFurther resources
Website: barterswap.xyz Twitter: @BarterDeFi -
In this episode of the DeFi Download, Piers Ridyard interviews Friederike Ernst, co-founder of Gnosis and Gnosis Pay. They cover Gnosis's evolution from foundational blockchain infrastructure like Gnosis Safe and CoW Swap, to user-friendly apps such as Metri and Gnosis Pay. They also discuss blockchain's potential to transform financial infrastructure with projects such as Circles, a blockchain-based UBI protocol.
Summary
In this episode of the DeFi Download, Piers Ridyard is joined by Friederike Ernst, the co-founder of Gnosis and Gnosis Pay. Gnosis is a group of projects centred around the Gnosis token, with a mission to bring all financial rails on-chain. They started with the highly successful Gnosis Safe, a multi-signature wallet that has now been spun out as Safe, securing over $100 billion in crypto assets. Additionally, their decentralized exchange, CoW Swap, has achieved a remarkable total volume of $45 billion.
Friederike shares insights into these groundbreaking projects and discusses the future of decentralized finance. A physicist by training, she talks about the programmability of Ethereum that drew her into crypto technology, what prompted her to co-found Gnosis, and the strategies her team applies to expand distribution and adoption of their product and network.
Key takeaways
Gnosis was founded to create decentralized payment solutions and other infrastructure that provide tangible value and improve user applications within the Web3 ecosystem.Gnosis initially focused on developing internal-driven products such as Gnosis Safe, CoW Swap, MEV Blocker, and Gnosis Guild, building foundational blockchain infrastructure. They subsequently shifted to creating user-friendly applications like Metri and Gnosis Pay, aiming to offer a neobank-like experience to a wide audience new to blockchain.Blockchain technology can revolutionize financial infrastructure by cutting intermediaries, lowering costs, and improving access, similarly to how VoIP transformed telecommunications.Gnosis is a veteran in blockchain infrastructure with a strong emphasis on decentralization and scalability. Gnosis Chain, a decentralized Ethereum sister protocol boasting over 200,000 validators, offers robust security and scalability advantages over Ethereum's Layer 2 solutions, making it a promising choice for future-proof financial applications.Circles is a blockchain-based UBI (Universal Basic Income) protocol operating on a decentralized web of trust. It combines Bitcoin's algorithmic money issuance with a focus on equitable distribution, unlike Bitcoin's concentration among a minority of the global population, which would exacerbate inequality if widely adopted today. Circles, in contrast, empowers local economies and fosters community-driven adoption over time.Chapters
01:27 Friederike's journey from doctorate to DeFi05:14 From prediction markets to multi-sig wallets08:27 Keys to successful product development13:34 Building products, from MVP to customer delight15:41 Beyond a neobank-like experience24:01 How Gnosis could leapfrog financial infrastructure28:32 Towards a decentralized financial future30:04 Ensuring global distribution of Metri35:56 Introduction to Circles36:44 The drive behind Bitcoin and the case for UBI39:20 The Impact of Circles45:43 Key takeaways and finding more about GnosisFurther resources
Website: gnosis.io Twitter: @gnosischain Discord: discord.gg/xW3X5EreBM -
In this episode of the DeFi Download, Piers Ridyard speaks with Noah Litvin, a Core Contributor at Synthetix. They talk about Synthetix's vision of revolutionizing derivatives trading in the crypto space by providing innovative solutions.
Summary
Synthetix tackles the challenge of trading derivatives in a crypto-native way, expanding beyond spot trading. Picture it as the derivative equivalent of Uniswap. Synthetix stands as one of the original crypto projects since 2018, playing a pivotal role in the early days of DeFi. It pioneered functionalities that are now commonplace in crypto and pushed the boundaries of what was achievable on public ledgers at the time.
Noah Litvin has been actively working with the project for some time. He is currently a Core Contributor at Synthetix, having started as a community member and gradually progressed to become more involved.
Noah and Piers explore the evolution of Synthetix, from its origin as Haven to Synthetix v3 and perpetual futures. They cover the challenges earlier versions of Synthetix encountered and the notable enhancements of v3. They also discuss Synthetix's future, its deployment on Base, and cross-chain interoperability.
Key takeaways
Synthetix aims to revolutionize derivatives trading in the crypto space, similar to how Uniswap revolutionized decentralized exchanges. It focuses on creating synthetic assets and perpetual futures markets on the public ledger.Synthetix addresses issues such as scalability limitations and asset price fluctuations by introducing perpetual futures, which allow for long or short positions without exposing liquidity providers to asset prices. Mechanisms such as funding rates incentivize market equilibrium, enhancing scalability.Synthetix considers itself as a liquidity protocol first, with the overarching goal of creating collateralized stable coins backed by decentralized collateral, supporting multiple liquidity pools with isolated risks.Synthetix aims to offer a diverse range of financial products and opportunities by bringing complexity to the blockchain as transparent tools, similar to the complexity seen in traditional finance managed by large hedge funds.Chapters
01:39 — Noah's journey with Synthetix
03:07 — A basic orientation on Synthetix
04:45 — Tokenized derivatives trading obstacles
08:53 — Improvements in Synthetix v3
10:43 — Perpetuals in DeFi
13:02 — Synthetix V3 user acquisition
18:19 — Synthetix perpetuals vs. competitors
19:44 — Why Synthetix deployed on Base
21:08 — Synthetix's Base vs. Optimism experience
21:50 — Coinbase's role in driving adoption
23:34 — Next steps for Synthetix v3 and project
24:37 — Stability, liquidity, and scalability
27:05 — Synthetix liquidity and TVL
28:05 — Synthetix's liquidity-protocol-first approach
30:19 — Leveraging collateral diversity
33:22 — Learn more about Synthetix
Further resources
Website: synthetix.io Twitter: @synthetix_io Discord: discord.com/invite/KVeCZe6ahW -
In this episode of the DeFi Download, Piers Ridyard speaks with Ramon Recuero, Co-Founder and CEO of Mamori Labs, which is developing Kinto. Tune in to learn how Kinto bridges TradFi to DeFi and paves the way for institutional adoption by introducing the first Layer 2 solution with chain-level KYC and addressing concerns about scams, hacks, and traditional financial institutions' perception of cryptocurrency as the "Wild West.
Summary
Join Piers Ridyard and Ramon Recuero as they explore the inner workings of Kinto, a groundbreaking platform that seeks to bridge the gap between traditional finance (TradFi) and decentralized finance (DeFi). Kinto's innovative approach addresses the longstanding issue of security in the crypto space by introducing the first Layer 2 (L2) solution with KYC at the chain level, revolutionizing user protection and trust within the ecosystem. Kinto's native account abstraction enhances security by requiring users to utilize account-abstracted wallets, preventing common scams seen on other chains.
Ramon recounts his journey from the gaming industry to crypto and from the traditional finance sector to the realm of DeFi, fuelled by the realization of the disruptive potential of crypto. From his involvement in ventures like OpenSea, to founding Babylon Finance and recently Mamori Labs and Kinto, Ramon's experiences underscore the critical need for trust, security, and regulatory compliance in the crypto space.
Discover why Kinto is gaining traction among major financial institutions like Franklin Templeton and BlackRock, indicating a significant shift towards institutional adoption. With a focus on crypto-native RWA protocols and diverse capital inflows from traditional funds like Skybridge and networks like Solana, Kinto is poised to revolutionize the DeFi landscape, catering to both seasoned investors and newcomers with enhanced asset accessibility and streamlined user experiences.
Key takeaways
Systemic Insurance Integration: Learn how Kinto integrates insurance directly into its system to address vulnerabilities highlighted by past hacks.Revolutionary KYC Approach: Explore Kinto's innovative permissionless KYC system.Chain-Level KYC Enhances Composability: Understand how implementing KYC at the chain level simplifies composability.Increased Institutional Confidence: Discover why institutions find it more secure to deploy capital within a chain-level-KYC Layer 2 like Kinto.Chapters
00:00 — Introduction to Ramon Recuero01:06 — Ramon's journey to creating Kinto07:17 — From game developer to crypto enthusiast09:31 — Why Ramon built Babylon Finance12:47 — Kinto's systemic insurance17:48 — Revolutionary Ethereum L2 with on-chain KYC20:42 — Why KYC at the chain level22:28 — Kinto's strategy for institutional adoption23:51 — Addressing regulatory issues & RWA Liquidity 24:57 — Kinto's advantages over existing providers26:16 — Kinto's capital inflow source27:47 — Natively-built account abstraction28:58 — Institutional adoption possibilities30:22 — Kinto's KYC: Threat to digital commons?34:19 — Dealing with KYC & AML complexities38:20 — Counterparty guarantees in tokenized assets40:12 — Kinto's NFT and proof interoperability41:28 — Kinto's unique edge42:57 — How to get involved with KintoFurther resources
Website: kinto.xyz Twitter: @KintoXYZ Ramon's Twitter: @ramonrecuero -
Summary
Willy Woo is managing partner at Crest and SyzCrest, a fund that builds financial products to give higher yield than T-bills by harvesting the volatility in crypto.
Willy Woo and Piers discuss various aspects of trading, covering topics like price predictions, the balance between intuition and data when building predictive models, and the social value inherent in trading activities. Their conversation extends to exploring the dynamics of DeFi and altcoin markets, drawing comparisons with TradFi, examining market manipulation, and emphasizing the crucial role of transparency in the crypto space. They weigh the pros and cons of transaction privacy in creating a fairer market and touch upon the impact of MEV, DeFi’s high-frequency trading.
They explore the three forms of the efficient market hypothesis (EMH), hodling versus directional trading, and the fundamental concepts that are necessary for successful trading. They also examine the concept of purpose, discussing how it motivates individuals in their pursuits.
Segueing into Radix, their conversation highlights the Radix team's dedication to their vision and integrity, rather than rushing launch and compromising for easy wins. They talk about compounding games and underscore the need for adopting a long-term view for achieving meaningful, lasting change.
Chapters
00:00 — Introduction01:01 — Willy’s predictions about Bitcoin03:05 — Intuition and data analysis in predictive models09:00 — Short-term vs long-term trading13:33 — Social value of trading19:47 — Transparency in crypto transactions21:40 — Transaction privacy in DeFi?27:12 — The 3 forms of the Efficient Markets Hypothesis33:04 — Hodling as a strategy against volatility37:15 — What to prioritise learning as a new trader38:52 — Finding your purpose 46:46 — The vision and integrity of RadixFurther resources
Twitter: @woonomicCrest Fund: crest.fund -
Summary
The Boson Protocol is a Web3 decentralized commerce layer that allows anyone to tokenize and exchange any physical thing as an NFT. Currently deployed on Ethereum and Polygon, they have recently signed a strategic partnership with WooCommerce, WordPress's eCommerce arm.
Justin's journey into the DeFi ecosystem began with him wondering what happens when you transition from paper to digital to blockchain, what digitized physical assets look like on a blockchain, and what properties they have. He discusses his experiences revolutionizing digital transformation at Priority Pass while studying for a master's degree in digital innovation, digitizing physical products that significantly increased turnover, combining his interests in the physics of business and the blockchain, and developing the Boson Protocol.
Key takeaways
Platform Dilemma: Piers and Justin delve into the complexities of platforms like Amazon, and they question whether they truly benefit consumers or create walled gardens.Boson's Mission: Justin analyses how Boson removes the counterparty risk and builds an optimistic fair exchange protocol, solving two fundamental challenges – the fair exchange problem and the physical asset oracle problem.Techno-Legal Innovation: Justin describes the part of Boson's core innovation that allows the prescription of elements of variability.Configurability: Justin unveils how the Boson Protocol is designed for configurability, serving as a bridge between WooCommerce and the world of Web3.Chapters
00:00 - Introduction01:11 - Justin's background03:45 - The specific problems Boson Protocol addresses07:42 - Solving the problem of discovery12:19 - Efficiently matching buyers and sellers15:41 - Trust-minimizing representation of physical assets on the blockchain25:36 - Escrow, dispute resolution process, and game-theory-based incentives27:56 - Boson's partnership with WooCommerce34:31 - WooCommerce's Priorities38:06 - Addressing the capital inefficiency in escrow41:45 - More About BosonFurther resources
Website: bosonprotocol.io Twitter: @BosonProtocol -
This episode of the DeFi Download with host Piers Ridyard features Robert Lauko, founder and head of research at Liquity. Tune in to discover how Liquity is addressing the stablecoin trilemma and reshaping the crypto space with game-changing innovations ranging from principal protection to improved peg stability.
Summary
Liquity is a pioneering DeFi protocol that is reshaping the DeFi and stablecoin landscape with its innovative approach. At its core, it prioritizes stability and scalability while maintaining decentralization. It achieves this through groundbreaking features such as principal protection, which ensures users can confidently redeem their assets at or above their principal value, and a tighter peg to minimize deviations from the dollar value. A hybrid stability pool, a ground-breaking feature that not only supports the loans but also acts as a backup for the reserve, highlights Liquity's commitment to stability even further.
Robert Lauko takes us on a deep dive into Liquity's mechanics, shedding light on its inner workings, from its liquidation mechanism to its impressive growth, including the endorsement of Justin Sun, who injected over a billion dollars into the nascent protocol.
Robert and Piers delve into Liquity's unwavering commitment to decentralization and transparency, alongside its reliance on ETH as collateral in its V1 version. Additionally, they explore the formidable challenges faced within the stablecoin landscape and the ingenious strategies Liquity has employed to overcome them.
Looking forward, Liquity V2 takes center stage. Robert introduces the concept of a decentralized reserve mechanism and emphasizes the vital role of a decentralized Peg-Stability Module (PSM) in maintaining a stablecoin's peg. Liquity V2 sets out to redefine the stablecoin trilemma by demonstrating that resilience, scalability, and decentralization can harmoniously coexist.
Tune into this episode to find out how Liquity offers stability and leveraged upside, potentially revolutionizing lending. You'll also gain an understanding of principal protection and learn about Liquity's stability pool, which uses staked ETH to deliver attractive yields and security.
Key takeaways
Liquity balances the stablecoin trilemma by addressing stability, scalability, and decentralization by introducing a strong arbitrage mechanism and a hedging product with principal protection and a tighter peg.Liquity V2 targets a tighter peg and more attractive borrowing through potential collateralization ratio reductions.Principal protection fosters trust, enabling users to redeem assets at or above the principal value, while Liquity V1 and V2 offer choices for varied risk profiles alongside the liquidity-boosting stability pool.Chapters
[01:15] Introduction to Liquity and its unique approach to loan-to-value ratios
[04:32] Liquity's efficient liquidation mechanism and incentives
[08:29] Liquity's meteoric rise: A billion dollars in 10 days to 2.5 billion in two weeks
[10:28] Lessons from Liquity: How its launch attracted whales and big players
[12:01] ETH-exclusive V1: Exploring the early design decision and future considerations
[12:41] How Liquity ensures a liquid and useful stablecoin
[15:19] Liquity's strategies for establishing partnerships and integration
[17:48] The stablecoin trilemma and Liquity's approach to resilience, scalability, and decentralization
[20:17] Innovation in action: The vision behind Liquity V2
[22:35] Rebalancing stablecoin supply and demand: The role of a decentralized Peg Stability Module (PSM)
[26:27] Liquity V2's strategy for tightening stablecoin bands and reducing volatility risk
[33:13] Navigating ETH volatility: Liquity V2's strategy with principal pr
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In this episode of the DeFi Download, Piers Ridyard is joined by Ben Hart, CTO, and Amir, blossoming Scrypto developer at MLabs. Ben and Amir share their experience with different programming languages and platforms, such as Haskell, Plutus, Rust, and Scrypto.
Summary
MLabs is a Haskell, Rust, and Blockchain AI consultancy working with various industries, such as fintech and blockchain. MLabs is also the developer of the Plutonomicon library, a major contributor to it, and one of the main contributors to the Plutarch eDSL version of the Plutus smart contract language.
Key takeaways
Ben came across Radix at Consensus 2023 and was impressed with the thoughtfulness and organization of the Radix team and builders. He found it easy to jump into Scrypto because of his previous experience with Rust. Amir found Scrypto to be easier to learn and use than Plutus because it abstracts away some of the lower-level details and has well-named concepts and design patterns. Amir was able to quickly understand and experiment with Scrypto by reading the documentation and the community examples that are available.Radix’s guardrails and intent-based transactions make programming and building applications easier and safer, unlike Ethereum’s state-based transactions. It is difficult to explain Radix’s advantages to someone who has not faced Ethereum’s challenges.Chapters
[01:01] The story of MLabs' founding
[03:33] What are Haskell and Plutus, and how did MLabs get their team up to speed with these languages?
[08:04] Advantages and challenges of using Plutus for building applications
[10:18] Haskell's reputation as a secure language and the difficulty in finding and training new Haskell developers—has MLabs encountered this?
[11:32] The philosophical and principles-based approach of Haskell and Rust advocates who are willing to change careers to write production code in these languages
[12:40] How and why did MLabs expand to Rust, a language that is ideologically similar to Haskell?
[13:42] How did the MLabs team learn about Radix and Scrypto, and how has their experience been so far?
[16:03] When and how did MLabs begin developing on Radix with clients from other communities, such as Cardano, and bringing that functionality to the Radix network?
[18:38] From Haskell and Plutus to Scrypto: Amir’s journey and insights
[20:03] Amir's favourite aspect of Scrypto and what he has built up to this point
[22:06] The need for critical tooling in an ecosystem: how DAO tooling enables governance features for DeFi applications
[23:20] Amir’s insights on building governance functionality in Scrypto and the benefits of the platform
[26:30] What are Amir’s timelines for testing and deploying the governance tooling, and when can people start using it?
[27:42] How does Ben, as CTO, use Scrypto to plan and implement MLabs' application architecture?
[31:35] The inverse relationship between speed of development and security
[33:09] What new Scrypto developers or those considering a move to the Radix ecosystem need to know
[35:42] How open-source repositories can aid in learning Scrypto, despite being outdated
[37:35] Radix’s goal to have the best crypto documentation and match Web2 standards
Further resources
Website: mlabs.city Twitter: @MLabs10 -
In this episode of the DeFi Download, Piers Ridyard interviews Cyrille Pastour, co-founder of Swaap. Cyrille and Piers discuss the inner workings of the automated market maker that is designed to protect liquidity providers by dynamically responding to the market.
SummarySwaap provides yield to liquidity providers by utilising cutting-edge market-making models developed in collaboration with mathematicians. They use oracles and dynamic spread to ensure real and long-term yields.
Swaap's algorithm determines what pricing it will provide to the market on a per-swap basis and includes safeguards to limit damage in the event of a hack. It is designed to safeguard liquidity providers against impermanent loss and ensure that returns are greater than hodling.
During their discussion, Piers and Cyrille clarify the difference between exchanges and market makers. They analyse the problem Swaap seeks to address and the role of market makers in mature versus immature markets in determining price. They also touch on issues with Uniswap v2, in which liquidity providers are perpetually behind the information curve and unable to rebalance themselves, whereas arbitrageurs can make risk-free profits by manipulating the market price.
Key takeaways
Swaap v2 is a new iteration in terms of infrastructure that aims to be more flexible and have better performance than Swaap v1.
Swaap v2 has a hybrid infrastructure consisting of both on-chain and off-chain components. The off-chain module operates the quotation system to provide faster price information, and the on-chain verification module prevents extreme events and ensures a trust-minimized environment.Swaap is available on both Ethereum and Polygon, with Polygon being a preferable option for smaller portfolios due to its lower gas fees.The Swaap protocol enables DAOs to create liquidity against volatile assets, and the team is working on establishing partnerships with a number of DAOs.
Chapters[01:05] What is the problem that Swaap is looking to solve as an automated market maker in the DeFi space, and why is it important to separate exchanges and market makers when considering liquidity providers and users?
[03:59] The Uniswap conundrum: How inexperienced traders create risk-free profits for arbitrageurs
[05:49] The role of market makers in mature vs. immature markets for determining price
[08:38] Uniswap v2 liquidity providers are behind the information curve, while arbitrageurs make risk-free profits
[12:02] The roles of exchange venues and market makers in financial market liquidity and market-making success factors
[14:54] How Swaap differs from other market makers
[18:54] Swaap's solution to sophisticated market actors exploiting liquidity providers
[28:25] How Swaap's algorithm guards liquidity providers against hacks and impermanent loss
[31:29] What's next on Swaap's roadmap and what to get excited about after V2
[33:43] Where can people find out more about Swaap, and should they start on Ethereum or Polygon?
Website: swaap.finance Twitter: @SwaapFinance Discord: discord.com/invite/vMNHgz7bMU
Further resources -
In this episode of the DeFi Download, Tommy Johnson, Core Contributor of PsyFi, joins Piers Ridyard to discuss their two-sided DeFi marketplace for structured products, which allows users to earn yield on their assets and traders to hedge or leverage their portfolio.
Summary
PsyFi offers products such as covered calls, secured puts, and spread structured products, which PsyFi wraps up and tokenizes. The PsyFi team is developing a market-making vault product where users can deposit two-sided liquidity and earn fees based on participating in and providing liquidity for trades.
Piers and Tommy explain what a structured product is and use covered calls as an example to discuss how the PsyFi platform works. They discuss the risks and rewards of PsyFi's covered call options compared to over-collateralized borrow-lending products like Aave. They also discuss the market need for a riskier product like PsyFi and the usefulness of buying covered calls or secured puts for market actors who have a directional view or want to hedge their positions.
PsyFi is a decentralised finance platform that allows users to trade options on Solana.A covered call is a selling strategy in which the user sells calls week-to-week, taking the position that the price of the underlying asset will not cross the strike price by the expiration date of the call.PsyFi's covered call options provide a 0.35% weekly return and 12% APY but can result in users making lots of money or suddenly losing money depending on the volatility of the asset. They are riskier than over-collateralized borrow-lending products like Aave.PsyFi's structured products provide an opportunity for people to earn impressive yields on their assets, but they require a directional view and are not a leave-it-and-see-what-happens kind of product.Buyers of PsyFi's structured products include speculators with market opinions and more institutional market makers who may be hedging across their book.
Key takeaways
Chapters[01:07] The definition of structured products
[02:15] How a covered call works on the PsyFi platform
[04:42] Does the trader's profit from a PsyFi covered call come from the user's Solana?
[05:22] Selling volatility and making money through covered calls on PsyFi
[06:21] What is the expected return on a two-week covered call on Solana?
[06:50] The risks and rewards of PsyFi's covered call options compared to Aave's over-collateralized borrow-lending products
[08:02] Why does the market need a riskier product like PsyFi?
[09:20] What functionalities do buyers of covered calls or secured puts need, and why are these products necessary?
[10:50] Using covered call options for asset exposure and risk hedging in DeFi
[14:03] Are people primarily using the PsyFi protocol for hedging or speculation?
[15:41] How does collateralization work in PsyFi's covered call scenario, even if a portion of assets have been sold?
[17:20] Capital efficiency in options markets and borrow-lend protocols
[20:12] How a high-interest rate environment has affected the market for structured products in decentralised finance
[21:34] How has PsyFi responded to the higher yield environment created by the Fed?
[24:23] Democratising market maker returns in DeFi with a delta-neutral vault
[26:11] How does PsyFi evaluate market makers before granting access to capital?
[27:43] PsyFi’s launch date
[28:03] Where to find out more about PsyFi
Website: psyfi.io Twitter: @PsyOptionsDocumentation: docs.psyfi.io
Further resources -
In this DeFi Download podcast episode, Piers Ridyard interviews David Garai, founder of Raft. Raft is a stablecoin protocol similar to MakerDAO, but it is backed by liquid staking tokens. Piers and David talk about the potential of liquid staking and its role in DeFi, as well as concerns about centralization.
Summary
Raft is a decentralised stablecoin protocol that uses liquid staking tokens (LSTs), such as staked ETH, as collateral. Raft requires a collateralization ratio of 120% compared to MakerDAO’s 175% and charges a one-time fee rather than an ongoing APY.
The protocol manages risks associated with using fewer liquid tokens as collateral through its liquidation mechanism and position and protocol level caps. Raft also employs a redistribution mechanism to socialise losses and ensure that the protocol remains overcollateralized.
Raft charges a variety of fees, including liquidation fees and flash minting fees, and is integrating with other DeFi protocols to create use cases for R stablecoins. The potential use cases for Raft stablecoins include spending and short-term trading, and the possibility of onboarding other stablecoins as collateral in the future.
Raft is an LSDFi protocol. LSDs (liquid staking derivatives) are ERC20 tokens issued by liquid staking platforms to represent the staking share in that particular platform. They are also referred to as liquid staking tokens.Raft’s lower collateralization ratio and one-time fee differentiate it from MakerDAO.Raft aims to create an even playing field for users to select their preferred staking provider and encourages competition in the market.
Key takeawaysChapters
[00:00] Introduction
[03:02] Raft's motives to enter the market for decentralised stablecoins backed by liquid staking tokens
[05:08] Does the use of LSTs in DeFi applications accelerate Ethereum centralization and increase risks?
[08:23] What differentiates Raft from MakerDAO
[11:35] Managing risk while using less liquid underlying assets and reducing the collateral requirements
[18:46] Raft's second tier of defence
[26:35] Raft's strategies for integrating its stablecoin with other DeFi protocols
[30:39] Raft's focus on spending as a growth market for its stablecoin
[36:41] Where to learn more about Raft
Website: raft.fi Twitter: @raft_fi Discord: discord.com/invite/raft-fi Documentation: docs.raft.fi
Further resources -
In this episode of the DeFi Download, Piers Ridyard talks with Lasha Antadze, co-founder of Rarify Labs. They explore the growing value of identity across digital ecosystems, the challenges of portable identity in the crypto space, and the benefits of Rarimo's interoperability protocol for application builders.
Summary
Rarify Labs focuses on creating and implementing interoperability protocols for identity and reputation. Their goal is to make identity portable across ecosystems and layer-1 protocols, allowing users to carry their reputation with them when they move between different applications. To accomplish this, they developed Rarimo, an interoperability protocol that provides identity primitives supported by the ecosystem, enabling users to transfer their reputation across different chains and dApps.
Rarimo enables the movement of reputation and identity components across different ecosystems. It integrates with various identity providers, making it easier for developers to incorporate identity and reputation standards into their dApps. The protocol emphasizes the need for end-to-end flow and demonstrates how it tangibly improves the user experience. Developers are expected to start building on top of Rarimo by the end of the summer.
The concept of portable identity is difficult to solve because identity evolves and is not just a token, but a token with history associated with it.Rarimo aggregates various identity components that exist across different forms and allows for full control and management of this entire interaction on-chain via smart contracts.Rarimo is expected to launch with partnerships with the ten largest identity providers, and a beta mainnet will be available by the end of the summer.The best place to get started with Rarimo is to read through the documentation available on their website, docs.rarimo.com.The development of identity space and standardization will require time and upbuilding, but Rarify Labs is committed to delivering tangible and user-centric demos to address these challenges.
Key takeaways
Chapters[01:08] Why is identity becoming an increasingly important topic in the Web3 and DeFi space?
[03:14] Is identity interoperability the missing Holy Grail in the crypto space?
[04:00] Managing multiple identities across different platforms in the digital space using blockchain and Web3
[06:28] What is Lasha Antadze's background in identity and what makes him interested in identity today?
[10:47] COVID-19's impact on digital identity in the crypto and Web3 space, changes making identity more portable and creatable on ledger, and how this applies to businesses in the crypto ecosystem
[14:41] What is Rarimo doing in the identity space?
[18:46] The challenge of portable identity in the crypto space
[21:38] What benefits does Rarimo integration provide for application developers, and when should they consider using Rarimo's tools?
[24:43] What identity providers is Rarimo integrated with?
[26:58] What is the expected launch date for Rarimo and how can people get involved?
Website: http://rarimo.com/ Discord: https://discord.gg/Bzjm5MDXrU
Further resources -
With Oliver Linch, CEO
In this episode of the DeFi Download, Piers Ridyard talks with Oliver Linch, CEO of Bittrex Global, about the advantages and disadvantages of centralised and decentralised exchanges, the company's history of operating in the cryptocurrency market, and its legal challenges with the SEC.
SummaryBittrex Global is a successful cryptocurrency exchange that grants global users access to over 650 tokens. However, the company is currently facing legal challenges from the SEC, despite being regulated in Liechtenstein and Bermuda.
During the discussion, Linch and Piers talk about the future of the crypto industry and its regulation. They argue that a balance between regulation, security, and innovation is necessary. Both centralised and decentralised exchanges have a role to play. They also touch on the challenges of verifying smart contracts and the significance of trust in both systems.
Despite being regulated in Liechtenstein and Bermuda, Bittrex Global is facing legal challenges from the SEC.Oliver Linch, CEO of Bittrex Global, believes that a legal framework is required to ensure that people can engage in commercial activities with confidence and that regulation is critical when things go wrong.Centralised and decentralised products can collaborate to create something more productive than destructive, and there will always be a place for both centralised and decentralised products in the crypto industry.Regulation will have an impact on the crypto industry's future, and the next ten years will be crucial in determining how the industry will evolve.Bittrex Global is primarily focused on regulation, security, and innovation, with a particular interest in the tokenization of real-world assets.
Key takeaways
Chapters[01:18] Oliver Linch’s unusual for a crypto exchange CEO background as a lawyer
[02:08] The story behind Oliver Linch's journey to becoming CEO of Bittrex Global
[03:49] How is Bittrex Global handling the SEC's lawsuit while building its business? How are they considering the US regulator while operating globally?
[07:42] Why is Bittrex Global being sued by the SEC despite providing services to non-US citizens from a regulated jurisdiction?
[10:36] The implications of the SEC's lawsuit against Bittrex Global for the crypto industry
[11:39] What is Oliver's opinion, from a jurisprudential perspective, on the impact of regulation? Is regulation entirely beneficial or only partially so?
[13:15] The necessity of a legal framework in facilitating interactions between people
[15:18] Is regulation in crypto necessary only when something goes wrong?
[17:19] Trust-minimization and transparency in DeFi: Are decentralised finance (DeFi) and decentralised exchanges (DEXs) a threat to centralised exchanges?
[20:01] How does trusting a regulated process differ from trusting a coder for an exchange regulated in a different country than the user's residence?
[23:14] The risk of internal fraud in regulated crypto exchanges
[24:08] The trustworthiness of banks regulated in different countries
[24:30] Verifying entities in the crypto industry: Smart contract audits and auditor reputation
[25:29] The importance of validation and auditing in both centralised and decentralised exchanges
[29:05] The future of the crypto industry and Bittrex Global's next steps
Website: global.bittrex.com Twitter: @BittrexGlobalOliver Linch’s Twitter: @OliverLinch
Further resources -
Mark Richardson, the project lead at Bancor, joins Piers Ridyard to discuss Carbon, the next stage in DEX evolution, in this episode of the DeFi Download. Carbon provides order book-like functionality on-chain and has already seen over 100 strategies created since its launch on April 20th.
SummaryFrom Bancor V1 to Uniswap, the evolution of cryptocurrency liquidity provision has been characterised by significant innovations that sparked DeFi Summer. Although the Automated Market Maker (AMM) was a game-changer, Bancor is turning away from the AMM, recognising the complexities involved in providing liquidity.
Carbon, as an on-chain order book functionality provider, offers greater flexibility and control over liquidity provision than traditional AMMs. Carbon's app runs in the user's browser using an open-source software development kit (SDK), which is lightweight enough to run smoothly on a smartphone.
Carbon is a gas-efficient, lightweight DEX that prioritises efficiency while still executing swaps trustlessly.In retrospect, some of the most significant innovations appear obvious, but until an innovation is defined and described, it may not be immediately apparent. The irony of invention is that it is only apparent after it has been discovered. Previously, it may have been unclear why others were not in the right frame of mind to make the discovery themselves.Carbon's development priorities include identifying the demographic that uses Carbon, exploring other blockchain ecosystems, and supporting features that did not make the critical path for the MVP but still need support.
Key takeawaysChapters
[01:12] What killed the AMM, and what comes next in the world of DeFi liquidity provision?
[07:05] How providing liquidity can align incentives and create a social basis for market making in DeFi
[10:45] What is the simplest way to describe impermanent loss to someone in the context of AMMs?
[13:37] Impermanent loss in liquidity provision and missed profit opportunities
[16:02] What are Mark Richardson's thoughts on how Bancor's Carbon can contribute to the concentrated liquidity pools model, and what is the next step in liquidity provision?
[18:21] What is a short gamma option, and why is it called that?
[23:53] The rise of constant function AMMs and the naive phase of decentralised finance and crypto
[26:50] What are the limitations of the Automated Market Maker (AMM), and why is it not the ideal financial instrument for liquidity provision in DeFi? How does Carbon solve these limitations, and what does it do differently?
[29:20] Carbon's customizable "buy low, sell high" strategy execution
[33:39] Is it possible that CLOBs lack statefulness and a concept of time, resulting in only valid or invalid orders and no if-then statements?
[35:27] How does Carbon solve the challenge of creating order book-like functionality and making it easy for users to buy within a certain range without having to pick specific orders, while still maintaining the ability to put trades on in microseconds or nanoseconds and avoiding potential performance issues with state-based logic in order matching engines?
[38:59] The genius of Carbon: a simple on-ledger solution for order routing
[43:29] Does using the SDK in Carbon for executing positions trustlessly while still submitting the execution to the ledger raise concerns among decentralisation maximalists?
[46:37] What are Carbon’s plans for the next 6–12 months?
Website: bancor.network Twitter: @Bancor Discord: discord.com/invite/CAm3Ncyrxk
Further resources -
Michael Videtto, co-founder of Astrolescent, a decentralised exchange aggregator, is Piers Ridyard's guest on this week's episode of the DeFi Download Podcast. Piers and Michael discuss the launch of USDA, the first fully collateralized stablecoin on Radix.
Summary
Michael Videtto, Astrolescent's co-founder, has a background in physics and electrical engineering, as well as 15 years of investing experience in both crypto and traditional finance. He has an interest in macroeconomics and aims to further his knowledge in the field.
Astrolescent intends to bring Radix into the mainstream by combining DeFi and traditional finance through four financial products. Their first product is a decentralised exchange aggregator, which will be followed by other products that will use the aggregator to provide users with more options and flexibility. Astrolescent seeks to mitigate risk by looking into partnering with multiple banks rather than just one. In July 2023, they plan to launch USDA, an audited and fully-backed stablecoin issued in the US on Radix, along with other products.
During the discussion, Michael emphasised the importance of crypto industry regulation to prevent scams and build trust. He also discussed the stability of stablecoins such as USDC, as well as how well-regulated and diversified companies like Circle can recover from losses and continue offering stablecoins. Michael also highlighted the importance of transparency and proof of reserves in stablecoins. Astrolescent will use a KYC verification token to ensure the security of their DeFi products and to track token ownership on the network.
Chapters
[01:05] Michael’s view on the impact of the Silicon Valley Bank USDC wobble on stablecoins
[02:28] Are decentralised stablecoins the future of DeFi in light of the recent events?
[03:39] The importance of stablecoins for DeFi and public ledgers
[04:39] The founding of Astrolescent and their first product
[06:23] Michael’s background and interest in crypto and finance
[07:09] Did Michael initially become interested in crypto through his interest in finance and macroeconomics?
[08:39] The challenges of launching a stablecoin in a mature market issued out of the USA: Astrolescent's approach with USDA
[10:38] Launching the first stablecoin on Radix
[11:45] Using Radix-specific features for USDA launch
[12:59] A new emerging narrative in DeFi: Is building on-ledger applications that are transparent, leverage smart contracts, and are also compliant becoming a big growth area for DeFi?
[14:10] Astrolescent's plans for the liquidity around their first product, the USDA stablecoin
[16:03] Astrolescent's challenge with state-by-state banking regulations in the US
[16:59] The global availability of USDA and who can use it
[17:54] Can USDA be freely transferred after purchase or is it subject to restrictions?
[18:42] Astrolescent leverages the powerful rule set associated with tokens in the Radix engine to future-proof their stablecoin and build a product that works for both DeFi and traditional finance.
[21:04] Hybrid permissioned and permissionless systems, regulation, and innovation in DeFi
[24:45] What is the most useful thing that the Radix community can do for Astrolescent right now?
Further resources
Website: astrolescent.com Twitter: @astrolescent -
Summary
On this episode of the podcast, Piers talks with Will Jones, founder of Paper Street Capital, about his experiences with Scrypto and the future of decentralised development.
Paper Street Capital is a crypto investor who came from TradFi and follows the same fundamental principles that worked in the traditional space, but now in Web3, betting on people.
From his admiration for Radix to his experiences with Solidity and Scrypto, Will shares his insights into the challenges and opportunities facing developers in the crypto space.
During the discussion, Will and Piers talk in detail about Scrypto, a Rust-based programming language for Web3 development. They discuss the importance of asset handling and security, the user-friendliness of Scrypto, and the challenges of code reusability in public ledger code. They also explore the potential for blueprints and components to incentivize creativity and reward developers with royalties.
Key takeaways
Scrypto is a Rust-based programming language for Web3 development that emphasises asset handling and security, user-friendliness, and code reusability through blueprints and components.Radix has implemented a system of micropayments for useful actions on the ledger, with delegated fees allowing third parties to pay transaction fees on behalf of users.Scrypto is intuitive and rewarding, with the use of polished blueprints and components lowering the bar for entry-level developers.The transaction manifest simplifies the process of composing smart contracts and allows for greater composability.A blueprint is a piece of functionality that you want to instantiate on the Radix ledger, while a component is the functioning smart contract on top of the ledger. They allow for safer and cheaper instantiation of code and easier code reusability for building more complicated applications.Chapters
[01:09] How Radix's presentation and focus on pain points in the crypto industry impressed Will Jones
[03:08] Scrypto's technical features: a bowling alley with gutter guards down
[04:48] Radix's story of creating Scrypto, the secure and user-friendly Rust-based programming language for Web3 development
[12:00] Will Jones's experience learning blockchain programming: Solidity vs Scrypto, and blueprints as Lego pieces for Web3 development
[14:25] Radix's blueprint and component system: safer and cheaper instantiation of code and easier code reusability in public ledger development
[23:05] How blueprints and components in Scrypto can incentivize creativity and reward DeFi developers with royalties
[24:30] Incentivizing useful code: how Radix is using micropayments and delegated fees to accelerate their ecosystem
[28:42] The benefits of Scrypto: lowering the bar for entry-level developers, saving time and stress in Web3 development with components and blueprints
[30:52] Avoiding Ethereum's risks: the benefits of Radix and Scrypto
[35:03] Efficient development using the tools and components of the Radix marketplace
[36:09] The power of coordination layers: standardised building blocks for innovation
[38:06] The role of components in the Radix ecosystem
[40:11] Building dApps with ease and efficiency, low barrier to entry, and polished, easy-to-use components and blueprints
[43:12] The benefits of Radix's transaction manifest for smart contract development
[48:38] Simplifying DeFi: how Radix is improving user experience
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In this episode of the DeFi Download podcast, Piers Ridyard and Bruno Škvorc, the founder of RMRK, delve into the RMRK NFT 2.0 standard and the Singular marketplace, which is designed to showcase the possibilities of NFT 2.0s. They also talk about marketing challenges and Bruno’s hope for widespread technology adoption.
Summary
RMRK (pronounced “remark”) is a collection of smart contract standards and building blocks that allows NFTs to be infinitely extended and exist as NFT2.0s. It runs on the Kusama blockchain, Polkadot's canary network, without requiring parachains or smart contracts, and aims to elevate NFTs beyond just monkey pictures.
Key takeaways
RMRK is a protocol created by a team of developers who are working to establish a new standard for NFTs. This new standard enables more complex data structures to be used.The RMRK team has created a marketplace called Singular that showcases the possibilities of the NFT 2.0 standard and allows artists and collectors to trade NFTs 2.0. Singular is very much like the OpenSea of NFTs 2.0.NFTs can be used to represent anything from music tracks to financial instruments.Adopting a new idea, even if it's a really good one, can be difficult. To capture the popular imagination, it's important to create a narrative around a new technology.The RMRK team has struggled with marketing their technology, but they recognise that it is necessary to build familiarity through exposure.Chapters
[01:06] The origin story of RMRK
[02:52] The journey of RMRK: from hacking NFTs on layer 1 to building robust cross-platform standards
[06:46] Game equipables and the power of NFTs owning NFTs and equipables
[10:35] Examples of combining fungible tokens with non-fungible tokens to experiment with data structures in a decentralised way
[13:01] Exploring the boundaries of NFTs: Should chat history be an NFT?
[14:06] Is the creation of identity and reputation as on-ledger objects leading to lighter front ends?
[15:52] NFTs owning NFTs and fungible tokens: how does it differ from a wallet?
[18:02] Social media and finance are converging on Web3 and DeFi, but there may also be a convergence with gaming. Will game skill sets be the next big thing in DeFi?
[24:24] Does a large number of generative arts need to be involved in making two pieces of artwork together in NFTs and making a new collection compatible with equipables?
[27:20] Younger generations have grown up with digital gaming and missions, which can be applied to the DAO economy and lead to interesting developments. What are some examples of groups understanding and using the RMRK standard?
[28:39] The value of reputation in building successful Web3 communities: lessons from Web2 communities like Reddit
[30:23] What is the new marketplace that Bruno is building besides RMRK?
[32:57] What defines success for Singular? Is it having many RMRK-standard marketplaces or becoming the main NFT2.0 trading platform?
[34:29] Overcoming the challenges of introducing a good idea to the world and the road ahead for RMRK
[36:03] The importance of narrative in NFT 2.0 adoption — RMRK's nestable NFTs and Radix compatibility
[38:00] Navigating the RMRK and Singular ecosystems: where to start?
Further resources
RMRK Website: rmrk.app Singular App: singular.app Twitter: @RmrkApp Bruno’s Twitter: @bitfalls -
In this episode of the DeFi Download, Piers Ridyard and Evgeny Yurtaev, CEO and co-founder of Zerion, discuss the importance of smart wallets that help users avoid mistakes, the upcoming Zerion extension release, and the challenges of designing a user-friendly onboarding process for Web3.
Summary
Zerion is a Web3 non-custodial crypto wallet and asset management platform. It is designed to provide users with a seamless and secure experience when managing their digital assets. The Zerion Wallet has gained over 100,000 users and facilitated more than 600,000 transactions with over $1.5 billion in volume since June 2022.
With the upcoming release of the Zerion browser extension, users can expect even more features and functionalities that will enhance their experience. For instance, the extension will offer transparency during transaction signing and website validation. Zerion has a large and active Discord community and an API for Web3 developers.
Key takeaways
Seed phrase-based wallets are currently the most accessible and easiest to use, and Zerion is researching account abstraction and multi-party computation for better user experience and security.The upcoming Zerion browser extension will offer transparency during transaction signing and phishing website checks.Web3 can enhance finance and internet user experience by focusing on the user's data. Wallets must provide a good user experience to promote free competition and enable users to choose the best wallet interfaces.Chapters
[01:25] The user experience of crypto wallets and recent hacks, as well as the idea behind Zerion and why it was built
[03:35] Zerion’s key insights and unique selling proposition in the crypto wallet market
[06:21] The reasons behind the poor user experience of crypto wallets and the importance of fixing it
[08:14] Web3’s role in enabling flexible user experiences for crypto wallets, Evgeny’s views on its impact on business opportunities, and Zerion’s competitive advantage
[11:07] The future of crypto wallet user experience, according to Evgeny: specialisation and personalization, similar to operating systems
[12:51] The role of crypto wallets in the industry compared to messaging, decentralised social media, and file storage and their potential expansion to include such services
[15:57] Current availability of the best possible public-private key infrastructure, the bifurcation of the crypto wallets between authentication and asset control vs. all-in-one services, and the thin versus fat stack debate
[18:25] How Zerion helps users avoid losing assets through blind signing mistakes
[20:09] The problem of seed phrases: the anti-seed-phrase movement, Zerion's standard form using private keys, and their plans for social recovery
[22:26] The benefits of account abstraction, its integration into the Radix ledger, and the challenges of user onboarding
[25:04] The challenge of being backwards compatible with past technologies and the advantages of a new ledger like Radix
[25:38] Zerion's goals for 2023
[27:23] The Zerion Browser Extension
[28:48] The best place to get started with Zerion
[29:32] The first thing to do after downloading the Zerion Wallet
Further resources
Website: zerion.ioTwitter: @zerionEvgeny’s Twitter: @evgeth_Discord: https://zerion.io/discord - Se mer
