Unchained

Latest Episodes:

Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off - Ep.272 Sep 14, 2021

Show notes

Once the block reward diminishes greatly, can Bitcoin be secured only by transaction fees? On Unchained, Bitcoin writer Vijay Boyapati and Ethereum Foundation’s Justin Drake debate the merits of Bitcoin’s security model, which Drake says will largely rely on transaction fees as soon as within 20-30 years, not in 100+ years. Highlights:

Justin’s and Vijay’s professional backgrounds
why Justin thinks Bitcoin cannot survive solely on fees
how Bitcoin is currently secured
what makes Bitcoin’s security subjective rather than binary
how much it would cost in dollars to 51% attack Bitcoin
what the Bitcoin network could do in response to a 51% attack
how to calculate Bitcoin’s security budget
why Bitcoin's price can’t go exponential forever
whether a “nuclear option” for Bitcoin miners could protect against a 51% attack
why nation-states could be either pro or anti-Bitcoin
why a Bitcoin Standard could be similar to the Gold Standard
how Bitcoin will change going forward, and why Vijay thinks transaction fees will increase
why Justin does not think transaction fees will increase enough to secure Bitcoin’s base layer
how Justin would fix Bitcoin’s security model -- and why he thinks the 21 million hard cap is a meme
why Vijay does not think Bitcoin’s security model will ever change -- especially the 21 million hard cap
what Justin thinks Ethereum is doing better than Bitcoin
why Vijay thinks Ethereum will fail

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Thank you to our sponsors!

Digital Asset Research: https://www.digitalassetresearch.com/

Ledger: https://www.ledger.com/

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Episode Links

Justin Drake

Twitter: https://twitter.com/drakefjustin
LinkedIn: https://www.linkedin.com/in/drakefjustin/
Recent Unchained appearance:
- https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/

Vijay Boyapati

Twitter: https://twitter.com/real_vijay
LinkedIn: https://www.linkedin.com/in/vijayboyapati
The Bullish Case for Bitcoin:
- https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1

Bitcoin’s Security Model

Hasu
- https://ark-invest.com/podcast/bitcoins-security-model-with-hasu/
Dan Held
- https://danhedl.medium.com/bitcoins-security-is-fine-93391d9b61a8
Nic Carter
- https://medium.com/@nic__carter/bitcoin-bites-the-bullet-8005a2a62d29
- https://www.docdroid.net/C7uTY1R/mit-expo-slides-nic-carter-pdf#page=12
Paul Sztorc
- https://www.truthcoin.info/blog/security-budget/
Donal McIntyre
- https://etherplan.com/2019/05/17/why-the-bitcoin-fee-model-will-work/7587/
Phil Geiger
- https://unchained-capital.com/blog/21-million-is-non-negotiable/
Jordan McKinney
- https://medium.com/coinmonks/bitcoin-security-a-negative-exponential-95e78b6b575
- https://medium.com/coinmonks/bitcoin-security-in-one-chart-694ee3ed8c2d
Lyn Alden
- https://www.lynalden.com/bitcoin-security-modeling/
Princeton
- https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf
Doomsday economics of PoW
- https://www.bis.org/publ/work765.pdf

Basic Info

How BTC fees work
- https://river.com/learn/how-bitcoin-fees-work/
- https://en.bitcoin.it/wiki/Miner_fees
What will happen when all BTCs are mined?
- Decrypt: https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined
- River: https://river.com/learn/what-will-happen-after-all-bitcoin-mined/

Bitcoin Fees

https://studio.glassnode.com/metrics?a=BTC&category=&ema=0&m=fees.VolumeSum&mAvg=365&mMedian=0&modal=loginForm

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Unconfirmed: Was Coinbase CEO Brian Armstrong Entitled to a Meeting With the SEC? - Ep.271 Sep 10, 2021

Show notes

Ephrat Livni, a DealBook business and policy reporter at the New York Times, discusses Coinbase’s fight with the SEC over its Lend product and El Salvador’s adoption of Bitcoin as legal tender. Show highlights:

why Coinbase is unhappy with what it calls the SEC’s “sketchy” behavior
how Coinbase’s Lend product is structured and why it might be a security
why Ephrat considers Coinbase’s reaction to the SEC’s decision on Lend to be “trolling”
what we can learn from SEC chair Gary Gensler’s letters with Senator Elizabeth Warren
what legal precedence the SEC is leaning on in its decision about Lend
how to explain the SEC’s choice to not meet with Coinbase in Washington
why Ephrat thinks Brian Armstrong sounds entitled
Why even pro-Bitcoin groups in the US take issue with El Salvador’s adoption of Bitcoin as legal tender
why Ephrat thinks Bitcoin is not a practical payment mechanism for El Salvadorans
how El Salvadorans have reacted to the law
why Ephrat believes El Salvador’s mandate to accept BTC is philosophically problematic for Bitcoiners

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Digital Asset Research: https://digitalassetresearch.com

Sorare: https://sorare.com

Episode Links

Ephrat Livni

Twitter: https://twitter.com/el72champs
New York Times: https://www.nytimes.com/by/ephrat-livni

Coinbase

Brian Armstrong tweet thread: https://twitter.com/brian_armstrong/status/1409555338836078592
Coinbase blog: https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009
Coinbase Lend: https://www.coinbase.com/lend
Howey and Reves test: https://securities-law-blog.com/2014/11/25/what-is-a-security-the-howey-test-and-reves-test/

Bitcoin and El Salvador

CoinDesk coverage:
- https://www.coindesk.com/policy/2021/09/07/as-el-salvador-enacts-bitcoin-law-locals-remain-confused-about-implementation/
Wall Street Journal coverage: https://www.wsj.com/articles/bitcoin-comes-to-el-salvador-first-country-to-adopt-crypto-as-national-currency-11631005200
CNN coverage: https://www.cnn.com/2021/09/06/business/bitcoin-price-el-salvador-intl-hnk/index.html
CBS coverage: https://www.cbsnews.com/news/bitcoin-el-salvador-legal-currency/#:~:text=As%20legal%20tender%20in%20El,subject%20to%20capital%20gains%20tax.
Reuters: https://www.reuters.com/technology/it-guy-in-chief-president-tries-fix-el-salvadors-bitcoin-woes-2021-09-08/
Jerry Brito’s opinion: https://twitter.com/jerrybrito/status/1405660809024393221
Survey results: https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/

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How Crypto Streaming Service Audius Hit Six Million Monthly Active Users - Ep.270 Sep 07, 2021

Show notes

Audius, a blockchain native music streaming platform, hit six million monthly active users in August and announced a partnership with TikTok. Roneil Rumburg, co-founder and CEO of Audius, talks about how Audius works, AUDIO tokenomics, the give and take of decentralization, and more. Show highlights:

what problems Audius is solving for creators
how artists are utilizing crypto to connect with fans
how the crypto components of Audius fit together
what three utilities AUDIO, the native token of Audius, offers holders
why Audius requires over $500K in AUDIO tokens to run a node
why AUDIO’s inflation rate is higher than other popular tokens like Ethereum or Bitcoin
which portions of Audius are centralized versus decentralized
where the majority of Audius’s listens come from (hint: it’s not the app)
how Audius has created a “password” system to make blockchain technology easier to use for non-crypto natives
why Audius uses both Solana and Ethereum
how big-name artists like Diplo found their way onto Audius
how Audius makes it easier to upload music to TikTok
what’s next for Audius

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Follow Laura on Medium!

Hey everyone, some news: I've begun writing news and features again. I’m now a Medium Partner, one of a group of writers I have long admired, such as Susan Orlean, Cory Doctorow, James Surowiecki and Will Leitch, among others. You can already check out my first post, which is on my career trajectory and why I still love covering crypto six years in. To find all my writing on Medium, please follow me at Medium.com/@laurashin.

Thank you to our sponsors!

Digital Asset Research: https://www.digitalassetresearch.com/

Ledger: https://www.ledger.com/

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Episode Links

Roneil Rumburg

Twitter: https://twitter.com/roneilr

Audius

Website: https://audius.co/
Twitter: https://twitter.com/AudiusProject
Whitepaper: https://whitepaper.audius.co/AudiusWhitepaper.pdf
Discord: https://discord.com/channels/557662127305785361/806017242734395413

What is Audius?

TikTok + Audius Coverage

General Coverage

6M monthly users
- https://twitter.com/AudiusProject/status/1433248161443684356

Moving to Solana (Oct 2020):
- https://www.coindesk.com/markets/2020/10/29/audius-the-decentralized-spotify-is-moving-part-of-its-service-to-solana-blockchain/
5M monthly users (Aug 5):
- https://www.coindesk.com/markets/2021/08/05/blockchain-based-music-streaming-service-audius-up-to-5m-monthly-users/
Copyright nightmare (The Verge 2019)
- https://www.theverge.com/2019/10/9/20905384/audius-blockchain-music-streaming-service-copyright-infringement-piracy
NFTs (April 2021)
- https://decrypt.co/65808/crypto-streaming-music-service-audius-nfts
Token Drop (Oct 2020):
- https://medium.com/audius/welcome-audio-to-mainnet-409009bc130c
- https://decrypt.co/46390/audius-distributes-crypto-rac-deadmau5-listeners
Youtube + Audius project
- https://youtubetoaudius.com/
Music Racer:
- https://store.steampowered.com/app/893030/Music_Racer/
Raises
Node requirements:
- https://blog.audius.co/posts/a-primer-on-audio-staking#:~:text=All%20node%20operators%20are%20required,cost%20slightly%20more%20to%20operate.

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Unconfirmed: Why the FTX.US/LedgerX Deal Indicates Crypto M&A Might Start Booming - Ep.269 Sep 03, 2021

Show notes

Steven Ehrlich, director of research for digital assets at Forbes, discusses the FTX.US-LedgerX merger, what to expect from FTX going forward, DeFi regulation, and more. Show highlights:

why the FTX.US acquisition of derivatives platform LedgerX is significant
how FTX.US stacks up against other US cryptocurrency exchanges
who should use crypto derivative products
how regulators might handle FTX.US and crypto derivative ETFs
what to expect from FTX going forward
how long FTX CEO Sam Bankman-Fried spends talking to regulators every day
why Steven thinks crypto mergers and acquisitions will be a trend going forward
what Steven learned from his conversations with Polygon and Hermez
how Fereshteh Forough, a woman living in Afghanistan, is using crypto to help teach women to build dapps, smart contracts, and use crypto

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Polymarket: https://polymarket.com

Sorare: https://sorare.com

Episode Links

Steven Ehrlich

FTX.US Merger

https://www.forbes.com/sites/stevenehrlich/2021/08/31/us-bitcoin-exchange-backed-by-billionaire-sam-bankman-fried-moves-into-crypto-derivatives/

M&A Trend

https://www.forbes.com/newsletters/forbescryptoassetadvisor/2021/08/31/exploring-voyagers-900-million-token-merger/?sh=29f4f16851b4

Interview with Sam Bankman-Fried

https://www.forbes.com/sites/stevenehrlich/2021/08/30/billionaire-sam-bankman-fried-pushes-back-against-critics-of-crypto-derivatives/?sh=6428141b5cbd

Polygon-Hermez Deal

https://www.coindesk.com/polygon-merges-with-hermez-network-in-250m-deal

Fereshteh Forough Coverage

https://www.forbes.com/sites/stevenehrlich/2021/08/17/taliban-resurgence-could-threaten-afghan-school-teaching-women-to-code-and-build-ethereum-apps

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How Pplpleasr Helped Fortune Magazine Sell More Than $1 Million in NFTs - Ep.268 Aug 31, 2021

Show notes

Pplpleasr, the artist behind Fortune magazine’s recent crypto cover and Uniswap’s V3 announcement animation, talks about her crypto journey and how NFTs are changing the game for creators. Show highlights:

how not getting a job at Apple changed her life forever
how the Pplpleasr-Uniswap collaboration came about
what goes into her creative process
how Pplpleasr got hired for the Fortune magazine cover
why she chose to represent anon-avatars on the Fortune cover
why Pplpleasr was surprised by Fortune’s response to her artwork (and crypto in general)
what sort of crypto personas are represented on the Fortune cover and why
how NFTs are changing the paradigm of monetization for creators compared to the traditional art world
what pplpleasr is looking forward to in future NFT smart contracts
why NFTs are still limited right now
why institutions, like Budweiser and Visa, are suddenly interested in NFTs
what Fortune is doing to grow its NFT collection
how DAOs are changing art curation and collecting
why Pplpleasr was surprised that a DAO (bearing her name) purchased the Uniswap V3 animation
where Pplpleasr thinks the NFT space will go in the next year or so

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Polymarket: https://polymarket.com

Episode Links:

Pplpleasr

Twitter: https://twitter.com/pplpleasr1
Instagram: https://www.instagram.com/pplpleasr/
Website: https://pplplsr.com/

Pplpleasr Content:

Fortune op-ed on crypto
- https://fortune.com/2021/08/06/nft-art-pplpleasr-fortune-cover-ethereum-defihow-crypto-changed-my-life/
Her previous work for DeFi protocols
- https://pplplsr.com/Crypto
Fortune cover
- https://fortune.com/2021/08/05/nft-drop-pplpleasr-cover-art-opensea-auction-ethereum/
- https://twitter.com/pplpleasr1/status/1423359319639212037?s=20

Miscellaneous Links

PleasrDAO
- https://pleasr.org/
- https://pleasr.mirror.xyz/D9wIadL-5EEkt17glTtar21m3RDqfgkhkr__OEE2mOE
OpenSea’s post-mortem on Chad sale
- https://twitter.com/opensea/status/1424866514558128130
Business of business write up
- https://www.businessofbusiness.com/articles/defi-crypto-meme-hustler-yield-farmer-finance-blockchain-art-nft-pplpleasr-memetic-markting/
Manifold
- https://www.manifold.xyz/

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Unconfirmed: How Another NFT Trend, .eth Names, Has Attracted the Likes of Budweiser - Ep.267 Aug 27, 2021

Show notes

Nick Johnson, lead developer at the Ethereum Name Service (ENS), talks about making Ethereum human-readable, why Budweiser purchased an NFT, how purchasing an ENS works, and more. Show highlights:

what ENS does and why it is important
why Budweiser bought “beer.eth”
how ENS names can be used to make Ethereum easier to use
what business use cases ENS names make possible
what made Nick want to create a naming service on Ethereum
how people are using their ENS names
why people are purchasing ENS names
what privacy issues arise from people attaching their name to an ETH address
what happens when Ethereum addresses get spammed with unwanted tokens
how to buy an ENS name and how much it costs
how ENS handles squatters
what happens when you lose access to an address holding an ENS name
how ENS is integrating normal domains (ex: “.com”) to Ethereum
what ENS has planned for L2 launches

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Polymarket: https://polymarket.com

Sorare: https://sorare.com

Episode Links:

Nick Johnson

Twitter: https://twitter.com/nicksdjohnson
Website: http://blog.notdot.net/

Ethereum Domain Service

Twitter: https://twitter.com/ensdomains
Website: https://app.ens.domains/

Miscellaneous links

Budweiser ENS purchase: https://decrypt.co/79397/from-visa-to-budweiser-big-brands-are-taking-nfts-seriously
Unwanted tokens being sent to addresses
- https://decrypt.co/79406/budweiser-dick-pic-nft-ethereum-wallet
- https://www.coindesk.com/markets/2021/05/12/vitaliks-regift-of-unsolicited-doge-knockoffs-sends-memecoin-prices-plunging/
DNS (.com) integration with ENS: https://twitter.com/ensdomains/status/1430933399745798155

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BitGo on Why the Travel Rule Should Not Apply to Digital Assets - Ep.266 Aug 24, 2021

Show notes

BitGo CEO Mike Belshe and COO Jeff Horowitz talk about one of the hottest topics facing the crypto industry today: regulation. They discuss...

what BitGo does
why Jeff left his successful TradFi career to go crypto
how crypto compliance and custody differs from the traditional finance world
the state of crypto education amongst regulators
why Jeff and Mike think the infrastructure bill is a win for the crypto industry
what FinCEN is doing to regulate crypto
why they think the infrastructure bill’s goal of raising billions in crypto taxes could only bring in millions
what FATF guidance regarding VASPs requires of crypto companies
why the travel rule could lead to US customer data being shared overseas
how digital assets change the implications of the travel rule
how regulators are attempting to deal with DeFi
what the FATF guidance means for FATF countries, like the US
why DeFi is not ready for strict regulations
Jeff’s views on Brian Brooks’s departure from BinanceUS
the Galaxy Digital acquisition of BitGo
what security issues a trillion-dollar wallet presents
why BitGo refused to put a “freeze” function in its WBTC contract
why Tesla and MicroStrategy purchased BTC and why other companies have been slow to follow suit
whether BitGo will offer NFT solutions going forward

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2

Polymarket: https://polymarket.com/

Episode links

Mike Belshe -- CEO BitGo

LinkedIn: https://www.linkedin.com/in/mikebelshe/
Twitter: https://twitter.com/mikebelshe
Previous Unchained appearance: https://unchainedpodcast.com/mike-belshe-on-what-bitgos-kingdom-trust-acquisition-means-for-crypto-and-how-security-will-develop-in-the-future/

Jeff Horowitz -- CCO BitGo

LinkedIn: https://www.linkedin.com/in/jeff-horowitz-3381977

BitGo

Website: https://www.bitgo.com/
Twitter: https://twitter.com/BitGo
Blog: https://blog.bitgo.com/
Galaxy Digital purchase: https://www.coindesk.com/galaxy-digital-to-buy-bitgo-for-about-1-2-billion-in-stock-cash
FATF solution: https://www.coindesk.com/us-crypto-giants-build-first-version-of-fatf-compliant-travel-rule-tool
New York Trust Charter: https://decrypt.co/60110/bitgo-new-york-trust-charter-crypto-wall-street

Infrastructure bill and its implications for crypto

FATF and the travel rule

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Unconfirmed: SOL Is Up 3,800% YTD. Could It Eventually Displace Ethereum? - Ep.265 Aug 20, 2021

Show notes

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:

Solana

Twitter: https://twitter.com/solana
Recent updates: https://solana.com/news/solana-ecosystem-news/
Website: https://solana.com/

Recent SOL boom

Projects

Saber (AMM/DEX) growth
- https://twitter.com/Saber_HQ/status/1428062812228759564

Multicoin’s Solana material

Solana overview

Block explorers

Submitted questions from Unchained listeners

https://twitter.com/Unchained_pod/status/1428136429805264898

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On-Chain Analytics Show ETH Accumulation Is Greater Than That of BTC - Ep.264 Aug 17, 2021

Show notes

NFTs are the talk of the metaverse, EIP 1559 just went live, and DeFi stats are rebounding. On Unchained, Fredrik Haga, cofounder and CEO at Dune Analytics, along with Richard Chen, general partner at 1confirmation, discuss the booming Ethereum ecosystem through the lens of on-chain data, diving into NFTs, DeFi, ETH, and their favorite layer 2s. Show highlights:

why Ethereum is on such a pronounced upswing
why on-chain metrics lead to superior information reporting
mind-blowing OpenSea statistics
why NFTs are so hot at the moment
how Richard explains NFTs to normies
whether the NFT market is sustainable
what makes an NFT drop pop and why profile pics (PFPs) matter
how Polygon NFTs compare to Ethereum NFTs
the main driving force behind DeFi usage
how Richard measures the total amount of DeFi users
what brings new users into DeFi
what DEX trends Fredrik is keeping his eye on
why structured products are crucial to DeFi’s continued success
how Ethereum is doing since the London hard fork
why NFT drops are like 2017 ICOs
what metric shows ETH adoption outpacing BTC adoption among institutions
which layer 2 solutions are Fredrik and Richard excited about
why Richard considers Binance Smart Chain a centralized blockchain
why Fredrik likes what Solana is building
Richard and Fredrik’s predictions for the NFTs, DeFi, and ETH going forward

Thank you to our sponsors!

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2

Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero

Polymarket: https://polymarket.com/

Episode Links

Richard Chen

Twitter: https://twitter.com/richardchen39
1confirmation: https://www.1confirmation.com/
Dune Analytics dashboards: https://dune.xyz/rchen8

Fredrik Haga

Twitter: https://twitter.com/hagaetc
Dune Analytics: https://dune.xyz/home
Dune Analytics dashboards: https://dune.xyz/hagaetc

On-chain dashboards

Stablecoins: https://dune.xyz/hagaetc/stablecoins
Lending: https://dune.xyz/hagaetc/lending
DEXs: https://dune.xyz/hagaetc/dex-metrics
ETH 2.0 deposits: https://dune.xyz/hagaetc/eth2-0-deposits
OpenSea: https://dune.xyz/rchen8/opensea
DeFi users: https://dune.xyz/rchen8/defi-users-over-time
NFT prices: https://dune.xyz/rchen8/NFT-prices
SuperRare: https://dune.xyz/rchen8/superrare_4
Nexus Mutual: https://dune.xyz/eliasimos/Nexus-Mutual-Financials
ETH fees burned: https://dune.xyz/rchen8/ETH-fees-burned-in-1confirmation-portfolio
Base Fees: https://dune.xyz/msilb7/EIP1559-Base-Fee-x-Tip-by-Block

Unchained episodes mentioned

Miscellaneous

Zed Run: https://zed.run/
Axie Infinity: https://axieinfinity.com/
Qiao Wang tweet: https://twitter.com/QwQiao/status/1425773846418821125
Ethereum burning: https://ultrasound.money/

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Unconfirmed: Why Did the Poly Network Attacker Return Half the Money They Stole? - Ep.263 Aug 13, 2021

Show notes

Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack -- the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack, explaining how it occurred, why the hacker is returning the funds, and what Poly Network should do next. Show highlights:

how Poly Network works
what specific mechanism the hacker attacked on Poly Network
why many people (including myself) had never heard of Poly Network before the hack
how “keepers” failed to protect Poly Network
why a failed transaction was the key to pulling off the hack
what SlowMist claims to have discovered about the hacker
what could be motivating the hacker to return the stolen funds
how the hacker is communicating with Poly Network
why Tether was able to freeze funds while USDC and BSC allowed the hacker to get away with their tokens
how Poly Network should handle negotiations with the hacker

Thank you to our sponsors!

Sorare: https://sorare.com

Polymarket: https://polymarket.co/unconfirmed

Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2021

Episode Links

Mudit Gupta