cryptoeconomics

Eigenlayer token details are here! Don’t call it an Airdrop - This is a Stakedrop — because that’s the only thing you can do with your EIGEN tokens out of the gate. 

15% of the total Supply of Eigen distributed over multiple Seasons, Season 1 starts today with 5% of the supply, and one of the most sophisticated set of smart contracts on Mainnet. EIGEN is not your typical ERC20 token. It’s got this feature called “Intersubjective Forking” that increases the scope of what Eigenlayer can provide security for. 

In addition to the token details getting released, we’re also getting the Eigen Foundation, with a new director Robert Drost - who joins Sreeram today to walk us through everything you need to know.

Foundation Page:
https://eigenfoundation.org/ 

Claims Page:
https://claims.eigenfoundation.org/ 
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TIMESTAMPS
 00:00:00 Start
00:03:39 What is a Stakedrop?
00:08:51 Allocation Details
00:15:53 Phase 1 and Phase 2
00:19:38 Locked Token Utility
00:24:30 When Are Tokens Unlocked?
00:31:04 Intersubjective Forking
00:36:30 Building WWIII Resistance
00:42:15 History Behind Their Decision
00:53:03 Eigenlayer Foundation
00:56:38 Future of Points
00:58:38 US Citizens Blocked
01:01:47 Token Allocation Thoughts
01:05:10 What's Next?

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RESOURCES
Foundation Page:
https://eigenfoundation.org/ 

Claims Page:
https://claims.eigenfoundation.org/ 

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠ 

Solana on Ethereum? Solana has a virtual machine called the SVM. Proponents say it’s much better than the Ethereum EVM…multi-threaded execution…now it’s coming to Ethereum in the form of an L2. 

Today on the show, we brought on CEO & Co-Founder of Eclipse, Neel Somani. Eclipse is not only a new L2 on the scene, it’s also an L2 framework, kind of like the OP Stack. It’s a superchain contender. 

This poses some very interesting questions….who wins? Does this kill Solana? 

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TIMESTAMPS

0:00 Intro
7:10 Motivations For Eclipse
10:50 Why is the SVM Great?
16:00 How Fee Markets Work? 
19:20 Ethereum & Eclipse Pairing
20:25 What Kind of L2 is Eclipse? 
23:25 Celestia For Data Availability? 
25:30 Security Trade-Offs? 
27:30 Transactions on Eclipse
28:00 Economics on Data Availability 
33:50 RISC Zero & Eclipse 
36:10 Modular Thesis 
41:00 Eclipses's Superchain?
44:35 Eclipse Today?
45:20 Winners vs. Losers 
46:40 Eclipse vs. Solana 
49:00 Bad for $SOL? 
52:45 Eclipse Team
53:45 Solana as an L2
55:00 Eclipse Token?
55:45 Future Ecosystems
57:05 Naming This New Tech 
58:50 Roadmap
1:00:30 Neel's Bio
1:01:50 Closing & Disclaimers

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RESOURCES

Neel Somani
https://twitter.com/neelsalami 

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Not financial or tax advice. See our investment disclosures here:
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Vitalik Buterin is the founder of Ethereum and a researcher at the Ethereum Foundation. 

As the visionary behind the network, Vitalik's values are embodied within the ethos of Ethereum's community-centric nature.

Exploring quadratic funding, pluralism, and sybil resistance, we dive into why Vitalik cares about public goods and how we can utilize novel mechanisms to fund them elegantly. 

Take the Green Pill, anon.  

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Apple Show Link: 
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Spotify Show Link:
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Topics Covered:

0:00 Intro
3:30 Vitalik & Quadratic Funding
7:06 Evolution & Problems
12:14 Vitalik GreenPilled
15:00 Crypto’s Endgame
19:54 Pluralism
24:59 Public Goods Mechanisms
28:55 Sybil Resistance in Argentina
33:30 Community Values
38:55 Public vs Private Goods
42:10 Net Positive Impacts
44:09 Closing

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Resources:

Kevin on Twitter:
https://twitter.com/owocki?s=20&t=A1yy1WYtQlNAOiSxXtGuNQ 

Vitalik on Twitter:
https://twitter.com/VitalikButerin?s=20&t=6oPk84CaEN12Es6e7Nze3A 

Schelling Point Conference:
https://schellingpoint.gitcoin.co/ 

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Music by WABI SABI - snowflake - https://thmatc.co/?l=7786B012

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
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49 - Moon Math: The Bull Case for Cryptography

Guest: Justin Drake

Justin Drake is a researcher at the Ethereum Foundation and is leading the charge of the application of cryptography to Ethereum.

Justin speaks about how far with come in the cryptocurrency industry, with only two extremely primitive tools: cryptographic hashes and signatures; the fire and wheel of applied cryptography.

Justin leads us through a cryptographic-enabled world, where more recent breakthroughs in applied cryptography supplement hashes and signatures. Multi-party computation, fully-homomorphic encryption, SNARKs, verifiable-delay functions, these are all cryptographic tools that are yet-to-be harnessed by the Ethereum blockchain.

Importantly, all of these new modern cryptographic tools are developed well beyond theoretical concepts; all that is left is for talented developers to put rubber to pavement.

Justin walks the listeners through the user story of a user making a transaction on Uniswap, and discusses how cryptographic tricks can make the entire user process more secure and more trustless.

We finish with a discussion about the long term fate of the Bitcoin blockchain, and its collision course with quanton computing, which threatens to break some of the crucial features that makes Bitcoin, Bitcoin. Justin provides a roadmap for the decoupling of BTC the asset from Bitcoin the blockchain, using a cryptographic two-way bridge between Bitcoin and an alternative new host blockchain, presumably Ethereum, and how BTC can upload itself to a new blockchain, and be rid of the baggage and liability of the Bitcoin blockchain 🤯

This is truly one of the most unique pieces of content we’ve produced on the Bankless program, and Justin deserves so much credit for leading this operation!

Resources:

Justin’s Uniswap Cryptographic Mechanism Solution spreadsheet and their theoretical application to any Ethereum app.
https://docs.google.com/spreadsheets/d/1dyhNWMB6rVdmV3Xz-LlZlTt0f4tXfIW0YaoZVvenORs/edit?usp=sharing

Below are the two papers Justin mentioned on long-term Bitcoin (in)security:

"On the Instability of Bitcoin Without the Block Reward" by Princeton researchers.
https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf

There are two informal explainers:
https://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/
https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54

"On the insecurity of quantum Bitcoin mining"
https://arxiv.org/pdf/1804.08118.pdf

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time we may add links in this channel to products we use. We may receive commission if you make a purchase through one of these links. We'll always disclose when this is the case

This episode is a continuation of the Hash Power series. It is the first of what we will call a Hash Power single—a series of conversations each with a single guest on a specific topic. In this case my guest is Chris Burniske, and the topic is cryptoasset valuation. This conversation is loaded with information, I think you are going to love it. Chris recently released book called Cryptoassets, which is a must read for those interested in this field. Chris was at one point the only tradintional buy side analyst covering bitcoin, and is now a partner at a new crypto firm called Placeholder. Chris has developed new frameworks for evaluating and valuing cryptocurrencies, marrying techniques and ways of thinking for several different asset classes to assess the newest asset class. Chris prefers the term cryptoassets because as you’ll hear, several of these tokens aren’t really currencies at all. We discuss the differences between cryptocurrencies, cryptocommodities, and cryptotokens. We begin our conversation with a deep dive into the equation of exchange, which Chris has been using as a starting point for understanding utility value.  You can see all crypto related conversations at investorfieldguide.com/Hashpower. Please enjoy this conversation with Chris Burniske. Hash Power is presented by Fidelity Investments   For more episodes go to InvestorFieldGuide.com/podcast. To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Books Referenced Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond   Links Referenced Hash Power Podcast Documentary Nic Carter (twitter) Cryptoasset Valuations (Medium)   Show Notes 4:58 - (First Question) – Chris’s overall method for evaluating cryptocurrencies             5:14– Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond 6:47 – The equation exchange 11:19 – Bonding 12:35 – How bonding may represent a more efficient way of representing consensus over proof of work 14:29 – Why the amount being bonded and held should be taken out of the float 16:58 – Using bitcoin as an example to figure out remittances in the PQ side 18:31 – Looking at the velocity of various crypto-assets 21:04 – Chris’s impression of the different way of categorizing various crypto assets 24:37 – Explaining Auger as an example of a cryptotoken 25:38 – How could these networks be impacted by not having any censorship 27:57 – Exploring the gap between expectation vs reality in the value of crypto currency 30:43 – Other ways of valuing these crypto assets             30:50 – Hash Power Podcast Documentary 33:32 – Explaining the idea of billion dollar a day onchain transactions 36:05 – How to measure the value of the underlying network             36:37 – Nic Carter (twitter) 37:13 – What are the variables that matter when investing in cryptocurrency on a long-term horizon 39:24 – Determining when it’s better for a network to be centralized vs decentralized 42:03 – Networks that Chris is most excited about 44:06 – Understanding the consumption side of the steam marketplace 46:01 – Deep dive into the Aragon network 47:27 – How does Chris evaluate existential risk of networks 51:09 – Could these assets really ever go to zero? 54:07 – Is there a scenario in which velocity gets so high that it negatively effects the price 56:10 – What are the unknowns of cryptocurrency that Chris is most interested in             56:24 – Cryptoasset Valuations (Medium)   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag