I Pledge AllegianceNov 30, 2023
Michael Shaulov - Fireblocks' Journey from Inception to Present
In this episode, we chat with Michael Shaulov, co-founder of Fireblocks. Michael revisits with us the early days of building Fireblocks and finding product market fit by solving customer pain points. We chat through both strategic and tactical approaches to building a B2B product in crypto, exploring lessons learned on early customer relationships and market expansion.
We then discuss broader topics like decision-making in a growing business, the role of luck in success, cementing core principles for company culture and acquiring customers as an international founder.
Henri Stern - Privy, Product-Building, and the Future of Embedded Wallets
In this episode, we chat with Henri Stern, the co-founder and CEO of Privy. We begin with Henri’s personal journey in Crypto, how it led him to build Privy, and how his vision for Privy has changed over time.
We then get into Privy’s product mindset, how the primitives it enables benefit both users and developers, and where the product goes from here.
We also explore the current wallet landscape and how Privy fits in, what their forward-looking vision for embedded wallets is, the tradeoffs that must be taken into account when building embedded wallets and the ones Privy is optimizing for, as well as how Henri thinks the end state market structure for wallets will shape up.
Neel Somani - Eclipse, L2s, and Ecosystem Building
In this episode, we chat with Neel Somani, the founder of Eclipse. We begin with an overview of Neel's personal journey in Crypto, from exploring Cosmos and appchains, to thinking about Rollups-as-a-service, to now building an L2.
We then dig into Neel's dream customer, Eclipse's go-to-market strategy, and how they are building a differentiated ecosystem. Lastly, we dig into Eclipse's culture, how Neel manages his time, and how he thinks about building a cap table.
Yi Sun - Axiom, Coprocessors, and Commercializing Zero-Knowledge Tech
In this episode, we chat with Yi Sun, founder of Axiom. We begin with an overview of what Axiom does and the core problems it's solving for Ethereum applications. Then, we dig into Axiom's go-to-market strategy, some of the use cases they're supporting, and some of the capabilities they're building for in the future. We also explore the broader zero-knowledge landscape, and the dynamics of building commercial products in a space that evolves so rapidly.
Andrew Huang and Brandon Curtis - Conduit, RaaS, and the Rollup Value Chain
In this episode, we chat with Andrew Huang, founder of Conduit and Brandon Curtis, a long-time infrastructure builder and investor. We begin with a brief overview of Andrew’s background and what led him to build a Rollup-as-a-Service (RaaS) business. We then speak to the value proposition of RaaS businesses, compare them to previous iterations of blockchain-as-a-service, and hear why Andrew believes that this is the “cloud moment” for crypto.
We also explore Conduit’s strategic positioning and future roadmap – as well as value accrual across stakeholders in the rollup stack. Stick around until the end to hear Andrew’s thoughts on who his dream customer would be!
Scott Sunarto - Crypto Gaming, Argus Labs, and the Infrastructure vs. Application Debate
In this episode, we chat with Scott Sunarto, the founder of Argus Labs and former co-creator of Dark Forest. We begin with an overview of the current landscape of Crypto Gaming and the crypto gaming primitives Scott is excited about. We also talk about what most crypto gaming investors are getting wrong and the narratives within crypto gaming he disagrees with.
We also discuss Argus Labs and why Argus is a gaming company first, not a picks and shovels infrastructure company. We also discuss Scott's mental model for the rollup stack, where the World Engine fits in, and discuss some unspoken truths about rollups, sequencers, and rollup value capture.
Aidan Salzmann and Vishal Talasani - Stride, Liquid Staking, and Cosmos
In this episode, we chat with Aidan Salzmann and Vishal Talasani, the co-founders of Stride, the leading liquid staking protocol in Cosmos. Our conversation is a deep dive into Stride's long-term strategy, their execution-focused culture, and the lessons from building appchains. We also explore why Aidan and Vishal chose to build in Cosmos, lessons they've gained from other DeFi protocols, and how Stride thinks about building long-term moats and network effects.
Rune Christensen - The MakerDAO Endgame Plan
In this episode, we chat with Rune Christensen, the founder of MakerDAO. We dive into his ambitious Endgame plan, the long-term roadmap for MakerDAO, and the motivation behind these decisions. In particular, we talk about his new stablecoin and governance token, new subDAOs, and his role spearheading these initiatives. This episode offers clarity for anyone interested in the future of crypto's leading decentralized stablecoin
Diogo Monica and Nathan McCauley - The Story Behind Anchorage Digital
In this episode, we chat with Diogo Monica and Nathan McCauley, the co-founders of Anchorage Digital. We discuss numerous topics, starting with their unique partnership and what they learned from working together at Square and Docker. We then dive into the founding story behind Anchorage Digital, the story of the initial seed round, and scaling the company to hundreds of people. Diogo and Nathan also share their thoughts on the value chain of crypto financial services, lessons from working with various protocols, and how they think about the "Build vs. Buy" tradeoff internally. We also discuss how fundraising differs for later stage rounds, what crypto VCs can help founders with, and general lessons from building one of the largest companies in crypto.
Christopher Goes - Anoma, Namada, and the State of Privacy in Crypto
In this episodes, we chat with Christopher Goes, the co-founder of Anoma and Namada. Christopher has a wealth of knowledge about privacy in crypto, and has previously contributed to the Zcash and Cosmos ecosystems. We discuss the different "eras" of privacy dating back to 2017, and how Anoma and Namada builds upon the existing state of privacy research. We also discuss what a successful privacy protocol looks like, public goods funding, and the Cosmos ecosystem.
Matteo Leibowitz - The Strategy Behind Crypto's Leading Decentralized Marketplace
In this episode, Larry and I chat with Matteo Leibowitz, Ventures Lead and former Strategy Lead at Uniswap. We discuss Matteo's research into DeFi at The Block, and how that led to his move to Uniswap to 2020. We also dive into what the day-to-day of a Strategy Lead at a major DeFi protocol looks like, and how Uniswap developed a dominant market position. We also dive into Uniswap's historical positioning and future roadmap. Other topics discussed also include the importance of narratives in Crypto, the MEV value chain, NFT market infrastructure, and more.
Dev Ohja and Barry Plunkett - Osmosis MEV Landscape
In this episode, we chat about the MEV landscape in Osmosis with Dev Ohja, founder of Osmosis, and Barry Plunkett, founder of Skip. Osmosis has had a very unique, first-principles approach to dealing with MEV, attempting to mitigate "bad" forms while allowing the protocol to internalize" good" forms. We discuss how MEV has been an important theme for Osmosis since inception, and how Dev feels about existing MEV approaches on Ethereum. We also discuss how Skip's products help Osmosis with internalizing MEV, and the long-term implications of these design decisions. Lastly, we touch-on how MEV in Osmosis will change once changes like threshold encryption and mesh security are implemented.
Lakshman Sankar - The Intersection of Zero-Knowledge Tech and DAOs
In this episode, we chat with Lakshman Sankar, contributor to Personae Labs, an R&D lab focused on applying zero-knowledge technology to advance digital identity. Lakshman has been a long-time Crypto researcher, and was previously at the Ethereum Foundation. In this episode, we chat about Personae's new private voting tool - HeyAnoun, and the first deployment on NounsDAO. We also discuss the commercial applications and timelines of zero-knowledge research.
Travis Scher - Lessons From a Longtime Crypto Investor
In this episode, we chat with Travis Scher, founder of North Island Ventures. Travis has been investing in crypto startups since 2015, and has a wealth of experience across many market cycles. We go into detail about what Travis looks for when evaluating early stage startups, his experience at Digital Currency Group, and the importance of ethics/integrity in Crypto.
Stani Kulechov - Aave's Past, Present, and Future
In this episode, we chat with Stani Kulechov, the founder of Aave. We cover the history of Aave, from the transition of ETHLend to Aave, to its current positioning as the leading lending project in DeFi. Aave has had a unique journey, and this episode goes into the nitty-gritty details behind the scenes. We also cover Stani's thoughts on Aave Governance, the challenges of risk management in bear markets, and how he thinks about Aave's value capture and long-term positioning within the DeFi stack.
Mike Ippolito and Jason Yanowitz - The Blockworks Story
In this episode, we chat with Mike Ippolito and Jason Yanowitz, the founders of Blockworks. Since 2018, they've built Blockworks up into one of crypto's largest and most prominent media companies. We dive into the early history, various product lines today, and where they see Blockworks in the future. They also share valuable feedback on how crypto founders and operators should think about and engage the media.
Sam Hart - Cosmos Governance and ATOM 2.0
In this episode, we chat with Sam Hart, longtime contributor to the Cosmos hub and author of the ATOM 2.0 whitepaper. We talk about the history of Cosmos and how its governance has evolved since inception. We also discus how protocol narratives evolve over time, and how Cosmos' story compares to that of Ethereum and Bitcoin. Lastly, we talk about the journey of writing the whtitepaper, and what the future holds for the Cosmos ecosystem.
Joe Lallouz - Crypto Infrastructure, Bison Trails, and Coinbase Cloud
In this episode, we chat with Joe Lallouz, the head of Coinbase Cloud and founder of Bison Trails. We cover the history of Bison Trails from early inception to acquisition by Coinbase, as well as broader thoughts on the crypto infrastructure landscape. We also discuss the staking industry's evolution over time, and how Bison Trails' value proposition changed with it. Joe and I also discuss the Crypto M&A experience, the broader infrastructure landscape, and the future innovations in staking he's excited about.
Esteban Castaño - A Deep Dive into TRM Labs
In this episode, we chat with Esteban Castaño, co-founder of TRM Labs. TRM is a crypto compliance company working with some of the leading exchanges and protocols in Crypto including FTX, Binance, Uniswap and more. We chat about TRM's early history, how they settled on building a B2B risk and compliance product, and tips for other B2B crypto founders. We also discuss TRM's role in the broader crypto ecosystem, thoughts on the state of DeFi, and how future privacy innovations may impact the business.
Hasu and Sam Kozin - Lido Governance
In this episode, we chat with Hasu and Sam Kozin (Lido) about Lido governance and the LDO <> stETH Dual Governance proposal. Due to Lido's key role in Ethereum, a major goal is to make the protocol more resilient from both a technical and governance perspective. We go through some of these governance initiatives, and discuss the LDO + stETH dual governance proposal, which better aligns incentives between the DAO and stakers. We also cover Lido's future roadmap and the other ways Lido will evolve.
Rune Christensen - MakerDAO's Past, Present, and Future
In this episode, we chat with Rune Christensen, the founder of MakerDAO. We cover the original history behind MakerDAO, Rune's transition out of MakerDAO and his year-long hiatus. We also go into why he felt compelled to return, and his new Endgame plan he hopes to implement for MakerDAO's long-term survival. This episode is a dense one, and goes deep into Rune's personal viewpoints on clean energy, DAO governance, working group structures, and his overall feeling about MakerDAO's future.
Fredrik Haga - Dune Analytics and Building a Community-First Data Platform
In this episode, we chat with Fredrik Haga, founder and CEO of Dune Analytics. We cover the complete history behind Dune, their community and brand-building strategy, and the journey to finding product-market fit. Other topics covered include the future of the crypto data and analytics market and Dune's long-term plan. Lastly, Fredrik shares pieces of wisdom for other early-stage founders around fundraising, building sticky product, and general startup-building philosophy.
Tarun Chitra - Lessons From Building Gauntlet
In this episode, we chat with Tarun Chitra, founder and CEO of Gauntlet. Tarun shares the inspiration behind starting Gauntlet, how it has evolved over time, and their future plans. He condenses his years of experience building products for DAOs into tangible lessons for new founders. We also cover the history behind Robert Ventures, the venture fund he started with Robert Leshner. Other topics discussed include the current state of DeFi and DAOs, MEV, and governance in emerging L1s. If you're building a product for protocols, this one is a must-listen!
punk4156, Noun40, and Noun22 - The Great NounsDAO Experiment
In this episode, we catch up with punk4156, Noun40, and Noun22 about all things Nouns. We go over why NounsDAO is a thriving DAO with a consistent stream of quality governance proposals. We also cover key Nouns Primitives, such as the daily continuous auction mechanism, Prop house, and derivative projects. We also cover what are some open challenges for NounsDAO, and where it must continue to innovate going forward.
MonetSupply - Perspectives on MakerDAO Governance
In this episode, we catch up with MonetSupply about MakerDAO. As one of the first DeFi protocols, MakerDAO is a great case study on progressive decentralization, the working group model, and DAO governance broadly. We cover Maker's core unit model, its focus on real world assets, Rune's recent return and proposal, Hasu's proposal, as well as recent drama around the Lending Oversight Core Unit. Other topics covered in the latter half of the episode include Cosmos Governance, DAO tooling, governance frameworks, veToken models, and the Terra collapse.
Hasu - The Current State of DAO Governance
In this episode, we catch up with Hasu about the current challenges of DAO governance and how it can be improved. Hasu is a prolific researcher, and is active in many protocols including MakerDAO, Lido, and Flashbots. We conduct a bird's eye retrospective of DAO governance, and discuss his takeaways as a leading delegate and participant. Specific themes we touch on include Treasury Management (again), MakerDAO's roadmap and structure, the capped stETH supply debate, and many more.
Trent Van Epps and Tim Beiko - Funding Ethereum Core Development and the Protocol Guild
In this episode, we chat with Trent Van Epps and Tim Beiko, long-time contributors to Ethereum. We chat about different ways of funding L1 development, Ethereum's strategy, and the Ethereum Foundation's past, present, and future role. We also talk extensively about their new initiative - the Protocol Guild, a new program to fund core development and contributors to Ethereum. It's funded by some of the top projects building and benefiting from Ethereum, and there is a current proposal to fund it from the UNI treasury.
Evgeny Gaevoy - Diving into Wintermute, DeFi, and Governance
In this episode, we chat with Evgeny Gaevoy, the co-founder and CEO of Wintermute. They're one of the largest market-makers in crypto, and are active across many different markets, chains, and products. Evgeny does not mince any words here, and we go into many topics including the origins of Wintermute, the current state of DeFi, and which protocols have moats (and which don't). We also discuss Wintermute's increasing participation in governance, why he thinks DAO governance is fundamentally flawed currently, and how it can be improved.
Exploring the VectorDAO Vision, with Jon Yan and Yitong Zhang
In this episode, we explore VectorDAO, a new group of artists, creators, and designers focused on the web3 ecosystem. VectorDAO consists of over 70+ contributors, and works for a variety of startups, protocols, and DAOs. This conversations features VectorDAO's creators, Jon Yan and Yitong Zhang, who have thought extensively about structuring this new collective and have also explored the broader landscape of product and service DAOs.
- The origin and history behind VectorDAO
- How Vector finds and evaluates potential contributors
- VectorDAO as a marketplace that connects contributors with customers
- How contributing to VectorDAO is different from working at a company
- Learnings from creating and scaling a DAO
- VectorDAO's future participation with protocols
- General thoughts on protocol governance, and B2DAO
- Thought on the Nouns DAO model, and why VectorDAO is working with them
Gnosis: The Quintessential DAO Tool, featuring Stefan George
In this episode, I chat with Stefan George, the Co-Founder and CTO of Gnosis, the quintessential DAO tool. We cover the history of Gnosis, from its inception as a prediction markets protocol to where it stands today. In particular, we discuss the Gnosis multi-sig product, which secures billions of dollar in assets and is considered as one of, if not the most important DAO tool. We also cover Gnosis Chain, Cowswap, and what the future holds for Gnosis.
- The history of Gnosis, and the original vision as a Prediction Market.
- The intention behind Gnosis Chain and xDAI
- Where Gnosis Multi-sig came from, and its importance as a public good
- The recent SAFE fundraise, and plans for protocol governance
- Thoughts on the emerging DAO tooling ecosystem emerging on top of Gnosis Multi-sig.
- Future innovations for the multi-sig product, including the Zodiac Module and more.
- Gnosis' cross-chain deployment strategy.
- The role of Gnosis Treasury, and how funds are allocated.
Tina He on Station's mission to fix the DAO Contributor Experience
In this episode, Larry and I talk with Tina He from Station, a new platform meant to transform the DAO contributor experience. Tina is one of the most thoughtful builders in the DAO tool landscape and has worked with her team to put together a very unique onboarding experience for contributors. We cover many areas in this podcast, including the vision and history behind Station, the current pros/cons of working for a DAO, Station's long-term plan, and more!
B2DAO: Aave + BGD Labs, featuring Emilio, Ernesto, and Andrey
This week Larry and I chat with Bored Ghost Development (BGD) Labs about their Aave development proposal. BGD is a development team composed of the former Aave Genesis core engineering team, and have been working on Aave for the past few years. With this new proposal, they are now working full-time for the DAO over the next 15 months.
The $11m proposal has a large scope, and includes:
- Maintenance of Aave V2 contracts until migration to V3
- Implementation of Aave v3
- Deployment on new chains
- UI upgrades for essential components
- New research, partnerships, etc.
- Many more
This is one of the most impactful proposals we've come across in B2DAO, and recommend checking this one out!
- The history and creation of BGD Labs
- Thoughts on Aave's current market positioning vs. its competition
- The major changes in Aave v3 the BGD will work on
- How working for a DAO is different from working for a centralized dev team
- B2DAO vs working groups vs. individual contributors
- What the governance process has been like for BGD
- The longer-term vision for BGD in the broader crypto ecosystem
The Osmosis Bridging Proposals, featuring Sunny Aggarwal (Osmosis) and Sergey Gorbunov (Axelar)
This week, we chat about Osmosis' unique approach to bridge selection. Unlike other projects which have used many bridges, Osmosis underwent a "canonical bridge selection" process to choose one provider, with the intention of providing a superior UX for end users. All of this was done through on-chain governance. Axelar emerged victorious, and is working on an integration with Osmosis.
In this podcast, we talk about the unique governance process used, the various bridge providers involved, and Axelar's unique approach. Additionally, we talk about Cosmos-based governance systems broadly, and how it differs from those built on Ethereum.
- Proposal: Canonical Ethereum Bridge Provider Process
- Proposal: Adopt Axelar as the Canonical Ethereum Bridge Service Provider
- How Cosmos-based governance systems compare to Ethereum-based systems
- The role of validators as hybrid service providers, investors and infrastructure builders
- Why Osmosis decided to pick one bridge provider to start, as opposed to many
- The unique design behind the bridge selection proposals
- Axelar's unique bridging approach to the bridge selection process
- Why founders should build their own AppChains
- The broader benefits of modular governance systems
Crypto M&A, with Sam Bronstein and Jordan Stastny
In this episode Larry and I chat about M&A in Crypto, and how it compares to traditional markets. We discuss how they may be similar and more importantly different, in a world with open-source, composable protocols. We also discuss the most prominent merger to date, FEI <> Rari, and the dynamics that went into the merger.
- The value a neutral broker has, in an M&A transaction
- The present state of Crypto and DAO M&A
- What Crypto M&A will look like in the future
- How should DAOs finance themselves for long-term success?
- The role that Sam and Jordan see themselves playing within the crypto markets
- Thoughts on Elon <> Twitter M&A
Protocol Governance, with A16z's Jeff Amico
In this episode Larry and I chat with A16z's Jeff Amico about all things protocol governance. Jeff is the head of network operations at A16z, where he oversees A16z's on-chain participation, including governance, staking, and more. We discuss A16'z participation on the various networks, the delgation program, how DeFi governance will evolve over time and many more themes!
- What the a16z protocol operation team works on
- The a16z decision-making process for new governance proposals
- Why Protocol Governance matters, and the long-term implications
- What decisions should be explicitly left to on-chain governance, and what should be minimized
- The different ways to structure a DAO depending on the core goals
- Examining the MakerDAO core unit framework as a model for other DAO contributors
- The future landscape for service providers to DAOs
Getty Hill on whether Uniswap should turn on Protocol Fees
In this episode Larry and I chat with Getty Hill about Uniswap Protocol's fee switch. We go into detail about the pros/cons of turning the fee switch on, the process that goes into the decision, and how protocol fees could be used to grow Uniswap long-term.
- What are the pro and cons of turning on the protocol fee switch?
- Balancing "value accrual" vs. market-share
- Lessons from implementing a 1 bp fee tier for UNI pools
- Why v2 fees are much simpler to implement than v3
- Why the "fee switch" question is not a one-off proposal, but a multi-month effort combining research, implementation, and monitoring.
- What kind of new behaviors would turning fees on enable?
- Second Order effects on the broader DeFi ecosystem
- Other thoughts on Uniswap governance broadly
Voting Markets, with Paladin's Romain Figuereo
In this week's episode, we discuss voting markets with the founder of Paladin, Romain Figuereo. We cover many topics, including the general use case of lending/borrowing votes, and the v-staking model and Curve Wars. Additionally, we cover some prominent examples of vote borrowing, and other kinds of use cases that Romain would like to see.
Voltz and the UNI v3 license, with Simon Jones
This week, we chat with Simon Jones, the co-founder of Voltz Protocol. We discuss Voltz's recent governance proposal to allow them to use the UNI v3 license, in order to build their own interest-rate swaps AMM. In this episode, we discuss the proposal, tips for other teams going through governance, and the future of D2D interactions and partnerships.
Governance Proposal: Should Uniswap Provide Voltz with v3 Additional Use Grant?
- What is the UNI v3 license?
- What is this proposal? How does it benefit the UNI community?
- How the UNI community can participate in Voltz Protocol governance going forward.
- Tips for other teams going through governance processes.
- General thoughts on licenses in DeFi
- The future of DAO to DAO interactions and partnerships
Council: The Element Finance Governance System, with Charles St. Louis and Paul Vienhage
Today's guests are Charles St. Louis and Paul Vienhage from Element Finance. In this episode we go deep on Council, the Element Finance governance framework, which features a few key innovations: Voting Vaults, the Governance Steering Council, and Optimistic Rewards. We also go into the broader philosophy behind Element Finance Governance, and how it differs from existing Governance systems.
Charles St Louis is the COO of Element Finance, and has worked extensively on Governance at Element, and previously at MakerDAO. Paul is the lead engineer at Element, and is responsible for implementing the Council smart contracts.
- What is the Element Finance governance philosophy?
- How the Element team approached governance design from first principles, and advice for other teams going through the process
- Comparing corporate governance systems with decentralized governance models, and how they differ
- Governance Steering Council: Why it's useful, and can help scale decision making
- Voting Vaults: What they are, why they're novel, and how other teams can use them
- Why more protocols should consider formal Governance Incentives
- Lessons from MakerDAO governance and the Core Unit Model
- The kinds of DAO tooling they're excited about using
Navigating the Legal Landscape in Crypto, with Marc Boiron and Jake Chervinsky
In this episode of I Pledge Allegiance, Larry and I chat about the legal landscape in Crypto with Marc Boiron, General Counsel of dYdX, and Jake Chervinsky, Head of Policy at the Blockchain Association and formerly the General Counsel at Compound.
This episode's focus is a practical approach for founders and DAO operators in navigating the crypto legal landscape, from how to find good outside counsel, to understanding the right kinds of questions to ask them. Additionally, we talk about the various organizations contributing to policy in DC, as well as predictions over the coming year.
(1:25) - What the largest challenges in the crypto regulatory sphere are
(5:17) - How Jake's litigation background impacts his views
(7:43) - How Marc's transaction background impacts his views
(10:25) - What are the different categories of lawyers in Crypto?
(13:02) - Biggest mistakes that founders make when evaluating lawyers
(15:25) - The ideal background and attributes of a knowledgable Crypto Lawyer
(18:40) - Understanding conservative vs "risk-on" legal opinions
(20:55) - Why founders should hire an in-house GC very early on
(26:45) - Legal being a "value add" vs. a "cost-center"
(33:03) - How to ask the right questions to lawyers
(37:00) - How the state of crypto law has evolved in the past 3 years
(42:00) - What are regulators' motivations in Crypto?
(48:10) - Mapping out the various policy orgs in Crypto (Blockchain Association, DEF, Coincenter, etc)
(56:27) - Current thinking on the best way to setup and operate a DAO
(1:01:50) - Marc's explanation of Guernsey Trust as a solution for DAOs
(1:06:10) - Jake's viewpoint on the current state of DAO structuring
(1:15:00) - Other things that Jake and Marc are looking for clarity on over the coming year
MetaGovernance, with Brian Flynn (Rabbithole) and mel.eth (IndexCoop)
In this episode of I Pledge Allegiance, we chat about MetaGovernance with Brian Flynn, the founder of Rabbithole, and mel.eth, long-time contributor at Index Co-Op. We cover numerous topics, including the core motivation behind metagovernance, how it effects everyday token-holders, and where it's headed in the future.
(0:50) - What is MetaGovernance?
(2:26) - How Index and Rabbithole approach metagovernance
(6:50) - On measuring the impact of MetaGovernance
(8:44) - The long term implications
(10:31) - How to handle situations with diverging interests
(13:40) - How the INDEX token creates leveraged governance of other protocols
(16:18) - The technical decision-making behind metagovernance implementation
(21:45) - The Rabbithole MetaGovernance decision-making process
(25:29) - Where MetaGovernance is headed in the future
(29:58) - DAO governance vs. traditional forms of governance
Compound Governor Frameworks, with arr00 and Alex Kroeger
In this episode of I Pledge Allegiance, hosts Derek Hsue and Larry Sukernik chat about Governance Frameworks with arr00, the creator of Compound Governor Bravo. We also speak bring on Alex Kroeger, who worked on governance for A16z and is a longtime governance participant in numerous protocols.
We discuss existing governance frameworks such as Compound Governor, how these systems may evolve in the future, and other hot takes in Governance.
(1:17) - What are Governance Frameworks?
(2:55) - On Compound Governor Alpha's importance
(5:04) - How arr00 became involved with Compound
(8:05) - How governance frameworks enable more powerful behaviors
(10:30) - The importance of third-party tooling
(12:54) - What can be changed with Compound Governor Bravo in the future
(16:26) - On the idea of "Negative Consent" voting
(20:17) - Balancing upgradability with security
(22:02) - How governance frameworks effect decision-making
(25:11) - How do large funds handle protocol governance?
(29:04) - How can governance incentives be designed?
(35:31) - Cross-chain governance and its implications
(40:02) - Are veStaking models a good idea?
B2DAO, with John Morrow and Larry Sukernik
In this episode of I Pledge Allegiance, host Derek Hsue chats about B2DAO with John Morrow (COO of Gauntlet) and Larry Sukernik, co-founder of Reverie. B2DAO is a new concept that's emerged in the past few months, and John's company Gauntlet has been at the forefront of these new types of business relationships. We explore how the B2DAO model is different from existing systems, why it benefits projects that hire vendors, and how these processes can be improved.
Show notes and links included below.
Compound Audits Proposal - Larry Sukernik
(0:57) - The difference between B2DAO and B2B
(2:25) - On B2DAO's tradeoffs compared to traditional processes
(4:29) - Why forum feedback is valuable for service providers
(7:21) - Why DAOs should go through the B2DAO exercise
(8:55) - Most companies don't know how to build products for DAOs
(11:04) - Gauntlet's journey into providing B2DAO services
(12:58) - John's advice for vendors thinking about exploring B2DAO
(15:33) - On the important skill-sets needed for B2DAO providers
(17:37) - The importance of credibility when working for DAOs
(23:50) - Advice for DAOs on how to run an effective B2DAO process
(26:37) - On the most essential areas to outsource via B2DAO
(31:19) - Buy and Build for DAOs
(33:08) - Lessons from Compound's recent search for an auditor
(36:53) - On how the B2DAO process can improve going forward
(44:06) - B2DAO vs. DAO2DAO
(45:10) - What is DAO2B?
The Fei Rari Merger, with Joey Santoro, Jai Bhavnani, and Jason Choi
In this special episode of I Pledge Allegiance, hosts Derek Hsue and Jason Choi chats about the proposed Fei <> Rari merger with Joey Santoro and Jai Bhavnani. We explore the proposed structure for the merger, the mechanics, and how the proposed combined protocol will operate.
Show notes and links included below.
Follow us on Twitter: @derek_hsue | @mrjasonchoi | @joey__santoro | @jai_bhavnani
(0:57) - Background on the FEI <> Rari merger
(3:00) - How the idea for the merger emerged
(5:50) - On the community feedback thus far
(10:33) - The governance process for the merger
(12:47) - Merger pricing and mechanics
(21:55) - On the similar philosophies behind Fei and Rari
(24:41) - Optionality to exit for tokenholders
(26:39) - Product roadmap post-merger
(33:28) - Advice for other teams considering a merge
(37:45) - Other lessons from this merger process
DeFi Treasuries, with Hasu, MonetSupply, and Larry Sukernik
In this episode of I Pledge Allegiance, host Derek Hsue chats about DeFi Treasuries with Hasu, MonetSupply, and Larry Sukernik. Treasuries are a hot topic in crypto right now; they represent huge, largely unused pools of capital that can be productively deployed. We explore helpful mental models for treasuries, what projects should and shouldn't be spending money on, and how projects should be positioning their treasuries going forward.
Show notes and links included below.
A New Mental Model for DeFi Treasuries - Hasu, MonetSupply
Follow us on Twitter: @derek_hsue | @hasufl | @MonetSupply | @lsukernik
(0:1:00) - Hasu's motivation for writing this piece
(0:1:55) - On the difference between on-chain treasuries and traditional companies
(0:5:57) - Hasu on why projects should be more aggressively diversifying into stablecoins
(0:9:18) - MonetSupply on why lending protocol treasuries are unique
(0:15:00) - How projects should actually diversify
(0:20:39) - Once diversified, how should projects be deploying their assets?
(0:24:50) - Why VC-backed projects have a harder time deploying assets
(0:28:57) - Highest marginal rate of return, applied to treasury spending
(0:34:58) - On why Grants programs are a crucial starting point for all treasuries
(0:41:10) - Capital as a weapon to acquire talent
(0:45:43) - How compliance and regulations impacts project spending
(0:50:00) - Hasu's practical playbook for projects on how to manage their treasury
(0:56:44) - Why Yearn is a great case study for well-run treasury management
(0:59:49) - Why "diversifying" into other coins is ineffective
(1:04:30) - Hasu on why liquidity mining is very dumb
(1:08:21) - Why hierarchical DAOs will win over flat ones
(1:14:04) - How MakerDAO Core Units are structured
(1:16:37) - The most important Sub-DAOs to setup and scale
(1:20:52) - When Treasury Swaps do and don't make sense
(1:24:49) - Exploring various treasury primitives (UMA Range Tokens and Ribbon Treasury)
Aave Arc, with Michael Shaulov and Roshun Patel
In this episode of I Pledge Allegiance, host Derek Hsue chats with Michael Shaulov from Fireblocks and Roshun Patel from Genesis. Michael is the CEO and Founder of Fireblocks, and Ro is VP of Lending at Genesis. The focus of this episode is Fireblock's recent Aave Arc proposal, which paves the way for institutional, KYC'd pools for DeFi. Additionally, we talk the downstream effects of institutional pools on DeFi, and how players like Fireblocks and Genesis might get involved in the future.
Show notes and links included below.
Aave Arc Proposal: https://governance.aave.com/t/add-fireblocks-as-a-whitelister-on-aave-arc/5753
Follow us on Twitter: @derek_hsue | @FireblocksHQ | @roshunpatel
(0:48) - What is Fireblocks' and how do they support DeFi today?
(4:31) - What is Genesis?
(7:09) - What is Aave Arc, and what are institutional pools for DeFi?
(12:23) - How will rates differ between existing and institutional pools?
(14:32) - How does Michael respond to people who don't think KYC or regulation should be part of DeFi?
(18:56) - What was Fireblocks' experience going through the governance process, compared to traditional B2B?
(23:20) - Ro's view on the second order effects of institutional pools on the broader DeFi market.
(26:50) - How does Rho think regulated institutions will participate in on-chain governance?
(28:30) - What will tokenholders care about when voting on institutional governance participants?
(32:44) - How will Aave Arc and institutional pools affect the average DeFi user today?
DeFi Risk Monitoring, featuring Gauntlet and Getty Hill
In the inaugural episode of I Pledge Allegiance, a podcast about crypto governance, host Derek Hsue chats with Nick Cannon from Gauntlet and Getty Hill from GFX Labs. Nick leads Growth at Gauntlet, and Getty is a long-time Compound contributor and active governance participant. The focus of this episode is Gauntlet's recent "Dynamic Risk Monitoring" proposal for Compound and how they see their role managing and monitoring risk for major DeFi protocols. Additionally, we compare existing approaches to risk management, as well as lessons on creating products and services for DAOs.
Show notes and links included below.
Dynamic Risk Monitoring Proposal: https://www.comp.xyz/t/dynamic-risk-parameters/2223/1
Follow us on Twitter: @derek_hsue | @inkymaze | @getty_hill
(3:00) - Why is risk monitoring important for DeFi and Compound? What does it entail?
(5:45) - What is Gauntlet's "Dynamic Risk Monitoring" proposal?
(7:19) - How Gauntlet thinks about its role determining risk levels and preferences.
(10:28) - Getty’s thoughts on the Dynamic Risk Monitoring Proposal, and where he thinks it could improve
(19:23) - On the possibility of Gauntlet as an early warning system for risk monitoring
(25:09) - Getty on the difference between risk management Compound, Aave, and Cream
(27:12) - How does Gauntlet think about its position working for both Compound and Aave
(34:04) - Defining “Value at Risk” For Compound
(37:10) - How Gauntlet designed the service fee
(46:26) - How does B2DAO sales differ from the traditional B2B sales process?
(50:00) - What other things should protocol treasuries spend money on?
(55:00) - On the big hurdles and problems in governance-based contribution today.