Unchained Laura Shin

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
EigenLayer has been in the news this week after it announced its ‘stakedrop,’ where it will distribute EIGEN tokens to early users of the restaking platform. 
Sreeram Kannan, founder and CEO of EigenLayer, and Robert Drost, CEO and executive director of the Eigen Foundation, discuss the launch of the token, a “universal intersubjective work token” and how it allows for slashing, or penalizing, for externally observable faults, such as data unavailability. The Eigen Foundation, a non-profit entity based in the Cayman Islands, was also recently established to grow the protocol and assist in creating a decentralized community. 
They also address criticisms of the token's launch, including geoblocking and the initial non-transferability of stakedrops for the community and explain why they decided to allocate an additional 100 EIGEN tokens for all participants in the stakedrop. Plus, they reveal a target date by when a decision about the token unlock date should be made.

Show highlights:

The buzz around the universal intersubjective work token and what it was created for

What constitutes the digital commons and its two primary characteristics

How the EIGEN token is designed to prevent the necessity of forking an entire blockchain

Whether dapps should evolve into AVSes and EigenLayer’s complementary role to Ethereum, not replacing it

Why the Eigen Foundation was established and how it differs from Eigen Labs

Robert's response to the criticism regarding the exclusion of certain countries

Why EIGEN will be distributed linearly, despite it potentially favoring whales

EigenLayer's announcement of an updated stakedrop, after listening to community feedback  

The critique of the vesting schedule and Robert's explanation of when the lock period actually starts

Why Sreeram believes that transfer restrictions are beneficial and empowering for users

What the next steps are for EigenLayer


Thank you to our sponsors!

iTrustCapital

Polkadot

VaultCraft

Guests


Sreeram Kannan, founder of EigenLayer

Previous appearance on Unchained: 

Why EigenLayer May Be the Most Innovative New Ecosystem Since Ethereum

Do You Need to Think Twice Before Restaking Your Assets?


Robert Drost, CEO and executive director of the Eigen Foundation

Links
Airdrop:

Introducing the Eigen Foundation, EIGEN token and Season 1 Stakedrop

Robert Drost’s thread on the Eigen Foundation

Viktor Bunin’s thread on the token 

Unchained: 

Eigen Foundation to Allocate an Additional $1,000 in EIGEN Tokens to Over 280,000 Users

Should You Sell ETH Before the Just-Announced EigenLayer Airdrop?

Reaction

CoinDesk: Why Eigenlayer’s Airdrop Is Controversial


Unchained: 5 Reasons E-Beggars Are Not Happy With EigenLayer’s Airdrop



Learn more: 

Unchained:

What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol

What Is Ethereum Restaking? A Beginner’s Guide


Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we dive deep into the controversy surrounding the EigenLayer airdrop, discussing the community’s backlash and its broader implications for token distributions in crypto. We also explore the ongoing debate over the efficacy and future of cryptocurrency points programs. The episode also delves into Martin Shkreli’s impactful campaign against Io.Net, highlighting how his public criticisms shed light on project valuations and investor trust. Additionally, we discuss CZ’s recent four-month sentencing, reflecting on the crypto community’s supportive response and considering the Department of Justice's approach to crypto leadership. Tune in to gain expert perspectives on the complex interplay between market movements, regulatory actions, and community reactions in the evolving world of crypto!
Show Highlights
🔹 EigenLayer Airdrop Controversy: Delve into the community's disappointment over the EigenLayer airdrop and explore its implications for future token distributions.
🔹 Debate on Crypto Points Programs: Analyze the effectiveness and future prospects of cryptocurrency points programs.
🔹 Impact of VCs on Market Dynamics: Consider the role of venture capitalists and how investor sentiment is shaped by their actions in the market.
🔹 Martin Shkreli's Campaign Against Io.Net: Discuss how Martin Shkreli significantly impacted Io.Net by publicly criticizing the project's overvaluation.
🔹 CZ's Four-Month Sentencing: Reflect on the crypto community's support for CZ following his four-month sentencing.
🔹 DOJ Sentencing and Prospects for Crypto Leaders: Examine the Department of Justice's approach to sentencing and what it means for future leadership in the cryptocurrency sector.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly 
⭐️Robert Leshner, Founder of Compound
⭐️Tarun Chitra, Giga-Brain & Grand Poobah at Gauntlet

Disclosures
Links
AI x Web3: Pioneering Decentralized Intelligence - TOKEN2049 Dubai 2024
https://youtu.be/zt_uEHcFiA4 
EigenLayer Whitepapter https://github.com/Layr-Labs/whitepaper/blob/master/EIGEN_Token_Whitepaper.pdf 
Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of Unchained, host Laura interviews Alexei Zamyatin, co-founder of Build on Bitcoin, Willem Schroé, founder of Botanix Labs, and Orkun Kılıç, co-founder of Chainway Labs. They discuss their respective projects, all of which are focused on developing Layer 2 solutions for Bitcoin. 
Zamyatin's Build on Bitcoin is a hybrid Layer 2 that connects to both Bitcoin and Ethereum, aiming to bring innovation back to the Bitcoin ecosystem. Schroé's Botanix Labs is developing a decentralized Layer 2 solution using the ‘Spiderchain,’ which uses a series of multi-signature wallets to secure the chain. Kılıç's Chainway Labs is building Citrea, a zk-rollup on Bitcoin that aims to create a Bitcoin-backed economy. 
All three projects are in various stages of development and testing, with BOB’s mainnet launch expected shortly.
Show highlights:

Introduction to Build on Bitcoin (BOB), Botanix, and Citrea: How they aim to innovate and expand Bitcoin's capabilities, including their architectural designs that integrate Ethereum users and work toward decentralization and trustlessness

Security Aspects and Integration Strategies: What the security risks associated with BOB, Botanix, and Citrea are, and strategies to enhance decentralization over time

How these Layer 2s influence Bitcoin fees, and how Botanix's integration can leverage the Bitcoin ecosystem, with insights on the potential of Layer 3s and zk-rollups to transform Bitcoin's utility and fee dynamics

How these projects aim to attract Ethereum users and developers, and the reasons why this may be an attractive opportunity for them

How Runes, Ordinals, and BRC-20s operate on Citrea, Botanix, and BOB

How Bitcoin is always a derivative when it’s not in its Layer 1 and the pros and cons of different bridging solutions

The concept of forward secrecy and how it can help improve security in blockchains

Why Willem believes that Layer 3s are possible and bullish for Bitcoin

How "merged mining” resembles Ethereum’s restaking and why it’s positive for Bitcoin

Thank you to our sponsors!
Polkadot
Guests:


Willem Schroé, founder of Botanix Labs 


Orkun Kılıç, cofounder of Chainway Labs 


Alexei Zamyatin, cofounder of Build on Bitcoin

Links

Recent coverage on Unchained of Bitcoin L2s:

Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Build on Bitcoin

BOB learning documents


Announcement of mainnet on May 1st.

Unchained: Bitcoin DeFi App Sovryn to Deploy on Hybrid Layer 2 Network Build on Bitcoin


Alexei’s tweet on BitVM/rollups 

Alexei went on a retreat with the inventor of BitVM

Citrea

Unchained: Here's What You Should Know About Citrea, Bitcoin's First ZK Rollup


Whitepaper

Orkun Mahir Kılıç’s interview on Unchained Premium

Citrea learning documents

Clementine -Citrea's BitVM Based Trust-Minimized Two-Way Peg Program

Botanix

CoinDesk: Willem Schroé: Building Botanix, a Bitcoin Layer 2 That Brings the EVM to Bitcoin


Botanix and the Future of Bitcoin

Bitcoin Magazine: Spiderchains: A Proof Of Stake Second Layer For Bitcoin


Willem Schroé’s interview on Unchained Premium

Learn More: 

Unchained: 

What Is the OP_CAT Bitcoin Improvement Proposal? 

What Are Opcodes in Bitcoin? A Beginner's Guide 


Learn more about your ad choices. Visit megaphone.fm/adchoices

On Thursday, Consensys sued the U.S. Securities and Exchange Commission (SEC) in a Texas federal court, seeking to prevent an impending SEC action against its MetaMask wallet and to clarify that ether is not a security.
The complaint calls out the agency for what Consensys describes as “regulatory overreach,” challenges its notion that ETH is a security, and says the SEC has violated the Constitutional requirement of fair notice under the due process clause. It notes that for years, the SEC and its sister agency, the Commodity Futures Trading Commission, took the position that ETH is not a security.  
The lawsuit also challenges the SEC’s recent focus on Ethereum's switch to proof of stake in 2022 as a basis for increased scrutiny, a stance Consensys CEO Joseph Lubin deemed "preposterous."
Laura Brookover, Senior Counsel & Head of Litigation and Investigations at ConsenSys, joined Unchained to unpack the lawsuit and what it means for the future of Ethereum and overall crypto in the US.
Show highlights:

Why Consensys sued the SEC and why Brookover feels like the SEC has gone too far

How they are looking for a Judge to declare that the ETH is not a security

Whether the switch to proof of stake turned ETH into a security

Why the SEC issued Consensys a Wells Notice, with one potential allegation being that it is operating an unregistered securities broker through its MetaMask wallet

How the major questions doctrine applies to what the SEC is doing in the industry, according to Brookover

Why Hinman’s speech is still relevant today, even after 6 years

Whether the moves by the SEC are related to a motivation to deny ether spot ETFs

How the several cases against the SEC show that the industry “has had enough”

Whether Texas is a jurisdiction favorable to crypto, given that many lawsuits are being filed there

The implications of a Consensys victory for the industry and what the next steps in the case are

Thank you to our sponsors!

iTrustCapital

Polkadot

Guest

Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys
Links
The lawsuit: 

Fortune: SEC sued over Ethereum, crypto firm asks court to state token is not a security


ConsenSys’s complaint

Bill Hughes’ thread on why Consensys sued the SEC


Consensys is suing the SEC to defend the Ethereum ecosystem

Hinman speech
CryptoLaw: The Hinman Speech Documents

Major questions doctrine

Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress


Reuters: SEC argues Coinbase crypto case not barred by ‘major questions’ doctrine 


Other SEC cases:

Coinbase

Unchained: 

Why the SEC’s Case Against Coinbase Is So Significant for Crypto

Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It

Uniswap

Unchained: 

Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?

SEC Puts DeFi in Its Sights With Potential Uniswap Suit

Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Ethereum Foundation

Unchained:

SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report

The Real Reason Why the SEC Might Be Going After Ethereum

Debt Box


Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit


Beba

DeFi Education Fund and Beba sue SEC over airdrop policies

Lejilex

Lawsuit document



Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner dissect the crypto world’s topics of the day. In this episode, we delve into the SEC's recent scrutiny of Uniswap, exploring the potential legal and regulatory impacts on the DeFi landscape. We also discuss the unprecedented flooding in Dubai and its effects on the recent crypto conference, highlighting the resilience of the crypto community in the face of natural disasters. Shifting our focus to Bitcoin, we analyze the implications of the latest halvening event and what it means for Bitcoin’s inflation rate and market dynamics. Through these discussions, we unpack the intricate relationships between regulatory actions, environmental challenges, and technological advancements in cryptocurrency. Join us as we navigate through these complex topics, offering deep insights and expert analysis on the events that are shaping the future of blockchain and digital currencies. Tune in to understand how these pivotal moments are influencing the strategic direction and ethical considerations within the crypto space.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show Highlights
🔹The devastating floods in Dubai and their impact on the Token 2049 conference
🔹 Analysis of Bitcoin's halvening event, exploring whether it's a bullish signal or just market noise.
🔹 Examine the evolution and market impact of new Bitcoin protocols like ordinals and runes, assessing their effectiveness and reception within the community.
🔹 Explore the dynamics of the Asian market's influence on Bitcoin's secondary layers, discussing the integration of substantial Bitcoin deposits and yield strategies.
🔹 Dive into the SEC's Wells Notice to Uniswap and its broader implications for decentralized finance (DeFi).

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly 
⭐️Robert Leshner, Founder of Compound
⭐️Tarun Chitra, Founder and CEO of Gauntlet

Disclosures
Links
Fighting for DeFi by Uniswap: https://blog.uniswap.org/fighting-for-defi 
Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Jake Chervinsky, chief legal officer of Variant, discusses the current state of crypto regulation, touching on several ongoing legal and regulatory issues in the crypto space, including Uniswap’s Wells notice, the Coinbase case, the Tornado Cash case, the Ethereum Foundation investigation and more. Chervinsky argues that the government's approach to these cases is often misguided, particularly in instances where they hold software developers liable for how third parties use their software. He also discusses the potential implications of the government's case against Tornado Cash, suggesting that it could have far-reaching consequences for all open-source software developers. 
Chervinsky also delves into the SEC's ongoing investigations into the Ethereum Foundation, as well as the recent IRS draft form that lists unhosted wallets as a type of broker. He expressed concern about the potential impact of these investigations on the crypto industry, but remained optimistic about the future of DeFi in the US.
Show highlights:

How the Tornado Cash case could set a critical precedent for open-source software

How the government’s Tornado indictment reveals a fear of unsurveilled financial systems, according to Jake

What the implications of the Tornado Cash case could be for the broader DeFi space

What lessons can be learned from the $62 million hack of Munchables on Blast

How to address the challenge of malicious actors like North Korea using a permissionless system

Whether Coinbase's staking services are considered a securities offering

Whether Judge Failla’s ruling on Coinbase acting as a broker could be overturned

Why Jake thinks the SEC will face significant challenges in its potential case against Uniswap Labs

How the Debt Box case order impacts the SEC’s reputation, according to Jake

How the industry is pushing back against the SEC’s regulation by enforcement with its own lawsuits for Lejilex and Beba

The future of DeFi in the U.S. and its potential for success, according to Jake

Why Jake believes the SEC will deny Ether ETFs and why he disagrees with the latest stablecoin regulation bill by Lummis and Gillibrand

How the U.S. Presidential election could impact the future of the crypto industry

Thank you to our sponsors!
Polkadot
Guest:


Jake Chervinsky, Chief Legal Officer at Variant

Previous appearances on Unchained:

Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress

The Chopping Block: Jake Chervinsky on How the SEC Has Lost Credibility

All Things Crypto Regulation With Jake Chervinsky

Everything You Need to Know About the Looming Battle Over Privacy in Crypto

Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky

Links
Tornado Cash

Jake’s amicus brief with Amanda Tuminelli

Unchained: Given the Sanctions on Tornado Cash, Is Ethereum Censorship Resistant?


Unchained: Is This the End of DeFi? Why the US Government Is Going After Tornado Cash



Munchables exploit
Unchained: Blast-Based NFT Game Munchables Recovers $62.5 Million Lost in Exploit

SEC cases:

Coinbase

Unchained: 

Why the SEC’s Case Against Coinbase Is So Significant for Crypto

Court Rejects Coinbase’s Bid to Dismiss SEC Charges Against It

Uniswap

Unchained: 

Gary Gensler’s Case Against Uniswap: Does the SEC Even Stand a Chance?

SEC Puts DeFi in Its Sights With Potential Uniswap Suit

Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Ethereum Foundation

Unchained:

SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report

The Real Reason Why the SEC Might Be Going After Ethereum

Debt Box


Unchained: SEC Sanctioned for ‘Abuse of Power’ in Debt Box Lawsuit


Beba

DeFi Education Fund and Beba sue SEC over airdrop policies

Leji