6 episodes

Exploring the big ideas in crypto from first principles. Hosted by Su Zhu, the CEO and founder of Three Arrows Capital, one of the leading trading firms in crypto, and Hasu, a crypto researcher and writer.

Uncommon Core Uncommon Core

    • Investing

Exploring the big ideas in crypto from first principles. Hosted by Su Zhu, the CEO and founder of Three Arrows Capital, one of the leading trading firms in crypto, and Hasu, a crypto researcher and writer.

    #6 Andre Cronje and the Philosophy of Yearn Finance

    #6 Andre Cronje and the Philosophy of Yearn Finance

    This week, I - Hasu - talk to Andre Cronje, a long-time DeFi developer, and creator of Yearn Finance. You can think of Yearn as a smart bank account that automatically allocates your assets to different low-risk investment strategies that execute on the Ethereum blockchain.

    My co-host is Tarun Chitra, the CEO and founder of Gauntlet, a company that helps stress test the incentive structures and economics of cryptocurrency protocols, especially of DeFi protocols.

    We're releasing this interview in two parts. The first gives you an introduction to Yearn Finance, it's future, and Andre's design and investment philosophy in building it. Part II explores the design space for governance systems in DeFi - one of the hottest topics in crypto right now.


    Yearn Finance

    Gauntlet

    Hasu's article "Is Yearn.finance safe to use?"

    New: Episode Transcript

    • 1 hr 2 min
    #5 CMT Digital on DeFi and the overall crypto market

    #5 CMT Digital on DeFi and the overall crypto market

    In this episode, Su and Hasu talk to Matt Castro and Brad Koeppen of CMT Digital, one of the longest-standing trading firms in crypto.

    Topics covered

    - What their firm does in crypto

    - What CMT thinks about DeFi

    - The rise of AMMs and their future

    - Why CMT co-founded the Chigaco DeFi Alliance

    - Why community-funded coins have performed better than VC-funded ones, and whether this trend will continue

    Su Zhu is the CEO and CIO of Three Arrows Capital.

    Hasu is a cryptocurrency researcher and writer.

    Together, they publish on Deribit Insights and uncommoncore.co.

    • 44 min
    #4: Su Zhu and Hasu talk to James Prestwich

    #4: Su Zhu and Hasu talk to James Prestwich

    In this episode, Su and Hasu are joined by James Prestwich, one of the leading technical experts and thinkers in this space.

    Topics covered:

    - What is Blockstream Liquid

    - The bug James found

    - Disclosure and aftermath

    - Sidechains, channels, plasma, and rollups

    - How Bitcoin isolates itself from innovation happening on other chains (recommended reading)

    - Bitcoin in DeFi


    Su Zhu is the CEO and CIO of Three Arrows Capital.

    Hasu is a cryptocurrency researcher and writer.

    Together, they publish on Deribit Insights and uncommoncore.co.

    • 54 min
    #3: Su Zhu and Hasu on Decentralized Finance

    #3: Su Zhu and Hasu on Decentralized Finance

    In this episode, Su and Hasu talk about decentralized finance (DeFi).



    Topics covered:

    - What DeFi means to Su

    - Why use DeFi over CeFi?

    - Is the current demand organic or subsidized by VC money?

    - Where users will allocate on the trust spectrum

    - The delicate dance between regulatory arbitrage & attracting talent and capital

    - The path to decentralization

    - Most important DeFi use cases today and in the future

    - How AMMs work and can be improved

    - The core building blocks of DeFi

    - Incentive mechanisms

    - Tokenized balances

    - Atomic transactions

    - Will a boom in DeFi translate to ether?



    Su Zhu is the CEO and CIO of Three Arrows Capital.

    Hasu is a cryptocurrency researcher and writer.

    Together, they publish on Deribit Insights and uncommoncore.co.

    • 1 hr 13 min
    #2: Su Zhu and Hasu on EIP-1559

    #2: Su Zhu and Hasu on EIP-1559

    In this episode, Su and Hasu talk about blockspace market mechanisms and EIP-1559. Read Hasu's analysis of EIP-1559 (w/ Georgios Konstantopoulos) 



    Topics covered:

    - what EIP-1559 is and the problems it solves

    - negative-sum vs zero-sum vs positive-sum proposals

    - reasons against EIP-1559

    - what, if anything, can Bitcoin learn from EIP-1559

    - impact on long-term security

    - how realistic perpetual issuance is in Bitcoin

    - elastic blocksize proposals in Bitcoin

    - lessons from the scaling debate

    - how parasitic L2s can threaten baselayer security

    - how dApps benefit from EIP-1559

    - building dApps on appchains vs Ethereum

    - why every chain incl. Ethereum specializes over time

    - first-price auction vs fixed-price sale

    - EIP-1559 as an oracle for on-chain congestion

    - moving the Overton window for changes to Bitcoin



    Su Zhu is the CEO and CIO of Three Arrows Capital. 

    Hasu is a cryptocurrency researcher and writer. 



    Together, they publish on Deribit Insights and uncommoncore.co.

    • 48 min
    #1: Su Zhu and Hasu on the Future of Custody

    #1: Su Zhu and Hasu on the Future of Custody

    Welcome to the first episode of the Uncommon Core podcast. Su and Hasu talk about the future of custody in crypto.

    Follow Su on Twitter
    Follow Hasu on Twitter

    • 35 min

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