Credible Commitments

Apriori
  • 5.0 (3)
  • Technology
  • Updated Weekly

Credible Commitments is an independent Ethereum podcast hosted by apriori. The podcast provides a platform for earnest builders to discuss market structure, products, and philosophy. Credibility is upstream of trust. Knowledge is downstream of both. Choose wisely.

  1. 1d ago

    Prediction Markets & The Story the Data Tells

    In this episode of Credible Commitments I chat with Danning S., Research Director at Pantera Capital. We discuss prediction markets from first principles including -- category segmentation, who the users are and how they behave, MEV in crypto markets, oracle resolution mechanisms, and the power of distribution.  (00:00) - Nerding out on data (02:26) - Prediction markets high level view (04:18) - Polymaket US & International (06:14) - Filtering the Data (08:02) - Prediction market segmentation (09:08) - Turnover reveals market attributes (12:40) - MEV on Prediction markets (18:42) - Adversarial taker bots (23:01) - User does not equal wallet (26:28) - Growing prediction market user base (29:59) - Why are trading bots losing money? (31:52) - Culture markets and oracle design (42:20) - Permissionless prediction markets (46:23) - Insider trading (47:15) - High hanging fruit and innovation (49:56) - The super app thesis (52:01) - Does onchain matter? --Danning's Research 1. Flashboys or Superforecasters - A deep dive into Polymarket’s venue growth, user portraits and market structures: https://panteraresearchlab.xyz/research/2026-h1-report-flash-boys-or-superforecasters/ 2. Flashboys or Superforecasters; SBC Presentation at MEV Workshop: https://www.youtube.com/watch?v=85j-lQ04T_c 3. Contact Danning on X: https://x.com/sui414 Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    Prediction Markets & The Story the Data Tells

  2. 6d ago

    Block Building & PropAMMs on Ethereum

    In this episode of Credible Commitments I chat with Kubi Mensah CEO/Co-founder at Gattaca, the company behind Titan Builder. We discuss block building from first principles, Ethereum's evolving market microstructure featuring a dense discussion on Prop AMMs, and what takes to build a world class product-centric organization.  (00:00) - Intro (00:23) - Time at YC (03:14) - Block building from first principles (05:36) - Post merge block building (09:48) - Service oriented edge (12:03) - Technical excellence & counterparty obsession (15:46) - Ethereum community (18:31) - Tight product cycles (21:43) - Sources of orderflow (22:36) - PropAMMs (26:22) - PropAMM research to product (31:44) - Increase velocity of assets onchain (33:35) - PropAMMs earnestly (36:15) - Not exactly RFS, PAMM is quite novel (37:55) - ACE and more expressivity (39:55) - PropAMMs & L2s (42:58) - Takers, routing, and a standardized interface (44:47) - Leveraging LLMs (48:10) - Agentic demand for blockspace (50:07) - The Blockspace Forum   Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    Block Building & PropAMMs on Ethereum

  3. Jul 31

    Navigating The Dark Forest of Ethereum

    In this episode of Credible Commitments I chat with Michael from Quasar Builder (#2 block builder on Ethereum). Michael started out mining Bitcoin before turning to block building, launching Quasar in 2025 with no privileged orderflow and climbing the leaderboard from the public mempool. The episodes progresses as we discuss PropAMMs and the market structure behind orderflow dynamics. Orderflow is downstream of trust. In particular we break down different types of orderflow and discuss what sharing orderflow between competing parties actually looks like and where multi-party block construction is heading. We close by discussing: ACE, faster blocks, and coordination as the next frontier including where ePBS fits into the auction's future, and a final question worth sitting with: is the public mempool beyond saving? Timestamps (00:00) - Bitcoin mining origins (02:15) - Launching Quasar at the right time (03:14) - Building credibility from the public mempool (05:04) - Climbing the leaderboard (07:31) - Trust is king (09:22) - Different types of orderflow (12:51) - CEX-DEX arbitrage (14:59) - PropAMMs (22:13) - Sharing orderflow (25:15) - Multi-party block construction (29:15) - Focus on bringing value to users (30:51) - ACE/ Faster Blocks/ Coordination (36:31) - Ship it mentality (41:31) - Impact of AI on building products (46:27) - Touching on ePBS (53:52) - Is the public mempool beyond saving? Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    Navigating The Dark Forest of Ethereum

  4. Jun 30

    Tilting at PropAMMs - Markus

    In this episode of Deeply Intents I chat with Markus Schmitt, Founder of Propeller Heads. We dive into PropAMMs: what they are and how they are changing the market microstructure on Ethereum. In addition we unpack the Propeller stack of Tycho, Fynd, and Turbine which will enable a trustless trading experience on Ethereum main-net.  Timestamps (00:00) - Setting the stage (01:11) - What is a PropAMM? (03:24) - Solana PropAMMs vs Ethereum PropAMMs (04:56) - RFQ Systems in comparison (06:44) - PropAMMs solve many issues (08:17) - Offchain actors set parameters on a curve (10:05) - How PropAmms impact onchain routing (14:31) - AMM can provide better prices than a maker (16:34) - PropAMMs and market microstructure (20:32) - Ethereum is a coordination layer (25:48) - Building a self-sovereign trading stack (30:16) - Advantages of open source (31:38) - Fynd turns Tycho into a DEX aggregator (37:10) - Listening to developer feedback (39:31) - Local routing is 100x faster (45:01) - Fynd is customizable (46:50) - Turbine solves problems for large traders (49:20) - Inspiration for Turbine (50:24) - Trades settle in batches (53:45) - Confidentiality, Transparency, & TEEs (57:06) - Turbine is a mixture of many things (56:30) - Open source can be very good business (59:51) - Spicy prediction on DeFi (1:03:44) - Ethereum is the model to follow Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    Tilting at PropAMMs - Markus

  5. Jun 19

    PropAMMs are eating DeFi - Quintus

    In this episode of Deeply Intents I chat with Quintus from Flashbots. We discuss the current transaction supply chain and how PropAMMs fit in. Quintus provides fresh insights and a wealth of technical understanding around this new market micro structure. In particular, the ways in which the working processes of PropAMMs affect determinants of transaction costs, prices, quotes, volume, and trading behavior. Timestamps (00:00) - Revisiting Private Orderflow research (03:12) - A machine that solves problems (08:00) - Tx supply chain from the user's perspective (11:55) - Blockchains have multiple sources of liquidity (16:47) - Market Makers, AMMs, and liquidity (19:26) - CEX-DEX arbitrage (21:01) - Priority fee ordered chains (22:52) - Prop AMMs solve 2 problems that AMMs had (25:37) - The "Prop" in "Prop AMMs" stands for proprietary (27:19) - Flow segmentation that happens (29:14) - Why do market makers prefer prop AMMs? (35:49) - How pAMMs impact the market micro structure (37:58) - Barriers to entry in block building (39:03) - Talking about takers and spoofing (40:53) - ETH price discovery on Ethereum (43:29) - How does pre-trade privacy impact execution (45:01) - Closed source is silly (46:34) - Onchain contracts as order types (47:15) - Closing thoughts on PropAMMs & Ethereum Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    PropAMMs are eating DeFi - Quintus

  6. Jun 12

    propAMMs won, you just didn't notice - Katia Banina

    It already happened, propAMMs won, you just didn't notice. In this episode of Deeply Intents, I chat with Katia Banina, CEO at Bebop . We discuss prop AMMs on Ethereum, how they compare to RFQ systems, and pushing the limits of DeFi innovation with PopAMM (Block Oracle Priced AMM). Timestamps (00:00) - Cat stories (02:19) - BopAMM (06:28) - Request for stream (RFS) (09:41) - RFQ & RFS both have their place (10:53) - Block building and pAMMs (15:47) - Prop AMMs on Ethereum (18:20) - Integrating market makers (23:28) - BopAMM solves the last mile problem (25:00) - Providing passive liquidity is irrational (26:50) - AMMs, Price discovery & Execution quality (30:32) - Block building with pAMMs (33:45) - The oracle update & use cases (40:44) - Performance improvements and optimizations (43:05) - L2s in the future, focused on Ethereum (44:53) - Thinking about security (50:14) - Building with AI (54:18) - The future of DeFi is finance (55:10) - The innovation is blockchain (57:08) - RFQ innovation in the pipeline Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    propAMMs won, you just didn't notice - Katia Banina

  7. May 18

    VC Science - Will Quist & Dan Gray

    In this episode of Deeply Intents I chat with Will Quist of Slow Ventures and Dan Gray from Odin. This episode pulls apart the current discourse on venture investing looking at an investor's and researcher's perspectives. In particular we grapple with existential questions like;  - Do exits even matter?  - Are Megafunds the future of venture?  - Is the current venture environment limiting innovation?  - Are seed-strapping startups more than a trend?  - Are founder archetypes predictive of outcomes?  - What's something in venture people don't see coming? This was a lively conversation with plenty of spice. You will surely enjoy.  Timestamps (00:00) - Intros (03:01) - Exits don't matter (06:41) - Everyone eats their own BS (07:46) - Paper marks and management fees (10:25) - Now you can have your cake and eat it too (11:25) - The carry is not dependent on time value of money (13:18) - Megafunds do the easy thing (14:39) - Top of funnel is still limitless (15:16) - 90% of venture is professional asset management (16:03) - True venture doesn't scale (18:29) - Funny that VC and Software are tied together (21:00) - A machine for fake value (24:14) - In a perfect moment with AI (26:33) - Great investors are great editors of the future (29:25) - Seed-strapping trends (31:12) - Businesses and art projects (35:30) - How important and big is it? (39:12) - The assumptions are the important part (39:43) - It's all a DCF, everything in life is a DCF (41:54) - Are founder archetypes predictive of success? (45:39) - Founders should be the best allocator and investor in their own company (47:02) - What's something people in venture don't see coming? (54:45) - Founder opportunity cost is extremely scarce Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    VC Science - Will Quist & Dan Gray

  8. Apr 25

    Strictly 4 The Builders - Keone

    In this episode of Deeply Intents, we chat with Keone Hon co-founder & GM at Monad Foundation. Keone spent a decade at Jump Trading building algorithmic trading systems before co-founding Monad. We get into what actually transfers from HFT to crypto, why the Monad team rolled their own database, and Keone's bigger thesis on crypto as humanity's universal asset layer.                  We open with the Jump years. In particular, what high-frequency trading actually teaches you (confidence, shipping cadence, intuition for hardware), and why the real edge isn't technical but psychological. From there, we walk through the engineering decisions that shaped Monad including values choices, not an engineering ones. We discuss why testnet metrics are mostly fake and how the Monad community quietly built itself into real social infrastructure during the bear market.       We close on Keone's case for crypto as a universal asset layer, with income share agreements as one of the most underrated frontier use cases. We touch on specific EVM improvements he wants upstreamed to Ethereum, why agentic workflows are "directionally correct" but too early to pick winners, and a final note on creatine. Timestamps (00:00) - Algorithmic trading to Monad Foundation (02:53) - Filtering out signal from noise (04:59) - Learnings from HFT (09:48) - Confidence, intuition, and mentality (14:00) - Technical dominoes (18:25) - Testnet metrics are not real (21:05) - Ecosystem building learnings (23:53) - Startup Founders own communication (25:25) - Everything is about expectations (28:29) - Comfort with uncertainty (32:37) - Delivering value to the community (38:43) - Autonomous decentralized community (42:34) - Interfacing with the Ethereum community (44:21) - The EVM can be improved over time (46:39) - Crypto is humanity's universal asset layer (47:37) - Income Share Agreements (51:10) - Enabling rapid experimentation (52:43) - Steel manning creatine Disclaimer Nothing in this episode should be interpreted as financial, technical, or legal advice.

    Strictly 4 The Builders - Keone
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About

Credible Commitments is an independent Ethereum podcast hosted by apriori. The podcast provides a platform for earnest builders to discuss market structure, products, and philosophy. Credibility is upstream of trust. Knowledge is downstream of both. Choose wisely.

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