Unchained Laura Shin

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
On Wednesday, the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap Labs, the team behind the prominent decentralized exchange (DEX) Uniswap, signaling a forthcoming enforcement action.
Amanda Tuminelli, Chief Legal Officer at the DeFi Education Fund, joined Unchained to unpack what the case could mean for Uniswap and the overall decentralized finance (DeFi) industry.
Amanda also talks about the DeFi Education Fund's recent lawsuit against the SEC over its airdrop policies and the industry’s need for a proactive counteroffensive approach in dealing with the SEC.
Show highlights:

Why Amanda thinks that the SEC is going to take a “kitchen sink approach” to their charges

How the SEC could make a case that some of the tokens traded via Uniswap are securities

What the next steps are in the case, with a lawsuit possibly coming soon

Whether there’s an inconsistency between the SEC’s position and Judge Failla’s rejection of the motion to dismiss the Coinbase lawsuit

How the different components of Uniswap make it hard to prove that Uniswap Labs is responsible for everything that happens on the protocol

Why the DeFi Education Fund recently filed a lawsuit against the SEC

Why Amanda believes in a “proactive counteroffensive strategy” with the SEC

How Amanda would like legislation to be implemented in the U.S.

Why the Tornado Cash developers are not liable for the actions of third parties such as North Korean hackers, according to Amanda

Why Amanda thinks Uniswap will ultimately win against the SEC

Thank you to our sponsors!

iTrustCapital

Polkadot

Guest


Amanda Tuminelli, Chief Legal Officer at DeFi Education Fund


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



You’ve got a friend in me: How amicus briefs are helping the crypto industry win over the courts, Amanda’s op-ed for Fortune

Links
Wells Notice

Unchained: SEC Puts DeFi in Its Sights With Potential Uniswap Suit


Unchained: UNI Drops 16% as SEC Targets Uniswap Labs


Uniswap Blog Post on the Wells notice

Marvin Ammori Thread on Wells notice

Other cases:

Fortune: Don't blame Uniswap for crypto scams, judge rules—and she's right


The Block: Three crypto advocacy groups file amicus briefs in Tornado Cash developer Roman Storm's case


The DeFiant: SEC Faces Lawsuit Seeking To Exempt Airdrops From Securities Classification


Unchained: Court Rejects Coinbase's Bid to Dismiss SEC Charges Against It


Social media commentary:

Paul Grewal’s tweet on the potential inconsistencies with the Coinbase case.

Gabriel Shapiro’s tweet on how Uniswap AMM smart contracts are not run by the Uniswap company


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

Welcome to The Chopping Block, where Haseeb Qureshi, Tom Schmidt, and Robert Leshner dive into the crypto universe's hottest topics. In this episode, we have the CEO/Co-Founder of Monad to explore the fascinating world of Monad and its ambitious endeavor to revolutionize EVM scalability through innovative parallelization techniques. The discussion shifts gears to the recent turmoil in Solana, dissecting the network's congestion issues and the broader implications for blockchain efficiency and scalability challenges. As the conversation deepens, we pivot to the gripping courtroom drama surrounding Avi Eisenberg, challenging the foundational crypto principle of 'code is law' and sparking debate over the legality of smart contract exploitation. Through these discussions, we untangle the complex interplay between technological innovation, regulatory frameworks, and the ethical considerations that define the crypto industry. Join us as we navigate the intricate dynamics shaping the future of blockchain technology, providing insightful analysis on the strategic developments and moral dilemmas at the heart of the digital age. Tune in for a compelling journey through the strategic and ethical battlegrounds that are forging the path forward for crypto and blockchain.
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
🔹 Dive into Monad’s efforts to revolutionize Ethereum with parallelization for higher transaction throughput and efficiency.
🔹 Discussion on Solana's congestion issue, its impact on network performance, and lessons for future scalability.
🔹 Examination of Avi Eisenberg's courtroom saga, challenging the boundaries between legal systems and blockchain autonomy.
🔹 Insight into the scalability challenges facing blockchains and the innovative solutions proposed by new projects.
🔹 Analyzing the ethical considerations in exploiting blockchain vulnerabilities and the responsibility of the crypto community.
🔹 Debate on the future of smart contracts in light of legal challenges and the evolving concept of 'code is law'.
🔹 Perspectives on the balance between innovation and user protection in the rapidly evolving landscape of decentralized finance.

Special guest
⭐️ Keone Hon, Cofounder/CEO at Monad Labs 
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly 
⭐️Robert Leshner, Founder of Compound

Disclosures
Links
The Mango Markets Attacker on Whether His 'Trade' Was Ethical or Not - Ep. 413
https://unchainedcrypto.com/podcast/the-mango-markets-attacker-on-whether-his-trade-was-ethical-or-not-ep-413/ 

Nickel Blowup Made a Lot of Trouble by Matt Levine
https://www.bloomberg.com/opinion/articles/2022-03-14/nickel-blowup-made-a-lot-of-trouble 
Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Polygon Labs CEO Marc Boiron and co-founder Brendan Farmer discussed everything about the AggLayer, a decentralized protocol built by Polygon that enables fast, secure cross-chain interactions and allows different chains to use the same native bridge. This allows users to seamlessly move assets across chains in the AggLayer ecosystem. 
The AggLayer aims to unify blockspace so that it feels like a single chain, improving user experience. Boiron and Farmer also discussed the potential for Layer 2 solutions to scale Ethereum, the benefits of zero-knowledge technology, and the future of Polygon's proof-of-stake chain.
Learn more: What Are Zero-Knowledge Proofs?
Show highlights:

Background of Brendan and Marc and how they joined Polygon

A brief description of what Polygon is overall

What the AggLayer is and how it aims to enable the best of monolithic and modular blockchains

How Brendan differentiates the AggLayer from its competitors, such as Optimism's Superchain or Cosmos and why he believes that zk-technology is such a game changer

How the interoperability experience gets better in such a system, according to Marc and Brendan, and what will become possible that's not now

Which chains can use the AggLayer and how it works to improve security across chains

The tradeoffs between the various types of zkEVM provers 

How projects should decide their architecture and when it would make sense to tap the AggLayer

Why projects should build on the AggLayer, including layer 1s, according to Marc

How Layer 1s can still join the AggLayer and retain their own consensus and sovereignty 

Why Polygon believes that zk-technology is the future of blockchain architecture

Why the Polgyon zkEVM suffered an outage on March 30

Whether Layer 3s are needed to scale the Ethereum ecosystem

Why Brendan believes that EigenLayer is not a good fit for rollups to use

The transition of the Polygon PoS chain to become an Ethereum L2 using the AggLayer

When EIP-4844/Dencun will go live on Polygon

Thank you to our sponsors!
Polkadot
Guests:


Marc Boiron, CEO of Polygon Labs

Previous appearances on Unchained:

Gary Gensler vs. Crypto: What Will the SEC Attack Next?

The Chopping Block: The SEC Is Attacking Crypto – Will Gary Gensler Succeed?


Brendan Farmer, co-founder of Polygon and co-lead of Polygon Zero

Links
AggLayer

Polygon: Aggregated Blockchains: A New Thesis


More technical Agglayer explainer

CoinDesk: 

Polygon Lands Astar Network as First User of New 'AggLayer’


Cosmos-Based Canto Blockchain Reverses Course on Polygon Layer-2 Plans, Unveils New Roadmap 

Zaki on the comparisons with Cosmos



zk-Technology

Polygon: Upgrading Every EVM Chain to ZK: Introducing the Type 1 Prover



The different types of ZK-EVMs by Vitalik

Unchained: Why Zero-Knowledge Proofs Are Critical to Ethereum’s Future


Polygon zkEVM

Unchained: Polygon zkEVM Chain Goes Down for 10 Hours


Blockworks: Polygon unpacks zkEVM outage and ‘emergency’ upgrade


Layer 3s

Unchained: Layer 3s Only Exist to Take Value Away From Ethereum: Polygon Labs CEO


0xCygaar on L3s and L2s


Potuz on the benefit of L3s



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

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion. 
In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena's governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.
Show highlights:

An introduction to what Ethena is and how USDe works

Why the team doesn't want to refer to USDe as a stablecoin, and prefers to use the term "synthetic dollar"

What the risks of USDe are, including custody, counterparties, and smart contracts

Why Guy is "pleased" with how the ENA airdrop went through

How ENA will be used and what its role will be in the governance of Ethena

Why Ethena is now onboarding Bitcoin as collateral

Why Guy thinks that there's been an "exaggeration" regarding the situation with Maker and Aave

Guy's response to the critics who say that Ethena is essentially Terra/Luna

Whether USDe would only work in a bull market

How the Ethena insurance fund works and what it aims to accomplish

What's next for Ethena after onboarding Bitcoin, with Solana potentially being the next asset

Thank you to our sponsors!

Polkadot

iTrustCapital

Guest


Guy Young, founder of Ethena Labs. 

Previous appearance on Unchained: How Ethena's USDe Challenges Traditional Stablecoin Models


Links
Ethena: 

Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide


Decrypt: Ethena Just Launched to a $1.2 Billion Market Cap: Here’s What You Need to Know 



Dust on Crust by Arthur Hayes

Airdrop:

Unchained: Airdrops From Wormhole and Ethena Labs Set to Inject $2.4 Billion Into Crypto Market This Week 


Cointelegraph: Ethena will become highest revenue-generating crypto project — Delphi Labs CEO



ENA Airdrop and Season 2: Sats Campaign 

Learn more: What Is a Crypto Airdrop? A Beginner’s Guide


MakerDAO/Aave controversy: 

The Block: MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe


The Defiant: DeFi Projects Clash After MakerDAO Adds Ethena’s USDe As Collateral, 

Comparisons to Terra’s UST: 

The Defiant: Ethena Stablecoin’s 27% Yield is Triggering Terra-Induced PTSD


Andre Cronje’s thoughts on USDe

Cointelegraph: Ethena Labs founder clarifies USDe stability amid high yield worries



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 dive into the crypto universe's hottest topics. In this episode, amidst the crypto bull market's fervor, the boys dissect the launch of Ethena and its repercussions, including a potential DeFi civil war spurred by integration disputes between MakerDAO and AAVE. The conversation then shifts to the broader implications of SBF's sentencing, exploring how this landmark legal decision could reshape the landscape of trust and regulation within the crypto community. Moreover, we tackle the ethical and operational dilemmas faced by Blast in response to a significant hack, debating the merits and risks of potential rollbacks and the preservation of user funds against the backdrop of decentralized ideals. As we navigate through these complex issues, we shed light on the dynamics between decentralization, regulation, and innovation, offering nuanced perspectives on the challenges and opportunities that lie ahead for crypto. Tune in for an insightful journey through the strategic battlegrounds and evolutions that are defining the future of blockchain technology.
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
🔹 Analysis of Ethena's token launch impact on the crypto bull market and the crypto ecosystem
🔹Insight into the ongoing DeFi civil war triggered by MakerDAO's integration of Ethena, extending into Aave's strategic response and the broader DeFi ecosystem.
🔹Examination of SBF's sentencing, exploring its repercussions for crypto regulation, investor trust, and the legal landscape of the crypto industry.
🔹Evaluation of Blast's response to a significant security breach, debating the implications of potential rollbacks for DeFi security and user trust.
🔹Exploration of the balance between DeFi innovation, regulatory challenges, and the need for a stable legal framework to support crypto growth.
🔹Analysis of the crypto community's response to the DeFi civil war, SBF's sentencing, and security issues in decentralized finance platforms.

Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly 
⭐️Tom Schmidt, General Partner at Dragonfly 
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Robert Leshner, Founder of Compound
Disclosures
Links
MakerDAO Proposal: “Morpho Spark DAI Vault Update” - https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006 

AAVE’s Proposal: “Risk Parameters for DAI Update”
https://governance.aave.com/t/arfc-risk-parameters-for-dai-update/17211 

Barbara Fried’s SBF sentencing submission
https://storage.courtlistener.com/recap/gov.uscourts.nysd.590939/gov.uscourts.nysd.590939.419.0_1.pdf 
Learn more about your ad choices. Visit megaphone.fm/adchoices

On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security.
Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.  
The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed. 
Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months.
Show highlights:

Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this

Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security

Whether the number of people working on Ethereum could make the argument that it is decentralized

How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts

Whether the SEC is looking for evidence to deny spot ether ETFs

Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith

The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry

What the possible outcome of this investigation could be, and whether we'll have a court case soon

What the impact would be if ETH were classified a security

Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation

Why Sam believes that the spot ETH ETFs will be denied on May 23rd

How the SEC has already made up its mind even before gathering the facts, according to Sam

Whether the recent judgment on Coinbase's case affects the potential case against the EF

Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales

What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment

Thank you to our sponsors!
Polkadot
Guests:


Sam Enzer, Partner at Cahill Gordon & Reindel

Previous appearances on Unchained:

How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence

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

Why SBF’s Testimony So Far Has Likely Already Doomed Him

Another Bad Week for Sam Bankman-Fried in His Criminal Trial

Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify

SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case

SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?


Greg Strong, partner at DLx Law

Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify


Links
Ethereum Foundation investigation:

Fortune: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim


CoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH


Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security


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


Ethereum’s security status

Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security


Fortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 video


CNBC: 

SEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws

SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins


For more details and links, visit Unchaine