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Uncommon Core 2.0

Uncommon Core 2.0

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Uncommon Core 2.0 is a crypto research podcast. This show goes beyond speculation and investing, looking deeper. We explore the fundamental technology and incentives that make public blockchains work under the hood. This show is co-hosted by Hasu and Jon Charbonneau. They’ll be joined by occasional guests, speaking with some of the incredible builders and researchers who are looking to evolve this infrastructure stack to make the mass adoption of crypto possible.
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Hasu and Jon bring on Ansgar and Caspar from the Ethereum Foundation to discuss the ETH staking endgame. Ansgar and Caspar recently published two controversial research posts which included a proposal to change Ethereum’s issuance curve. They are concerned that the current ETH staking economics could lead to nearly 100% of ETH being staked, with mu…
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Hasu and Jon catchup on what’s new in the EVM (Ethereum Virtual Machine) and SVM (Solana Virtual Machine) worlds. For the EVM, Ethereum has pushed vertical scaling efforts to other chains. This includes Monad, who is building a new EVM L1 with fundamental optimizations to improve scalability. For the SVM, the Solana ecosystem continues to gain mome…
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Hasu and Jon bring on Mike Neuder (Ethereum Foundation) and Chris Hager (Flashbots) to discuss the design philosophy of proposer-builder separation (PBS). They first dive into the past and present implementations of PBS, including MEV-Geth and MEV-Boost on Ethereum. Then they discuss the future of PBS - whether PBS should be enshrined, protocol-enf…
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In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview over the key areas of crypto infrastructure today. Finally, we zoom into rollup decentralization roadmaps, and Jon shares a controversial new thesis about sequencer decentralization. __ Timestamps: (00:00) Intr…
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Listen to conversations between two veterans of the crypto industry: Su Zhu, CEO and CIO of Three Arrows Capital, and Hasu, Strategy lead at Flashbots. Exploring the big ideas in crypto from first principles. In this episode, Hasu continues the conversation with Danny Ryan and Tim Beiko, two researchers from the Ethereum Foundation. The three are j…
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Listen to conversations between two veterans of the crypto industry: Su Zhu, CEO and CIO of Three Arrows Capital, and Hasu, Strategy lead at Flashbots. Exploring the big ideas in crypto from first principles. In this episode, Hasu sits down with two Ethereum Foundation researchers, Danny Ryan and Tim Beiko, to explore Ethereum's upcoming transition…
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Listen to conversations between two veterans of the crypto industry: Su Zhu, CEO and CIO of Three Arrows Capital, and Hasu, Strategy lead at Flashbots. Exploring the big ideas in crypto from first principles. In this episode: The state of our macroeconomy Destruction of the nation-state The rise of the Sovereign Individual How crypto fits into all …
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In this episode, I had the opportunity to sit down with Eli Ben-Sasson of Starkware. If you listened to my last episode with Su where we talked about the scaling approaches of different L1s blockchains compared to Ethereum, I argued that L1 blockchains do not scale and that the only way to create true scalability is to perform all of the computatio…
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In this episode What the “Crypto Villain of the Year” thinks about his image The arguments for Ethereum’s scaling roadmap The arguments for Alt L1s to out-scale Ethereum What parallels to BTC maximalism Su sees in the ETH community Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto resea…
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With BTC and ETH making new ATHs, new and old investors are asking themselves the same question: How do you value cryptoassets? Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimiz…
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Today, I’m sitting down with Anish Agnihotri, who is a research associate and colleague of mine at Paradigm. Anish has a fascinating backstory from becoming an entrepreneur at a really young age to later going deep into skin trading. We discuss how that skill transfers to NFT trading and how we see the market structure of both primary and secondary…
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Today, we welcome Jordi Alexander, a former professional poker player turned macro trader turned crypto trader. Jordi competes in the Mind Sports Olympiad and is an expert in games and game theory in general. Together we discuss How to pick up new games and improve How you can apply game theory to the crypto markets What Jordi and Su think about th…
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For our latest episode, I sat down with MEV Senpai, one of the top searchers in Ethereum. He gave us the unique inside perspective of someone who finds and captures MEV himself. The result was a long & intense convo, one of the best I've had in a while. We discussed: The structure and actors of the MEV game What is searching, how can you learn it, …
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After a tumultuous month in crypto, Su and I discuss the state of the market and what we see on the horizon. Enjoy! Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency …
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In this episode, Su Zhu and Hasu invited Kyle Samani from Multicoin Capital, one of the most successful venture funds this cycle. Kyle is a day-one supporter of Solana, a smart-contract platform optimized for high throughput. They talked about: Multicoin's approach to investing How will the winning blockchain scale? What is enough decentralization?…
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Earlier this week, I did a deep dive on a new DEX trading protocol called CowSwap, which combines many good features into what is possibly the most complete trading experience in Defi. First, you no longer publish a fee-paying transaction to the public mempool. Instead, you sign a transaction and submit it off-chain to the CowSwap relayer, which ha…
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Su is sitting out today, and I instead welcome Charlie Noyes and Georgios Konstantopoulos of Paradigm, one of the largest investment funds in crypto. We cover a lot of ground in this episode, including: How Paradigm can so consistently identify and back the category-defining protocols and companies in crypto MEV and how it can be mitigated, includi…
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For this episode, Su and I invited the legendary trader Cobie, who goes under @CryptoCobain on Twitter. Together, we talked about The bull case for Ethereum and its upcoming catalysts Whether ETH can flippen BTC What advice has helped Cobie to survive several market cycles Enjoy! Listen to conversations between Su Zhu, the CEO and CIO of Three Arro…
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Crypto commands unusually high yields relative to the traditional financial system, allowing investors to earn 20% on fiat and stablecoins and even more on other assets. In this episode, Su and I unpack a very simple question: Where are these yields coming from? Topics discussed: Unpacking the three major sources of yield in crypto How sustainable …
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We are super hyped to bring you our conversation with Richard Galvin, one of the best performing VCs of the last years and frontrunner to the DeFi opportunity. In this episode, Richard and Su make the most condensed case for Defi that I've heard to date. In this episode, we covered Richard’s history on Wall Street Why crypto is in a megatrend How h…
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This is part two of our conversation with Matti and Fiskantes of Zee Prime Capital. While the first half was more philosophical in nature, this time we talked exclusively about different blockchain projects and how they might connect to each other in the future. I believe that with gas fees in Ethereum being as high as they, the advent of sharding …
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Today, Su and I are sitting down with Matti and Fiskantes of Zee Prime Capital. These two have consistently been among my favorite people to follow on Crypto Twitter, so I’m very glad that they agreed to have this conversation with us. In fact, we ended up talking for so long that we have to release the episode in two parts. In this first half, we …
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Today, Su and I discuss the rise of WallStreetBets and financial populism in general. As one of the most experienced market participants I know, Su has a unique perspective on the story behind the GameStop short squeeze. We explore why he thinks it is going to end in tears for small investors, which invisible rules of the traditional financial syst…
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This is Part Two of our conversation with Arthur0x on the Top 20 Defi (Decentralized Finance) coins by market cap. Arthur0x went from being one of the earliest users and investors at Synthetix, Aave, and Kyber, to running the largest Defi-focused fund in all of Asia. Arthur0x https://twitter.com/Arthur_0x Defiance Capital https://twitter.com/DeFian…
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After our episode on the top 20 crypto coins by market cap, we got a lot of requests to do one for Defi as well. For that discussion, we brought in one of the foremost experts on Defi. Arthur0x went from being one of the earliest users and investors at Synthetix, Aave, and Kyber, to running the largest Defi-focused fund in all of Asia. Arthur0x htt…
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Today, I’m sitting down with Su Zhu, my friend and co-host, and Josh, of Orthogonal Trading.Josh is one of the biggest and most experienced options traders in crypto and joined us for a very interesting and wide-ranging conversation. Together, we touched on topics like how options work differences between options and futures Different strategies fo…
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When our scheduled guest had microphone issues, Su and I decided to record an improvised episode for you guys instead. In this one, we go through all the coins in Coingecko's Top 20 by market cap and discuss our thoughts and predictions for them going forward. Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing…
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Today, I’m not only joined by a very special guest, but the format of this episode is highly unusual as well! I interviewed the man who goes by the name @DegenSpartan on Twitter and who is one of the biggest and most enigmatic Defi investors there is. I have wanted to have him on for a long time, but there was one problem: DegenSpartan, or DS in sh…
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Today, I sat down with Su Zhu, who is the CEO and CIO of Three Arrows Capital, as well as LightCrypto. Light is a real crypto OG and one of the largest and most successful prop traders in this space. We’ve known each other for two years now and I have tremendous respect for his skill and clarity of thought. He’s usually very secretive, so we are th…
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Today, I’m sitting down with Su Zhu, my co-host and friend, to talk about the state of the crypto market and what he’s seeing on the horizon. Su is the CEO as well as Chief Investment Officer at Three Arrows Capital, one of the largest trading firms in crypto. Just one thing before we dive in, we make no money from this podcast we do want to grow o…
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Today, we bring you a special episode. This is actually Part II of an interview I did with Anna Rose of the Zero Knowledge Podcast, and Tarun Chitra of Gauntlet. We explore the rise of governance tokens by looking at Sushiswap as our case study. Part I has been released on the ZK podcast and you can find the link to it in the show notes. It's not n…
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Today, Su and I talk to Will Price and Trent Elmore of YAM.finance. YAM launched last month as a mix between Yearn’s fair launch, Ampleforth's supply elasticity, and Compound’s on-chain governance. And while its launch was short-lived (it had to shut down from a bug only two days later), it inspired a whole wave of food coins that tried to replicat…
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Today, I brought on Dan Robinson and Georgios Konstantopoulos, who are both research partners at Paradigm. Together, we explore the topic of MEV, or “Miner Extractable Value”. Blockchains like Ethereum have this dirty little secret that, while in most regards they are very decentralized, the ordering of transactions within a single block is actuall…
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For today’s episode, I sat down with Su Zhu to learn all about perpetual swaps. There’s probably not a person in crypto who has more authority on this topic than him. The first half of the episode serves as a general introduction to perpetual swaps, while in the second half, we explore how perpetual swaps are coming to DeFi and why they are the sin…
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We return for the second half of our interview with 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 Gau…
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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 …
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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-fu…
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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)…
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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…
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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 lo…
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