In today’s episode I talk with Jeff Garzik, the Bitcoin core developer turned DeFi builder.
Jeff comes from leading Bloq, a blockchain infrastructure company focusing on enterprises. As much as decentralized finance is exciting and groundbreaking, he believes its lacking professionalism. Jeff believes DeFi needs to be easy for retail users and for institutional users, not just for crypto natives. With that goal in mind, Bloq is launching Vesper, a decentralized protocol for users to gain passive interest on their crypto. The innovation relative to other yield bouncers, is that users can pick a risk level and the protocol will invest in different strategies accordingly. It both competes with, and uses Yearn Finance. We also talked about what’s next for DeFi, and how he believes the space will trend towards “hybrid finance,” where traditional finance will progressively adopt this infrastructure to become more open and global.
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https://www.youtube.com/watch?v=8o_KJYwTNjs
Aya Kantorovich is the co-CEO and co-founder of Fractal, which is an infrastructure provider enabling institutions to clear, settle, and margin digital asset trades onchain. In today's podcast Aya shares her founder journey at Fractal, the impact of the FTX collapse on institutional players, DeFi growth since many CeFi companies imploded, how Fractal is red pilling institutions, as well as her prediction on how many institutions will be cosseting crypto and having tokens on the balance sheet in 5 to 10 years time and so much more. But first, Aya tells us about her crypto journey thus far.
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SWIFT is the Society for Worldwide Interbank Financial Telecommunication. It was created all the way back in 1973 and it’s Belgian. it serves as an intermediary and executor of financial transactions between banks worldwide. SWIFT doesn’t facilitate the transfer of funds: it really just functions like a messaging system, sending payment orders which are thensettled by correspondent accounts that the institutions have with each other. It doesn’t hold accounts, doesn’t perform clearing, it just sends an absolutely monstrous number of financial messages - 42m a day on average. But leading up to Russia’s invasion of the Ukraine the threat of cutting Russia off from SWIFT was being called the nuclear option. The thing Russia would fear the most. Now it’s very much on the table as the West fronts up to the reality that Russia don’t give a damn about any of the sanctions so far imposed. But now the talk is of Russia using crypto as an escape route. Is this realistic and how would that even work?
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Links
https://www.bbc.co.uk/sounds/play/p0bqyl9z
https://www.theguardian.com/world/live/2022/feb/25/russia-ukraine-invasion-latest-news-live-updates-russian-war-vladimir-putin-explosions-bombing-invades-kyiv
https://www.forbes.com/sites/laurashin/2022/02/22/exclusive-austrian-programmer-and-ex-crypto-ceo-likely-stole-11-billion-of-ether/?sh=3947ea337f58
https://www.chainalysis.com/
https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/24/fact-sheet-joined-by-allies-and-partners-the-united-states-imposes-devastating-costs-on-russia/
https://www.aljazeera.com/economy/2022/2/25/ukraine-russia-crisis-will-china-be-putins-economic-lifeline
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https://www.youtube.com/watch?v=-FwY5-d1svE
Censorship. That’s probably the worst word you can hear in the blockchain space. But it’s happening on Ethereum. More than half of the blocks on the Ethereum network appear to be excluding transactions from wallets sanctioned by U.S. regulators, according to data from MEV Watch.
This matters because public blockchains like Ethereum are supposed to be permissionless: open to everyone, anywhere in the world. These decentralized and distributed networks with no central authority or third-party i ntermediaries are supposed to be the antidote to state and corporate censorship. But that stops being the case when Ethereum validators are excluding certain wallet addresses to comply with U.S. regulations.
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https://www.youtube.com/watch?v=Oye0jcce9cY
Following on from our quick take yesterday (https://youtu.be/lDGS-n8j2Oo) here's a walkthrough on putting your UST to work using Anchor protocol which is built on Terra. For this tutorial we'll look at setting up the Terrastation chrome extension, we'll demonstrate how to port UST from Ethereum to Terra using a bridge (MIRROR) and finally what happens when you commit your funds to the savings product.
Anchor protocol aims to deliver a fixed rate of 20% APY on your deposits. A huge improvement over traditional savings accounts in trad fi. As always, please exercise caution and common sense. This is NOT financial advice.
Handy links:
Anchor Protocl: https://anchorprotocol.com/
The Anchor web app: https://app.anchorprotocol.com/earn
The ETH side of the Mirror bridge: https://eth.mirror.finance/my
The TERRA side of the Mirror bridge: https://terra.mirror.finance/
The Terrastation chrome extension: https://chrome.google.com/webstore/detail/terra-station/aiifbnbfobpmeekipheeijimdpnlpgpp
Metamask chrome extension: https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn?hl=en
UST on Uniswap: https://app.uniswap.org/#/swap?inputCurrency=0xdAC17F958D2ee523a2206206994597C13D831ec7&outputCurrency=0xa47c8bf37f92aBed4A126BDA807A7b7498661acD
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Using InstaDapp's built in DeFi simulator you can get a feel of how lending, borrowing, and liquidity providing works in DeFi.
https://instadapp.io
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https://www.youtube.com/watch?v=jdOW8dDjsMA
Jim Bianco has decades of experience as a macro markets researcher. He's been leading his firm Bianco Research since 1990, which has family offices and traditional money managers as clients. He was at UBS and Lehman Brothers before that. He’s as TradFi as it gets, but recently, he’s been falling down the crypto rabbit hole —hard.
He says that while bitcoin was interesting as an investment, to him it’s DeFi that really caught his attention. It was after installing MetaMask, and doing some yield farming and NFT investing, that he realized, DeFi is a new financial system, and it will replace the old one. And the reason is simple: it’s just better.
He has carefully brought this up to his clients, but it’s been tough. Those that don’t underestimate open finance, are waiting to retire before they have to catch up. But Bianco thinks DeFi is taking over sooner than they think, and when it does, they’ll be just like taxi drivers in a ride-sharing world.
Bianco believes the biggest risk is US regulation but he sees it as a risk to the US, not to DeFi. He believes the US’s stifling regulatory environment will force innovation to start elsewhere, it will likely grow in the developing world and then come to the US and as he put it, completely flatten everything else.
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