Ep 55, Secure Autonomous Earnings Through Staking and Defi—With Tim Ogilvie of Staked

Ep 55, Secure Autonomous Earnings Through Staking and Defi—With Tim Ogilvie of Staked

DeFi and staking are classified as two different animals. And yet, both facilitate a protocol-level interaction with a smart contract that pays a yield over time. For that reason, Tim Ogilvie and the team at Staked [https://staked.us/] are playing in both arenas, helping customers put their idle crypto to use. Tim is the Cofounder and CEO of Staked, a crypto platform that helps institutional investors reliably and securely compound their crypto assets. On this episode of Wyre Talks, Tim joins us to share his team’s mission around creating an easy-to-generate yield button and offer a high-level overview of the Staked infrastructure. He walks us through the metrics the team uses to judge its performance in terms of security and reliability and explains how his experience as a validator has changed his view of the space. Tim goes on to address Staked’s first DeFi product, Robo Advisor for Yield or RAY, discussing how it outperformed several other competitive rebalancing products and why the team wants RAY to be an open standard rather than staked product. He also weighs in on the current share of alpha that Staked earns, how that benchmark rate is defined, and the decisioning models the team uses to determine their potential market impact. Listen in for Tim’s take on KYC/AML and learn the benefit of smart contracts in terms of money operating like a pool—without being truly mixed. Follow Thomas on Twitter: https://twitter.com/tomscaria [https://twitter.com/tomscaria] Follow Louis on Twitter: https://twitter.com/louAboudHogben [https://twitter.com/louAboudHogben] Follow Tim on Twitter: https://twitter.com/tim_ogilvie [https://twitter.com/tim_ogilvie] Follow Staked on Twitter:https://twitter.com/staked_us [https://twitter.com/staked_us] Today’s Topics [0:20] Tim’s 20-year career in entrepreneurship and what drew him to crypto [1:16] What inspired Tim’s transition from Wall Street to the risky world of startups [2:44] How Tim’s work on a debt derivatives desk informs his work at Staked [4:01] Where Tim thinks the crypto space is headed in terms of financial products based on interest rates [5:45] The volatility of forward yield markets and the subsequent challenge around defining a risk-free rate in Bitcoin [6:30] What Staked looked like in the beginning [7:51] A high-level overview of the Staked infrastructure [8:38] What metrics Staked uses to judge itself and other stakers [9:31] The Staked team’s mission to make it easy to take advantage of passive opportunities in crypto + what customers need to show up with to facilitate that [10:37] Why Staked runs its servers on a combination of public cloud and on-premise infrastructure [11:12] Why Staked does not charge fees for individual pieces of infrastructure [11:42] Determining which proof-of-stake coins require high-performance infrastructure to run a node based on performance, security and decentralization [13:17] How Tim’s experience running validators has changed his view of the space [14:41] Tim’s insight on the relatively low operating costs associated with PoS networks + why secure enclaves are much more expensive [16:41] Tim’s take on the profitability of a staking-as-a-service business model [18:36] How Staked benefits from running several different networks at once [20:17] The fee pressure among validators on Cosmos + why validator fees are rising in general [21:50] Other products and services Staked might provide in building a premium product [22:46] How the common theme around putting idle crypto to use inspired Staked’s DeFi vision [24:36] Staked’s first product in the DeFi space and how it works [25:22] How RAY might evolve to support more sophisticated pricing and evaluate risk [29:11] The DeFi opportunities the Staked team might add to RAY (i.e.: staking, liquidation tools) [29:51] How pricing is likely to evolve for RAY’s option to bid on underwater loans [31:10] How RAY outperformed several other competitive rebalancing products + how it will be better able to take advantage of opportunities and service new markets as its pool increases [33:51] Tim’s thoughts on KYC/AML + the advantage of smart contracts in terms of money operating like a pool without truly being mixed [36:19] How RAY is creating SPVs to bridge centralized lending services [37:10] Why the Staked team wants RAY to be an open standard rather than staked product [38:46] The decisioning models the team uses to determine their potential market impact [40:11] How RAY earns revenue in lieu of fees [40:46] The RAY token model and Staked’s approach to developing a decentralized product [41:50] The current share of alpha that Staked earns and how the benchmark rate is defined [42:48] Tim’s vision for the future of RAY + its potential distribution play to wallets and exchanges [44:52] Opportunities around forwards, spot prices and other DeFi functionalities that developers are exploring with the latest Staked tech [46:05] The most-requested features Staked customers are asking for [46:50] Tim’s prediction that the space will move toward a fixed interest rate model [48:24] How Tim thinks about Staked’s role in helping protocols define their own risk properties [49:41] How customers maintain their role in governance while Staked serves as a technical pass-through [50:19] Tim’s insight around smart contract insurance and the challenges associated with pricing it effectively [51:57] The demand for building an effective borrowing product [52:22] Tim’s view of early exit opportunities as the next big thing in the passive income space [53:16] How validators think about the nuances of high inflation vs. low inflation coins [56:34] Tim’s advice around recruiting capital for hobbyists interested in running a node [57:42] Why Tim is excited about projects like Cosmos, Polkadot and Keep in allowing for interchain activity

Ep 54, Creating the Censorship-Resistant Standard for Global Free Speech —With Brad Kam of Unstoppable Domains

Imagine having the capacity to build a website that only you can put up or take down. A website that doesn’t require you to answer to any government or powerful company. A truly censorship-resistant website created on a decentralized registry. Brad Kam is the Cofounder and Head of Business Development at Unstoppable Domains [https://unstoppabledomains.com/], a blockchain startup that makes crypto payments simple and facilitates the creation of such censorship-resistant websites. On this episode of Wyre Talks, Brad joins us to discuss the custody problem with centralized domain registries and explain how Unstoppable Domains is building a decentralized system that works for wallets and websites simultaneously. He shares the idea of using extensions to support blockchain-based domains and the value of Unstoppable’s ecosystem partnerships with those browser extensions as well as IPFS providers and wallets. Brad goes on to address how Unstoppable Domains differs from ENS, functioning as both a registry and registrar and driving adoption through a sunrise period for brand owners. He also weighs in on the team’s conscious decision to be unifying and inclusive of any currency or wallet, describing the current customer profile and the most interesting use potential use cases for the platform. Listen in for insight around Unstoppable’s show-don’t-tell approach to marketing its censorship-resistant sites and learn how Brad thinks about balancing global free speech with ethical concerns. Follow Thomas on Twitter: https://twitter.com/tomscaria [https://twitter.com/tomscaria] Follow Unstoppable Domains on Twitter: https://twitter.com/unstoppableweb [https://twitter.com/unstoppableweb] Today’s Topics [0:28] How living in ‘the house that Bitcoin built’ inspired Brad’s interest in crypto [1:16] Brad’s previous referral marketing SaaS startup, Talkable [1:50] How the 4 cofounders met and decided to work together on Unstoppable Domains [3:04] The custody problem around centralized registries [3:53] Why domain pricing differs across registries [4:53] How top-level domains leverage marketing efforts to gain traction [6:14] What you can do through Unstoppable Domains in terms of making crypto payments and building websites [7:59] The Unstoppable Domains team’s progress to date [8:46] Why Brad’s team decided to build on the Zilliqa blockchain and the value of high transaction throughput [9:41] The simple process of creating an Unstoppable Domain that works for wallets and websites simultaneously [11:53] Using extensions to support blockchain-based domains [12:46] Unstoppable Domains’ partnerships with IPFS providers, browser extensions and wallets [14:46] How Unstoppable Domains stores data from multiple crypto addresses [16:00] How Unstoppable Domains differs from ENS [18:07] Unstoppable’s plans to auction top domains [19:19] Unstoppable’s adoption thus far + the site’s customer profile [20:29] The ethical concerns around picking top-level domain names [21:25] The Unstoppable team’s conscious decision to be unifying and inclusive of any currency or wallet [22:01] How Unstoppable is addressing domain squatting with a sunrise period [22:22] Unstoppable’s show-don’t-tell approach to marketing its censorship-resistant news sites [24:13] Interesting use cases for Unstoppable (i.e.: political conflicts) [24:55] How Brad thinks about ethics on the platform + how users can choose filters to match their beliefs [26:44] The future of the Unstoppable Domains product

Ep 53, Hashflow — Bringing Financial Market Structure to Crypto with Varun Vruddhula and Lawson Baker

Scalability. Interoperability. Liquidity. Any number of projects in the crypto space are working to tackle these problems. But just one is solving for all three at the same time and leveraging cashflow incentives to encourage participation in the network. Varun Vruddhula is the Founder of Hashflow Network [https://hashflow.network/] and Lawson Baker serves as an Advisor and Acting Head of Operations for the team. On this episode of Wyre Talks, Varun and Lawson join us to discuss the problems Hashflow is trying to solve in terms of binding ETH and BTC—while achieving scale. They speak to the three players in the Hashflow ecosystem, describing how they interact on the network and sharing the profile of an ideal hub, watch tower and trader. Varun and Lawson go on to explain how the Hashflow front end will parallel the Bloomberg terminal and address the flow of funds on the network. They also weigh in on the project’s token design and how it enables Hashflow to bootstrap liquidity, discussing how small and large exchanges alike benefit from joining the network. Listen in for insight around how cryptographic proofs are to crypto what paper currency is to commodity money and learn how Hashflow solves for the biggest problems in the crypto space and incentivizes participation through its unique cashflow token design! Follow Thomas on Twitter: https://twitter.com/tomscaria [https://twitter.com/tomscaria] Follow Varun on Twitter: https://twitter.com/GandalfTheBr0wn [https://twitter.com/GandalfTheBr0wn] Follow Lawson on Twitter: https://twitter.com/lwsnbaker [https://twitter.com/lwsnbaker] Follow Hashflow Network on Twitter: https://twitter.com/hashflownetwork [https://twitter.com/hashflownetwork] Today’s Topics [0:55] How Varun’s background in the space industry led him to the crypto space [5:01] Lawson’s journey from investment banking to FinTech startups to crypto [8:38] The core problems Hashflow is trying to solve, including scalability, interoperability and liquidity [10:14] How Varun was inspired by Lightning Network, Plasma and SUMOKOIN and what drew Lawson to the Hashflow project [20:04] The three players in the Hashflow ecosystem and how they interact on the network [25:47] The profile of an ideal Hashflow hub, watch tower and trader [30:56] How the Hashflow front end will parallel the Bloomberg terminal + the roadmap for what the team is building [33:59] The flow of funds on the Hashflow Network and how it executes around proof of solvency and profit insurance [42:26] How Hashflow safeguards users against false prices [44:30] Varun’s insight into the concern around double spending on Hashflow [47:06] Why Hashflow allows anyone to report prices but incentivizes only those used by users and exchanges [52:55] How Varun made decisions around what parameters to standardize and when to allow freedom of choice [56:26] How its token design enables Hashflow to bootstrap liquidity [58:09] How both small and large exchanges benefit from joining the Hashflow network [59:45] The process of joining the Hashflow network [1:00:52] The top concerns expressed by exchanges and OTC desks in terms of integration costs and business opportunity [1:05:13] The strategic impact of anyone being able to create an exchange on Hashflow [1:07:41] What differentiates Hashflow from the projects it’s compared to most often (i.e.: 0x, Arwen and tBTC) [1:14:07] Varun’s insight around how cryptographic proofs : crypto what paper currency : commodity money

Payments Evolved — Announcing Wyre V2 and the Future of Payments in Crypto with Michael Dunworth and Jack Jia of Wyre

Here at Wyre, we’re in a unique market position, serving as a bridge from the traditional payments ecosystem to the Wild West that is cryptocurrency. And we spend a lot of time on the podcast getting granular about innovative crypto projects and blockchain technology, but we have yet to focus our attention exclusively on the payments space. Until today, that is! On this episode of Wyre Talks, we’re discussing key trends in the payments industry over the last five years, digging into the rise of challenger banks and how regulations have influenced the evolution of the space. We introduce the concept of strong customer authentication (SCA), explaining how it’s creating a liability shift from merchants to banks, and explore the slow pace of regulatory change in the US as compared to Europe. Jack weighs in on the brilliance of WeChat Pay and China’s influence in the realm of device-based payments, and we look at the anticipated timeline for widespread adoption of contactless value exchange. Finally, Michael weighs in on the way hardware providers are hedging out of chargeback risk through biometric authentication and the telling link between payments and identity. Listen in for insight around how companies like Apple and Google are well-positioned to enter the crypto space and learn how that reality informed the launch of the latest Wyre Widget. Follow Thomas on Twitter: https://twitter.com/tomscaria [https://twitter.com/tomscaria] Follow Mike on Twitter: https://twitter.com/MichaelDunwort1 [https://twitter.com/MichaelDunwort1] Follow Jack Jia on Twitter:https://twitter.com/demonopolize [https://twitter.com/demonopolize] Follow Wyre on Twitter:https://twitter.com/sendwyre [https://twitter.com/sendwyre] Wyre's Website: https://www.sendwyre.com [https://www.sendwyre.com/] Today’s Topics [0:26] The top trends in the payments industry over the last five years [6:18] How much recent changes in payments have been driven by the regulatory landscape [8:21] The concept of strong customer authentication (SCA) and how it’s creating a liability shift [14:38] Why regulatory change in the US is so much slower than Europe [21:35] The brilliance of WeChat Pay and China’s influence in the realm of device-based payment [24:52] The anticipated timeline around widespread adoption of contactless payments [27:38] How hardware providers are hedging out of chargeback risk via biometric authentication [31:52] How fraudsters are likely to respond with deep fakes and pump schemes [35:34] The link between payments and identity [40:04] How Apple is positioning itself to enter the crypto space [45:20] The new Wyre Widget product and how it fits into the crypto experience [52:57] Michael and Jack’s insight around the next iteration of payments

Ep 51, An Early Technologist’s Perspective on Investing —with Joey Krug of Augur & Pantera Capital

It’s no surprise that Joey Krug is a fan of taking calculated risks. After all, he was betting on horse races (and winning) in middle school and eventually created a mechanism for making bets on the blockchain. As an early crypto developer, Joey had the opportunity to meet a lot of promising entrepreneurs. And ultimately, he put together a syndicate to invest in the projects with the most potential. Joey is the creator of Augur [https://www.augur.net/], the decentralized oracle and prediction market protocol built on Ethereum, and the Co-Chief Investment Officer with Pantera Capital [https://www.panteracapital.com/], an investment firm focused exclusively on ventures related to blockchain tech, digital currency, and crypto-assets. On this episode of Wyre Talks, Joey joins us to discuss the inception and early days of Augur and explain why the team chose to raise money through an ICO — the first on top of Ethereum. He describes how Augur has evolved, shifting from a reporting to a dispute-based model, disincentivizing invalid markets, and incorporating the use of DAI in V2. Joey goes on to address how companies building on Augur are tackling US regulations and offer his take on what should and should not be regulated by the government. He also covers the advantages of using Augur overrunning a centralized operation, sharing the benefits for users in terms of limits, odds, and fees. Finally, Joey walks us through his transition to angel investing, explaining how he came to work with Pantera and how he evaluates investments with regard to team, product, and market. Listen in for Joey’s insight around the prerequisites for DeFi mass adoption and learn about the scalability projects he is excited to see the launch in the near future! Follow Thomas on Twitter: https://twitter.com/tomscaria [https://twitter.com/tomscaria] Follow Louis on Twitter: https://twitter.com/louAboudHogben [https://twitter.com/louAboudHogben] Follow Joey on Twitter: https://twitter.com/joeykrug [https://twitter.com/joeykrug] Follow Augur on Twitter: https://twitter.com/AugurProject [https://twitter.com/AugurProject] Follow Pantera on Twitter: https://twitter.com/PanteraCapital [https://twitter.com/PanteraCapital] Today’s Topics [0:30] Joey’s introduction to Bitcoin mining and building on Ethereum [3:36] The inception of Augur [4:59] Why Joey’s team pursued a crowd sale to raise money over venture capital [6:15] How the Augur team created an incentive model around its tokens [7:15] The profile of the average participant in the Augur ICO [8:01] Augur’s shift from a reporting to dispute-based model and reduced dispute period [10:23] How V2 of Augur is disincentivizing invalid markets and allowing the use of DAI [13:23] How Joey’s day-to-day involvement in Augur has changed post-ICO [14:56] The pros and cons of running a distributed team [17:34] Joey’s insight on deciding what Augur should build internally vs. what external developers should build [19:30] How companies building on Augur are tackling regulatory issues in the US [20:56] The advantages of using Augur overrunning a centralized operation [22:25] The benefit of Augur for users in terms of limits, odds, and fees [23:20] Joey’s insight on political events + sports as the premier use cases for crypto prediction markets [24:30] Joey’s thoughts around what should and should not be regulated by the government [27:20] How the team is building compliance tools into Augur [28:48] The tradeoffs Augur is making to maintain a sound regulatory position in the US [30:52] How Augur’s solution to the oracle problem differs from that of UMA [33:47] Joey’s take on the problem of parasitic use of oracles [36:03] Joey’s transition to angel investing and how he came to work with Pantera [40:14] The three main funds Joey works with at Pantera [40:41] What Joey would do differently around Pantera’s digital asset and ICO funds at a time of massive flux in the crypto markets [42:50] How Joey thinks about assets in the ERC-20 token space [44:25] Whether governance tokens have value independent of a direct economic incentive [45:37] How Joey evaluates investments in terms of team, product and market [48:28] The major moat growing around Ethereum [49:02] The Layer 1 platforms with a potential value prop for developers [51:01] What Layer 1 platforms need to do from a go-to-market standpoint [52:16] Why Layer 2 projects that sold equity should monetize at the UI layer rather than the protocol layer [54:26] Why it’s advantageous to build your UI and protocol layers at the same time [55:32] Joey’s thoughts on the existing interoperability solutions (e.g.: Cosmos and Polkadot) [59:09] Why massive scalability and better fiat onramps are prerequisites for the mass adoption of DeFi [1:00:51] What Layer 2 primitives Joey would like to see built in DeFi [1:03:25] The advantages and disadvantages of building on open-source platforms [1:04:16] Joey’s take on sharding as a scaling solution and how it might impact DeFi [1:05:53] Joey’s crypto thesis + how he sees the misfits of other markets driving adoption [1:08:52] The scalability projects Joey is excited to see launch in the near future and their potential to facilitate exponential growth in the space