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Uncommon Core

Uncommon Core

By Uncommon Core
Exploring the big ideas in crypto from first principles. Hosted by Su Zhu, the CEO and founder of Three Arrows Capital, one of the leading trading firms in crypto, and Hasu, a crypto researcher and writer.
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#14: Interview with a (Degen)Spartan

Uncommon Core

1x
#18: Defi Top 20 with Arthur0x, Su Zhu and Hasu - Part Two
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/DeFianceCapital Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/
1:05:45
January 7, 2021
#17: Defi Top 20 with Arthur0x, Su Zhu and Hasu
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 https://twitter.com/Arthur_0x Defiance Capital https://twitter.com/DeFianceCapital Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/
1:23:55
January 2, 2021
#16: Josh and Su Zhu on Trading Options
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 for using them in crypto as well as what Josh thinks about options trading platforms in Defi Resources: https://www.optiontradingtips.com/options101/payoff-diagrams.html https://www.payoffcharts.com/  https://www.investopedia.com/trading/getting-to-know-the-greeks/ Orthogonal Trading https://twitter.com/OrthoTrading Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl Our homepage and mailing list https://uncommoncore.co/podcast/
1:17:07
December 23, 2020
#15: Su and Hasu discuss the 20 Biggest Coins on Coingecko
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 list https://uncommoncore.co/podcast/
1:51:23
December 11, 2020
#14: Interview with a (Degen)Spartan
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 short, is fully pseudonymous and did not even want to have his voice known. So we looked for a solution and ended up doing a text interview instead. Then I got Patrick McCorry (@paddypisa on Twitter) to speak the part of DS in the final recording, while I spoke my own part. At this point, I want to give a huge thank you to everyone who reached out to us on Twitter and offered their help to make this episode a reality. I get that this isn’t your average podcast, and you can go and read the text interview instead if you want, but I think Paddy did a fantastic job and the final product came out great. Please enjoy! Discussed in this interview: DS: Degenerate or prudent investor? How he managed to recognize (and sell) the top in Defi His approach to investing Becoming Synthetix' patient zero Why he dislikes Maker, YFI, and governance tokens in general and more! Links: Subscribe to our mailing list for transcripts and other bonus content: https://uncommoncore.co/  DegenSpartan https://twitter.com/DegenSpartan Hasu https://twitter.com/hasufl  Patrick McCorry (as DS): https://twitter.com/paddypisa
37:42
November 13, 2020
#13: Light and Su Zhu on the Art of Trading
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 thankful that he has recorded his first-ever interview with us. In this conversation, we go very deep into the process and mindset of trading, as well as Su and Light’s current views on the market and how they are positioned going forward.  My name is Hasu, and I’m a researcher, investor, and writer. Light https://twitter.com/lightcrypto Su https://twitter.com/zhusu Hasu https://twitter.com/hasufl https://podcasts.apple.com/us/podcast/uncommon-core/
1:24:44
October 23, 2020
#12 Su Zhu on the State of the Crypto Market
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 our audience. so please take the time to leave us a rating and review on Apple Podcasts. It really helps a lot with discovery. Thank you. Apple Podcasts https://podcasts.apple.com/us/podcast/uncommon-core/id1517659188 Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl 
1:00:07
October 8, 2020
#11 A Tale of Sushi(Swap) - Part II
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 necessary for you to follow along, but it was a great and very lively discussion and I still recommend you listen to it first. Finally, we recorded this episode the day before Uniswap launched its own token. So keep that in mind when you hear as speculate about its future. Enjoy! Listen to Part I https://www.zeroknowledge.fm/148  (RSS: https://feeds.fireside.fm/zeroknowledge/rss) Anna Rose https://twitter.com/AnnaRRose Tarun Chitra https://twitter.com/tarunchitra Hasu https://twitter.com/hasufl
40:21
September 24, 2020
#10 YAM: At the Root of DeFi's Food Obsession
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 replicate its initial success. In this episode, we explore what made YAM so successful and what might be in store for the future. Will Price https://twitter.com/will__price Trent Elmore https://twitter.com/trentelme Su Zhu https://twitter.com/zhusu Hasu https://twitter.com/hasufl
46:30
September 22, 2020
#9 Gas Wars: Understanding Ethereum's Mempool & Miner Extractable Value
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 actually completely in the hands of a single miner. They can insert their own transactions, rearrange those of users, or even censor them completely. MEV describes how much value a miner can extract from users and other miners by using these powers to their advantage. If you’ve never looked into MEV before, I think you’ll be both shocked and fascinated by the complexity and sophistication of the war that’s raging inside Ethereum’s memory pool. Enjoy Dan Robinson https://twitter.com/danrobinson Georgios Konstantopoulos https://twitter.com/gakonst Hasu https://twitter.com/hasufl Flash Boys 2.0 (Daian et al) https://pdaian.com/flashboys2.pdf
1:14:53
September 20, 2020
#8: Su Zhu on Perpetual Swaps - Crypto's Killer Product So Far
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 single biggest primitive that is still missing from the DeFi puzzle. While the episode can get pretty technical at times, we tried to follow a logical buildup, so no prior knowledge should be required. Please note that I put some links to definitions and followup reading into the show notes. Enjoy the episode. In this episode: What is a perpetual swap and how does it work The history of perp swaps and their usage outside of cryptocurrency How the oracle problem is misunderstood AMM and central limit order book: mapping the two approaches to perpetual swaps in DeFi Tradeoffs between perps in CeFi and DeFi Perpetual swaps as money legos How DeFi perp swaps will enable a new form of stablecoin The role of insurance funds and auto liquidation Hasu Twitter https://twitter.com/hasufl Su Zhu Twitter https://twitter.com/zhusu Episode transcript https://uncommoncore.co/uncommon-core-podcast-episode-8-transcript/ Definitions and further reading: TWAP: https://en.wikipedia.org/wiki/Time-weighted_average_price LIBOR: https://en.wikipedia.org/wiki/Libor CFD: https://en.wikipedia.org/wiki/Contract_for_difference Tom next swaps: https://www.investopedia.com/terms/t/tomorrownext.asp Rolling a futures contract https://www.investopedia.com/terms/r/rollforward.asp yTokens and yVaults: https://anchor.fm/uncommoncore/episodes/6-Andre-Cronje-and-the-Philosophy-of-Yearn-Finance-ei4vds Synthetix tokens and inverse tokens: https://docs.synthetix.io/tokens/ Article on crypto banking https://insights.deribit.com/market-research/the-great-race-to-crypto-banking/ Design space for auto liquidation mechanisms https://insights.deribit.com/market-research/crypto-derivatives-exchanges-liquidation-pioneers/
1:07:21
August 27, 2020
#7: Andre Cronje on Governance
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 Gauntlet, a company that helps stress test the incentive structures and economics of cryptocurrency protocols, especially of DeFi protocols. In this episode, we explore governance in Yearn in particular and how governance in DeFi should work in general. What roles exist, and how can we align their incentives? Is governance a feature to be tokenized and sold off, or an attack vector to be closed? How does the price of a governance token affect the security of its parent protocol? And why does Andre eventually want to retreat from being the lead developer of Yearn Finance? Yearn Finance Gauntlet Hasu's article "Is Yearn.finance safe to use?" Episode Transcript
1:04:34
August 21, 2020
#6: Andre Cronje on Yearn Finance
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 helps stress test the incentive structures and economics of cryptocurrency protocols, especially of DeFi protocols. We're releasing this interview in two parts. The first gives you an introduction to Yearn Finance, it's future, and Andre's design and investment philosophy in building it. Part II explores the design space for governance systems in DeFi - one of the hottest topics in crypto right now. Yearn Finance Gauntlet Hasu's article "Is Yearn.finance safe to use?" New: Episode Transcript
1:02:09
August 14, 2020
#5: CMT Digital on DeFi and the overall crypto market
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-funded ones, and whether this trend will continue Su Zhu is the CEO and CIO of Three Arrows Capital. Hasu is a cryptocurrency researcher and writer. Together, they publish on Deribit Insights and uncommoncore.co.
44:35
August 10, 2020
#4: James Prestwich
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) - Bitcoin in DeFi Su Zhu is the CEO and CIO of Three Arrows Capital. Hasu is a cryptocurrency researcher and writer. Together, they publish on Deribit Insights and uncommoncore.co.
54:22
July 8, 2020
#3: Su Zhu on Decentralized Finance
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 - Most important DeFi use cases today and in the future - How AMMs work and can be improved - The core building blocks of DeFi - Incentive mechanisms - Tokenized balances - Atomic transactions - Will a boom in DeFi translate to ether? Su Zhu is the CEO and CIO of Three Arrows Capital. Hasu is a cryptocurrency researcher and writer. Together, they publish on Deribit Insights and uncommoncore.co.
1:13:36
June 24, 2020
#2: Hasu on EIP-1559
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 long-term security - how realistic perpetual issuance is in Bitcoin - elastic blocksize proposals in Bitcoin - lessons from the scaling debate - how parasitic L2s can threaten baselayer security - how dApps benefit from EIP-1559 - building dApps on appchains vs Ethereum - why every chain incl. Ethereum specializes over time - first-price auction vs fixed-price sale - EIP-1559 as an oracle for on-chain congestion - moving the Overton window for changes to Bitcoin Su Zhu is the CEO and CIO of Three Arrows Capital.  Hasu is a cryptocurrency researcher and writer.  Together, they publish on Deribit Insights and uncommoncore.co.
48:58
June 16, 2020
#1: Su Zhu on Custody
Welcome to the first episode of the Uncommon Core podcast. Su and Hasu talk about the future of custody in crypto. Follow Su on Twitter Follow Hasu on Twitter
35:11
June 8, 2020