Fixing Crypto’s Broken Token Structures | Roundup
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You know, at the end of the day, though, as an investor again here, like when you invest in Harvey or, you know, Axelar, etcetera, you're expecting value to accrue to the thing that you're investing. You're not expecting value to accrue to two different things, and you're certainly not expecting value to just accrue to one entity, which you don't have any sort of like, you know, whatever enforceability authority over.
Quick shout out to today's sponsor, Katana. We'll hear more about Katana's 1,000,000,000 cat campaign later today. But for now, let's get into the episode. Hey, everyone. Quick disclaimer before we get into today's episode. Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely our opinions, not financial advice. Our guests and I may hold positions in the companies, funds, or projects discussed. What's up, fellas? Hello, everyone. Welcome back to another episod
Doing great. Great to be back. Another good to Another
great week to be a token holder in Tokyo. There's a maybe just to use this as a jumping off point for for the episode, we're gonna be talking about I think there were three big things that inspired the topic of this week's show, which was one, unification. So this is the proposal. We actually had Hayden and Jesse Walden on the show to talk about this. But one, there was unification. So it was the combination of the labs and the foundation entities at Uniswap to put one entity. They no longer are charging fees on the front end and moving everything under one roof. And then simultaneously this w
No. I think that's it. Maybe just like where where are we going and have we actually, you know, solved this problem that, you know, was or, like, the root problem of why we're seeing, like, those headlines this week, I think, was a Gensler era, like, problem. But I don't think we've actually solved it, so maybe we can talk about that towards the end.
Yeah. And I think, Mike, you just tweeted about it just then, but also interesting to take a look at it from an investor versus sort of founder perspective as to, you know, why certain founders might choose to have value accrued at either a token versus an equity and also what protections investors have because there's been a little bit of mayhem on the timeline this week with regards to XLR token holders. So, yeah, I think, interesting to discuss from that standpoint as well.
Okay. Can we can we actually start this off? I would love Miles, can you give us a rundown of what first happened in, some tension that initially kicked off in between Mark Zeller and Stani, originally in LobsterDAO, but then spread out all over Twitter. And this is I think the Aave example is potentially even more interesting than Axelar because it is such a bellwether asset. Simultaneously, it's one that's so difficult for me because I look at that category and I love it. BorrowLend, stables are moving on chain. Aave has the brand, the liquidity moat, they're the obvious category winners. So
So I guess, like, the the the context, going into all of this is that Aave's been around since, you know, their DeFi one point o. They really did the, like, DAO root properly or at least they tried to do it as properly as they could.
It's really them and Arbitrum that's
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