Permissionless: DeFi’s Next Frontier | Hayden Adams & David Hoffman
Episode publishedPodcast: Bell CurveBell Curve
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Think that probably, like, almost the best market participants to go after is, asset issuers. People that create, you know, people that create ETFs, people that create, assets. You know, everyone that sits between them and a person that buys those assets, is not like, people don't love having a thousand middlemen between them and their customers. Right. They might have to because of the market structure that they live in. Mhmm. And so I think that one a a unique value prop that we could offer, to to a TradFi, you know, to a TradFi player if they're an asset issuer would be like, hey. Like, we
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morning, everyone. How's it going, Hayden? Good.
Good to be here.
Good. Good. Good. There is a lot of attention on crypto in the year of our lord, 2025. The public markets are pumping, and everyone's now realizing that, centralized companies like Coinbase, Robinhood are going to be able to create and extract a lot of value from a lot of the innovation that we've made on the on chain side of the world, which I think just really adds even more emphasis as to why the on chain mechanisms that we have need to be so incredibly powerful to be competitive with the convenience of Coinbase and the convenience of Robinhood and all of these things. So, Hayden, I think t
Yeah. So the first, you know, the first version of Uniswap, it wasn't about creating the most efficient exchange in the world. It wasn't about creating the largest exchange in the world. Obviously, it's done pretty well. It's recently crossed 3,000,000,000,000 in trading. But, you know, it was about creating something that was decentralized, and something that offered, properties that don't exist in existing structures. And so, you know, the the the core idea is you you have something like FTX, right, where they had a huge amount of customer funds on their balance sheet, and then it turns out
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I'm gonna keep on positioning Uniswap against things like Coinbase, like Robinhood, because I think, like, if ultimately, Coinbase Robinhood centralized companies come to embody all the properties that crypto has, then it feels like we almost we built all the valuable things, but then they were able to monetize it. And so it's like one thing that I I wanna, like, lean into is exactly what you just finished off with is we get Uniswap is building full stack stuff. You guys are building layer one exchanges, layer one applications, being building a layer two to be a little bit more expressive with
Yeah. So there are lots of different places to take that, but I will say that there definitely is like an interplay between Uniswap v four and Unichain and our app suite. Right,
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