The Evolution of Crypto Exchanges | Austin Adams & Jesse Walden
Episode publishedPodcast: Bell CurveBell Curve
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I think, like, we've we're seeing the next evolution of that with, like, Uniswap before and these other modular AMMs because, like, they're like, okay. Well, if we're gonna you know, everything's gonna be specialized now, why don't we just be a protocol, essentially, like a platform for people to build on top of them? I think that has been the natural evolution of how, AMMs will evolve is now it's like, okay. Well, we don't we're not gonna be perfect, so let's let people just build, bring what they want to the table and build on top of it. 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. Alright, everyone. Welcome back to another episode of Bell Curve. Today, I'm joined by Austin Adams, the founder of Whetstone Research, and Jesse Walden, founder and GP at Variant. Guys, welcome. Thank
you for having us. Very exciting to be here.
Likewise. Yeah. This is gonna be a ton of fun. So this is gonna be an episode which is mostly focused on, exchanges within crypto. So mostly focused on DEXs, but a little bit of sexes as well. And, awesome, we're gonna spend a lot of time, talking about what you're building at Whetstone. But before we get into some of the details, but so what are some of the mechanical details of what you're building? I wanna start at a 10,000 foot level here and just get a state of the union or state of play on DEX's writ large here. And now now I think over the course of the last couple years, you know, we'v
I can go. So I think, like, the thing that's really interesting to me on, like, how DEXs have evolved over the last year or last few years is, like, they went from sort of one size fits all solutions to sort of, like, specific modular solutions. We've seen this over time with, like, Uniswap v two and v three being, like, really good generalized solutions to now, like, entire AMMs built around pegged assets, entire AMMs built around, specific stable coin assets, entire AMMs built around meme coins. And we're sort of seeing this evolution of, like, as there's a broader amount of assets being lis
might I might come at this, like, from from so, like, I agree with everything else. Instead, I might just, like, go a level higher and, you know, more abstract if I don't know if that's helpful. But, I I guess, like, my my view is so, like, start starting from this very, like, quarter to big idea, which is, like, all the world's value is going to be tokenized on chain. You know, that's something that I I believe for, like, ten years. And, you know, it's like, what what was underlying our investment in Uniswap, you know, five plus years ago. And, and and and I think we're just in the very early
Alright. So I wanna try to summarize here and then unpack some of these issues a little bit more specifically. So maybe the driving force here is just the sheer amount of assets that are coming on chain, and that could be in the form of RWAs or these, you know, million, new pump fund tokens that are spinning up and anything and everything in between, that. So, you know, the actual infrastructure around DEXs is maturing here. And so you've got kind of these platforms that have sprung up, and they're actually doing, full stack kind of vertical integrations. That could be Uniswap. That could also
yeah, I can take I can start her
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