Or, what DeFi enables today, and how it rebuilds the traditional financial system — but better

Dear Joe,

It would appear that, just as your crypto adventure was starting to lead you to three-letter places like AMMs and MEV, we have hit a speed bump in recent weeks:

Now, I’m not one to get caught up in Twitter arguments. However, in this case I make an exception. I’ve been a long-time Odd Lots listener and I have a lot of respect for you as someone who can navigate financial markets and broader macro topics with ease — all while doing so on TV or some form of media. That’s certainly not easy. I also think…


What makes Ethereum’s narrative so hard to grasp relative to Bitcoin’s, and why Ethereum is the financial platform of the new digital economy

Daily Transaction Fees (USD), Ethereum (green) and Bitcoin (red)

I am often asked to explain Ethereum’s value proposition, or its financial “bull case,” to institutional and retail investors. To technologists and those already immersed in the crypto space at large, the answer feels obvious; we live and breathe it every day, and we struggle to even keep up with the dizzying pace of innovation. It is admittedly more difficult, though, to clearly articulate it to the neutral observer, particularly institutional investors who view Ethereum through the same lens they view Bitcoin: as purely a financial asset. Many in our ecosystem do in fact attempt to convey Ethereum’s value —…


An Analysis of Ethereum’s Proof of Stake Incentive Model

By Tanner Hoban and Tom Borgers. Both authors work in Corporate Development at ConsenSys. This report was an independent research effort to review the network economics of Ethereum 2.0 spec v0.12.

In March of this year, we were awarded a grant by MolochDAO for an economic review of Ethereum 2.0, which originated as a response to this RFP:

Since then, we have been hard at work analyzing the Eth2 network and its Proof of Stake-based economic incentive system. …


Evaluating trade-offs of economic responses to the COVID-19 pandemic

Figure 1 — Scott Wapner interviewing Chamath Palihapitiya on CNBC

Should we let companies affected by COVID-19 fail and go through bankruptcy, as was recently proposed by Social Capital CEO Chamath Palihapitiya in this exchange on CNBC? If not, what is the best economic solution to this pandemic? …

Tom Borgers

Office of the CEO, ConsenSys 👹

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