The Future of Cryptocurrency

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Blockchains weren't even an idea at that point in time. We're trying to use these ancient rules and I use, I guess, ancient quite loosely there. It's just like taking the existing rule book and applying it to this very new and emergent technology has many new properties we've never seen before. And it's super, super frustrating to me.

Sam MacPherson joins us to discuss how Spark leverages MakerDAO's wholesale credit line to build a lending marketplace built around DAI. We talk about Spark's design, the pervading influence of MakerDAO's DSR, why spot stablecoin demand reigns supreme, Spark's L2 strategy, MakerDAO's shift to AMOs and more!

And as usual, we start the episode with our analyst bullpen to discuss Gary Gensler's failure, Arbitrum's bug and social consensus, Solana's (not gonna happen) fork debate and if this is the worst bull market.

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Timestamps:

(00:00) Introduction

(01:14) Hot Seat/Cool Throne

(32:25) Interview Start: Spark

(38:23) How the DSR Enables the Lowest Rates in DeFi

(41:08) Organic Spot Demand for Stablecoins

(45:44) The DSRs Equilibrium Rate

(49:15) Undercollateralized Lending

(50:33) MakerDAO's Replacing the PSM with AMOs

(53:54) Spark’s L2 Strategy

(56:52) Fixed Rate Lending and DeFi’s Yield Curve

(1:01:12) Every Protocol Will Vertically Integrate

(1:03:12) Why Spark Forked Aave v3

(1:05:41) How the SubDAO Bidding Process Works

(1:08:40) Revenue in High vs Low Rate Environments

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Resources:

Proof-of-Steak (Gary Gensler)

https://twitter.com/GaryGensler/status/1623777842000539648?

MakerDAO

https://makerdao.com

Phoenix Labs

https://twitter.com/phoenixlabsdev

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.