The Owl Explains Hootenanny

Ep 59: Stablecoins Across Borders

This episode examines Decentralized Lending Protocols (DLPs) and the contagion that can arise due to assets lent to one pool serving as collateral in a different pool. We discuss efficient design of DLPs and mitigations for managing risk.Guest: Julien Prat (CNRS Researcher CREST, Ecole Polytechnique, IP Paris)Paper: Shock Propagation in Decentralized Lending Networks: Evidence from the Compound Protocol

Contrary to popular belief, price discovery can occur at decentralized exchanges instead of at centralized exchanges. We discuss the underlying economics and how this affects bidding for block space. We also discuss how private memory pools affect bidding behavior and the price discovery process.Guests: Agostino Capponi (Columbia University), Ruizhe Jia (Stanford University), Shihao Yu (Singapore Management University)Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4236993

This episode covers the digitization of payments and the rise of stablecoins. We discuss China’s CBDC project, the success of USD stablecoins, and the barriers to broader stablecoin adoption. We also examine how stablecoins could reshape the modern payment infrastructure.Guests: Lin William Cong (Cornell University), Simon Mayer (Carnegie Mellon University)Paper: Strategic Digitization in Currency and Payment Competition

This episode examines the central role nonprofit foundations have played in supporting blockchain networks. We trace their original purpose, how these entities have become a point of friction for many projects, and how regulatory and policy shifts have opened the door to alternatives. We reference two emerging models: the Decentralized Unincorporated Nonprofit Association (DUNA) and the Cybernetic Organization (BORG).Guest: Miles Jennings (Head of Policy & General Counsel at a16z crypto)Paper: The end of the foundation era in crypto - a16z crypto

This episode explores the governance of Decentralized Autonomous Organizations (DAOs). We discuss how ownership concentration and whale voting can distort incentives and hinder platform growth. The conversation examines mechanisms to embed long-term incentives directly into DAO economic design.Guests: Jungsuk Han (Seoul National University), Jongsub Lee (Seoul National University; University of Florida), Tao Li (University of Florida)Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4346581

Crypto says it’s for everyone, but who’s actually building the future? Michelle O’Connor, founder of The Digital Future, joins us to talk about inclusion, innovation, and why the next wave of Web3 depends on who’s in the room. From breaking down crypto’s insider language to creating real access for builders across different backgrounds and regions, Michelle shares how diverse voices are shaping the next era of Web3. Together, we explore what happens when the people designing the technology finally reflect the world it’s meant to serve.

What happens when Bordeaux meets blockchain? Connor Daly, CTO of CrewTrade, explains how tokenizing wine on the blockchain is transforming a $25B industry with transparency, traceability, and a whole new kind of cellar. By unlocking instant liquidity and aligning incentives, the model empowers producers with fairer economics and gives collectors and consumers trusted access to the world’s finest bottles. Discover more at crutrade.io

Keith Bear, Fellow at Cambridge Judge Business School, joins us to break down what digital money really looks like in a tokenized economy. From stablecoins to CBDCs, we explore what’s working, what’s missing, and what still needs to be reimagined.

Can blockchains ever truly be privacy-compliant? Clifford Chance lawyers walk through the gray areas, from wallet addresses to pseudonymous data, and explain what regulators are starting to expect.