Hasu, strategic advisor to Lido, and Tarun Chitra, founder of Gauntlet, explain everything about staked ETH, aka stETH, how it should be priced, Lido’s market dominance, and much more. Show highlights: <ul> <li style="font-weight: 400;" aria-level="1">the role of Lido, what stETH is, and what its benefits are</li> <li style="font-weight: 400;" aria-level="1">whether Ethereum’s lack of delegated proof of stake contributes to the need for stETH</li> <li style="font-weight: 400;" aria-level="1">why stETH is not mispriced and why it doesn’t necessarily have to be worth 1 ETH</li> <li style="font-weight: 400;" aria-level="1">the inherent risks associated with stETH</li> <li style="font-weight: 400;" aria-level="1">how there was not enough liquidity to handle all the liquidations caused by liquidations, especially in automated vaults on, for instance, Instadapp </li> <li style="font-weight: 400;" aria-level="1">how automated market makers work and what Curve’s amplification factor is</li> <li style="font-weight: 400;" aria-level="1">whether 3AC and Celsius had a significant impact on the stETH/ETH “de-peg”</li> <li style="font-weight: 400;" aria-level="1">how does the Merge affect the liquidity of stETH</li> <li style="font-weight: 400;" aria-level="1">Hasu’s and Tarun’s level of confidence that the Merge will happen this year and whether it will be a success</li> <li style="font-weight: 400;" aria-level="1">what will happen to the price of stETH after the redemptions are enabled</li> <li style="font-weight: 400;" aria-level="1">why Lido has achieved such a level of dominance</li> <li style="font-weight: 400;" aria-level="1">how Lido decreases the cost of staking and helps improve the security of the Ethereum blockchain</li> <li style="font-weight: 400;" aria-level="1">whether there is going to be a “winner take all” in the liquid staking derivatives market</li> <li style="font-weight: 400;" aria-level="1">how liquidity fragmentation can cause the system to blow up</li> <li style="font-weight: 400;" aria-level="1">why LDO tokenholders might not have the same incentives as ETH tokenholders</li> <li style="font-weight: 400;" aria-level="1">what is the new Lido’s dual governance model and what is it trying to achieve</li> <li style="font-weight: 400;" aria-level="1">whether Lido should self limit its market dominance</li> <li style="font-weight: 400;" aria-level="1">how Lido coordinates validators and the role of the LDO token in this coordination</li> <li style="font-weight: 400;" aria-level="1">what are the lessons to be learned from the stETH situation</li> <li style="font-weight: 400;" aria-level="1">how governance is a liability to DeFi protocols</li> </ul>   Thank you to our sponsors!   <a href="http://crypto.com/">Crypto.com</a>: <a href= "https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021"> https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021</a> Ava Labs: <a href= "https://www.avax.network/">https://www.avax.network/</a> Oasis:  <a href= "https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program">https://oasisprotocol.org/grant-programs?utm_source=unchained&utm_medium=partnership&utm_campaign=podcast-oasis-grants-program</a>   EPISODE LINKS   Hasu:  <ul> <li style="font-weight: 400;" aria-level="1">Twitter: <a href= "https://twitter.com/hasufl">https://twitter.com/hasufl</a></li> <li style="font-weight: 400;" aria-level="1">Uncommon Core Podcast: <a href= "http://uncommoncore.co/podcast/">http://uncommoncore.co/podcast/</a></li> </ul> Tarun:  <ul> <li style="font-weight: 400;" aria-level="1">Twitter: <a href= "https://twitter.com/tarunchitra">https://twitter.com/tarunchitra</a></li> </ul>   stETH   <ul> <li style="font-weight: 400;" aria-level="1">Lido’s explanation: <a href= "https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg"> https://twitter.com/LidoFinance/status/1535184472546889735?s=20&t=oQeB1uj7HG7Y4he-0gbcLg</a></li> <li style="font-weight: 400;" aria-level="1">Lido’s explanation #2: <a href= "https://twitter.com/LidoFinance/status/1536756933054676992?s=20&t=oQeB1uj7HG7Y4he-0gbcLg"> https://twitter.com/LidoFinance/status/1536756933054676992?s=20&t=oQeB1uj7HG7Y4he-0gbcLg</a></li> <li style="font-weight: 400;" aria-level="1">Hasu’s thread #1: <a href= "https://twitter.com/hasufl/status/1524717773959700481?s=20&t=oQeB1uj7HG7Y4he-0gbcLg"> https://twitter.com/hasufl/status/1524717773959700481?s=20&t=oQeB1uj7HG7Y4he-0gbcLg</a></li> <li style="font-weight: 400;" aria-level="1">Hasu’s thread #2: <a href= "https://twitter.com/hasufl/status/1525427069198508033?s=20&t=oQeB1uj7HG7Y4he-0gbcLg"> https://twitter.com/hasufl/status/1525427069198508033?s=20&t=oQeB1uj7HG7Y4he-0gbcLg</a></li> <li style="font-weight: 400;" aria-level="1">Tarun’s take: <a href= "https://twitter.com/tarunchitra/status/1538775828573609985?s=20&t=oQeB1uj7HG7Y4he-0gbcLg"> https://twitter.com/tarunchitra/status/1538775828573609985?s=20&t=oQeB1uj7HG7Y4he-0gbcLg</a></li> <li style="font-weight: 400;" aria-level="1">Tarun’s paper: Why Stake when you can borrow: <a href= "https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629988"> https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3629988</a></li> </ul>   Lido <ul> <li style="font-weight: 400;" aria-level="1">Self-limit?: <a href= "https://twitter.com/LidoFinance/status/1540258690942615555?s=20&t=sJU5C5xo5litEJrZZDaWNQ"> https://twitter.com/LidoFinance/status/1540258690942615555?s=20&t=sJU5C5xo5litEJrZZDaWNQ</a></li> <li style="font-weight: 400;" aria-level="1">Hasu on Lido’s dual governance proposal: <a href= "https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ"> https://twitter.com/hasufl/status/1540652075352313857?s=20&t=sJU5C5xo5litEJrZZDaWNQ</a></li> <li style="font-weight: 400;" aria-level="1">Lido’s two phase voting scheme :<a href= "https://blog.lido.fi/moving-to-two-phase-voting/">https://blog.lido.fi/moving-to-two-phase-voting/</a></li> <li style="font-weight: 400;" aria-level="1">Previous Unchained Coverage on DAO governance: Solend and Bancor Drama: Did These DAOs Violate the Ethos of Crypto?: <a href= "https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/"> https://unchainedpodcast.com/solend-and-bancor-drama-did-these-daos-violate-the-ethos-of-crypto-ep-366/</a></li> </ul> Bear Market: <ul> <li style="font-weight: 400;" aria-level="1">Insolvency of crypto lenders:</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2">3AC: <a href= "https://blockworks.co/three-arrows-capital-brink-default-owes-voyager-657m/"> https://blockworks.co/three-arrows-capital-brink-default-owes-voyager-657m/</a></li> <li style="font-weight: 400;" aria-level="2">Celsius: <a href= "https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions"> https://www.theblock.co/linked/151522/crypto-lending-firm-celsius-pauses-withdrawals-and-transfers-citing-market-conditions</a></li> <li style="font-weight: 400;" aria-level="2">Celsius possible bankruptcy: <a href= "https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj"> https://www.theblock.co/linked/154100/crypto-lender-celsius-hires-more-advisors-ahead-of-possible-bankruptcy-wsj</a></li> </ul> </li> <li style="font-weight: 400;" aria-level="1">Previous Unchained Coverage:</li> <li style="list-style: none; display: inline"> <ul> <li style="font-weight: 400;" aria-level="2"> Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto: <a href= "https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/"> https://unchainedpodcast.com/why-possible-insolvencies-by-celsius-and-3ac-could-spell-disaster-for-crypto/</a></li> <li style="font-weight: 400;" aria-level="2">Cobie and Chris Burniske on How to Navigate a Crypto Bear Market: <a href= "https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/"> https://unchainedpodcast.com/cobie-and-chris-burniske-on-how-to-navigate-a-crypto-bear-market-ep-354/</a></li> </ul> </li> </ul>

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In the Recent Crypto Market Meltdown, What Role Did Lido's stETH Play? - Ep. 370

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