143 - UNIChain is Inevitable with Dan Elitzer
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 7 November 2022
⏱️ 82 minutes
🧾️ Download transcript
Summary
✨ DEBRIEF | Unpacking the Episode:
https://shows.banklesshq.com/p/debrief-unichain-is-inevitable
Dan Elitzer is the co-founder of Nascent, a VC firm working on the frontier of crypto Previously, he was previously leading IDEO CoLab Ventures, and has been on the frontier of crypto innovations for as long as we can remember.
Dan helps us unpack The AppChain Thesis, a possible outcome where every big DeFi app is going to have its own chain. How will this reshape crypto? Where do we find opportunities? Does this thesis even make sense?
Further, Dan, Ryan, and David cover the case for why Uniswap is going to have its own chain, why Dan thinks there’s an inevitable economic incentive for large DeFi apps to start their own chains, the main objections to The AppChain Thesis, and so much more.
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Topics Covered
0:00 Intro
6:45 Dan's Predictive Track Record
9:52 Roll-Apps
14:00 The App Chain Prediction
17:46 UNIChain
23:30 MEV
29:22 Summarizing the Costs
33:50 Who Gets the Money?
36:07 Are the Taxes Worth the Services?
43:48 Why DeFi Apps Haven't Launched App Chains Yet
48:40 Uniswap Nation State
55:33 Uniswap's App Chain Model Sovereignty
1:00:04 Uniswap's Control & Ethereum's Alignment
1:03:38 Uniswap's Composability
1:08:56 What Does This Mean For L1s
1:16:50 Investing in the Apps?
1:20:57 Aggregation Theory
1:23:22 Censorship
1:27:21 Final Takes
1:29:37 Closing & Disclaimers
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Resources:
Dan Elitzer
https://twitter.com/delitzer
The inevitably of Unichain
https://medium.com/nascent-xyz/the-inevitability-of-unichain-bc600c92c5c4
Aggregation Theory - Stratechery
https://stratechery.com/aggregation-theory/
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.7 | This is how to get started, how to get better, how to frontrun the opportunity. |
| 0:15.2 | This is Ryan Chong Adams, I'm here with David Hoffman, and we're here to help you become |
| 0:20.0 | more Bankless. |
| 0:21.0 | Guys, this is an episode about Uniswap, about the Unichain, about the App Chain thesis. |
| 0:26.6 | That thesis plainly stated is, every big DeFi app is going to have its own chain, including |
| 0:32.2 | Uniswap. |
| 0:33.2 | That's what Dan Ellitzer says today. |
| 0:35.6 | How will this reshape crypto is the question, where do we find opportunities, if Dan is |
| 0:39.9 | right, and does this thesis even make sense, that's what we get into today, a few takeaways |
| 0:44.7 | for you. |
| 0:45.7 | Number one, we go through the case for why Uniswap is going to have its own chain. |
| 0:50.0 | That is the thesis here. |
| 0:51.3 | We also go through the economic argument. |
| 0:53.6 | By Dan thinks there's an inevitable economic incentive for large DeFi applications like |
| 0:58.9 | Uniswap to start their own chain. |
| 1:01.9 | We get into the true trading costs of using Uniswap and who gets the revenue from these |
| 1:07.1 | trading costs. |
| 1:08.1 | Also, objections to this App Chain thesis, we talk composability, we talk user experience |
| 1:13.2 | David and I have our own objections as well. |
| 1:16.1 | And then finally, number four, if the App Chain thesis wins, does that mean the theorem |
| 1:20.5 | has to lose? |
... |
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