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Blockchain technology is about to transform every trust-based interaction of our lives, from financial services to identity, from health care to our Internet of Things devices. In this podcast, host Laura Shin talks with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.

Dec 3, 2019

Kain Warwick, founder of Synthetix, talks about synthetic asset issuance platform, which enables people to create tokens that track the price of assets in traditional and crypto finance. We discuss the various types of assets available, why changing the monetary policy helped the ecosystem take off, why people would buy synthetic Bitcoin over Bitcoin itself, and why Uniswap has been pivotal to Synthetix's success. He covers the role the SNX token plays, why people minting synths must be over-collateralized by about 700%, and some of the changes coming down the pike, including futures, tweaks to the inflation rate, and a new oracle system. He also explains what happened when a trader made the system insolvent — and how they negotiated with the trader to keep it alive — how he thinks about decentralization and why the system's governance might one day be handled by a DAO.

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Episode links: 


Synthetix on Twitter:

Kain Warwick:

Havven transforming into Synthetix:

Synthetix overview:

How Synthetix works:

Synthetix lite paper:

Changing monetary policy:

Oracle hack:

Synthetix response to oracle incident:

How staking works on Synthetix:

Reddit complaint by trader who initially made the system insolvent:

Efforts to resolve the front running problem:

Synthetix and Chainlink:

Kain’s tweets on the censorship vector stack:

Unconfirmed episode on Uniswap:

Defiant interview: