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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.

Sep 1, 2020

Haseeb Qureshi, managing partner at Dragonfly Capital, and Dan Robinson, research partner at Paradigm, discuss the explosion in decentralized exchange activity on automated market makers from $1 billion earlier this year to more than $10 billion in August. 

  • Why trading in automated market makers has 8xed in a few months
  • how automated market makers work, and how specific dexes can specialize for the assets being traded on them
  • why traders would prefer to trade on a dex vs. a centralized exchange
  • how incentivized pools have drawn traders and liquidity 
  • why trading on a dex seems can be more appealing than on a centralized exchange
  • why trading on dexes now mirrors trading on Binance in 2017
  • how "DeFi is the hottest coolest place where people are making a lot of money"
  • the difference between the metrics of liquidity, trading volume and total value locked for a dex
  • why AMMs are capital inefficient
  • what it means that fees paid on Uniswap are about half of those paid on Bitcoin 
  • what the purpose of liquidity mining is
  • why Haseeb doesn't think that dexes have network effects and that once professional market makers come in the space, Uniswap will lose market share
  • whether users will use DeFi directly through the dexes or through another interface
  • why Dan thinks that DeFi is now comparable to financial investment in the 1970s 
  • whether or not yield aggregators like yEarn make it harder for AMMs to compete
  • what happened with the CRV token launch
  • initial dex offerings or initial DeFi offerings, like the UMA token launch
  • whether, because of the high fees on Ethereum and the how long its transition to Ethereum 2.0 will take, DeFi activity could move to another blockchain such as Solana
  • where DeFi will go over the next few years


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Episode links: 

Haseeb Qureshi:

Dan Robinson:


Haseeb’s post on the rise of AMMs:


Haseeb's post on how Uniswap could be un-bundled:


Dex volume:


Trading volume on centralized exchanges:


Incentivized pools:


Top dexes by trading volume:


Ethereum transaction fees: 


Uniswap website visits 15x in July:


Website traffic to DeFi platforms explodes in July:


Fees paid to various crypto projects:


Curve reaches $1 billion in TVL:


The Block on dex aggregators:


Delphi Digital on aggregators and why dexes will be like airlines:




Yield aggregators:


How DeFi is affecting OTC desks:


Serum on Solana:


CRV launch:


UMA token launch:


Serum on Solana: