Shows
Web3 101E52｜点评「币股合一」新潮流、Coinbase业务拓展，与风口浪尖上的pump.fun加密资本接连收购上市壳公司、Coinbase等交易平台整合去中心化业务，以及这背后传统金融与加密货币、中心化与去中心化平台的融合浪潮。
Web3 101推出的全新Weekly Rollup节目，每周为大家摘选当周最值得关注的新闻与毒辣点评。
【主播】
刘锋，BODL Ventures 合伙人，前链闻总编辑
熊浩珺Jack，律动 BlockBeats 副主编，《Web3 无名说》主播
【嘉宾】
杨民道，DForce创始人
Haze，GMGN创始人
【赞助商】
本期节目由开源硬件钱包 OneKey 赞助播出。硬件钱包是保护加密资产最有效的方式之一。加密世界是黑暗森林，每个人都该为自己的资产负责。物理隔离的硬件钱包，能更好保护助记词不被盗窃。
访问OneKey官网购买开源硬件钱包，使用折扣码「web3101」可享受 95 折优惠。
【你将听到】
Weekly Rollup
波场上市与「币股合一」热潮
04:44 监管打开加密市场与股市的流动性桥梁
（推荐阅读：《波场上市，孙哥入局币圈「借壳买币」的资本狂欢》）
09:04 加密领域监管改善，为什么流动性却去了美股？
13:28 「币股」的Insider们是如何在美股变现的？
17:14 哪些类型的代币适合「币股」模式？
Coinbase业务拓展及CEX与DEX的边界融合
20:25 DEX以及去中心化永续合约产品对CEX业务的挤压
（推荐播客：《E47｜从Coinbase收购Deribit谈起：加密企业美股上市潮、Stripe推出稳定币服务，传统金融的加密布局》）
23:35 主流CEX利用去中心化业务争夺存量市场
25:55 用户与市场逐渐向链上转移后，CEX的角色变化
Deep Dive
X平台大规模封锁meme相关帐号，及Pumpfun代币拍卖
31:54 帐号被封后meme玩家的心路历程
34:59 meme代币在X平台的三个传播阶段
41:52 meme「扫链工具」对X平台的潜在冲击
45:34 meme的「分流」现象，Feature还是Bug？
48:28 40亿估值，Pumpfun代币到底贵不贵？
（本期播客发布时，Pumpfun已宣布再次将代币拍卖推迟至 7 月中旬，自去年底以来Pumpfun多次延期了该计划）
52:29 Pumpfun为什么不发行「币股」？
54:58 GMGN会有代币或者上市吗？
59:03 meme市场能持续繁荣发展吗？
【名词解释】
本期提到的一些 Web3 企业和词汇：
SharpLink
SharpLink Gaming是一家美国上市公司，最初主营在线体育博彩服务。近期，以太坊联合创始人Joseph Lubin旗下Consensys牵头，通过一项4.25亿美元的私募股权投资对其完成反向收购，并将以太坊 (ETH) 作为公司主要的财政储备资产。
NAV
NAV(Net Asset Value)，即资产净值，常用于衡量共同基金、ETF 和封闭式基金等投资工具价值的指标。在谈论像 Strategy (MSTR) 这种持有大量比特币的公司时，投资者会格外关注其股价相对于其所持比特币价值的 NAV 溢价或折价。
Aave
Aave 是一个DeFi借贷协议，该项目由Stani Kulechov 于 2017 年发起，旨在提供点对点加密货币借贷服务，是 DeFi 领域最大的借贷协议之一。市场份额曾一度达到 45%。Aave 通过其闪电贷(Flash Loans)等创新功能，推动了 DeFi 领域的技术发展和金融策略的演进。AAVE 是该协议的原生治理代币，赋予持有者参与协议治理和决策的权力。
Hyperliquid
一个高性能的去中心化交易平台，专注于永续合约和现货交易，运行在自主研发的Layer 1 区块链上。用户无需身份认证，通过自托管的方式保持资产的控制权，最高可以进行高达 50 倍杠杆的合约交易。该平台的开发团队未进行融资，目前占据去中心化合约交易的大部分市场份额。
「胖协议，瘦应用」
「胖协议，瘦应用」是加密货币和区块链领域的一个核心概念，最早由 Joel Monegro 在 Union Square Ventures撰写的一篇文章中提出。该理论认为在 Web3 时代，底层的基础设施(协议)将比顶层的用户界面(应用)更能捕获价值。
【后期】
AMEI
【BGM】
Mumbai - Ooyy
【在这里找到我们】
收听渠道：Apple Podcast｜Spotify｜YouTube｜小宇宙
联系我们：podcast@sv101.net
2025-06-211h 03
ValidatedThe Placeholder Playbook w/ Chris Burniske and Joel MonegroIn this episode, Austin chats with Chris Burniske and Joel Monegro from Placeholder, a cryptocurrency venture capital firm. They delve into the firm's unique approach to investments, combining venture capital structures with public market practices. The conversation covers the formation of Placeholder, their investment strategies focusing on long-term holds, and how they developed conviction in Solana. Chris and Joel discuss the importance of managing valuations, the role of market cycles, and the importance of decentralized exchanges (DEXs) in crypto market structures. They also offer advice for entrepreneurs on fundraising and selecting the right investors. DISCLAIMER...
2024-10-011h 09
第三浪 SurgeLong#7 Nick Szabo 是中本聪？ | From Tim Ferriss Show #244Nick Szabo
他可能是中本聪。 中本聪是比特币的创造者，但他的真实身份至今仍然是一个谜。Szabo 是中本聪最有可能的人选之一。他拥有计算机科学、密码学和法学的背景，并且他在比特币诞生之前就提出了“比特金”的概念，这与比特币非常相似。此外，Szabo 的写作风格与中本聪的白皮书非常相似。然而，Szabo 一直否认自己是中本聪。
他是区块链技术和加密货币的先驱。 Szabo 是最早研究区块链技术和加密货币的人之一。他在 1998 年提出了“比特金”的概念，这是比特币的前身。他还于 1997 年首次提出了智能合约的概念。Szabo 的研究和贡献为比特币和其他加密货币的发展奠定了基础。
智能合约（英语：Smart contract ）是一种旨在以信息化方式传播、验证或执行合同的计算机协议。 智能合约允许在没有第三方的情况下进行可信交易，这些交易可追踪且不可逆转。 智能合约概念于1994年由Nick Szabo首次提出。 智能合约的目的是提供优于传统合约的安全方法，并减少与合约相关的其他交易成本。
比特黄金是区块链先驱 Nick Szabo 在 1998 年提出的一种早期去中心化虚拟货币尝试。虽然 bit gold 项目最终没有实现，但 Szabo 的这一尝试被广泛视为比特币协议的雏形，该协议是由 Satoshi Nakamoto 提出的。实际上，bit gold 和比特币协议之间有着极其密切的相似性，这让人们推测 Szabo 可能就是那个神秘的比特币创始人 Satoshi Nakamoto（不过 Szabo 对此说法进行了否认）。
未列举权利（Unenumerated rights）是指那些从现有法律中推断出来的权利，这些权利虽然在法律如成文宪法中有所暗示，但并未在法律的明文中明确表述或列出。这类权利的其他常用术语还包括隐含权利、自然权利、背景权利以及基本权利。
吉杜·克里希那穆提（Jiddu Krishnamurti，公元1895年5月12日—公元1986年2月16日），印度哲学家。是近代第一位用通俗的语言，向西方全面深入阐述东方哲学智慧的印度哲学家。在二十世纪一度对西方哲学和宗教领域产生过重大的影响，随着互联网信息的革命，其思想近年来才被中国大陆知识分子慢慢熟知，影响力也逐步慢慢扩大。他的一生颇具传奇色彩。被印度的佛教徒肯定为“中观”与“禅”的导师，而印度教徒则承认他是彻悟的觉者。
闪电网络 (LN) 是位于比特币之上的“第 2 层”支付协定。旨在实现参与节点之间的快速交易，并已被提议作为比特币可扩展性问题的解决方案。该方案有点对点系统，可通过双向支付渠道网络对加密货币进行小额支付，而无需委托保管资金。
"Fat Protocol"（胖协议）是指在区块链和加密货币领域中的一个观点或理论，强调协议本身的价值相对于应用程序。这个观点首次由加密货币投资者和风险投资者Joel Monegro在2016年提出。
2023-12-272h 20
Animoca Brands PresentsEthereum is Like Android and Solana is Like iOSToday we are very pleased to welcome Joel Monegro of Placeholder VC to our podcast. From working on payments infrastructure in the Dominican Republic, Joel entered venture capital in 2014 and started his own Placeholder VC in 2017. He is a prolific writer and we started off by discussing his recent article “Ethereum is Like Android and Solana is Like iOS”.We explored this from the angles of modularisation and standardisation, noting how, like Android, instead of vertically integrating the stack, Ethereum is becoming more of a platform for L2s to settle on, and most of the users of E...
2023-11-081h 02
LightspeedSolana's Compounding Advantage | Joel MonegroJoel Monegro, co-founder of Placeholder, joins us to discuss Solana's compounding advantage. Joel is a crypto OG, a prolific writer (wrote The Fat Protocol Thesis in 2016) and co-founded Placeholder with Chris Burniske. In this episode, we cover Joel's Solana thesis, upcoming infrastructure consolidation, app-specific L2 use cases, Joel's updated thoughts on The Fat Protocol Thesis, finding your investment edge and more!- -Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and...
2023-10-261h 11LightspeedSolana's Path to Mass Adoption: Gradually, Then All At Once | Mert Mumtaz, Garrett HarperWelcome to Lightspeed's second "Roundup" episode, where Mert and Garrett discuss the top stories of the week and trends they are seeing in crypto. In this episode, we discuss Solana disinformation, the increasing adoption of the SVM, why DePIN could be crypto's next narrative, the ETH vs SOL debate, the power of permissionless frontends and more!- -Timestamps(00:00) Introduction(00:36) Solana Misinformation(08:26) Why Crypto Needs to Focus on Distribution(21:56) SVM Adoption, Integrated vs Modular Ecosystems & DePIN(31:56) Web3’s Social Opportunity(38:54) ETH vs SOL: Sc...
2023-10-1758 min
UnchainedTwo VCs on Why This Is the Perfect Time to Invest in CryptoDespite the doom and gloom, Placeholder VC partners Chris Burniske and Joel Monegro are highly bullish on the present moment. “We’re all going to look back on this period and remember it as fondly as we remember ‘18 and ‘19,” Monegro tells Laura Shin. The two long-term investors explain why the confluence of macroeconomic factors and crypto-native (and AI) innovations make this the ideal time to invest in a Web3 future. They cut their teeth on Bitcoin, they grew up with Ethereum; hear what they think is next.Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Po...
2023-07-251h 46UnchainedTwo VCs on Why This Is the Perfect Time to Invest in CryptoDespite the doom and gloom, Placeholder VC partners Chris Burniske and Joel Monegro are highly bullish on the present moment. “We’re all going to look back on this period and remember it as fondly as we remember ‘18 and ‘19,” Monegro tells Laura Shin. The two long-term investors explain why the confluence of macroeconomic factors and crypto-native (and AI) innovations make this the ideal time to invest in a Web3 future. They cut their teeth on Bitcoin, they grew up with Ethereum; hear what they think is next.Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Po...
2023-07-251h 46
Bell CurveThe Rise of AppChains | Season 3 PilotSeason 3 | PilotLayer One protocols have dominated the value capture narrative since Ethereum's inception, but a new narrative is forming: the AppChain Thesis. This thesis predicts crypto's top applications will not rent land and conform to the limitations of other platforms (e.g. Ethereum) but will launch their own independent chain. An AppChain.How should applications approach this decision? Where will value accrue? What are the pros and cons? Will applications prove stickier than protocols? These are just a few questions we'll explore in Bell Curve Season 3. Get ready!
2023-01-1731 min
Village Global PodcastWeb 3 Series: The Transformative Power of Smart Contracts with Joel MonegroJoel Monegro (@jmonegro), partner at Placeholder, joins Erik on this episode. Takeaways:- Every financial asset is a contract between two or more people. The world economy is basically a set of contracts on a ledger.- A smart contract is like an API, but on-chain, so it can’t be taken down. In many cases, not even the developers can retract a smart contract.- Value capture and value accrual are two different things — capture is where the value is stored and accrual is where it is going. This is something that is ofte...
2022-08-0959 min
BanklessDAVID READS: Crypto is Here to Set You FreeFree markets are an incredible force. They allow humans to come together and produce a global price on something. But today's 'free markets' aren't really free. Access to markets is gatekept, and the ability for something of value to become instantiated into an asset is permissioned. Read along with David’s most recent thought piece on why 'Crypto is Here to Set Us Free.' Read the Article: https://newsletter.banklesshq.com/p/crypto-is-here-to-set-us-free?utm_source=url ------ 📣 NOTIONAL FINANCE | DeFi's Leading Fixed Rate Yield https://bankless.cc/Not...
2022-03-0136 min
BanklessDAVID READS: Crypto is Here to Set You FreeFree markets are an incredible force. They allow humans to come together and produce a global price on something. But today's 'free markets' aren't really free. Access to markets is gatekept, and the ability for something of value to become instantiated into an asset is permissioned. Read along with David’s most recent thought piece on why 'Crypto is Here to Set Us Free.' Read the Article: https://newsletter.banklesshq.com/p/crypto-is-here-to-set-us-free?utm_source=url ------ 📣 NOTIONAL FINANCE | DeFi's Leading Fixed Rate Yield https://bankless.cc/Not...
2022-03-0136 min
The Blockchain Debate PodcastMotion: The industry is growing out of the Fat Protocol Thesis (Jeff Dorman vs. Joel Monegro)Announcement: I have a new show called “Crypto This Week.” It’s a weekly, five-minute news comedy satire focused on the world of crypto. Check it out on YouTube here: Crypto This Week with Richard YanGuests:Jeff Dorman (twitter.com/jdorman81)Joel Monegro (twitter.com/jmonegro)Host:Richard Yan (twitter.com/gentso09)Today’s motion is “The industry is growing out of the Fat Protocol Thesis.”The Fat Prot...
2021-12-101h 36
BanklessFR🎞️📑 L'abrégé du vendredi - 🗳️🔑 Gouvernance & Capital | Joel MonegroListen now | Comment la blockchain réécrit le contrat social Get on the email list at banklessfr.substack.com
2021-05-2107 min
Bankless62 - Governance and Capital | Joel MonegroJoel Monegro is a partner at Placeholder VC, where he invests in decentralized networks and companies that democratize data, wealth, and power. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge 🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-governance-and ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 🦄 UN...
2021-04-261h 53Bankless62 - Governance and Capital | Joel MonegroJoel Monegro is a partner at Placeholder VC, where he invests in decentralized networks and companies that democratize data, wealth, and power. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/ 🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/ 🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge 🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-governance-and ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini 🔀 BALANCER | EXCHANGE & POOL ASSETS https://bankless.cc/balancer 👻 AAVE | LEND & BORROW ASSETS https://bankless.cc/aave 🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap ...
2021-04-261h 53Village Global PodcastJoel Monegro on Crypto Networks and Investing in CryptoJoel Monegro (@jmonegro), partner at Placeholder, joins Erik on this episode.They talk about:- The waves of centralization and decentralization in finance, government, and culture over time.- How value accruing to incumbents has resulted in completely new fields opening up for innovation.- Why crypto networks are analogous to countries.- Joel’s thesis that "ultimately capital is control."- Why crypto is not a new technology revolution.- How crypto can change the problem of mis-distribution of capital in societies.- Ho...
2019-11-261h 49
a16z Podcasta16z Podcast: Cryptonetworks as Emerging Economies (Done Right?)with Chris Burniske (@cburniske), Joel Monegro (@jmonegro), Denis Nazarov (@Iiterature), and Jesse Walden (@jessewldn)
When designing cryptonetworks -- really, emerging economies -- how do we avoid some of the monetary and fiscal policy failings of "real-world" economies? Like not separating currency and capital, which accelerated and spread economic growth through the former... but also concentrated the latter into the hands of a few? Yet how can we empower users to access capital while also managing risk?
If the promise of cryptonetworks is to better align incentives and value capture, then we can't make the same...
2019-02-1245 min
UnchainedCoinFund's Jake Brukhman and Multicoin's Tushar Jain on Generalized MiningJake Brukhman of CoinFund and Tushar Jain of Multicoin Capital discuss a new trend among crypto funds: generalized mining, also called mining 2.0, in which investors participate in the networks in order to seed activity on them. For instance, an investor might offer disk space on a file storage network or provide capital on a decentralized lending network. They explain why it makes more sense to do this in the early days of a network than when it's matured, whether this will lead away from a peer-to-peer vision for crypto toward more professionalization and how this affects the basic premise...
2018-11-131h 09UnchainedCoinFund's Jake Brukhman and Multicoin's Tushar Jain on Generalized MiningJake Brukhman of CoinFund and Tushar Jain of Multicoin Capital discuss a new trend among crypto funds: generalized mining, also called mining 2.0, in which investors participate in the networks in order to seed activity on them. For instance, an investor might offer disk space on a file storage network or provide capital on a decentralized lending network. They explain why it makes more sense to do this in the early days of a network than when it's matured, whether this will lead away from a peer-to-peer vision for crypto toward more professionalization and how this affects the basic premise...
2018-11-131h 09
UnchainedChris Dixon on How Trust Is the Best Lego BlockChris Dixon, partner at Andreessen Horowitz, talks about the new $300 million crypto fund he is leading with Kathryn Haun, the new general partner of Andreessen, and how a16z came to hire its first female GP. The long-time crypto entrepreneur also discusses his theory of how crypto will grow -- and why Cryptokitties was one example of how that might happen -- his nights-and-weekend theory of technological change, and his view that writing software and smart contracts is similar to writing a novel. Additionally, he explains how someday, it will seem funny we didn't have concepts of ownership and...
2018-07-031h 06UnchainedChris Dixon on How Trust Is the Best Lego BlockChris Dixon, partner at Andreessen Horowitz, talks about the new $300 million crypto fund he is leading with Kathryn Haun, the new general partner of Andreessen, and how a16z came to hire its first female GP. The long-time crypto entrepreneur also discusses his theory of how crypto will grow -- and why Cryptokitties was one example of how that might happen -- his nights-and-weekend theory of technological change, and his view that writing software and smart contracts is similar to writing a novel. Additionally, he explains how someday, it will seem funny we didn't have concepts of ownership and...
2018-07-031h 06
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch20VC: Why Most The Value In Crypto Will Accrue in Governance, When Institutional Capital Will Enter The Space and How To Think About Liquidity In Crypto with Joel Monegro, Founding Partner @ Placeholder.VCJoel Monegro is Founding Partner @ Placeholder.VC, one of the new venture capital partnerships that invest solely in crypto assets and more specifically in decentralized information networks. Prior to founding Placeholder, Joel spent three years at Union Square Ventures developing the firm's blockchain investment thesis and portfolio. Before USV, Joel started the Digital Economy Department at the Ministry of Industry and Commerce of the Dominican Republic, a government office in charge of developing the country's national and technology agenda. In Today’s Episode You Will Learn: 1.) How Joel made his way into the world of VC with USV...
2018-07-0228 min
UnchainedPlaceholder's Joel Monegro on the Fat Protocols Thesis TodayJoel Monegro, partner at crypto VC firm Placeholder Ventures, describes how well his seminal blog post, "Fat Protocols," is holding up, why he and his partner Chris Burniske opted to found a crypto VC firm as opposed to a hedge fund, and what main factors they think will determine the success of a blockchain. He also describes how crypto and blockchains fit into the evolution of technology, how the business models in the crypto space will be built, and why their first publicly known investment was in Decred. Plus, he reveals why their firm is called Placeholder. ...
2018-06-1259 minUnchainedPlaceholder's Joel Monegro on the Fat Protocols Thesis TodayJoel Monegro, partner at crypto VC firm Placeholder Ventures, describes how well his seminal blog post, "Fat Protocols," is holding up, why he and his partner Chris Burniske opted to found a crypto VC firm as opposed to a hedge fund, and what main factors they think will determine the success of a blockchain. He also describes how crypto and blockchains fit into the evolution of technology, how the business models in the crypto space will be built, and why their first publicly known investment was in Decred. Plus, he reveals why their firm is called Placeholder. ...
2018-06-1259 min
Invest Like the Best with Patrick O'ShaughnessyHash Power – Ep. 2 - Investing in CryptocurrenciesIn episode 1 of Hash Power, we explored blockchains as a technology—how they work, why tokens (also known as cryptocurrencies) are an integral part of any blockchain, and how these new networks might change the world. In episode two, we spend time with the leading investors in the field. Like any frenzied asset class, there are countless cryptocurrency hedge funds popping up everywhere. But founders from three of the original firms—Polychain, Metastable, and Blocktower Capital—are our primary guides this week.As I speak, the total market cap of cryptocurrencies is $136B. There are hundreds of tokens...
2017-10-031h 17
Technology Revolution: The Future of NowBlockchain Technology: Turning Marketing on Its Head?The buzz: “Blockchain is much bigger than Bitcoin and its reach is far more holistic.” (forum.daohub.org) In search of the holy grail of a unified customer profile, marketers have built massive databases for up-sells, cross-sells, promotions, retention. But what if the customer forces you to PAY THEM to access and use their data, read your ad, view your video, attend your seminar? Welcome to the new reality of blockchain technology. Best known as the infrastructure for Bitcoin, blockchains are altering the marketer-customer relationship. The experts speak. Jeremy Epstein, Never Stop Marketing: “There’s something happening here, what it is ain’t...
2017-02-2256 min