Podcast Insights (2023.12): 2023 Recaps and 2024

1. Key Insights: 2023 Recap

1.1 Messari w/Ryan Selkis

Source: Bankless 12.19 Ryan Selkis Shares His 2024 Crypto Predictions

The podcast episode featured a discussion on cryptocurrency market predictions for 2024. Ryan Selkis of Messari anticipated that approval of a Bitcoin spot ETF in the US could significantly increase assets under management as large institutions look to market Bitcoin to investors. Also, Ethereum may face challenges to its market dominance from alternative networks like Solana gaining traction. Selkis recommended focusing investment on well-known cryptocurrencies rather than the long tail of assets, and warned against getting caught up in private crypto markets.

The conversation also touched on regulatory issues. Selkis expressed concern about the potential impact of individuals like Elizabeth Warren under a Democratic administration. He suggested crypto entrepreneurs may move offshore if regulations become unfavorable. Additionally, Selkis discussed advancements in privacy-preserving cryptography like Zcash, but acknowledged challenges to regulatory approval. Overall, Selkis remained optimistic about long term crypto adoption, believing growth will prevail despite potential hurdles from policy and competition between blockchain platforms. The episode provided insights into investment trends and industry developments expected over the next two years.

1.2 Coinbase Institution

Source: [Coinbase Institution 12.20] 2024 Crypto Forecast

The source discusses various predictions for the cryptocurrency market in 2024. It highlights differences between the 2023 and 2024 outlooks, with more clarity around macroeconomic conditions and regulation. Issues debated include modular versus monolithic approaches, data availability in blockchains, and Ethereum upgrades. The potential for cryptocurrency ETFs, listed options, and their impact on markets are examined. Concerns regarding sufficient bitcoin supply for new investment products are raised.

he conversation also delves into debates regarding the technical architecture of blockchain, various cryptocurrency investment options, and the examination of listed derivatives. Additionally, it touches upon the emerging applications of NFTs (Non-Fungible Tokens) and newer concepts like SocialFi. Throughout the discussion, the opportunities and challenges for the evolving cryptocurrency space are carefully considered.

1.3 Vaneck w/Matthew Sigel

Source: [Bankless 12.12] VanEck’s 2024 Crypto Predictions with Matthew Sigel

Matthew Sigel from Vaneck predicts that 2024 will be a big year for cryptocurrencies. Bitcoin is expected to reach new highs in the fourth quarter, driven by regulatory changes after the US election. Ethereum will likely outperform stocks but remain second to Bitcoin. Ethereum layer two solutions will see significant growth and come to dominate total value locked and trading volumes. NFT activity will increase substantially across various platforms. Stablecoin market capitalization may surpass $200 billion as USDC regains market share from Tether.

Decentralized exchanges are predicted to increase their share of spot trading due to fast blockchains like Solana. Binance may lose its top spot for trading volumes as competitors like OKEx and Coinbase grow. Bitcoin staking will likely become more popular through new technologies. The leading blockchain game could gain over a million daily players. Corporates may begin accounting for crypto holdings, and compliant DeFi applications utilizing identity verification could emerge. Overall, the podcast forecasts a strong year for cryptocurrency adoption and innovation across multiple sectors.

1.4 Bell Curve, 2024 Crypto Predictions

Source: Bellcurve 12.22 Our 2024 Crypto Predictions | Roundup

The podcast covered an overview of discussions pertaining to predictions and outlook for the crypto market in 2024. Conversations cover topics such as Bitcoin, Ethereum, Solana, Cosmos, NFTs, and the general state of the crypto industry. Key points include various predictions for Bitcoin and Ethereum, including the potential impact of the approval of a Bitcoin ETF, the shift in Ethereum's narrative, and the expectations for Ethereum's upcoming upgrade, Dencun. Additionally, the discussions explore the outlook for Solana and Cosmos, with suggestions for defining distinct narratives, addressing fee market limitations, and the anticipated influence of gaming on Cosmos' growth.

Furthermore, considerations for NFTs and the crypto industry at large are highlighted, including the experimentation with different business models for NFTs, the decline in popularity of certain NFT collections, and the potential for NFTs to make a comeback in niche markets. The summary also acknowledges influential figures and key contributors in the crypto industry, expressing appreciation for their work and acknowledging the predictions for a resurgence of DeFi 1.0 founders in 2024.

In conclusion, the conversations convey optimism about the future of the crypto market in 2024, while recognizing challenges and uncertainties. Anticipated catalysts for positive market trajectory include the potential for new L1 platforms, the growth of DeFi, and increased adoption of cryptocurrencies among the general population.

2. Key Personnel Interview

2.1 Vitalik Buterin's Philosophy: d/acc

Source: [Bankless 12.11 200 - Vitalik Buterin's Philosophy: d/acc]

This podcast presents a discussion featuring Vitalik Buterin, the creator of Ethereum, where he delves into his philosophy on technology and its societal implications. The conversation covers various topics such as AI, cryptocurrency, and d/acc. Vitalik emphasizes the necessity of broadening discussions beyond cryptocurrency and highlights the potential risks and benefits of AI. He introduces the concept of d/acc as a philosophy aimed at addressing the potential risks associated with technology. The conversation also touches on concerns about the negative effects of technology, such as climate change and authoritarian misuse, while also expressing optimism regarding the positive impact of technology on society, highlighting the need for defensive technologies and decentralized approaches in addressing these risks.

He emphasizes the potential of AI and cryptocurrency to create opportunities for underrepresented regions, advocates for broader dialogue within the crypto space, and underlines the need for defensive technologies and decentralized approaches to mitigate potential risks. His discussion introduces the d/acc philosophy as a means to confront the dangers of technology, while expressing optimism about the capacity of technology to improve human lives and address global challenges.

2.2 Cathie Wood, The Year of the Crypto ETF

Source: Bankless 12.25 202 - The Year of the Crypto ETF with Cathie Wood

This podcast episode featuring Cathie Wood, CEO and CIO of ARK Invest, and Ophelia Snyder, co-founder and president of 21Shares, discussed the partnership between the two organizations to register an ETF product and the significance of ETFs in granting access to traditional finance for crypto assets. The key points discussed in the podcast are as follows:

1. Importance of ETFs in the Crypto Industry:

• ETFs serve as a critical link between traditional financial systems and on-chain infrastructure.

• They offer accessible entry to crypto assets for individuals and institutions less familiar with the technical aspects of crypto.

• ETFs can contribute to increased portfolio returns per unit of risk.

1. Challenges in Integrating Crypto into Traditional Financial Infrastructure:

• Entry barriers persist for many individuals and institutions due to the lack of user-friendly infrastructure.

• Differences in regulatory landscapes between the US and Europe lead to a scarcity of ETP products in the US.

• Encouraging signs in the engagement of US government bodies and institutions hint at the normalization of crypto.

These discussions shed light on the significance of ETFs in the crypto industry, the obstacles in integrating crypto into traditional financial systems, and the potential effects of ETF approval on institutional crypto investment. While compliance reviews may initially slow the pace of adoption, the amounts invested could substantially grow the crypto market. ETFs help diversify risk in portfolios and crypto is seen as a new asset class by institutions. Approval would increase confidence for institutional investors and act as a catalyst.

2.3 Andre Cronje Unfiltered: The Founder of Yearn, Fantom, and Keeper Network

Source: Lightspeed 12.14 Andre Cronje Unfiltered: The Founder of Yearn, Keeper Network and Fantom

Andre Cronje discussed his background and work founding several prominent blockchain projects. Cronje began reviewing code during the initial coin offering era and observed many projects lacked proof of their claims. He later founded Yearn Finance, an aggregator of interest rates for lending protocols built on EVM. Cronje also helped develop Fantom, a blockchain platform utilizing a novel consensus mechanism called and a new virtual machine called Tosca that is compatible with Ethereum bytecode.

During the interview, Cronje expressed views on scaling blockchain networks. He was critical of Ethereum's reliance on layer 2 solutions to scale. Cronje believes competitors are surpassing Ethereum through greater innovation and risk-taking. He outlined Fantom's developer-focused go-to-market strategy including incentives and events. Cronje emphasized the importance of a long term approach to building user base. He also discussed regulation in the crypto space and interactions with government agencies. Overall, the discussion provided insight into Cronje's work in blockchain as well as his perspective on challenges and opportunities in the industry.

2.4 Dave Ripley: Kraken's CEO on Their Battle Against The SEC

Source: Bankless 12.14 Kraken's CEO on Their Battle Against The SEC

The podcast discusses the legal issues facing Kraken, a major cryptocurrency exchange, regarding an ongoing case brought by the U.S. Securities and Exchange Commission. The SEC has alleged that Kraken allowed securities to trade on its platform without proper registration. Kraken's CEO expresses frustration with the SEC's litigation tactics, believing there is no legal basis for the complaint and that the agency should focus on participating in the regulatory process rather than public relations. Kraken had previously settled a prior case but has now decided to fight the current charges in court.

Kraken operates internationally and could consider leaving the U.S. market if unfavorable regulations are imposed. The company emphasizes security and customer protection as top priorities. Kraken is also involved in benchmarking and index creation that underpin financial products. Looking ahead, the exchange plans to expand its offerings for retail and institutional investors while continuing to invest in security measures and technological capabilities to ensure the protection of digital assets held in custody. The interview provides insight into Kraken's perspective on the legal dispute and its priorities regarding services, regulation, and future strategic direction.

3. Project Interview

3.1 Coinbase: On Bringing Offchain Users Onchain

Source: [On the Brink 12.11] Rowan Stone (Coinbase) on Bringing Offchain Users Onchain

The podcast interview discussed Coinbase's ambitious layer 2 scaling solution, Base. Base aims to attract developers and users by providing affordable transaction costs and reliable infrastructure. It is a general-purpose layer 2 platform where applications like social networks and decentralized finance protocols are gaining traction. Coinbase chose to build on Ethereum to provide seamless on-chain and off-chain user experiences. Base also collaborates with Optimism on technologies like multi-party computation and account abstraction.

Topics discussed include Base's roadmap for decentralization by establishing a multi-signer group to control network upgrades. Coinbase's role would be in distribution and development with a goal of community participation over time. The potential for creators and social media platforms to bring new users to layer 2 networks was noted. Initiatives like On-Chain Summer helped demonstrate real use cases and justify the need for crypto regulation. Overall insights were provided around Base's position in scaling Ethereum and the vision for an interoperable layer 2 ecosystem.

3.2 Taproot Wizards: Bitcoin Branding Problem

Source: [Lightspeed 12.19] Taproot Wizards: Hot to Solve Bitcoin's Branding Problem | Udi Wertheimer

The conversation focused on addressing Bitcoin's branding problem and how to better position it for mainstream adoption. While Bitcoin established the foundation for cryptocurrency, it lacks features like native token tracking that newer networks offer. This has led to perceptions of Bitcoin being associated with maximalism and "laser eye cult" behavior. However, it was noted that most Bitcoin holders also own other cryptocurrencies. Projects using Bitcoin, such as Taproot Wizards and NFTs, could help shift the narrative by highlighting Bitcoin's potential for creativity and showcasing a more optimistic vision. Layer two solutions such as roll-ups were also discussed as ways to enhance Bitcoin's functionality without compromising its core architecture, making it more attractive long-term.

Additional topics explored how Bitcoin may evolve in the future. It was suggested that Bitcoin could function as a luxury playground for wealthy individuals through DeFi and NFT applications. While transaction volume may remain relatively low on-chain, the value locked in Bitcoin is expected to continue growing. Long-term, the complexities of different blockchains may be abstracted away for most users who simply focus on owning assets and using applications. The financialization of Bitcoin was compared to how gold is treated as an investment more than a medium of exchange. Other ecosystems like Ethereum, Solana and Binance were acknowledged but storytelling was emphasized as an important factor for promoting self-custody and adoption of specific networks.

3.3 Cosmos: What's Next for the Cosmos Appchain Thesis?

Source: [Empire, 12.05] What's Next for the Cosmos Appchain Thesis? | Ethan Buchman and Sam Hart

The Cosmos network provides a platform for building independent application-specific blockchains, or app chains, that can securely interoperate through the Inter-Blockchain Communication protocol. While this architecture offers compelling advantages like vertical integration and cross-chain operability, Cosmos has faced challenges in gaining widespread adoption due to organizational changes and lack of coherent marketing. However, projects like Ethereum are now integrating Cosmos' technology, and the IBC protocol in particular could enable any blockchain to connect to the Cosmos ecosystem.

When evaluating blockchain platforms for development, it's important to consider the specific needs, use cases, and communities of a given application. While Cosmos aims to provide generalized infrastructure, different options may be better suited for different situations. Significant open questions also remain around how to structure governance and validate new app chains at scale. Emerging projects within Cosmos are exploring how to improve payment clearing and settlement through more open and collaborative systems utilizing blockchain technology.

3.4 Avalanche

Source: [Empire 12.19] Avalanche: What are Subnets and What's Wrong With Appchains | Kevin Sekniqi & Patrick O'Grady

The podcast episode features Kevin Sekniqi, co-founder of Avalanche, and Patrick O'Grady, VP of Engineering at Avalanche, as they delve into the technical aspects, benefits, trade-offs, and future developments of the Avalanche blockchain network. They discuss Avalanche's architecture, focusing on its fast and highly optimized chains for managing large amounts of user-generated data. They emphasize the P-Chain's role as a metadata chain for interoperability, the C-Chain as a smart contract chain, and the seamless communication between subnets.

Additionally, they compare Avalanche to Cosmos, discussing the differences in optimization, sovereignty, security, and costs between the two platforms. Moreover, the economic trade-offs between Layer 2 solutions and subnets, the benefits and trade-offs of running subnets on Avalanche, and the vision for subnets are explored, marking the importance of customization, efficiency, and interoperability in blockchain technology.

Furthermore, the conversation explores the technical aspects and future developments of Avalanche, including the Warp protocol for asset transfer, the Hyper SDK for building custom blockchains, and the launch of Warp on the Fuji testnet. The value proposition of Avalanche is highlighted, emphasizing its unopinionated and efficient blockchain infrastructure catering to the specific needs of developers and institutions, as well as shedding light on the overall blockchain industry, the popularity of different technologies, and the excitement about the future of blockchain engineering, new applications, and mass adoption. Overall, the podcast provides comprehensive insights into the Avalanche blockchain network, positioning it as a potential leader in tapping into new possibilities in the crypto industry.

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Thanks to Kate for designing the graphics for this article.