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Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\nPolychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin\u2019s rise past the single digits in 2012 to the ICO craze of 2017 to 2021\u2019s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an \u201cincentive vortex\u201d that will replace the world\u2019s preoccupation with country-backed currencies.\xa0\n\nCarlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin\u2019s distribution strategy is a \u201cdisaster,\u201d and the strange places that the intersection between crypto and AI could take us.\xa0\nShow highlights:\n\nWhy Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011\u200b\u200b\n\nHow the launch of spot Bitcoin ETFs marks a significant milestone\xa0\n\nWhy criticisms of the crypto space are really criticisms of money in general\xa0\n\nThe fundamental differences between Web3 applications and the Web2 ecosystem and why they matter\n\nThe importance of fair token distribution in enhancing the value of Web3 projects\n\nWhen Olaf expects Bitcoin to replace legacy financial systems\n\nThe areas and technologies Olaf and his fund are keen to invest in\n\nWhy Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term\n\nHow EigenLayer is innovating to enable new types of applications and whether it competes with Celestia\n\nHow Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX\n\nThe evolution of the space from an ideologically driven to a more pragmatic approach\n\nThe significance of incentive design in crypto ecosystems and the trade-offs involved in system design\n\nOlaf\u2019s perspective on the recent rise of points systems\n\nThe growth of privacy-focused crypto projects and the potential for private blockchains to become the norm\n\nWhy he thinks Worldcoin\u2019s distribution strategy is a \u201cdisaster\u201d\n\nOlaf\u2019s interest in the intersection of AI and crypto and potential developments in this area\n\nHis bullish outlook on SocialFi and Web3 gaming\n\nThank you to our sponsors!\nPopcorn Network\nGuest:\n\n\nOlaf Carlson-Wee, founder and CIO of Polychain Capital\n\nPrevious appearances on Unchained:\n\nOlaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'\xa0\n\nWhy The First Employee Of Coinbase Launched A Hedge Fund\n\nTo the Moon and Back With Polychain's Olaf Carlson-Wee\n\nSpecial Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones\n\nAll Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital\n\nLinks\nOlaf Carlson-Wee\n\nForbes:\xa0\n\nThis Man Has Been Living On Bitcoin For 3 Years\n\nWhy This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin'\n\nTechCrunch: The future is a decentralized internet\n\n\nBlockworks: Why Polychain Capital Founder Never Sells His Crypto\xa0\n\nCoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine\n\n\n\nRestaking/EigenLayer\n\nUnchained:\xa0\n\nDeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion\n\nDo You Need to Think Twice Before Restaking Your Assets?\xa0\n\nOlaf\u2019s tweet on EigenLayer\n\nCrypto + AI\nOlaf\u2019s tweet: \u201cin crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests\u201d\n\nVisit Unchained for more links and details\nLearn more about your ad choices. Visit megaphone.fm/adchoices