Welcome to Bankless, where we explore the frontier of internet money and internet finance.

And today, on Bankless, I'm talking to Smokey, the Berra, which is one of Barra Chain's creators and co-founders.

Barra Chain is not something that I have deeply investigated prior to doing this interview,

but since its mainnet is now launched and the project is real,

I felt like it was a good time to get Smokey on the show and have him teach me directly about what

barra chain is and what its core innovation, called proof of liquidity, brings to the industry.

Before we get started, though, a message from our friends and sponsors over at Morpho.

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defy protocol that has been integrated into Coinbase.com, which is a pretty crazy concept.

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defy in the back. Coinbase is using Morpho to offer its users Bitcoin backed loans,

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It feels good to have an app that I'm an ongoing customer of to sponsor the podcast, so I appreciate you Morpho.

There is a link in the show notes if you just got peaked, so go check them out.

Proof of liquidity from Bear Chain, I think it's a pretty interesting concept.

I'm definitely putting it into the category of valid economic experiment with uncertain and unproven outcomes. I think the success

of proof of liquidity will have to come with some relatively heavy top-down control and

influence in order to make sure everything is balanced correctly. I'll quickly illustrate

proof of liquidity. Smokey the Bearrett, we spend like 20, 30

minutes on this in the podcast, but just to really prime you as you go into it, I'll quickly illustrate

proof of liquidity as a three-way relationship, like a three-party flywheel between one,

Barra Chain's app layer, two, the validator set, like the Stakers, and three, a new economic

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