Su Zhu: Betting on the Application Layer

Published on
December 30th, 2020
61 minutes

Su Zhu: Betting on the Application Layer

The Interview - Crypto ·
Featuring Su Zhu and Richard Galvin

Published on: December 30th, 2020 • Duration: 61 minutes

Su Zhu, co-founder of Three Arrows Capital, joins Richard Galvin, CEO of Digital Asset Capital Management, to discuss traditional finance trading vs crypto markets, improvements needed for broader adoption, and investing in DeFi. Zhu describes the major growth in fiat onramps to crypto and the importance of self-custody solutions for users as well as a few new and exciting projects in the decentralized finance space including automated market makers. Zhu explains that he doesn't believe DeFi will cannibalize all of traditional finance, but that it will dramatically alter the finance landscape. Filmed on December 7, 2020. Key Learnings: Zhu believes that application layer investments are riskier but may have higher value accrual and that, while base layer investments are significantly safer, there may be less growth potential. Decentralized Finance is still very young, and there is enormous room for growth if you have an appetite for risk.



  • NV
    Nicolas V.
    16 January 2021 @ 02:33
    Guys check out the transcript, I'm dying there are [INAUDIBLE ...] written everywhere hahaha
  • AH
    Andre H.
    7 January 2021 @ 06:07
    Su Zhu is one of the smartest minds in the space and it's a privilege to hear from him. Thank you Su and Real Vision! A suggestion for Real Vision: Make sure the audio quality is decent before recording. It was very difficult to understand parts of this due to the terrible audio quality. Content is fantastic but the audio quality is awful.
  • SJ
    Salil J.
    4 January 2021 @ 17:56
    Horrible audio (otherwise great conversation). But why not spend some money to upgrade your audio/video/internet setup. Are people really making any real money in Crypto or is it all "paper gains" so far.
  • JB
    Jose B.
    4 January 2021 @ 08:38
    Inaudible. Slums is too faulty. RV should test sound ahead of the interviews. That’s basic production.
  • SB
    Shawn B.
    3 January 2021 @ 22:14
    Love this guys research. I've followed him for a long time. thanks for the video guys
  • AD
    Alexander D.
    3 January 2021 @ 19:23
    Thank you to the person who did the CC/Sub/Transcript on this one. Also that person needs a bonus.
  • CM
    Callan M.
    3 January 2021 @ 04:12
    Please bring Su and his partner at 3 Arrows Capital Kyle Davies on again, these guys are absolute legends in the space and are full of far and away the best insights regarding the future of crypto and its impact on the global financial system. Aside from the audio, this was the best crypto interview ever on RV!
  • bf
    bill f.
    2 January 2021 @ 19:43
    interesting interview, just difficult to listen to su due to audio
  • CU
    Christian U.
    2 January 2021 @ 16:03
    Guys., can you please make sure you guest have a proper microphone setup. It is a problem so many time. A headset literally cost 20 USD
  • SM
    Suzanne M.
    2 January 2021 @ 14:46
    I'll have to go to the transcript. I can't hear him because of sound quality. I would love for RV to have him back, better.
  • AF
    Alexander F.
    2 January 2021 @ 00:32
    Terrible audio quality.
  • AM
    Alexander M.
    31 December 2020 @ 01:26
    Why so much whining about audio? Switch to CC.
    • Hv
      Hannah v.
      31 December 2020 @ 02:42
      Honest question.. How do I switch to CC on the RV platform (iPhone)? I really want to hear this convo.
    • JC
      Julian C.
      31 December 2020 @ 03:04
      Because the audio is barely audible. Just because CC is available, it doesn't mean we don't need to inform RV that the audio is unacceptable.
    • TP
      Timothy P.
      31 December 2020 @ 15:44
      Because your "simple" solution doesn't cover all use-cases. If RV presents a video, it damn well should be up to the minimum standard of being audibly legible. And frankly, your smartass reply doesn't help anyone.
    • FI
      FOTIS I.
      31 December 2020 @ 22:13
      Cc do not work in iphone for the last month or so.. dont know why..
    • Hv
      Hannah v.
      1 January 2021 @ 20:36
      @Fotis. I’m so tired of apple’s inability to play nice with others.. thanks for the reply.
  • MJ
    Marius J.
    1 January 2021 @ 12:06
    Bad sound
  • AB
    Amir B.
    1 January 2021 @ 11:10
    Please bring him back!
  • MJ
    Max J.
    1 January 2021 @ 05:22
    Terrible sound quality on Su Zhu's end, I had to abandon the discussion
  • RD
    Rodger D.
    1 January 2021 @ 04:26
    Great interview, pity about the audio. Should have asked him about reasonably sized houses on the blockchain.
  • HJ
    Hendrik J.
    1 January 2021 @ 00:21
    Looks like it took 23 days to add the cc and transcript
  • FF
    Fabian F.
    31 December 2020 @ 15:21
    Please get him back on with a good mic, he is one of the smartest minds in the space! Please consider sending your guests microphones beforehand. Instructions for Your Remote Podcast Guests: Mailing mics to podcast guests: Even just telling them to use airpods already makes a huge difference but imo a platform like RV should hold themselves to a higher standard than airpods. I agree with a lot of the comments. Something that easily and cheaply fixable being a consistent problem among other really easily fixable things on the RV platform are a real bad look for RV in general.
  • HM
    Ho M.
    31 December 2020 @ 07:47
    Amazing interview
  • SS
    Shane S.
    31 December 2020 @ 05:15
    Nice interview Richard. Great questions and really enjoyed listening to the valuable insights from Su about this fast moving space.
  • DW
    Dean W.
    31 December 2020 @ 03:18
    I read the transcript, or at least as much as possible. I follow Su's twitter feed as well. Great insights and worth the time to read
  • AL
    Aaron L.
    30 December 2020 @ 22:32
    Sorry to join the chorus but audio issues made this unwatchable, please bring this guy back on for a take 2
  • WE
    William E.
    30 December 2020 @ 19:58
    can't understand!
  • ML
    Max L.
    30 December 2020 @ 19:55
    Great discussion (despite audio issues). Please get Su back periodically.
  • KB
    Kurt B.
    30 December 2020 @ 19:27
    This was going to be one of the best interviews you’ve ever done. The sound quality is so bad that you have to reshoot it. I’m hopeful you do that. Thanks
  • ER
    Eric R.
    30 December 2020 @ 18:58
    The sound quality of this video is intolerable. In general I find that too many RV videos have poor sound quality. This phenomenon becomes all the more irritating when for example the people featured in a video are not native English speakers and thus have an accent that makes it more difficult to follow the discussion when the sound quality is bad. Content is always more important than form, but good content does not preclude good quality of images, graphs and sound. I certainly do understand that in Covid times interviews are conducted via Skype etc., but I have to admit that I am getting a bit tired of this format and its inherently lower sound/image quality.
  • RM
    Russell M.
    30 December 2020 @ 15:59
    Government will want to control DFI as it is similar to the shadow banking system and can be systemically threatening.
    • TP
      Timothy P.
      30 December 2020 @ 18:31
      Also worth noting that "DeFi" isn't truly decentralized, they all sit on top of Ethereum, which has a central governance scheme and its head, Vitalik Buterin to go after. That is one large risk that none of these projects even begin to address.
  • AR
    Amandeep R.
    30 December 2020 @ 10:33
    The sound is terrible....
    • JH
      John H.
      30 December 2020 @ 11:08
      turn up the volume.
    • TP
      Timothy P.
      30 December 2020 @ 18:29
      @John H - that is a simplistic answer that doesn't solve anything. The echo was distracting, as his voice bounced from the nearby walls/window to be picked up by a crap mic that couldn't handle the dynamics to begin with. The real answer is - Real Vision, do a pre-interview sound check with your subject, and suggest they have a headset or direct input like one of those in-line mics/earbuds.
  • PA
    Peder A.
    30 December 2020 @ 18:28
    Sound quality is so poor it is unbearable
  • JL
    Julien L.
    30 December 2020 @ 16:44
    oh god the sound quality.
    • TP
      Timothy P.
      30 December 2020 @ 18:26
      The echo was really annoying. RV - please get your guests to use direct input, even those crap in-line mics that apple has on their earbuds is preferable over open-room echo chamber.
  • DB
    David B.
    30 December 2020 @ 17:43
    Probably a good discussion here, but can't handle the sound quality.
  • AP
    Antonio P.
    30 December 2020 @ 17:15
    Honestly, is their control of quality in RealVision? If I were the CEO, I would be very mad, this is not a product you deliver to your clients! Enough, I give up!
  • AP
    Antonio P.
    30 December 2020 @ 17:13
    I will give up if the quality of the sound persists after 5 minutes....
  • RM
    Russell M.
    30 December 2020 @ 15:46
    Fidelity is providing institutional custody solutions.
  • RM
    Russell M.
    30 December 2020 @ 15:42
    I shifted my gold in vestments to Bitcoin based on institutional interest lately.
  • RM
    Russell M.
    30 December 2020 @ 15:39
    Sound bad, content very good!
  • JC
    Julian C.
    30 December 2020 @ 13:55
    something wrong with the sound. Had to stop after about a minute. Checked 30 minutes in to the video and the sound is screwed up on the whole video. How was this ever published? It is an embarrassment to RV crypto.
  • RW
    Richard W.
    30 December 2020 @ 13:33
    I couldn’t understand the interview. You need to re-record it. Some QC required
  • MS
    Martin S.
    30 December 2020 @ 13:11
    Really should do audio check before recording and uploading. Sure was great conversation, impossible to listen too
  • JW
    Jay W.
    30 December 2020 @ 12:04
    This video takes some effort to watch because of the poor sound quality, but if you make the effort it’s a great discussion. Found that very symbolic for Su’s tweets: tons of wisdom/alpha in there but sometimes you do need to read them twice or at least extra carefully! :-)
  • MG
    Miguel G.
    30 December 2020 @ 11:43
    The audio is terrible, its impossible to understand anything that Mr. Zhu is saying. This video is not watchable without captions, please add captions or a transcript.
  • MS
    Marius S.
    30 December 2020 @ 11:38
    Unfortunately I had to exit what was obviously a very interesting discussion. I really tried, but found it impossible to follow due to the lack of audio quality. A real shame.
  • VB
    Vishrut B.
    30 December 2020 @ 10:53
    great interview, but the audio quality is awful