Feb. 26, 2025
"How I risked Everything for Crypto" - Interview with CEO of Algebra Finance
Join us as we explore Vlad’s journey from mathematician and Motorola engineer to CEO of Algebra.
Learn how he overcame early challenges, pivoted to power over 50 DEXs, and developed cutting-edge DeFi solutions like dynamic fees, built-in farming, and customizable liquidity layers.
Discover Vlad’s vision for the future of decentralized finance and the importance of long-term innovation in driving growth.
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👉 Learn more about Algebra: https://algebra.finance/
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WEBVTT
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Welcome to the Chain Stories podcast, the podcast that celebrates disruptors who defy convention.
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Here, we dive into the bold stories of trailblazers who turned audacious ideas into billion dollar ventures.
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Welcome to another ChainStories Podcast.
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Algebra.Finance.
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Our guest is Vlad, the CEO, founder of this project.
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Before we get started, I would like to place a disclaimer that we have invested and are running a syndicate for this project.
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If you want to know more information, please see down below the description.
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Thank you.
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And I hope you enjoy another episode.
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All right, ladies and gentlemen, today we have a very special guest, Vlad from Algebra.Finance.
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Algebra.Finance has been in the path of building an automated market maker for a couple of years, and then it's been quite of a story.
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Vlad, would you like to do as a brief intro about what you've been up to in the last three, four years in the crypto space, and how you got involved with Algebra?
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Sure.
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Hi Tony, hi Erick.
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And hello, everyone.
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My name is Vladimir.
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I am co founder of Algebra Finance, and I have just back from our deployment for Berachain.
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Bera was launched recently.
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And of course, there are some DEXs already, which are based on Algebra.
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I want to be there.
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So we have just released one of them called Bula.
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So that's just an example how our technology works.
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So we backed many DEXs on market.
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And right now more and more DEXs use our technology to be launched.
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Moving back to Tony question about myself, about our story.
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I've studied math mostly.
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So I'm a mathematician and then PhD in computer science.
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And then I worked nine years for Motorola.
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If you remember, like phone called Razr, it was very like narrow.
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It's one of the device which I work on.
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And after Google acquired Motorola, I decided to do something by myself.
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I was really tired of making decisions in such a big company.
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I would say it almost impossible to put any initiative on because so many levels you need to talk to and so on.
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It was great from a process perspective to study how to develop products, study what is research, but it's really hard to change anything in such organizations, unfortunately.
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And then I founded my own company, which was based on software development.
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We have just two of us, myself and partner who was, really great developer and he still a great developer.
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And from two people, we grow to 50 people and work with a great companies like Disney.
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We developed CRM for them to manage all the content all around the world.
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And then, 2017 crypto come into my life and I could say that everything was changed during that time.
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Fully 100 percent crypto native and our goal since the beginning to develop a product inside of crypto.
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So we never touch something like fiat to crypto, real stuff, RWA.
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So we decided to be 100 percent inside.
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To improve this ecosystem from the center, not to touch like all around.
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So we really like what is this and we're really happy that we could continue to be inside of the space without going out.
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So that's our main focus, when we decide to move to this area.
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Was it part of your original vision to go in and do a DEX and what did you have in mind at the time?
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Did it stroke you, okay, I want to go deep into centralized finance or why did you pick this path?
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I believe there are only maybe three ways how you can make money in crypto.
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Number one is of course trading.
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So buy something, wait until pump sell, I believe 90%.
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Then mining and staking.
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So sounds good because you could buy hardware, start helping protocols or stake your tokens to support a protocol somehow to make governance all the stuff.
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And the third model, which I really like is lending indexes.
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When you could put money in one part of one group of the users as a second part of the users could use this money for all needs.
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And somehow they could benefit each other.
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And I believe it's really great.
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So it's really hard to find such models in a real world.
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And even encrypted, to be honest, so it's unfortunately there are not so many ways how you could make money encrypted in an honest way without like extra risk or without buying hardware and so on.
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DEXes extremely good.
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It's not like 100 percent good right now, but we believe that in the future it could be really big and business model extremely good.
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And for me to go from corporate life and being in this hierarchy and everything is so structured and now you're preparing to go and launch a Dex.
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Did you have the team?
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Did you know how to start or was something that you're like, maybe I shouldn't do this.
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Maybe I should go back.
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I have my job at Motorola.
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I can just book another company.
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Yeah.
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Great question.
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I was really tired of companies like Motorola.
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Of course, when you work like for nine years, you plan your future based on your previous experience.
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Okay.
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You can find like Microsoft and Google and I can try for one year.
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If it's not, good, okay let's switch back to big organization.
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And so this decision was not so hard.
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So it was like experiment and it was quite successful.
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And thanks to experience with software development we got some experience.
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So how to hire right people, where to hire them, how to educate them, and of course, some connections there.
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As for Algebra, we are extremely lucky that we found some people.
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So first of all, my co founder, Alexandra, she's responsible for marketing and all stuff around.
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Adam, our great head of partnerships, our developers, who are mathematicians.
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When we start thinking about Algebra, like a concept, we start thinking how we could benefit from our experience, from our knowledge.
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Because if you don't have a knowledge in AI, and there are so many people who are already working on this one, how you could outperform them, why you should do it.
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And we believe that it's our core expertise, like algorithms, how to make complicated stuff.
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And that's why we have choose DEXes and work on algorithms, on ideas and so on.
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So that's how we decide to outperform all the other competitors.
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I think that makes a lot of sense.
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And I know you founded Algebra right in 2021 after Uniswap V3 launched, right?
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Yes, uniswap V3 yes.
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What were some of the biggest challenges when you launched as a DEX?
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It's a great story.
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When I remember this one, I'm feeling not so good, to be honest.
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So it was started in 2021, we start analyze how Uniswap v3 was designed and try to find a way how we create a better technology than Uniswap v3.
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And we found two ideas.
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One of this is dynamic fees.
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It's every swap, we find the best fees, which suite which best for traders and liquidity providers, because everyone's they contradicts each other.
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Liquidity providers wants great fee and traders want low fees because for trading is required.
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How to find golden mean between all that.
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So dynamic fees.
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answer this question.
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And the second one was built in farming, it's really hard to implement farming, mechanic because there are so many positions, different price ranges constantly changing.
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By the way, still Uniswap version 3 doesn't have farming built in.
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Pancake swap, by the way, took our model at some moment, from algebra, but nevermind.
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And we launched a DEX on Polygon without technology and nothing happens.
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And it was really surprised.
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So we are 100 percent sure in our technology.
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We have some partners, Polygon supported us, but nobody came to us to trade.
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Nobody came to us to provide liquidity.
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I know it was, there was like 5 million TVL, right?
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Yeah, it was the ATH, but it's nothing when you have QuickSwap and Uniswap as the competitors.
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When they have 40 million, 100 million, 5 million, it's not enough.
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But 5 million, yes.
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And it was a great lesson for us.
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Even if you have great technology, it's not enough.
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So you need to work on brand awareness, build trust.
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Maybe not just one year, it maybe could be several years.
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And it was very bad times for us because like we were really excited.
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We really excited how we launched.
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Everything was fine.
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So no issues, but it just didn't work.
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And then we start to brainstorm how we can change it.
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And thanks to our marketing, we start comment, Twitter account of our competitors, like QuickSwap for example they said, okay, we have great APR.
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And we comment that, okay, your APR is great, but if you can see on Algebra, APR is 10 times bigger, even TVL is small.
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And the same is the same.
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At some moment, we get some attention and they start talking to us, how they could utilize our technology inside of their product.
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And after some time, we have come to agreement to launch a QuickSwap version 3 fully Algebra inside, but with their brand user database marketing, all the stuff from Quickswap, and it was really great success.
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It was number one DEXs on Polygon.
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I still believe that's number one from user database.
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But from TVL was the second place after Uniswap.
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And that's just an example how your technology could perform if you choose the right brand and build trust.
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So that was a great lesson for us.
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And after this, it started growing.
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More and more DEXes has come to us say, guys we need your technology.
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We want to repeat the success of QuickSwap.
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Right now we have 52 DEXs, which is fully based on Algebra.
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So during the three years, I see in the beginning, so it's a great expansion of the market.
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Amazing.
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I was going to say so that pivot happened due to marketing and in accidents in going from a DEX to a AM engine when you license tech to QuickSwap because tech was so good, right?
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And today you're processing over 50 plus DEXs is run on Algebra, and I believe it's 80 percent plus of all EVM DEX trading volume or around those numbers.
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Yesterday it was, we have 210 million TVL and 260 million of daily volume.
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So we process about up to 8 percent of all EVM trading volume through our smart contracts at the moment.
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Yeah.
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That makes sense.
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And I know at a certain point diving into the token launch, there was a token and there's something that Algebra team realized that this token couldn't unify all the ecosystem together.
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Could you expand a bit more in this?
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When we launched Algebra as a DEX, we designed our tokenomics as we never even considered that we should move to B2B or like B Protocol for 52 DEXs.
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Thanks to our early adopters and our OGs, they supported us, but everyone understands that's now this tokenomics could not be used for the future.
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Just for example, like about 50 percent of initial supply was live after TGE.
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So it's just not sustainable.
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And a lot of tokens were planned to liquidity mining.
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You remember the model when you want to attract liquidity, you want to give the tokens for free because people provide liquidity and get some bonus from the team.
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So that's, there are still a lot of tokens which plan to be used for this activity, but there's no activities like this anymore because we're a B2B protocol.
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So I could say it was just designed for the DEX and not for protocol, that's why we right now switch off our token as a DEX.
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And now we are under preparation for token as a protocol and with all other future steps and so on.
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So that's what's going on.
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Will this new unified token be tied to direct revenue sharing?
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And is it also multi chain and is there any, is backed by trading fees or liquidity incentives?
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Yeah, great question.
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Two main utilities for our unified token.
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Number one it's great.
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We generate revenue.
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So we are self sustainable and we generate revenue for our future holders.
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70 percent of our profit will go to incentivization of our stakers.
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So it will be a stake.
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It will be number one and revenue sharing by using stake mechanic.
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The second one, it's a governance.
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And when I talk about governance, a lot of people say, Oh, man, governance again, we know it's just for utility.
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No, it's not just for utility.
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We need a governance because we are multi chain and there are so many DEXs already.
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Depend on us on our decisions and I could say even crypto depend on us if I could say this one.
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So because if we do something wrong or choose another wrong direction, all our DEXs which is based on us and most of these DEXs does do not have even good tech resources to continue development to support this one.
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So they're fully on Algebra side and we need to make sure that we react on needs of protocols needs on the market.
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And that's why we need to make decision all together with our, community and with our partners who use our code and who use our technology like every day.
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So some just examples if any DEXs want to get like exclusive rights for some chain or.
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They want to be a number one DEXs on it, for example, Bera chain, they need to initiate a voting process and to get enough votes from our stakers to accept this proposal.
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And we see that there will be two ways how our stakers could benefit number one stakers and the second one incentives from our clients, partners, external protocols which wants to make some decisions so if you want that people vote for your decisions incentivize them and we expect that our stakers will get some tokens from new teams, from new DEXs, new protocols, which wants to support since the beginning, something like this.
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I've heard, or I read somewhere that was like a 30 percent APY projected.
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Not sure if you've heard, but that's pretty exciting.
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Yeah.
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So let's see.
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So I can't say any commitments here.
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Awesome.
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Yeah regarding some of the problems that Algebra can solve in DeFi.
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I know there's a lot of inefficiency in liquidity, or even DEX upgrades require liquidity migration and there's liquidity fragmentation.
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Is this something that you think Algebra can go in and really tackling?
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Yeah, it's every time when we start doing something, we are asking what is the problem, right?
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We believe there are three, maybe two big problems at the moment on DEX.
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Number one, they are not efficient enough.
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If you provide liquidity to I don't know, Pancake, Uniswap even Algebra, it will be not guaranteed that you will get some profit, unfortunately.
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A lot of cases when you can get losses, because of LVR or implement loss, so that's an issue.
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The second one, DEXs before they could not be upgraded in time.
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There are a huge amount of ideas in DeFi every day, but, Uniswap v3 was released three years ago and just v4 was released like one week ago.
00:15:33.504 --> 00:15:39.085
So three years, no innovation from the main player in the world index space.
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How is it possible?
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So you may think that we did a lot like staking mechanics, crosschain protocols, new kind of bridges, intents, all the stuff.
00:15:48.164 --> 00:15:50.475
But was not updated for three years.
00:15:50.875 --> 00:15:51.764
So that's wrong.
00:15:51.884 --> 00:15:57.695
So we need to make it more effective and we need to be more fast and more flexible.
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That's two big problems we solved by our new version called Integral.
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Right now, I believe it's about 25 DEXs already use this technology.
00:16:06.575 --> 00:16:12.284
It's quite similar to Uniswap V4, but it was launched one year and a half ago.
00:16:12.684 --> 00:16:15.404
That's why there are a lot of players already in this ecosystem.
00:16:15.804 --> 00:16:18.445
Every pool right now could be customized.
00:16:18.794 --> 00:16:27.024
And behavior of the pool could be customized as this, how we could get much more better results for both parties, for traders and liquidity providers.
00:16:27.424 --> 00:16:28.134
Why this?
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Just an example for Ethereum and Arbitrum, for example.
00:16:31.554 --> 00:16:39.024
So on Arbitrum there are so small block time, and that's why there are a lot of small trades, and also gas is cheap.
00:16:39.424 --> 00:16:52.309
On mainnet, for example, there are like big trades, because it's more ability to arbitrage, because time between blocks is much more bigger, so on Binance the price could be changed during this time significantly.
00:16:52.710 --> 00:16:56.039
It means that all the pools should be designed differently.
00:16:56.159 --> 00:17:01.000
So you want to get more money on small trades or you want more focus be on big trades.
00:17:01.009 --> 00:17:02.799
So it depends not only on the pair.
00:17:02.830 --> 00:17:06.599
It also depends on blockchain, what kind of pair you launched.
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Maybe it's meme coin.
00:17:08.490 --> 00:17:10.869
You should be also design pool in different way.
00:17:11.269 --> 00:17:22.220
So integral gives you ability to customize pool behavior, and there are already some teams who joined us to develop special plugins or hooks.
00:17:22.279 --> 00:17:26.539
If we talk about Uniswap before to make it much more effective than before.
00:17:26.809 --> 00:17:30.214
So that's really a big step in this market at the moment.
00:17:30.474 --> 00:17:33.125
Does Integral also support multi chain?
00:17:33.525 --> 00:17:34.365
What chain, sorry?
00:17:34.414 --> 00:17:36.724
Does every chain right now support Integral?
00:17:37.125 --> 00:17:44.335
Yeah, so if we deploy Integral yes, so that's on every chain you could utilize this technology, EVM chain at the moment.
00:17:44.734 --> 00:17:49.545
We start moving to Solana so we expect that maybe like in four months from now.
00:17:49.944 --> 00:17:54.894
So the next big step is Solana ecosystem looking forward to it, by the way.
00:17:55.295 --> 00:18:05.664
And what's like the most successful plugin that you see people using now that can generate like real revenue back for the projects that are like launching or even the creators that are then setting up the pools.
00:18:06.065 --> 00:18:08.654
It's hard to ask for like your 100%.
00:18:08.664 --> 00:18:11.825
So it really depends on what exactly you want to do.
00:18:12.224 --> 00:18:17.095
So for example, there are some plugins which designed especially for our new projects.
00:18:17.494 --> 00:18:27.795
So right now you could design all plugin for example, you want to launch a meme and you could program how it could behave depends on all types of markets.
00:18:27.805 --> 00:18:33.509
So liquidity could be locked you can set a different fee levels depending on the volume.
00:18:33.910 --> 00:18:40.069
You could incentivize liquidity providers, to provide more liquidity because they get low fees, for example.
00:18:40.079 --> 00:18:43.599
So completely new scenarios, which are not possible before.
00:18:44.000 --> 00:18:50.220
As for general answer, I would say that it's a plugin, which gives you a fee discount if you trade more.
00:18:50.619 --> 00:18:52.210
So like on centralized exchanges.
00:18:52.210 --> 00:18:56.940
So if you trade more, you get low fees for the next trade.
00:18:57.099 --> 00:19:00.450
The same for decentralized exchanges for Algebra DEXs right now.
00:19:00.451 --> 00:19:04.960
If you trade more, you will get fee discount on next trades.
00:19:05.099 --> 00:19:07.440
By the way, it was done by a previous team.
00:19:07.630 --> 00:19:14.890
It's ZK pre processing team, our partners and also shareholders of Algebra, so working with them on this plugin.
00:19:15.289 --> 00:19:16.640
Yeah, I think that one's interesting.
00:19:16.660 --> 00:19:22.700
I think, what we've seen where there's been criticisms of models like from PumpFun that is very extractive.
00:19:23.029 --> 00:19:31.809
Whereas you have like other, like newer launch pads that are instead taking those creator fees and then giving them back to either the dev or the community.
00:00:00.530 --> 00:00:07.040
Welcome to the Chain Stories podcast, the podcast that celebrates disruptors who defy convention.
00:00:07.490 --> 00:00:14.650
Here, we dive into the bold stories of trailblazers who turned audacious ideas into billion dollar ventures.
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