This podcast episode explores the early experiences and evolution of the crypto space, focusing on decentralized finance (DeFi) projects. The speakers reflect on their involvement in the industry since its early days, witnessing the growth of projects like Kyber and ShapeShift. They discuss the concept of long tail centralization, the rise of Miner Extracted Value (MEV), and the potential for automating MEV strategies. The limitations of liquidity provisioning are also examined, along with the commercialization of longtail strategies. The speakers emphasize the importance of exploring new opportunities and understanding contract microstructures. The section concludes by highlighting the significance of flash learn in preventing vulnerabilities and the importance of iterating quickly in smart contract development.