DeFi

“There's like a three phase plan. Tokenize more stocks and then we have to integrate them into Bitstamp to allow 24 seven trading and also unleash them on DeFi so that you can self custody them and, Do collateralized lending and borrowing and all of that stuff.”

“If everything that is in crypto, all this innovation around risk management in real time between, you know, borrowers and lenders, it's useless because if everything's a meme coin, everything's correlated, it'll all crash at the same time.”

“You get access to way more financial products. If you hold the Bitcoin yourself, there's Bitcoin defy. You can make yield on it. You can loan it out. You can borrow against it. There's a whole bunch of things you can do with it that you cannot do. If it is jus…”

“We believe that that'll likely lead to this cascading Sort of trend of adoption, because once stablecoins become a more kind of mainstay of the way that the financial system works, that opens the door for a lot of the other more advanced and futuristic ideas t…”

“Gave me a lot of conviction that over time, you know, a significant amount of value that's being transacted and the world was going to replatform onto crypto rails, onto, onto DeFi.”

“The first time anything happens in the crypto world, it's like a money grab and then there's a crash. And then people start to think about what it could actually be used for. And while that's being built, people are already moving on to the next money grab, ri…”

“DeFi worked. DeFi didn't fail here. Maker is still going. Frax is still going. Ethereum is producing blocks. You can send money around using stable coins. You can still take money out of Aave. All the systems that are designed to be over collateralized and res…”

“So I took like a little margin, a couple hundred bucks or something, and started playing around in DeFi, and I quickly realized I couldn't do anything with my ETH because the gas fees would destroy it. Did that for like a couple of weeks. And then in my plan, …”

“And so I sort of just, I mean, I just kind of think like with all of the attention and all the buzz and hype around like metaverse and web three and crypto and DeFi and VR, we kind of stopped paying attention to AI.”

“I think a lot of DeFi has kind of been these like Ponzi games where, you know, you have these really high yields and this tends to be kind of what gets press attention.”

“I really do view it as where every financial transaction in the world will take place.”

“If we can couple offline collateral and assets with DeFi, it's at least a 10 X, probably closer to a hundred X unlock from where DeFi is today.”

“Uniswap, for example, just passed one trillion dollars of trading volume since inception. It launched a few years ago.”

“Secured lending is a category within DeFi that is actually probably the most mature in terms of finding product market fit and having real volumes run through these systems, and very low If any principle defaults on the blue chip platforms”

“There's really no limit on the number of times a token can get rehypothecated in DeFi or on these digital networks.”

“And my hope is that, and my sense is that people won't even use the term DeFi in five to 10 years. It will just be called finance because we don't call finance today centralized finance.”

“And the largest consumers of DeFi will be banks, will be fintech companies, and will be institutions.”

“So really DeFi scaling is, in my mind, a D to B to C distribution model, DAO to business To consumer. You need that kind of layer in between.”

“So one, you have instant settlement when you're using DeFi. So it's not T plus two settlements for equities or T plus 20 for bank loans. These are all bearer instruments. So there's no global working capital drag from all the unsettled trades in the world. It …”

“So for all those reasons, I still think permission DeFi is incredibly interesting, incredibly powerful, and probably will be Orders of magnitude larger than the DeFi that we know today.”

“And I think if you think about that category today, it's grown quite a bit, but it still has, I would say, limited product market fit.”

“When you really dig into these stated returns in yield farms, one, there isn't always the right disclosure around the risks that you're taking, but also a lot of time the return is coming in the form of a token that may not have liquidity, and there may be loc…”

“Take Uniswap as a governance token, the Uni token, or other types of DeFi tokens. Effectively, they give governance rights on a platform that performs a service to the holders of it. And either today or in the future, they can give also economic power to these…”

“All the DeFi protocols about all the financial services have been created for DeFi protocols are primarily to support the trading of other cryptocurrencies that also have no social utility.”

“We have done a decent amount of investing, including venture investing in blockchain and DeFi.”

“I am convinced that the next 80 years is exactly that. Like, you know, in the physical world, there's a bunch of stuff that's going to happen. In the social world, it's going to be related to this DeFi decentralization movement that's underway.”

“We have made a couple of small commitments to some venture-oriented crypto players really viewing that as Something that could be significant, particularly in around DeFi and some of the things that we've seen where a lot of that business activity is happening…”

“So right now, if you ask me, I'm spending most of my time learning about crypto and DeFi than anything else.”

“We've made, you know, 68,000 dollars in three days on, in this DeFi trade that I was making, and like that's cash in the bank now.”

“All the leakage you have today goes away in a world of defy because you will financialize Every single asset possible.”

“Immense amount of activity in DeFi going from under seven hundred million of collateral locked in the system at the beginning of 2020 To around forty billion today.”

“July of last year, four and a half billion or so of trading volumes. That was more than all of 2019 combined. Fast forward to January of this year, sixty billion of trading volume.”

“Twenty-twenty saw two new groups from our standpoint. One was the emergence of the Ethereum-only or Ethereum-first investor, which was just really interesting. I think kind of going alongside the proliferation and interest that we've It's seen in DeFi or decen…”

“Something that works well for building some type of social networks or some type of systems where you can easily revert any mistake. This approach doesn't work for DeFi or Crypto.”