DeFi protocols

“These voting rights, though, go beyond voting rights that you would see in a proxy statement for an equity. They're actually voting rights. You can propose changes to the way that the protocol operates and bring a vote on that. So they end up almost being mana…”

“And Compound, by the way, contrary to a lot of the news you'll read today, Compound and all of the other on-chain DeFi protocols have performed quite well in this volatile market.”

“We've seen a lot of More efficient versions of a lot of these DeFi protocols and very few of them have gone anywhere because once these teams have a narrative, once they have people talking about them on Twitter, it's just very hard to like come in and break o…”

“A lot of these protocols ultimately we think will not capture that much value despite there being very useful. It's just going to be really tough for them to actually capture significant value defensively over time.”