DeFi protocols are rebuilding repo and securities lending on-chain, looping tokenized T-Bills to multiply exposure on real-world assets.
This post compares the on-chain version to its traditional equivalent across multiple dimensions and draw a few conclusions on the scalability of this phenomenon.
Tokenization promises “stocks on-chain,” but the legal wrapper decides what you actually hold. This post compares Robinhood, Securitize, and Backed to show how different wrappers translate into very different rights for investors.
A common pattern of innovation in technology is to carve out a piece of infrastructure present in a big number of companies, specialise on it, productize it and turn it into a service. This is what Amazon did with AWS in the computing space. But many other companies are trying to apply the same playbook to several other segments. For example, two years ago I presented Credix, which is...
While its importance is often underestimated even by practitioners, liquidity – i.e. the ease of converting an asset into cash – is one of the most important concepts in finance. From my point of view, liquidity and, in particular, the ability to bootstrap and guarantee a qualitatively better liquidity is the most appealing characteristic of the blockchain-based markets. The...
From my humble point of view, the most interesting piece of financial innovation in circulation today is what a small group of decentralized finance startups is doing: trying to bring real world assets on-chain. Roman style mosaic of robot lending money – DALL-E What these companies are doing is fascinating, and yet extremely challenging at the same time. They are trying to migrate...
Compound is a money market protocol that allows users to lend and borrow crypto-assets in a global, permission-less, transparent and very rapid way, without a middleman.
The post presents an analysis of the protocol's main logics and its position in the DeFi Space.
Over the last few months, the Decentralized Finance ecosystem has grown at an impressive pace: every single metric you can look at shows double digits growth on a month by month basis. DeFi Users over time – source: Dune Analytics This is a great achievement, but it is a fact that so far speculation or high risk financial incentives have been the main adoption drivers for Defi (and the...