Finance Redefined: The Shadow DeFi conference in Miami! June 2-9


Last week I made the mistake of being pretty much the only DeFi inhabitant to go to the Bitcoin 2021 event in Miami.

While I managed to catch up with a handful of builders and big brains in the convention center, my time would have been better spent hunting down the degenerates at the various satellite events, yacht parties, and nightclub gatherings – the “ghost conference. “for the DeFi take take place as boomercoin maximalists talked about the same points they had been repeating for nearly a decade.

The short time I was able to spend with the folks at DeFi was extremely rewarding, however. I emerged from discussions with representatives from SushiSwap, Yearn Finance, Balancer, Polygon, the Digital Dollar Project and FTX, among others, with some useful cores of information on how decentralized finance can evolve in the second half. of the year. With full interviews coming out next week, in the meantime, here’s a rundown of the best of what I’ve gleaned:

Risk and regulation:

Although it appears that institutional adoption has been fair On the horizon for years now, there’s more and more reason to believe that money from the big investment banks could finally splash into DeFi pools for too long.

As it stands, everyone I’ve spoken to is unanimous that companies are showing a genuine interest in finding ways to get involved, but not everyone is sure exactly what that looks like or how to solve it from a regulatory and custodial point of view.

FTX and Alameda Research decabillionaire Sam Bankman-Fried (who notably had no security guards, despite Bitcoiners worth orders of magnitude less like Saylor walking around with a mobile rugby scrum – or, wait, can -be that Sam had very good security guards in the sense that I’ve never noticed them?) described the dynamics as similar to that of a college couple, with one party “waiting” for the other.

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Sam Bankman-Fried, who between TSM and the Heat arena was on a victory lap … Darth Vader felt appropriate.

“We’re going to be ready, we’re going to feel it, a lot of conversations, a lot of open discussions about our feelings and desires,” he joked.

From his perspective, FTX is ready to flip a switch and provide a gateway to all the services institutions want. However, the job is more like an exercise in empathy than a business: it involves long conversations about what exactly institutions want – more return on dollars, exposure and custody, a sort of ramp. ‘access to satisfy customer demands – but when customers say’ we want to do crypto ‘what do they mean and what is actually possible? Everyone has questions. Everyone is in their feelings. For now, much of the progress looks like a company going public and trading crypto.