Welcome to The Chopping Block ā where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, weāre joined by Guy Young, CEO and founder of Ethena Labs, to break down the hard truths behind DeFiās most recent chaos. We dive into the USD0++ depeg and its ripple effects across the ecosystem, exploring what went wrong and the critical lessons for the future of stable assets. Plus, we discuss Ethenaās meteoric rise, Guyās vision for synthetic dollars, and how innovative yield strategies are reshaping DeFi. Stay tuned as we debate, analyze, and uncover the hidden forces shaping crypto today.
Show highlights
š¹ USD0++ Depeg Drama: A deep dive into what caused the USD0++ depeg, the mechanics behind the chaos, and the broader implications for DeFi.
š¹ Lessons on Risk Transparency: Why sudden rule changes eroded trust and how protocols can improve communication to avoid similar fallout.
š¹ Ethenaās Rise and Vision: Guy Young shares the story of Ethenaās explosive growth, its innovative synthetic dollar model, and its role in DeFiās evolution.
š¹ The Yield Dilemma: Exploring how Ethenaās yield model works, its appeal, and the risks it carries for users and the ecosystem.
š¹ DeFiās Distribution Problem: Why centralized exchanges remain the key to scaling synthetic assets and stablecoins like Ethenaās USD.
š¹ Transparency vs. Overconfidence: Drawing lessons from Lunaās downfall and how Ethenaās approach to clear communication sets a new standard.
š¹ Athenaās 2025 Roadmap: From DeFi integrations to TradFi adoption, whatās next for Ethena as it scales synthetic dollars globally.
š¹ Reflections on Building in DeFi: Guy Young opens up about the challenges, surprises, and rewards of leading one of DeFiās fastest-growing projects.
š¹ 2025 Predictions: The crew debates who might become this yearās āmain characterā in crypto and what that could mean for the market.
Hosts
āļøHaseeb Qureshi, Managing Partner at Dragonfly
āļøRobert Leshner, CEO & Co-founder of Superstate
āļøTom Schmidt, General Partner at Dragonfly
Guest
āļøGuy Young, CEO & Founder of Ethena Labs
Timestamps
00:00 Intro
01:30 Changes to Usual Moneyās Protocol
06:05 Reactions & Analysis
09:12 Lessons from USD0
18:35 Transparency vs. Miscommunication
22:42 Ethena: A DeFi Success Story
32:12 Demand for Stablecoins & Yield
36:40 Custody & Market Structure Post-FTX
43:58 Handling Negative Yields and Market Corrections
48:22 Ethena's Roadmap and Future Plans
55:53 Reflections on Building Ethena
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