Phantom - What Was the Thinking Around Phantom?

In March 2022, I think Phantom flipped like Avalanche and maybe even Solana in terms of TVL. It was really big. And the yields were also super compelling. So initially, what we were building is a little bit different from today. We were still using state desks as collateral,. But it was like staked FTM and then you would borrow USDC. The demand for that kind of leverage actually went down quite a bit.

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