In this episode, Guy Young & Rune Christensen discuss the evolution of DeFi, noting how it has become more grounded in reality and sustainable business models, moving away from the early hype and ideological claims. OUTLINE:

00:00 Introduction

01:23 DeFi Ain't What it Used To Be

08:27 Ethena's Success

13:01 Get $HYPE(D)

15:08 HL L1

16:38 'Ecosystem Protocols'

19:32 DeFi User Capture

21:42 DeFi Endgame

22:05 Hyper-rational Users Onchain

24:53 Compressing DeFi Rates

27:16 Stealing from the Rich

28:43Onchain KYC

30:57 Forking DeFi

33:57 The Future of Finance

37:50 'MicroStrategy Playbook" for Alts

42:19 Bitcoin DeFi?

43:57 F.A.F.O. Onchain SHOW LINKS: - Apple: https://apple.co/43F3vmq - Spotify: https://spoti.fi/44NT1lZ - Larry: https://x.com/lawmaster - Namik: https://x.com/NamikMuduroglu - The Block Podcasts: https://x.com/TheBlockPods GUEST LINKS: - Rune: @RuneKek - Guy: @gdog97_ - Sky: https://sky.money/ - Ethena: https://ethena.fi/

DeFi Wizards: Rune Christensen and Guy Young on the past, present, and future of finance