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Into the Bytecode
#48 – Michael Bentley on Euler, credit, and natural selection
Jan 10, 2025
In this conversation, Michael Bentley, co-founder and CEO of Euler Finance, shares his insights from his background in dynamical systems at Oxford to revolutionizing DeFi. He reflects on the 2008 financial crisis and its impact on innovations in decentralized finance. Bentley discusses interest rate design using control theory, the critical role of credit in economic systems, and the unique features of the Euler protocol. He also draws parallels between natural selection and the evolution of lending protocols, highlighting the importance of cooperation in both finance and biology.
01:26:59
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Quick takeaways
- The historical context of DeFi showcases its evolution as a response to the 2008 financial crisis and recent pandemic challenges.
- Michael Bentley emphasizes the need for adaptable interest rate mechanisms in DeFi, allowing rates to dynamically adjust based on user behaviors.
Deep dives
The Philosophical Foundations of DeFi
The podcast delves into the philosophical underpinnings of decentralized finance (DeFi), highlighting its historical context and role in reshaping traditional financial mechanisms. The conversation emphasizes how DeFi has emerged as a revolutionary force, particularly during the pandemic, when many sought innovative solutions to finance while being confined at home. Michael Bentley shares insights on how the urgency of the moment fueled experimentation and innovation, with projects like Yearn Finance radically changing the dynamics of financial transactions. This shift reflects a broader societal challenge to reimagine existing financial systems and explore decentralized alternatives.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode