Bankless 23 - Investing in DeFi | Joey Krug
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Jul 27, 2020 Joey Krug, co-founder of Augur and investor at Pantera Capital, dives deep into the evolving landscape of DeFi. He shares insights on the investment thesis for crypto, exploring the controversy around yield farming and the role of DeFi oracles like Chainlink. Krug discusses Ethereum's triple point asset thesis and the future of decentralized finance, touching on innovations like Ampleforth. With a focus on simplifying fiat on-ramping and navigating investment strategies, this conversation highlights the dynamic nature of the DeFi ecosystem.
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Pantera's Focus and Investment Criteria
- Pantera Capital focuses on seed and Series A crypto/blockchain companies, offering strategic guidance, hiring support, and market connections.
- They primarily seek projects showing traction, especially within DeFi, aiming to contribute to the vision of decentralized finance.
Open Finance Thesis
- Pantera's core thesis centers around open finance, viewing crypto as the internet of money, enabled by digital scarcity.
- This thesis aligns with Bitcoin's original vision and has evolved with Ethereum to encompass a broader range of financial applications.
DeFi Tokens vs. 2017 "Futility Tokens"
- DeFi tokens have evolved significantly from the 2017 "futility tokens" era, offering stronger value accrual and governance functionality.
- Projects launching today often have live products with functional MVPs, unlike many 2017 projects with unclear token utility.