Finance Redefined: The Shadow DeFi conference in Miami! June 2-9


Last week I made the mistake of being pretty much the only DeFi inhabitant to go to the Bitcoin 2021 event in Miami.

Although I did manage to catch up with a handful of builders and big brains in the convention center, my time would have been better spent hunting down the degens at the various satellite events, yacht parties and nightclub gatherings – the ” phantom conference “for the DeFi take to take place while boomercoin maximalists talked about the same points they had been repeating for nearly a decade.

However, the short time I was able to spend with the folks at DeFi was extremely rewarding. I emerged from discussions with representatives from SushiSwap, Yearn Finance, Balancer, Polygon, the Digital Dollar Project and FTX, among others, with some useful cores of information on how decentralized finance can evolve in the second half. of the year. With full interviews coming out next week, in the meantime, here’s a rundown of the best of what I’ve gleaned:

Risk and regulation:

Although it appears that institutional adoption has been fair On the horizon for years now, there’s more and more reason to believe that money from the big investment banks may finally be splashing into DeFi pools for too long.

As it stands, everyone I’ve spoken to is unanimous that companies are showing a real interest in finding ways to get involved, but not everyone is sure exactly what that looks like or how to solve it from a regulatory and custodial point of view.

FTX and Alameda Research whore Sam Bankman-Fried (who notably had no security guards, though Bitcoiners are worth less like Saylor walking around with a mobile rugby scrum – or, wait, maybe Sam had very good security guards in the sense that I’ve never noticed them?) described the dynamics as similar to that of a college couple, with one party “waiting” for the other.

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Sam Bankman-Fried, who between TSM and the Heat arena was on a victory lap … Darth Vader felt appropriate.

“We’re going to be ready, we’re going to feel it, a lot of talking, a lot of open talk about our feelings and desires,” he joked.

From his perspective, FTX is ready to flip a switch and provide a gateway to all the services institutions want. However, the work is more like an exercise in empathy than a corporate exercise: it involves long conversations about exactly what institutions want – more return on dollars, exposure and custody, a sort. ramp to satisfy customer demands – but when customers say “we want to do crypto,” what do they mean and what is actually possible? Everyone has questions. Everyone is in their feelings. For now, much of the progress looks like a company going public and trading crypto.