Episode 2 of The Big Brain Podcast, hosted by The Block’s CEO Larry Cermak and MegaETH CSO Namik Muduroglu, was recorded with Ethena Founder Guy Young and Sky Protocol Co-Founder Rune Christensen.
Listen below, and subscribe to The Big Brain Podcast on YouTube, Apple, Spotify or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co
In this episode, Guy Young and 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
28:43 Onchain 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
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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/
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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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