DeFi Wizards

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 [email protected] 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 The Block Newsletters The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newslettersSHOW 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/Are you hiring in crypto? Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test. Faster hiring, stronger teams.Sign up for a trial today: theblock.co/campusDisclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 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.