DeFi

I made a claim to some friends that DeFi has only really proven a few value propositions:

- AMMs (specifically CLAMM/CFAMM)
- Borrow, Lend 
- Perps
- (?) Reserve backed currencies

It’s possible we’re not going to get some Cambrian explosion of use cases..maybe this is all we needed.

you probably don’t think about liquidity enough // it is what it is  // build value, not valuation

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Can’t see why indexing shouldn’t be bigger in DeFI than it has been. Credit tranching, and time tranching as longer term lending starts to happen?

Mathematician with a fondness foe kite surfing

Yes- Pendle caught on off the back of LSTs. Credit tranching still hasn’t as defi lending is overcollateralized. I think MetaStreet is trying concept again. Might be premature as you need investors w/diff risk appetites for tranching to work.

Ah - this is somewhat what Pendle has built, yeah? I never found it interesting…but it should be right?