We’re a team of Wall Street financial engineers, traders, quants, and technologists reinventing permissionless finance for institutional usage.
The first generation of DeFi protocols (“DeFi 1.0”) were created based upon the ideal of providing widespread permissionless access to financial services that was resistant to censorship. DeFi 1.0 succeeded in proving the viability and tremendous market demand for decentralized and permissionless finance. Yet DeFi 1.0 was also built on unstable foundations with fundamental flaws:
• Unsustainable and excessive incentive systems (e.g. ridiculously high farming yields)
• Dangerously high levels of leverage (e.g. Terra/Luna)
• Investor sentiment driven by momentum and “greater fool” theory without any analysis on fundamental value
It seemed the 'move-fast-and-break-things' mantra that tech startups lived by seemed to hold true in DeFi.