In this special episode of Bankless, we bring on some of the best minds in the space to discuss where DeFi is and where we're headed. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta  ------ The Current State of DeFi Panel: Vance Spencer, Santiago Santos, and Spencer Noon It feels like we're living out a crucial moment in the story of Decentralized Finance. A variety of perspectives will collectively yield that we are at a tipping point, from a macro and micro standpoint. As we witness the emergence of a new technological ecosystem, the stakes and implications are ever increasing. Thus it only makes sense to bring on a panel of some of DeFi's smartest minds to hold a summit on where we are and where we're heading. This panel comprised of Santiago Santos of Parafi Capital, Vance Spencer of Framework Ventures, and Spencer Noon of the Variant Fund. In broad terms, DeFi refers to open, blockchain-based finance. The root of this stack consists of primitive financial services – the money verbs like borrowing, lending, trading, escrow, etc. It involves programming smart contracts to execute logic that transfers value on the blockchain. Within these parameters, there is infinite expressivity and room to explore. The internet of value has set itself up to be a game of optimizing capital efficiency through logic. The winners of this game will be the protocols, apps, individuals, and institutions that minimize counterparty risk while maximizing anti-fragility and resilience. The key here is finding ways to balance the values of consumer agency and protection with the power of capital efficiency. Maximalism and absolutes will be pushed to the margin as the realities of tradeoffs become increasingly apparent. DeFi, despite its youth, has shown itself to be resilient and deeply anti-fragile. Good logic doesn't break. As it matures, the growth and depth of DeFi infrastructure will demonstrably contribute to its Lindy effect. The total addressable market (TAM) of this ecosystem difficult to quantify, as it is a non-zero game that currently encapsulates the entire global economy at present. Conversations like these should leave an informed viewer feeling optimistic, inspired, and determined to face the obstacles ahead with resolve and conviction. ------ Resources: Vance on Twitter: https://twitter.com/pythianism?s=20  Santiago on Twitter: https://twitter.com/santiagoroel?s=20  Spencer on Twitter: https://twitter.com/spencernoon?s=20  ------ Topics Covered: 0:00 Intro 4:00 Santiago, Vance, and Spencer 5:40 What is DeFi? 12:01 Can't Be Evil 17:10 Total Addressable Market 20:39 DeFi Eating the World 24:50 Capitulating Institutions 31:26 Regulatory Winter 34:39 Stablecoins and Yield 44:36 El Salvador & Usability 49:30 Uniswap V3 57:51 Layer 2 Madness 1:05:21 Being About That Life 1:09:10 Closing & Disclaimers ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures 

Vance Spencer returns to Bankless to refresh his takes from his last appearance, 'The Bull Case For DeFi.' His predictions have held up exceptionally well, and listen in as he takes us through what Layer 2 means for the DeFi space. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-defi-verticals  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta  ------ 📣 KYBER | DeFi’s First Dynamic Market Maker Protocol https://bankless.cc/kyber  ------ Bankless Podcast #68 - DeFi Verticals Guest: Vance Spencer Framework's Vance Spencer returns to Bankless nine months after his first appearance, 'The Bull Case for DeFi.' A lot has happened in the space since then, but his perspective holds up as salient and sharp. He and investing partner Michael Anderson have built a venture fund that invests in people. With a healthy mix of on-chain and venture investments, Framework has consistently led as a thesis-driven firm with a clear focus on DeFi. Primitives, aggregators, and apps comprise a diverse and thoughtful portfolio representing a successful past and bullish future. It is increasingly apparent that capital efficiency is the game that DeFi projects are playing to gobble up market share. Vance brings a uniquely holistic approach to investing in the space, discussing the verticalization of DeFi and seeking projects that leverage the smart contract money legoes to optimize front ends. The space's growth depends on building out payment rails, optimizing MEV, and exploring the world of rollups as a massive upgrade to the DeFi Sandbox. Stay tuned for hot predictions towards the end – this is somebody to listen to. ------ Topics Covered: 0:00 Intro 6:00 Vance Spencer of Framework 9:15 Accelerating Innovation & TVL 12:25 Bullish Bear Market 15:00 Optimism, ETH, and BTC 20:11 Long-term Market Cycles 24:23 Speculation, Value, and Resilience 29:06 Narratives and Volatility 35:41 The DeFi Sandbox Today 42:14 What to Build Next 47:30 Institutional Aave 51:40 Enterprise Blockchain 56:03 Regulation 59:54 DeFi Layer 2 Summer 1:09:57 Derivatives & Games 1:13:30 Layer 2 Implications 1:19:40 Multi-Chain DeFi 1:23:44 Ultra-Sound Values 1:28:29 Eating the World 1:31:40 Information and DAOs 1:37:02 Be About That Life 1:42:00 Predictions 1:48:18 Framework Ventures 1:50:54 Closing & Disclaimers ------ Resources: Vance on Twitter: https://twitter.com/pythianism?s=20  The Bull Case for DeFi: https://newsletter.banklesshq.com/p/the-bull-case-for-defi-vance-spencer  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures