Finance Redefined: The shadow DeFi conference in Miami! June 2-9

Friday 11 June 2021, 7:18 AM AEST - 1 week ago

Last week, I made the mistake of being just about the only DeFi denizen who actually went to the Bitcoin 2021 event in Miami.

While I managed to catch up with a handful of builders and big brains in the convention center, my time would have been better spent tracking down degens at the various satellite events, yacht parties, and nightclub meetups — the shadow conference for DeFi taking place while boomercoin maximalists talked over the same points theyve been parroting for the better part of a decade.

What little time I did get to spend with DeFi folks was immensely rewarding, however. I came away from talks with representatives from SushiSwap, Yearn Finance, Balancer, Polygon, the Digital Dollar Project, and FTX, among others, with a couple useful kernels of info on how decentralized finance may evolve in the latter half of the year. While full interviews will be coming out next week, in the meantime heres a synopsis of the best of what I gleaned:

Risk and regulation:

While it feels like institutional adoption has been just out over the horizon for years now, theres growing reason to believe that big investment bank money may finally be splashing around in DeFi pools before too long.

As things stand, everyone I talked to is unanimous about firms showing genuine interest in finding ways to get involved, but not everyone is sure what exactly that looks like or how to finagle it from a regulatory and custodial standpoint.

Decabillionaire Sam Bankman-Fried of FTX and Alameda Research (who notably had no security guards, despite Bitcoiners worth orders of magnitude less like Saylor walking around with a mobile rugby scrum — or, wait, maybe Sam had very good security guards in that I never noticed them?) described the dynamic as similar to a college couple, with one party waiting for the other.

18260581-f4a3-4ad7-8f3a-c69cda272ea7.jpgSam Bankman-Fried, who between TSM and the Heat arena was taking a victory lap... Darth Vader felt fitting.

Were gonna be ready, were gonna be feeling it out, lots of conversations, lots of open talking about our feelings and desires, he joked.

From his perspective, FTX is ready to flip an on switch and provide a gateway to whatever services institutions want. However, the work sounds more like an exercise in empathy than business: it ...

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