{"id":271491,"date":"2021-06-10T23:30:00","date_gmt":"2021-06-10T20:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/finance-redefined-the-shadow-defi-conference-in-miami-june-2-9\/"},"modified":"2021-06-10T23:30:00","modified_gmt":"2021-06-10T20:30:00","slug":"finance-redefined-the-shadow-defi-conference-in-miami-june-2-9","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/finance-redefined-the-shadow-defi-conference-in-miami-june-2-9\/","title":{"rendered":"# Finance Redefined: The shadow DeFi conference in Miami! June 2-9"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348c0c96353\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348c0c96353\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-the-shadow-defi-conference-in-miami-june-2-9\/#Risk_and_regulation\" >Risk and regulation:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/finance-redefined-the-shadow-defi-conference-in-miami-june-2-9\/#VCs_keep_spending\" >VCs keep spending:<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Finance Redefined: The shadow DeFi conference in Miami! June 2-9  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Last week, I made the mistake of being just about the only DeFi denizen who actually went to the Bitcoin 2021 event in Miami.\u00a0<\/p>\n<p>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 \u2014 the \u201cshadow conference\u201d for DeFi taking place while boomercoin maximalists talked over the same points they\u2019ve been parroting for the better part of a decade. <\/p>\n<p>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 here\u2019s a synopsis of the best of what I gleaned:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Risk_and_regulation\"><\/span>Risk and regulation:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>While it feels like institutional adoption has been <em>just <\/em>out over the horizon for years now, there\u2019s growing reason to believe that big investment bank money may finally be splashing around in DeFi pools before too long.\u00a0<\/p>\n<p>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.<\/p>\n<p>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 \u2014 or, wait, maybe Sam had <em>very good<\/em> security guards in that I never noticed them?) described the dynamic as similar to a college couple, with one party \u201cwaiting\u201d for the other.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/18260581-f4a3-4ad7-8f3a-c69cda272ea7.jpg\"><figcaption style=\"text-align: center;\">Sam Bankman-Fried, who between TSM and the Heat arena was taking a victory lap&#8230; Darth Vader felt fitting.\u00a0<\/figcaption><\/figure>\n<p>\u201cWe\u2019re gonna be ready, we\u2019re gonna be feeling it out, lots of conversations, lots of open talking about our feelings and desires,\u201d he joked.<\/p>\n<p>From his perspective, FTX is ready to flip an \u201con\u201d switch and provide a gateway to whatever services institutions want. However, the work sounds more like an exercise in empathy than business: it involves long conversations about what the institutions want, exactly \u2014 more yield on dollars, exposure and custody, some kind of on-ramp to satisfy client demands \u2014 but when clients say \u201cwe want to do the crypto thing,\u201d what do they mean and what\u2019s actually possible? Everyone has questions. Everyone&#8217;s in their feelings. For now, progress largely looks like a firm getting on an exchange and trading some crypto. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<p>DeFi folks expressed similar sentiments. Pseudonymous Yearn Finance security specialist \u201cDoggy B\u201d framed the barriers to involvement as one of singular, personal choice: whether or not an institution gets involved depends on the risk tolerance of the head lawyer at the particular institution \u2014 a state of affairs that feels absurd given the possible sums of money at play.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Me, at the conf: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/53sboRxrs6\">https:\/\/t.co\/53sboRxrs6<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/EQS2CN6FjE\">pic.twitter.com\/EQS2CN6FjE<\/a><\/p>\n<p>\u2014 Dog Speaker Banknote (@fubuloubu) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/fubuloubu\/status\/1401571189257080837?ref_src=twsrc%5Etfw\">June 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The problem here is obvious: the regulatory framework at the moment is a whole lot of sound and fury signifying nothing. Elizabeth Warren said some asinine things the other day, and somebody at one of the acronym agencies Googled DeFi and got upset about it. It\u2019s the kind of thing that could \u2014 and is maybe specifically designed to \u2014 scare off the lawyers willing to take the leap. <\/p>\n<p>It\u2019s good to remember that the regulatory winds are ever-changing, despite how stormy they seem at the moment. Any real legislation would be subject to rounds of hearings and testimony, and barring some sort of drastic executive order, more level heads like Chris Giancarlo would get a chance to weigh in.<\/p>\n<p>Heading into my interview with the former CFTC chairman, I was thinking of it as sitting down with the enemy. Instead of a straight-laced regulator obsessed with the rules, however, my impression of Giancarlo was that he\u2019s tremendously agile and creative with his thinking. <\/p>\n<p>He framed crypto regulation in terms of a broader legislative trend that\u2019s been playing out over the last 30 years: lawmakers trying to keep up with the Internet. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/6c106485-8fea-4760-a2dc-57c2533f9b12.jpg\"><figcaption style=\"text-align: center;\">During our interview on the future of crypto regulation, multiple yachts floated by behind Chris Giancarlo&#8230; a sanguine omen?<\/figcaption><\/figure>\n<p>\u201cThe big overview is that the Internet is a multigenerational evolution. It started with information, decentralized information [&#8230;] and it\u2019s now set its sights on finance. Don Tapscott talks about the Internet of Value, and the Internet of Value has many elements, but two of them are stablecoins and blockchain-based [currencies], and DeFi, when it comes to financial institutions.\u201d<\/p>\n<p>Where the battle over decentralized information came with built-in protections for the masses \u2014 because of first amendment rights, there is no \u201cministry of information,\u201d as Giancarlo puts it \u2014 the battle over decentralized finance will be tougher, as there are dozens and dozens of regulatory bodies to gr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>le with. <\/p>\n<p>However, he framed digital currencies as \u201cinevitable\u201d \u2014 a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> will progress and eventually prevail even in spite of what may eventually be antagonistic regulation. <\/p>\n<blockquote><p>\u201cYou can\u2019t stop the march of technology in time, and if you do, you will become a backwater.\u201d<\/p><\/blockquote>\n<p>I\u2019m happy he\u2019s leading the research into a U.S. CBDC, and find his framing useful when trying to evaluate these short-term shouts and murmurs.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"VCs_keep_spending\"><\/span>VCs keep spending:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Here\u2019s an under-reported quality of this bear market that makes me wonder if all the talk about supercycles might be on point: even with a 50% pullback across the board, VCs are still willing to spend big money on quality projects.\u00a0<\/p>\n<p>In 2018-19, the money simply disappeared. I\u2019ve heard stories about eight-figure raises agreed on in December that flopped in January \u2014 perhaps because the funds themselves flopped. Dozens, if not hundreds, of companies went under, and where a whitepaper could have once brought in millions, suddenly a full product with real users couldn\u2019t catch a bid. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/831e0e97-7db2-4d33-bfe1-5c4c98ce98d7.jpg\"><figcaption style=\"text-align: center;\">Jack and David of Rari Capital, along with an ape peering into the future.<\/figcaption><\/figure>\n<p>In Miami, however, the checkbooks were out. I spoke with Jack Lipstone and David Lucid of Rari Capital, as well as \u201cTytan Inc.\u201d of the forthcoming NFTY Labs on the current capital conditions, and both expressed having to fend off interest more than try to gin it up. <\/p>\n<p>What stands out is not just that the money is sticking around, but that both the funds and the projects they\u2019re investing in appear to be more mature as well. Rari at one point sat at $110 million in total value locked, and NFTY Labs has a working product \u2014 slick-sounding NFTs that allow for subscriptions and gated community access. The funds, meanwhile, are reportedly increasingly focused on the future \u2014 dynamic and utility NFTs, and extremely bright teens at Rari, both bets on the future. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/6a846807-0725-48ca-acaf-40e6be04bb0e.jpg\"><figcaption style=\"text-align: center;\">NFTY Labs&#8217; Tytan Inc on the state of raising VC funds.<\/figcaption><\/figure>\n<p>Don\u2019t know if it means we\u2019re in for a bounce back anytime soon, but builders are continuing to build and funds are willing to support them this time around. In terms of fundamentals, DeFi is healthier than ever.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/finance-redefined-the-shadow-defi-conference-in-miami-june-2-9\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Finance Redefined: The shadow DeFi conference in Miami! June 2-9 &#8221; Last week, I made the mistake of being just about the only DeFi denizen who actually went to the Bitcoin 2021 event in Miami.\u00a0 While I managed to catch up with a handful of builders and big brains in the convention center, my&#8230;<\/p>\n","protected":false},"author":1,"featured_media":271492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvYTE1NTFmNTQtYThjZC00ZDBmLWIyY2MtZTZhYzk3MDcwMDA1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,89897,74355,70934],"class_list":["post-271491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-sam-bankman-fried","tag-adoption","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=271491"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/271491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/271492"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=271491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=271491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=271491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}