Professional Documents
Culture Documents
Source: stratechery.com
Newspaper Market Example
Writers
Content Makers Newspaper Readers
Newspaper
Newspaper
Newspaper Market Example
Writers
Content Makers Google Readers
Music Industry Example
Label
Label
Music Industry Example
• Distribution costs ⬇
• Transaction costs ⬇
• Modularization of supply 🧩
Impact of the Internet
• Distribution costs ⬇
• Transaction costs ⬇
• Modularization of supply 🧩
• Ultimately, users become the first order priority for both
distributors and suppliers.
State of finance
Extremely localized
Consumers have to use only what is available / approved.
Heavily restricted
Entry barriers are very high, distribution costs are enormous.
Surprisingly, FinTech wasn’t that
transformational to date
DeFi is the Internet of finance
Decreases transaction and distribution costs
Modularizes supply of financial products
DeFi
Interoperable
Ability to exchange and make use of information
across systems
Programmable
Money is controlled by smart contracts (code)
Composable
Components fit perfectly together.
Stablecoins
“Stablecoins, today, are largely just
digitizing dollars”.
Lou Kerner
Stablecoins supply
USDT, USDC, BUSD, DAI, TUSD, PAX
$8B
Source: Coinmetrics
Acquiring some USDC literally feels like
“uploading” your dollars to the Internet
Developer-Friendly Finance
Projects bootstrapped with no funding
Curve InstaDapp
Uniswap
1inch TornadoCash
Over 100 DeFi
projects
built in a single month during
Hack Money Hackathon
Available financial instruments in DeFi
Synthetix
iearn
Compound
Idle
Curve
Bancor
Uniswap
Tokenset
Balancer
Aave
DeFi Users over time
500,000
375,000
250,000
125,000
0
0 17 018 018 018 018 0 1 8
0 1 8 1 8 19
0 20 20 20 19 19
0 19
0 19
0 19 19 20
0 20 2 0 20 2 0 20
r 2 2 2 2 2 t 2 r 2 2
r ry ch ay 2 t 2 r 2 2
r ry 2 0 20 20 20
e a r y c h ay u l y u s e e n e u s e e r y r i l n e l y
m b r u a r M J g o b b u a a r M J u g b b u a u a A p J u J u
e b M u c t e m n M u e m e m n r
ec Fe A O e c Ja A p t o v J a Fe b
D D Se N
Source: duneanalytics.com
$0
$15,000,000
$30,000,000
$45,000,000
$60,000,000
20
1 7-
12
-1
9
20
18-
04
-0
4
20
18
-0
7-
19
20
18
-1
1-
02
20
19
-0
2-
16
20
19
-0
6-
02
20
19
DeFi Earnings
-0
9-
16
20
19
-1
2-
31
20
20
-0
4-
15
20
20
-0
7-
30
Source: Token Terminal
$14,789,439,259
Total Market Cap of DeFi assets
Sep 23rd, 2020
Source: defimarketcap.io
zerion.io
Thank you!
@rockfridrich