It’s All a DeFi Thesis

The DeFi Bear Market

DeFI has been in a sustained bear market for the past nine months
  • The initial hype wave that drove this market — liquidity mining — has faded
  • There are shinier things elsewhere
  • Subsidized liquidity is highly mercenary and will leave pools as soon as incentives end
  • Yields are largely generated through token rewards — if those token prices fall, rewards fall. Hence, any broad decline in DeFi prices make liquidity mining campaigns less attractive, which creates a negative flywheel
  • Like most things in crypto, very few projects had actual product market fit and retail participants eventually lost interest after a number of rug pulls and hacks

Crypto treasuries: the catalyst hiding in plain sight

Few DeFi treasuries have meaningfully embraced DeFi

Web3 Drives DeFi

DeFi 2.0: Sustainable Yields

Maple’s on-chain credit offering has grown at a rapid clip

Moving Past the DeFi Doldrums



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Regan Bozman

Regan Bozman

Business Ops @CoinList. Past lives @AngelList @Handy.📍San Francisco. 🏠 New York.