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Blockworks' crypto podcast covering digital-asset markets, investing, founders, protocols, and industry structure.
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How To Make DeFi Great Again | Adrian Cachinero Vasiljevic & Luca Prosperi
Jason YanowitzAdrian Cachinero VasiljevicLuca Prosperi
DeFi’s 20–30 bps rates on prime BTC/ETH vaults reflect on-chain capital oversupply and brutal borrower liquidation, rather than a broken market, while Prosperi’s model puts the perfect-world floor at 40–45 bps over risk-free.Morpho V2’s fixed-term markets could build a term structure, but hacks, operational risk, and blockchain finality leave the all-in fair spread unresolved, with Prosperi estimating potentially a couple hundred basis points over SOFR.