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Podcast Conversation: Stablecoins, Curve Wars, and Olympus as Reserve Currency, with DeFi Researcher Luca Prosperi
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Podcast Conversation: Stablecoins, Curve Wars, and Olympus as Reserve Currency, with DeFi Researcher Luca Prosperi

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In this conversation, we chat with Luca Prosperi, is a MakerDAO believer and senior finance professional with 15 years of experience in banking and credit investments. Luca has a wide range of experience ranging from publishing a Substack newsletter on the evolution of banking and DeFi, to working for the likes of Ripplewood Advisors, Partners Capital, Morgan Stanley, Oliver Wyman. Luca holds a Masters in Business Administration from London Business School, and a MSc and BS in Mathematical Economics and Econometrics from Bocconi and Tel Aviv University.

More specifically, we touch on MakerDAO and its mechanics, Automatic Market Makers and Curve, the utility behind stablecoins, how Curve was born from the inefficiency of Uniswap, how Yearn and Convex stemmed from Curve, why Luca considered OlympusDAO to be a ponzi scheme at first, and so so much more….

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Sneak Peek:

Luca Prosperi:
So, on the 14th of October, I have the numbers in front of me, Olympus market cap was more than $3.5 billion. And a fair value of their treasury, so basically the valuation of all the tokens that were attracted in the treasury book, plus half of the LP tokens. The liquidity pools are half the native token that should be discounted and half another token, so let's take 50% of it, so the fair value of treasury was 280 million. That means that the market to fair value multiple of Olympus was more than 12 times. It means that the market was giving a value to Olympus that was 12 times the value of the tokens that were on the treasury.

Lex Sokolin:
That's like only a third of Goldman Sachs in 2008.

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Luca Prosperi:
But, first of all, we know how 2008 ended up, so it's actually a good reminder. But then what is also fascinating is that…


More? So much more!

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