Liquidity in unsecured lending takes a long position on tomorrow’s whales

A short tour through some of the new DeFi projects that aim to get capital to the folks who don't already have it

Rich people don’t produce much.

This hit me when I read a historic Twitter thread. Just before the giant crypto exchange, FTX, fell apart, a young crypto trader, Ishan Bhaidani, wrote a viral thread about why he was taking all of his assets out of the venue and shorting its token, FTT. The thread pointed to a variety of strategic mistakes that he believed the exchange had made.

His diagnosis, the executives were, in his words, “post-economic.” What he meant by that was that they had made so much money that they didn’t have the drive to compete that they might have had earlier on and that caused them to miss opportunities.¹