DeFi: From Apps to Primitives | Carvas - Cherry Ventures










This presentation discusses the transition of DeFi protocols from being applications to becoming infrastructure in the DeFi ecosystem. It explores the importance of brand, network effects, and liquidity in crypto. The examples of Uniswap, Morpho, and dYdX demonstrate how these projects have evolved from simple apps to more complex and foundational components in DeFi.

Key takeaway:

  • Brand serves as a proxy for the safety and longevity of a DeFi asset.

  • Network effects and liquidity play a crucial role in the success of DeFi protocols.

  • Successful DeFi protocols aim to sync in the stack and become infrastructure rather than remaining as standalone apps.

  • Uniswap has progressed from a basic app to an ecosystem with liquidity managers and derivative protocols.

  • Morpho has transformed into a lending primitive, enabling the creation of lending market implementations. Therefore Morpho’s TVL doesn’t have to rely on the underlying lending protocols, like Aave or Compound.

:link: Network effects and liquidity are vital for DeFi protocols.
:link: Morpho has become a lending primitive for building lending markets.
:link: dYdX has transitioned to its own blockchain, increasing its value and defensibility.

All Defi apps want to sink in the stack Why?

  1. capture more value
  2. valuation - mold building strategy as a trend.

All Defi projects will most likely start out as end-user apps to achieve product market fit that way achieve scale users all of that and then when they start thinking of how this become something bigger that captures more value and that’s more defensible over the long term.


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