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An interesting consequence of living in DeFi is that it teaches you to think about financial products as features which can be decomposed and rebuilt in new exciting ways.
If we think about interest rate swaps and other related products, these are derivatives built ‘on top’ of fixed income instruments. There are swaps, zero-coupon bonds, swaptions and other way to express views between fixed and variable interest rates.
Naturally DeFi couldn’t stand idly by and within the first couple of years of its existence replicated such derivatives. This time we spoke to Pendle who allow their users to trade rates. We discussed composability features of DeFi which allowed Pendle to build on top of DeFi lending protocols; Avalanche vs Ethereum and even dabbled in making 2022 predictions! Enjoy our chat here.
Author is the Managing Partner of Re7 Capital - a stablecoin centric DeFi fund.