Sam MacPherson(@hexonaut):People over-optimize on the lending verticals. Lending Market, Stablecoin, Vault - these are all flavors of the same thing (some more flexible). It is as simple as who has the most stablecoin deposits, full stop. The allocation side always converges to vertical integration.

Sam MacPherson

@hexonaut

Co-founder / CEO @sparkdotfi ⚡️ Previously Protocol Engineering MakerDAO (@Skyecosystem)

Joined July 2011

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Sam MacPherson@hexonaut

2026.07.12 17:41

People over-optimize on the lending verticals. Lending Market, Stablecoin, Vault - these are all flavors of the same thing (some more flexible). It is as simple as who has the most stablecoin deposits, full stop. The allocation side always converges to vertical integration.