Who Funds Crypto's Loan Book? The bottleneck in DeFi lending may not be capital. It’s origination. In this episode, our Managing Partner @momir_amidzic sits down with @hexonaut, Co-founder / CEO @sparkfinance and @shanandwater, APAC Lead @Morpho for a full teardown of where the money comes from, who's borrowing it, and what the market still can't do. Timestamps 00:45 Intro 02:05 Seven years of money markets 07:00 Morpho vs Spark 　 08:55 "The world of credit is $200 trillion, crypto is a tiny fraction of it" 10:15 Two games in money markets　 17:45 Who filled Coinbase's Bitcoin loan book 　 21:40 West vs East: Crypto as one of the last deep techs that's still global 　 29:05 Is an HKD stablecoin any different from holding USDC? 35:50 Who's actually borrowing: are money markets just leverage facilitators? 　 40:10 "Perps are more of a retail product" 　 42:10 The bottleneck isn't capital, it's loan origination 44:35 The missing pieces 56:40 Market narratives 01:08:10 The DeFi mullet: blockchains are becoming back-end infrastructure 　 01:11:20 Predictions 🎧 Apple: 🎧 Spotify: 🎧 Xiaoyuzhou: 📺 YouTube: 📺 Bilibili: