Rhea(@rheacts):David Hoffman on why vaults are structurally pushed to grow into more risk "I would imagine that as a vault, if I was in the vault business, there is an inherent tendency to grow. I want my business to grow, I want to create more vaults, I want to get more yield" "Anyone who comes to the table saying I'm going to zig when everyone else zags, I'm going to constrain my exposure, I'm going to only accept so much yield, I don't think that is a stable equilibrium for a vault business, because you need to grow" "I get scared dude, I'm the money Legos guy, and this is not what I had in mind" "We have money Legos now, everything is the money Legos that I wanted. This is not the money Legos I wanted"

2026.07.21 20:07

David Hoffman on why vaults are structurally pushed to grow into more risk "I would imagine that as a vault, if I was in the vault business, there is an inherent tendency to grow. I want my business to grow, I want to create more vaults, I want to get more yield" "Anyone who comes to the table saying I'm going to zig when everyone else zags, I'm going to constrain my exposure, I'm going to only accept so much yield, I don't think that is a stable equilibrium for a vault business, because you need to grow" "I get scared dude, I'm the money Legos guy, and this is not what I had in mind" "We have money Legos now, everything is the money Legos that I wanted. This is not the money Legos I wanted"