A note on DeFi. DeFi will be FIXED INCOME. Below are views purely on the state of fixed income in DeFi. No payments/stables etc. The below are all best in class early stage fixed income plays that give exposure to a variety of market dynamics. Cheap liquid tokens - markets: @eulerfinance - super cheap beta @aave - kelp / dao dislocation @GearboxProtocol - exceptional tech Cheap equity - markets: @infiniFi - defi banking book @Zharta - best bond market (non fungible tokens) Cheap equity - strategy vaults (QIS): @ipor_io - best strategy vault infra (also leaders in swap space) @TradingProtocol - best quant /backtest infra @symbioticfi - best vaults for usd efficiency (reuse each $) Cheap equity - infrastructure: @KeyringNetwork - leader in full stack vault and vault infrastructure for fixed income Cheap equity - issuance: @AssetoFinance - largest in Asia @paretocredit - largest levered RWA TVL on morpho Cheap token - issuance: @plumenetwork - underpriced beta Cheap token - distribution: @turtledotxyz - category owners A note on agents: I haven’t put agents on here because it is my feel that Agentic AI for Fixed Income in DeFi will be cannibalised by OpenAI / Anthropic. I feel Agents in FI DeFi will largely be a UX and data analysis play that will be levered by quants and PMs for portfolio analysis and research tasks. It is my view that Agents will not do convex portfolio optimisation / allocation across an efficient frontier as they are not designed for this task. I am not sure whether quants / PMs will indeed pay for this from a startup. My own circle of quants and PMs in HFs would suggest they will (are) building in house. Attached article below about why we are where we are in DeFi and why DeFi is fixed income right now.