DeFi Lending Will Eat Wall Street By 2030 | Sidney Powell
Episode publishedPodcast: Forward GuidanceForward Guidance
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Alright, everybody. Welcome back to another episode of forward guidance, and we are recording live here from Permissionless 4 in Brooklyn. It's about a 100 degrees, but we're not letting that get to us too much. But, super excited to be joined today by Sid Powell, CEO and founder of Maple Finance. Sid, great to have you on the show.
Thanks for having me on, Felix. Long time listener. So glad to finally be on an episode. Yeah.
Appreciate it. I mean, you guys are killing it. Really great to get you on the show and pull you aside. I know you're on a panel earlier, so busy day. But, yeah. Should be fun. So for those listening that don't know about Maple finals, we'll get into that in a second. But I would love to just hear about your journey because Mhmm. Under my understanding that you came from the TradFi world. And we just love to hear about what you worked on there, what was your journey like, and how did you end up in crypto?
Good question. So, I come from traditional finance space. I used to work in banking. So I was in, one of the large commercial banks in Australia, National Australia Bank. And while I was there, I was doing, kind of an esoteric thing called securitization. But what it meant is I would help lending companies to borrow. So they would borrow really large amounts, break it into smaller amounts, and then and then give home loans and car loans to their clients. And, so I was doing that for a few years, but I really wanted to do I wanted to be a more of a start up kinda entrepreneurial environment. Ob
Yeah. Fair enough. And yeah. That lending space in crypto feels like it's it's been through a lot in the last Yeah. You know, seven years to say the least. And you've been through every version of that, basically, since the creation of it. So Mhmm. I
would love
if you could just walk through the yrangeal conception of maple because to my understanding, it was under collateralized lending situation. And that was quite, you know, common at the time throughout the crypto industry. And it's also, to my understanding, what led to a lot of the the big cascades of of defaults that happened during 2022, 2023, you know, the FTX stuff, the Genesis stuff, all that. So we'll just love to hear what was the design philosophy in the beginning there Mhmm. And how was that within the context of the rest of the crypto industry at that time? Yeah.
A lot to unpack there. It was you you're quite right. So we came into the space doing under collateralized lending, and the thinking was we had to meet customers where they were. Mhmm. So if we had tried to come in in 2020 or early twenty twenty one with another over collateralized lending product, it was already oversaturated in the DeFi space. You had Compound, Aave Maker. And then in the CeFi space, it was even more oversaturated. You had Celsius, BlockFi, Genesis, Voyager. And so we really would have struggled to compete. So we came in with a differentiated model where we focused on having
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