Henry sits down with Corn, head of business development at Yearn Finance, for a conversation about the evolution and current state of defi. In this episode:

• The history of defi from 2020 to today, and how the TerraLuna crash impacted the market
• How incentive mechanisms in defi have changed in 2025
• What caused the collapse of xUSD and Stream Finance?
• What is the role of risk curators in defi?
• The state of onchain cybersecurity and recent hacks
• What is the appetite for defi from non-crypto users and institutions, and will a declining fed funds rate help?
• How do defi protocols drive value to their native tokens?
• How "decentralized" is defi today?