Season 1 | Episode 6

In this episode of Bell Curve, Jason and Mike are joined by Ben Forman, the founder of ParaFi, to discuss the demand for on-chain debt. We explore DeFi's capital markets, the massive opportunity of DAO-driven borrowing and the future of on-chain lending.

What opportunities are created by programmable loans? Will DAOs issue debt to lower their cost of capital? Where will the demand come from? Tune in to learn these answers and more!

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Timestamps:

(00:00) Introduction

(03:15) What’s Missing in DeFi Capital Markets?

(14:23) Programmable Loans & Debt Covenants

(22:35) Ribbon DAO’s Bond Issuance

(28:33) Permissioned Pools, DeFi’s TAM and CeFi Frontends

(35:38) The ETH Staking Yield Opportunity & Securitizing MEV

(41:37) On-Chain DAO Borrowing

(44:36) Maker DAOs End Game, RWAs and Importing TradFi Yields

(50:49) The Fixed Rate Debt Catalyst

(56:57) Speculation and Borrowing Demand

(01:07:17) Post Interview

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Resources:

Ribbon's Bond Issuance

Ben Forman's email

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, and our guests may hold positions in the companies, funds, or projects discussed.