Before smartphones, the corporeal world had a much more relevant role in building solutions to essentially any human problem. Physical constraints strongly influenced the ideation and implementation of these processes. This was obviously reflected also in the banking space. Originally, the banking industry solved the problems of storing money, delivering payments and acquiring liquidity, in...
The disintermediation of finance
Why (in italian perché) has always been my favorite word. Why, in my opinion, is the most powerful word we have, as it allows us to uncover the real essence of things. It is the key to understanding causality, one of the pillars of the scientific method. The goal of this post is to ignore buzzwords and a blind deterministic approach, which permeates crypto, and try and understand why DeFi...
Uniswap and the AMM model
The post describes the AMM model and its most important implementation in the DeFi ecosystem: Uniswap.
Visa 10K: the mother of all protocols
The post presents an analysis of Visa 2020 10K and uses it to give more context around Visa's history, growth opportunities and potential threats.
DeFi Lending 2.0: Reputation & Real World Assets
The main argument of the essay is that, in order to really become a mainstream product, DeFi lending will have to expand across two main dimensions: reputation and real world assets.
A lending stack: merging DeFi with Traditional Finance
Last year, I wrote a post defining the most important component of a banking stack. This post is the complement to that one, and i describes the core elements of a modern lending stack, adding some new DeFi pieces to the architecture.
Compound, the DeFi money market
Compound is a money market protocol that allows users to lend and borrow crypto-assets in a global, permission-less, transparent and very rapid way, without a middleman.
The post presents an analysis of the protocol's main logics and its position in the DeFi Space.
What if a crypto currency becomes the mainstream payment method?
What if a crypto currency or a native digital currency becomes the mainstream payment method?
The post investigate the scenario of a digital currency becoming the main mean of payment and its implications on the wider financial ecosystem.
Core Banking 101
The deck presents the main elements of a core banking solution, its history and some guidance on the make vs buy choice of this solution.
A tale of two ecosystems: Square 10K
Starting from latest Square 10K, I investigate the dual nature of this business, analysing the 2 ecosystems that Square built: merchant and consumer.