Corn (Yearn Finance) on the Evolution of DeFi Protocols (EP. 691)

Henry sits down with Corn (https://x.com/omgcorn), head of business development at Yearn Finance (https://yearn.fi/), 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?