Host Jose Maria Macedo sits down with Maple Leaf Capital, an anonymous investor and analyst in the space who has quickly made a name for himself with some excellent reports on DeFi and sharp takes on crypto twitter. In our view, Maple Leaf has one of the most cogent, well-articulated theses for crypto as a whole and for DeFi and Web 3.0 specifically. In this wide-ranging conversation, we dive into that and his thoughts on investing in the space more generally, including Maple’s crypto and DeFi thesis, investment thesis, competitive moats, specific sector analysis, decentralised governance, and much more.
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Show Notes:
(2:10) – Maple Leaf’s background and what brought him to crypto.
(4:20) – Maple Leaf’s crypto thesis.
(10:13) – The multi-dimensional costs of value transfer.
(14:02) – Democratizing high-end financial services.
(18:41) – Examples.
(21:26) – Is DeFi simply a form of regulatory arbitrage?
(22:51) – Three types of value nets and their interaction in the long/medium long term.
(29:22) – 3 potential reasons why crypto could fail.
(34:36) – Maple Leaf’s Investment Thesis.
(40:30) – Competitive Advantages and Moats in Crypto.
(46:40) – Valuing protocols.
(48:35) – Views on Credit: Aave, COMP, Cream.
(51:43) – Thoughts on decentralised governance.
(58:59) – Thoughts on decentralised insurance.
(01:02:41) – Views on Algorithmic Stablecoins.
(01:04:36) – Contrarian bullish takes.
(01:10:08) – Contrarian bearish takes.
Resources:
Maple Leaf Capital Report: https://drive.google.com/file/d/1eTuhqnIfY8DW_oy-GpKARy3hBDkHPKSB/view
Jose’s Twitter: https://twitter.com/ZeMariaMacedo
Delphi Podcast Twitter: https://twitter.com/PodcastDelphi
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Disclosures: This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host may personally own tokens that are mentioned on the podcast. Lets Talk Bitcoin is a distribution partner for the Chain Reaction Podcast, and our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product or service. Delphi’s transparency page can be viewed here.
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