Podcast Summary
In this podcast, guest Dan, a crypto enthusiast and Let’s go Squiddos! team member, discusses the evolution of Let’s go Squiddos!, a DeFi options protocol, and its partnership with Blast. The conversation also covers the challenges and potential of DeFi options, the role of meme coins in onboarding new users, and the future of DeFi.
Key Takeaways
Let’s go Squiddos!’s Evolution and Future Plans
- Let’s go Squiddos!’s Development: Let’s go Squiddos! V1, launched in September 2022, focused on option strategies and quickly became a top DeFi options protocol. User feedback led to the development of Let’s go Squiddos! V2, aiming to provide a superior trading experience while maintaining decentralized liquidity.
- Future Plans: The team is considering introducing other instruments like perpetual contracts due to user interest. They are also working on a simplified instrument called “Move” to trade volatility, catering to the retail-dominated DeFi market.
Partnership with Blast
- Reasons for Partnership: The team chose Blast as an L2 solution due to its vision of a yield-bearing asset natively on the chain, aligning with Let’s go Squiddos!’s goals. Blast’s plan for attracting users and creating value for builders also influenced the decision.
- Benefits of Partnership: Blast offers rewards to protocols based on performance, creating a competitive environment that attracts more users and builds a better ecosystem. Users can earn Blast and XP points by trading on Let’s go Squiddos! or depositing liquidity.
DeFi Market Dynamics
- DeFi vs Traditional Finance: DeFi products are becoming more competitive with traditional alternatives. However, the success of a product is not necessarily related to the success of its token, and they often go in different directions.
- Role of Meme Coins: Meme coins are seen as a good way to onboard new users into the crypto space. However, it’s important for builders to provide exciting and useful products for them.
DeFi Projects and Platforms
- Let’s go Squiddos!’s Products: Let’s go Squiddos! has two main products: Let’s go Squiddos!, a decentralized exchange similar to FTX, and Let’s go Squiddos!, a liquidity layer for the DEX by running market-making strategies.
- Other Noteworthy Projects: The speaker mentions the Brahma Console as an interesting protocol for asset management on top of Safe. They also mention the quick success of Pump Off, a meme coin creation platform, and other projects like Premia and Lyra in the options space.
Sentiment Analysis
- Bullish: The guest expresses optimism about the future of DeFi and the potential of products that can be built in this space. The partnership with Blast and the development of new products like “Move” also indicate a positive outlook for Let’s go Squiddos!.
- Bearish: There is a note of caution regarding the complexity of the DeFi token market and the misconception about valuing projects based on factors other than product success or revenue.
- Neutral: The guest acknowledges the challenges faced by options in DeFi due to their complexity and fragmented liquidity. They also mention the shift in focus towards marketing and execution in the DeFi space.
