Putting it All Together: Understanding the DeFi Landscape
summary
Framework maps lending protocols by custody, liquidation trigger, price oracles, interest-rate model and governance, and shows most systems converge on MakerDAO-style liquidations while still relying on centralized price feeds. Empirical notes: early option-based liquidations produced ~20% slippage; AMM-style money markets often see 3–5% spreads versus tight spreads from order-book markets; Fulcrum uses a linear rate until 90% utilization then a sharp utilization discontinuity; no major protocol is developed fully decentralized yet.
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chapters (10)
- 0:00DeFi ecosystem overview
- 1:36Classifying DeFi lending protocols
- 3:27MakerDAO liquidation model
- 5:40dYdX and Fulcrum protocols
- 8:36MakerDAO governance limits
- 10:51Compound vs dYdX vs Fulcrum
- 13:51bZx and margin trading
- 15:42Order book vs AMM
- 17:26Price feed risks
- 18:28Q&A
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