Alex Sicart

The article discusses how making money in DeFi is often about reducing dependencies on middlemen and creating more efficient systems. It highlights that most DeFi users lose money trying to outsmart volatility, while successful builders focus on removing unnecessary permissions and delays. The article suggests that the real opportunity lies in identifying who is getting paid due to lack of alternatives and what happens when Ethereum provides one.

DAOs failed due to ignoring legal reality, not because governance was a bad idea. They need to separate three layers: governance, treasury, and legal wrapper to work effectively. The next version of DAOs will likely have transparent on-chain coordination, clear legal structure, and serious operational controls.

The article discusses the limitations of self-custody in crypto and the need for a private banking-style infrastructure that combines ownership and control with operational simplicity. It highlights the complexities of managing assets across multiple chains, wallets, and currencies. The author is building a thesis around this concept with Bennu.