In a new interview with Alex Thorn, an executive at crypto financial services firm Galaxy Digital, Cheong says that decentralized finance (DeFi) continues to prove itself as the crypto sector with “the biggest product-market fit.”
“Over the past few years, there was a lot of disillusion, because there were a lot of hacks and a lot of business utilization and metrics were non-sustainable after the incentive runs out. But we’ve seen some protocols able to maintain the utilization, the momentum even after they have finished the incentive, and actually recover the most compared to the previous all-time high.
So we started as a DeFi-focused fund, and when DeFi was over-valued, obviously we reduced exposure.
We started to broaden to other sectors. We still pay attention to every sector, but we also are starting to think after four years since DeFi summer, DeFi is becoming very investable again and very interesting again. Because the space is maturing. Everyone kind of knows what doesn’t work. …
