The Defiant $100 Million DeFi DAT Chooses ETH | Ryan Zurrer
Sep 19, 2025
Ryan Zurrer, a crypto investor and co-author of the MakerDAO whitepaper, dives into the $100 million bet Game Square placed on Ethereum. He explains how Ethereum leads in six key crypto use cases, including stablecoins and DeFi yields. Zurrer discusses Dialectic’s innovative strategies for risk-adjusted returns and shares insights on corporate crypto adoption. He also highlights lessons from past crypto cycles, emphasizing the importance of decentralization and fair launches in building sustainable ecosystems.
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GameSquare Early Returns And Upside
- GameSquare's initial $5M deployment returned about 8% net in one month, making the treasury cash-flow positive immediately.
- Ryan sees broader upside as DeFi adoption and corporate stablecoin issuance grows and needs yield sinks.
Invest By Asking "Will I Watch This?"
- Investment litmus test: does the project present an intellectual experiment you want to pay to watch unfold?
- Ryan used this test to back Ethereum, MakerDAO and others that offered novel, user-relevant experiments.
Axie As A Real-World Breakthrough
- Ryan recounts Axie Infinity enabling Filipinos to replace lost jobs during COVID by earning income playing the game.
- That real-world impact convinced him Axie brought new cohorts into crypto beyond token trading.