Unchained Is the DeFi Mullet Strategy the Best Way to Bring Finance Onchain?
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Mar 13, 2026 Paul Frambot, co-founder and CEO of Morpho Labs, builds on-chain lending infrastructure used by distributors like Coinbase. Sid Powell, CEO of Maple Finance, runs institutional-focused on-chain lending and yield products. They discuss institutional adoption of DeFi rails, hybrid on-chain/off-chain lending models, looping and tokenization strategies, DAO governance trade-offs, and infrastructure for scaling real-world lending.
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Cantor and Bitwise Validated Onchain Institutional Demand
- Cantor Fitzgerald became Maple's first Bitcoin‑backed lender, signaling TradFi willingness to use on‑chain lending rails.
- Bitwise allocated from a fund to Maple for transparent, liquid on‑chain yield despite market weakness.
Tokenization Creates A Debt Market Flywheel
- Tokenization unlocks a flywheel: more tokenized assets create more collateral and stablecoin demand, which expands on‑chain lending capacity.
- Maple sees tokenized equities and funds as critical to scaling debt markets and attracting TradFi asset managers.
Choose One Capital Structure And Delegate Authority
- Avoid dual capital structures; choose either equity or a token to prevent conflicting priorities between owners and token holders.
- Delegate operational authority to a core team while keeping governance for major budget or protocol decisions.