Fiole mentioned, as of today ETH has a market cap of $400 billion and Ethereum as a core technology has some of the greatest development activity and the most available applications. They have all occurred because of too much opacity. The highly anticipated Ethereum Shanghai Upgrade is finally here, bringing groundbreaking improvements to the network and unlocking new opportunities for stakers and institutional investors alike. Adding a new adapter, adding a new curve pool, adding a new, but these are quite thorough checks that need to happen. And we believe that you can do away with all those financial intermediaries through just using smart contracts. Again, collecting that data is still a challenge and still quite manual, but DAO tooling is getting better by the day. By comparison, traditional asset management is highly regulated, with even more regulations on the horizon, around climate-change, for example. As a small- to medium-sized entity with less than $200 million under management, youre set up to fail. After a year of swimming against the tide, trying her utmost to succeed, she realized it was not going to work and liquidated her hedge fund. How do you make sure that I can always redeem, because obviously the vault manager is allowed to kind of undertake certain actions on that, do I need to give a heads up that I want to redeem or how is liquidity handled? Friederike Ernst: Tell us about the vision for enzyme from the get-go, has it changed over the years? We have technology that works and were growing fast in terms of user adoption., In order for DeFi to really scale, she went on, we need to focus our efforts now on security and insurance. So how to strike, say the dollar value of a councils participation with the volatility we have seen over the last three four years has been really challenging. CFA Institute members are empowered to self-determine and self-report professional learning (PL) credits earned, including content on Enterprising Investor. And you start again from scratch, and it is just there is no one-stop shop that can help you from start to finish. Funds that kind of take screenshots of the Dbank or zapper portfolios at certain points to use this as a basis for reporting, so just having this as a continuous service. For instance, if you stake 32 ETH and have 1 ETH in rewards, you can either exit the entire position (33 ETH) or skim off just the consensus layer rewards (1 ETH), all while keeping the validator running. ------------------- My name is the same. Enzymes blockchain-based infrastructure enables a radically new alternative for asset management. It looks Celsius was moving in the right direction, as someone who has been in this space for a long time, what are the breakthroughs you anticipate to happen in this space in the coming years? Do you want to have risk management policies built in? Tired of having a different wallet for every chain? If you havent heard of us before, Enzyme is a protocol built on Ethereum that allows users to create, manage and invest in custom crypto asset management vaults. what does the token do? Our goal is to decentralize traditional asset management and lower barriers to entry, thereby opening access to more global consumers. And I also believe that true diversification these days, because everything is so highly correlated, is really between custodial and non-custodial solutions. Decentralized Finance for Investment Professionals. This means that the space has plenty of exciting room for growth! So, I have decided on a vault and I have invested in it in some sort of asset. Enzyme Finance, previously named Melon, is a decentralized protocol built on Ethereum (ETH) that allows users to create, manage and invest in custom crypto asset management vehicles onchain. Mona El Isa: Well, the protocol has changed its name. We did not actually talk about the trustless aspect. But, on the plus side it is those integrations in that system and that pricing mechanism that also enables us to keep the trustless promise to be able to go give the 24/7 reporting and to be able to build a purpose-built asset management tool. And usually done through a higher layer, the most common one we see is with Gnosis safe. Governance becomes more of an issue for the more complicated applications. Register: https://lnkd.in/ezVd-Bza Enable trustless trader delegation Mona El Isa: We try to flag upfront on the interface which vaults are 24/7 redeemable and which vaults might not be 24/7 redeemable, in the past, they have all been 24/7 redeemable. 3%) for each manager, which, if reached, would immediately revoke their trading permissions. Friederike Ernst: At a glance having 24/7 reporting on any on-chain Vault, this is basically unheard of. Biocatalysts represented by enzymes and enzyme-containing whole cells are generally fragile and easily inactivated in practical application conditions. Read: https://lnkd.in/dUFMNkGN Restricted. We have a Telegram channel a Discord channel. And, as some of these products really start to scale. So, I mentioned this white label product that we are in beta testing right now. In terms of Enzymes vision, the idea has always been to be giving simplicity and transparency to investors by enabling them to have three key things. It is upgrading, overseeing the upgrade of the any contracts. We have many different kinds of users, including: Unless youre thinking about becoming an asset manager, chances are you probably fall into the investor or token holder category. Friederike Ernst: I recently listened to the episode you recorded ages ago, it must have been late 2016 or early 2017. Their community calls feature a new partner each week and have about 500 uniques joining. And we have all that emitted data collected on seven different sub graphs. but we felt that it was because the parties on the council have to be known, anyone who meets the criteria is eligible to join and become a member of the council. and that is partly paid in MLN, but also because we are building sort of other services on top of enzyme at some point, some of those might be monetizable. And they have OCD personalities and just want to get it done, this is something that, again tooling could help with because it is at the moment, very manual to go back and reconcile all your accounts from the last year, mainly so that you can report to stakeholders transparently over what happened and how you spent the funds. You can focus on building on something that has been on main net for three and a half years and somewhat, battle tested. But its not too late to get involved. We learned, and we have seen also other examples in the space, you need to have milestones built in and trigger points. So, it is not that we cannot provide a variety of assets but yes, we cannot provide everything because every time we add something, we have to think about the risks that this would introduce to the pricing of the vault, to the attack vectors, to the risk management policies in particular. Enzyme's integration with Kiln will soon support these liquid staked ETH withdrawals, providing a flexible staking experience that's tailor-made for institutional investors looking to generate attractive yields on their ETH holdings. Mona El Isa: So, I mentioned this white label product that we are in beta testing right now. On the other side, the transparency that you enable, is that also dangerous to the vault managers. By continuing to use the site, you agree to the use of cookies. For more on decentralized finance (DeFi), register for the Decentralized Finance for Investment Professionals online course from CFA Institute. It was in February 2019. Other near-term improvements in usability and lower technology costs will help make it more acceptable to people whove never participated in blockchain before. Last week, Enzyme reached a new all time high AUM of $233m Enzyme is a #DeFi Operating System designed for the next generation of asset managers, DAOs This is known as the internet of value movement, and cryptocurrencies, DeFi, NFTs So how do you make sure that the council members are incentive aligned with, success of the enzyme protocol? Enzyme Finance, previously named Melon, is a decentralized protocol built on Ethereum (ETH) that allows users to create, source So, if my competitor has a market cap of $5 million today, for example, I can probably quite easily raise, the amount of token, whatever the threshold is to pass a vote, let us say $2 million to buy up a bunch of tokens and maliciously destroy them and do it all anonymously. Vault Managers can be bound to performing certain actions or forbidden from others. None of this relies on trust rather, smart-contracts fully automate and enforce these policies. So, we do not need to reinvent the wheel for everything, some things we can learn from the past. I feel your comments on the bear market, I also quite like bear markets, but obviously this comes from a point of privilege that we have certain economic certainties that kind of, will hopefully be okay, there were times in the last bear market where enzyme was in dire straits, as you told earlier, any advice for people in your shoes or in your shoes back then? Can't make it? Any product built on Enzyme has a transparent track record, since all transactions are recorded publicly on the blockchain. So, in a way I feel that, as soon as yield vanished, so did all of those projects and I feel that that is actually a good thing for us to keep building on the original vision of Defi. Mona El Isa: Actually, there is a way, a manager can give his or her investors the option to redeem in a single asset or several single assets. Friederike Ernst: Especially if their reputations are attached to it. It can take a week or longer for the DAO to move from decision to execution. Even Polygon deployment that we recently did, it was in April or May. Discover how you can use Enzyme to build, scale and create an investment strategy that suits your needs. Maybe the upgrade is going to in include changes that they do not like, increased fees or change of risk management policies. They were a user of Enzyme, they were our largest user until recently. Members can record credits easily using their online PL tracker. By comparison, traditional asset management is highly regulated, with even more regulations on the horizon, around climate-change, for example. Learn more: https://lnkd.in/epWHDH6C Were trusted by the likes of Celsius Network, Unslashed Finance, FWB DAO, Human DAO and many more. Today and hopefully for years to come, it will always be possible for an investor to invest in an enzyme vault, in any kind of financial product built on enzyme with the full knowledge that the manager can only behave in certain ways. Because if you have another Lehman Brothers, it does not matter which hedge fund and Trade C5, you are invested in. Every smart contract has some chance of breaking. Since Enzyme launched in early 2021, we have seen 1,000+ vaults created, more than 2,600 deposits and assets-under-management (AUM) growth from $0 to $207M.E. Once staking withdrawals are unlocked, institutions will be able to stake and earn a yield that will resemble fixed financial instruments such as bonds in traditional capital markets. It is another key principle around the enzyme vision is keeping this trustless relationship between investment manager and investor. You have changed name. Then while determining her next move from a beach in Brazil, she began reading about bitcoin and became hooked on Ethereum. We had floors of operational people at the big institutions where I worked previously, but I never actually knew what they did, she said. Thank you so much for coming on Mona. And I would argue that, having 14 people on the council today is more decentralized than having five hedge funds owning 90% of your token supply or 80% of your token supply. https://lnkd.in/ezVd-Bza So, our Twitter channel is very active, it is enzymefinance. The only solution we know of today that enables trustless active management is Enzyme. On Enzyme, a vault owner can delegate trading to one or more managers. it has been a pleasure. Although we can usually turn around the integrations fast, some people prefer to have the full available options always. She later ran a long-short equity portfolio for a large European hedge fund. Friederike Ernst: That makes lots of sense, let us stick with the investor for one more second. The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. Mona El Isa: You just go to create Vault on our app, and then you get taken through basically eight pages of questions of configuration. It can be proposed by anyone, but the council ultimately has, the final vote, final decision. I think gnosis just released some tools that make it much easier, in the past, we are talking more than three years ago now, three and a half years ago, has been challenging, and some of the things that we found or we learned were that, it is very easy to add people to a Dao. And these are the three main decisions, I think something else that we have learned from governance is that not all technically skilled people, especially auditors want to be voting on things grants or fees. The CXETH holders and themselves, to kind of have a win-win situation where you could be owning CXETH on Polygon, which owns you are a yield from Ethereum and potentially also a yield from Polygon, which is kind of cool. So basically your take on a Dao is in a way More permissioned, but basically excels at transparency, Is that a fair way of putting it? Earning yield via Yearn Finance, Idle Finance and Convex Finance, Lending and borrowing via Aave and Compound, Accessing additional rewards from yield farming programs on any protocol, Trading with the likes of Paraswap,0x, Uniswap, Curve, etc, Providing liquidity to AMMs and actively managing it via protocols such as Curve Finance and Uniswap v2 & v3, To date, 382,125 MLN tokens have been burned. So, who are your users? Next stop $250m . Friederike Ernst: There is a lot to unpack here, lots of thought has gone into the system. Friederike Ernst: On the other side, the transparency that you enable, is that also dangerous to the vault managers. Friederike Ernst: Yes, back then were called Mellon. Mona El Isa: Traditionally this is something, enzyme has not been able to display very well. So, tell us about the last five and a half years. And because of the bear market situation and because we were actually caught on a pretty bad treasury management I would say, in the last bear market we decided to preserve our capital and take the opportunity to rebrand actually in the market, take an opportunity to rebrand and freshen things up a little bit as well. Thread needle, fidelity, et cetera. Friederike Ernst: It made me want to stock up on ENS names and stuff. It maintains bitcoin the currency. He saw the need for a broader core blockchain technology and in 2013 started working on Ethereum, a general purpose blockchain that supports a programming language. They called it CX Celsius, CXETH on polygon and give back to their users CXETH. So, with traditional financial systems if an update or an upgrade is pushed, it is usually forced on you with enzyme. So, the idea that people who stand to see the most upside or the most damaged to their positions, they should be incentivized to make rational decisions? Chris Taylor, COO at Avantgarde ------------------- Our vision has always been about, related to lowering barrier to entry, democratizing access to finance, but that also it does not just come with investors, it also comes with investment managers. But it was an interesting use case nonetheless, that we have seen withdrawn because of recent events. Anatoly Crachilov (Nickel Digital Asset Management) Previously she was the lead content director for a number of annual and specialty conferences at CFA Institute, including the Fixed-Income Management Conference, the Equity Research and Valuation Conference, the Latin America Investment Conference, the Alpha and Gender Diversity Conference, and the Seminar for Global Investors, formerly known as the Financial Analysts Seminar. This is something that, suits your particular risk profile and you might want to protect against, for example, assets below a certain liquidity being touched or being traded in a vault so that you know that if you redeem, because you can always have the right to redeem, you will always be able to find liquidity in the underlying assets. So I really recommend, not to be put off by a low token price, but actually if you need to restructure your burn, you should be selling your token to your team as a way that, hey, if we pull this off, this token will in our case, it went from low to high, was $2 to $180. Even when you are halfway through, usually you think, oh shoot there is a better way to do this. Let's make DeFi accessible to a new wave of institutional investors ------------------- ------------------- Comparing from where we were a few months ago, it is not a huge issue today, but we all know that it is not sustainable if gas prices spike on Ethereum again. And this was especially the case during, the yield parties that we saw a few months ago when a new protocol would launch and there was a yield farm that was 400% for a day or two, and you had to be quick to get in to get that 400% for the first few days, and then it would fold quite drastically and obviously we cannot move that fast. In 2016, she co-founded Melon, now rebranded to the Enzyme protocol, within Avantgarde Finance, as a way to break down the barriers to entry in asset management. Discover how you can build, scale and monetize an investment strategy that suits your needs. You are now built on Ethereum and Polygon, not PolkaDot, Reto disappeared. Tokenholders are rewarded with higher token value if the protocol is used. So, what do I do to become a Vault manager? So, it had never really been done before and we wrote one of the first, proposals for how decentralized governance should look in practice and actually implemented it. I still Miss Mellon actually, in the middle of the last bear market we were approached by BNY Mellon, which is a large fund administrator in the US for those who do not know and even though their full name is BNYMellon, they felt that we were infringing on their trademark. And so Avantgarde is much more focused now on how to filter different vaults, or how to display the different vaults, how to categorize, how to educate around the risks of the different vaults, and how to make accessing them, confidently much easier. So again, we leave that up to the manager, but the default and as long as you are invested in one of these vaults which is 24/7 redeemable, the default is that you get a slice of the underlying assets back. In this episode of the Epicenter Podcast, host Frederieke Ernst is joined by Mona El Isa, CEO and founder at Avantgarde Finance and Enzyme Finance, for a chat about the transition from Melon to Enzyme and the current state of the protocol, how vaults work on the platform, decentralized governance and how to survive a bear market. As the core contributors to Enzyme, we are proud to offer professional-grade tooling and services to optimise your asset management experience. So, number one, my advice would be cut your costs immediately and probably cut them more than you must try to incentivize your team with tokens or equity instead of cash. And, I think it was Gavin suggested that we consider doing a joint token sale. The immobilization of enzymes can sometimes tremendously improve the outcome of biocatalytic processes, making the product(s) relatively pure and economical. No, she told him. This could mean creating a fund, building an index, managing DAO or corporate treasuries, designing autonomous strategies or connecting with various DeFi protocols. it has been a pleasure. The Alternative Investment Managers (AIM) Summit is an invitation-only event that brings together senior representatives from the alternative investment management industry. I think the interesting thing that we have learned from the last bear market is that people did stand by us even when our low point, our market cap got to $2 million, I remember it very clearly in July 2019. And the fear came from, hedge fund law, it is complicated, I am doing something wrong if I raise money if I market the fund? Decentralized governance is much more challenging than when you run a centralized company. Mona El Isa: To a degree I would say it is limiting in a sense that we cannot always meet the needs of everyone. Moreover, investors can access 24/7 reporting and have total visibility over activities such as current token holdings, recent depositors or existing policies. More recently we saw the LME cancel the trades, and we have just seen countless examples of centralized players, favoring their own interests to hurt other players or at the expense of other players. This is particularly true when it comes to managing risk. Ivan Herger, Head of Product at Avantgarde Try Tally Ho and join the community on Discord. So, your background is in trading, you were a Goldman Sachs star trader in your previous life. Carl Szantyr (Blockstone Capital) 3. The Founder and CEO of Avantgarde, Founder of DeFi protocol Enzyme and World Economic Forum Technology Pioneer, is one of our key speakers at the next forum in June and will address the future of institutional grade DeFi. 400 + Institutional Investors, Family Offices, Wealth & Fund Managers, Private Investors Mona El Isa: It is another strength for transparency, what where I would like to get to go that we automate the measurement of these KPIs and publish them monthly, and we are working on that. Most likely you are going to feel the ripple effect, if you are invested self-custodian in a Defi protocol and there is a smart contract risk you will suffer, but the other system wont suffer. So, through some of the largest auditors in the space, chain security, Open Zeppelin, And others. Really great to be here. The Shanghai Upgrade introduces liquid staking, allowing users to unstake their initial deposits along with all consensus layer rewards. Mona El Isa: It does feel ages ago since I was here, and certainly it was very different times, I was kind of less experienced founder, we got into a phase where Gavin and Uta were advisors to our company, Mellon Port that built Mellon V1, we were very close to them, still being close to them. As the DeFi universe expands at an exponential pace, its clear that a total disruption of the asset management space has begun. And then, Avantguarde will run a service, that basically we have two types of pricing. Because you do not know the parties, you cannot disclose or identify the conflicts that they have when making decisions. Using Enzyme Smart Vaults, individuals and communities can build, scale and monetize investment strategies that employ the newest innovations in . It is harder to remove people from a Dao, especially when they know each other. And finally, increasingly we need to be concerned about governance. The reddit people but I do not read, I do not remember what they called themselves. Avantgarde's CEOMona El Isachaired two lively debates, discussing digital asset Fund of Funds and the emerging role of family offices in the space. Prior to joining CFA Institute, she developed strategies for pension, endowment, and foundation fund clients at Equitable Capital Management (now AllianceBernstein), and she has also worked as an auditor for Coopers & Lybrand (now PricewaterhouseCoopers). --------------------- $5 Trillion AUM Represented 1. How to secure operational security at the highest level when your organisation is dealing with DeFi Friederike Ernst: So how do you make sure that the council members are incentive aligned with, success of the enzyme protocol? ------------------- Avantgarde Finances contracted some of the council work. If you liked this post, dont forget to subscribe to the Enterprising Investor. So we established a governance council consisting of both technical experts, including auditors for smart contracts, and users, she explained. Mona El Isa: So what we found is actually that when we introduced these minimum participation, suddenly the participation shut up. That makes lots of sense, let us stick with the investor for one more second. With Enzyme, users can easily access yield with Yearn Finance, Idle Finance and Convex Finance, Lend and borrow via Aave and Compound, trade with the likes of Paraswap and 0x, and stake via Curve Finance and Uniswap. So, I think, the tokenomics really looks after the token holders and the security and future development of the protocol. In the last bull market, we had crazy valuations and DeFi applications that hadnt ever delivered. So, I think our vision eventually is to be able to be that one-stop shop at the Avantgarde finance level for investment managers, to be able to just have everything they need in an easy simple and quick way. Created Feb 11, 2022. Welcome to the future of asset management. This applies to vaults on v4. And then the third thing is that they can vote on is, the distribution of grants. Today I am speaking with Mona El Isa, who is the founder of Enzyme Finance and the CEO of Avantgarde Finance, Enzyme is a protocol for Unchained Asset Management and delegating this thrustless to other parties. Because I think people would eat it up. So, that goes beyond just having tech, tech solves a lot of problems, but the problem in traditional finance, the problem in even centralized finance, even in crypto, is setting up a crypto fund today. B you can just get the visibility from the enzyme app, from the enzyme community, and something that we want to do in future is help accelerate managers. Aditya Nagarsheth(Perpetual Value Partners) And so, we actually need something a little bit more measured and all the Mellon is paid out to the council is vested over two years, so that aligns a bit for the longer term. Friederike Ernst: So, let us go back to the to the vault operator, I am putting on my vault operator hat again, so now I have created this vault and I have deployed strategies, how do I make this known to people? You still need a custodian, you need a fund administrator, you need a lawyer, you need several lawyers, you need to research a ton of different service providers, you need to understand the fee structures, you need to do months and months of boring and painful paperwork. I do not know about you because, you have probably been in this space as long as, if not longer than me, but I personally am sort of a little bit relieved by this bear market in the sense that it is kind of just bringing everybodys, bringing some sanity back again, because I feel the last year or two has been a little bit insane. And then the responsibilities that no one talks about, because these are the three theoretical responsibilities that the Dao talks about, but the responsibilities that everyone who runs a Dao or is involved in a DAO knows about are the things that never get talked about that are as a CEO I am sure you are familiar with this, but all the operational stuff that goes on, accounting, reporting, payments, invoices, this is something we actually did not even think offer account for in terms of peoples time and who was going to do that. Mona El Isa: I still Miss Mellon actually, in the middle of the last bear market we were approached by BNY Mellon, which is a large fund administrator in the US for those who do not know and even though their full name is BNYMellon, they felt that we were infringing on their trademark. We are seeing increasingly more abuses of single points of failure. And it is all just easy dropdown menus, which are easy to interact with, and the last step is check your configurations, and deploy to the blockchain. But the industry's boom years were ending. She holds a BS in accounting from the McIntire School of Commerce and an MBA from the Darden School at the University of Virginia. They would deposit theirs and their users ETH into that vault. I do not have any stats for you right now. With the Shanghai Upgrade and liquid staking, there's never been a better time for market participants to explore and invest in DeFi. So, we saw that growth somewhat stunted, and that is something that we as Avantgarde finance, not as enzyme, have been researching in a lot of detail to be able to provide more advice and more solutions around that to prevent this technology which offers huge amount of automation and lowers barriers to entry. Mar 17, 2022 -- 2 Since Enzyme launched in early 2021, we have seen 1,000+ vaults created, more than 2,500 deposits and assets-under-management (AUM) growth from $0 to $230M. Cryptoeconomics, which is developing on the basis of blockchain technology, is the basis for building new patterns of interaction between economic segments. 77. So how do they find me. And so we felt that those risks were too high to, as much as an open system, we try to keep it as open as we can, but the number one thing is having a robust governance system that is less susceptible to attacks. But ironically, they were trying to move towards a much more transparent on chain process just before, everything unraveled a few weeks ago. Read here: https://lnkd.in/dUFMNkGN I would say that to protect decentralization, we feel that known parties and qualified parties, there has to be an eligibility and a criterion to let people into the Dao.
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