Andrew Redden I The Search for Sustainable Yield I Last Labs I Pragma San Francisco 2024

Thu, Oct 2, 2025, 12:00 AM

Explore sustainable yield strategies in DeFi with Andrew Redden from Last Network. This insightful talk covers how yield originates, the challenge of maintaining sustainable returns, and innovative financial models designed to stabilize holistic yield. Learn about liquid staking tokens, risk-adjusted investments, governance challenges in DAOs, and Last Network's vision to redistribute yield fairly, incentivize genuine participation, and build resilient, modular blockchain ecosystems. 00:00 Intro: The Search for Sustainable Yield Explained 00:47 Understanding Yield: Market Fit and Financialization 01:18 Historical Origins and Financial Meaning of Yield 01:45 Yield as Market Pricing Inefficiency (Athena Example) 02:42 The Massive Scale of the Crypto Yield Market 03:11 Liquid Staking Tokens (LSTs) and Yield Compression 03:43 Defining True Sustainable Yield in DeFi 04:11 Sustainable Yield Through Productive and Utility Assets 04:44 Lessons from Lehman Brothers: Risk and Diversification 05:18 Holistic Yield: Exposure to All Financial Activity 05:52 Stability and Safety with Stablecoins 06:20 Last Network's Complementary Approach to Yield 06:51 Cash Flow Reinvestment Strategy in Crypto Protocols 07:49 Aligning Incentives: Problems with Inflationary Tokenomics 08:15 Last Network's Mission: Built to Last Philosophy 08:42 Fair Compensation for DAO Governance Participants 09:34 Addressing Whale Dominance and Governance Challenges 10:02 Rewarding Liquidity Providers Fairly 10:31 Exportable Yield: Facilitating Cross-Chain Yield Access 11:28 Incentivizing Stablecoin Proliferation Across Networks 11:57 Vote Escrow Governance Model and Bribe Market Innovation 12:26 The Core Engine: Real-Time Cross-Chain Yield Accounting 13:26 Sovereign Rollups: Modular Blockchain and EVM Flexibility 14:22 Modular Blockchain Tech: From Optimistic to ZK Rollups 14:51 Optimistic Governance Model to Enhance DAO Efficiency 15:48 Governance Mechanisms to Prevent Obstruction and Stalemates 16:43 Last Network: Supporting Builders and Developers 17:10 Mistakes Protocols Make: Launching Tokens Too Early or Late 17:36 Yield Farming Risks and Protocol Sustainability 18:02 Resurrection Model: Learning from Failed Crypto Protocols 18:28 Conclusion: Stabilizing Holistic Yield with Last Network _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🇺🇸 *Pragma San Francisco* Pragma San Francisco 2024 was a special gathering of founders and builders that took place October 16th and 17th at The Contemporary Jewish Museum in San Francisco, CA. Pragma San Francisco 2024 was an opportunity discuss the future of web3 and reflect on the past. Watch the full Pragma San Francisco playlist here: https://youtube.com/playlist?list=PLXzKMXK2aHh4LcwDpGf_itZrAu7XRNb07&si=3x3y9J3avgNTITUe ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ *Follow LAST* X: https://x.com/lastdotnet ✅ *Follow ETHGlobal* X: https://x.com/ETHGlobal​ Warpcast: https://warpcast.com/ethglobal Website: https://ethglobal.com YouTube: https://www.youtube.com/c/ETHGlobal _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _Are you interested in Ethereum development and entrepreneurship?_ 👉 Sign up for the next ETHGlobal event: https://ethglobal.com/events 🎁 Get exclusive access and perks with ETHGlobal Plus! https://ethglobal.com/plus 📣 Want us to throw an event in your city? Tell us where! https://ethglobal.com/city _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _