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

- Channel: [ETHGlobal](https://streameth.org/ethglobal)
- Date: 2025-10-09
- Duration: 18:39
- Topics: sustainable yield, DeFi, Last Network, crypto yield, liquid staking tokens, stablecoins, governance, DAO, vote escrow, modular blockchain, optimistic governance, yield farming, holistic yield, protocol incentives, financial risk, market inefficiency, cross-chain yield, stablecoin yield, crypto protocols, Andrew Redden
- Watch: https://streameth.org/watch/yt-FIhf2kJ453E
- YouTube: https://www.youtube.com/watch?v=FIhf2kJ453E

## Description

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

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🇺🇸 *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. 

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