Rune Christensen, Sky (former MakerDAO founder), and Ethena founder Guy Young discussed the maturity of the DeFi ecosystem, acceptance of centralization trade-offs, AI agents, and protocol generalization's impact on the future of finance on The Big Brain Podcast.

Background: DeFi has shifted from an early idealistic phase to value-oriented sustainable businesses, with real-world assets becoming key.

Key points:
- Guy Young emphasized pragmatism, stating that transparent risk management and scalable products are critical for success.
- The two founders predicted that future DeFi will be dominated by AI agents, enabling cross-protocol optimization.
- Regulatory complexity will increase; some protocols will adopt KYC, while others remain open.
- Hybrid stablecoin products such as USDS and ENA will drive demand for real-world assets.

Significance: They represent a new generation of DeFi builders focused on products and practicality, promoting capital flow towards a broader decentralized spectrum.

It is recommended to listen to the full podcast for more insights.

Rune Christensen, founder of Sky (formerly known as MakerDAO), and Guy Young, founder of Ethena, recentlyjoinedThe Big Brain Podcastto explore how the DeFi ecosystem has matured, why centralization trade-offs are no longer taboo, and how AI agents and protocol generalization could transform the future of finance.According to Rune, the wild-eyed, ideological phase of DeFi is firmly in the rearview mirror. What was once driven by lofty visions and decentralization maximalism has hardened into a grounded, value-based industry. “You used to raise a ton of money with big claims and crash the market,” Rune said. “Now it’s all about: can you run a sustainable business today if you want to change the world tomorrow?” Real-world assets—once scoffed at—have become essential to achieving that goal.Guy credited Ethena’s rapid ascent to a clear-eyed willingness to embrace practical trade-offs. Unlike DeFi purists, he didn’t see decentralization as an all-or-nothing quality. “If you're just honest and transparent about the risks, users can handle that,” he said. “What matters is creating products that scale like software.” Ethena, he argues, succeeded not by reinventing the wheel, but by framing existing financial opportunities in more useful, composable formats—such as bringing fixed-income strategies on-chain and turning them into collateral.Both founders see the future of DeFi dominated not by human users, but by AI agents. Rune envisions a shift toward “hyper-rational, mercenary capital,” where smart agents optimize across protocols at machine speed. “You’ll run out of unsophisticated humans,” he quipped. Sky, his protocol, is preparing by enabling agent-driven applications and generalized frameworks that can target diverse user types, aggregate data, and adapt dynamically to changing incentives.With traditional finance moving on-chain, regulatory complexity is unavoidable. Guy predicts a split: some protocols will need KYC frontends for asset classes like credit or equities, while others will push ahead with more open models. Rune added that the ultimate competition is for liquidity and trust, not ideology. “Blockchain’s value is transparency and composability—it’s the only thing that creates truly global liquidity,” he said. Both believe hybrid stablecoin products like USDS and ENA will be the largest drivers of RWA demand in the coming cycle.As DeFi enters its next era, Christensen and Young represent a new archetype of builder: clear-eyed, product-focused, and unafraid to abandon old orthodoxy. Whether through agent-driven finance or regulated real-world assets, their protocols—Sky and Ethena—are shaping how capital will move in a world where decentralization is a spectrum, not a doctrine.For deeper insights from this conversation, tune into the full episode ofThe Big Brain PodcastonSpotifyorApple Podcasts, and subscribe for future releases.

Rune Christensen and Guy Young Discuss DeFi Maturity, AI Agents, and the Battle for User Acquisition