Value Capture & Accrual: Aggregators, Interfaces and Protocols

Value is being created in DeFi. The question is who will capture it as it goes up & down the stack.

If there's one conversation I've been hearing over the past few weeks, it's been about how value will accrue in the decentralised web stack.

Players such as 1inch are now cleaning up over $100m in volume and so are decentralised lending protocols such as dYdX. The question on every savvy investor's mind is where to allocate capital and why. I'm not claim…