Paul Frambot

speaker

486 appearances 1 recordings 1 series first heard Jul 2026 last heard 29 Jul

Paul Frambot’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Bankless · Morpho Midnight: The Future of Fixed-Rate Lending | Paul Frambot · 29 Jul 2026 podcast

Whereas a fixed rate fixture market, the primitive is a zero coupon obligation, which is an extremely simple construct, much simpler than the mess that a lending pool is because a lending pool is a mess, right?

So it's a very simple construct.

which you could describe in even simpler parameters than XY equal K. It's basically the idea that you have this object that you can trade that at the maturity will be valued at one and the interest rate is determined by the discount that you have compared to one.

And so this object is extremely simple.

And I think...

I like to believe this is the right primitive because it does not depend on anything.

And the reason we could not get there in the first place is that we needed to manage the rate for people, which once you have this layer of curators that are able to handle the complexity on behalf of simpler users, then it does not make sense anymore to internalize this by the protocol.

And even Aave had Eastland before, which looked like Dharma to some extent.

I think that's mostly right.

I think there's a few reasons, three reasons.

I think the design.

So, OK, first thing is like gas at the time would not allow you to, you know, do crazy stuff.

Right.

The second is the most important, which is the liquidity.

And by liquidity, I mean the collection of participants that altogether make markets active and easy to enter and leave without moving the price too much.

You did not have that at all back then.

Right.

And so, of course, like a product like Compound when it came out that, you know, provides you that simple user experience was a much broader product market fit because the market at the time was like basically us with our Metamask wallet, right?

And we knew nothing about it.

Now, our users, like, you know,

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