Summary

David Choi, co-founder of Permian Labs, outlined how USD.AI and InfraFi aim to reshape the relationship between finance and decentralized infrastructure. USD.AI is a synthetic dollar designed to unlock capital access for DeFi and decentralized physical infrastructure networks (Deepin), while InfraFi merges infrastructure and finance to enable scaling. Choi emphasized that liquidity challenges in NFTs and real-world assets (RWAs) require structured finance solutions, with synthetic dollars offering a viable path. His background in art lending and investment banking informs this structured approach. The conversation also touched on the launch of USC.AI, the role of underwriters, the multi-sided nature of the market, and the competitive dynamics of DeFi yield products.

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Takeaways

— Permian Labs is building at the intersection of DeFi and non-fungible assets.

— USD.AI is designed to improve capital access for decentralized infrastructure projects.

— InfraFi merges infrastructure with finance to improve scalability.

— Tokenization is essential for financing hardware and physical assets.

— Liquidity in NFT markets remains a core challenge, demanding innovative solutions.

— Real-world assets in crypto must emphasize future revenue generation.

— Choi’s experience in art lending and banking informs a structured approach to finance.

— Synthetic dollars offer an alternative to traditional currencies, improving utility.

— Underwriting for hardware loans is simpler compared to traditional finance.

— Competitive yields are necessary to attract depositors in DeFi.

— The Queue Extractable Value concept is intended to enhance liquidity.

— Launch of USC.AI is planned for May, with features targeting both borrowers and underwriters.

— Collaboration with other DeFi protocols is key to adoption and scale.

— Maximizing the utility of assets is central to the future of crypto.

— Infrastructure financing represents one of the largest growth areas in the sector.

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Timeline

— (00:00) Introduction to Permian Labs and USD.AI

— (02:20) Simplifying USD.AI for broader understanding

— (04:40) Why capital is critical in decentralized infrastructure

— (08:07) InfraFi: merging infrastructure with finance

— (10:32) Scaling operations with synthetic dollar design

— (11:18) How DePIN projects access capital

— (15:27) Key insights and aha moments behind USD.AI

— (20:20) Future of RWAs in crypto

— (25:01) David Choi’s background and team dynamics

— (30:05) Liquidity challenges in NFT markets

— (34:05) The nature and design of synthetic dollars

— (37:52) Product development and launch timeline

— (41:02) Building a multi-sided market

— (44:56) Borrowers, segmentation, and underwriting focus

— (48:46) Infrastructure financing and DeFi’s growth

— (54:54) Maximizing utility in crypto’s future

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