Sanat Rao, welcome to the show.

Thanks for having me, Jen.

Thanks for being here.

Now, I just want to highlight something.

The value of IRL conferences.

You and I actually met on the plane into Korea, and now you're sitting here at the desk. I want to say,

if you sent me a message on LinkedIn, I might have just ignored it for a year or something.

It is incredible. It's good to be cooped up for 15 hours together on a flight.

So you can meet your colleagues in the industry. Sometimes things are just meant to happen.

Yeah, exactly. All right, you are on a panel.

I believe it's happening right after this interview.

It's called Making Sense of Macro.

Talk to me about the major macro trends you're watching in this region and outside of it.

Yeah, so just as a background, so Monarchasin management, we're a classic multi-strategy investment manager in the crypto space.

And I run the D-Fi strategies at Monarch.

And so everything I look at is come the lens of DFI and yield.

And so one of the things that really impacts Di at the macro level is the Fed monetary policy, right?

And it is interesting, so the Fed, as we all know, Fed dropped interest rates, the cut interest rates by 25 reps last week.

What that does is, it's very interesting about the impact in DeFi.

There's two impacts. One is that when the Fed cuts

interest rates the risk-free rate in in public markets goes down which then makes the rate in

defy more valuable right so today you can earn four to six percent on Ave and Morpho and

...