Core Concepts in DeFi - Tech and finance professionals define "product" differently: tech focuses on code (APIs, apps, websites), while finance emphasizes assets with parameters like principal, yield, term, and risk [1] - Scaling tech products favors vertical integration (walled gardens, superapps) to monetize user activity [2] - Scaling finance products favors horizontal integration (broad distribution) to monetize issuance, as money is a network business [3] Integration Strategies in DeFi - DeFi requires a blend of tech and finance approaches: dapps should be vertically integrated, while the underlying assets should be horizontally integrated [4] - App founders should not aim for ubiquitous backends (chains), while assets should strive for widespread accessibility [4] Asset Branding and Liquidity - Branding assets may sacrifice liquidity, horizontal utility, and overall desirability on the platform, potentially hindering the platform's attractiveness [5] - Building internet capital markets requires prioritizing liquidity and utility over branding [5]