An infrastructure layer for the next generation of DeFi-powered financial products. Interest rate benchmarks, derivatives, and automated asset management.
Oct 6, 2022 • 11 tweets • 8 min read
"The most important number in #finance", the London Interbank Offered Rate (#LIBOR), died a shameful death at the age of 52.
The interest rate benchmark underpinned more than $300 trillion in financial contracts before being marred in a scandal that lasted ~ a decade.
A short🧵 2/ The scandal came into the limelight in 2008 but there is evidence that collusion between banks was going on since 2003.
🤥 “We know that we’re not posting, um, an honest” rate, a Barclays employee told a New York Fed official in April 2018.
