Who owns risk in DeFi?
Jamil Hasan sits down with Marko Zelman, co-founder of Tapir Protocol, to trace a founder journey that began in finance and e-commerce before moving through crypto hackathons, liquid staking, protocol design, Marinade, SSV Network, and ultimately Tapir.
The conversation explores why risk doesn’t disappear in decentralized systems—it simply moves—and how markets can allow participants to decide which risks they are willing to own.
Marko and Jamil discuss pricing risk in DeFi, the relationship between yield and risk, lessons from previous crypto market failures, accountability, and why Marko’s views on decentralization have changed after years of actually building protocols.
They also explore Tapir’s larger ambition: creating a market in which risk itself becomes visible, transferable, and priced.
A conversation about DeFi, risk, responsibility, and what happens when ideology meets the realities of building financial systems.