The DeFi Bond Market

A stereotype of 1980s greed is Michael Milken. Known as the “Junk Bond King”, Milken created a means for startup companies to reliable raise capital. The term “junk bond” was due to the fact that the companies involved were yet to establish a credit rating.

According to the Gentlemen’s Journal, “Milken developed a unique ability to sense changes in the financial world that others were too lazy or unimaginative to detect.” Specifically, he pioneered using bond funding to finance strategic acquisitions. A legacy tarnished by his 1989 indictment for securities fraud.