{"id":"marco-di-maggio","title":"Marco Di Maggio","content":"**Marco Di Maggio** is an economist and finance researcher specializing in financial markets, fintech, [digital assets](https://iq.wiki/wiki/digital-assets), and household and corporate finance. He is the co-founder of the [Nesa Protocol](https://iq.wiki/wiki/nesa), a [Layer-1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) network focused on decentralized AI execution. [\\[3\\]](#cite-id-Ja0NTiYGKyEUfuQN) \n\n## Education\n\nDi Maggio graduated from Università degli Studi di Napoli Federico II with a Bachelor’s in Economics and Math in 2008. He went on to earn his PhD in Economics and Finance from the Massachusetts Institute of Technology in 2013. [\\[4\\]](#cite-id-5aP6oZcO8KwEzEWF) \n\n## Career\n\nDi Maggio began his academic career with research roles during his graduate studies, including a Visiting Scholar position at Northwestern University from 2006 to 2007 and a Research Assistant position at the University of Chicago Booth School of Business in 2007. He later worked as a Research Associate at Credit Suisse in 2010 while completing his PhD studies at the Massachusetts Institute of Technology, where he studied from 2008 to 2013. After completing his doctorate, Di Maggio served as an Assistant Professor of Economics and Finance at Columbia Business School from 2013 to 2016. He then moved to Harvard Business School, where he served as an Assistant Professor of Business Administration from 2016 to 2019 and later as an Associate Professor of Business Administration from 2019 to 2023. His academic research during this period focused on areas including financial intermediation, credit markets, and the impact of technology on financial systems.\n\nBeginning in 2018, Di Maggio expanded his work into [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) and [decentralized finance](https://iq.wiki/wiki/defi). He served as an Economic Expert at Vega Economics in 2018, providing statistical analysis for litigation cases. From 2018 to 2020, he worked as an External Researcher with [Terra Money](https://iq.wiki/wiki/terra), applying economic research to digital asset ecosystems and exploring applications of [stablecoins](https://iq.wiki/wiki/stablecoin) and [decentralized finance](https://iq.wiki/wiki/defi). From 2021 to 2022, he served as an Economic Research Advisor at [Sperax](https://iq.wiki/wiki/sperax), where his work focused on [stablecoin](https://iq.wiki/wiki/stablecoin) mechanisms and [DeFi](https://iq.wiki/wiki/defi) applications. From 2019 onward, Di Maggio has served as a Consultant at Dimensional Fund Advisors, contributing research on transaction cost models and presenting findings to institutional investors and financial advisors. He also became a Strategic Advisor in fintech at GBK Collective in 2021, focusing on financial technology research and market insights.\n\nIn 2022, Di Maggio joined the [Mina Foundation](https://iq.wiki/wiki/mina-protocol) as a Board Member. In the same year, he joined [Coinbase's](https://iq.wiki/wiki/coinbase) Advisory Board, contributing to research initiatives on decentralization, [Web3](https://iq.wiki/wiki/web3), and the future of finance. He also served as Director of the Crypto, Fintech, and Web3 Lab at Harvard University from 2022 to 2023, leading research on [blockchain](https://iq.wiki/wiki/blockchain) technology, digital currencies, token systems, regulatory issues, and financial innovation. Since January 2024, Di Maggio has served as Full Professor of Finance at Imperial College Business School. He has continued his advisory role with the [Mina Foundation](https://iq.wiki/wiki/mina-protocol) and his fintech advisory work with GBK Collective while maintaining research involvement in financial markets, [digital assets](https://iq.wiki/wiki/digital-assets), and emerging financial technologies. [\\[5\\]](#cite-id-pI9MjUdkKVpjRY66) \n\n## Interviews\n\n### Crypto, DeFi, and Policy\n\nOn the Rational Reminder Podcast in December 2021, hosts Benjamin Felix and Cameron Passmore interviewed Di Maggio, who provided a comprehensive overview of [cryptocurrency](https://iq.wiki/wiki/cryptocurrency), [DeFi](https://iq.wiki/wiki/defi), and their implications for traditional finance and monetary policy. He explained that [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) is primarily a digital currency used for payments, investment, or as a store of value, highlighting that it extends beyond [Bitcoin](https://iq.wiki/wiki/bitcoin) to include various tokens, [DAOs](https://iq.wiki/wiki/dao), [stablecoins](https://iq.wiki/wiki/stablecoin), and [decentralized exchanges](https://iq.wiki/wiki/decentralized-exchange) like [Uniswap](https://iq.wiki/wiki/uniswap). Di Maggio emphasized that while [blockchain](https://iq.wiki/wiki/blockchain) technology fosters transparency, accessibility, and decentralization—offering advantages especially outside traditional financial infrastructures—it also poses risks, including a lack of accountability, cybersecurity vulnerabilities, and environmental concerns. He acknowledged the technological revolution brought by [crypto](https://iq.wiki/wiki/cryptocurrency), comparing its potential impact to the evolution of the internet, yet cautioned about regulatory uncertainties and the influence of private [stablecoins](https://iq.wiki/wiki/stablecoin) on the transmission of monetary policy. The conversation covered central bank digital currencies, including China's digital yuan and the U.S.'s considerations regarding stability and financial inclusion. Di Maggio noted that [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency) derive their value from collective trust but lack a central authority, which raises questions about accountability and systemic risk. He observed that while [Bitcoin](https://iq.wiki/wiki/bitcoin) and [Ethereum](https://iq.wiki/wiki/ethereum) serve as market proxies, alternative chains are emerging, and a winner-take-all scenario is unlikely due to interoperability. The episode underscored how [crypto](https://iq.wiki/wiki/cryptocurrency) advancements could reshape global finance, challenge the role of central banks, and influence economic policies, all while acknowledging the technology's nascent stage and the importance of prudent regulation. [\\[1\\]](#cite-id-uKmKlKeDXLmzODXx) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=epQv_MN7euE)\n\n## Presentations\n\n### Lessons from Terra\n\nAt the Crypto Economics Security Conference in July 2020, Di Maggio discussed the economic design of [Terra](https://iq.wiki/wiki/terra) and the role of algorithmic [stablecoins](https://iq.wiki/wiki/stablecoin) in addressing challenges within [blockchain](https://iq.wiki/wiki/blockchain)-based payment systems. He examined [Terra’s](https://iq.wiki/wiki/terra) approach to reducing [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) volatility through an algorithm-driven monetary model that adjusted supply in response to market conditions, supported by the Luna ecosystem token, which helped maintain stability during periods of contraction. Di Maggio also analyzed [Terra’s](https://iq.wiki/wiki/terra) adoption within Asian e-commerce markets, including its growing transaction activity, merchant integrations, and user engagement, as well as the economic factors influencing network growth and customer retention. The presentation covered [Terra’s](https://iq.wiki/wiki/terra) technical and ecosystem developments, including multi-chain [smart contract](https://iq.wiki/wiki/smart-contract) capabilities, [validator](https://iq.wiki/wiki/validator) incentives, and efforts toward greater decentralization. Di Maggio also discussed emerging [DeFi](https://iq.wiki/wiki/defi) applications within the [Terra](https://iq.wiki/wiki/terra) ecosystem, including savings products designed to provide more predictable returns, and explored the broader implications of [stablecoin](https://iq.wiki/wiki/stablecoin) systems for [blockchain](https://iq.wiki/wiki/blockchain)-based financial services and digital payments. [\\[2\\]](#cite-id-x6C7ySN2XQTg6BAv) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=Jh27is_iudI)","summary":"Marco Di Maggio is a finance researcher and economist specializing in financial markets, fintech, and digital assets. 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