{"id":"nick-stoev","title":"Nick Stoev","content":"**Nick Stoev** is a technology executive and software developer with experience in [blockchain](https://iq.wiki/wiki/blockchain) infrastructure, financial systems, and product development. He is the founder of Mellow Protocol and previously held roles at Sberbank and Yandex Delivery. [\\[3\\]](#cite-id-6lJqLmxAXhy2ovvp) \n\n## Education\n\nStoev graduated from Lomonosov Moscow State University with a Bachelor of Applied Science in Computational Mathematics and Cybernatics in 2008 and a Master of Computer Applications in 2010. [\\[1\\]](#cite-id-3dMIgte0n7fKTGAM) \n\n## Career\n\nStoev began his career in 2009 as a financial systems manager at Ferro-stroy. In 2010, he joined Redmadrobot as a project manager, where he worked on mobile application and augmented reality projects until 2011. In November 2010, Stoev became CEO of Secret Lab. Over nearly a decade, he oversaw the development of high-load web services, mobile applications, and [blockchain](https://iq.wiki/wiki/blockchain) infrastructure projects. Between 2013 and 2019, he also served as an advisor for product and software development at Kirsen Global Security. In March 2020, Stoev joined Sberbank as an executive director. His work included data monetization and governance, identification and authentication systems, integrations, and government relations. In February 2021, he briefly served as chief product officer at Yandex Delivery. Since April 2021, Stoev has been the founder of Mellow Protocol. [\\[2\\]](#cite-id-TFQUJSKueDnbFN7V) \n\n## Presentations\n\n### Onchain Assets\n\nAt an event hosted by Cyber Academy & cp0x in November 2025, Stoev discussed how onchain asset management was evolving and gaining importance alongside traditional finance (TradFi). He explained that while [crypto](https://iq.wiki/wiki/cryptocurrency) was still small compared to Treadfi, it was increasingly becoming the backbone for new financial infrastructure due to its operational efficiencies, real-time settlements, and composability. Stoev highlighted that the existing traditional financial stack was outdated and that modern, production-ready [blockchain](https://iq.wiki/wiki/blockchain) solutions now enabled institutions, banks, and fintech companies to develop diverse financial products like insurance, [RWAs](https://iq.wiki/wiki/real-world-assets-rwas), and [AMMs](https://iq.wiki/wiki/automated-market-maker) on-chain. He emphasized the convergence of [crypto](https://iq.wiki/wiki/cryptocurrency) and fintech, with major players like Robinhood, Stripe, [Kraken](https://iq.wiki/wiki/kraken), Revolut, and [Coinbase](https://iq.wiki/wiki/coinbase) actively building on-chain services. A significant focus was placed on risk management, product simplification for end-users, and the role of curators in managing and distributing onchain financial products. Stoev detailed Mellow’s system for building structured products on-chain via vault infrastructure capable of integrating various protocols and off-chain systems, serving asset managers, hedge funds, and [node](https://iq.wiki/wiki/node) operators. He also mentioned ongoing efforts to enhance transparency and compliance, including developing risk management tools and preparing for regulatory certifications like SOC2. Looking ahead, Mellow planned to launch numerous vaults for different ecosystems and issuers, supporting new asset classes and ecosystems with their infrastructure in the coming months. [\\[4\\]](#cite-id-PZWW2rGQV3VpFdq1) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=m6SFtfU7hQ4)\n\n## Panels\n\n### Credit Layer\n\nAt Universal Staking Day in November 2025, panelists discussed the evolving concept of the credit layer in the context of restaking and [DeFi](https://iq.wiki/wiki/defi), highlighting how initially restaking was primarily used for network security and validation point farming with limited revenue generation. Panelists included Stoev, Weso ([CAP Labs](https://iq.wiki/wiki/cap)), Kody Sale (Obol), Mathieu Baril (Octav), and Phil Fogel (Cork Protocol). They explained how it is now transitioning toward more complex financial products, such as private credit, insurance-like structures, and risk redistribution, exemplified by [Cap Protocol's](https://iq.wiki/wiki/cap) private credit infrastructure and the emergence of on-chain unsecured credit markets. The conversation emphasized the importance of transparency, risk assessment, and education for both retail and institutional participants, stressing that much of [DeFi's](https://iq.wiki/wiki/defi) current yield generation involves interconnected, often opaque, systems with unpriced risks. Panelists agreed on the necessity of developing tools for better risk management, data sharing, and accountability—including smart contract guarantees, verifiable reserves, and improved protocol governance—to prevent systemic failures and protect newcomers from hidden risks. They also recognized that the interconnectedness of [DeFi](https://iq.wiki/wiki/defi) creates significant challenges in risk tracking and compliance, and warned that unregulated, undercapped, and poorly-understood assets pose substantial threats. Overall, they concluded that a more disciplined approach—centered on transparency, credible risk assessment, and proper tooling—is essential for maturing [DeFi's](https://iq.wiki/wiki/defi) financial infrastructure and ensuring sustainable growth. [\\[6\\]](#cite-id-CwJsyiaZQ3RnGJot) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=Wtt0WZoliMQ)\n\n### Liquid Collateral\n\nAt the Stable Summit in July 2025, speakers highlighted that the current pricing of risks in [DeFi](https://iq.wiki/wiki/defi), especially regarding [liquid staking](https://iq.wiki/wiki/liquid-staking) tokens (LSTs), liquid restaking tokens (LRTs), and [stablecoins](https://iq.wiki/wiki/stablecoin), was significantly underestimated. Panelists included Stoev, Tadeo ([Lido](https://iq.wiki/wiki/lido-dao)), Soufia ([Kelp](https://iq.wiki/wiki/kelp-dao)), and Sam Jernigan. They noted that market participants tend to underprice the risks involved, such as slashing, liquidation, governance attacks, and [oracle](https://iq.wiki/wiki/oracle) failures, due to limited transparency and understanding of internal protocol mechanics. The discussion emphasized that [collateral](https://iq.wiki/wiki/collateral) should be evaluated based on its ability to hold value under stress, liquidity, and risk of slashing, with no universal ideal [collateral](https://iq.wiki/wiki/collateral); instead, diverse combinations tailored to specific use cases were necessary. They also explored how institutional interest, like IPOs and regulatory perspectives, might influence risk perceptions and the pricing of [stablecoins](https://iq.wiki/wiki/stablecoin). Furthermore, participants raised concerns about cascade risks—where large [liquidations](https://iq.wiki/wiki/liquidation) could trigger systemic failures—and the importance of liquidity management, especially for longer withdrawal periods associated with LRTs and LSTs. They concluded that risk is often externalized and underestimated, with a need for better on-chain data, improved [oracle](https://iq.wiki/wiki/oracle) mechanisms, and nuanced valuation that considers operational differences among [node](https://iq.wiki/wiki/node) operators and protocol designs, to better align risk pricing with reality in evolving [DeFi](https://iq.wiki/wiki/defi) environments.  [\\[7\\]](#cite-id-dYV3gGjTMA5SQq0g) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=9_G2gsRzzNI)\n\n### LRT Use Cases\n\nDuring the Restaking Day 2024 panel in August, experts discussed the evolving landscape of Liquid Restaking Tokens (LRTs) and their applications. Speakers included Stoev,  Amir Forouzani ([Puffer](https://iq.wiki/wiki/puffer)), [Mike Silagadze](https://iq.wiki/wiki/mike-silagadze) ([ether.fi](https://iq.wiki/wiki/etherfi)), Kilian Boshoff ([Swell](https://iq.wiki/wiki/swell-network)), and Kratik Lodha ([Renzo](https://iq.wiki/wiki/renzo-protocol)). They highlighted that protocols like [Puffer](https://iq.wiki/wiki/puffer), [ether.fi](https://iq.wiki/wiki/etherfi), and Mellow had initially focused on permissionless, infrastructure-defining [Layer 1](https://iq.wiki/wiki/layer-1) [liquid staking](https://iq.wiki/wiki/liquid-staking) solutions, with recent innovations in base [rollups](https://iq.wiki/wiki/rollup) and Bas sequencing aimed at improving user experience and security. The panel emphasized the complexity of the three-sided marketplace involving asset stakers, protocols (as ABS), and retail or institutional users, noting that risk management required careful curation of AVS composition, selection of secure protocols, and understanding of endogenous and exogenous slashing risks—especially with the upcoming implementation of programmable slashing mechanisms. Panelists acknowledged that the design space was still early, with many protocols opting for conservative strategies, such as backing their assets with [ETH](https://iq.wiki/wiki/ethereum) rather than more volatile tokens, and advocating for diversified, multi-protocol support to mitigate risk. The group also discussed the importance of insurance, operator security, and automated strategies in addressing risks like slashing, liquidity shortfalls, and network attacks. They agreed that LRTs could serve multiple ecosystems beyond [Ethereum](https://iq.wiki/wiki/ethereum), including [Bitcoin](https://iq.wiki/wiki/bitcoin) and [Solana](https://iq.wiki/wiki/solana), with a trend toward offering various risk profiles tailored to user needs. Overall, the consensus was that while current designs favored conservative, unified token structures offering broad liquidity and simplicity, the future would see more nuanced, bespoke risk-reward options enabling sophisticated [DeFi](https://iq.wiki/wiki/defi) integrations. [\\[5\\]](#cite-id-4ivXMcvobTEWgQKO) \n\n[YOUTUBE@VID](https://youtube.com/watch?v=0nla8bpnGhM)\n\n​","summary":"Technology executive and software developer, founder of Mellow Protocol. 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