Seraphim Czecker is a finance and cryptocurrency professional, known for his former role as Head of Growth at Ethena Labs. His career began in traditional finance at Goldman Sachs before he transitioned into key roles focusing on risk management and growth strategy at several decentralized finance (DeFi) protocols, including Euler Labs and Lido Finance. ^[4]

Career

Czecker began his career at Goldman Sachs, where he worked as an Emerging Markets Foreign Exchange Trader in London from July 2019 to March 2021. He then joined Euler Labs as Head of Risk on a contract basis from August 2021 to April 2023, based in Greater London. From April 2023 to October 2023, Czecker worked with Lido Finance in a role titled DeFi Expansionist. In November 2023, he joined Ethena Labs as Head of Growth, serving until December 2024. At Ethena Labs, he joined around the time of the company’s 1 billion in partnerships with decentralized finance platforms.

​Ethena’s early funding round included backing from firms such as Bybit, Deribit, Gemini, Huobi, OKX, and Arthur Hayes, founder of BitMEX. During 2024, Ethena introduced a second stablecoin, USDtb, backed by reserves rather than its original on-chain trading strategy. In December 2024, Czecker announced he would step down as Head of Growth, citing a strategic shift at the company. He stated that he would continue to support the team in an advisory capacity and indicated interest in exploring sectors beyond decentralized finance. ^{[1] [3]}

Interviews

Hyperscaling a Synthetic Dollar

In the June 2024 StableLab Podcast, Czecker discussed his journey from trading crypto and working at Lido and Oiler to joining Ethena Labs as an adviser and later becoming Head of Growth. He explained how Ethena Protocol created a delta-neutral synthetic dollar, USDE, which allowed users to deposit crypto collateral while minimizing price exposure and earning yield through funding rates and staking. Czecker detailed the protocol’s rapid growth, highlighting the effectiveness of its points campaigns and strategic partnerships with institutional players and other DeFi protocols, as well as its use of centralized exchanges and custodians to scale safely. He addressed criticisms regarding centralization and rapid growth, emphasizing transparency, stress-testing, and a roadmap toward partial decentralization through a DAO structure. Finally, he reflected on growth strategies, noting the importance of scalable yield, community engagement, and maintaining long-term relationships in the DeFi ecosystem. ^[2]

Presentations

Future of Stablecoin Fragmentation

At the Stablecoin Summit in November 2024, Czecker participated in a debate with Benjamin Lens (CAP Labs/Qidao), moderated by Monetsupply (Block Analitica), on whether the stablecoin market would evolve into a “winner-take-most” structure or support hundreds of coexisting stablecoins. The discussion explored the dynamics of economies of scale, network effects, regulatory influence, and regional variations, with participants noting that large stablecoins like Tether and USDC benefit from liquidity, integrations, and brand recognition, while smaller or niche stablecoins could find opportunities in yield-bearing strategies or localized markets. Panelists examined how regulatory frameworks and execution challenges influence which projects succeed, emphasizing the importance of back-end integrations, strong partnerships, and adaptable product offerings. Looking ahead, Czecker and the panel envisioned a diverse ecosystem where thousands of stablecoins exist, but a small number of leading protocols would likely capture the majority of market activity, particularly by offering specialized use cases and yield optimization. ^[7]

Panels

Stablecoins

At the Stablecoin Summit in October 2024, Czecker participated in a panel alongside Soham Mishra (Reserve), Cyrille Briere (f(x) Protocol), Julien Bouteloup (Stake Capital), and Qin En Looi (Saison Capital), moderated by Chinnan. The discussion focused on the intersection of institutions and DeFi, exploring how stablecoins and decentralized finance could benefit traditional financial institutions through transparency, global settlement, risk management, and yield opportunities. Panelists shared insights on the motivations and use cases for institutions, including cross-border payments, yield generation, and accessing crypto-native clients, while also addressing regulatory challenges in Europe, the U.S., and Asia. They highlighted best practices for onboarding institutional capital, emphasizing audits, risk frameworks, and relationship building, and advised protocols to solve real institutional problems, maintain core values, and cultivate long-term trust. The panel concluded by noting the importance of balancing growth with crypto-native culture and acknowledging the evolving landscape of institutional participation in DeFi. ^[6]

DeFi Governance

At the October 2024 Open Finance Day panel, Czecker joined Marina Markezic, Ernesto Boado, Matthew Graham, and Jana Bertram to discuss governance and decentralization in DeFi. The panel examined the practical challenges of achieving decentralization across technical, legal, and governance dimensions, highlighting the role of delegates and token distribution in maintaining effective decision-making. They explored the implications of the EU’s Markets in Crypto-Assets Regulation (MAA), including Denmark’s test for evaluating decentralization, and debated how projects can balance operational realities, regulatory compliance, and community readiness on their journey toward decentralization. Participants emphasized that decentralization is a spectrum and a long-term process rather than an immediate goal, and noted that regulatory frameworks, professionalized governance, and iterative market innovation are shaping how DeFi projects evolve while protecting users and promoting sustainable growth. ^[8]