Happy Friday, Blockfolians
The One Thing You Need To Know
As of last night, the total amount in DeFi has hit $1 billion. Of course, it wouldn’t be crypto without there being 10 different conflicting opinions on the news.
The Rogues Gallery Reacts
Ethereans rejoiced; the DeFi curious squinted to take another look; the bitcoiners…well…they did their thing to.
$1 billion locked in DeFi for the first time ever
Bitcoin hit $1b in 2013
Ethereum hit $1b in 2016
DeFi hit $1 billion in 2020
Historical milestones
Software eating money
Software eating banks
The next decade will be wild
🚀
Today represents a large milestone for #DeFi as its total value locked surpasses $1 billion.
Have a look at the visual below to see how quickly #DeFi has grown over the last three years.
We think the ecosystem is just getting started.
From zero to a billion in 2.5 years!!!
Total amount of money locked in #DeFi smart contracts reaches $1 billion.
New economic models are now being tested...
The entire point of Bitcoin was to eliminate the need to trust financial institutions with the safety of your funds.
The current state of DeFi on Ethereum *requires* the trust that Satoshi sought to avoid.
Do we have the courage that’s needed to build trustlessness into DeFi?
It's utterly laughable to think that DeFi will replace the core thing genuine banks do: lending.
Decentralized smart contracts can't hold people accountable for debt. For that you need guns.
Expect a ton of DeFi lending fraud...
Ryan Sean Adams - rsa.eth @RyanSAdams
Another Thing Worth Reading
For those who want a more substantive debate about DeFi not just connected to this latest milestone, we highly recommend the recent debate podcast between Udi Wertheimer and Haseeb Qureshi (annotated below by Eric Wall).
1/14 This was a great DeFi debate between @udiWertheimer & @hosseeb. Both showed that they're articulate and qualified to carry their side's argument.
In my view @hosseeb won the debate at 51:00 when he brings up permissionless entrepreneurship in DeFi vs. centralized exchanges.
The Blockchain Debate Podcast @BlockDebate
An Actually Pretty Small If You Think About It Number You Should Be Paying Attention To
878
That’s the number of days between $1M and $1B locked in DeFi.
Final Thought
Captain Kirk is going to the Satoshi Roundtable