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Wait what? DeFi pretty much started booming from last summer.. it hasn't existed for a decade. Do you not know Uniswap? It's existed since around 2017. Sushiswa

Wait what? DeFi pretty much started booming from last summer.. it hasn't existed for a decade. Do you not know Uniswap? It's existed since around 2017. Sushiswap? even Pancakeswap? There's $80 billion locked in DeFi right now. https://defipulse.com/ https://defipulse.com/ Uniswap has more transaction fees than the Bitcoin network https://cryptofees.info/history/2021-05-16 https://cryptofees.info/history/2021-05-16 Institutions are even starting to get in https://twitter.com/stanikulechov/status/1394390461968633859 https://twitter.com/stanikulechov/status/1394390461968633859

jude- 5y ago
I call bs. There is not $80 billion USD locked in defi -- the world has not taken $80 billion USD, bought crypto with it, and put the crypto into defi code. Like, where are the receipts? What has happened is defi tokens have appreciated through speculation. Sites like defi pulse erroneously represent the wealth locked into defi contracts as token_price * tokens_locked, which is trivial to manipulate for shallow-market tokens. Like, I can spin up a token with 1 billion units, buy one token for $1, and put the remaining tokens into a defi contract. Voila -- defi pulse reports $81 billion locked. EDIT: downvotes aren't receipts, and downvoting doesn't change the accounting discrepancy.
Daishiman 5y ago
An 80 billion market cap in Ponzi scheme products with no star companies that testify the usage of said products sounds like a scam.
- rhlsthrm 5y ago
  Aave, Compound are both not Ponzi schemes and allow you to lock things like USDC and ETH (also not Ponzi schemes) for others to borrow, and earn interest. It's automated lending, I don't understand how people are not excited about this.
  - Daishiman 5y ago
    Because the only reason this is useful is if people are _using_ it. There is not a goddamn person in this planet using this finance their car or their house that's not a crypto fanatic with no rationality to their finances. That's not a market. A circlejerk of crypto funds trading amongst themselves is not a market. You don't see a single institution, collective, or government actually supporting or putting their money on this with the exception of more speculators. Financial technology is worthless if it's not used for things outside of finance.

jude- 5y ago

I call bs. There is not $80 billion USD locked in defi -- the world has not taken $80 billion USD, bought crypto with it, and put the crypto into defi code. Like, where are the receipts? What has happened is defi tokens have appreciated through speculation. Sites like defi pulse erroneously represent the wealth locked into defi contracts as token_price * tokens_locked, which is trivial to manipulate for shallow-market tokens. Like, I can spin up a token with 1 billion units, buy one token for $1, and put the remaining tokens into a defi contract. Voila -- defi pulse reports $81 billion locked. EDIT: downvotes aren't receipts, and downvoting doesn't change the accounting discrepancy.

Daishiman 5y ago

An 80 billion market cap in Ponzi scheme products with no star companies that testify the usage of said products sounds like a scam.

rhlsthrm 5y ago
Aave, Compound are both not Ponzi schemes and allow you to lock things like USDC and ETH (also not Ponzi schemes) for others to borrow, and earn interest. It's automated lending, I don't understand how people are not excited about this.
- Daishiman 5y ago
  Because the only reason this is useful is if people are _using_ it. There is not a goddamn person in this planet using this finance their car or their house that's not a crypto fanatic with no rationality to their finances. That's not a market. A circlejerk of crypto funds trading amongst themselves is not a market. You don't see a single institution, collective, or government actually supporting or putting their money on this with the exception of more speculators. Financial technology is worthless if it's not used for things outside of finance.