Most of the ideas protocols are trying will not in fact work in opinion. I wouldn’t be surprised to see the next cycle see an explosion in defi credit with a na

Most of the ideas protocols are trying will not in fact work in opinion. I wouldn’t be surprised to see the next cycle see an explosion in defi credit with a narrative like “we solved the problems of Celsius and genesis, and defi protocols are now proven to be safe in bear since only defi collapsed in 2022”. Followed by exuberance and a crash of products like Frax or even Rai if it’s bad enough (rai is over collateralized but due to slowness in onchain liquidations it’s possible for collateral to crash faster than it can be liquidated. This happened to Dai a few years ago but now it’s mostly backed by USDC). Frax uses a market making mechanism that is supposed to identify the maximum seigniorage they can use to pump FXS without breaking peg. The ratio fluctuates over time. This is a partially uncollateralized coin. For the other cases, you can Google it or ask in bsc or eth telegram/discord defi chats to find them. I prefer not mentioning them as they are generally going to fail and the longer we can sit in this bear market the better for devs. Bulls suck all the talent into scams.