A look at the subculture and ethos driving the white-hot DeFi space, which has grown from $2 billion to $9 billion in total value locked in just two months.
Today on the Brief:
- Traditional markets falter, led by tech stocks
- Bitcoin falls under $11,000 for the first time since July
- Stablecoins mint $100 million daily since mid-July
Our main discussion is about DeFi’s “degens.” NLW talks about:
- The numbers behind DeFi’s recent run-up
- What “degen” means in this context
- Why degen is, in part, a reaction to previous bitcoiner critiques of Ethereum
- Why degen is (in even bigger part) a reaction to a no-yield, artificially low interest world
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