The great unbanking: How DeFi is completing the job Bitcoin started
“Bitcoin as money” still works like money insofar as it still relies on a financial ecosystem around it to keep it alive. The DeFi subsector’s most vocal critics would point to the emergence of food-meme protocols SushiSwap, Cream and Yam, along with many others, to suggest the movement resembles more of a circus than a legitimate threat to a giant financial services sector.
When running through the central role Goldman Sachs played in virtually every financial collapse of the last century, Matt Taibbi called the behemoth: DeFi’s vampires probably serve to further the ecosystem by stress-testing it. Now, DeFi has captured the imagination of the crypto world as its natural extension — not just the democratization of money but the democratization of finance, promising a seismic shift in the way people bank in the future.
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