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DeFi Degens Are Crypto’s Suicide Squad
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.
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.
STORY CONTINUES BELOW
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For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
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
See also: A Simple Explanation of DeFi and Yield Farming Using Actual Human Words
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
Nathaniel Whittemore
NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.
