Over the course of 2022, we have seen the rise of what has been called "DeFi 2.0".
As a farmer, degen, student, and builder in DeFi, the vision of the future of DeFi is beginning to materialize in my mind's eye.
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THREAD TIME
Few months ago I pitched the following sequence of events to my team.
I was too early but I *think* itโs playing out:
1. China CEXs ban retails (exchange tokens collapse)
2. Chinese retails go to bluechip ETH DeFi
3. Realize fees are high, explore other L1s/ L2s
The high concentration of retail orders routed to a small # of wholesalers raises questions about market structure.
Does this segmentation & related sector concentration best promote fair, orderly, & efficient markets?
Watch my testimony before @FSCDems@FinancialCmte
@benjamincowen We are in the Cambrian explosion of cryptos, we have protozoic bacteria, vertebrates, trees, bugs, whatever. If mosquitos can carve a pretty significant part out of the ecosystem for themselves, dogecoin can too. Better grab your doge spray before you head into the cryptoverse