Thoughts on the State of DeFi
Version One Ventures
APRIL 8, 2020
The last couple of weeks have been quite a test for cryptocurrency markets in general and DeFi in particular. On Black Thursday (March 12), BTC/ETH prices declined by ~50% and DeFi’s flagship project, MakerDAO, ended up with ~$5 million USD in unbacked DAI. You can read Tom Schmidt’s excellent postmortem of what happened here. This event was a powerful reminder that while DeFi is extremely exciting in the long-term, it’s still very much in the early adopter experimental phase.
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