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Could this DeFi gem be the DeFi “Bitcoin” when the bear market ends?
In crypto, Bitcoin is the undisputed champion. Could we look back in a few years and see this as the most successful pure DeFi project?
I recently received an email from BlockFi saying they are cutting the interest payout on my crypto lending account to almost zero. I responded by withdrawing my remaining crypto from the platform. Luna just airdropped coins to their bagholders, but I received nothing since I had my Luna on Voyager. Celsius and Nexo are no longer accepting new clients from the US, and I wouldn’t be surprised if they compete with BlockFi in a race to the bottom in yields. Veve locked me out of account for two months because they suffered an exploit.
Centralization in crypto may not be such a great thing. Of course, decentralized finance does have scammers, rugpulls, malicious actors, and virtual pirates trying to take your crypto, but at least there isn’t a well-paid centralized team acting like a wolf in sheep’s clothing. And while I expect many or most DeFi projects to wither away during the crypto winter, I wouldn’t be surprised if we see other non-DeFi projects sink as they lose users.
Bitcoin has withstood multiple bear markets for several reasons: 1) It has a strong…
