DeFi Short-Term Memories?
It’s so human to shield ourselves from negativity. Specially so in the Valley, where we are as much addicted to ‘hopium’ as we do to Starbucks’ free WiFi.
Inside of our crypto-bubble this shtick exhibits itself by us completely banishing from our public discourse the Thursday, March 12 event, when crypto markets crashed 40% almost instantly mimicking an avalanche of global stocks indexes.
We are so happy to see our portfolios back again in deep greens that all fundamental signals, which do not feet in the ‘bullish narrative’ are simply disregarded (only to be maniacally reinvigorated the next instance BTC has another ‘long red candle’ on hourly charts).
Mercifully, there are still some people who, like those from ‘Alethio Analytics’ (which recently published their “The Q1 2020 DeFi Report”) think that we must return to “ … the larger, and potentially more discomforting, discussion … addressing the reality that the crypto market crashed when the stock market crashed.”
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However, after reading further into this piece, my enthusiasm towards it was dramatically compromised by authors briskly dropping this promising line of inquiry to indulge themselves into a rudimentary renumeration of historic dates and events which had led to the formation of what we know now as the DeFi.
Extract: “Compound v2 was launched in May 2019 as the next iteration of the Compound DeFi platform. … Among decentralized exchanges, Uniswap emerged as market leader in late 2019 .. on February 6, the total USD value of ETH & ERC-20 tokens locked in DeFi smart contracts surpassed $1 billion … On February 18, bZx was subjected to a manipulation of their crypto-economic model that allowed malicious actors to get away with nearly $650k in ETH. … “
Extract (continue): “ … The market activity, however, was not enough to protect MKR prices from falling as well, from ~$500 on March 11 to ~$200 by March 16. … After the price crash on March 12, over $1.1m USD worth of collateral was liquidated on the SCD platform … In Q1 2020, a total of 2.7m ETH/WETH was traded on Uniswap …”
It’s very nice to have yet another DeFi compendium to which we can address all newcomers but I would be more inspired to see us (specially those who dubbed themselves ‘analytics’) moving a bit further than that repetitive narrative and starting to form something like an informed, independent and comprehensive public forum for openly reviewing all DeFi controversies.
Link: https://cdn2.hubspot.net/hubfs/4795067/Alethio%20Defi%20Report%20-%202020.pdf
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