TWO BIG QUESTIONS I STILL HAVE ABOUT DEFI

In today's @Markets newsletter, I wrote about our conversation with @haydenzadams on Uniswap. I think it's interesting and cool. But I'm not 100% sold on it.

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In 2017 basically people just reinvented IPOs but on Ethereum and called them ICOs. But most of those ended up being junk. And nobody really got into dApps or anything like that.

So this time, rather than making dApps, people just built new financing tools/a better stock market.

Which is all great. But then, ok, what is the stock market going to be used for? And then we get back into the question of whether anyone wants to use dApps or other networks built on tokens. And honestly I think the jury is still out on that.

This was always a criticism of Bitcoin too. "Ok, but what is Bitcoin going to be used FOR?" but then the community decided that Bitcoin would just be money. Used for savings and maybe at some point for spending.

But ETH et. al have set higher ambitions