Decentralized finance (DeFi) has always been strange, but it’s becoming mind-bending. It’s following the course the internet took as a publishing platform. First, it recreated things from the analog world. Then it invented new things. Then new things were built on top of the new things. Finally, the internet colonized the analog world. We’re at phase 3 in DeFi: new things built on new things. “It’s a snake-eating-its-own-tail element to DeFi right now,” Tom Schmidt, a general partner at Dragonfly Capital, said in a phone call. The pre-blockchain internet did this in a lot of ways, but drop-shippers are a great ... (full story)