In bear markets, blockchain cultures are starkly confronted with what they are. The recent crash revealed decentralized finance (DeFi) markets as a labyrinth of complex financial instruments with contagion properties. DeFi did not lead to an open, permissionless alternative to the inherited financial system, but instead an accelerationist mirror image of it. Casino capitalism through a MetaMask extension. People naturally pegged the responsibility to irresponsibly overleveraged hedge funds and lending platforms. The problem is centralized finance, or CeFi, cosplaying as DeFi, they said, and there are no issues with ... (full story)