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What makes finance a failure here? Blockchains are still facilitating billions of dollars in volume per day across financial applications - DeFi - even with the drawdown. The projects collapsing are not using transparent blockchains or smart contracts, they are using centralized promises and opaque mechanisms, basically CeFi.

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And how much of this volume does something useful? Volume for sake of volume or market cap for sake of market cap isn't practically very useful. Finance exist to facilitate actual commerce. That is trading physical goods, services and immaterial goods. Just having volume in financial applications for sake of those applications is not something you can eat...

Tell this to the stock market? Or any other form of finance that isn’t strictly focused on buying an apple from your local grocer?

You can move money across the world, take loans or lend assets, place investments, manage funds, deposit into escrow, do peer to peer exchange of assets across a range of stability and fungibility, donate immediately and anonymously to nonprofits, setup auctions and crowdfunds. These are useful financial tools, and still working fine in DeFi even after prices crash. You can also do many of these things in tradfi and CeFi in some countries, but without the “De” part, decentralization.

I am curious - have you tried DeFi?

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